DOVER Corp
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
DOV$203.85+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000029905-25-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0000029905-25-000034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 153 current paragraphs.
79 unchanged; 69 reworded; 5 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Imaging & Identification revenue for the third quarter of 2025 increased $15.1 million, or 5.3%, as compared to the third quarter of 2024, driven by organic revenue growth of 3.0% and a favorable impact from foreign currency translation of 2.3%. Customer pricing favorably impacted revenue in the third quarter of 2025 by approximately 3.6% and by approximately 2.6% in the prior year comparable quarter.
Current report
Organic revenue growth was primarily driven by pricing and growth in core marking and coding equipment and serialization software. We expect organic revenue growth to remain positive in the fourth quarter, driven by pricing and solid demand trends across the segment.
Current report
Overall bookings increased 3.9% as compared to the prior year comparable quarter. The bookings growth was primarily driven by our core marking and coding business. Segment book-to-bill was 0.98.
Current report
1 The increase of$11.2 million and$15.6 million in purchase accounting expenses for the three and nine months ended September 30, 2025, respectively, from the prior year comparable period in our Pumps & Process Solutions segment is primarily due to the acquisition of Sikora in Q2 2025, inclusive of$5.8 million and$7.7 million, respectively, in charges related to amortization of acquired intangible assets.
Current report
During the nine months ended September 30, 2025, the Company completed four business acquisitions for total consideration of $665.2 million, subject to post-closing adjustments and inclusive of contingent consideration. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Removed paragraphs (3)
Previous report
Imaging & Identification revenue for the second quarter of 2025 increased $4.4 million, or 1.5%, as compared to the second quarter of 2024, driven by a favorable impact from foreign currency translation of 1.5% with organic revenue remaining flat. Customer pricing favorably impacted revenue in the second quarter of 2025 by approximately 4.1% and by approximately 2.8% in the prior year comparable quarter.
Previous report
Organic revenue remained flat as growth in core marking and coding was offset by lower demand in digital textile printing. We expect revenue growth in the second half of the year driven by pricing and increased demand in our marking and coding business, as well as in serialization software.
Previous report
Overall bookings increased 1.2% as compared to the prior year comparable quarter. The bookings growth was primarily driven by our marking and coding and serialization software businesses. Segment book-to-bill was 1.00.
Reworded paragraphs (69)
Previous wording
•Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport and dispensing 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.
Current wording
•Our 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.
Previous wording
In the second quarter of 2025, revenue was $2.0 billion, which increased $100.8 million, or 5.2%, as compared to the second quarter of 2024. This increase was driven by acquisition-related revenue growth of 3.0%, a favorable impact from foreign currency translation of 1.3% and organic revenue growth of 0.9%. The acquisition-related growth was driven by our acquisitions in the Clean Energy & Fueling and Pumps & Process Solutions segments.
Current wording
In the third quarter of 2025, revenue was $2.1 billion, which increased $94.3 million, or 4.8%, as compared to the third quarter of 2024. This increase was driven by acquisition-related revenue growth of 3.0%, a favorable impact from foreign currency translation of 1.3% and organic revenue growth of 0.5%. The acquisition-related growth was driven by our acquisitions in the Pumps & Process Solutions and Clean Energy & Fueling segments.
Previous wording
The 0.9% organic revenue growth for the second quarter of 2025 was driven by our Clean Energy & Fueling and Pumps & Process Solutions segments which grew 8.0% and 3.9%, respectively. The growth was partially offset by the Climate & Sustainability Technologies and Engineered Products segments which declined 5.6% and 5.1%, respectively. For further information, see "Segment Results of Operations" within this Item 2.
Current wording
The 0.5% organic revenue growth for the third quarter of 2025 was driven by our Pumps & Process Solutions, Clean Energy & Fueling, and Imaging & Identification segments which grew 5.6%, 4.8%, and 3.0%, respectively. The growth was partially offset by the Engineered Products and Climate & Sustainability Technologies segments which declined 7.0% and 6.5%, respectively. For further information, see "Segment Results of Operations" within this Item 2.
