DOVER Corp
For the period ended Mar 31, 2026. Filed Apr 23, 2026.
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.
Mar 31, 2026 · Filed Apr 23, 2026
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 2025-09-30; filed 2025-10-23.
0000029905-25-000034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0000029905-26-000015
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 153 previous paragraphs and 127 current paragraphs.
64 unchanged; 50 reworded; 13 added; 38 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 14 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 (13)
Current report
In the three months ended March 31, 2026, the Company repurchased 250,000 shares at a total cost of $53.9 million, or $215.75 per share. As of March 31, 2026, 14,346,708 shares remain authorized for repurchase under the August 2023 share repurchase authorization.
Current report
Earnings from continuing operations for the three months ended March 31, 2026 remained flat at $238.7 million, or $1.76 diluted earnings per share from continuing operations, compared to $239.2 million, or $1.73 diluted earnings per share from continuing operations in the prior year comparable quarter. The increases in employee compensation and benefits expense, acquisition-related amortization expense, and interest expense, net were offset by the increase in gross profit primarily driven by strong revenue growth.
Current report
Engineered Products revenue for the first quarter of 2026 increased $12.0 million, or 4.7%, as compared to the first quarter of 2025, driven by a favorable impact from foreign currency translation of 2.6% and organic growth of 2.1%. Customer pricing favorably impacted revenue by approximately 2.1% in the first quarter of 2026 and 1.3% in the prior year comparable quarter.
Current report
The organic revenue growth was primarily driven by pricing actions and solid demand trends across end markets. The growth outlook is favorable for the remainder of the year as we expect improvement in vehicle service business demand and constructive demand conditions across key end markets, most notably in aerospace and defense.
Current report
Overall bookings increased 11.1% as compared to the prior year comparable quarter. The bookings increase was driven by strength in our aerospace and defense business and winch and hoist demand. Segment book-to-bill was 1.10.
Current report
Overall bookings increased 13.1% as compared to the prior year comparable quarter. The bookings increase was primarily driven by demand in clean energy components and North America above and below-ground retail fueling equipment. Segment book-to-bill was 1.11.
Current report
Imaging & Identification revenue for the first quarter of 2026 increased $5.3 million, or 1.9%, as compared to the first quarter of 2025, driven by a favorable impact from foreign currency translation of 5.2%, partially offset by an organic revenue decline of 3.3%. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 1.2% and by approximately 2.3% in the prior year comparable quarter.
Current report
Imaging & Identification segment earnings decreased $0.1 million, or 0.2%, over the prior year comparable quarter. The decrease was primarily due to lower volumes, mostly offset by favorable pricing actions and productivity initiatives. Segment earnings margin decreased to 27.1% from 27.7% in the prior year comparable quarter.
Current report
Climate & Sustainability Technologies revenue increased $63.2 million, or 18.2%, as compared to the first quarter of 2025, driven by an organic revenue growth of 15.2% and a favorable impact from foreign currency translation of 3.0%. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 2.0% and by approximately 0.2% in the prior year comparable quarter.
Current report
The organic revenue growth was primarily driven by continued strong demand in CO 2 refrigerant systems and recovery in refrigerated door case volumes, as well as accelerating demand for heat exchangers used in data center cooling and other applications. We expect organic growth trends to remain constructive as we progress throughout the year.
Current report
Adjusted working capital has increased by $71.4 million, or 4.0%, for the three months ended March 31, 2026, driven by an increase of $73.2 million in net receivables and an increase of $98.1 million in net inventory, partially offset by an increase in accounts payable of $99.8 million. These amounts include the effects of acquisitions and foreign currency translation. Accounts receivable increased compared to the prior year as a result of higher revenue generation in the quarter. Inventories increased to support higher volume deliveries expected over the next several quarters, as supported by the order book and in line with historical seasonality. These factors also led to an increase in accounts payable.
