Dover Corp Reports 10% Revenue Jump to $2.05 Billion in Q1 2026

Dover Corp (NYSE: DOV), a diversified industrial manufacturer, reported net revenue of $2.05 billion for the three months ending March 31, 2026, a 10% increase from $1.87 billion in the first quarter of 2025. The Delaware-based company posted net income of $238.4 million, compared to $230.8 million in the prior-year period, a 3.3% gain. Read more earnings reports.

Diluted earnings per share came in at $1.75, up from $1.67 a year earlier. Operating income for the quarter reached $305.9 million, compared to $296.3 million in the first quarter of 2025.

Gross profit expanded to $798.1 million from $745.5 million, reflecting a margin improvement as cost of goods sold rose to $1.26 billion from $1.12 billion. Selling, general and administrative expenses climbed to $492.2 million from $449.2 million in the year-ago quarter.

Balance Sheet and Cash Position

Dover's total assets stood at $13.51 billion as of March 31, 2026, up slightly from $13.42 billion at the end of December 2025. Cash and restricted cash declined to $1.64 billion from $1.68 billion over the same period.

Accounts receivable increased to $1.44 billion from $1.37 billion at year-end, while inventory rose to $1.37 billion from $1.27 billion. The company's goodwill balance decreased to $5.40 billion from $5.43 billion.

Total stockholders' equity reached $7.49 billion as of March 31, 2026, compared to $7.41 billion at the end of December 2025. Long-term debt stood at $2.60 billion, down from $2.62 billion at year-end.

Segment Performance

The company's engineered products segment generated revenue of $1.14 billion for the quarter, up from $1.02 billion in the prior-year period. The precision components segment posted revenue of $447.8 million, compared to $397.3 million a year earlier.

Dover's clean energy and fueling segment contributed $216.1 million in revenue versus $208.7 million in the first quarter of 2025. The imaging and identification segment reported $169.6 million, up from $159.9 million, while the pumps and process solutions segment generated $77.5 million compared to $77.0 million.

Cash Flow Activity

Cash used in investing activities totaled $61.7 million for the quarter, compared to $74.2 million in the same period of 2025. Cash used in financing activities came to $161.5 million, up from $122.2 million a year earlier.

The company had 134.7 million shares outstanding as of March 31, 2026. Weighted average diluted shares for the quarter totaled 135.9 million, down from 138.3 million in the prior-year period.

First Quarter Financial Summary

Dover reported an income tax expense of $60.2 million for the quarter, compared to $56.1 million in the first quarter of 2025. Current assets totaled $4.68 billion as of March 31, 2026, up from $4.51 billion at the end of December 2025.