Previous wording
From a geographic perspective, organic revenue for the U.S., our largest market, increased 3.9% in the second quarter of 2025 compared to the prior year comparable quarter, driven by increased organic revenue in the Clean Energy & Fueling and Pumps & Process Solutions segments. Organic revenue increased for Europe by 0.2%, and decreased for Other Americas and Asia by 19.3%, and 0.6%, respectively.
Current wording
From a geographic perspective, organic revenue for the U.S., our largest market, increased 1.6% in the third quarter of 2025 compared to the prior year comparable quarter, driven by increased organic revenue in the Pumps & Process Solutions and Clean Energy & Fueling segments. Organic revenue increased for Europe by 1.1%, and decreased for Other Americas and Asia by 6.5%, and 1.5%, respectively.
Previous wording
Bookings were $2.0 billion for the three months ended June 30, 2025, an increase of $131.2 million or 7.0% compared to the prior year comparable quarter. The bookings growth was primarily driven by strong bookings in the Clean Energy & Fueling and Pumps & Process Solutions segments.
Current wording
Bookings were $2.0 billion for the three months ended September 30, 2025, an increase of $146.8 million or 7.9% compared to the prior year comparable quarter. The bookings growth was primarily driven by strong bookings in the Climate & Sustainability Technologies and Pumps & Process Solutions segments.
Previous wording
Restructuring and other costs for the three months ended June 30, 2025 were $23.2 million, which included restructuring charges of $13.5 million and other costs of $9.7 million. Restructuring and other costs were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions and segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
Current wording
Restructuring and other costs for the three months ended September 30, 2025 were $15.9 million, which included restructuring charges of $10.6 million and other costs of $5.3 million. Restructuring and other costs were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
Previous wording
During the three months ended June 30, 2025, the Company completed two business acquisitions for approximately $629.6 million, subject to post-closing adjustments. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current wording
During the three months ended September 30, 2025, the Company completed one business acquisition for approximately $11.4 million, subject to post-closing adjustments and inclusive of contingent consideration. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous wording
Revenue for the three months ended June 30, 2025 increased $100.8 million, or 5.2%, from the prior year comparable quarter. The increase in revenue was driven by acquisition-related growth of 3.0%, primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments, a favorable impact from foreign currency translation of 1.3% and organic revenue growth of 0.9%. Customer pricing favorably impacted revenue by approximately 1.9% in the second quarter of 2025 and by 1.7% in the prior year comparable quarter.
Current wording
Revenue for the three months ended September 30, 2025 increased $94.3 million, or 4.8%, from the prior year comparable quarter. The increase in revenue was driven by acquisition-related growth of 3.0%, primarily in our Pumps & Process Solutions and Clean Energy & Fueling segments, a favorable impact from foreign currency translation of 1.3% and organic revenue growth of 0.5%. Customer pricing favorably impacted revenue by approximately 2.1% in the third quarter of 2025 and by 1.6% in the prior year comparable quarter.
Previous wording
Revenue for the six months ended June 30, 2025 increased $83.2 million, or 2.2%, from the prior year comparable period. The increase in revenue was driven by acquisition-related growth of 2.7%, primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments, organic revenue growth of 0.7% and a favorable impact from foreign currency translation of 0.1%. This increase was partially offset by a disposition-related decline of 1.3%. Customer pricing favorably impacted revenue by approximately 1.6% for the six months ended June 30, 2025 and 2024.
