Item 1. Financial Statements

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Item 1. Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Revenue	$	2,053,623	$	1,866,059
Cost of goods and services	1,255,488		1,120,559
Gross profit	798,135		745,500
Selling, general and administrative expenses	492,226		449,191

Operating earnings	305,909		296,309
Interest expense	29,522		27,608
Interest income	(14,060)		(20,254)

Gain on dispositions	—		(2,468)
Other income, net	(8,455)		(3,958)
Earnings before provision for income taxes	298,902		295,381
Provision for income taxes	60,153		56,140
Earnings from continuing operations	238,749		239,241
Loss from discontinued operations, net	(316)		(8,420)
Net earnings	$	238,433	$	230,821

Earnings per share from continuing operations:
Basic	$	1.77	$	1.74
Diluted	$	1.76	$	1.73
Loss per share from discontinued operations:
Basic	$	—	$	(0.06)
Diluted	$	—	$	(0.06)
Net earnings per share:
Basic	$	1.77	$	1.68
Diluted	$	1.75	$	1.67
Weighted average shares outstanding:
Basic	134,977		137,267
Diluted	135,895		138,260

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net earnings	$	238,433	$	230,821
Other comprehensive (loss) earnings, net of tax
Foreign currency translation adjustments:
Foreign currency translation (loss) gain	(21,757)		52,006

Total foreign currency translation adjustments (net of $(8,760) and $9,588 tax (provision) benefit, respectively)	(21,757)		52,006
Pension and other post-retirement benefit plans:


Amortization of actuarial gain included in net periodic pension cost	(394)		(312)
Amortization of prior service credits included in net periodic pension cost	(54)		(159)

Total pension and other post-retirement benefit plans (net of $122 and $132 tax benefit, respectively)	(448)		(471)
Changes in fair value of cash flow hedges:
Unrealized net earnings (loss) arising during the period	1,781		(956)
Net gain reclassified into earnings	(202)		(401)
Total cash flow hedges (net of $(461) and $396 tax (provision) benefit, respectively)	1,579		(1,357)

Other comprehensive (loss) earnings, net of tax	(20,626)		50,178
Comprehensive earnings	$	217,807	$	280,999

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,641,916	$	1,676,808

Receivables, net	1,444,558		1,371,352
Inventories, net	1,370,836		1,272,784
Prepaid and other current assets	219,425		185,996


Total current assets	4,676,735		4,506,940
Property, plant and equipment, net	1,114,380		1,119,623

Goodwill	5,401,395		5,430,038
Intangible assets, net	1,702,328		1,759,616
Other assets and deferred charges	611,842		606,206

Total assets	$	13,506,680	$	13,422,423

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	692,848	$	706,677
Accounts payable	975,514		875,678
Accrued compensation and employee benefits	186,315		280,737
Deferred revenue	163,428		155,025
Accrued insurance	84,354		87,596
Other accrued expenses	361,786		352,053
Federal and other income taxes	42,875		60,723

Total current liabilities	2,507,120		2,518,489
Long-term debt	2,597,265		2,621,295
Deferred income taxes	443,032		394,368

Other liabilities	469,377		483,065

Stockholders' equity:







Total stockholders' equity	7,489,886		7,405,206
Total liabilities and stockholders' equity	$	13,506,680	$	13,422,423

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

(Unaudited)


	Common stock $1 par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive earnings (loss)		Treasury stock		Total stockholders' equity
Balance at January 1, 2026	$	260,195	$	850,763	$	14,220,582	$	(174,954)	$	(7,751,380)	$	7,405,206
Net earnings	—		—		238,433		—		—		238,433
Dividends paid ($0.52 per share)	—		—		(70,446)		—		—		(70,446)
Common stock issued for the exercise of share-based awards	210		(29,914)		—		—		—		(29,704)
Stock-based compensation expense	—		20,960		—		—		—		20,960
Common stock acquired	—		—		—		—		(53,937)		(53,937)
Other comprehensive loss, net of tax	—		—		—		(20,626)		—		(20,626)

Balance at March 31, 2026	$	260,405	$	841,809	$	14,388,569	$	(195,580)	$	(7,805,317)	$	7,489,886


