DOVER CorpDOV
DOVER Corp Segments Disclosure
19. Segment Information
The Company categorizes its operating companies into five reportable segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The Company's businesses are structured around similar business models, go-to market strategies, manufacturing practices and product categories which increases management efficiency and better aligns Dover's operations with its strategic initiatives and capital allocation priorities, and provides greater transparency about performance. Operating segments are defined as the components of an enterprise for which separate financial information is available, that engage in business activities from which they may recognize revenues and incur expenses, and that are regularly evaluated by the entity's chief operating decision maker or decision-making group, which is composed of Dover's Group Executive Committee ("GEC"), in making resource allocation decisions and evaluating performance.
The five reportable segments are as follows:
•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.
•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.
•Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets.
•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.
•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.
Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), disposition costs, (gain) loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.
Segment financial information and a reconciliation of segment results to consolidated results follows:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue: | |||||||||||||||||
| Engineered Products | $ | 1,085,844 | $ | 1,202,457 | $ | 1,250,925 | |||||||||||
| Clean Energy & Fueling | 2,130,507 | 1,936,784 | 1,788,277 | ||||||||||||||
| Imaging & Identification | 1,173,443 | 1,137,165 | 1,116,732 | ||||||||||||||
| Pumps & Process Solutions | 2,148,670 | 1,894,566 | 1,755,691 | ||||||||||||||
| Climate & Sustainability Technologies | 1,559,841 | 1,579,649 | 1,778,582 | ||||||||||||||
Total segment revenues | 8,098,305 | 7,750,621 | 7,690,207 | ||||||||||||||
| Intersegment eliminations | (5,734) | (4,712) | (5,731) | ||||||||||||||
| Total consolidated revenue | $ | 8,092,571 | $ | 7,745,909 | $ | 7,684,476 | |||||||||||
Adjusted cost of goods and services:(1) | |||||||||||||||||
| Engineered Products | $ | 712,427 | $ | 806,133 | $ | 834,095 | |||||||||||
Clean Energy & Fueling | 1,358,577 | 1,232,836 | 1,155,988 | ||||||||||||||
| Imaging & Identification | 540,988 | 520,748 | 531,194 | ||||||||||||||
| Pumps & Process Solutions | 1,097,401 | 1,016,622 | 955,472 | ||||||||||||||
Climate & Sustainability Technologies | 1,083,352 | 1,130,736 | 1,281,593 | ||||||||||||||
Total adjusted segment cost of goods and services | $ | 4,792,745 | $ | 4,707,075 | $ | 4,758,342 | |||||||||||
Adjusted selling, general and administrative expenses:(2) | |||||||||||||||||
| Engineered Products | $ | 156,151 | $ | 165,087 | $ | 192,779 | |||||||||||
Clean Energy & Fueling | 353,860 | 343,955 | 303,685 | ||||||||||||||
| Imaging & Identification | 317,720 | 314,710 | 313,026 | ||||||||||||||
| Pumps & Process Solutions | 399,669 | 341,338 | 315,814 | ||||||||||||||
Climate & Sustainability Technologies | 210,842 | 198,038 | 191,609 | ||||||||||||||
Total adjusted segment selling, general and administrative expenses | $ | 1,438,242 | $ | 1,363,128 | $ | 1,316,913 | |||||||||||
Earnings from continuing operations: | |||||||||||||||||
Segment earnings: | |||||||||||||||||
Engineered Products | $ | 217,266 | $ | 231,237 | $ | 224,051 | |||||||||||
| Clean Energy & Fueling | 418,070 | 359,993 | 328,604 | ||||||||||||||
| Imaging & Identification | 314,735 | 301,707 | 272,512 | ||||||||||||||
| Pumps & Process Solutions | 651,600 | 536,606 | 484,405 | ||||||||||||||
Climate & Sustainability Technologies | 265,647 | 250,875 | 305,380 | ||||||||||||||
| Total segment earnings | 1,867,318 | 1,680,418 | 1,614,952 | ||||||||||||||
Purchase accounting expenses (3) | 218,445 | 186,241 | 158,582 | ||||||||||||||
Restructuring and other costs (4) | 77,986 | 84,983 | 62,927 | ||||||||||||||
Disposition costs (5) | — | — | 1,302 | ||||||||||||||
Gain on dispositions (6) | (4,644) | (597,798) | — | ||||||||||||||
Corporate expense / other (7) | 164,539 | 155,963 | 151,333 | ||||||||||||||
| Interest expense | 109,772 | 131,171 | 131,304 | ||||||||||||||
| Interest income | (73,032) | (37,158) | (13,496) | ||||||||||||||
| Earnings before provision for income taxes | 1,374,252 | 1,757,016 | 1,123,000 | ||||||||||||||
| Provision for income taxes | 276,823 | 357,048 | 179,136 | ||||||||||||||
Earnings from continuing operations | $ | 1,097,429 | $ | 1,399,968 | $ | 943,864 | |||||||||||
(1) Adjusted cost of goods and services exclude expenses related to purchase accounting and restructuring and other costs.
(2) Adjusted selling, general and administrative expenses exclude expenses related to purchase accounting, restructuring and other costs, disposition costs, and (gain) loss on dispositions and include other income, net.
(3) Purchase accounting expenses are primarily comprised of amortization of intangible assets.
(4) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Restructuring | $ | 56,743 | $ | 69,810 | $ | 49,901 | |||||||||||
| Other costs, net | 21,243 | 15,173 | 13,026 | ||||||||||||||
| Restructuring and other costs | $ | 77,986 | $ | 84,983 | $ | 62,927 | |||||||||||
(5) Disposition costs related to the sale of De-Sta-Co in our Engineered Products segment.