Current wording
Revenue for the nine months ended September 30, 2025 increased $177.4 million, or 3.1%, from the prior year comparable period. The increase in revenue was driven by acquisition-related growth of 2.8%, primarily in our Pumps & Process Solutions and Clean Energy & Fueling segments, organic revenue growth of 0.6% and a favorable impact from foreign currency translation of 0.6%. This increase was partially offset by a disposition-related decline of 0.9%. Customer pricing favorably impacted revenue by approximately 1.8% for the nine months ended September 30, 2025 and by 1.6% in the prior comparable period.
Previous wording
Gross profit for the three months ended June 30, 2025 increased $65.7 million, or 8.7%, and gross profit margin increased 130 basis points to 39.9%, versus the prior year comparable quarter. The gross profit margin increase was driven by productivity initiatives, favorable portfolio mix, and benefits from restructuring actions.
Current wording
Gross profit for the three months ended September 30, 2025 increased $70.4 million, or 9.2%, and gross profit margin increased 160 basis points to 40.1%, versus the prior year comparable quarter. The gross profit margin increase was driven by productivity initiatives, favorable portfolio mix, positive price versus cost dynamics, and benefits from restructuring actions.
Previous wording
Gross profit for the six months ended June 30, 2025 increased $114.1 million, or 7.9%, and gross profit margin increased by 210 basis points to 39.9%, from the prior year comparable period. Gross profit margin increased driven by productivity initiatives, favorable portfolio mix, and benefits from restructuring actions.
Current wording
Gross profit for the nine months ended September 30, 2025 increased $184.5 million, or 8.3%, and gross profit margin increased by 200 basis points to 40.0%, from the prior year comparable period. Gross profit margin increased driven by productivity initiatives, favorable portfolio mix, positive price versus cost dynamics, and benefits from restructuring actions.
Previous wording
Selling, general and administrative expenses for the three months ended June 30, 2025 increased $34.6 million, or 8.1%, from the prior year comparable quarter, primarily due to increases in employee compensation and benefits, acquisition-related amortization expense, and an unfavorable impact from foreign currency translation. As a percentage of revenue, selling, general and administrative expenses increased 60 basis points as compared to the prior year comparable quarter to 22.6%.
Current wording
Selling, general and administrative expenses for the three months ended September 30, 2025 increased $26.9 million, or 6.3%, from the prior year comparable quarter, primarily due to increases in employee compensation and benefits and acquisition-related amortization expense, partially offset by cost containment and productivity actions. As a percentage of revenue, selling, general and administrative expenses increased 30 basis points as compared to the prior year comparable quarter to 22.0%.
Previous wording
Selling, general and administrative expenses for the six months ended June 30, 2025 increased $40.8 million, or 4.7%, from the prior year comparable period, primarily driven by increased employee compensation and benefits and acquisition-related amortization costs, partially offset by lower restructuring costs. Selling, general and administrative expenses as a percentage of revenue increased 50 basis points as compared to the prior year comparable period to 23.3%.
Current wording
Selling, general and administrative expenses for the nine months ended September 30, 2025 increased $67.7 million, or 5.2%, from the prior year comparable period, primarily due to increased employee compensation and benefits and acquisition-related amortization costs, partially offset by cost containment and productivity actions. Selling, general and administrative expenses as a percentage of revenue increased 40 basis points as compared to the prior year comparable period to 22.8%.
Previous wording
Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $40.8 million and $36.4 million for the three months ended June 30, 2025 and 2024, and $78.3 million and $72.5 million, for the six months ended June 30, 2025 and 2024. The costs as a percentage of revenue is 2.0% for both the three and six months ended June 30, 2025 and 1.9% for both the three and six months ended June 30, 2024.
Current wording
Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $43.5 million and $35.6 million for the three months ended September 30, 2025 and 2024, and $121.8 million and $108.0 million for the nine months ended September 30, 2025 and 2024. The costs as a percentage of revenue are 2.1% and 2.0% for the three and nine months ended September 30, 2025 and 1.8% and 1.9% for the three and nine months ended September 30, 2024, respectively.