	Common stock $1 par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive earnings (loss)		Treasury stock		Total stockholders' equity
Balance at January 1, 2025	$	260,031	$	892,686	$	13,409,633	$	(327,776)	$	(7,280,578)	$	6,953,996
Net earnings	—		—		230,821		—		—		230,821
Dividends paid ($0.515 per share)	—		—		(71,399)		—		—		(71,399)
Common stock issued for the exercise of share-based awards	86		(9,089)		—		—		—		(9,003)
Stock-based compensation expense	—		23,874		—		—		—		23,874
Common stock acquired	—		—		—		—		(40,700)		(40,700)
Other comprehensive earnings, net of tax	—		—		—		50,178		—		50,178

Balance at March 31, 2025	$	260,117	$	907,471	$	13,569,055	$	(277,598)	$	(7,321,278)	$	7,137,767

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Operating Activities:
Net earnings	$	238,433	$	230,821

Adjustments to reconcile net earnings to cash provided by operating activities:
Loss from discontinued operations, net	316		8,420

Depreciation and amortization	97,421		87,418
Stock-based compensation expense	20,960		23,874

Gain on dispositions	—		(2,468)

Other, net	5,061		1,547
Cash effect of changes in assets and liabilities:
Accounts receivable, net	(78,959)		(5,475)
Inventories	(105,517)		(49,277)
Prepaid expenses and other assets	(31,797)		(11,582)
Accounts payable	107,984		(18,522)
Accrued compensation and employee benefits	(104,233)		(127,826)
Accrued expenses and other liabilities	19,245		7,851

Accrued and deferred taxes, net	22,083		12,693
Net cash provided by operating activities	190,997		157,474

Investing Activities:
Additions to property, plant and equipment	(59,808)		(48,192)
Acquisitions, net of cash and cash equivalents acquired	(665)		(29,287)

Proceeds from dispositions, net of cash transferred	—		3,804
Other	(1,187)		(511)
Net cash used in investing activities	(61,660)		(74,186)

Financing Activities:
Repurchase of common stock	(53,937)		(40,700)


Dividends paid to stockholders	(70,446)		(71,399)
Payments to settle employee tax obligations on exercise of share-based awards	(29,704)		(9,003)


Other	(7,364)		(1,132)
Net cash used in financing activities	(161,451)		(122,234)

Cash Flows from Discontinued Operations:
Net cash used in operating activities of discontinued operations	(400)		(862)


Net cash used in discontinued operations	(400)		(862)

Effect of exchange rate changes on cash and cash equivalents	(2,378)		251
Net decrease in cash and cash equivalents	(34,892)		(39,557)
Cash and cash equivalents at beginning of period	1,676,808		1,844,877
Cash and cash equivalents at end of period	$	1,641,916	$	1,805,320

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

1. Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes for Dover Corporation ("Dover" or the "Company") for the year ended December 31, 2025, included in the Company's Annual Report on Form 10-K filed with the SEC on February 13, 2026. The year-end consolidated balance sheet was derived from audited financial statements.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying disclosures. Although these estimates are based on management’s knowledge of current events and expectations about actions that the Company may undertake in the future, actual results may differ from those estimates. Our interim condensed consolidated financial statements are unaudited but reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

The Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, was sold during the fourth quarter of 2024 and reported as discontinued operations. Therefore, the Company has classified the results of operations related to the disposal of ESG as discontinued operations in the condensed consolidated statements of earnings and the condensed consolidated statements of cash flows. The discussion in the notes to these condensed consolidated financial statements, unless otherwise noted, relates solely to our continuing operations. See Note 4 — Discontinued and Disposed Operations for further details.

2. Revenue

Revenue from Contracts with Customers

A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. A small portion of the Company’s revenue derives from contracts extending over one year. The Company's payment terms generally range between 30 to 90 days and vary by the location of businesses, the type of products manufactured to be sold and the volume of products sold, among other factors.

Disaggregation of Revenue

Revenue from contracts with customers is disaggregated by segment and geographic location, as these categories best depict the nature and amount of the Company’s revenue. See Note 16 — Segment Information for further details.

Performance Obligations

Approximately 95% of the Company’s revenue is recognized at a point in time, rather than over time as the Company completes its performance obligations. Specifically, revenue is recognized when control transfers to the customer, typically upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Approximately 5% of the Company’s revenue is recognized over time.

A majority of the Company's contracts have a single performance obligation which represents, in most cases, the equipment or product being sold to the customer. Some contracts include multiple performance obligations such as a product and the related installation, extended warranty, software and digital solutions, and/or maintenance services. For contracts with multiple performance obligations, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

At March 31, 2026, we estimated that $325,426 in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize approximately 73.5% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue through 2027, 14.7% in 2028, with the remaining balance to be recognized in 2029 and thereafter.

