DOWNERS GROVE, Ill., January 29, 2026 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the fourth quarter ended December 31, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

1 Q4 and full year 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and (gain) loss on dispositions.

* Totals, change and per share data may be impacted by rounding.

For the quarter ended December 31, 2025, Dover generated revenue of $2.1 billion, an increase of 9% (+5% organic). GAAP earnings from continuing operations of $275 million increased 15%, and GAAP diluted EPS from continuing operations of $2.01 was up 17%. On an adjusted basis, earnings from continuing operations of $343 million were up 13% and adjusted diluted EPS from continuing operations of $2.51 was up 14%.

For the year ended December 31, 2025, Dover generated revenue of $8.1 billion, an increase of 4% (+2% organic). GAAP earnings from continuing operations of $1.1 billion decreased by 22%, and GAAP diluted EPS from continuing operations of $7.97 was down 21%, both principally due to the gain on the disposition of De-Sta-Co in the prior year. On an adjusted basis, earnings from continuing operations of $1.3 billion increased 15%, and adjusted diluted EPS from continuing operations of $9.61 was up 16%.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

Dover’s President and Chief Executive Officer, Richard J. Tobin, said, "Our fourth quarter results reflect broad-based top line strength across the portfolio, with organic growth reaching its highest level of the year. Revenue performance was driven by robust trends in our secular-growth-exposed markets as well as improving conditions in retail fueling and refrigerated door cases and services. Our sustained strong bookings rates continue to support underlying momentum across the portfolio, providing confidence in the durability of demand as we enter the new year.

"Margins improved year-over-year on volume leverage and ongoing productivity initiatives. We are carrying a significant amount of restructuring benefit into next year from previously announced productivity and fixed cost optimization projects, which should support attractive margin conversion.

"Our solid operational results were complemented by our capital allocation strategy. The acquisitions we closed during the year are performing above their deal models. Additionally, we initiated an accelerated share repurchase in November, underscoring our disciplined approach to capital return to shareholders. With meaningful balance sheet flexibility, we remain well positioned to invest behind long-term shareholder value creation.

"We have a constructive outlook for 2026. Demand trends are solid and broad-based across the portfolio, and are supported by our order book, with no individual end market presenting a material headwind. Our balance sheet optionality enables us to dynamically respond to market conditions and opportunistically play offense. Our 2026 guidance is consistent with our long-term EPS growth trajectory and our commitment to driving sustainable value creation for our shareholders."

In 2026, Dover expects to generate GAAP EPS in the range of $8.95 to $9.15 (adjusted EPS of $10.45 to $10.65), based on full year revenue growth of 5% to 7% (organic growth of 3% to 5%).

Dover will host a webcast and conference call to discuss its fourth quarter results at 12:00 P.M. Eastern Time (11:00 A.M. Central Time) on Thursday, January 29, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights.

For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

(unaudited)(in thousands, except per share data*)

Earnings Per Share
			2025																		2024
			Q1			Q2						Q3						Q4			FY 2025						Q1			Q2						Q3						Q4			FY 2024
Basic earnings (loss) per share:
Continuing operations			$	1.74		$	2.04					$	2.21					$	2.02		$	8.01					$	4.33		$	1.79					$	2.28					$	1.74		$	10.16
Discontinued operations			$	(0.06)		$	(0.01)					$	(0.01)					$	0.05		$	(0.03)					$	0.22		$	0.26					$	0.25					$	8.73		$	9.42
Net earnings			$	1.68		$	2.03					$	2.20					$	2.07		$	7.99					$	4.55		$	2.05					$	2.53					$	10.47		$	19.58
Diluted earnings (loss) per share:
Continuing operations			$	1.73		$	2.03					$	2.20					$	2.01		$	7.97					$	4.30		$	1.78					$	2.26					$	1.72		$	10.09
Discontinued operations			$	(0.06)		$	(0.01)					$	(0.01)					$	0.05		$	(0.03)					$	0.22		$	0.25					$	0.25					$	8.66		$	9.35
Net earnings			$	1.67		$	2.02					$	2.19					$	2.06		$	7.94					$	4.52		$	2.04					$	2.51					$	10.38		$	19.45
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:
Continuing operations			$	239,241		$	280,130					$	303,292					$	274,766		$	1,097,429					$	602,102		$	246,587					$	312,896					$	238,383		$	1,399,968
Discontinued operations			(8,420)			(1,066)						(1,296)						7,309			(3,473)						30,119			35,235						34,204						1,197,600			1,297,158
Net earnings			$	230,821		$	279,064					$	301,996					$	282,075		$	1,093,956					$	632,221		$	281,822					$	347,100					$	1,435,983		$	2,697,126
Weighted average shares outstanding:
Basic			137,267			137,226						137,236						135,993			136,935						139,051			137,443						137,251						137,205			137,735
Diluted			138,260			137,974						138,029						136,826			137,777						139,869			138,404						138,223						138,298			138,696
Dividends paid per common share			$	0.515		$	0.515					$	0.52					$	0.52		$	2.07					$	0.51		$	0.51					$	0.515					$	0.515		$	2.05
* Per share data may be impacted by rounding.

(unaudited)(in thousands, except per share data*)

(unaudited)

* Per share data and totals may be impacted by rounding.

The discussion throughout this Investor Supplement, unless otherwise noted, relates solely to our continuing operations.

The Company did not complete any acquisitions during the fourth quarter of 2025. For the full year 2025, the Company acquired four businesses in separate transactions for total consideration of $665.3 million, net of cash acquired and inclusive of measurement period adjustments and contingent consideration of $2.0 million. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions and Clean Energy & Fueling segments. The purchase price allocations for these acquisitions are preliminary and subject to change during the measurement period.

During the fourth quarter and year ended December 31, 2025, restructuring and other costs included restructuring charges of $24.3 million and $56.7 million, respectively, and other costs of $5.2 million and $21.2 million, respectively. The restructuring expenses incurred during the year ended December 31, 2025 were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Technologies and Clean Energy & Fueling segments. These restructuring programs were initiated in 2024 and 2025 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends and additional programs, beyond the scope of the announced programs, may be implemented during 2026 with related restructuring charges. Other costs for the year ended December 31, 2025 include $4.0 million in costs associated with a product line exit and $6.3 million in costs associated with a footprint reduction, both in our Climate & Sustainability Technologies segment.

The effective tax rate was 19.3% and 21.5% for the fourth quarters of 2025 and 2024, respectively. The decrease from 2024 to 2025 was primarily due to earnings mix. On a full year basis, the effective tax rate for 2025 and 2024 was 20.1% and 20.3%, respectively.

In the fourth quarter of 2025, the Company established a $500.0 million accelerated share repurchase program ("ASR Program"), initially receiving 2,334,010 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Program. The total number of shares ultimately repurchased will be based on the average of the daily volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount and subject to potential adjustments pursuant to the terms of the ASR Program. The ASR Program is scheduled to be completed in the second quarter of 2026, but is subject to early termination in certain circumstances. During the year ended December 31, 2025, exclusive of the ASR Program, the Company repurchased 200,000 shares of common stock at a total cost of $40.7 million or $203.50 per share.

The following table provides a calculation of net debt to net capitalization from the most directly comparable GAAP measures: