Dover Stock Earnings Reports

Dover delivered a strong start to 2026 with double-digit revenue growth and record first-quarter bookings of $2.5 billion (up 24% YoY). Book-to-bill was healthy at ~1.2 and trailing 12-month book-to-bill is now >1, improving visibility into future revenue. Adjusted EPS was $2.28, up 11% YoY. Key growth drivers were Clean Energy & Fueling and Climate & Sustainability Technologies (the latter grew ~15% organically), supported by robust demand for CO2 refrigeration systems, brazed plate heat exchangers (notably for liquid cooling in data centers), retail fueling build-outs, aerospace & defense components, and certain AI/power-generation related components. Management reaffirmed full-year guidance and said they are driving toward the top end of the range, while noting sustained bookings momentum and some order timing shifts (customers booking further out because demand is outstripping near-term capacity). Free cash flow was $131 million (6% of revenue) with full-year FCF guidance remaining 14%–16% of revenue; full-year CapEx guidance is $190M–$210M. Management emphasized continued disciplined capital deployment (organic investment priority, productivity and facility consolidation expected to yield >$40M savings in 2026), an active M&A pipeline, and expectations for margin improvement later in the year as added capacity and facility consolidations come online. They cautioned on macro/policy noise but characterized the demand signal as constructive and broad-based across the portfolio.