Dover Q2 2026 Earnings Call: Complete Transcript

Dover (NYSE: DOV ) released second-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below. This content is powered APIs. For comprehensive financial data and transcripts, visit The full earnings call is available at Summary Dover Corporation reported a strong second quarter with a 7% increase in all-in revenue and 5% organic growth across all segments.

9%, driven by operational execution. 06, indicating strong demand and visibility for the second half of the year. Dover raised its full-year adjusted EPS guidance, reaffirming its commitment to double-digit earnings growth and highlighting investments in capacity expansion and productivity improvements. In specific segments, Clean Energy and Fueling showed 9% organic growth, Imaging and Identification grew 3%, and Climate and Sustainability Technologies grew 8% organically, despite challenges in refrigeration production throughput.

Management expressed confidence in long-term growth, supported by secular growth markets like aerospace, biopharma, and CO2 refrigeration systems, while acknowledging some operational challenges in refrigeration. Full Transcript OPERATOR Good morning and welcome to Dover's second quarter 2026 earnings conference call. Speaking today are Richard J. Tobin, President and Chief Executive Officer; Chris Winker, Senior Vice President and Chief Financial Officer; and Jack Dickens, Vice President, Investor Relations.

After the speakers' remarks, there will be a question-and-answer period. If you would like to ask a question during this time, press star and then the number one on your telephone keypad. If you would like to withdraw your question, please press star two. As a reminder, this conference call is being recorded, and your participation implies consent to our recording of this call.

If you do not agree with these terms, please disconnect at this time. Thank you. I would now like to turn the call over to Mr. Jack Dickens.

Please go ahead, sir. Jack Dickens, Vice President, Investor Relations Thank you, Katie. Good morning everyone, and thank you for joining our call. An audio version of this call will be available on our website through August 13th, and a replay link of the webcast will be archived for 90 days.

Our comments today will include forward-looking statements based on current expectations. Actual results and events could differ from those statements due to a number of risks and uncertainties, which are discussed in our SEC filing. We assume no obligation to update our forward-looking statements. With that, I will turn the call over to Rich.

Richard J. Tobin, President and Chief Executive Officer Thanks, Jack. Good morning everyone. Let's get going on slide 3.

We delivered another strong quarter with results that reflect the breadth of demand across the portfolio. All-in revenue grew 7% or 5% organically with all five segments posting positive organic growth. Our top line performance continued to be led by our secular growth-exposed markets, which now represent approximately 25% of the portfolio, which is complemented by broad-based constructive trading conditions across most of our other end markets. Margin performance was solid.

9% as operational execution on incremental volume more than offset increased input cost inflation and facility consolidation costs. During the quarter, incremental margins were 38% from 25% in Q1, on the healthy product mix driven by our growth platforms. 74 per share, up 12% year over year, marking another quarter of double-digit earnings growth. Bookings were again the highlight in the quarter.

Orders increased 16% year over year and outpaced shipments. 06, extending strong order momentum of recent quarters and improving our visibility into the second half of the year. Our balance sheet remains a competitive advantage, and we continue to invest capital behind our businesses. During the quarter, we advanced capacity expansion projects to support growth as well as productivity investments to drive margin improvement across the portfolio.

Industrial M&A markets have improved this year, and our acquisition pipeline has a number of interesting opportunities in attractive end markets. Given our first half performance, the momentum in our end markets, and the visibility we have in the second half, we are raising our full-year adjusted EPS guidance. We are committed to delivering double-digit adjusted EPS growth consistent with Dover's long-term performance trajectory. Let's go to slide 5.

Engineered Products was up 2% organically. Growth was driven by strong demand in aerospace and defense components, fluid dispensing, and industrial winches, along with continued stabilization in the North American vehicle aftermarket. Margins expanded 100 basis points on favorable mix and proactive cost containment actions. Clean Energy and Fueling grew 9% organically with broad-based strength across clean energy components, retail fueling equipment, and software.

Within Clean Energy, our order book has expanded meaningfully for cryogenic components used in LNG and space launch infrastructure, driving momentum in that business. Retail fueling also remained healthy, with particular strength in North American dispensers, software, and below-ground equipment. Segment margin expanded 170 basis points on volume leverage and the integration benefits from recent acquisitions. Imaging and Identification grew 3% organically, with growth across core marking and coding equipment, consumables, spare parts, and serialization software.

Segment margin expanded 150 basis points on productivity and structural cost discipline. Pumps and Process Solutions gr