Dover : Q1 Fiscal Year 2026 Earnings Release

Published: 2026-04-23 06:59:10 ET DOV

Published on 04/23/2026 at 06:59 am EDT

Jack Dickens Adrian Sakowicz

Vice President - Investor Relations Vice President - Communications

(630) 743-2566 (630) 743-5039

[email protected] [email protected]

($ in millions, except per share data)*

2026

2025

% Change*

U.S. GAAP

Revenue

$ 2,054

$ 1,866

10 %

Earnings from continuing operations

239

- %

Diluted EPS from continuing operations

1.76

1.73

2 %

Non-GAAP

Organic revenue change

5 %

Adjusted earnings from continuing operations 1

309

283

9 %

Adjusted diluted EPS from continuing operations

2.28

2.05

11 %

1 Q1 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.

* Totals, change and per share data may be impacted by rounding.

For the quarter ended March 31, 2026, Dover generated revenue of $2.1 billion, an increase of 10% (+5% organic). GAAP earnings from continuing operations was $239 million, and GAAP diluted EPS from continuing operations of $1.76 was up 2%. On an adjusted basis, earnings from continuing operations of $309 million were up 9% and adjusted diluted EPS from continuing operations of $2.28 was up 11%.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "We delivered a solid start to the year, with double-digit revenue growth driven by continued strength in our secular-growth-exposed end markets and improving conditions across the portfolio. Performance in the quarter was broad-based, reflecting solid execution by our teams and healthy underlying demand. Bookings rates were excellent in the quarter, with book-to-bill well above one in all five segments, underscoring the momentum across the portfolio and providing improved visibility and confidence to our forecast.

"Our balance sheet remains strong and continues to provide flexibility to deploy capital toward long-term value creation. During the quarter, we continued to return capital to shareholders through opportunistic share repurchases, while also investing behind high-ROI capacity expansions and productivity investments. Our acquisition pipeline remains active as industrial M&A activity begins to pick up. As always, we remain disciplined in our approach to capital deployment, maintaining our focus on strategic fit and accretive financial returns.

"Despite a complicated global macroeconomic environment, we are well positioned to drive value creation for our shareholders given the underlying strength of our order books, the flexibility of our business model, the operational execution of our teams, and our strong liquidity position. We remain committed to delivering double-digit adjusted EPS growth at the midpoint of our guidance range in 2026, consistent with Dover's long-term performance trajectory."

In 2026, Dover expects to generate GAAP EPS in the range of $8.92 to $9.12 (adjusted EPS of $10.45 to $10.65), based on full year revenue growth of 5% to 7% (organic growth of 3% to 5%).

Dover will host a webcast and conference call to discuss its first quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, April 23, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

‌INVESTOR SUPPLEMENT - FIRST QUARTER 2026‌

(unaudited)(in thousands)

2026

2025

Revenue

$ 2,053,623

$ 1,866,059

Cost of goods and services

1,255,488

1,120,559

Gross profit

798,135

745,500

Selling, general and administrative expenses

492,226

449,191

Operating earnings

305,909

296,309

Interest expense

29,522

27,608

Interest income

(14,060)

(20,254)

Gain on dispositions

(2,468)

Other income, net

(8,455)

(3,958)

Earnings before provision for income taxes

298,902

295,381

Provision for income taxes

60,153

56,140

Earnings from continuing operations

238,749

239,241

Loss from discontinued operations, net

(316)

(8,420)

Net earnings

$ 238,433

$ 230,821

‌Earnings Per Share

(unaudited)(in thousands, except per share data*)

2026

2025

FY 2025

Basic earnings (loss) per share:

Continuing operations

$ 1.77

$ 1.74 $

2.04 $

2.21 $

2.02

$ 8.01

Discontinued operations

$ -

$ (0.06) $

(0.01) $

0.05

$ (0.03)

Net earnings

$ 1.77

$ 1.68 $

2.03 $

2.20 $

2.07

$ 7.99

Diluted earnings (loss) per share:

Continuing operations

$ 1.76

$ 1.73 $

2.03 $

2.20 $

2.01

$ 7.97

Discontinued operations

$ -

$ (0.06) $

(0.01) $

0.05

$ (0.03)

Net earnings

$ 1.75

$ 1.67 $

2.02 $

2.19 $

2.06

$ 7.94

Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:

Continuing operations $238,749 $239,241 $280,130 $303,292 $ 274,766 $1,097,429

Discontinued operations

(316)

(8,420)

(1,066)

(1,296)

7,309

(3,473)

Net earnings

$238,433

$230,821 $279,064 $301,996 $ 282,075 $1,093,956

Weighted average shares outstanding:

Basic

134,977

137,267

137,226

137,236

135,993

136,935

Diluted

135,895

138,260

137,974

138,029

136,826

137,777

Dividends paid per common share

$ 0.52

$ 0.515

$ 0.52

$ 2.07

* Per share data may be impacted by rounding.