As permitted by Accounting Standards Codification ("ASC") 606, the Company has excluded from its disclosures above about unsatisfied performance obligations for any contracts with an expected duration of one year or less, and contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.

Contract Balances

Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting date. Contract liabilities relate to advance consideration received from customers or advance billings for which revenue has not been recognized and are reduced when the associated revenue from the contract is recognized.

The following table provides information about contract assets and contract liabilities from contracts with customers:


	March 31, 2026		December 31, 2025		December 31, 2024

Contract assets - current	$	38,780	$	36,018	$	22,413
Contract liabilities - current	163,428		155,025		198,629
Contract liabilities - non-current	6,087		4,427		4,452

The revenue recognized during the three months ended March 31, 2026 and 2025 that was included in contract liabilities at the beginning of the period amounted to $80,543 and $74,189, respectively.

3. Acquisitions

2026 Acquisitions

One immaterial acquisition was completed during the three months ended March 31, 2026, within the Engineered Products segment.

2025 Acquisitions

During the three months ended March 31, 2025, the Company acquired one business. On January 17, 2025, the Company acquired 100% of the equity interest in Cryogenic Machinery Corp. ("Cryo-Mach"), a provider of cryogenic centrifugal pumps, mechanical seals and accessories, for total consideration of $28,909, net of cash acquired and inclusive of measurement period adjustments. The Cryo-Mach business was acquired to expand the Company's participation in cryogenic applications within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded tax-deductible goodwill of $9,250 and intangible assets of $21,020, primarily related to customer intangibles. The goodwill recorded as a result of the acquisition represents economic benefits expected to be derived from product line expansions and operational synergies.

4. Discontinued and Disposed Operations

Discontinued Operations

On October 8, 2024, the Company completed the sale of the ESG business, an operating company within the Engineered Products segment, to Terex Corporation for total consideration, net of cash transferred, of $2.0 billion. The ESG sale qualifies for discontinued operations reporting because its disposal represented a strategic shift with a major effect on the Company's operations and financial results. As a result, the Company has classified the results of operations as discontinued operations in the condensed consolidated statements of earnings and the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026, other post-closing adjustments of $400 ($316 after-tax) were recorded resulting in a loss from discontinued operations in the condensed consolidated statements of earnings. During the three months ended March 31, 2025, net working capital adjustments of $9,796 ($7,739 after-tax) and other post-closing adjustments of $862 ($681 after-tax) were recorded resulting in a loss from discontinued operations, net of $8,420 in the condensed consolidated statements of earnings.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

In June 2025, a jury returned a verdict against the ESG business for approximately $58.9 million in connection with litigation involving alleged breach of contract and inducement of breach of fiduciary duty claims arising from certain product development efforts. ESG has filed post-trial motions and, if necessary, will file an appeal with the U.S. Court of Appeals for the Seventh Circuit. The Company has not recognized an expense in connection with this matter because it does not currently believe a loss is probable.

Dispositions

There were no dispositions in 2025 or 2026.

5. Inventories, net


	March 31, 2026		December 31, 2025
Raw materials	$	840,868	$	765,453
Work in progress	258,015		235,523
Finished goods	422,539		422,229
Subtotal	1,521,422		1,423,205
Less reserves	(150,586)		(150,421)
Total	$	1,370,836	$	1,272,784

6. Property, Plant and Equipment, net


	March 31, 2026		December 31, 2025
Land	$	67,929	$	68,650
Buildings and improvements	715,340		705,756

Machinery, equipment and other	2,180,818		2,170,149
Property, plant and equipment, gross	2,964,087		2,944,555
Accumulated depreciation	(1,849,707)		(1,824,932)
Property, plant and equipment, net	$	1,114,380	$	1,119,623

Depreciation expense totaled $43,718 and $38,669 for the three months ended March 31, 2026 and 2025, respectively.

7. Credit Losses

The Company is exposed to credit losses primarily through sales of products and services. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on the aging of the accounts receivable balances and other historical information on the financial condition of customers adjusted for current conditions. The Company has elected the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets. Balances are written off when determined to be uncollectible.

The following table provides a rollforward of the allowance for credit losses deducted from accounts receivable that represent the net amount expected to be collected.


