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What changed in Dover Corporation's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Dover Corporation's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+213 added−260 removedSource: 10-K (2026-02-13) vs 10-K (2025-02-14)

Top changes in Dover Corporation's 2025 10-K

213 paragraphs added · 260 removed · 179 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

45 edited+9 added−11 removed97 unchanged
Biggest changeThe Digital Labs team is driving digital transformation across our businesses in four areas: (i) enhancing the customer experience through more efficient and streamlined digital customer interfaces that make it easy to do business with Dover companies; (ii) developing and improving acquired and organically built connected and software-as-a-service ("SaaS") products, that combine sensors, software, machine learning and artificial intelligence; (iii) driving increased efficiency, safety and quality in our manufacturing operations by employing cutting-edge automation through "connected factory" and "data quality" programs; and (iv) ensuring security of digital products.
Biggest changeWe have an experienced team of software developers, data scientists, and product managers to enhance our digital capabilities that is driving value creation across our business through digital transformation in five areas: (i) enhancing the customer experience through more efficient and streamlined digital customer interfaces that make it easy to do business with Dover companies; (ii) developing and improving acquired and organically built connected and software-as-a-service ("SaaS") products that combine sensors, software, machine learning and artificial intelligence; (iii) driving increased efficiency, safety and quality in our manufacturing operations by employing cutting-edge automation through "connected factory" and "data quality" programs; (iv) identifying and addressing scale opportunities to deploy artificial intelligence to drive productivity across our business processes; and (v) ensuring security of digital products.
(Challenger Lifts, Car-O-Liner), The COATS Company, Arrowhead Winch, Teledyne, Nordson Corporation Clean Energy & Fueling Vontier (Gilbarco Veeder-Root, DRB), Tatsuno, Verifone, Franklin Electric, Elaflex, Ingersoll Rand (Emco Wheaton), Crane Company (Cryoflo), Dixon Valve & Coupling Company, PDI Technologies, Inc., Salco, Sonny's Enterprises LLC, National Carwash Solutions, Washtec AG Imaging & Identification Veralto Corporation (Videojet), Brother Industries, Ltd.
(Challenger Lifts, Car-O-Liner), The COATS Company, Arrowhead Winch, Teledyne, Nordson Corporation Clean Energy & Fueling Vontier (Gilbarco Veeder-Root, DRB), Tatsuno, Franklin Electric, Verifone, Elaflex, PDI Technologies, Inc., Ingersoll Rand (Emco Wheaton), Dixon Valve & Coupling Company, Crane Company (Cryoflo), Sonny's Enterprises LLC, National Carwash Solutions, Washtec AG Imaging & Identification Veralto Corporation (Videojet), Brother Industries, Ltd.
Our margin expansion initiatives are focused on four core enterprise capabilities: (1) leverage our Digital Labs team to enhance our internal and market-facing digital capabilities, (2) improve utilization and optimization of our manufacturing footprint through centralized resources and investment, (3) further centralize shared services under Dover Business Services, and (4) invest in our India Innovation Center shared services.
Our center-led margin expansion initiatives are focused on four core enterprise capabilities: (1) leverage our Digital Labs team to enhance our internal and market-facing digital capabilities, (2) improve utilization and optimization of our manufacturing footprint through centralized resources and investment, (3) further centralize shared services under Dover Business Services, and (4) invest in our India Innovation Center shared services.
In addition, our businesses serving the digital printing market develop, manufacture and sell equipment, software, consumables and service solutions used in textile, apparel, soft signage and specialty materials markets. Businesses within this segment leverage digital printing capabilities and operate business models that involve initial equipment and software sales followed by significant consumable, software and service aftermarket revenue streams.
In addition, our businesses serving the digital printing market develop, manufacture and sell equipment, software, consumables and service solutions used in textile, apparel, soft signage and specialty materials markets. Businesses within this segment leverage digital printing capabilities and operate business models that involve initial equipment and software sales followed by consumable, software, and service aftermarket revenue streams.
While our intellectual property and customer relationships are important to our success, the loss or expiration of any of these rights or relationships is not likely to materially affect our results on a consolidated basis.
While our intellectual property and customer relationships are important to our success, the loss or expiration of any one of these rights or relationships is not likely to materially affect our results on a consolidated basis.
We believe that our commitment to continuous engineering improvements, new product development and improved manufacturing techniques, as well as strong sales, marketing and service efforts, are significant to our general leadership positions in the niche markets we serve. Customers We serve thousands of customers, none of which accounted for more than 10% of our consolidated revenue in 2024.
We believe that our commitment to continuous engineering improvements, new product development and improved manufacturing techniques, as well as strong sales, marketing and service efforts, are significant to our general leadership positions in the niche markets we serve. Customers We serve thousands of customers, none of which accounted for more than 10% of our consolidated revenue in 2025.
Given our diversity of served markets, customer concentrations are not significant. Businesses supplying the defense and commercial refrigeration industries tend to deal with a few large customers that are significant within those industries. This also tends to be true for businesses supplying the power generation and chemical industries.
Given our diversity of served markets, customer concentrations are not significant. Businesses supplying the defense, commercial refrigeration and can-making industries tend to deal with a few large customers that are significant within those industries. This also tends to be true for businesses supplying the power generation and chemical industries.
Our success in delivering high quality and innovative products and solutions for our customers and driving operational excellence is only achievable through the talent, expertise, and dedication of our global team. We had approximately 24,000 employees worldwide as of December 31, 2024.
Our success in delivering high quality and innovative products and solutions for our customers and driving operational excellence is only achievable through the talent, expertise, and dedication of our global team. We had approximately 24,000 employees worldwide as of December 31, 2025.
Dover's five operating and reportable segments are as follows: • 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. • Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport and dispensing 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. • Our 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. • 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, and polymer processing equipment, 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, food and beverage, semiconductor production and medical applications and other end-markets. • Our 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.
