Revenue Growth and Margin Improvement
Dover's third quarter revenue was up 5%, with an 8% increase in order trends year-over-year. The company achieved a record consolidated EBITDA margin of 26.1%, up 170 basis points from the previous period, driven by positive mix impact, solid execution, and cost containment actions.
Adjusted EPS and Strong Balance Sheet
Adjusted EPS increased by 15% in the quarter and 17% year-to-date. Dover increased its full-year adjusted EPS guidance to $9.50 to $9.60, demonstrating strong earnings growth supported by a robust balance sheet.
Positive Outlook for 2026
Dover expressed a constructive outlook for the remainder of 2025 and into 2026, with healthy underlying end market demand and sustained order growth. The company expects sequential recovery in certain capital goods end markets.
Cash Flow and Capital Deployment
Year-to-date free cash flow was $631 million, up $96 million from the prior year. The company maintained its guidance for 2025 free cash flow at 14% to 16%, with strong conversion of operating cash flow.
Growth in Key Segments
Clean Energy & Fueling was up 5% organically, and Pumps & Process Solutions increased by 6% organically, driven by growth in single-use biopharma components and thermal connectors for liquid cooling.