Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the transition period from to

Commission File Number: 1-4018

Image1.jpg

(Exact name of registrant as specified in its charter)

Delaware53-0257888
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3005 Highland Parkway
Downers Grove, Illinois60515
(Address of principal executive offices)(Zip Code)

(630) 541-1540

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockDOVNew York Stock Exchange
1.250% Notes due 2026DOV 26New York Stock Exchange
0.750% Notes due 2027DOV 27New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12-b-2 of the Exchange Act .

Large Accelerated Filer☑Accelerated Filer☐Emerging Growth Company☐
Non-Accelerated Filer☐Smaller Reporting Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares outstanding of the Registrant’s common stock as of July 18, 2025 was 137,134,453.

Dover Corporation

Form 10-Q

Table of Contents

PART I — FINANCIAL INFORMATIONPage
Item 1.Financial Statements (unaudited)
Condensed Consolidated Statements of Earnings for the three and six months ended June 30, 2025 and 20241
Condensed Consolidated Statements of Comprehensive Earnings for the three and six months ended June 30, 2025 and 20242
Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 20243
Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2025 and 20244
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 20246
Note 1 — Basis of Presentation7
Note 2 — Revenue7
Note 3 — Acquisitions8
Note 4 — Discontinued and Disposed Operations11
Note 5 — Inventories, net12
Note 6 — Property, Plant and Equipment, net12
Note 7 — Credit Losses12
Note 8 — Goodwill and Other Intangible Assets12
Note 9 — Restructuring Activities13
Note 10 — Borrowings14
Note 11 — Financial Instruments15
Note 12 — Income Taxes17
Note 13 — Equity Incentive Program17
Note 14 — Commitments and Contingent Liabilities18
Note 15 — Other Comprehensive Earnings19
Note 16 — Segment Information20
Note 17 — Stockholders' Equity23
Note 18 — Earnings per Share24
Note 19 — Recent Accounting Pronouncements24
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations26
Item 3.Quantitative and Qualitative Disclosures About Market Risk43
Item 4.Controls and Procedures44
PART II — OTHER INFORMATION
Item 1.Legal Proceedings44
Item 1A.Risk Factors44
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds44
Item 3.Defaults Upon Senior Securities44
Item 4.Mine Safety Disclosures44
Item 5.Other Information44
Item 6.Exhibits45
SIGNATURES46

Next: Item 1. Financial Statements