Previous wording
For the three and six months ended June 30, 2025, interest expense, net of interest income, decreased $19.4 million, or 68.7%, to $8.9 million and $43.7 million or 72.9%, to $16.2 million, respectively compared to the prior year comparable period. The decreases were primarily due to higher interest income generated by the investment of proceeds from the sale of ESG held in highly liquid short-term investments and reduced interest expense resulting from a lack of commercial paper borrowings.
Current wording
For the three and nine months ended September 30, 2025, interest expense, net of interest income, decreased $19.5 million, or 67.4%, to $9.4 million and $63.2 million or 71.1%, to $25.6 million, respectively compared to the prior year comparable period. The decreases were primarily driven by higher interest income generated by the investment of proceeds from the sale of ESG held in highly liquid short-term investments and reduced interest expense resulting from a lack of commercial paper borrowings.
Previous wording
Gain on dispositions amounted to $2.2 million and $4.6 million for the three and six months June 30, 2025 and a loss of $0.7 million and a gain of $529.3 million for the three and six months ended June 30, 2024, respectively. The 2024 gain on disposition was driven by the sale of the De-Sta-Co business on March 31, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Current wording
Gain on dispositions amounted to $68.6 million for the three months ended September 30, 2024 and $4.6 million and $597.9 million for the nine months ended September 30, 2025 and 2024, respectively. The gain on dispositions during the three months ended September 30, 2024 was primarily due to the sale of a minority owned equity investment on September 30, 2024. The gain on dispositions during the nine months ended September 30, 2024 was primarily due to the sale of the De-Sta-Co business on March 31, 2024 and the sale of a minority owned equity investment on September 30, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Previous wording
The effective tax rates for the three months ended June 30, 2025 and 2024 were 20.4% and 19.8%, respectively. The increase in the effective tax rate for the three months ended June 30, 2025 relative to the prior year comparable quarter was primarily driven by a prior year valuation allowance release.
Current wording
The effective tax rates for the three months ended September 30, 2025 and 2024 were 21.5% and 19.0%, respectively. The increase in the effective tax rate for the three months ended September 30, 2025 relative to the prior year comparable quarter was primarily due to an internal reorganization in 2024.
Previous wording
The effective tax rates for the six months ended June 30, 2025 and 2024 were 19.8% and 20.5%, respectively. The decrease in the effective tax rate for the six months ended June 30, 2025 relative to the prior year comparable quarter was primarily driven by a gain on disposition in the prior year.
Current wording
The effective tax rates for the nine months ended September 30, 2025 and 2024 were 20.4% and 20.1%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2025 relative to the prior year comparable quarter was primarily due to internal reorganizations in 2024.
Previous wording
On July 4, 2025, the One Big Beautiful Bill was enacted into law, introducing changes to the U.S. tax code. The Company is currently evaluating the various provisions, but does not expect this to have a material impact on our effective tax rate.
Current wording
On July 4, 2025, the One Big Beautiful Bill was enacted into law, introducing changes to the U.S. tax code, including making permanent certain provisions originally enacted under the Tax Cuts and Jobs Act, such as 100% bonus depreciation and the immediate expensing of domestic research and development costs. The changes did not have a material impact to our condensed consolidated financial statements.
Previous wording
Earnings from continuing operations for the three months ended June 30, 2025 increased 13.6% to $280.1 million, or $2.03 diluted earnings per share from continuing operations, from $246.6 million, or $1.78 diluted earnings per share from continuing operations, in the prior year comparable quarter. The increase in earnings from continuing operations is primarily driven by acquisition-related and organic revenue growth primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments and higher margin resulting from favorable mix, productivity initiatives and benefits from restructuring actions.
