Dover Corp
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.95%.
Did DOV Beat Earnings? Q1 2026 Results
Dover Corporation delivered a clean beat to open 2026, with first-quarter revenue of $2.05 billion rising 10.1% year-over-year and adjusted diluted EPS of $2.28 edging past the $2.27 consensus estimate by 0.44%, extending the company's streak of beating EPS expectations to four consecutive quarters. The revenue result topped analyst forecasts by 2.51%, aided by broad-based strength across the portfolio, with Climate & Sustainability Technologies posting 15.2% organic growth and Clean Energy & Fueling adding 11.1%. Perhaps the most telling signal of momentum was bookings of $2.46 billion for the quarter, well above the $1.99 billion recorded a year ago, with book-to-bill above one across all five segments. Total segment earnings margin ticked up to 22.2% from 22.0%, and operating cash flow improved to $191.00 million from $157.47 million. Management reaffirmed full-year 2026 adjusted EPS guidance of $10.45 to $10.65, reflecting commitment to double-digit growth at the midpoint despite a complicated global macroeconomic backdrop.
- Continued strength in secular-growth-exposed end markets
- Improving conditions across the portfolio with broad-based performance
- Excellent bookings rates with book-to-bill well above one in all five segments
- U.S. organic revenue growth of 12.1% led geographic performance
- Climate & Sustainability Technologies organic growth of 15.2% led segment performance
- Clean Energy & Fueling organic growth of 11.1%
- Currency translation contributed 2.9% to revenue growth
- Acquisitions contributed 1.9% to revenue growth
“We delivered a solid start to the year, with double-digit revenue growth driven by continued strength in our secular-growth-exposed end markets and improving conditions across the portfolio. Performance in the quarter was broad-based, reflecting solid execution by our teams and healthy underlying demand. Bookings rates were excellent in the quarter, with book-to-bill well above one in all five segments, underscoring the momentum across the portfolio and providing improved visibility and confidence to our forecast.”
Dover CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Dover expects GAAP EPS in the range of $8.92 to $9.12 and adjusted EPS of $10.45 to $10.65, based on full year revenue growth of 5% to 7% (organic growth of 3% to 5%). Management remains committed to delivering double-digit adjusted EPS growth at the midpoint of guidance, consistent with Dover's long-term performance trajectory, despite a complicated global macroeconomic environment.
DOV YoY Financials
DOV Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.