Dover (DOV) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 5% year-over-year to $2.08 billion, with organic growth of 1% and strong contributions from acquisitions and FX.

• Adjusted EPS increased 15% year-over-year to $2.62 in Q3 and 17% year-to-date to $7.10, with all five segments posting margin improvements.

• Bookings rose 8% year-over-year in Q3, reflecting robust demand and positive order trends, supporting visibility into 2026.

• Recent acquisitions, including SIKORA and SiteIQ, are outperforming expectations and contributing to growth.

• Management highlighted strong shipment growth in short-cycle components and secular end markets, offsetting softness in vehicle aftermarket and refrigerated door cases.

Financial highlights

• Adjusted segment EBITDA margin reached a record 26.1% in Q3, up 170 bps year-over-year.

• Free cash flow for Q3 was $370 million (17.8% of revenue); year-to-date FCF was $631 million (11% of revenue), up $96 million from prior year.

• Gross profit margin improved to 40.1% in Q3 2025, up from 38.5% year-over-year.

• Adjusted earnings from continuing operations in Q3 were $361 million, up 15% year-over-year.

• Total segment earnings margin reached 24.2% in Q3 2025, a record high.

Outlook and guidance

• Full-year adjusted EPS guidance raised to $9.50–$9.60 (from $9.35–$9.55); GAAP EPS expected at $8.06–$8.16.

• Full-year 2025 revenue growth projected at 4%–6%.

• Free cash flow as a percentage of revenue projected at 14%–16%.

• Capex guidance set at $190–$210 million.

• No business segment is forecasting revenue declines for next year; setup for 2026 is favorable.