Dover's five operating and reportable segments are as follows: • 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. • Our 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. • Our 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. • 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. • Our 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.
Engineered Products Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services that have broad customer applications across a number of markets, including: aftermarket vehicle service, aerospace and defense, industrial winch and hoist, and fluid dispensing.
Engineered Products Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services that have broad customer applications across a number of markets, including: aftermarket vehicle service, aerospace and defense, industrial winch and hoist, precision soldering, and fluid dispensing.
Our India Innovation Center has a team of approximately 800 engineers and IT professionals that our businesses rely on to leverage for product engineering, digital solutions development, data and information management, research and development and intellectual property services.
Our India Innovation Center has a team of approximately 750 engineers and IT professionals that our businesses rely on to leverage for product engineering, digital solutions development, data and information management, research and development and intellectual property services.
These technology investments align with our customer's needs and our commitment to delivering to our customers opportunities for operational cost reductions, increased sales, and an enhanced customer experience for their customers through a combination of intelligent fueling and retail solutions.
These technology investments align with our customers' needs and our commitment to delivering to our customers opportunities for operational cost reductions, increased sales, and an enhanced customer experience for their customers through a combination of intelligent fueling and retail solutions.
The segment's products are used in a wide variety of markets, including biopharma, thermal management (including liquid cooling of server racks and chips in data centers), plastics and polymers processing, chemicals production, food/sanitary, medical, transportation, petroleum refining, natural gas compression, power generation and general industrial applications.
The segment's products are used in a wide variety of markets, including biopharma, thermal management (including liquid cooling of server racks and chips in data centers), plastics and polymers processing, wire and cable manufacturing, chemicals production, food/sanitary, medical, transportation, petroleum refining, natural gas compression, power generation and general industrial applications.
Revenue by Segment Years Ended December 31, 2024 2023 2022 Engineered Products 33 % 35 % 35 % Clean Energy & Fueling 43 % 44 % 41 % Imaging & Identification 72 % 72 % 72 % Pumps & Process Solutions 49 % 53 % 51 % Climate & Sustainability Technologies 37 % 43 % 40 % Total percentage of revenue derived from customers outside of the United States 46 % 48 % 46 % Our international operations are subject to certain risks, such as price and exchange rate fluctuations and non-U.S. governmental restrictions, which are discussed further in Item 1A.
Revenue by Segment Years Ended December 31, 2025 2024 2023 Engineered Products 32 % 33 % 35 % Clean Energy & Fueling 40 % 43 % 44 % Imaging & Identification 72 % 72 % 72 % Pumps & Process Solutions 51 % 49 % 53 % Climate & Sustainability Technologies 36 % 37 % 43 % Total percentage of revenue derived from customers outside of the United States 46 % 46 % 48 % Our international operations are subject to certain risks, such as price and exchange rate fluctuations and non-U.S. governmental restrictions, which are discussed further in Item 1A.
For example, our marking and coding equipment, plastics and polymer processing equipment and aluminum can-making equipment all derive a significant share of revenue and profits from sale of consumables, parts and services into their large installed base. Recurring demand, which includes parts, consumables, services and software, represents approximately 36% of our revenue.
For example, our marking and coding equipment, plastics and polymer processing equipment and aluminum can-making equipment all derive a significant share of revenue and profits from sale of consumables, parts and services into their large installed base. Recurring demand, which includes parts, consumables, services and software, represents approximately 40% of our total revenue.
We capitalize on our engineering, intellectual property, technology and design expertise, and maintain an intense focus on meeting the needs of our customers and on adding significant, and often new, value to their operations through 6 Table of Contents superior product performance, safety, reliability, and a commitment to aftermarket support.
We capitalize on our engineering, intellectual property, technology and design expertise, and maintain an intense focus on meeting the needs of our customers and on adding significant, and often new, value to their operations through superior product performance, safety, reliability, and a commitment to aftermarket support.
The segment's offerings address the increased demand for liquid cooling requirements for certain electronics (including in data center infrastructure), and investment in midstream energy and power generation infrastructure (including growing sophistication of fluid transfer and rotating machinery components, instrumentation, and digital controls).
The segment's offerings address the increased demand for liquid cooling requirements for certain electronics (including in data center infrastructure), and investment in midstream energy, power generation and grid infrastructure (including growing sophistication of fluid transfer and rotating machinery components, measurement, inspection, instrumentation, and digital controls).
As the disposal represented a strategic shift with a major effect on the Company's operations and financial results, the Company has classified ESG's results of operations prior to the sale as discontinued operations for all periods presented. The discussion throughout Item 1 of this Form 10-K, unless otherwise noted, relates solely to our continuing operations.
As the disposal represented a strategic shift with a major effect on the Company's operations and financial results, the Company has classified ESG's results of operations prior to the sale as discontinued operations. The discussion throughout Item 1 of this Form 10-K, unless otherwise noted, relates solely to our continuing operations.
We opportunistically divest businesses where we see limited runway for future value creation relative to our aspirations, or where market and business fundamentals change and no longer suit our criteria of business attractiveness and portfolio fit. Finally, we have consistently returned cash to shareholders by paying dividends, which have increased annually over each of the last 69 years.
We opportunistically divest businesses where we see limited runway for future value creation relative to our aspirations, or where market and business fundamentals change and no longer suit our criteria of business attractiveness and portfolio fit. Finally, we have consistently returned cash to shareholders by paying dividends, which have increased annually over each of the las t 70 years.
While we expect to generate annual organic revenue growth above that of gross domestic product (4% to 6% annually on average) over a long-term business cycle absent extraordinary adverse economic conditions, our success in consistently growing the portfolio is also dependent on the ability to acquire and integrate businesses within our existing structure.
