Dover (DOV) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2.234B, up 7.5% reported and 7.1% organically; adjusted diluted EPS was $2.88, up 10%.

• Bookings rose 15.5% to $2.310B across all five segments; book-to-bill was 1.03 and backlog increased 35% YoY.

• Secular growth markets exceeded 25% of revenue, up from 18% in 2024; ~50% of backlog was scheduled for 2027 delivery.

Financial highlights

• Q3 continuing-operations earnings were $336.8M reported, up 11%, and $387.9M adjusted, up 7%; diluted EPS was $2.50 reported and $2.88 adjusted.

• Nine-month revenue was $6.477B, up 8% reported and 5.7% organically; adjusted EPS was $7.89, up 11%.

• Q3 free cash flow was $383.3M, or 17.2% of revenue; nine-month free cash flow was $702.9M, or 10.9% of revenue.

• Q3 food-retail production ramps and facility consolidation incurred roughly $40M of year-to-date costs.

Outlook and guidance

• FY2026 revenue growth guidance is 7%-8% reported and 5%-6% organic; adjusted EPS guidance is $10.60-$10.75 and GAAP EPS guidance is $8.93-$9.08.

• FY2026 free cash flow guidance remains 14%-16% of revenue; CapEx is guided at $200M-$220M.

• Backlog is up 35% YoY, with ~50% scheduled for 2027; management cited improved revenue visibility and expected growth momentum into 2027.

• CST margins are expected to improve meaningfully in 2027 as consolidation costs roll off, volumes rise and fixed-cost absorption improves.