Revenue growth has rebounded to 10.1% as of 2026Q1, yet operating margins have struggled to maintain momentum, declining from a peak of 18.2% in 2025Q3 to 14.9% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.28B | 8.09B | 7.75B | 7.68B | 7.84B | 7.91B | 6.68B | 7.14B | 6.99B | 6.82B | 6.04B | 6.96B | 7.75B | 7.16B | 6.63B | 7.37B | 6.11B | 5.78B | 7.57B | 7.23B | 6.33B | 5.13B | 4.48B | 4.41B | 4.05B | 4.22B | 5.06B | 4.23B | 3.98B | 3.67B | 3.22B |
| Revenue Growth % | 7.14% | 4.48% | 0.8% | -2.04% | -0.8% | 18.3% | -6.34% | 2.06% | 2.51% | 12.87% | -13.13% | -10.27% | 8.35% | 7.97% | -10.08% | 20.62% | 5.78% | -23.69% | 4.74% | 14.17% | 23.26% | 14.63% | 1.5% | 8.87% | -4.02% | -16.62% | 19.78% | 6.3% | 8.4% | 14.12% | -14.16% |
| Cost of Goods Sold | 5.01B | 4.87B | 4.79B | 4.82B | 4.94B | 4.94B | 4.21B | 4.52B | 4.43B | 4.29B | 3.82B | 4.39B | 4.78B | 4.38B | 4.05B | 4.52B | 3.69B | 3.68B | 4.84B | 4.6B | 4.02B | 3.3B | 2.88B | 2.89B | 2.72B | 2.87B | 3.2B | 2.69B | 2.38B | 2.19B | 1.97B |
| COGS % of Revenue | - | 60.23% | 61.8% | 62.68% | 62.97% | 62.44% | 62.98% | 63.27% | 63.39% | 62.92% | 63.14% | 63.08% | 61.64% | 61.17% | 61.07% | 61.4% | 60.35% | 63.66% | 63.93% | 63.72% | 63.53% | 64.33% | 64.25% | 65.55% | 67.17% | 67.95% | 63.26% | 63.69% | 59.93% | 59.6% | 61.15% |
| Gross Profit | 3.27B | 3.22B | 2.96B | 2.87B | 2.9B | 2.97B | 2.47B | 2.62B | 2.56B | 2.53B | 2.23B | 2.57B | 2.97B | 2.78B | 2.58B | 2.84B | 2.42B | 2.1B | 2.73B | 2.62B | 2.31B | 1.83B | 1.6B | 1.52B | 1.33B | 1.35B | 1.86B | 1.54B | 1.59B | 1.48B | 1.25B |
| Gross Margin % | 39.5% | 39.77% | 38.2% | 37.32% | 37.03% | 37.56% | 37.02% | 36.73% | 36.61% | 37.08% | 36.86% | 36.92% | 38.36% | 38.83% | 38.93% | 38.6% | 39.65% | 36.34% | 36.07% | 36.28% | 36.47% | 35.67% | 35.75% | 34.45% | 32.83% | 32.05% | 36.74% | 36.31% | 40.07% | 40.4% | 38.85% |
| Gross Profit Growth % | - | 8.77% | 3.18% | -1.29% | -2.18% | 20.04% | -5.61% | 2.4% | 1.21% | 13.53% | -13.26% | -13.65% | 7.04% | 7.7% | -9.31% | 17.43% | 15.41% | -23.11% | 4.13% | 13.56% | 26.04% | 14.39% | 5.32% | 14.24% | -1.67% | -27.26% | 21.19% | -3.68% | 7.52% | 18.68% | -3.12% |
| Operating Expenses | 1.89B | 1.84B | 1.75B | 1.65B | 1.63B | 1.69B | 1.54B | 1.65B | 1.72B | 1.72B | 1.52B | 1.65B | 1.76B | 1.62B | 1.52B | 1.72B | 1.5B | 1.51B | 1.7B | 1.64B | 1.41B | 1.18B | 1.05B | 1.08B | 996.21M | 1.04B | 1.05B | 929.63M | 1.06B | 963M | 796.6M |
| OpEx % of Revenue | - | 22.8% | 22.62% | 21.45% | 20.72% | 21.35% | 23.06% | 23.07% | 24.55% | 25.25% | 25.13% | 23.68% | 22.69% | 22.6% | 22.95% | 23.35% | 24.55% | 26.16% | 22.47% | 22.71% | 22.29% | 23.05% | 23.51% | 24.4% | 24.58% | 24.62% | 20.67% | 21.99% | 26.7% | 26.24% | 24.77% |
| Selling, General & Admin | 1.89B | 1.84B | 1.56B | 1.65B | 1.63B | 1.69B | 1.54B | 1.6B | 1.72B | 1.72B | 1.52B | 1.65B | 1.76B | 1.62B | 1.52B | 1.72B | 1.5B | 1.51B | 1.7B | 1.64B | 1.41B | 1.18B | 1.05B | 1.08B | 996.21M | 1.04B | 1.05B | 929.63M | 894.3M | 807.8M | 686.1M |