While we expect to generate organic sales growth above that of gross domestic product (4% to 6% annually on average) over a long-term business cycle, absent prolonged adverse economic conditions, our success in consistently growing the portfolio is also dependent on the ability to acquire and integrate businesses within our existing structure.
Many of our software solutions in the areas of product traceability, anti-counterfeiting, retail fueling station monitoring, vehicle damage analysis and measurement systems, and visual commerce have been certified as compliant under AICPA System and Organization Controls 2 ("SOC 2") audits.
Some of our software solutions in the areas of product traceability, anti-counterfeiting, retail fueling station monitoring, vehicle measurement systems, and visual commerce have been certified as compliant under AICPA System and Organization Controls 2 ("SOC 2") audits.
Our Dover Digital Labs team has built common platforms which are being deployed on customer facing applications to make it easier to discover, find, configure, buy and obtain products and services from Dover companies, thereby optimizing our sales and support staff resources, driving pricing discipline, enabling reduction of product complexity and improving management of working capital.
Our Dover Digital Labs team has built common platforms for customer-facing applications to make it easier to discover, find, configure, buy and obtain products and services from Dover operating companies, thereby optimizing our sales and support staff resources, driving pricing discipline, enabling reduction of product complexity and improving management of working capital.
We cultivate and maintain an entrepreneurial culture to enable business agility, and continuously innovate to address our customers' needs, to help them win in the markets they serve.
We cultivate and maintain an 6 Table of Contents entrepreneurial culture to enable business agility, and continuously innovate to address our customers' needs, to help them win in the markets they serve.
(Domino Printing), Electronics for Imaging (Reggiani), SPG Prints, Konica Minolta, Kornit Digital Ltd. Pumps & Process Solutions IDEX Corporation, Ingersoll Rand, Millipore, Danaher Corporation (Pall), Avantor (Masterflex), Nordson Corporation, ITT, SPX Flow Inc. (Waukesha), Spirax Sarco (Watson Marlow), Kingsbury, Seko, Ecolab, Hoerbiger Holdings AG, Miba AG, Hillenbrand Inc.
(Domino Printing), Electronics for Imaging (Reggiani), Kornit Digital Ltd. Pumps & Process Solutions IDEX Corporation, Ingersoll Rand, ITT, SPX Flow Inc. (Waukesha), Danaher Corporation (Pall), Avantor (Masterflex), Spirax Sarco (Watson Marlow), Kingsbury, Ecolab, Hoerbiger Holdings AG, Miba AG, Nordson Corporation, Hillenbrand Inc.
Dover's value creation strategy is supported by a financial policy that includes a prudent approach to financial leverage, and a disciplined approach to capital allocation that allows for a balance between reinvestment and return of capital to shareholders through growing dividends and opportunistic share repurchases.
Finally, we are committed to returning excess capital to shareholders through growing dividends and opportunistic share repurchases. Dover's value creation strategy is supported by a financial policy that includes a prudent approach to financial leverage, and a disciplined approach to capital allocation that allows for a balance between reinvestment and return of capital.
Through our efforts, we have reduced our total recordable injury rate substantially since 2019. 13 Table of Contents Human Capital Investments Related to Strategic Priorities In line with our strategic priorities, we have additionally invested in the following aspects of human capital resource management, among other areas: • Dover Digital Labs – We are continuing to leverage our Digital Labs team to improve our digital capabilities.
Through the combined efforts of our operating companies, we have reduced our total recordable injury rate by more than 40% since 2019. 13 Table of Contents Human Capital Investments Related to Strategic Priorities In line with our strategic priorities, we have additionally invested in the following aspects of human capital resource management, among other areas: • Dover Digital Labs – We are continuing to leverage our Digital Labs team to improve our digital capabilities.
Over the past three years (2022 through 2024), we have spent approximately $1.5 billion, net of cash acquired and including contingent consideration, to purchase thirteen businesses. For more details, see Note 3 — Acquisitions in the consolidated financial statements in Item 8 of this Form 10-K.
Over the past three years (2023 through 2025), we have spent approximately $1.9 billion, net of cash acquired and including contingent consideration, to purchase fourteen businesses. For more details, see Note 3 — Acquisitions in the consolidated financial statements in Item 8 of this Form 10-K.
We also support virgin, recycled plastics, and polymers production and energy transition investments into wind power, hydrogen compression and carbon capture. • Our Climate & Sustainability Technologies segment is responding to our customers' demand for increased energy efficiency and sustainability in food retail merchandising solutions, including refrigeration systems using CO 2 refrigerant, as well as increasing demand for sustainable heating and cooling solutions, including heat pumps, and sustainability-driven growing global demand for aluminum beverage cans.
We also support virgin, recycled plastics, and polymers production and energy transition investments into wind power, hydrogen compression and carbon capture. • Our Climate & Sustainability Technologies segment is responding to our customers' demand for increased energy efficiency and sustainability in food retail merchandising solutions, including the growing adoption rates for centralized CO 2 refrigeration systems, as well as increasing demand for sustainable heating and cooling solutions, including in residential and commercial heat pumps and liquid cooling infrastructure for data centers, and in sustainability-driven growing global demand for aluminum beverage cans.
Pumps & Process Solutions The businesses in our Pumps & Process Solutions segment manufacture specialty pumps, single-use pumps, connectors and flow meters, plastics and polymers processing equipment and highly-engineered components, specialized instrumentation and digital controls for rotating and reciprocating machinery.
Pumps & Process Solutions The businesses in our Pumps & Process Solutions segment manufacture specialty pumps and flow meters, single-use pumps, fluid transfer connectors, plastics and polymers processing equipment, measurement, inspection, and control technologies, highly-engineered precision components, and specialized instrumentation and digital controls for rotating and reciprocating machinery.
On October 8, 2024, the Company completed the sale of the ESG business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $2.0 billion, subject to standard working capital adjustments.
On October 8, 2024, the Company completed the sale of the ESG business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $2.0 billion.