	2026		2025
Balance at January 1	$	35,418	$	28,794

Provision for expected credit losses, net of recoveries	2,452		1,773
Amounts written off charged against the allowance	(754)		(892)
Other, including foreign currency translation	323		5,031
Balance at March 31	$	37,439	$	34,706

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

8. Goodwill and Other Intangible Assets

The changes in the carrying value of goodwill by reportable segments were as follows:


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Balance at January 1, 2026	$	430,807	$	1,759,039	$	1,119,608	$	1,607,260	$	513,324	$	5,430,038

Measurement period adjustments	—		—		—		415		—		415

Foreign currency translation	(2,635)		(7,923)		(7,919)		(10,117)		(464)		(29,058)
Balance at March 31, 2026	$	428,172	$	1,751,116	$	1,111,689	$	1,597,558	$	512,860	$	5,401,395

The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows:


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,648,589	$	1,401,323	$	1,247,266	$	2,663,551	$	1,369,528	$	1,294,023
Trademarks	309,675		183,987		125,688		311,501		180,564		130,937
Patents	196,774		150,014		46,760		197,671		148,694		48,977
Unpatented technologies	366,510		208,929		157,581		369,832		203,960		165,872
Distributor relationships	84,850		76,314		8,536		85,840		75,919		9,921

Other	37,719		17,910		19,809		28,301		15,147		13,154
Total	3,644,117		2,038,477		1,605,640		3,656,696		1,993,812		1,662,884
Unamortized intangible assets:
Trademarks	96,688		—		96,688		96,732		—		96,732
Total intangible assets, net	$	3,740,805	$	2,038,477	$	1,702,328	$	3,753,428	$	1,993,812	$	1,759,616

For the three months ended March 31, 2026 and 2025, amortization expense was $53,703 and $48,749, respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

9. Restructuring Activities

The Company's restructuring charges by segment were as follows:


	Three Months Ended March 31,
	2026		2025
Engineered Products	$	1,724	$	2,468
Clean Energy & Fueling	7,542		1,768
Imaging & Identification	1,036		169
Pumps & Process Solutions	10,971		1,945
Climate & Sustainability Technologies	8,526		1,666
Corporate	412		294
Total	$	30,211	$	8,310

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	16,889	$	4,320
Selling, general and administrative expenses	13,322		3,990
Total	$	30,211	$	8,310

The restructuring expenses of $30,211 incurred during the three months ended March 31, 2026 were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Energy & Fueling segments. These restructuring programs were initiated in 2025 and 2026 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends.

The Company’s severance and exit accrual activities were as follows:


	Severance		Exit			Total
Balance at January 1, 2026	$	15,155	$	3,439		$	18,594
Restructuring charges	20,600		9,611		(1)	30,211
Payments	(8,192)		(5,300)			(13,492)


Other, including foreign currency translation	(243)		(4,454)		(1)	(4,697)
Balance at March 31, 2026	$	27,320	$	3,296		$	30,616

(1) Exit reserves activity includes non-cash asset charges within the Climate & Sustainability Technologies and Clean Energy & Fueling segments.

10. Borrowings

Borrowings consist of the following:


			Carrying amount (1)
	Principal		March 31, 2026		December 31, 2025
Long-term

1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	692,848		706,677
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	576,532		588,082
6.65% 30-year debentures due June 1, 2028	$	200,000	199,782		199,757
2.950% 10-year notes due November 4, 2029	$	300,000	298,639		298,544
3.50% 8-year notes due November 12, 2033 (euro-denominated)	€	550,000	630,167		642,927
5.375% 30-year debentures due October 15, 2035	$	300,000	297,619		297,557
6.60% 30-year notes due March 15, 2038	$	250,000	248,647		248,618
5.375% 30-year notes due March 1, 2041	$	350,000	345,879		345,810

Total long-term debt			3,290,113		3,327,972
Less long-term debt current portion			(692,848)		(706,677)
Net long-term debt			$	2,597,265	$	2,621,295

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts on total long-term debt were $8.0 million and $8.6 million as of March 31, 2026 and December 31, 2025, respectively. Total deferred debt issuance costs on total long-term debt were $9.2 million and $9.7 million as of March 31, 2026 and December 31, 2025, respectively.

The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt, as this approximates the effective interest method.

As of March 31, 2026, the Company maintained a $1.0 billion five-year unsecured revolving credit facility and a $500.0 million 364-day unsecured revolving credit facility (together, the "Credit Agreements") with a syndicate of banks. The 364-day credit facility expired on April 2, 2026. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program and also are available for general corporate purposes. At the Company's election, loans under the Credit Agreements will bear interest at a base rate plus an applicable margin. The Credit Agreements require the Company to pay facility fees and impose various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of March 31, 2026 and December 31, 2025, there were no outstanding borrowings under the five-year or 364-day credit facilities.

