Dover reported fourth-quarter revenue of $2.099 billion, up 9% year-over-year, with organic growth of 5%. GAAP earnings from continuing operations rose 15% to $275 million, translating into diluted EPS of $2.01, a 17% increase over the prior year. On an adjusted basis—excluding purchase accounting expenses, restructuring charges and gains on dispositions—earnings from continuing operations reached $343 million, up 13%, with adjusted EPS of $2.51, a 14% gain versus Q4 2024. The performance was buoyed by robust demand for Dover’s liquid-cooling solutions in hyperscale data centers, where the company holds a leading market share for immersion and rear-door heat exchanger systems.

For the full year, Dover generated $8.093 billion in revenue, a 4% increase (2% organic). GAAP earnings from continuing operations declined 22% to $1.097 billion, and GAAP diluted EPS fell 21% to $7.97, principally due to a prior-year gain on the De-Sta-Co divestiture. Adjusted earnings from continuing operations rose 15% to $1.324 billion, and adjusted EPS increased 16% to $9.61. Management underscored strong bookings across all end markets, margin expansion via productivity initiatives and the successful integration of acquisitions. Dover returned capital to shareholders through an accelerated share repurchase program initiated in November.

CEO Richard J. Tobin highlighted sustained momentum across secular-growth markets—particularly data-center cooling, clean energy fueling and imaging technologies—and no material headwinds in any segment. Dover is carrying significant restructuring benefits into 2026, expected to bolster margin conversion. For 2026, the company forecasts GAAP EPS of $8.95 to $9.15 and adjusted EPS of $10.45 to $10.65, underpinned by full-year revenue growth of 5% to 7% (organic growth of 3% to 5%). This guidance aligns with Dover’s long-term EPS growth trajectory and its commitment to driving sustainable shareholder value.