Current wording
Earnings from continuing operations for the three months ended September 30, 2025 decreased 3.1% to $303.3 million, or $2.20 diluted earnings per share from continuing operations, from $312.9 million, or $2.26 diluted earnings per share from continuing operations, in the prior year comparable quarter. The decrease in earnings from continuing operations is primarily due to the after-tax gain on the sale of a minority owned equity investment realized in the prior year comparable quarter, partially offset by earnings growth in our Pumps & Process Solutions, Clean Energy & Fueling, Imaging & Identification, and Engineered Products segments.
Previous wording
Earnings from continuing operations for the six months ended June 30, 2025 decreased 38.8% to $519.4 million, or $3.76 diluted earnings per share from continuing operations, from $848.7 million, or $6.10 diluted earnings per share from continuing operations, in the prior year comparable period. The decrease in earnings from continuing operations is primarily due to the after-tax gain on disposition of De-Sta-Co of $414.5 million in the prior year, partially offset by higher operating earnings in the current period.
Current wording
Earnings from continuing operations for the nine months ended September 30, 2025 decreased 29.2% to $822.7 million, or $5.96 diluted earnings per share from continuing operations, from $1.2 billion, or $8.37 diluted earnings per share from continuing operations, in the prior year comparable period. The decrease in earnings from continuing operations is primarily due to the after-tax gain on disposition of De-Sta-Co and a minority owned equity method investment totaling $464.2 million in the prior year, partially offset by higher operating earnings in the current period.
Previous wording
Loss from discontinued operations, net for the three and six months ended June 30, 2025 amounted to $1.1 million and $9.5 million, respectively. Earnings from discontinued operations, net for the three and six months ended June 30, 2024 amounted to $35.2 million and $65.4 million, respectively. The Company completed the sale of ESG on October 8, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Current wording
Loss from discontinued operations, net for the three and nine months ended September 30, 2025 amounted to $1.3 million and $10.8 million, respectively. Earnings from discontinued operations, net for the three and nine months ended September 30, 2024 amounted to $34.2 million and $99.6 million, respectively. The Company completed the sale of ESG on October 8, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Previous wording
Engineered Products revenue for the second quarter of 2025 decreased $9.4 million, or 3.3%, as compared to the second quarter of 2024, due to organic decline of 5.1%, partially offset by a favorable impact from foreign currency translation of 1.1% and acquisition-related growth of 0.7%. Acquisition-related growth was driven by the acquisition of Criteria Labs, Inc. in the third quarter of 2024. Customer pricing favorably impacted revenue by approximately 3.0% in the second quarter of 2025 and 0.3% in the prior year comparable quarter.
Current wording
Engineered Products revenue for the third quarter of 2025 decreased $16.4 million, or 5.5%, as compared to the third quarter of 2024, due to organic decline of 7.0%, partially offset by a favorable impact from foreign currency translation of 1.1% and acquisition-related growth of 0.4%. Acquisition-related growth was driven by the acquisition of Criteria Labs, Inc. in the third quarter of 2024. Customer pricing favorably impacted revenue by approximately 2.7% in the third quarter of 2025 and 1.1% in the prior year comparable quarter.
Previous wording
The organic revenue decline was primarily due to lower volumes in our vehicle service business, partially offset by pricing actions and favorable demand trends in our industrial winch and hoist businesses. We expect continued sequential performance improvement and organic growth in the second half of the year due to solid demand trends in several of our key end markets, most notably in our aerospace and defense business, as well as improving dynamics in vehicle service business demand.
Current wording
The organic revenue decline was primarily due to lower volumes in our vehicle service business, partially offset by pricing actions and favorable demand trends in our aerospace and defense business. We expect year-over-year organic performance to improve in the fourth quarter with solid demand trends in our aerospace and defense business, as well as sequential improvement in vehicle service business demand.
Previous wording
Engineered Products segment earnings increased $1.4 million, or 2.7%, compared to the second quarter of 2024. The increase was primarily driven by favorable price versus cost dynamics and benefits from restructuring actions, partially offset by the negative impact from lower volumes in vehicle service. Segment earnings margin increased to 19.4% from 18.3% as compared to the prior year comparable quarter.