Current report
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 in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Current report
In April 2026, JP Morgan delivered 153,652 additional shares upon completion of the accelerated share repurchase program ("ASR Program") initiated in the fourth quarter 2025. The Company received a total of 2,487,662 shares over the course of the ASR program. See Note 20 — Subsequent Events in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Removed paragraphs (38)
Previous report
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 report
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 report
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 report
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 report
Gain on Dispositions
Previous report
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 report
See Note 12 — Income Taxes in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Previous report
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 report
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 report
Discontinued Operations
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
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 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.
Previous report
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 report
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 report
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 report
Pumps & Process Solutions segment revenue increased $149.6 million, or 10.6%, as compared to the nine months ended September 30, 2024, attributable to organic growth of 5.3%, acquisition-related growth of 4.1% for the acquisitions of Cryo-Mach, Sikora, and ipp, and a favorable impact from foreign currency translation of 1.2%.
Previous report
The organic growth was primarily driven by single-use biopharma components, thermal connectors used in liquid cooling of data centers, and precision components, and digital controls for midstream natural gas compression and power generation, partially offset by expected declines in our polymer processing equipment business. Customer pricing favorably impacted revenue by approximately 1.7% and by approximately 1.6% in the prior year comparable period.
Previous report
Pumps & Process Solutions segment earnings increased $85.1 million, or 21.6%, for the nine months ended September 30, 2025 over the prior year comparable period. The increase was driven by the impact of higher volumes, favorable portfolio mix, the impact from acquisitions, and productivity initiatives. Segment earnings margin increased to 30.6% from 27.9% from the prior year comparable period.
Previous report
Climate & Sustainability Technologies revenue decreased $22.6 million, or 5.2%, as compared to the third quarter of 2024, due to an organic revenue decline of 6.5%, partially offset by a favorable impact from foreign currency translation of 1.3%. Customer pricing favorably impacted revenue in the third quarter of 2025 by approximately 0.5% and by approximately 1.0% in the prior year comparable quarter.
Previous report
The organic revenue decline was primarily due to project timing in retail refrigeration equipment and services, partially offset by demand growth in low-GWP CO 2 refrigerant systems, beverage can-making equipment, and global heat exchanger applications. We expect organic growth in the fourth quarter as strong demand in CO 2 refrigerant systems continues, demand for heat exchangers in data center cooling applications accelerates and headwinds in both European residential heat pumps and refrigerated door cases recover.
Previous report
Climate & Sustainability Technologies segment revenue decreased $59.6 million, or 4.8%, compared to the nine months ended September 30, 2024, reflecting an organic revenue decline of 5.4%, partially offset by a favorable foreign currency translation impact of 0.6%. The organic revenue decline for the nine months ended September 30, 2025 was due to project timing in retail refrigeration equipment and services, partially offset by continued strong demand for low-GWP CO 2 refrigerant systems, and improving demand across beverage can-making and heat exchanger applications. Customer pricing favorably impacted revenue in the third quarter of 2025 by approximately 0.3% and 0.2% in the prior year comparable period.
Previous report
Climate & Sustainability Technologies segment earnings decreased $0.5 million, or 0.3%, for the nine months ended September 30, 2025, as compared to the prior year comparable period. Segment earnings margin increased to 17.5% from 16.7% in the prior year comparable period. The earnings decrease was primarily due to lower volumes in retail refrigeration equipment and services, partially offset by increased heat exchanger and beverage can-making volumes, productivity initiatives and the favorable mix impact from CO 2 refrigerant systems growth.
Previous 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.
Previous report
Adjusted working capital has increased by $261.1 million, or 15.8%, year-to-date, driven by an increase of $97.7 million in net receivables and an increase of $176.9 million in net inventory, partially offset by an increase in accounts payable of $13.6 million. These amounts include the effects of acquisitions, dispositions and foreign currency translation. The increase in adjusted working capital versus year-end 2024 is primarily a result of timing of cash flows, with the fourth quarter traditionally representing our highest cash flow quarter.
Previous report
•Proceeds from dispositions: During the nine months ended September 30, 2025, we received an additional $6.0 million of net proceeds related to the sale of a minority owned equity method investment in the third quarter of 2024 within the Climate & Sustainability Technologies segment. During the nine months ended September 30, 2024, we received net proceeds of $767.7 million from the disposition of De-Sta-Co. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous report
•Commercial paper and other short-term borrowings, net: The Company had no commercial paper borrowings during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, we used $89.0 million to pay off commercial paper borrowings, with net proceeds received from the sale of De-Sta-Co.
