FLOWSERVE CORP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

Flowserve Corp.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Invitation to 2025 Annual Meeting of Shareholders

Dear Fellow Shareholder:

I invite you to join Flowserve’s Annual Meeting of Shareholders on May 16, 2025. More information about our meeting topics and agenda can be found in this Notice and Proxy Statement.

Extraordinary Growth

2024 was a banner year for Flowserve. We made significant strides toward our 2027 financial targets from the strong results we delivered quarter after quarter. We achieved meaningful growth in bookings, operating margins, EPS and cash flow, all while improving the customer experience. I’m incredibly pleased with the progress that we have made – and the returns we were able to generate for you, our shareholders.

Our 3D Growth Strategy for diversification, decarbonization and digitization continues to prove that it is the right strategic approach for today’s environment. We successfully grew the business year over year across all three focus areas, representing 30% of our total bookings for the year. And we expect that to continue in 2025 as we work to capitalize on the macro trends that are driving worldwide initiatives such as energy transition.

2024 Highlights include:

Our Business Strategy

We created and launched our new Flowserve Business System in 2024 to define how we work together across five critical functional disciplines to deliver excellence in every area of the Company. It also helps us ensure that our processes drive the desired outcomes and priorities in the inner ring: profitable growth; margin expansion; cycle resiliency; and the customer experience.

People Excellenceis centered on employee engagement, talent attraction and retention, and cultivating a winning culture that inspires outstanding work. OurOperational Excellenceprogram is improving delivery times and productivity within our operations.Portfolio Excellenceis in its early stages, but the 80/20 approach we’re taking for product management and portfolio optimization has already started showing promising results as we eliminate the inherent complexity within our portfolio.Commercial Excellencewill roll out in the second half of 2025 and focus on pricing discipline, account management and funnel management. And finally,Innovation Excellencewill play a critical role in differentiating ourselves from our competitors through new product technologies and solutions.

The business system is intentionally wrapped withculture, strategy and executionbecause a winning company has to be great at each one. In 2024, we had all three working together in harmony and it showed in our outstanding results.

Shareholder Feedback

We appreciate hearing from you and welcome your feedback. Maintaining your trust is a top priority, and we continuously review our public disclosures to help ensure we provide the information that matters to you most. Before our annual meeting, please sign and return your proxy card so your shares are voted in accordance with your selections. If you would like to cast your vote online or via phone, follow the instructions on page 83.

On behalf of our Board of Directors and executive leadership team, thank you for your continued support.

R. Scott Rowe

President, Chief Executive Officer and Director

Notice of 2025 Annual Meeting of Shareholders

We are pleased to invite you to join our Board of Directors and senior leadership at Flowserve Corporation’s (“Flowserve” or the “Company”) 2025 Annual Meeting of Shareholders (the “Annual Meeting”). The Annual Meeting will be held online only and will begin at 11:30 a.m. CDT on May 16, 2025. We will hold the Annual Meeting solely by means of remote communications with no in-person location. You can attend the Annual Meeting and vote online at https://www.virtualshareholdermeeting.com/FLS2025.

Shareholders will also transact any other business that is properly brought before the Annual Meeting.

**Record Date:**Shareholders of record of the Company’s common stock, par value $1.25 per share, at the close of business on March 18, 2025 are entitled to notice of and to vote at the Annual Meeting.

**Attending the Meeting Virtually:**To participate in the Annual Meeting, including to vote or to ask questions during the meeting, you must access the meeting website at https://www.virtualshareholdermeeting.com/FLS2025, and log in using the 16-digit control number provided on your proxy card, voting instruction form, or Notice of Internet Availability of Proxy Materials. If your shares are held in street name and your voting instruction form or Notice of Internet Availability indicates that you may vote those shares through the https://www.proxyvote.com website, then you may access, participate in, and vote at the Annual Meeting with the 16-digit access code indicated on that voting instruction form or Notice of Internet Availability. Otherwise, shareholders who hold their shares in street name should contact their bank, broker or other nominee (preferably at least five days before the Annual Meeting) and obtain a “legal proxy” in order to be able to attend, participate in or vote at the Annual Meeting.

For additional related information, please refer to the disclosure beginning on Page 83 in the enclosed proxy statement. The proxy statement and 2024 annual report to shareholders and any other proxy materials are available at https://www.proxyvote.com. The proxy statement and form of proxy are being first made available to shareholders on April 2, 2025.

**Your vote is very important.**Whether or not you plan to attend the Annual Meeting online, we urge you to vote and submit your proxy in advance of the meeting by one of the methods described to the right on this page. Brokers are not permitted to vote on certain proposals and may not vote on any of the proposals unless you provide voting instructions, except the ratification of the appointment of the independent auditor (Proposal 3). Voting your shares will help to ensure that your interests are represented at the meeting. Returning a proxy card or otherwise submitting your proxy does not deprive you of your right to attend the Annual Meeting and vote online at https://www.virtualshareholdermeeting.com/FLS2025.

By order of the Board of Directors,

Susan C. Hudson

Senior Vice President, Chief Legal Officer and Corporate Secretary

YOU CAN VOTE BEFORE THE MEETING BY THE FOLLOWING METHODS: INTERNET www.proxyvote.com before May 16, 2025* BY TELEPHONE (1-800-690-6903) before May 16, 2025* BY MAIL Complete, sign and return your proxy or voting instruction card so that it is received before May 16, 2025* *Dates presented are for shareholders that hold shares in their own name as a holder of record. If you are a participant in the Flowserve Corporation Retirement Savings Plan, your votes must be cast before May 14, 2025. Please refer to the enclosed proxy materials or the information forwarded by your bank, broker or other holder of record to confirm which voting methods are available to you.

This summary highlights information contained elsewhere in the proxy statement. This summary does not contain all the information that you should consider, and you should read the entire proxy statement carefully before voting. Page references are supplied to help you find additional information in the proxy statement.

Board Nominees (Page 18)

Executive Officers

Executive Officers (Page 34)

Executive Compensation Highlights

Executive Compensation Highlights (Page 36)

Compensation Philosophy and Principles

Pay for Performance Alignment

Our annual incentive program paid out above target in 2024, following an above-target payout in 2023 and a below-target payout in 2022. The 2024 payout aligned with our robust shareholder return for the year and was driven by strong performance in both operating income and adjusted primary working capital with slightly below-target total customer bookings.

PAYOUT FOR 2024 ANNUAL INCENTIVE PLAN AWARD

Executive Compensation Highlights

PSUs have paid out below target for the past three performance cycles.

PAYOUTS FOR 2022 PERFORMANCE STOCK UNIT AWARD

2022 - 2024 PSUs Grant Payout

2024 Executive Total Compensation Mix

The majority of the total target compensation provided to our Named Executive Officers is ‘at risk’ and aligned with our compensation philosophy and principals to drive shareholder value creation.