| SG&A % of Revenue | - | 22.8% | 20.09% | 21.45% | 20.72% | 21.35% | 23.06% | 22.41% | 24.55% | 25.25% | 25.13% | 23.68% | 22.69% | 22.6% | 22.95% | 23.35% | 24.55% | 26.16% | 22.47% | 22.71% | 22.29% | 23.05% | 23.51% | 24.4% | 24.58% | 24.62% | 20.67% | 21.99% | 22.48% | 22.01% | 21.34% |
| Research & Development | 84.3M | 84.3M | 149.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.04% | 1.93% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | -84.3M | 46.62M | 0 | 0 | 0 | 0 | 46.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167.7M | 155.2M | 110.5M |
| Operating Income | 1.38B | 1.37B | 1.21B | 1.22B | 1.28B | 1.28B | 932.99M | 974.89M | 843.11M | 806.89M | 708.97M | 920.76M | 1.22B | 1.16B | 1.06B | 1.12B | 923.05M | 588.04M | 1.03B | 980.69M | 897.92M | 647.94M | 548.16M | 443.76M | 334.71M | 313.88M | 813.92M | 605.75M | 532M | 519.5M | 452.6M |
| Operating Margin % | 16.7% | 16.97% | 15.57% | 15.87% | 16.31% | 16.21% | 13.96% | 13.66% | 12.06% | 11.83% | 11.73% | 13.24% | 15.68% | 16.24% | 15.98% | 15.25% | 15.11% | 10.18% | 13.6% | 13.57% | 14.19% | 12.62% | 12.24% | 10.05% | 8.26% | 7.43% | 16.07% | 14.33% | 13.37% | 14.16% | 14.08% |
| Operating Income Growth % | - | 13.84% | -1.06% | -4.71% | -0.15% | 37.36% | -4.3% | 15.63% | 4.49% | 13.81% | -23% | -24.25% | 4.63% | 9.69% | -5.77% | 21.75% | 56.97% | -42.87% | 4.96% | 9.22% | 38.58% | 18.2% | 23.53% | 32.58% | 6.64% | -61.44% | 34.36% | 13.86% | 2.41% | 14.78% | 3.22% |
| EBITDA | 1.7B | 1.75B | 1.54B | 1.52B | 1.58B | 1.57B | 1.21B | 1.25B | 1.13B | 1.09B | 958.64M | 1.25B | 1.52B | 1.44B | 1.29B | 1.41B | 1.15B | 846.27M | 1.29B | 1.23B | 1.09B | 796.48M | 682.89M | 595.07M | 491.66M | 521.73M | 998.14M | 776.29M | 699.7M | 674.7M | 563.1M |
| EBITDA Margin % | 20.5% | 21.66% | 19.94% | 19.84% | 20.08% | 19.88% | 18.13% | 17.48% | 16.1% | 15.98% | 15.86% | 17.94% | 19.64% | 20.12% | 19.45% | 19.19% | 18.86% | 14.65% | 17.05% | 16.96% | 17.28% | 15.51% | 15.25% | 13.48% | 12.13% | 12.35% | 19.71% | 18.36% | 17.59% | 18.39% | 17.51% |
| EBITDA Growth % | 6.64% | 13.52% | 1.3% | -3.23% | 0.23% | 29.67% | -2.82% | 10.79% | 3.26% | 13.72% | -23.18% | -18.05% | 5.76% | 11.69% | -8.86% | 22.74% | 36.16% | -34.42% | 5.28% | 12.09% | 37.3% | 16.63% | 14.76% | 21.03% | -5.76% | -47.73% | 28.58% | 10.95% | 3.71% | 19.82% | 3.08% |
| D&A (Non-Cash Add-back) | 292.16M | 379.58M | 337.84M | 305.05M | 295.66M | 290.12M | 279.05M | 272.29M | 282.58M | 283.28M | 249.67M | 327.09M | 307.19M | 278.03M | 229.93M | 290.48M | 229.24M | 258.22M | 261.15M | 245.03M | 195.63M | 148.54M | 134.73M | 151.31M | 156.95M | 207.84M | 184.22M | 170.54M | 167.7M | 155.2M | 110.5M |
| EBIT | 1.49B | 1.48B | 1.89B | 1.25B | 1.31B | 1.51B | 953.67M | 968.83M | 856.35M | 1.02B | 820.61M | 932.29M | 1.23B | 1.17B | 1.06B | 1.14B | 928.45M | 591.99M | 1.04B | 980.69M | 897.92M | 647.94M | 548.16M | 443.76M | 334.71M | 313.88M | 813.92M | 605.75M | 532M | 519.5M | 452.6M |