On April 2, 2026, the Company entered into a new $1.5 billion five-year unsecured revolving credit facility with a syndicate of banks on substantially similar terms as the existing Credit Agreements. The new five-year credit facility replaced the existing Credit Agreements. See Note 20 — Subsequent Events for additional details.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at March 31, 2026 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 40.8 to 1.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Letters of Credit and other Guarantees

As of March 31, 2026, the Company had approximately $230.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2035. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which is believed to be remote.

11. Financial Instruments

Cash Flow Hedges

The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations and certain commodity risks. In order to manage these risks, the Company has hedged portions of its forecasted sales and purchases which occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At March 31, 2026 and December 31, 2025, the Company had contracts with total notional amounts of $131,207 and $153,765, respectively, to exchange currencies, principally euro, pound sterling, Swedish krona, Canadian dollar, Chinese yuan, and Swiss franc. The Company believes it is probable that all forecasted cash flow transactions will occur.

In addition, the Company had outstanding contracts with a total notional amount of $88,363 and $74,403 as of March 31, 2026 and December 31, 2025, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the condensed consolidated statements of earnings.

The following table sets forth the fair values of derivative instruments designated as cash flow hedges held by the Company as of March 31, 2026 and December 31, 2025 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	March 31, 2026		December 31, 2025		Balance Sheet Caption
Foreign currency forward	$	1,630	$	647	Prepaid and other current assets
Foreign currency forward	(177)		(654)		Other accrued expenses

For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other comprehensive earnings (loss), net of tax as a separate component of the condensed consolidated statements of stockholders' equity and is reclassified into revenues or cost of goods and services in the condensed consolidated statements of earnings during the period in which the hedged transaction is settled. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant.

The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties.

Net Investment Hedges

The Company designates certain non-derivative instruments as net investment hedges to hedge the net assets of certain foreign subsidiaries which are exposed to volatility in foreign currency exchange rates. The Company has designated the €600,000, €500,000, and €550,000 of euro-denominated notes issued November 9, 2016, November 4, 2019, and November 12, 2025, respectively, as hedges of its net investment in euro-denominated operations.

Changes in the value of the euro-denominated debt, which are calculated using the spot method, are recognized in foreign currency translation adjustments within other comprehensive earnings (loss) of the condensed consolidated statements of comprehensive earnings. These changes in fair value of the euro-denominated debt resulting from exchange rate differences are

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

offset by changes in the net investment due to the high degree of effectiveness between the hedging instruments and the exposure being hedged.

Amounts recognized in other comprehensive earnings (loss) for the gains (losses) on net investment hedges were as follows:


	Three Months Ended March 31,
	2026		2025
Gain (loss) on euro-denominated debt	$	38,865	$	(42,413)


Tax (expense) benefit	(8,760)		9,588
Net gain (loss) on net investment hedges, net of tax	$	30,105	$	(32,825)

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities.

Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,630		$	647

Liabilities:
Foreign currency cash flow hedges	177			654

The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency exchange rates and interest rates; therefore, they are classified within Level 2 of the fair value hierarchy.

In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of the Company's financial instruments.

The estimated fair value of long-term debt at March 31, 2026 and December 31, 2025, was $2,600,274 and $2,652,750, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the fair value hierarchy.

The carrying values of cash and cash equivalents, trade receivables, accounts payable, and current portion of long-term debt approximate their fair values as of March 31, 2026 and December 31, 2025 due to the short-term nature of these instruments.

12. Income Taxes

The effective tax rates for the three months ended March 31, 2026 and 2025 were 20.1% and 19.0%, respectively. The increase in the effective tax rate for the three months ended March 31, 2026 relative to the prior year comparable period was primarily due to a prior year reorganization.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Dover and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions. The Company is routinely audited by taxing authorities in its filing jurisdictions, and a number of these audits are currently underway. We believe adequate provision has been made for all income tax uncertainties.

13. Equity Incentive Program

The Company typically makes its annual grants of equity awards pursuant to actions taken by the Compensation Committee of the Board of Directors at its regularly scheduled first quarter meeting. During the three months ended March 31, 2026, the Company issued stock-settled appreciation rights ("SARs") covering 266,199 shares, performance share awards ("PSAs") of 32,294 and restricted stock units ("RSUs") of 56,039. During the three months ended March 31, 2025, the Company issued SARs covering 282,917 shares, PSAs of 34,458 and RSUs of 57,614.