Previous report
Cash Flows from Discontinued Operations
Previous report
Net cash (used in) provided by discontinued operations for the nine months ended September 30, 2025 and September 30, 2024 amounted to $(11.3) million and $93.9 million, respectively. Cash flows from discontinued operations generated for the nine months ended September 30, 2024, primarily relate to cash provided by operations of approximately $108.3 million, partially offset by cash used in investing activities of $(14.4) million, which comprised capital expenditures partially offset by proceeds from a sale of investment.
Previous 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.
Previous report
We believe the net debt to net capitalization ratio and free cash flow are important measures of liquidity. Net debt to net capitalization is helpful in evaluating our capital structure and the amount of leverage we employ. Free cash flow and free cash flow ratios provide both management and investors a measurement of cash generated from operations that is available to fund acquisitions, pay dividends, repay debt and repurchase our common stock. We believe that reporting adjusted working capital provides a meaningful measure of liquidity by showing changes caused by operational results. We believe that reporting organic revenue growth provides a useful comparison of our revenue performance and trends between periods.
Reworded paragraphs (50)
Previous wording
•Our 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, and fluid dispensing end-markets.
Current wording
•Our 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.
Previous wording
•Our 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, and 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.
Current wording
•Our 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.
Previous 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.
Current wording
In the first quarter of 2026, revenue was $2.1 billion, which increased $187.6 million, or 10.1%, as compared to the first quarter of 2025. This increase was driven by organic revenue growth of 5.3%, a favorable impact from foreign currency translation of 2.9% and acquisition-related revenue growth of 1.9%. Revenue growth was primarily driven by continued demand strength in our secular-growth-exposed end markets and pricing actions. The acquisition-related growth was primarily driven by our acquisitions in the Pumps & Process Solutions segment.
Previous 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.
Current wording
The 5.3% organic revenue growth for the first quarter of 2026 was driven by our Climate & Sustainability Technologies, Clean Energy & Fueling, and Engineered Products segments which grew 15.2%, 11.1%, and 2.1%, respectively. The growth was partially offset by the Imaging & Identification and Pumps & Process Solutions segments which declined 3.3% and 0.8%, 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 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.
Current wording
From a geographic perspective, organic revenue for the U.S., our largest market, increased 12.1% in the first quarter of 2026 compared to the prior year comparable quarter, primarily driven by an increase in organic revenue in the Clean Energy & Fueling, Climate & Sustainability Technologies and Pumps & Process Solutions segments. Organic revenue increased for the Other Americas by 3.0% and decreased for Asia, Europe, and all other geographic markets by 4.7%, 4.2%, and 3.3%, respectively.
Previous 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.
Current wording
Bookings were $2.5 billion for the three months ended March 31, 2026, an increase of $474.1 million or 23.8% compared to the prior year comparable quarter. Bookings increased across all segments and most notably in the Climate & Sustainability Technologies segment.
Previous 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.
Current wording
Restructuring and other costs for the three months ended March 31, 2026 were $36.8 million, which included restructuring charges of $30.2 million and other costs of $6.6 million. Restructuring and other costs were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean Energy & Fueling segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
Previous 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.
Current wording
Revenue for the three months ended March 31, 2026 increased $187.6 million, or 10.1%, from the prior year comparable quarter. The increase in revenue was driven by organic revenue growth of 5.3%, primarily in our Climate & Sustainability Technologies, Clean Energy & Fueling and Engineered Products segments, a favorable impact from foreign currency translation of 2.9% and acquisition-related growth of 1.9%. Customer pricing favorably impacted revenue by approximately 1.8% in the first quarter of 2026 and by 1.3% in the prior year comparable quarter.
Previous 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.
Current wording
Gross profit for the three months ended March 31, 2026 increased $52.6 million, or 7.1%, and gross profit margin decreased 110 basis points to 38.9%, versus the prior year comparable quarter. The gross profit margin decrease was primarily due to an unfavorable portfolio mix, partially offset by by productivity initiatives and benefits from restructuring actions.
