10-Q · July 23, 2026
Dover delivered Q2 revenue of $2.190 billion, up 6.9% year over year and up from $2.05 billion in Q1, with all five segments posting growth. Gross margin expanded to 40.2%, operating earnings rose 10.5% to $391.787…
Earnings analysis · 10-Q
DOV earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Dover delivered a strong third quarter, with $2.234 billion of revenue, 7% organic growth, and adjusted EPS of $2.88, but GAAP EPS of $2.50 lagged the $2.85 estimate. Management introduced 2026 guidance of $8.93-$9.08…
Read full summary
Dover delivered a strong third quarter, with $2.234 billion of revenue, 7% organic growth, and adjusted EPS of $2.88, but GAAP EPS of $2.50 lagged the $2.85 estimate. Management introduced 2026 guidance of $8.93-$9.08 GAAP EPS and $10.60-$10.75 adjusted EPS on 7%-8% revenue growth. The 10-Q disclosed no material changes to previously reported risk factors and no significant change in market-risk exposure, supporting a neutral overall assessment.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.5
What stood out
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Revenue beat with solid organic growth
Third-quarter revenue was $2.234 billion, with reported organic growth of 7%, exceeding the $2.215 billion consensus estimate by approximately $19 million.
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Adjusted EPS exceeded consensus
Adjusted EPS was $2.88, $0.03 above the $2.85 consensus estimate, although GAAP EPS was $2.50.
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2026 outlook established
Management introduced 2026 GAAP EPS guidance of $8.93-$9.08 and adjusted EPS guidance of $10.60-$10.75, alongside expected revenue growth of 7%-8%.
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Meaningful share repurchases continued
The company repurchased 1,684,185 shares during the quarter at an average price of $196.88, with 12,508,871 shares remaining under the authorization as of September 30, 2026.
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Controls remained effective
Disclosure controls and procedures were concluded to be effective as of September 30, 2026, and there were no changes in internal control over financial reporting that materially affected the controls during the quarter.
What to watch
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GAAP earnings missed consensus
GAAP EPS of $2.50 was $0.35 below the $2.85 consensus estimate, indicating that reported earnings were weaker than the adjusted result despite the adjusted EPS beat.
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Execution required for growth outlook
The 2026 outlook relies on 7%-8% revenue growth and 5%-6% organic growth; failure to achieve these rates could pressure the $8.93-$9.08 GAAP EPS range.
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Capital allocation reduces liquidity flexibility
The company repurchased 1,684,185 shares during the quarter at an average price of $196.88, while 12,508,871 shares remained authorized for repurchase as of September 30, 2026; continued buybacks represent an ongoing use of capital.
Management's outlook
Management introduced 2026 GAAP EPS guidance of $8.93-$9.08 and adjusted EPS guidance of $10.60-$10.75, based on 7%-8% revenue growth and 5%-6% organic growth. The prior outlook had no comparable numeric guidance; therefore, direction is not classified as raised, maintained, or lowered.
Earlier filings 2
10-Q · April 23, 2026
Dover reported Q1 2026 revenue of $2,053,623,000, up 10.1% year-over-year driven by 5.3% organic growth; diluted earnings from continuing operations were $1.76 per share (flat YoY). Gross margin compressed 110 basis…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.