DOVER Corp
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
DOV$212.00-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities: | |||
| Net earnings | $1,093,956 | $2,697,126 | $1,056,828 |
| Adjustments to reconcile net earnings to cash provided by operating activities: | |||
| Loss (earnings) from discontinued operations, net | 3,473 | (1,297,158) | (112,964) |
| Depreciation and amortization | 379,577 | 337,842 | 305,046 |
| Stock-based compensation expense | 43,981 | 40,359 | 30,766 |
| Gain on dispositions | (4,644) | (597,798) | — |
| Provision for losses on accounts receivable (net of recoveries) | 8,819 | 5,329 | 2,644 |
| Deferred income taxes | (29,199) | (89,657) | (99,286) |
| Employee benefit plan (benefit) expense | (7,623) | (9,946) | 5,679 |
| Other, net | (14,974) | 27,255 | 1,802 |
| Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange): | |||
| Accounts receivable | 49,405 | (43,894) | 100,393 |
| Inventories | (37,210) | 4,418 | 141,747 |
| Prepaid expenses and other assets | (12,623) | (26,938) | 10,738 |
| Accounts payable | (15,643) | 9,076 | (114,198) |
| Accrued compensation and employee benefits | (25,233) | 39,243 | 1,488 |
| Accrued expenses and other liabilities | (65,806) | 28,603 | (78,218) |
| Accrued taxes | (11,972) | (23,245) | (16,821) |
| Contributions to employee benefit plans | (16,279) | (12,782) | (16,098) |
| Net cash provided by operating activities | 1,338,005 | 1,087,833 | 1,219,546 |
| Investing Activities: | |||
| Additions to property, plant and equipment | (220,263) | (167,533) | (183,406) |
| Acquisitions, net of cash and cash equivalents acquired | (663,270) | (635,269) | (533,623) |
| Proceeds from dispositions, net of cash transferred | 5,998 | 768,847 | — |
| Other, net | (9,059) | 6,972 | (686) |
| Net cash used in investing activities | (886,594) | (26,983) | (717,715) |
| Financing Activities: | |||
| Change in commercial paper and other short-term borrowings, net | (639) | (467,637) | (267,490) |
| Proceeds from long-term debt | 631,186 | — | — |
| Repayment of long-term debt | (400,000) | — | — |
| Dividends paid to stockholders | (283,007) | (283,117) | (284,297) |
| Repurchase of common stock, including payment under accelerated share repurchase program | (540,700) | (500,000) | — |
| Payments to settle employee tax obligations on exercise of share-based awards | (14,887) | (16,603) | (12,137) |
| Other, net | (16,823) | (4,316) | (4,132) |
| Net cash used in financing activities | (624,870) | (1,271,673) | (568,056) |
| Cash Flows from Discontinued Operations: | |||
| Net cash (used in) provided by operating activities of discontinued operations | (4,430) | (339,454) | 116,799 |
| Net cash (used in) provided by investing activities of discontinued operations | (9,796) | 1,985,641 | (8,915) |
| Net cash (used in) provided by discontinued operations | (14,226) | 1,646,187 | 107,884 |
| Effect of exchange rate changes on cash and cash equivalents | 19,616 | (6,348) | (6,666) |
| Net (decrease) increase in cash and cash equivalents, including cash held for sale | (168,069) | 1,429,016 | 34,993 |
| Cash and cash equivalents at beginning of year, including cash held for sale (1) | 1,844,877 | 415,861 | 380,868 |
| Cash and cash equivalents at end of year, including cash held for sale (1) | $1,676,808 | $1,844,877 | $415,861 |
| Supplemental information - cash paid during the year for: (2) | |||
| Income taxes | $307,068 | $907,791 | $332,192 |
| Interest | 103,892 | 126,434 | 126,704 |
(1)Cash held for sale as of December 31, 2023 totaled $17,300. There wasno cash held for sale as of December 31, 2025 and 2024.
(2)Supplemental information includes cash paid as part of continuing and discontinued operations.
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