Dover (DOV) financial statements

Industrials · Specialty Industrial Machinery · Market cap $25.0B

Dover reported revenue of $8.1B in fiscal 2025, up 3.3% a year over 9 years.

Net income was $1.1B and the operating margin 17.0%, against 11.7% in 2016.

Free cash flow was $1.1B, and the company returned $283M in dividends and $541M in net buybacks.

The diluted share count fell 12% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

02.557.5102016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Dover's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$6.0B$6.8B$7.0B$7.1B$6.7B$7.9B$7.8B$7.7B$7.7B$8.1B
Cost of revenue$3.8B$4.3B$4.4B$4.5B$4.2B$4.9B$4.9B$4.8B$4.8B$4.9B
Gross profit$2.2B$2.5B$2.6B$2.6B$2.5B$3.0B$2.9B$2.9B$3.0B$3.2B
Research and development$116M$131M$143M$141M$142M$158M$151M$139M$150M$165M
Selling, general and admin$1.5B$1.7B$1.7B$1.6B$1.5B$1.7B$1.6B$1.6B$1.8B$1.8B
Operating income$709M$807M$843M$975M$933M$1.3B$1.3B$1.2B$1.2B$1.4B
Interest expense$136M$145M$131M$126M$112M$106M$116M$131M$131M$110M
Pre-tax income$685M$876M$725M$843M$842M$1.4B$1.2B$1.1B$1.8B$1.4B
Income tax$183M$129M$134M$165M$158M$277M$200M$179M$357M$277M
Net income$509M$812M$570M$678M$683M$1.1B$1.1B$1.1B$2.7B$1.1B
EPS (diluted)$3.25$5.15$3.75$4.61$4.70$7.74$7.42$7.52$19.45$7.94
Diluted shares157M158M152M147M145M145M144M141M139M138M
Gross margin36.9%37.1%36.6%36.7%37.0%37.6%37.0%37.3%38.2%39.8%
Operating margin11.7%11.8%12.1%13.7%14.0%16.2%16.3%15.9%15.6%17.0%
Net margin8.4%11.9%8.2%9.5%10.2%14.2%13.6%13.8%34.8%13.5%

Balance sheet

Fiscal years, from Dover's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$349M$754M$396M$397M$513M$386M$381M$399M$1.8B$1.7B
Receivables$1.3B$1.2B$1.2B$1.2B$1.1B$1.3B$1.5B$1.3B$1.4B$1.4B
Inventory$870M$677M$749M$806M$836M$1.2B$1.4B$1.1B$1.1B$1.3B
Total current assets$2.6B$2.8B$2.5B$2.5B$2.6B$3.1B$3.4B$3.4B$4.5B$4.5B
Property, plant and equipment$946M$788M$806M$842M$897M$957M$1.0B$978M$988M$1.1B
Goodwill$3.7B$3.7B$3.7B$3.8B$4.1B$4.6B$4.4B$4.6B$4.9B$5.4B
Total assets$10.1B$10.7B$8.4B$8.7B$9.2B$10.4B$10.9B$11.3B$12.5B$13.4B
Total current liabilities$1.9B$2.1B$1.8B$1.7B$1.7B$2.3B$2.8B$2.4B$2.2B$2.5B
Long-term debt$3.2B$3.0B$2.9B$3.0B$3.1B$3.0B$2.9B$3.0B$2.5B$2.6B
Total liabilities$6.3B$6.3B$5.6B$5.6B$5.8B$6.2B$6.6B$6.2B$5.6B$6.0B
Shareholders' equity$3.8B$4.4B$2.8B$3.0B$3.4B$4.2B$4.3B$5.1B$7.0B$7.4B
Net debt$3.3B$2.8B$2.8B$2.7B$2.6B$2.7B$3.3B$2.6B$1.1B$1.7B

Cash flow

Fiscal years, from Dover's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$735M$739M$789M$945M$1.1B$1.1B$806M$1.3B$1.1B$1.3B
Capital spending$140M$170M$171M$187M$166M$171M$211M$183M$168M$220M
Free cash flow$595M$569M$618M$759M$939M$944M$595M$1.2B$920M$1.1B
Stock-based compensation$19M$24M$24M$30M$25M$31M$30M$31M$40M$44M
Dividends paid$268M$284M$284M$282M$284M$287M$288M$284M$283M$283M
Share buybacks (net)$0-$105M-$895M-$143M-$106M-$22M-$585M$0-$500M-$541M
Net borrowing$909M-$183M-$361M-$93M-$85M$105M$630M-$267M-$468M$231M
Free cash flow margin9.8%8.3%8.8%10.6%14.1%11.9%7.6%15.0%11.9%13.8%
Dividends per share$1.71$1.80$1.86$1.92$1.96$1.97$2.00$2.02$2.04$2.05
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Questions

What was Dover's revenue in 2025?

$8.1B in fiscal 2025, from its 10-K filing.

How much free cash flow does Dover generate?

$1.1B in fiscal 2025 (operating cash flow minus capital spending).

From Dover's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.