Clean Energy & Fueling Our Clean Energy & Fueling segment provides components, equipment and software, and service solutions enabling safe storage, transport, handling and dispensing of clean and traditional fuels, cryogenic gases and other hazardous fluids, as well as safe and efficient operation of retail fueling and vehicle wash establishments across the globe.
Clean Energy & Fueling Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe storage, transport, dispensing, and remote monitoring of clean and traditional fuels, cryogenic gases and other hazardous substances, as well as safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments across the globe.
Our shared service centers create value by freeing resources within our businesses that would otherwise be dedicated to transactional services and allowing them to focus on customers, markets and product excellence. We expect to continue driving efficiencies through Dover Business Services as we increase the level of service centralization across the portfolio. India Innovation Center .
Our shared service centers create value by freeing resources within our businesses that would otherwise be dedicated to transactional services and allowing them to focus on customers, markets and product excellence. We expect to continue driving efficiencies at Dover Business Services through process standardization and automation. India Innovation Center .
We continue to invest in Dover Business Services shared service centers, consisting of a team of approximately 700 professionals, to provide important transactional and value-added services to our businesses. Our shared service model allows us to leverage scale across Dover, increase process efficiencies through technology and specialization, and reduce risk through centralized controls.
Dover Business Services has a team of approximately 650 professionals, providing important transactional and value-added shared services to our businesses. Our shared service model allows us to leverage scale across Dover, increase process efficiencies through technology and specialization, and reduce risk through centralized controls.
By leveraging a central resource for Commercial Excellence, Industry 4.0, Industrial Internet of Things ("IIoT") and our software products, we are able to capture efficiencies in our digital transformation efforts, improve product 7 Table of Contents security, and offer better efficiency in providing support and engineering for our software and connected products to keep our projects cost-competitive.
By leveraging a central resource for Commercial Excellence, Industry 4.0, Industrial Internet of Things ("IIoT") and our software products, we are able to capture efficiencies in our digital transformation efforts, improve product security, and offer better efficiency in providing support and engineering for our software and connected products to keep our projects cost-competitive. 7 Table of Contents Improving profitability and return on invested capital We are committed to generating sustainable returns on invested capital well above the cost of capital across all of our businesses.
We pragmatically consider such opportunities as part of our ongoing portfolio management and review processes, and execute divestitures if the value created by the divestiture is 9 Table of Contents determined to be at an appropriate premium to the value of such business to Dover and the divestitures allow Dover shareholders to participate in the future value-creation potential from a change in ownership, including through the redeployment of divestiture proceeds into attractive add-on businesses in higher priority end-markets or through opportunistic return of capital to shareholders.
We pragmatically consider such opportunities as part of our ongoing portfolio management and review processes, and execute divestitures if the value created by the divestiture is determined to be at an appropriate premium to the value of such business to Dover and the divestitures allow Dover shareholders to participate in the future value-creation potential from a change in ownership, including through the redeployment of divestiture proceeds into attractive add-on businesses in higher priority end-markets or through opportunistic return of capital to shareholders. 9 Table of Contents On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $675.9 million.
We also focus on continuous, effective cost management and productivity initiatives, such as supply chain optimization, automation and productivity capital expenditures, e-commerce and digital go-to-market, restructuring, product complexity reduction, improved footprint utilization, strategic pricing and portfolio management.
We also focus on continuous, effective cost management and productivity initiatives, such as supply chain optimization, automation and productivity capital expenditures, e-commerce and digital go-to-market, restructuring, product complexity reduction, improved footprint utilization, strategic pricing and portfolio management. Third , we aim to enhance shareholder returns through the productive re-deployment of free cash flow.
Dover prioritizes deploying free cash flow toward high-return and high-confidence organic reinvestments aimed at growing, improving and strengthening our businesses, as well as through inorganic investments that synergistically enhance the quality of our portfolio.
Dover prioritizes deploying free cash flow toward high-return and high-confidence organic reinvestments aimed at growing, improving and strengthening our businesses, as well as through inorganic investments that synergistically improve the quality of our portfolio, which is enhanced by opportunistic divestitures allowing for concentration on growing our core platforms.
We plan to make average annual investments in capital spending of approximately 2% of revenue with a focus on internal projects designed to expand our market participation and manufacturing capacity, drive further adoption of e-commerce and digital capabilities, and improve productivity. In addition, we seek to deploy capital for acquisitions in attractive growth areas across our portfolio.
To do this, we utilize organic reinvestment to grow and strengthen our existing businesses. We plan to make average annual investments in capital spending of approximately 2% of revenue with a focus on internal projects designed to expand our market participation and manufacturing capacity, drive further adoption of e-commerce and digital capabilities, and improve productivity.
Health and Safety We are committed to achieving our vision of a zero-harm workplace and continue to prioritize health and safety compliance, risk mitigation, and process improvement across the organization. We utilize a global EHS information management system designed to measure and track key metrics and actions pertinent to our health and safety programs.
Health and Safety We are committed to achieving our vision of a zero-harm workplace and continue to prioritize health and safety compliance, risk mitigation, and process improvement across the organization.
Our Dover Digital Labs consists of a team of approximately 150 software developers, data scientists, manufacturing engineers and product managers who provide digital capabilities to enhance the customer experience, develop connected industrial products and artificial intelligence based models that are embedded in SaaS offerings provided to customers by our operating companies, drive automation and efficiency inside our factories through digital technologies and in our business processes and focus on the security of our digital products.
Our Dover Digital Labs consists of a team of software developers, AI engineers and scientists, automation engineers, product security engineers, and product managers who provide digital capabilities to enhance the customer experience, develop connected industrial products and artificial intelligence-based models. These capabilities are either embedded in monitoring-as-a-service or other service offerings provided to customers by our operating companies.