Current wording
Engineered Products segment earnings increased $0.9 million, or 1.5%, compared to the third quarter of 2024. The increase was primarily driven by favorable price versus cost dynamics, productivity initiatives, and benefits from restructuring actions, partially offset by the negative impact from lower volumes in vehicle service. Segment earnings margin increased to 20.6% from 19.1% as compared to the prior year comparable quarter.
Previous wording
Overall bookings decreased 1.4% as compared to the prior year comparable quarter. The bookings decline was due to reduced demand in our vehicle service business, partially offset by strength in aerospace and defense. Segment book-to-bill was 1.00.
Current wording
Overall bookings decreased 4.1% as compared to the prior year comparable quarter. The bookings decline was due to reduced demand in our vehicle service business, partially offset by strength in aerospace and defense. Segment book-to-bill was 0.98.
Previous wording
Engineered Products revenue for the six months ended June 30, 2025 decreased $87.5 million, or 14.2%, compared to the prior year comparable period. This was comprised of a disposition-related decline of 8.3% and an organic revenue decline of 6.7%, partially offset by acquisition-related growth of 0.6% and a favorable impact from foreign currency translation of 0.2%. The organic revenue decline was primarily due to lower volumes in our vehicle service business. Customer pricing favorably impacted revenue by approximately 2.1% and by 0.6% in the prior year comparable period.
Current wording
Engineered Products revenue for the nine months ended September 30, 2025 decreased $103.9 million, or 11.4%, compared to the prior year comparable period. This was comprised of an organic revenue decline of 6.8% and a disposition-related decline of 5.6%, partially offset by acquisition-related growth of 0.6% and a favorable impact from foreign currency translation of 0.4%. The organic revenue decline was primarily due to lower volumes in our vehicle service business. Customer pricing favorably impacted revenue by approximately 2.3% and by 0.8% in the prior year comparable period.
Previous wording
Segment earnings for the six months ended June 30, 2025 decreased $17.0 million, or 14.8%, as compared to the 2024 comparable period. The decrease was primarily due to the divestiture of De-Sta-Co and lower volumes in vehicle service, partially offset by favorable price versus cost dynamics and the benefit of restructuring actions. Segment earnings margin decreased to 18.4% from 18.5% as compared to the prior year comparable period.
Current wording
Segment earnings for the nine months ended September 30, 2025 decreased $16.1 million, or 9.4%, as compared to the 2024 comparable period. The decrease was primarily due to the divestiture of De-Sta-Co and lower volumes in vehicle service, partially offset by favorable price versus cost dynamics and the benefit of restructuring actions. Segment earnings margin increased to 19.1% from 18.7% as compared to the prior year comparable period.
Previous wording
Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport and dispensing 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.
Current wording
Our 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.
Previous wording
Clean Energy & Fueling revenue for the second quarter of 2025 increased $83.1 million, or 17.9%, as compared to the second quarter of 2024, driven by acquisition-related growth of 9.1%, organic growth of 8.0% and a favorable foreign currency translation impact of 0.8%. Acquisition-related growth was primarily driven by the acquisition of Marshall Excelsior Company in the third quarter of 2024. Customer pricing favorably impacted revenue in the second quarter of 2025 by approximately 1.7% and by 3.2% in the prior year comparable quarter.
Current wording
Clean Energy & Fueling revenue for the third quarter of 2025 increased $40.7 million, or 8.1%, as compared to the third quarter of 2024, driven by organic growth of 4.8%, acquisition-related growth of 2.9% and a favorable foreign currency translation impact of 0.4%. Acquisition-related growth was primarily driven by the acquisition of Marshall Excelsior Company in the third quarter of 2024. Customer pricing favorably impacted revenue in the third quarter of 2025 by approximately 2.3% and by 2.0% in the prior year comparable quarter.