Previous 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%.
Current wording
Selling, general and administrative expenses for the three months ended March 31, 2026 increased $43.0 million, or 9.6%, from the prior year comparable quarter, primarily due to increases in employee compensation and benefits and acquisition-related amortization expense. As a percentage of revenue, selling, general and administrative expenses decreased 10 basis points as compared to the prior year comparable quarter to 24.0%.
Previous 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.
Current wording
Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $39.6 million and $37.5 million for the three months ended March 31, 2026 and 2025, respectively. The costs as a percentage of revenue were 1.9% and 2.0% for the three months ended March 31, 2026 and 2025, respectively.
Previous 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.
Current wording
For the three months ended March 31, 2026, interest expense, net of interest income, increased $8.1 million, or 110.3%, to $15.5 million compared to the prior year comparable quarter. The increase was primarily due to lower interest income from highly liquid short-term investments and higher interest expense incurred from the issuance of the €550.0 million 3.50% euro-denominated notes in the fourth quarter of 2025.
Previous 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.
Current wording
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 quarter was primarily due to a prior year reorganization.
Previous 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.
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 do not have a material impact to our condensed consolidated financial statements.
Previous wording
We report organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and divestitures. See "Non-GAAP Disclosures" at the end of this Item 2.
Current wording
We report organic revenue growth (a non-GAAP measure) which excludes the impact of foreign currency exchange rates and the impact of acquisitions and divestitures. We believe that reporting organic revenue growth provides a useful comparison of our revenue performance and trends between periods. See "Non-GAAP Disclosures" at the end of this Item 2.
Previous wording
Our 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, and fluid dispensing end-markets.
Current wording
Our 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.
Previous 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.
Current wording
Engineered Products segment earnings increased $0.9 million, or 2.0%, compared to the first quarter of 2025. The increase was primarily driven by pricing actions, productivity initiatives and carry-over benefits from restructuring actions taken in 2025, partially offset by inflationary impacts and unfavorable mix. Segment earnings margin decreased to 16.9% from 17.3% as compared to the prior year comparable quarter.
Previous 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.
Current wording
Clean Energy & Fueling revenue for the first quarter of 2026 increased $63.7 million, or 13.0%, as compared to the first quarter of 2025, driven by organic growth of 11.1%, a favorable foreign currency translation impact of 1.8% and acquisition-related growth of 0.1%. Acquisition-related growth was primarily driven by the acquisition of Site IQ, LLC in the third quarter of 2025. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 2.1% and by 1.4% 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 year-over-year organic performance to remain positive in the fourth quarter.
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 positive demand trends to continue in the rest of year driven by a favorable demand outlook across major end markets.
Previous 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.
Current wording
Clean Energy & Fueling segment earnings increased $13.4 million, or 15.6%, over the prior year comparable quarter. The increase was primarily driven by higher volumes, benefits from restructuring actions, and favorable pricing offsetting cost headwinds. Segment earnings margin increased to 17.9% from 17.4% as compared to prior year comparable quarter.
Previous wording
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 wording
The organic revenue decline was primarily due to shipment timing for marking and coding equipment, partially offset by pricing actions. We expect organic revenue growth to inflect positively as we move through the year driven by pricing and constructive demand trends across the segment.
Previous wording
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 wording
Overall bookings increased 8.5% as compared to the prior year comparable quarter. The bookings increase was primarily driven by order strength in our core marking and coding business. Segment book-to-bill was 1.10.
Previous wording
Our 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, and 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.
Current wording
Our 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.
Previous 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.
Current wording
Pumps & Process Solutions revenue for the first quarter of 2026 increased $44.2 million, or 9.0%, as compared to the first quarter of 2025, driven by acquisition-related growth of 7.0% and a favorable impact from foreign currency translation of 2.8%, partially offset by an organic revenue decline of 0.8%. Acquisition-related growth was driven by the acquisitions of Sikora AG and ipp Pump Products GmbH in the second quarter of 2025. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 1.6% and by approximately 1.3% 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 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.