The Company uses the Black-Scholes option pricing model to determine the fair value of each SAR on the date of grant. Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover stock. The Company uses historical data to estimate SAR exercise and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the awards is based on the U.S. Treasury yield curve in effect at the time of grant.

The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows:


	SARs
	2026		2025
Risk-free interest rate	3.66	%	4.35	%
Dividend yield	0.90	%	1.02	%
Expected life (years)	5.5		5.5
Volatility	23.47	%	30.50	%

Grant price	$231.63		$202.33
Fair value per share at date of grant	$61.59		$66.39

The PSAs granted in 2026 and 2025 vest based on the attainment of two equally weighted measures: (i) Dover’s performance relative to established internal metrics (performance condition) and (ii) Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector; market condition).

The grant date fair value of the performance condition portion is determined using Dover’s closing stock price at the date of grant and the amount of expense recognized over the vesting period is subject to adjustment based on the expected attainment of the performance condition. The grant date fair value per share of the 2026 and 2025 PSAs' performance condition portion were $231.63 and $202.33, respectively.

The grant date fair value of the 2026 and 2025 market condition portion is determined using the Monte Carlo simulation model. The amount of expense recognized over the vesting period is not subject to change based on future market conditions. The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:


	PSAs
	2026		2025
Risk-free interest rate	3.39	%	4.21	%
Dividend yield	0.90	%	1.02	%
Expected life (years)	2.9		2.9
Volatility	25.10	%	23.10	%

Grant price	$231.63		$202.33
Fair value per share at date of grant	$403.67		$318.38

The performance and vesting period for all 2026 and 2025 PSAs is three years.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

The Company also has granted RSUs, and the fair value of these awards was determined using Dover's closing stock price on the date of grant, which was $231.63 and $202.33 for RSUs granted in 2026 and 2025, respectively.

Stock-based compensation is reported within selling, general and administrative expenses in the condensed consolidated statements of earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:


	Three Months Ended March 31,
	2026		2025
Pre-tax stock-based compensation expense	$	20,960	$	23,874
Tax benefit	(2,195)		(2,504)
Total stock-based compensation expense, net of tax	$	18,765	$	21,370

14. Commitments and Contingent Liabilities

Litigation

A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company’s liability appears to be relatively insignificant in relation to the total projected expenditures and the number of other "potentially responsible parties" involved and is anticipated to be immaterial to the Company. In addition, a few of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate estimated liabilities have been established. At March 31, 2026 and December 31, 2025, these estimated liabilities for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable, were not significant.

The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date and consider the availability and extent of insurance coverage.

The Company has estimated liabilities for these other legal matters that are probable and estimable, and at March 31, 2026 and December 31, 2025, these estimated liabilities were immaterial. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

See also Note 4 — Discontinued and Disposed Operations for details on litigation related to a discontinued operation.

Warranty Accruals

Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the condensed consolidated balance sheets. The changes in the carrying amount of product warranties through March 31, 2026 and 2025, were as follows:


	2026		2025
Balance at January 1	$	45,858	$	42,055
Provision for warranties	14,241		12,267
Settlements made	(13,145)		(12,961)
Other adjustments, including acquisitions and currency translation	(584)		740
Balance at March 31	$	46,370	$	42,101

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Supply Chain Financing

Outstanding payments related to Supply Chain Financing ("SCF") programs are recorded within accounts payable in our condensed consolidated balance sheets. Amounts due to the SCF programs financial institutions as of March 31, 2026 and December 31, 2025 were approximately $126,694 and $117,884, respectively.

15. Accumulated Other Comprehensive Earnings (Loss)

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings during the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025




Pension plans:
Amortization of actuarial gain	$	(506)	$	(408)
Amortization of prior service credits	(64)		(195)

Total before tax	(570)		(603)
Tax provision	122		132
Net of tax	$	(448)	$	(471)
Cash flow hedges:
Net gain reclassified into earnings	$	(263)	$	(479)
Tax provision	61		78
Net of tax	$	(202)	$	(401)

The Company recognizes the amortization of net actuarial gains and losses and prior service costs and credits in other income, net within the condensed consolidated statements of earnings.

