Dover Corporation (DOV.N): 2Q26 Beat/Raise; Bookings Momentum Supports Raised ’26 Guidance

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Dover Corporation (DOV.N): 2Q26 Beat/Raise; Bookings Momentum Supports Raised ’26 Guidance

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23 Jul 2026 08:15:00 ET │ 11 pages

Dover Corporation (DOV.N)

2Q26 Beat/Raise; Bookings Momentum Supports Raised ’26 Guidance

CITI'S TAKE

Buy We view 2Q26 results overall as relatively solid with higher operating

margin (vs. our model) more than offsetting modestly lower organic Short-Term View: Upside, expires 11-OCT-26

growth our model (+4.8% vs. our +5.3%). Healthy bookings momentum in Price (22 Jul 26 16:00) US$214.53

the quarter (1Q bookings +16% y/y and book to bill of 1.06x above our Target price US$266.00

+13%/1.03x preprint estimates) we think reflect relatively good visibility to Expected share price return 24.0%

2H26 topline y/y growth and should allow DOV to meet its raised +4%-6% Expected dividend yield 1.0%

organic growth and $10.55-$10.75 adj. EPS outlook. Given healthy Expected total return 25.0%

bookings momentum across its portfolio, self-help tailwinds (i.e.,

Market Cap US$28,889M $40mn+ of carryover benefits in ’26 from prior actions), and ongoing

capital allocation optionality (2Q26 $3.1bn Dry Powder), we continue to

view DOV shares as reflecting good risk/reward.

Andrew KaplowitzAC

2Q26 Results — 2Q adj. EPS of $2.74 was above Citi/FactSet Consensus of $2.72; +1-212-816-0642

revenue of $2.19bn was below Citi/FactSet Consensus of $2.21bn more than offset andrew.kaplowitz@citi.com

by better-than-expected profitability. ’26 Outlook — DOV raised its ‘26 Adjusted Jose Sulca Flores

EPS guidance to $10.55-$10.75 (from $10.45-$10.65), now reflecting a mid-point of

jose.alonso.sulcaflores@citi.com

$10.65 (in-line with our pre-print $10.65 estimate and relatively in-line vs. pre-print

consensus of $10.67) on +6%-8% total revenue growth including +4%-6% organic