AI Takeaway
Dover Corporation delivered solid FY2025 operating performance with revenue up 4.5% to $8.09B and operating income up 13.8%, though reported net income fell sharply 59.4% to $1.09B due to a large prior-year gain that inflated FY2024 comparables.
Revenue
$8.09B
++4.48% YoY
EPS (Basic)
$7.99
-59.19% YoY
Gross Margin
39.8%
++1.57% YoY
Operating Income
$1.37B
++13.84% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Dover grew total revenue 4.5% year-over-year to $8.09B in FY2025 (from $7.75B in FY2024), reflecting broad-based demand across its diversified industrial segments. This growth was achieved despite a challenging macroeconomic backdrop, suggesting underlying business resilience.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Gross margin improved 156 basis points to 39.8% (from 38.2%), and operating margin expanded 140 basis points to 17.0% (from 15.6%), indicating effective cost discipline and favorable product mix. Operating income rose 13.8% to $1.37B, outpacing revenue growth significantly.
Source: Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Net income dropped 59.4% to $1.09B from $2.70B in FY2024, and diluted EPS fell from $19.45 to $7.94. This dramatic decline is attributable to a large non-recurring gain in FY2024 (likely a divestiture or asset sale) that inflated the prior-year base, not a deterioration in core operations.
Source: Source: 10-K Income Statement (XBRL Financial Data)
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Upgrade to unlockLong-term debt rose 13.6% to $3.33B in FY2025, increasing Dover's financial leverage. Higher interest obligations could pressure free cash flow and limit financial flexibility if operating conditions deteriorate or interest rates remain elevated.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $2.51 versus the $2.51 analyst consensus — a +0.0% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $8.09B | $7.75B | +4.48% |
Cost of Revenue | $4.87B | $4.79B | +1.82% |
Gross Profit | $3.22B | $2.96B | +8.77% |
Operating Income | $1.37B | $1.21B | +13.84% |
Net Income | $1.09B | $2.7B | -59.44% |
EPS (Basic) | $7.99 | $19.58 | -59.19% |
EPS (Diluted) | $7.94 | $19.45 | -59.18% |
R&D Expense | $165.34M | $149.6M | +10.52% |
SG&A Expense | $1.84B | $1.75B | +5.28% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $13.42B | $12.51B | +7.30% |
Current Assets | $4.51B | $4.48B | +0.50% |
Current Liabilities | $2.52B | $2.2B | +14.66% |
Stockholders' Equity | $7.41B | $6.95B | +6.49% |
Long-Term Debt | $3.33B | $2.93B | +13.63% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Financing Cash Flow | $-624.87M | $-1.27B | +50.86% |
Share Buybacks | $540.7M | $500M | +8.14% |
D&A | $379.58M | $337.84M | +12.35% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Gross Margin | 39.8% | 38.2% | +1.57% |
Operating Margin | 17.0% | 15.6% | +1.40% |
Net Margin | 13.5% | — | — |
ROE | 14.8% | — | — |
ROA | 8.2% | — | — |
Current Ratio | $1.79 | — | — |
Other companies in Industrial Machinery & Supplies & Components
Dover's net income fell 59.4% to $1.09B in FY2025, but this is primarily because FY2024 included a large non-recurring gain (likely from a divestiture) that inflated the prior-year figure to $2.70B. Core operating performance actually improved, with operating income rising 13.8% to $1.37B and operating margins expanding to 17.0%.
Dover grew revenue 4.5% year-over-year to $8.09B in FY2025, up from $7.75B in FY2024. This growth was accompanied by meaningful margin expansion, with gross margin improving to 39.8% and operating margin reaching 17.0%.
The key takeaway from Dover's FY2025 results is that underlying business performance was strong — revenue grew 4.5%, operating income rose 13.8%, and both gross and operating margins expanded — while the reported net income decline of 59.4% was driven by a prior-year non-recurring gain, not operational weakness. The company also continued returning capital to shareholders with $540.7M in share buybacks.
Based on the financial data, key risks include rising long-term debt (up 13.6% to $3.33B), faster growth in current liabilities (up 14.7%) versus current assets (up 0.5%), and SG&A cost inflation growing slightly faster than revenue. These factors could pressure liquidity and margins if revenue growth slows.
Dover appears financially healthy based on FY2025 data: it maintains a current ratio of 1.79x, positive stockholders' equity of $7.41B, and generated strong operating income of $1.37B. While long-term debt increased to $3.33B, the company's solid operating cash generation and margin expansion suggest it can comfortably service its obligations.