| Net Interest Income | -44.85M | -36.74M | -94.01M | -117.81M | -112.03M | -101.88M | -108.37M | -121.29M | -122.09M | -136.46M | -129.22M | -127.26M | -127.18M | -120.65M | -121.27M | -115.53M | -106.37M | -100.38M | -96.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 66.84M | 73.03M | 37.16M | 13.5M | 4.43M | 4.44M | 3.57M | 4.53M | 8.88M | 8.49M | 6.75M | 4.42M | 4.51M | 3.88M | 4.72M | 9.26M | 8.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 111.69M | 109.77M | 131.17M | 131.31M | 116.46M | 106.32M | 111.94M | 125.82M | 130.97M | 144.95M | 136.4M | 131.68M | 131.69M | 124.65M | 126M | 124.78M | 106.34M | 100.38M | 96.04M | 89.01M | 76.98M | 72.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.16M | 891K | 550.66M | -96.34M | -89.44M | 119.32M | -91.25M | -131.88M | -117.73M | 68.93M | -24.33M | -120.15M | -121.28M | -115.68M | -127.96M | -113.59M | -109.93M | -96.42M | -83.31M | -93.09M | -88.43M | -59.51M | -56.05M | -71.87M | -71.34M | -60.95M | -71.96M | -20.8M | -43.4M | -27.2M | 49.5M |
| Pretax Income | 1.38B | 1.37B | 1.76B | 1.12B | 1.19B | 1.4B | 841.73M | 843.01M | 725.38M | 875.82M | 684.64M | 800.61M | 1.09B | 1.05B | 931.07M | 1.01B | 813.12M | 491.62M | 946.02M | 887.6M | 809.49M | 588.44M | 492.12M | 371.89M | 263.37M | 252.93M | 741.95M | 584.95M | 488.6M | 492.3M | 502.1M |
| Pretax Margin % | 16.64% | 16.98% | 22.68% | 14.61% | 15.17% | 17.72% | 12.59% | 11.81% | 10.37% | 12.84% | 11.33% | 11.51% | 14.11% | 14.62% | 14.05% | 13.71% | 13.31% | 8.51% | 12.5% | 12.28% | 12.79% | 11.46% | 10.99% | 8.43% | 6.5% | 5.99% | 14.65% | 13.83% | 12.28% | 13.42% | 15.61% |
| Income Tax | 280.84M | 276.82M | 357.05M | 179.14M | 200.29M | 277.01M | 158.28M | 165.09M | 134.23M | 129.15M | 182.52M | 204.73M | 316.07M | 248.46M | 280.99M | 237.08M | 193.63M | 119.72M | 251.26M | 234.33M | 217.04M | 155.93M | 129.7M | 86.68M | 55.52M | 74.7M | 228.43M | 199.39M | 162.2M | 167.4M | 165.6M |
| Effective Tax Rate % | 20.38% | 20.14% | 20.32% | 15.95% | 16.83% | 19.77% | 18.8% | 19.58% | 18.51% | 14.75% | 26.66% | 25.57% | 28.89% | 23.75% | 30.18% | 23.47% | 23.81% | 24.35% | 26.56% | 26.4% | 26.81% | 26.5% | 26.36% | 23.31% | 21.08% | 29.53% | 30.79% | 34.09% | 33.2% | 34% | 32.98% |
| Net Income | 1.1B | 1.09B | 2.7B | 1.06B | 1.07B | 1.12B | 683.45M | 677.92M | 570.27M | 811.66M | 508.89M | 869.83M | 775.24M | 1B | 811.07M | 895.24M | 700.1M | 356.44M | 590.83M | 661.08M | 561.78M | 510.14M | 412.75M | 292.93M | -121.26M | 248.54M | 519.61M | 909.5M | 378.8M | 405.4M | 390.2M |
| Net Margin % | 13.3% | 13.52% | 34.82% | 13.75% | 13.58% | 14.21% | 10.23% | 9.5% | 8.16% | 11.9% | 8.42% | 12.5% | 10% | 14.02% | 12.24% | 12.15% | 11.46% | 6.17% | 7.81% | 9.15% | 8.88% | 9.93% | 9.21% | 6.64% | -2.99% | 5.88% | 10.26% | 21.51% | 9.52% | 11.05% | 12.13% |
| Net Income Growth % | -52.02% | -59.44% | 155.21% | -0.8% | -5.2% | 64.43% | 0.82% | 18.88% | -29.74% | 59.5% | -41.5% | 12.2% | -22.72% | 23.68% | -9.4% | 27.87% | 96.42% | -39.67% | -10.63% | 17.68% | 10.12% | 23.59% | 40.91% | 341.57% | -148.79% | -52.17% | -42.87% | 140.1% | -6.56% | 3.9% | 40.21% |
| Net Income (Continuing) | 1.1B | 1.1B | 1.4B | 943.86M | 989.91M | 1.12B | 683.45M | 677.92M | 591.14M | 746.66M | 502.13M | 595.88M | 778.14M | 797.53M | 650.08M | 773.19M | 619.5M | 371.89M | 694.76M | 653.27M | 592.46M | 432.5M | 362.42M | 285.22M | 207.85M | 178.24M | 513.52M | 385.56M | 326.4M | 324.9M | 336.5M |