(unaudited)(in thousands)

REVENUE

Engineered Products

$ 266,639 $ 254,646 $ 275,944 $ 279,705 $ 275,549 $1,085,844

Clean Energy & Fueling

554,809 491,148 546,097 541,368 551,894 2,130,507

Imaging & Identification

285,420 280,090 292,009 299,100 302,244 1,173,443

Pumps & Process Solutions

537,810 493,573 520,554 550,920 583,623 2,148,670

Climate & Sustainability Technologies

411,060 347,888 416,151 408,529 387,273 1,559,841

Intersegment eliminations

(2,115) (1,286) (1,163) (1,781) (1,504) (5,734)

Total consolidated revenue

$2,053,623 $1,866,059 $2,049,592 $2,077,841 $2,099,079 $8,092,571

EARNINGS FROM CONTINUING OPERATIONS

Segment Earnings:

Engineered Products

$ 44,991

$ 44,114

$ 53,511

$ 57,483

$ 62,158

$ 217,266

Clean Energy & Fueling

99,041

85,644

107,771

118,665

105,990

418,070

Imaging & Identification

77,457

77,575

76,937

81,772

78,451

314,735

Pumps & Process Solutions

169,492

151,275

159,504

168,565

172,256

651,600

Climate & Sustainability Technologies

63,995

52,119

77,262

76,002

60,264

265,647

Total segment earnings

454,976

410,727

474,985

502,487

479,119

1,867,318

Purchase accounting expenses 1

54,579

49,104

51,123

59,381

58,837

218,445

Restructuring and other costs 2

36,795

9,397

23,210

15,913

29,466

77,986

Gain on dispositions 3

(2,468)

(2,176)

(4,644)

Corporate expense / other 4

49,238

51,959

41,875

31,515

39,190

164,539

Interest expense

29,522

27,608

26,791

27,239

28,134

109,772

Interest income

(14,060)

(20,254)

(17,935)

(17,804)

(17,039)

(73,032)

Earnings before provision for income taxes

298,902

295,381

352,097

386,243

340,531

1,374,252

Provision for income taxes

60,153

56,140

71,967

82,951

65,765

276,823

Earnings from continuing operations

$ 238,749

$ 239,241

$ 280,130

$ 303,292

$ 274,766

$1,097,429

SEGMENT EARNINGS MARGIN

Engineered Products

16.9 %

17.3 %

19.4 %

20.6 %

22.6 %

20.0 %

Clean Energy & Fueling

17.9 %

17.4 %

19.7 %

21.9 %

19.2 %

19.6 %

Imaging & Identification

27.1 %

27.7 %

26.3 %

27.3 %

26.0 %

26.8 %

Pumps & Process Solutions

31.5 %

30.6 %

29.5 %

30.3 %

Climate & Sustainability Technologies

15.6 %

15.0 %

18.6 %

15.6 %

17.0 %

Total segment earnings margin

22.2 %

22.0 %

23.2 %

24.2 %

22.8 %

23.1 %

1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

3 Gain on dispositions, including post-closing adjustments.

4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Earnings from continuing operations

$ 238,749

$ 239,241

$ 280,130

$ 303,292

$ 274,766

$1,097,429

Purchase accounting expenses, pre-tax 1

54,579 49,104 51,123 59,381 58,837 218,445

Purchase accounting expenses, tax impact 2

(12,692) (10,919) (11,367) (14,067) (14,134) (50,487)

Restructuring and other costs, pre-tax 3

36,795 9,397 23,210 15,913 29,466 77,986

Restructuring and other costs, tax impact 2

(8,048) (1,887) (4,642) (3,230) (5,608) (15,367)

Gain on dispositions, pre-tax 4

- (2,468) (2,176) - - (4,644)

Gain on dispositions, tax-impact 2

- 689 435 - - 1,124

Adjusted earnings from continuing operations

$ 309,383 $ 283,157 $ 336,713 $ 361,289 $ 343,327 $1,324,486

Diluted earnings per share from continuing operations $ 1.76 $ 1.73 $ 2.03 $ 2.20 $ 2.01 $ 7.97