Previous wording
The organic revenue growth was primarily driven by pricing actions and favorable demand trends in our above and below-ground retail fueling, fluid transport, and clean energy components businesses. We expect demand conditions to remain constructive across end markets in the second half of the year.
Current wording
The organic revenue growth was primarily driven by pricing actions and favorable demand trends in our above and below-ground retail fueling, fluid transport, and clean energy components businesses. We expect year-over-year organic performance to remain positive in the fourth quarter.
Previous wording
Clean Energy & Fueling segment earnings increased $20.2 million, or 23.1%, over the prior year comparable quarter. The increase was primarily driven by higher volumes, pricing, the favorable impact from acquisitions and benefits from restructuring actions, partially offset by inflationary costs. Segment earnings margin increased to 19.7% from 18.9% as compared to prior year comparable quarter.
Current wording
Clean Energy & Fueling segment earnings increased $19.1 million, or 19.2%, over the prior year comparable quarter. The increase was primarily driven by higher volumes, favorable price versus cost dynamics, the positive impact from acquisitions and benefits from restructuring actions. Segment earnings margin increased to 21.9% from 19.9% as compared to prior year comparable quarter.
Previous wording
Overall bookings increased 19.2% as compared to the prior year comparable quarter. The bookings growth was primarily driven by acquisition-related growth in clean energy platforms and demand in North America above and below-ground retail fueling equipment. Segment book-to-bill was 0.96.
Current wording
Overall bookings increased 0.4% as compared to the prior year comparable quarter. The bookings growth was primarily driven by acquisition-related growth in clean energy platforms and demand in North America above-ground retail fueling equipment, partially offset by reduced vehicle wash orders. Segment book-to-bill was 0.94.
Previous wording
Clean Energy & Fueling segment revenue increased $129.2 million, or 14.2%, as compared to the six months ended June 30, 2024, attributable to acquisition-related growth of 9.2% and organic growth of 5.0%. Organic revenue growth was driven by pricing actions and strong demand in our above and below-ground retail fueling, fluid transport, and clean energy components businesses. Customer pricing favorably impacted revenue by approximately 1.5% and by approximately 3.0% in the prior year comparable period.
Current wording
Clean Energy & Fueling segment revenue increased $169.9 million, or 12.1%, as compared to the nine months ended September 30, 2024, attributable to acquisition-related growth of 7.0% and organic growth of 4.9%. Organic revenue growth was driven by pricing actions and strong demand in our above and below-ground retail fueling, fluid transport, and clean energy components businesses. Customer pricing favorably impacted revenue by approximately 1.8% and by approximately 2.6% in the prior year comparable period.
Previous wording
Clean Energy & Fueling segment earnings increased $36.2 million or 23.0%, for the six months ended June 30, 2025. The increase was primarily driven by volume growth, pricing, the favorable impact from acquisitions and benefits from restructuring actions, partially offset by inflationary costs. Segment earnings margin increased to 18.6% from 17.3% in the prior year comparable period.
Current wording
Clean Energy & Fueling segment earnings increased $55.3 million or 21.6%, for the nine months ended September 30, 2025. The increase was primarily driven by volume growth, pricing, the favorable impact from acquisitions and benefits from restructuring actions, partially offset by inflationary costs. Segment earnings margin increased to 19.8% from 18.2% in the prior year comparable period.
Previous wording
Imaging & Identification segment earnings increased $1.2 million, or 1.5%, over the prior year comparable quarter. The increase was primarily driven by favorable price versus cost dynamics and productivity initiatives, partially offset by reduced volumes. Segment earnings margin decreased to 26.3% from 26.4% in the prior year comparable quarter.
Current wording
Imaging & Identification segment earnings increased $4.5 million, or 5.9%, over the prior year comparable quarter. The increase was primarily driven by favorable price versus cost dynamics and productivity initiatives. Segment earnings margin increased to 27.3% from 27.2% in the prior year comparable quarter.
