Dover reported fourth-quarter revenue of $2.099 billion, up 9% year-over-year (5% organic growth), driven by strong demand across Engineered Products and Climate & Sustainability Technologies. GAAP earnings from continuing operations rose 15% to $275 million, translating to $2.01 in diluted EPS (up 17% versus prior year). On an adjusted basis—excluding purchase accounting, restructuring and disposition impacts—revenue growth remained 9%, adjusted operating earnings increased 13% to $343 million and adjusted diluted EPS climbed 14% to $2.51. For the full year, Dover generated $8.093 billion in revenue (4% increase, 2% organic), delivered adjusted earnings of $1.324 billion (15% growth) and achieved adjusted diluted EPS of $9.61 (up 16%).

Performance was underpinned by robust secular-growth markets—including data-center cooling, digital automation and retail fueling—where bookings rates remained elevated. Gross margin in Q4 expanded on volume leverage and productivity initiatives, with SG&A absorption improving operating conversion. Key acquisitions completed during the year are performing above target, contributing incremental bookings and enhancing aftermarket parts and digital services. The company’s ongoing fixed cost optimization projects are expected to deliver additional restructuring benefits into 2026, supporting further margin improvement.

Management has set full-year 2026 guidance of 5–7% revenue growth (3–5% organic), with GAAP EPS projected at $8.95–$9.15 and adjusted EPS of $10.45–$10.65. This outlook reflects sustained order book momentum, broad-based end-market demand and balance-sheet flexibility to pursue opportunistic investments. In November, Dover initiated an accelerated share repurchase to return capital to shareholders while maintaining capacity for strategic M&A. The board’s disciplined approach to debt reduction, share repurchases and bolt-on acquisitions is designed to drive long-term EPS accretion and support the company’s commitment to sustainable value creation.