Purchase accounting expenses, pre-tax 1 0.40 0.36 0.37 0.43

0.43

1.59

Purchase accounting expenses, tax impact 2 (0.09) (0.08) (0.08) (0.10)

(0.10)

(0.37)

Restructuring and other costs, pre-tax 3 0.27 0.07 0.17 0.12

0.22

0.57

Restructuring and other costs, tax impact 2 (0.06) (0.01) (0.03) (0.02)

(0.04)

(0.11)

Gain on dispositions, pre-tax 4 - (0.02) (0.02) -

(0.03)

Gain on dispositions, tax-impact 2

0.01

Adjusted diluted earnings per share from continuing operations

$ 2.28

$ 2.05 $

2.44 $

2.62

$ 2.51

$ 9.61

1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026 includes other costs of $3.0 million associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.

4 Gain on dispositions, including post-closing adjustments.

* Per share data and totals may be impacted by rounding.

‌Non-GAAP Reconciliations

(unaudited)(in thousands)

ADJUSTED SEGMENT EBITDA

Engineered Products:

Segment earnings

$ 44,991

$ 44,114

$ 53,511

$ 57,483

$ 62,158

$ 217,266

Other depreciation and amortization 1

5,486

4,800

5,141

5,736

5,818

21,495

Adjusted segment EBITDA 2

50,477

48,914

58,652

63,219

67,976

238,761

Adjusted segment EBITDA margin 2

18.9 %

19.2 %

21.3 %

22.6 %

24.7 %

22.0 %

Clean Energy & Fueling:

Segment earnings

$ 99,041

$ 85,644

$ 107,771

$ 118,665

$ 105,990

$ 418,070

Other depreciation and amortization 1

8,552

8,578

8,961

8,582

8,685

34,806

Adjusted segment EBITDA 2

107,593

94,222

116,732

127,247

114,675

452,876

Adjusted segment EBITDA margin 2

19.4 %

19.2 %

21.4 %

23.5 %

20.8 %

21.3 %

Imaging & Identification:

Segment earnings

$ 77,457

$ 77,575

$ 76,937

$ 81,772

$ 78,451

$ 314,735

Other depreciation and amortization 1

4,208

4,093

4,229

4,091

5,155

17,568

Adjusted segment EBITDA 2

81,665

81,668

81,166

85,863

83,606

332,303

Adjusted segment EBITDA margin 2

28.6 %

29.2 %

27.8 %

28.7 %

27.7 %

28.3 %

Pumps & Process Solutions:

Segment earnings

$ 169,492

$ 151,275

$ 159,504

$ 168,565

$ 172,256

$ 651,600

Other depreciation and amortization 1

14,012

12,601

13,131

14,256

14,238

54,226

Adjusted segment EBITDA 2

183,504

163,876

172,635

182,821

186,494

705,826

Adjusted segment EBITDA margin 2

34.1 %

33.2 %

32.0 %

32.8 %

Climate & Sustainability Technologies:

Segment earnings

$ 63,995

$ 52,119

$ 77,262

$ 76,002

$ 60,264

$ 265,647

Other depreciation and amortization 1

8,069

7,325

7,605

7,558

7,856

30,344

Adjusted segment EBITDA 2

72,064

59,444

84,867

83,560

68,120

295,991

Adjusted segment EBITDA margin 2

17.5 %

17.1 %

20.4 %

20.5 %

17.6 %

19.0 %

Total Segments:

Total segment earnings 2, 3

$ 454,976

$ 410,727

$ 474,985

$ 502,487

$ 479,119

$1,867,318

Other depreciation and amortization 1

40,327

37,397

39,067

40,223

41,752

158,439

Total Adjusted segment EBITDA 2

495,303

448,124

514,052

542,710

520,871

2,025,757

Total Adjusted segment EBITDA margin 2

24.1 %

24.0 %

25.1 %

26.1 %

24.8 %

25.0 %

1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

2 Refer to Non-GAAP Measures Definitions section for definition.

3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.

