Dover (DOV) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 5.2% year-over-year to $2.05 billion, with organic growth of 1% and strong bookings up 7% to $2.0 billion, driven by acquisitions, favorable currency, and growth platforms.

• Adjusted EPS from continuing operations rose 16% to $2.44, and reported EPS increased 14% to $2.03; net earnings reached $279.1 million.

• Margin performance reached record highs, supported by portfolio actions, positive mix, and cost containment, with all segments delivering year-over-year margin improvement.

• Bookings and order trends remained strong, up 7% year-over-year, supporting a constructive outlook for the second half of 2025.

• Multiple acquisitions completed in Pumps & Process Solutions and related segments, expanding growth and margin accretion.

Financial highlights

• Q2 2025 revenue: $2.05 billion (+5.2% year-over-year); six-month revenue: $3.92 billion (+2.2%).

• Adjusted segment EBITDA margin improved to 25.1% in Q2 2025, up from 24.0% in Q2 2024.

• Free cash flow for Q2 was $151 million (7.4% of revenue), and year-to-date free cash flow reached $261 million, up $41 million year-over-year.

• Book-to-bill ratio above 1 across all segments, with Q2 bookings totaling $2.01 billion.

• Q2 2025 gross profit margin improved by 130 bps to 39.9%.

Outlook and guidance

• Full-year 2025 adjusted EPS guidance raised to $9.35–$9.55 (+14% at midpoint); GAAP EPS expected at $8.00–$8.20.

• Revenue growth for 2025 expected at 4–6% year-over-year, with organic growth in the low to mid-single digits by segment.

• Free cash flow as a percentage of revenue projected at 14–16% for the year; capex guidance set at $190M–$210M.

• Majority of Q3 revenue already in backlog, supporting confidence in second-half performance.

• Second half expected to benefit from double-digit growth in aerospace & defense and CO2 refrigeration systems.