v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
16. Segment Information

The Company categorizes its operating companies into five reportable segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The Company's businesses are structured around similar business models, go-to market strategies, manufacturing practices and product categories which increases management efficiency and better aligns Dover's operations with its strategic initiatives and capital allocation priorities, and provides greater transparency about performance. Operating segments are defined as the components of an enterprise for which separate financial information is available, that engage in business activities from which they may recognize revenues and incur expenses, and that are regularly evaluated by the entity's chief operating decision maker or decision-making group, which is composed of Dover's Group Executive Committee, in making resource allocation decisions and evaluating performance.

The five reportable segments are as follows:

•Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, precision soldering and fluid dispensing end-markets.

•Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.

•Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets.

•Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, measurement, inspection, and control technologies, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets.

•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.

Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), (gain) loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.
Segment financial information and a reconciliation of segment results to consolidated results were as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Revenue:  
Engineered Products$283,481 $275,944 $550,120 $530,590 
Clean Energy & Fueling594,959 546,097 1,149,768 1,037,245 
Imaging & Identification305,101 292,009 590,521 572,099 
Pumps & Process Solutions552,709 520,554 1,090,519 1,014,127 
Climate & Sustainability Technologies455,097 416,151 866,157 764,039 
Total segment revenues
2,191,347 2,050,755 4,247,085 3,918,100 
Intersegment eliminations(1,326)(1,163)(3,441)(2,449)
Total consolidated revenue$2,190,021 $2,049,592 $4,243,644 $3,915,651 
Adjusted cost of goods and services:(1)
Engineered Products$184,653 $182,576 $367,201 $355,656 
Clean Energy & Fueling370,885 343,893 730,324 659,087 
Imaging & Identification140,654 135,804 271,363 259,429 
Pumps & Process Solutions269,723 263,190 533,822 515,354 
Climate & Sustainability Technologies325,167 285,537 614,066 530,237 
Total adjusted segment cost of goods and services
$1,291,082 $1,211,000 $2,516,776 $2,319,763 
Adjusted selling, general and administrative expenses:(2)
Engineered Products$41,030 $39,857 $80,130 $77,309 
Clean Energy & Fueling95,528 94,433 191,857 184,743 
Imaging & Identification79,471 79,268 156,725 158,158 
Pumps & Process Solutions104,138 97,860 208,357 187,994 
Climate & Sustainability Technologies54,104 53,352 112,270 104,421 
Total adjusted segment selling, general and administrative expenses
$374,271 $364,770 $749,339 $712,625 
Earnings from continuing operations: 
Segment earnings:
  
Engineered Products$57,798 $53,511 $102,789 $97,625 
Clean Energy & Fueling
128,546 107,771 227,587 193,415 
Imaging & Identification84,976 76,937 162,433 154,512 
Pumps & Process Solutions178,848 159,504 348,340 310,779 
Climate & Sustainability Technologies75,826 77,262 139,821 129,381 
Total segment earnings525,994 474,985 980,970 885,712 
Purchase accounting expenses (3)
51,591 51,123 106,170 100,227 
Restructuring and other costs (4)
24,635 23,210 61,430 32,607 
Gain on dispositions (5)
— (2,176)— (4,644)
Corporate expense / other (6)
47,534 41,875 96,772 93,834 
Interest expense29,058 26,791 58,580 54,399 
Interest income(14,522)(17,935)(28,582)(38,189)
Earnings before provision for income taxes387,698 352,097 686,600 647,478 
Provision for income taxes75,153 71,967 135,306 128,107 
Earnings from continuing operations$312,545 $280,130 $551,294 $519,371 
(1) Adjusted cost of goods and services exclude expenses related to purchase accounting and restructuring and other costs.
(2) Adjusted selling, general and administrative expenses exclude expenses related to purchase accounting, restructuring and other costs, and gain on dispositions and include other income, net.
(3) Purchase accounting expenses are primarily comprised of amortization of intangible assets.
(4) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Restructuring$17,012 $13,529 $47,223 $21,839 
Other costs, net7,623 9,681 14,207 10,768 
Restructuring and other costs$24,635 $23,210 $61,430 $32,607 
(5) Gain on dispositions, including post-closing adjustments.
(6) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment earnings margins:
Engineered Products20.4 %19.4 %18.7 %18.4 %
Clean Energy & Fueling21.6 %19.7 %19.8 %18.6 %
Imaging & Identification27.9 %26.3 %27.5 %27.0 %
Pumps & Process Solutions32.4 %30.6 %31.9 %30.6 %
Climate & Sustainability Technologies16.7 %18.6 %16.1 %16.9 %
Total segments24.0 %23.2 %23.1 %22.6 %
Depreciation and amortization:
Other depreciation and amortization:(7)
Engineered Products$5,447$5,141$10,933$9,941
Clean Energy & Fueling9,1118,96117,66317,539
Imaging & Identification4,3734,2298,5818,322
Pumps & Process Solutions14,00413,13128,01625,732
Climate & Sustainability Technologies8,0017,60516,07014,930
Total other depreciation and amortization40,93639,06781,26376,464
Corporate depreciation and amortization1,8771,8503,8053,690
Depreciation and amortization included in purchase accounting expenses and restructuring and other53,99953,466109,165101,647
Consolidated depreciation and amortization total$96,812$94,383$194,233$181,801
(7) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

Three Months Ended June 30,Six Months Ended June 30,
Capital expenditures:2026202520262025
Engineered Products$4,935 $6,175 $10,550 $11,997 
Clean Energy & Fueling11,250 11,687 23,373 22,780 
Imaging & Identification10,420 9,786 19,899 19,442 
Pumps & Process Solutions11,653 12,969 25,532 25,436 
Climate & Sustainability Technologies7,551 16,039 25,429 24,637 
Corporate1,974 4,276 2,808 4,832 
Total capital expenditures
$47,783 $60,932 $107,591 $109,124 
Selected financial information by segment (continued):

Total assets:
June 30, 2026December 31, 2025
Engineered Products
$1,106,276 $1,091,594 
Clean Energy & Fueling
3,626,163 3,607,567 
Imaging & Identification1,843,976 1,827,454 
Pumps & Process Solutions
3,410,760 3,479,147 
Climate & Sustainability Technologies1,599,190 1,426,174 
Corporate (8)
2,107,851 1,990,487 
Total assets$13,694,216 $13,422,423 
(8) Corporate assets are comprised primarily of cash and cash equivalents.

The following table presents revenue disaggregated by geography based on the location of the Company's customers:
Three Months Ended June 30,Six Months Ended June 30,
Revenue by geography:
2026202520262025
United States$1,217,390 $1,146,736 $2,360,107 $2,169,853 
Europe458,206 433,469 905,979 830,760 
Asia243,873 213,546 459,946 422,278 
Other Americas182,243 168,105 351,824 328,001 
Other88,309 87,736 165,788 164,759 
Total$2,190,021 $2,049,592 $4,243,644 $3,915,651 
For the three and six months ended June 30, 2026 and 2025, the U.S. was the largest geographical market for revenue for the Engineered Products, Clean Energy & Fueling, Pumps & Process Solutions, and Climate & Sustainability Technologies segments, and Europe was the largest market for the Imaging & Identification segment.