Dover Raises 2026 Adjusted Earnings Outlook

The Tip Desk · October 22, 2026 · 2 min read

Organic sales rose 7.1% in the third quarter as Climate & Sustainability Technologies and Clean Energy & Fueling led the diversified manufacturer.

Dover (DOV), a diversified global manufacturer, raised its 2026 outlook after organic sales growth accelerated in the third quarter, with the company now expecting adjusted earnings of $10.60 to $10.75 a share and revenue growth of 7% to 8%, including 5% to 6% organic.

That range sits above the $10.45 to $10.65 adjusted EPS and 5% to 7% revenue growth (3% to 5% organic) the company had issued after the first quarter. GAAP earnings guidance is $8.93 to $9.08 a share.

Revenue for the three months ended September 30 was $2.2 billion, up 8% from a year earlier, or 7% on an organic basis. Organic growth had been 5% in the second quarter. Acquisitions added 0.5 percentage points and currency subtracted 0.1.

President and Chief Executive Officer Richard J. Tobin said top-line growth was led by secular markets in artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing, and space launch, and was complemented by improving line rates in food retail after footprint consolidation.

Climate & Sustainability Technologies posted 17.9% organic growth and Clean Energy & Fueling 12.1%. Engineered Products organic sales declined 1.6%. Imaging & Identification rose 2.2% organically and Pumps & Process Solutions 1.2%. United States organic sales rose 12.6% and Asia 15.1%; Europe organic sales declined 3.0% and Other Americas 7.0%.

GAAP earnings from continuing operations were $337 million, and GAAP diluted EPS from continuing operations was $2.50, up 14%. Adjusted earnings from continuing operations were $388 million and adjusted diluted EPS $2.88, up 10%. Adjusted EPS growth slowed from 12% in the second quarter.

Total adjusted segment EBITDA margin was 26.2%. Imaging & Identification segment earnings margin rose to 31.2% from 27.9% in the second quarter. Pumps & Process Solutions margin slipped to 31.3% from 32.4%. Clean Energy & Fueling segment earnings were $133 million and Pumps & Process Solutions $178 million.

Consolidated bookings were $2.31 billion. Tobin said bookings increased across all five segments and again outpaced shipments, and that a significant portion of backlog is scheduled for delivery in 2027.

Free cash flow was $383 million, with operating cash flow of $439 million. The company announced two bolt-on acquisitions and repurchased more than $330 million of shares in the quarter.

Tobin said Dover is on track to deliver double-digit adjusted EPS growth in 2026, in line with its long-term algorithm, and that the constructive demand backdrop, order book, and carryover benefits from actions taken this year set the stage for continued value creation as it plans for 2027.