v3.26.3
Segment Information
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2026202520262025
Revenue:
Engineered Products$274,903 $279,705 $825,023 $810,295 
Clean Energy & Fueling606,003 541,368 1,755,771 1,578,613 
Imaging & Identification304,667 299,100 895,188 871,199 
Pumps & Process Solutions568,517 550,920 1,659,036 1,565,047 
Climate & Sustainability Technologies481,452 408,529 1,347,609 1,172,568 
Total segment revenues
2,235,542 2,079,622 6,482,627 5,997,722 
Intersegment eliminations(1,703)(1,781)(5,144)(4,230)
Total consolidated revenue$2,233,839 $2,077,841 $6,477,483 $5,993,492 
Adjusted cost of goods and services:(1)
Engineered Products$178,238 $181,221 $545,439 $536,877 
Clean Energy & Fueling376,222 344,993 1,106,546 1,004,080 
Imaging & Identification131,298 140,037 402,661 399,466 
Pumps & Process Solutions278,625 276,311 812,447 791,665 
Climate & Sustainability Technologies348,374 281,050 962,440 811,287 
Total adjusted segment cost of goods and services
$1,312,757 $1,223,612 $3,829,533 $3,543,375 
Adjusted selling, general and administrative expenses:(2)
Engineered Products$40,052 $41,001 $120,182 $118,310 
Clean Energy & Fueling96,900 77,710 288,757 262,453 
Imaging & Identification78,198 77,291 234,923 235,449 
Pumps & Process Solutions112,014 106,044 320,371 294,038 
Climate & Sustainability Technologies52,523 51,477 164,793 155,898 
Total adjusted segment selling, general and administrative expenses
$379,687 $353,523 $1,129,026 $1,066,148 
Earnings from continuing operations:
Segment earnings:
Engineered Products$56,613 $57,483 $159,402 $155,108 
Clean Energy & Fueling
132,881 118,665 360,468 312,080 
Imaging & Identification95,171 81,772 257,604 236,284 
Pumps & Process Solutions177,878 168,565 526,218 479,344 
Climate & Sustainability Technologies80,555 76,002 220,376 205,383 
Total segment earnings543,098 502,487 1,524,068 1,388,199 
Purchase accounting expenses (3)
45,850 59,381 152,020 159,608 
Restructuring and other costs (4)
21,767 15,913 83,197 48,520 
Gain on dispositions (5)
— — — (4,644)
Corporate expense / other (6)
42,445 31,515 139,217 125,349 
Interest expense28,870 27,239 87,450 81,638 
Interest income(16,520)(17,804)(45,102)(55,993)
Earnings before provision for income taxes420,686 386,243 1,107,286 1,033,721 
Provision for income taxes83,866 82,951 219,172 211,058 
Earnings from continuing operations$336,820 $303,292 $888,114 $822,663 
(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 September 30,Nine Months Ended September 30,
2026202520262025
Restructuring$19,377 $10,603 $66,600 $32,442 
Other costs, net2,390 5,310 16,597 16,078 
Restructuring and other costs$21,767 $15,913 $83,197 $48,520 
(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 September 30,Nine Months Ended September 30,
2026202520262025
Segment earnings margins:
Engineered Products20.6 %20.6 %19.3 %19.1 %
Clean Energy & Fueling21.9 %21.9 %20.5 %19.8 %
Imaging & Identification31.2 %27.3 %28.8 %27.1 %
Pumps & Process Solutions31.3 %30.6 %31.7 %30.6 %
Climate & Sustainability Technologies16.7 %18.6 %16.4 %17.5 %
Total segments24.3 %24.2 %23.5 %23.2 %
Depreciation and amortization:
Other depreciation and amortization:(7)
Engineered Products$5,647$5,736$16,580$15,677
Clean Energy & Fueling8,7148,58226,37726,121
Imaging & Identification4,5564,09113,13712,413
Pumps & Process Solutions15,05914,25643,07539,988
Climate & Sustainability Technologies7,9667,55824,03622,488
Total other depreciation and amortization41,94240,223123,205116,687
Corporate depreciation and amortization1,9001,7945,7055,484
Depreciation and amortization included in purchase accounting expenses and restructuring and other54,12856,444163,293158,091
Consolidated depreciation and amortization total$97,970$98,461$292,203$280,262
(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 September 30,Nine Months Ended September 30,
Capital expenditures:2026202520262025
Engineered Products$7,359 $7,408 $17,909 $19,405 
Clean Energy & Fueling12,565 6,658 35,938 29,438 
Imaging & Identification7,973 11,607 27,872 31,049 
Pumps & Process Solutions12,062 15,529 37,594 40,965 
Climate & Sustainability Technologies13,348 12,849 38,777 37,486 
Corporate2,107 99 4,915 4,931 
Total capital expenditures
$55,414 $54,150 $163,005 $163,274 
Selected financial information by segment (continued):

Total assets:
September 30, 2026December 31, 2025
Engineered Products
$1,118,842 $1,091,594 
Clean Energy & Fueling
3,617,516 3,607,567 
Imaging & Identification1,844,299 1,827,454 
Pumps & Process Solutions
3,465,420 3,479,147 
Climate & Sustainability Technologies1,638,728 1,426,174 
Corporate (8)
1,994,483 1,990,487 
Total assets$13,679,288 $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 September 30,Nine Months Ended September 30,
Revenue by geography:
2026202520262025
United States$1,272,482 $1,126,019 $3,632,589 $3,295,872 
Europe447,315 464,225 1,353,294 1,294,985 
Asia260,136 222,097 720,082 644,375 
Other Americas170,117 182,028 521,941 510,029 
Other83,789 83,472 249,577 248,231 
Total$2,233,839 $2,077,841 $6,477,483 $5,993,492 
For the three and nine months ended September 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.