In addition to product innovation, we aim to capture growth by developing digital technologies. Our Boston-based Dover Digital Labs serves as the company-wide hub for our digital initiative. We have continued to invest in this facility and our team of software developers, data scientists, and product managers to enhance our digital capabilities.
In addition to product innovation, we aim to capture growth by developing digital technologies. Our Boston-based Dover Digital Labs serves as the company-wide hub for our digital initiative.
We post each of these reports on the website as soon as reasonably practicable after the report is filed with the Securities and Exchange Commission. The contents of our website are not intended to be incorporated by reference into this Form 10-K, and any reference to our website is intended to be inactive textual references only. 16 Table of Contents
The contents of our website, including the "Sustainability" tab, are not intended to be incorporated by reference into this Form 10-K, and any reference to our website is intended to be inactive textual references only. 16 Table of Contents
Our businesses place a strong emphasis on continual product quality improvement and new product development to better serve customers and to facilitate expansion into new products and geographic markets. We also focus on margin expansion initiatives designed to reduce our selling, general and administrative cost base and optimize our manufacturing and supply chain operations across the portfolio.
Our businesses place a strong emphasis on continual product quality improvement and new product development to better serve customers and to facilitate expansion into new products and geographic markets.
Similarly, our businesses invest in research and development to pursue digital strategies based on customer needs and leverage the capabilities of the Dover Digital Labs to deliver on those digital strategies. For example, OPW, an operating company within the Clean Energy & Fueling segment, announced the launch of its RegO Presto-Link © device and RegO application integration during 2024.
Similarly, our businesses invest in research and development to pursue digital strategies based on customer needs and leverage the capabilities of Dover Digital Labs to deliver on those digital strategies.
The scale of this team allows our businesses to access resources with capabilities and expertise across many disciplines that would be more costly to them as stand-alone companies, and allows for concurrent engineering on time sensitive projects. 8 Table of Contents We have been steadily investing in the build out and deployment of the above four enterprise capabilities in the past several years, including organically investing and expanding the staff of experts and support personnel in key centers of excellence globally.
The scale of this team allows our businesses to access resources with capabilities and expertise across many disciplines that would be more costly to them as stand-alone companies, and allows for concurrent engineering on time sensitive projects. 8 Table of Contents Disciplined capital allocation and continuous portfolio enhancement We are focused on the most efficient allocation of capital to maximize returns on investment.
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Third , we aim to generate growth in free cash flow and earnings per share through strong earnings performance, productivity improvements and active working capital management, which is enhanced by opportunistic divestitures allowing for concentration on growing our core platforms.
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We continually evaluate and pursue opportunities to improve efficiency, margin and return on capital, which we accomplish through continuous, effective management and productivity initiatives, automation and productivity capital expenditures, restructuring, product complexity reduction, improvement in our footprint utilization, strategic pricing, and ongoing portfolio management.
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Improving profitability and return on invested capital We are committed to generating sustainable returns on invested capital well above the cost of capital across all of our businesses. We continually evaluate and pursue opportunities to improve efficiency, margin and return on capital. We are intensely foc used on driving operational excellence across our businesses.
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We have been steadily investing in the build-out of our center-led margin expansion initiatives, which are designed to scale our selling, general and administrative cost base and optimize our manufacturing and supply chain operations across the portfolio.
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We have implemented numerous productivity initiatives to maximize our efficiency, such as supply chain integration, shared services, lean manufacturing principles and production automation, footprint optimization, and product complexity reduction, as well as workplace safety initiatives to help ensure the health and welfare of our employees.
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The build-out of these functions is largely complete, delivering cost and process efficiencies to the Company and enabling scale benefits with future growth. These functions remain continuously focused on extracting productivity gains across the businesses and driving value creation. Dover Digital .
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We continually expand initiatives to extract productivity gains across the businesses and realize savings.
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Automation engineers drive automation and efficiency inside our factories through digital technologies and in our business processes. Product security engineers focus on improving the security posture of our operating companies' commercial offerings.
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Disciplined capital allocation and continuous portfolio enhancement We are focused on the most efficient allocation of capital to maximize returns on investment. To do this, we utilize organic reinvestment to grow and strengthen our existing businesses.
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In addition, we seek to deploy capital for acquisitions in attractive growth areas across our portfolio.
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During 2022 and 2023, there were no material dispositions. On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $675.9 million.
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For example, Systech, part of the Imaging & Identification segment, and a market leader in serialization, traceability, and brand-protection solutions, launched the artAI solution in collaboration with Dover Digital which provided AI expertise. artAI is a cloud-based, AI-powered authentication tool that detects counterfeiting and supply-chain diversion.
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Markets for multiple raw materials saw significant volatility and supply chain disruptions throughout 2021 into 2023. Although most commodity and logistics costs have returned to historical norms, volatility is still a risk due to economic uncertainties and supply side dynamics.
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Using machine vision and machine learning, artAI creates a digital blueprint of packaging artwork for precise product identification, and its forensic analytics assist manufacturers in identifying trends and strengthen product security and brand-protection programs. Another example is with Dover Food Retail, an operating company within our Climate & Sustainability Technologies segment, a market leader in CO₂ refrigeration solutions.
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These situations could still negatively impact profitability of some businesses as we were required to seek alternative sources of supply at higher costs or interrupt our normal manufacturing process flow leading to less efficient output and cost.
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During the year, Dover Food Retail introduced a cloud-based software to digitize the full life cycle of CO 2 refrigeration solutions from deployment to diagnostics, warranty management and maintenance, supported by production data, to shorten startup cycles, reduce errors such as incorrect high pressure control set points, and improve consistency during deployment. 12 Table of Contents Human Capital Resources Our employees are our most valuable asset and are critical to our ability to deliver on our strategic plans.
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This application streamlines testing processes and enhances safety measures for on-site personnel performing the liquefied petroleum gas container and regulator testing. The RegO application is integrated with the Presto-Link Bluetooth device, which communicates with RegO Presto-Tap products placed on propane-system components 12 Table of Contents requiring testing.
