Dover (DOV) Q4 2025 earnings summary

Executive summary

• Achieved highest quarterly organic growth rate of 2025 in Q4, with broad-based top-line strength and strong bookings momentum across all segments.

• Full-year 2025 revenue reached $8.1B, up 4% all-in and 2% organically year-over-year; Q4 revenue was $2.1B, up 9% all-in and 5% organically.

• Adjusted EPS grew 16% for the year to $9.61, with Q4 adjusted EPS up 14% to $2.51, exceeding guidance.

• Acquisitions in 2025 performed above expectations; $500M accelerated share repurchase initiated.

• Entering 2026 with strong demand, robust order book, and no material headwinds in any end market.

Financial highlights

• Q4 adjusted segment EBITDA margin was 24.8%, up 60 bps year-over-year; full-year margin was 25.1%.

• Free cash flow for 2025 was $1.12B (13.8% of revenue), up $198M from 2024; Q4 FCF was $487M (23% of revenue).

• Bookings for Q4 grew 10% year-over-year to $2.1B; full-year bookings rose 6% to $8.14B.

• 2025 capital spending increased to $220M, focused on growth and productivity investments.

• Over $500M in share repurchases announced in 2025, including a $500M accelerated share repurchase in Q4.

Outlook and guidance

• 2026 adjusted EPS guidance: $10.45–$10.65, representing double-digit growth at midpoint.

• 2026 revenue growth expected at 5–7% all-in (3–5% organic); free cash flow expected at 14–16% of revenue.

• Effective tax rate projected at 20–21%; capex for 2026 guided at $190M–$210M.

• Seasonality expected to mirror prior years, with Q1 ramping into peak delivery in Q2/Q3.

• Management expects continued margin improvement from restructuring and productivity initiatives.