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Sep 30
Dover Q3 2025 Earnings Report
Dover posted higher revenue and adjusted earnings in Q3 2025, driven by strength in short-cycle components and recent acquisitions.
Key Takeaways
Dover delivered strong Q3 2025 results, with a 5% increase in revenue and 15% growth in adjusted earnings from continuing operations. Despite macroeconomic uncertainty, order momentum and segment margin improvements supported an increase in full-year guidance.
Revenue grew to $2.08 billion, up 5% from Q3 2024.
Adjusted EPS rose 15% YoY to $2.62.
Adjusted earnings from continuing operations reached $361.3 million.
Free cash flow hit $370.1 million, with operating cash flow up 20% of revenue.
Dover
Dover
Dover Revenue by Segment
Revenue by Segment
Engineered Products Revenue
CapyFin.comClean Energy & Fueling Revenue
CapyFin.comImaging & Identification Revenue
CapyFin.comPumps & Process Solutions Revenue
CapyFin.comClimate & Sustainability Technologies Revenue
CapyFin.com Forward Guidance
Dover raised its full-year 2025 adjusted EPS guidance on the back of continued demand momentum, margin expansion, and successful execution across segments.
Positive Outlook
- Increased full-year adjusted EPS guidance to $9.50–$9.60
- Strong margin expansion driven by productivity and mix
- Order growth across multiple end markets
- Free cash flow improved to 17.8% of revenue in Q3
- Recent acquisitions contributed positively to revenue growth
Challenges Ahead
- Headwinds in vehicle aftermarket and refrigerated door cases
- Organic revenue growth remained low at 0.5%
- Engineered Products segment saw YoY revenue decline
- Macroeconomic uncertainty impacting select capital goods markets
- Discontinued operations posted a loss of $1.3 million in Q3
Revenue & Expenses
Visualization of income flow from segment revenue to net income