Dover grew Q2 2026 revenue 6.9% to $2.19B (4.8% organic), lifted GAAP diluted EPS 13.8% to $2.31 and raised full-year guidance as bookings jumped 16.1%, led by a 45.8% order surge in Climate & Sustainability Technologies.
Revenue
$2.2B
+6.9% YoY
Net income
$313M
+11.6% YoY
Diluted EPS
$2.31
+13.8% YoY
Operating margin
17.9%
Overview
Dover's second quarter of 2026 (three months ended June 30) brought revenue up 6.9% to $2.19 billion and diluted EPS from continuing operations up 13.8% to $2.31. The more important number was orders. Bookings (new orders received) rose 16.1% to $2.33 billion, more than the company shipped in the quarter, and grew in all five segments. Management cited that order strength when it raised full-year guidance for both sales growth and adjusted EPS.
4.8 points of the 6.9% revenue growth were organic. Organic growth excludes acquisitions and currency swings, so it measures what the existing businesses actually sold. Acquisitions, mostly in Pumps & Process Solutions, added another 1.2 points. A weaker dollar added 0.9 points because foreign sales were worth more once converted. According to the 10-Q, customer price increases contributed about 2.2%, which means higher volumes accounted for roughly 2.6 points of the organic growth. All five segments grew organically.
Key figures
Metric
Q2 2026
Q2 2025
YoY Change
Revenue
$2,190.0M
$2,049.6M
+6.9%
Organic revenue growth
+4.8%
—
—
Gross margin
40.2%
39.9%
+0.3 pts
Operating margin (GAAP)
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Operating margin is the share of revenue left after running the business, before interest and tax.
Segment earnings are the profit measure Dover uses to judge its units. They exclude acquisition-related amortization, restructuring costs and corporate costs.
Book-to-bill above 1.0 means more new work came in than was shipped.
The consolidated book-to-bill figures are calculated from reported bookings and revenue. Adjusted EPS, the consolidated bookings totals and the total segment earnings margin come from the July 23, 2026 earnings release (8-K Exhibit 99.1). All other figures come from the 10-Q.
Net earnings including discontinued operations were $312.2M, up 11.9% from $279.1M. Discontinued operations (mostly post-sale adjustments on businesses sold earlier) cost only $0.3M, so the continuing and total figures are nearly identical.
First half (six months):
Revenue rose 8.4% to $4,243.6M, with 5.0% organic growth.
Diluted EPS from continuing operations rose 8.0% to $4.06. Adjusted EPS rose 12% to $5.02, according to the 8-K.
Bookings rose 19.9% to $4,795.0M.
Operating margin slipped to 16.4% from 16.6%, mainly because restructuring and other costs nearly doubled to $61.4M from $32.6M.
Segment performance
Segment
Q2 revenue
Organic growth
Segment margin (Q2 2025)
Bookings growth
Book-to-bill
Engineered Products
$283.5M
+2.1%
20.4% (19.4%)
+0.2%
0.98
Clean Energy & Fueling
$595.0M
+8.6%
21.6% (19.7%)
+14.4%
1.01
Imaging & Identification
$305.1M
+2.9%
27.9% (26.3%)
+3.7%
0.99
Pumps & Process Solutions
$552.7M
+0.4%
32.4% (30.6%)
+11.3%
1.07
Climate & Sustainability Technologies
$455.1M
+8.3%
16.7% (18.6%)
+45.8%
1.23
Clean Energy & Fueling had the strongest quarter. Organic sales rose 8.6%, led by above- and below-ground retail fueling equipment and clean-energy components. Segment earnings jumped 19.3% to $128.5M. The 10-Q credits volume, productivity and "favorable price versus cost dynamics", meaning price increases outran input-cost inflation. Pricing added about 2.9%, compared with 1.7% a year earlier.
Climate & Sustainability Technologies grew sales but earned less. Organic revenue rose 8.3%. The 10-Q cites CO2 refrigerant systems, refrigerated door cases and "accelerating demand for heat exchangers used in data center cooling". Even so, segment earnings fell 1.9% to $75.8M, and margin fell 1.9 points to 16.7%. The 10-Q blames "the timing of footprint consolidation projects and production ramp costs in retail refrigeration". These are the costs of moving production between plants and ramping up output. Pricing did not weaken. Orders were exceptional: up 45.8% to $560.3M, including "longer lead-time orders", for a book-to-bill of 1.23.
