AI Takeaway
Dover Corporation reported strong Q2 FY2026 results with revenue up 6.9% to $2.19B, driven by 4.8% organic growth across all five segments, and diluted EPS from continuing operations rising 13.8% to $2.31, reflecting favorable price/cost dynamics, restructuring benefits, and broad-based demand strength.
Revenue
$2.19B
++6.85% YoY
EPS (Basic)
$2.32
++14.29% YoY
Gross Margin
40.2%
++0.29% YoY
Operating Income
$391.79M
++10.49% YoY
Filed · Source: SEC EDGAR 10-Q filing
Dover (DOV) reported Q2 FY2026 revenue of $2.19B, up 6.9% year over year. The company posted net income of $312.25M, up 11.9% from a year earlier, with diluted EPS of $2.30. Gross margin was 40.2%.
Q2 FY2026 revenue increased 6.9% to $2.19B, driven by organic revenue growth of 4.8% (with growth in all five segments), acquisition-related growth of 1.2% (primarily Pumps & Process Solutions), and a 0.9% favorable FX impact. Customer pricing favorably impacted revenue by approximately 2.2%.
Source: 10-Q Item 2 MD&A
Total bookings reached $2.3 billion for Q2 FY2026, up $322.8 million or 16.1% YoY, with increases across all segments; Climate & Sustainability Technologies bookings jumped 45.8% to $560.3 million with a book-to-bill ratio of 1.23, driven by demand for retail refrigeration and heat exchangers including longer lead-time orders.
Source: 10-Q Item 2 MD&A
Clean Energy & Fueling segment earnings grew 19.3% to $128.5 million with margin expanding to 21.6% from 19.7%, driven by volume growth and favorable price versus cost. Pumps & Process Solutions segment earnings rose 12.1% to $178.8 million with margin expanding to 32.4% from 30.6%, aided by acquisitions (Sikora AG, ipp Pump Products GmbH) contributing 4.9% growth.
Source: 10-Q Item 2 MD&A
Despite 9.4% revenue growth to $455.1 million, Climate & Sustainability Technologies segment earnings declined 1.9% to $75.8 million, with margin contracting to 16.7% from 18.6%, due to costs related to timing of footprint consolidation projects and production ramp costs in retail refrigeration.
Source: 10-Q Item 2 MD&A
The company incurred $24.6 million in restructuring and other costs in Q2 FY2026 (up from $23.2 million in Q2 FY2025), primarily related to headcount reductions in Climate & Sustainability Technologies and Engineered Products. Separately, Dover completed its $500.0 million accelerated share repurchase (ASR) program, receiving a final 153,652 shares (total 2,487,662 shares) at an average price of $200.99.
Source: 10-Q Item 2 MD&A
Segment earnings margin declined to 16.7% from 18.6% YoY in Q2 FY2026 due to costs relating to timing of footprint consolidation projects and production ramp costs in retail refrigeration, despite 9.4% revenue growth. This indicates execution risk in managing restructuring transitions within a growing segment.
Source: 10-Q Item 2 MD&A
Organic revenue in Europe decreased 5.0% in Q2 FY2026, with the Engineered Products segment specifically citing lower vehicle service demand in Europe as a partial offset to growth. Continued European weakness could constrain overall organic growth if not offset by other geographies.
Source: 10-Q Item 2 MD&A
Pumps & Process Solutions organic growth was tempered by anticipated revenue declines in the polymer processing solutions business, as customers focus on optimizing prior capacity investments rather than new purchases. This ongoing headwind partially offset stronger performance in other Pumps & Process Solutions end markets.
Source: 10-Q Item 2 MD&A
Interest expense, net of interest income, increased 64.1% to $14.5 million in Q2 FY2026, driven by lower interest income from redemption of short-term investments and higher interest expense from the issuance of $550.0 million 3.50% euro-denominated notes in Q4 2025. Continued elevated financing costs could pressure non-operating results.
Source: 10-Q Item 2 MD&A
The company incurred $24.6 million in restructuring and other costs in Q2 FY2026, primarily in Climate & Sustainability Technologies and Engineered Products segments, and explicitly stated additional restructuring programs beyond currently announced ones may be implemented during 2026, indicating ongoing operational disruption risk.
Source: 10-Q Item 2 MD&A
Reported EPS of $2.74 versus the $2.75 analyst consensus — a -0.5% miss for Q2 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $2.19B | $2.05B | +6.85% |
Cost of Revenue | $1.31B | $1.23B | +6.34% |
Gross Profit | $880.61M | $818.26M | +7.62% |
Operating Income | $391.79M | $354.6M | +10.49% |
Net Income | $312.25M | $279.06M | +11.89% |
EPS (Basic) | $2.32 | $2.03 | +14.29% |
EPS (Diluted) | $2.30 | $2.02 | +13.86% |
SG&A Expense | $488.82M | $463.67M | +5.43% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $13.69B | $13.16B | +4.05% |
Current Assets | $4.95B | $4.22B | +17.32% |
Current Liabilities | $2.5B | $2.17B | +15.55% |
Stockholders' Equity | $7.7B | $7.44B | +3.53% |
Long-Term Debt | $3.26B | $3.07B | +6.24% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Financing Cash FlowYTD | $-235.04M | $-206.47M | -13.84% |
Share BuybacksYTD | $53.94M | $40.7M | +32.52% |
D&A | $96.81M | $94.38M | +2.57% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Gross Margin | 40.2% | 39.9% | +0.29% |
Operating Margin | 17.9% | 17.3% | +0.59% |
Net Margin | 14.3% | — | — |
ROE | 4.1% | — | — |
ROA | 2.3% | — | — |
Current Ratio | $1.979 | — | — |
Expected release date, analyst estimates & what to watch
Dover Corporation delivered solid Q1 2026 revenue growth of 10.1% YoY to $2.05B, though margin compression and rising SG&A expenses tempered the bottom-line expansion to 3.3% net income growth.
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.
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While the filing does not reference analyst estimates directly, Dover reported strong results with revenue up 6.9% to $2.19B and diluted EPS from continuing operations up 13.8% to $2.31, driven by organic growth across all five segments and margin expansion. Bookings also rose 16.1% YoY to $2.3 billion, indicating robust demand momentum entering the second half of 2026.
Revenue growth of 6.9% was driven by 4.8% organic growth across all five segments, 1.2% from acquisitions (primarily in Pumps & Process Solutions), and a 0.9% favorable foreign currency impact. Clean Energy & Fueling and Climate & Sustainability Technologies led organic growth at 8.6% and 8.3%, respectively.
Gross margin expanded 30 basis points to 40.2% and operating margin improved 60 basis points to 17.9%, driven by favorable pricing versus cost dynamics, volume leverage, and restructuring benefits. However, the Climate & Sustainability Technologies segment saw margin compression to 16.7% from 18.6% due to footprint consolidation and production ramp costs.
Key risks noted include margin pressure in the Climate & Sustainability Technologies segment from restructuring transition costs, European organic revenue softness (down 5.0%), declining demand in the polymer processing solutions business within Pumps & Process Solutions, and rising interest expense (up 64.1%) tied to a new $550M euro-denominated note issuance.
Dover shows solid financial health with a current ratio of 1.98 indicating strong short-term liquidity, and net income up 11.9% to $312.2M. The company also completed its $500 million accelerated share repurchase program in Q2 FY2026, returning capital to shareholders while maintaining stockholders' equity of $7.70B.