Current wording
The organic revenue decline was primarily due to anticipated revenue declines in our plastics and polymer processing solutions business as customers continue to focus on optimizing the significant capacity investments made over the last several years, partially offset by robust demand for single-use biopharma components and precision components for midstream natural gas compression and power generation. We expect organic growth to trend positively as we move through the year.
Previous wording
Pumps & Process Solutions segment earnings increased $30.3 million, or 21.9%, over the prior year comparable quarter. The increase was driven by the favorable impact from higher volumes, productivity initiatives, favorable portfolio mix and the impact from acquisitions. Segment earnings margin increased to 30.6% from 29.3% in the prior year comparable quarter.
Current wording
Pumps & Process Solutions segment earnings increased $18.2 million, or 12.0%, over the prior year comparable quarter. The increase was driven by favorable price vs. cost dynamics, favorable portfolio mix and the impact from acquisitions, partially offset by lower polymer processing volumes. Segment earnings margin increased to 31.5% from 30.6% in the prior year comparable quarter.
Previous wording
Overall bookings increased 14.0% as compared to the prior year comparable quarter. The bookings growth was primarily driven by positive demand trends in biopharmaceutical end markets, growth in high performance computing and data center application demand, and the favorable impact from acquisitions. Segment book-to-bill was 0.93.
Current wording
Overall bookings increased 19.7% as compared to the prior year comparable quarter. The bookings increase was primarily driven by positive demand trends in biopharmaceutical and power generation end markets, as well as the favorable impact from acquisitions. Segment book-to-bill was 1.11.
Previous wording
Climate & Sustainability Technologies segment earnings were flat compared to the third quarter of 2024. The flat segment earnings were primarily due to the unfavorable impact from lower volumes, offset by productivity initiatives and the favorable mix impact from CO 2 refrigerant systems growth in retail refrigeration. Segment earnings margin increased to 18.6% from 17.6% in the prior year comparable quarter.
Current wording
Climate & Sustainability Technologies segment earnings increased $11.9 million, or 22.8%, over the prior year comparable quarter. The increase in segment earnings was primarily driven by the favorable impact from higher volumes, productivity initiatives and the favorable mix impact from CO 2 refrigerant systems growth in retail refrigeration. Segment earnings margin increased to 15.6% from 15.0% in the prior year comparable quarter.
Previous wording
Bookings in the third quarter of 2025 increased 24.8% from the prior year comparable quarter. The bookings increase was driven by sequential improvement in retail refrigeration demand, favorable heat exchanger demand trends and beverage can-making orders. Segment book-to-bill was 1.02.
Current wording
Bookings in the first quarter of 2026 increased 63.5% from the prior year comparable quarter. The bookings increase was primarily driven by demand strength in retail refrigeration and heat exchanger demand trends, including longer lead-time orders. Segment book-to-bill was 1.57.
Previous wording
(3) Gain on dispositions, including post-closing adjustments; see Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current wording
(3) Gain on dispositions, including post-closing adjustments.
Previous wording
Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three and nine months ended September 30, 2025, we incurred restructuring charges of $10.6 million and $32.4 million and other costs, net of $5.3 million and $16.1 million. Restructuring charges for the three and nine months ended September 30, 2025 were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions segments. These restructuring programs were initiated in 2024 and 2025 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $5.3 million for the three months ended September 30, 2025 include $1.8 million in costs associated with a footprint reduction in our Climate & Sustainability Technologies segment. Other costs, net of $16.1 million for the nine months ended September 30, 2025 includes $4.0 million in costs associated with a product line exit and $3.3 million in costs associated with a footprint reduction, both in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2025 with related restructuring and other cost charges.
Current wording
Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three months ended March 31, 2026, we incurred restructuring charges of $30.2 million and other costs, net of $6.6 million. Restructuring charges for 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 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. Other costs, net of $6.6 million for the three months ended March 31, 2026 include $3.0 million in costs associated with a footprint reduction in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2026 with related restructuring and other cost charges.