Pumps & Process Solutions had the highest margin, but its growth came mostly from acquisitions. Margin rose 1.8 points to 32.4%. Of the segment's 6.2% revenue gain, 4.9 points came from the 2025 acquisitions of Sikora AG and ipp Pump Products, and organic growth was only 0.4%. Strength in electrification and power-generation products, single-use biopharma components and industrial pumps was mostly offset by an expected decline in polymer processing equipment. Customers there are still digesting the large capacity they added in recent years. Bookings rose 11.3%, driven by biopharma demand and the acquisitions.
Imaging & Identification returned to growth. This segment makes marking and coding printers and serialization software. Organic growth was 2.9% in the quarter. First-half organic growth was −0.1%, which implies Q1 declined. Margin improved to 27.9%. Pricing contributed only about 0.6%, compared with 4.1% a year ago, so this quarter's growth was mostly volume.
Engineered Products grew 2.1% organically, but its orders were flat. Aerospace and defense, fluid dispensing and industrial winches were strong. Vehicle-service demand in Europe was weaker. Margin rose a point to 20.4%, helped by savings from restructuring done in 2025. Orders were flat (+0.2%) with a book-to-bill of 0.98, the softest order signal of the five segments.
GAAP vs. adjusted, and what sits between them
Earnings per share grew faster than earnings (+13.8% vs. +11.6%) for two reasons:
Fewer shares. Diluted shares fell 1.8% to 135.6 million. That mostly reflects a $500M accelerated share repurchase, in which Dover paid a bank up front and received the shares over time. The final 153,652 shares were delivered in April.
Lower tax rate. The effective tax rate fell to 19.4% from 20.4%, which the 10-Q attributes to "an internal reorganization in 2026". This modest benefit may not repeat.
Working the other way, net interest expense rose 64% to $14.5M. Interest income fell as short-term investments were redeemed, and interest cost rose on the €550M of 3.50% euro notes issued in late 2025.
Two items account for most of the gap between GAAP EPS ($2.31) and adjusted EPS ($2.74):
$51.6M of purchase-accounting expense. This is mostly amortization of intangible assets from past acquisitions.
$24.6M of restructuring and other costs. These are mainly headcount reductions and exit costs, concentrated in Climate & Sustainability Technologies and Engineered Products.
Both items were similar in size to Q2 2025, so the quarter's GAAP and adjusted growth rates tell the same story. For the first half they do not: restructuring costs nearly doubled, so GAAP EPS grew 8.0% while adjusted EPS grew 12%.
Takeaway: Orders are clearly outrunning sales. Bookings rose 16.1% and book-to-bill reached 1.06, led by a 45.8% order jump with longer lead times in Climate & Sustainability Technologies. That gives Dover better-than-usual visibility into the second half. The catch is that the segment with the most new orders is also the only one whose margin fell (to 16.7% from 18.6%). The extra volume will lift earnings only if Dover gets its retail-refrigeration plant moves and production ramp-up under control.
Cash flow and balance sheet
Cash generation improved. First-half operating cash flow rose to $427.2M from $369.8M. Free cash flow (operating cash flow minus capital spending) rose to $319.6M from $260.7M, or 7.5% of revenue compared with 6.7%.
Inventory is building ahead of orders. Working capital (receivables plus inventory minus payables) increased $219.4M since year-end. The 10-Q says inventory was built "to support higher volume deliveries expected over the next several quarters", which is consistent with the order book.
Leverage fell. Net debt dropped to $1.50B. Net debt to net capitalization improved to 16.3% from 18.2% at December 31.
Acquisitions paused but may resume. Dover spent just $0.7M on acquisitions in the first half, compared with $658.5M a year earlier. In the 8-K, management said the "acquisition pipeline has a number of interesting opportunities".
Dover does not report a total order backlog in the 10-Q. The closest disclosure is remaining performance obligations on long-duration contracts, which were $331.2M. That is a narrow measure because it excludes contracts of a year or less.
Guidance and outlook
Per the 8-K, Dover raised its full-year 2026 outlook:
Prior (April 23, 2026)
Updated (July 23, 2026)
Revenue growth
5% to 7%
6% to 8%
Organic growth
3% to 5%
4% to 6%
GAAP EPS
$8.92 to $9.12
$8.94 to $9.14
Adjusted EPS
$10.45 to $10.65
$10.55 to $10.75
First-half adjusted EPS of $5.02 is 47% of the new $10.65 midpoint. Reaching the midpoint therefore requires a stronger second half. The order book supports that: consolidated bookings exceeded revenue in both quarters of 2026, and three of the five segments have a book-to-bill above 1.0. The 10-Q also expects Pumps & Process Solutions organic growth to "trend positively in the second half", which would remove the biggest drag on organic growth. Two things to watch in Q3:
whether Climate & Sustainability Technologies margin recovers once the plant consolidation is finished
whether European vehicle-service demand stabilizes in Engineered Products, as management expects