Cash flow hedges consist mainly of foreign currency forward contracts. The Company recognizes the realized gains and losses on its cash flow hedges in the same line item as the hedged transaction, such as revenue or cost of goods and services.

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 ("GEC"), 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.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

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.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Segment financial information and a reconciliation of segment results to consolidated results were as follows:


	Three Months Ended March 31,
	2026		2025
Revenue:
Engineered Products	$	266,639	$	254,646
Clean Energy & Fueling	554,809		491,148
Imaging & Identification	285,420		280,090
Pumps & Process Solutions	537,810		493,573
Climate & Sustainability Technologies	411,060		347,888
Total segment revenues	2,055,738		1,867,345
Intersegment eliminations	(2,115)		(1,286)
Total consolidated revenue	$	2,053,623	$	1,866,059
Adjusted cost of goods and services:(1)
Engineered Products	$	182,548	$	173,080
Clean Energy & Fueling	359,439		315,194
Imaging & Identification	130,709		123,625
Pumps & Process Solutions	264,099		252,164
Climate & Sustainability Technologies	288,899		244,700
Total adjusted segment cost of goods and services	$	1,225,694	$	1,108,763
Adjusted selling, general and administrative expenses:(2)
Engineered Products	$	39,100	$	37,452
Clean Energy & Fueling	96,329		90,310
Imaging & Identification	77,254		78,890
Pumps & Process Solutions	104,219		90,134
Climate & Sustainability Technologies	58,166		51,069
Total adjusted segment selling, general and administrative expenses	$	375,068	$	347,855
Earnings from continuing operations:
Segment earnings:
Engineered Products	$	44,991	$	44,114
Clean Energy & Fueling	99,041		85,644
Imaging & Identification	77,457		77,575
Pumps & Process Solutions	169,492		151,275
Climate & Sustainability Technologies	63,995		52,119
Total segment earnings	454,976		410,727
Purchase accounting expenses (3)	54,579		49,104
Restructuring and other costs (4)	36,795		9,397
Gain on dispositions (5)	—		(2,468)
Corporate expense / other (6)	49,238		51,959
Interest expense	29,522		27,608
Interest income	(14,060)		(20,254)
Earnings before provision for income taxes	298,902		295,381
Provision for income taxes	60,153		56,140
Earnings from continuing operations	$	238,749	$	239,241

(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.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

(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 March 31,
	2026		2025
Restructuring	$	30,211	$	8,310
Other costs, net	6,584		1,087
Restructuring and other costs	$	36,795	$	9,397

(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 March 31,
	2026			2025
Segment earnings margins:
Engineered Products	16.9		%	17.3		%
Clean Energy & Fueling	17.9		%	17.4		%
Imaging & Identification	27.1		%	27.7		%
Pumps & Process Solutions	31.5		%	30.6		%
Climate & Sustainability Technologies	15.6		%	15.0		%
Total segments	22.2		%	22.0		%

Depreciation and amortization:
Other depreciation and amortization:(7)
Engineered Products	$	5,486		$	4,800
Clean Energy & Fueling	8,552			8,578
Imaging & Identification	4,208			4,093
Pumps & Process Solutions	14,012			12,601
Climate & Sustainability Technologies	8,069			7,325
Total other depreciation and amortization	40,327			37,397
Corporate depreciation and amortization	1,928			1,840
Depreciation and amortization included in purchase accounting expenses and restructuring and other	55,166			48,181
Consolidated depreciation and amortization total	$	97,421		$	87,418

(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 March 31,
Capital expenditures:	2026		2025
Engineered Products	$	5,615	$	5,822
Clean Energy & Fueling	12,123		11,093
Imaging & Identification	9,479		9,656
Pumps & Process Solutions	13,879		12,467
Climate & Sustainability Technologies	17,878		8,598
Corporate	834		556
Total capital expenditures	$	59,808	$	48,192

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Selected financial information by segment (continued):


Total assets:	March 31, 2026		December 31, 2025
Engineered Products	$	1,102,991	$	1,091,594
Clean Energy & Fueling	3,619,224		3,607,567
Imaging & Identification	1,840,238		1,827,454
Pumps & Process Solutions	3,443,584		3,479,147
Climate & Sustainability Technologies	1,525,201		1,426,174
Corporate (8)	1,975,442		1,990,487


Total assets	$	13,506,680	$	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 March 31,
Revenue by geography:	2026		2025
United States	$	1,142,717	$	1,023,117
Europe	447,773		397,291
Asia	216,073		208,732
Other Americas	169,581		159,896
Other	77,479		77,023
Total	$	2,053,623	$	1,866,059

For the three months ended March 31, 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.

