Dover Q1 Revenue Rises 10% to $2.05B; Adjusted EPS Climbs 11%
Dover’s first-quarter revenue rose 10% to $2.05 billion, with organic growth of 5% and GAAP EPS climbing to $1.76. Adjusted EPS grew 11% to $2.28 on $309 million in adjusted earnings, and full-year guidance projects adjusted EPS of $10.45–10.65 on 5–7% revenue growth.
1. First-Quarter Financial Performance
Dover reported Q1 revenue of $2.054 billion, up 10% year-over-year, including 5% organic growth. GAAP earnings from continuing operations were $239 million, yielding EPS of $1.76, while adjusted earnings reached $309 million with EPS of $2.28, up 9% and 11% respectively.
2. Broad-Based Segment Momentum
All five operating segments achieved book-to-bill ratios above one, driven by strength in secular-growth end markets and improving conditions across the portfolio. Management highlighted solid execution, healthy underlying demand and excellent booking rates as key contributors to performance.
3. Capital Deployment and Balance Sheet Strength
The company maintained a strong balance sheet, executed opportunistic share repurchases and invested in high-ROI capacity expansions and productivity initiatives. Dover’s acquisition pipeline remains active, with focus on disciplined, accretive transactions.
4. Full-Year 2026 Guidance
For 2026, Dover expects GAAP EPS of $8.92–9.12 and adjusted EPS of $10.45–10.65, based on revenue growth of 5%–7% (3%–5% organic). The company reaffirms its commitment to double-digit adjusted EPS growth at the midpoint of guidance.