Previous wording
We recorded the following restructuring and other costs for the three and nine months ended September 30, 2025:
Current wording
We recorded the following restructuring and other costs for the three months ended March 31, 2026:
Previous wording
Restructuring and other costs for the three and nine months ended September 30, 2024 include restructuring charges of $13.8 million and $41.6 million and other costs, net of $2.7 million and $10.5 million. Restructuring charges for the three months ended September 30, 2024 were primarily related to exit costs and headcount reductions in the Clean Energy & Fueling segment. Restructuring charges for the nine months ended September 30, 2024 were primarily related to product line exit costs and headcount reductions in the Clean Energy & Fueling and the Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $10.5 million for the nine months ended September 30, 2024, were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.
Current wording
Restructuring and other costs for the three months ended March 31, 2025 include restructuring charges of $8.3 million and other costs, net of $1.1 million. Restructuring charges for the three months ended March 31, 2025 were primarily related to headcount reductions and exit costs across the segments. These restructuring programs were initiated in 2024 and 2025. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.
Previous wording
We recorded the following restructuring and other costs for the three and nine months ended September 30, 2024:
Current wording
We recorded the following restructuring and other costs for the three months ended March 31, 2025:
Previous wording
We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Significant factors affecting liquidity are cash flows generated from operating activities, capital expenditures, acquisitions, dispositions, dividends, repurchase of outstanding shares, adequacy of available commercial paper and bank lines of credit and the ability to attract long-term capital with satisfactory terms. We generate substantial cash from the operations of our businesses and remain in a strong financial position, with sufficient liquidity available for reinvestment in existing businesses and strategic acquisitions.
Current wording
We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Significant factors affecting liquidity are cash flows generated from operating activities, capital expenditures, acquisitions, dispositions, dividends, repurchase of outstanding shares, adequacy of available commercial paper and bank lines of credit and the ability to attract long-term capital with satisfactory terms. We generate substantial cash from the operations of our businesses and remain in a strong financial position, with sufficient liquidity available for upcoming debt maturities and for reinvestment in existing businesses and strategic acquisitions.
Previous wording
Cash flow from operating activities for the nine months ended September 30, 2025 increased by $145.2 million compared to September 30, 2024, primarily driven by higher operating earnings during the period.
Current wording
Cash flow from operating activities for the three months ended March 31, 2026 increased by $33.5 million compared to March 31, 2025, primarily driven by compensation payment timing and higher operating earnings during the period for the first quarter of 2026 as compared to the first quarter of 2025.
Previous wording
Cash flow from investing activities is derived from cash inflows from proceeds from dispositions, offset by cash outflows for acquisitions and capital expenditures. The majority of the activity in investing activities was comprised of the following:
Current wording
Cash flow from investing activities is derived from cash outflows for capital expenditures and acquisitions. The majority of the activity in investing activities was comprised of the following:
Previous wording
•Capital spending: Capital expenditures increased $49.6 million during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, in line with our planned capital expenditures for the year.
Current wording
•Capital spending: Capital expenditures increased $11.6 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, in line with our planned capital expenditures for the year, primarily driven by investments in growth and productivity.
Previous wording
•Acquisitions: During the nine months ended September 30, 2025, we deployed approximately $663.2 million, net to acquire three businesses within the Pumps & Process Solutions segment and one business within the Clean Energy & Fueling segment. In comparison, during the nine months ended September 30, 2024, we deployed approximately $602.7 million, net to acquire seven businesses within the Clean Energy & Fueling and Imaging & Identification segments. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current wording
•Acquisitions: During the three months ended March 31, 2026, we deployed approximately $0.7 million to acquire one business within the Engineered Products segment. In comparison, during the three months ended March 31, 2025, we deployed approximately $29.3 million, net to acquire one business within the Pumps & Process Solutions segment. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous wording
Cash flow from financing activities generally relates to the use of cash for purchases of our common stock and payment of dividends, offset by net borrowing activity. The majority of financing activity was attributed to the following:
Current wording
Cash flow from financing activities generally relates to the use of cash for payment of dividends, purchases of our common stock, and cash payments related to the settlement of tax obligations for exercises of share-based awards. The majority of financing activity was attributed to the following:
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Previous report — wording carried elsewhere
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.