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We post each of these reports on the website as soon as reasonably practicable after the report is filed with the Securities and Exchange Commission.
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This connection enables swift and precise leak detection and pressure readings, eliminating the need for manual recording of results and mitigating the risks associated with human error. Human Capital Resources Our employees are our most valuable asset and are critical to our ability to deliver on our strategic plans.
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This software supports our strategy to proactively reduce hazards thereby further enhancing shop floor safety.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeWe also use third party systems to support employee data processing for our global workforce and to support customer business 18 Table of Contents activities, such as transmitting payment information, providing mobile monitoring services, and capturing operational data. Additionally, some of our products contain integrated hardware and software and offer the ability to connect to networks.
Biggest changeWe also use third party systems to support employee data processing for our global workforce and to support customer business activities, such as transmitting payment information, providing mobile monitoring services, and capturing operational 18 Table of Contents data. Additionally, some of our products contain integrated hardware and software and offer the ability to connect to networks.
The disruption of our global supply chain for any reason, including for issues such as COVID-19 or other health epidemics or pandemics, labor disputes, loss of single source or limited source supplier, inability to procure sufficient raw materials, quality control issues, ethical sourcing issues, discontinuity or disruption in our internal information and data systems or those of our suppliers, cybersecurity incidents including but not limited to ransomware attacks, misuse of artificial intelligence and machine learning technologies, a supplier's financial distress, natural disasters, looting, vandalism or acts of war or terrorism, trade sanctions or other external factors over which we have no control, could interrupt product supply and, if not effectively managed and remedied, have a material adverse impact on our business operations, financial condition and results of operations. 21 Table of Contents Legal and Regulatory Risks • Our businesses are subject to regulation and their profitability and reputation could be adversely affected by domestic and foreign governmental and public policy changes, risks associated with emerging markets, changes in statutory tax rates and unanticipated outcomes with respect to tax audits.
The disruption of our global supply chain for any reason, including for issues such as public health crises, health epidemics or global pandemics, labor disputes, loss of single source or limited source supplier, inability to procure sufficient raw materials, quality control issues, ethical sourcing issues, discontinuity or disruption in our internal information and data systems or those of our suppliers, cybersecurity incidents including but not limited to ransomware attacks, misuse of artificial intelligence and machine learning technologies, a supplier's financial distress, natural disasters, looting, vandalism or acts of war or terrorism, trade sanctions, tariffs or other external factors over which we have no control, could interrupt product supply and, if not effectively managed and remedied, have a material adverse impact on our business operations, financial condition and results of operations. 21 Table of Contents Legal and Regulatory Risks • Our businesses are subject to regulation and their profitability and reputation could be adversely affected by domestic and foreign governmental and public policy changes, risks associated with emerging markets, changes in statutory tax rates and unanticipated outcomes with respect to tax audits.
If our businesses do not compete effectively, we may experience lower revenue, operating profits and cash flows. 20 Table of Contents • Our operating results depend in part on the timely development and commercialization, and customer acceptance, of new and enhanced products, digital solutions and support services based on technological innovation.
If our businesses do not compete effectively, we may experience lower revenue, operating profits and cash flows. • Our operating results depend in part on the timely development and commercialization, and customer acceptance, of new and enhanced products, digital solutions and support services based on technological innovation.
As cyber threats continue to evolve, cybersecurity and data protection laws and regulations continue to develop in the U.S. and globally, and our business continues to move toward increased online connectivity within our information systems and through more Internet-enabled products and offerings, we expect to expend additional resources to continue to build out our compliance programs, strengthen our information security, data protection and business continuity measures, and investigate and remediate vulnerabilities.
As cyber threats continue to evolve, cybersecurity and data protection laws and regulations continue to develop in the U.S. and globally, and our business continues to move toward increased online connectivity within our information systems and through more Internet-enabled and automated or AI-embedded products and offerings, we expect to expend additional resources to continue to build out our compliance programs, strengthen our information security, data protection and business continuity measures, and investigate and remediate vulnerabilities.
If our businesses are unable to anticipate their competitors' developments or identify customer needs and preferences on a timely basis, successfully introduce new products, digital solutions and support services in response to such competitive factors, or adopt to market changes relating to climate change related policies, they could lose customers to competitors.
Further, if our businesses are unable to anticipate their competitors' developments or identify customer needs and preferences on a timely basis, successfully introduce new products, digital solutions and support services in response to such competitive factors, or adopt to market 20 Table of Contents changes relating to climate change related policies, they could lose customers to competitors.
These measures may not be effective in capturing intellectual property rights, and they may not prevent their intellectual property from being challenged, invalidated, or circumvented, particularly in countries where intellectual property rights are not highly developed or protected.
These measures may not be effective in capturing intellectual property rights, and they may not prevent our businesses' intellectual property from being challenged, invalidated, or circumvented, particularly in countries where intellectual property rights are not highly developed or protected.
Accordingly, significant changes in currency exchange rates, particularly the euro, Chinese renminbi (yuan), Swedish krona, pound sterling, Indian rupee, Singapore dollar, Danish krone, and Canadian dollar, could cause fluctuations in the reported results of our businesses' operations that could negatively affect our results of operations.
Accordingly, significant changes in currency exchange rates, particularly the euro, Chinese renminbi (yuan), Swedish krona, pound sterling, Indian rupee, Singapore dollar, Swiss franc, and Canadian dollar, could cause fluctuations in the reported results of our businesses' operations that could negatively affect our results of operations.
Approximately 46% and 48% of our revenues for 2024 and 2023, respectively, were derived outside the United States and we expect international sales to continue to represent a significant portion of our revenues given our global growth strategy.