(6) Gain on dispositions includes post-closing adjustments, see Note 4 — Discontinued and Disposed Operations.
(7) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.
Segment margin and a reconciliation of segment depreciation and amortization to consolidated results follows:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Segment margins: | |||||||||||||||||
| Engineered Products | 20.0 | % | 19.2 | % | 17.9 | % | |||||||||||
| Clean Energy & Fueling | 19.6 | % | 18.6 | % | 18.4 | % | |||||||||||
| Imaging & Identification | 26.8 | % | 26.5 | % | 24.4 | % | |||||||||||
| Pumps & Process Solutions | 30.3 | % | 28.3 | % | 27.6 | % | |||||||||||
| Climate & Sustainability Technologies | 17.0 | % | 15.9 | % | 17.2 | % | |||||||||||
Total segments | 23.1 | % | 21.7 | % | 21.0 | % | |||||||||||
| Depreciation and amortization: | |||||||||||||||||
Other depreciation and amortization:(8) | |||||||||||||||||
| Engineered Products | $ | 21,495 | $ | 19,259 | $ | 22,012 | |||||||||||
| Clean Energy & Fueling | 34,806 | 31,976 | 30,117 | ||||||||||||||
| Imaging & Identification | 17,568 | 14,648 | 15,293 | ||||||||||||||
| Pumps & Process Solutions | 54,226 | 50,050 | 46,344 | ||||||||||||||
| Climate & Sustainability Technologies | 30,344 | 29,139 | 27,557 | ||||||||||||||
| Total other depreciation and amortization | 158,439 | 145,072 | 141,323 | ||||||||||||||
| Corporate depreciation and amortization | 7,234 | 7,030 | 6,046 | ||||||||||||||
| Depreciation and amortization included in purchase accounting expenses and restructuring and other | 213,904 | 185,740 | 157,677 | ||||||||||||||
| Consolidated depreciation and amortization total | $ | 379,577 | $ | 337,842 | $ | 305,046 | |||||||||||
(8) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
Selected financial information by segment (continued):
| Years Ended December 31, | |||||||||||||||||
| Capital expenditures: | 2025 | 2024 | 2023 | ||||||||||||||
| Engineered Products | $ | 25,609 | $ | 21,353 | $ | 17,457 | |||||||||||
| Clean Energy & Fueling | 40,160 | 37,340 | 25,421 | ||||||||||||||
| Imaging & Identification | 40,842 | 13,173 | 11,598 | ||||||||||||||
| Pumps & Process Solutions | 57,218 | 55,397 | 60,860 | ||||||||||||||
| Climate & Sustainability Technologies | 49,501 | 35,445 | 61,790 | ||||||||||||||
| Corporate | 6,933 | 4,825 | 6,280 | ||||||||||||||
Total capital expenditures | $ | 220,263 | $ | 167,533 | $ | 183,406 | |||||||||||
| Total assets: | 2025 | 2024 | |||||||||
Engineered Products | $ | 1,091,594 | $ | 1,063,292 | |||||||
Clean Energy & Fueling | 3,607,567 | 3,601,573 | |||||||||
| Imaging & Identification | 1,827,454 | 1,749,028 | |||||||||
Pumps & Process Solutions (9) | 3,479,147 | 2,613,405 | |||||||||
| Climate & Sustainability Technologies | 1,426,174 | 1,293,132 | |||||||||
Corporate (10) | 1,990,487 | 2,188,730 | |||||||||
| Total assets | $ | 13,422,423 | $ | 12,509,160 | |||||||
(9) Increase primarily driven by 2025 acquisitions. See Note 3 — Acquisitions for additional information.
(10) Corporate assets are comprised primarily of cash and cash equivalents.
| Revenue | Long-Lived Assets (11) | ||||||||||||||||||||||||||||
| Years Ended December 31, | At December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | |||||||||||||||||||||||||
| United States | $ | 4,400,499 | $ | 4,201,427 | $ | 3,970,828 | $ | 646,934 | $ | 599,090 | |||||||||||||||||||
| Europe | 1,768,813 | 1,676,209 | 1,756,999 | 381,436 | 302,129 | ||||||||||||||||||||||||
| Asia | 900,210 | 832,764 | 923,890 | 56,427 | 57,113 | ||||||||||||||||||||||||
| Other Americas | 707,520 | 729,709 | 671,162 | 31,733 | 26,431 | ||||||||||||||||||||||||
| Other | 315,529 | 305,800 | 361,597 | 3,093 | 3,161 | ||||||||||||||||||||||||
| Consolidated total | $ | 8,092,571 | $ | 7,745,909 | $ | 7,684,476 | $ | 1,119,623 | $ | 987,924 | |||||||||||||||||||
(11) Long-lived assets are comprised of net property, plant and equipment.
For the years ended December 31, 2025, 2024 and 2023, the U.S. was the largest geographical market for revenue for the Engineered Products, Clean Energy & Fueling, Pumps & Process Solutions, and Climate & Sustainability Technologies segments, and Europe was the largest market for the Imaging & Identification segment.
Revenue is attributed to regions based on the location of the Company's customer, which in some instances is an intermediary and not necessarily the end user. The Company's businesses serve thousands of customers, none of which individually accounted for more than 10% of consolidated revenue.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 10, 2017 | |
| 2015 | Feb 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.