(unaudited)(in thousands)

Non-GAAP Reconciliations

2026

2025

FY 2025

Earnings from continuing operations

$ 238,749

$ 239,241

$ 280,130

$ 303,292

$ 274,766

$1,097,429

Provision for income taxes

60,153

56,140

71,967

82,951

65,765

276,823

Earnings before provision for income taxes

298,902

295,381

352,097

386,243

340,531

1,374,252

Interest income

(14,060)

(20,254)

(17,935)

(17,804)

(17,039)

(73,032)

Interest expense

29,522

27,608

26,791

27,239

28,134

109,772

Corporate expense / other 1

49,238

51,959

41,875

31,515

39,190

164,539

Gain on dispositions 2

(2,468)

(2,176)

(4,644)

Restructuring and other costs 3

36,795

9,397

23,210

15,913

29,466

77,986

Purchase accounting expenses 4

54,579

49,104

51,123

59,381

58,837

218,445

Total segment earnings 5

454,976

410,727

474,985

502,487

479,119

1,867,318

Add: Other depreciation and amortization 6

40,327

37,397

39,067

40,223

41,752

158,439

Total adjusted segment EBITDA 5

$ 495,303

$ 448,124

$ 514,052

$ 542,710

$ 520,871

$2,025,757

1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

2 Gain on dispositions, including post-closing adjustments.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

5 Refer to Non-GAAP Measures Definitions section for definition.

6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

(unaudited)

Non-GAAP Reconciliations

Revenue Growth Factors

2026

Organic

Engineered Products

2.1 %

Clean Energy & Fueling

11.1 %

Imaging & Identification

(3.3)%

Pumps & Process Solutions

(0.8)%

Climate & Sustainability Technologies

15.2 %

Total Organic

5.3 %

Acquisitions

1.9 %

Currency translation

2.9 %

Total*

* Totals may be impacted by rounding.

10.1 %

2026

Organic

United States

12.1 %

Europe

(4.2)%

Asia

(4.7)%

Other Americas

3.0 %

Other

(3.3)%

Total Organic

5.3 %

Acquisitions

1.9 %

Currency translation

2.9 %

Total*

* Totals may be impacted by rounding.

10.1 %

Adjusted EPS Guidance Reconciliation*

Range

2026 Guidance for Earnings per Share from Continuing Operations (GAAP)

$ 8.92

$ 9.12

Purchase accounting expenses, net

1.21

Restructuring and other costs, net

0.31

2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)

$ 10.45

$ 10.65

* Per share data and totals may be impacted by rounding.

(unaudited)(in thousands)

Quarterly Cash Flow

2026

2025

FY 2025

Net Cash Flows Provided By (Used In):

Operating activities

$ 190,997

$157,474

$212,340

$424,245

$543,946

$1,338,005

Investing activities

(61,660)

(74,186)

(681,584)

(58,857)

(71,967)

(886,594)

Financing activities

(161,451)

(122,234)

(84,235)

(73,878)

(344,523)

(624,870)

Quarterly Free Cash Flow (Non-GAAP)

2026

2025

FY 2025

Cash flow from operating activities

$190,997

$157,474

$212,340

$424,245

$543,946

$1,338,005

Free cash flow as a percentage of adjusted earnings from continuing operations

42.4 % 38.6 % 45.0 % 102.4 % 141.8 %

Cash flow from operating activities as a percentage of revenue 9.3 % 8.4 % 10.4 % 20.4 % 25.9 % 16.5 %

Free cash flow $131,189 $109,282 $151,408 $370,095 $486,957 $1,117,742

Less: Capital expenditures (59,808) (48,192) (60,932) (54,150) (56,989) (220,263)

Cash flow from operating activities as a percentage of adjusted earning from continuing operations

61.7 %

55.6 %

63.1 %

117.4 %

158.4 %

101.0 %

Free cash flow as a percentage of revenue

6.4 %

5.9 %

7.4 %

17.8 %

23.2 %

13.8 %

(unaudited)(in thousands)

2026

2025

FY 2025

BOOKINGS

Engineered Products

294,009

$ 264,538

$ 276,571

$ 273,278

$ 281,237

$1,095,624

Clean Energy & Fueling

615,197

543,859

526,819

509,553

587,041

2,167,272

Imaging & Identification

312,646

288,169

292,092

292,229

302,047

1,174,537

Pumps & Process Solutions

597,578

499,287

530,158

510,960

500,779

2,041,184

Climate & Sustainability Technologies

646,960

395,623

384,246

415,099

470,081

1,665,049

Intersegment eliminations

(2,714)

(1,892)

(1,295)

(1,380)

(1,472)

(6,039)

Total consolidated bookings

$2,463,676 $1,989,584 $2,008,591 $1,999,739 $2,139,713 $8,137,627

‌Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.

Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.

Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.

We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.

Disclaimer

Dover Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 10:58 UTC.