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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Dover (DOV) investor relations material
Dover Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Third quarter 2025 revenue rose 5% year-over-year to $2.08 billion, with organic growth of 1% and strong contributions from acquisitions and FX.
Adjusted EPS increased 15% year-over-year to $2.62 in Q3 and 17% year-to-date to $7.10, supported by capital deployment and productivity initiatives.
Bookings rose 8% year-over-year in Q3, reflecting robust demand and positive order trends, providing visibility into 2026.
All five business segments posted year-over-year margin improvements, with record consolidated EBITDA margin of 26.1%, up 170 basis points.
Management highlighted strong shipment growth in short-cycle components and robust secular end markets, offsetting softness in vehicle aftermarket and refrigerated door cases.
Financial highlights
Q3 2025 revenue: $2.08 billion (+4.8% YoY); nine months: $5.99 billion (+3.1% YoY).
Adjusted segment EBITDA margin reached 26.1% in Q3, up 170 bps year-over-year.
Free cash flow for Q3 was $370 million (17.8% of revenue); year-to-date FCF was $631 million (11% of revenue), up $96 million from prior year.
Adjusted earnings from continuing operations in Q3 were $361 million, up 15% year-over-year.
Gross profit margin improved to 40.1% in Q3 2025 (up 160 bps YoY).
Outlook and guidance
Full-year 2025 adjusted EPS guidance raised to $9.50–$9.60; GAAP EPS expected at $8.06–$8.16.
Full-year revenue growth projected at 4%–6%.
Free cash flow as a percentage of revenue projected at 14–16%.
Expect sequential improvement in Engineered Products and high single-digit organic growth in Climate & Sustainability Technologies in Q4.
Strong outlook for Clean Energy & Fueling, Imaging & Identification, and Pumps & Process Solutions into 2026.
Address negative organic growth in key segments
How reliant is Dover on acquisitions for growth?
Detail Anthony glass door manufacturing transition
Future restructuring benefits beyond $40M?
M&A pipeline and valuation outlook?
Data center liquid cooling revenue trajectory?
Expected increase in 2026 restructuring benefits
Update on M&A pipeline and capital return plans
Data center revenue growth beyond $100M in 2026?
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Next Dover earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. Its Engineered Systems segment offers precision marking and coding, digital textile printing, fluid management, electronic assembly and test, automated guide vehicle systems, asset management solutions for the energy market, customized retail technology systems including price marking, identification security, and labeling equipment and software applications; and industrial automation components.
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