17. Stockholders' Equity

Share Repurchases

In August 2023, the Company's Board of Directors approved a new standing share repurchase authorization whereby the Company may repurchase up to 20 million shares beginning on January 1, 2024 through December 31, 2026.

On November 10, 2025, the Company entered into a $500,000 accelerated share repurchase agreement (the "ASR Agreement") with JP Morgan Chase Bank, N.A. ("JP Morgan") to repurchase its shares in an accelerated share repurchase program (the "ASR Program"). The ASR Program is classified as equity, initially recorded at fair value with no subsequent remeasurement. The Company conducted the ASR Program under the current share repurchase authorization. The Company funded the ASR Program with cash on hand.

Under the terms of the ASR Agreement, the Company paid JP Morgan $500,000 on November 12, 2025, and on that date received initial delivery of 2,334,010 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Program. The ASR Program completed in April 2026. The impact of the shares that were received at the completion of the ASR Program is anti-dilutive and therefore excluded from the calculation of diluted earnings per share. See Note 20 — Subsequent Events for additional details.

In the three months ended March 31, 2026, exclusive of the ASR Agreement, the Company repurchased 250,000 shares at a total cost of $53,937, or $215.75 per share. In the three months ended March 31, 2025, the Company repurchased 200,000 shares at a total cost of $40,700, or $203.50 per share.

As of March 31, 2026, 14,346,708 shares remain authorized for repurchase under the August 2023 share repurchase authorization.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

18. Earnings per Share

The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share:


	Three Months Ended March 31,
	2026		2025
Earnings from continuing operations	$	238,749	$	239,241
Loss from discontinued operations, net	(316)		(8,420)
Net earnings	$	238,433	$	230,821
Basic earnings per common share:
Earnings from continuing operations	$	1.77	$	1.74
Loss from discontinued operations, net	$	—	$	(0.06)
Net earnings	$	1.77	$	1.68

Weighted average shares outstanding	134,977,000		137,267,000
Diluted earnings per common share:
Earnings from continuing operations	$	1.76	$	1.73
Loss from discontinued operations, net	$	—	$	(0.06)
Net earnings	$	1.75	$	1.67

Weighted average shares outstanding	135,895,000		138,260,000

The following table is a reconciliation of the share amounts used in computing earnings per share:


	Three Months Ended March 31,
	2026	2025
Weighted average shares outstanding - basic	134,977,000	137,267,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	918,000	993,000
Weighted average shares outstanding - diluted	135,895,000	138,260,000

Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of SARs and vesting of performance shares and RSUs, as determined using the treasury stock method.

The number of anti-dilutive potential common shares excluded from the calculation above were approximately 60,000 and 42,000 for the three months ended March 31, 2026 and 2025, respectively.

19. Recent Accounting Pronouncements

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures, which expands disclosures of specific expense categories at interim and annual reporting periods. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.

Recently Adopted Accounting Standard

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table and requires disclosure of income taxes paid both in U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024. The Company adopted the guidance during the fourth quarter of 2025.

DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides entities the option of a practical expedient in the estimation of credit losses. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company adopted the guidance as of January 1, 2026. The adoption did not have a material impact on the Company's condensed consolidated financial statements. See Note 7 — Credit Losses for further details.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which changes the requirements for when entities may begin capitalizing costs for internal-use software. The amendments are effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company adopted the guidance on January 1, 2026. The adoption did not have a material impact on the Company's condensed consolidated financial statements.

20. Subsequent Events

In April 2026, JP Morgan delivered 153,652 additional shares which completed the ASR Program. Over the course of the ASR Program, the Company received a total of 2,487,662 shares. The total number of shares ultimately repurchased under the ASR Agreement was based on the average of the daily volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount, which was $200.99.

On April 2, 2026, the Company entered into a new $1.5 billion five-year unsecured revolving credit facility with a syndicate of banks on substantially similar terms as the existing Credit Agreements. The $1.0 billion five-year unsecured revolving credit facility was terminated upon execution of the new credit facility and the $500.0 million 364-day unsecured revolving credit facility expired on the same day. The lenders' commitments under the new five-year credit agreement will terminate, and the loans under that credit agreement will mature, on April 2, 2031. As of April 23, 2026, there are no outstanding loans under the new revolving credit facility.

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