Approximately 46% of our revenues for both 2025 and 2024 were derived outside the United States and we expect international sales to continue to represent a significant portion of our revenues given our global growth strategy.
Added
Emerging and evolving technologies such as artificial intelligence, our use of which we expect to increase over time, are rapidly developing, and our businesses may be adversely affected if we cannot successfully integrate these technologies into our business processes and product and service offerings in a timely and cost-effective manner.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changePROPERTIES The number, type, location and size of the properties used by our operations as of December 31, 2024 are shown in the following charts, by segment: Number and nature of facilities Square footage (in 000s) Manufacturing Warehouse Sales / Service Total Owned Leased Engineered Products 21 5 6 32 2,046 601 Clean Energy & Fueling 47 16 34 97 1,719 2,334 Imaging & Identification 12 3 46 61 625 576 Pumps & Process Solutions 36 15 24 75 2,693 1,289 Climate & Sustainability Technologies 26 10 15 51 1,646 2,576 Locations Expiration dates of leased facilities (in years) North America Europe Asia Other Total Minimum Maximum Engineered Products 14 10 2 1 27 1 7 Clean Energy & Fueling 39 20 9 2 70 1 10 Imaging & Identification 9 26 18 4 57 1 9 Pumps & Process Solutions 36 20 11 1 68 1 10 Climate & Sustainability Technologies 16 11 10 2 39 1 9 Our owned and leased facilities are well-maintained and suitable for our operations.
Biggest changePROPERTIES The number, type, location and size of the properties used by our operations as of December 31, 2025 are shown in the following charts, by segment: Number and nature of facilities Square footage (in 000s) Manufacturing Warehouse Sales / Service Total Owned Leased Engineered Products 21 5 6 32 2,046 597 Clean Energy & Fueling 44 15 32 91 1,758 2,155 Imaging & Identification 9 3 48 60 625 768 Pumps & Process Solutions 40 25 35 100 2,803 1,420 Climate & Sustainability Technologies 25 11 16 52 1,646 2,955 Locations Expiration dates of leased facilities (in years) North America Europe Asia Other Total Minimum Maximum Engineered Products 14 10 2 1 27 1 6 Clean Energy & Fueling 38 19 8 2 67 1 9 Imaging & Identification 8 26 17 4 55 1 8 Pumps & Process Solutions 36 25 18 2 81 1 13 Climate & Sustainability Technologies 17 11 11 2 41 1 10 Our owned and leased facilities are well-maintained and suitable for our operations.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeQuantitative and Qualitative Disclosures About Market Risk 51 Item 8. Financial Statements and Supplementary Data 52
Biggest changeQuantitative and Qualitative Disclosures About Market Risk 48 Item 8. Financial Statements and Supplementary Data 49

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changePaulson 51 Vice President and Controller (since July 2019) of Dover; prior thereto Assistant Controller, Global Consolidations and Operations Accounting (from August 2017 to July 2019); prior thereto partner at PricewaterhouseCoopers LLP (from July 2012 to June 2017). Brad M.
Biggest changePaulson 52 Vice President and Controller (since July 2019) of Dover; prior thereto Assistant Controller, Global Consolidations and Operations Accounting (from August 2017 to July 2019); prior thereto partner at PricewaterhouseCoopers LLP (from July 2012 to June 2017). 26 Table of Contents PART II
Jeffrey Yehle 59 Senior Vice President and Chief Human Resources Officer (since July 2024) of Dover; prior thereto Executive Vice President, Chicago Market Leader of Gallagher (from September 2020 to July 2024); prior thereto Regional Vice President of Sharecare (from August 2019 to September 2020). Ivonne M.
Jeffrey Yehle 60 Senior Vice President and Chief Human Resources Officer (since July 2024) of Dover; prior thereto Executive Vice President, Chicago Market Leader of Gallagher (from September 2020 to July 2024); prior thereto Regional Vice President of Sharecare (from August 2019 to September 2020). Ivonne M.
Girish Juneja 55 Senior Vice President and Chief Digital Officer (since May 2017) of Dover; prior thereto Senior Vice President/Chief Technology Officer and General Manager of the Marketplace Solutions Business of Altisource (from January 2014 to April 2017). James M.
Girish Juneja 56 Senior Vice President and Chief Digital Officer (since May 2017) of Dover; prior thereto Senior Vice President/Chief Technology Officer and General Manager of the Marketplace Solutions Business of Altisource (from January 2014 to April 2017). James M.
Moran 59 Vice President, Treasurer (since November 2015) of Dover; prior thereto Senior Vice President and Treasurer (from June 2013 to August 2015) of Navistar International Corporation ("NIC"); prior thereto Vice President and Treasurer (from 2008 to June 2013) of NIC; also served as Senior Vice President and Treasurer of Navistar, Inc. (from June 2013 to August 2015). Ryan W.
Moran 60 Vice President, Treasurer (since November 2015) of Dover; prior thereto Senior Vice President and Treasurer (from June 2013 to August 2015) of Navistar International Corporation ("NIC"); prior thereto Vice President and Treasurer (from 2008 to June 2013) of NIC; also served as Senior Vice President and Treasurer of Navistar, Inc. (from June 2013 to August 2015). Ryan W.
Tobin 61 President and Chief Executive Officer (since May 2018) and Director (since August 2016) of Dover; prior thereto Chief Executive Officer (from 2013 to 2018) of CNH Industrial NV.
Tobin 62 President and Chief Executive Officer (since May 2018) and Director (since August 2016) of Dover; prior thereto Chief Executive Officer (from 2013 to 2018) of CNH Industrial NV.
Our executive officers as of February 14, 2025, and their positions with Dover (and, where relevant, prior business experience) for the past five years, are as follows: Name Age Positions Held and Prior Business Experience Richard J.
Our executive officers as of February 13, 2026, and their positions with Dover (and, where relevant, prior business experience) for the past five years, are as follows: Name Age Positions Held and Prior Business Experience Richard J.
