Dover reported fourth-quarter revenue of $2.10 billion, a 9% increase from $1.93 billion a year earlier, driven by a 5% organic gain. GAAP earnings from continuing operations rose 15% to $275 million, while GAAP diluted EPS advanced 17% to $2.01. On an adjusted basis, earnings from continuing operations climbed 13% to $343 million and adjusted diluted EPS increased 14% to $2.51, topping consensus estimates by $0.03 per share.

Broad-based strength across Dover’s five operating segments fueled growth, with Engineered Products and Clean Energy & Fueling leading the gains. Refrigerated door cases and data-center liquid cooling products saw robust demand, contributing to record bookings that outpaced prior-year levels. Organic revenue in secular-growth-exposed markets was at its highest level of the year, underscoring durable end-market trends in semiconductors, food retail and digital infrastructure.

Full-year GAAP gross margin improved on higher volume leverage, while adjusted operating margin expanded through ongoing productivity and fixed-cost optimization projects. The company is carrying significant restructuring benefits into 2026, expected to support attractive margin conversion as cost-saving initiatives fully cycle through. SG&A expenses as a percentage of sales remained stable despite inflationary pressures.

Dover’s disciplined capital allocation included an accelerated share repurchase program initiated in November, supplementing quarterly dividends. Management affirmed 2026 guidance of 5%–7% revenue growth (3%–5% organic) and projected GAAP EPS between $8.95 and $9.15, with adjusted EPS of $10.45 to $10.65. The order book and balance sheet flexibility position the company to invest in strategic acquisitions and sustain long-term shareholder value creation.