| Discontinued Operations | -1.32M | 4.95M | 1.3B | 112.96M | 75.46M | 0 | 0 | 0 | -20.88M | 65M | 0 | 273.95M | -2.9M | 205.6M | -22.05M | 53.62M | 0 | 0 | 0 | -8.67M | -30.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.11 | 7.92 | 19.45 | 7.52 | 7.42 | 7.74 | 4.70 | 4.61 | 3.75 | 5.15 | 3.25 | 5.46 | 4.59 | 5.78 | 4.41 | 4.74 | 3.70 | 1.91 | 3.12 | 3.26 | 2.74 | 2.50 | 2.02 | 1.44 | -0.60 | 1.22 | 2.54 | 4.41 | 1.69 | 1.79 | 1.69 |
| EPS Growth % | -51.81% | -59.28% | 158.64% | 1.35% | -4.13% | 64.68% | 1.95% | 22.93% | -27.18% | 58.46% | -40.48% | 18.95% | -20.59% | 31.07% | -6.96% | 28.11% | 93.72% | -38.78% | -4.29% | 18.98% | 9.6% | 23.76% | 40.28% | 340% | -149.18% | -51.97% | -42.4% | 160.95% | -5.59% | 5.92% | 37.4% |
| EPS (Basic) | - | 7.97 | 19.58 | 7.56 | 7.47 | 7.81 | 4.74 | 4.67 | 3.80 | 5.21 | 3.28 | 5.52 | 4.65 | 5.86 | 4.47 | 4.82 | 3.75 | 1.91 | 3.13 | 3.28 | 2.76 | 2.52 | 2.03 | 1.45 | -0.60 | 1.22 | 2.56 | 4.44 | 1.70 | 1.82 | 1.72 |
| Diluted Shares Outstanding | 135.9M | 138.03M | 138.7M | 140.6M | 143.59M | 145.27M | 145.39M | 146.99M | 152.13M | 157.74M | 156.64M | 159.17M | 168.84M | 173.55M | 183.99M | 188.89M | 189.17M | 186.74M | 189.27M | 202.92M | 205.5M | 204.18M | 204.79M | 203.61M | 203.35M | 203.72M | 204.68M | 210.68M | 224.39M | 226.48M | 230.89M |
| Basic Shares Outstanding | 134.98M | 137.24M | 137.74M | 139.85M | 142.68M | 143.92M | 144.05M | 145.2M | 149.87M | 155.69M | 155.23M | 157.62M | 166.69M | 171.27M | 181.55M | 185.88M | 186.9M | 186.14M | 188.48M | 201.33M | 203.77M | 202.98M | 203.28M | 202.58M | 202.1M | 203.72M | 202.97M | 209.06M | 222.79M | 222.75M | 226.86M |
| Dividend Payout Ratio | - | 25.87% | 10.5% | 26.9% | 26.99% | 25.53% | 41.6% | 41.63% | 49.73% | 34.98% | 52.73% | 29.66% | 33.34% | 24.7% | 29.71% | 24.48% | 28.58% | 53.27% | 28.62% | 23.35% | 25.77% | 26.25% | 30.54% | 39.43% | - | 42.47% | 18.76% | 10.09% | 23.55% | 19.81% | 18.55% |
Cyclical industrial demand exposure
According to recent financial disclosures, Dover Corporation's revenue growth has fluctuated significantly, moving from a 9.4% contraction in 2024Q1 to a 10.1% expansion by 2026Q1, suggesting that the company's top-line performance remains highly sensitive to broader industrial production cycles and intermittent demand shifts across its diverse segments.
The recent return to double-digit growth in 2026Q1 appears to be a recovery from a period of stagnation, yet the inconsistency in quarterly year-over-year figures warrants caution regarding the durability of this momentum. Investors should monitor whether this acceleration is driven by sustainable organic volume or if it reflects temporary inventory restocking patterns within the Climate & Sustainability and Pumps & Process Solutions segments.
As reported in the company's income statements, Dover has maintained gross margins within a tight 37.0% to 40.1% range over the last ten quarters, indicating that the firm possesses a degree of pricing power despite the inherent volatility of its raw material inputs like steel and electronic components.