Previous wording
Imaging & Identification segment revenue increased $7.7 million, or 1.4%, as compared to the six months ended June 30, 2024, attributable to organic growth of 1.9% and acquisition-related growth of 0.1%, partially offset by an unfavorable impact from foreign currency translation of 0.6%. The organic revenue growth was primarily driven by pricing actions and increased demand increased demand for core marking and coding equipment, partially offset by reduced demand in digital textile printing. Customer pricing favorably impacted revenue by approximately 3.2% in the first half of 2025 and in the prior year comparable period.
Current wording
Imaging & Identification segment revenue increased $22.8 million, or 2.7%, as compared to the nine months ended September 30, 2024, attributable to organic growth of 2.2%, a favorable impact from foreign currency translation of 0.4% and acquisition-related growth of 0.1%. The organic revenue growth was primarily driven by pricing actions and increased demand for core marking and coding equipment, partially offset by reduced demand in digital textile printing. Customer pricing favorably impacted revenue by approximately 3.3% and 3.0% in the prior year comparable period.
Previous wording
Imaging & Identification segment earnings increased $8.8 million, or 6.0%, for the six months ended June 30, 2025 over the prior year comparable period. The increase was primarily driven by favorable price versus cost dynamics and productivity initiatives. Segment earnings margin increased to 27.0% from 25.8% in the prior year comparable period.
Current wording
Imaging & Identification segment earnings increased $13.3 million, or 6.0%, for the nine months ended September 30, 2025 over the prior year comparable period. The increase was primarily driven by favorable price versus cost dynamics and productivity initiatives. Segment earnings margin increased to 27.1% from 26.3% in the prior year comparable period.
Previous wording
Pumps & Process Solutions revenue for the second quarter of 2025 increased $43.3 million, or 9.1%, as compared to the second quarter of 2024, driven by organic growth of 3.9%, acquisition-related growth of 2.8% and a favorable impact from foreign currency translation of 2.4%. Acquisition-related growth was driven by the acquisitions of Cryogenic Machinery Corp. ("Cryo-Mach") in the first quarter of 2025 and Sikora AG ("Sikora") in the second quarter of 2025. Customer pricing favorably impacted revenue in the second quarter of 2025 by approximately 1.7% and by approximately 1.8% in the prior year comparable quarter.
Current wording
Pumps & Process Solutions revenue for the third quarter of 2025 increased $78.5 million, or 16.6%, as compared to the third quarter of 2024, driven by acquisition-related growth of 9.1%, organic growth of 5.6%, and a favorable impact from foreign currency translation of 1.9%. Acquisition-related growth was driven by the acquisitions of Cryogenic Machinery Corp. ("Cryo-Mach") in the first quarter of 2025 and Sikora AG ("Sikora") and ipp Pump Products GmbH ("ipp") in the second quarter of 2025. Customer pricing favorably impacted revenue in the third quarter of 2025 by approximately 2.2% and by approximately 1.7% in the prior year comparable quarter.
Previous wording
The organic revenue growth was primarily driven by robust demand for single-use biopharma components, thermal connectors used in liquid cooling of data centers, and digital controls for midstream natural gas compression, as well as solid performance in industrial pumps, partially offset by anticipated revenue declines in our plastics and polymer processing solutions business as customers shift focus to optimizing the significant capacity investments made over the last several years. We expect continued growth in the second half of the year supported by demand trends in several of our businesses and an improving outlook in polymer processing equipment.
Current wording
The organic revenue growth was primarily driven by robust demand for single-use biopharma components, thermal connectors used in liquid cooling of data centers, and precision components for midstream natural gas compression and power generation, partially offset by anticipated revenue declines in our plastics and polymer processing solutions business as customers shift focus to optimizing the significant capacity investments made over the last several years. We expect continued organic growth in the fourth quarter supported by demand trends in several of our businesses and an improving outlook in polymer processing equipment.
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