The ability to sustain these margins suggests that the 'razor-blade' model, particularly in the Imaging & Identification segment, effectively offsets inflationary pressures through recurring consumable sales. However, the slight compression observed in 2026Q1 compared to the 2025 peak suggests that management may face increasing difficulty in passing through costs if industrial demand softens further.
Based on the provided income statement data, operating margins have struggled to scale consistently, peaking at 18.2% in 2025Q3 before retreating to 14.9% in 2026Q1, which implies that SG&A expenses are not currently providing the expected operating leverage during periods of revenue expansion.
The lack of clear margin expansion during the most recent growth phase suggests that fixed costs or acquisition-related integration expenses may be weighing on profitability. Analysts should investigate whether this reflects a strategic increase in R&D or marketing spend intended to capture long-term market share in the clean energy transition.
Analysis of the reported figures reveals significant volatility in net income, highlighted by a massive 74.4% net margin in 2024Q4, which appears to be driven by non-operating items rather than core industrial performance, complicating the assessment of true underlying earnings power for the firm.
The frequent appearance of large, non-recurring gains or charges suggests that investors should focus on operating income as a more reliable proxy for performance than net income or EPS. The variability in stock-based compensation and potential restructuring charges further necessitates a careful adjustment of reported figures to understand the company's true cash-generating capability.
While Dover's diversified portfolio is often viewed as a defensive asset, the recent trend of decelerating operating margins despite revenue growth suggests that the company may be facing structural headwinds that could lead to margin compression if the current industrial cycle turns downward.
Short-term observers might argue that the reliance on bolt-on acquisitions masks organic weakness, as the company frequently integrates new entities that may carry lower initial margins. If the anticipated synergies from these acquisitions fail to materialize, the market may be forced to re-evaluate the valuation premium currently assigned to Dover's recurring revenue streams.
Quick answers to the most common questions about buying DOV stock.
For fiscal year 2025, Dover Corporation (DOV) reported total revenue of $8.09B. This represents a 151.7% increase compared to $3.22B in 1996.
Dover Corporation (DOV) is profitable, generating $1.09B in net income for the fiscal year ending 2025 with a net profit margin of 13.5%.
Dover Corporation (DOV) reported an operating income of $1.37B, resulting in an operating profit margin of 17.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Dover Corporation (DOV) generated $3.22B in gross profit for the year, representing a gross profit margin of 39.8%. This demonstrates the company's core pricing power and production efficiency.