Cabrera 58 Senior Vice President, General Counsel and Secretary (since January 2013) of Dover. Christopher B. Woenker 42 Senior Vice President and Chief Financial Officer (since January 31, 2025) of Dover; prior thereto Segment Chief Financial Officer (from June 2017 to January 2025) of Dover.
Cabrera 59 Senior Vice President, General Counsel and Secretary (since January 2013) of Dover. Christopher B. Woenker 43 Senior Vice President and Chief Financial Officer (since January 31, 2025) of Dover; prior thereto Segment Chief Financial Officer (from June 2017 to January 2025) of Dover.
Removed
Cerepak, who was formerly Senior Vice President and Chief Financial Officer (since May 2011) of Dover, retired as of January 31, 2025. 26 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeIssuer Purchases of Equity Securities In August 2023, the Company's Board of Directors approved a standing share repurchase authorization whereby the Company may repurchase up to 20 million shares beginning on January 1, 2024 through December 31, 2026. There were no share repurchases during the fourth quarter of 2024.
Biggest changeIssuer Purchases of Equity Securities The following table provides information about the Company’s purchases of equity securities that are registered by the Company pursuant to Section 12 of the Securities Exchange Act of 1934 during the fourth quarter of 2025: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plans or Programs (1) October 1 to October 31 — — — 16,930,718 November 1 to November 30 2,334,010 $182.09 2,334,010 14,596,708 December 1 to December 31 — — — 14,596,708 For the Fourth Quarter 2,334,010 $182.09 2,334,010 14,596,708 (1) In August 2023, the Company's Board of Directors approved a standing share repurchase authorization whereby the Company may repurchase up to 20 million shares beginning on January 1, 2024 through December 31, 2026.
Comparison of Five-Year Cumulative Total Return + Dover Corporation, S&P 500 Index, S&P 500 Industrials Index Total Shareholder Returns Data Source: Research Data Group, Inc. _______________________ + Total return assumes reinvestment of dividends. This graph assumes $100 invested on December 31, 2019 in Dover common stock, the S&P 500 Index and the S&P 500 Industrials Index.
Comparison of Five-Year Cumulative Total Return + Dover Corporation, S&P 500 Index, S&P 500 Industrials Index Total Shareholder Returns Data Source: Research Data Group, Inc. _______________________ + Total return assumes reinvestment of dividends. This graph assumes $100 invested on December 31, 2020 in Dover common stock, the S&P 500 Index and the S&P 500 Industrials Index.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information and Dividends The principal market in which Dover common stock is traded is the New York Stock Exchange. Holders As of February 3, 2025, there were 1,078 holders of record of Dover common stock.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information and Dividends The principal market in which Dover common stock is traded is the New York Stock Exchange, under the trading symbol " DOV " . Holders As of February 2, 2026, there were 1,022 holders of record of Dover common stock.
As of December 31, 2024, 17,130,718 shares remained authorized for repurchase under the August 2023 share repurchase authorization. 27 Table of Contents Performance Graph This performance graph does not constitute soliciting material, is not deemed filed with the Securities and Exchange Commission ("SEC"), and is not incorporated by reference in any of our filings under the Securities Act of 1933 or the Exchange Act of 1934, whether made before or after the date of this Form 10-K and irrespective of any general incorporation language in any such filing, except to the extent we specifically incorporate this performance graph by reference therein.
The 2025 ASR Program is scheduled to be completed in the second quarter of 2026, but is subject to early termination in certain circumstances. 27 Table of Contents Performance Graph This performance graph does not constitute soliciting material, is not deemed filed with the Securities and Exchange Commission ("SEC"), and is not incorporated by reference in any of our filings under the Securities Act of 1933 or the Exchange Act of 1934, whether made before or after the date of this Form 10-K and irrespective of any general incorporation language in any such filing, except to the extent we specifically incorporate this performance graph by reference therein.
Added
As of December 31, 2025, 14,596,708 shares remained authorized for repurchase under the August 2023 share repurchase authorization. (2) On November 10, 2025, the Company entered into a $500.0 million accelerated share repurchase agreement (the "2025 ASR Agreement") with JP Morgan Chase Bank, N.A. ("JP Morgan") to repurchase its shares in an accelerated share repurchase program (the "2025 ASR Program").
Added
The Company funded the 2025 ASR Program with cash on hand. Under the terms of the 2025 ASR Agreement, the Company paid JP Morgan $500.0 million on November 12, 2025, and on that date received initial delivery of 2,334,010 shares, representing a substantial majority of the shares expected to be retired over the course of the 2025 ASR Program.
Added
The total number of shares ultimately repurchased under the 2025 ASR Program will be based on the average of the daily volume-weighted average share price of Dover's common stock during the calculation period of the 2025 ASR Program, less a discount and subject to potential adjustments pursuant to the terms of the 2025 ASR Program.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeCONSOLIDATED RESULTS OF OPERATIONS Years Ended December 31, % / Point Change (dollars in thousands, except per share figures) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Revenue $ 7,745,909 $ 7,684,476 $ 7,844,174 0.8 % (2.0) % Cost of goods and services 4,787,288 4,816,932 4,939,221 (0.6) % (2.5) % Gross profit 2,958,621 2,867,544 2,904,953 3.2 % (1.3) % Gross profit margin 38.2 % 37.3 % 37.0 % 0.90 0.30 Selling, general and administrative expenses 1,752,266 1,648,204 1,625,312 6.3 % 1.4 % Selling, general and administrative expenses as a percent of revenue 22.6 % 21.4 % 20.7 % 1.20 0.70 Operating earnings 1,206,355 1,219,340 1,279,641 (1.1) % (4.7) % Interest expense 131,171 131,304 116,456 (0.1) % 12.7 % Interest income (37,158) (13,496) (4,429) 175.3 % 204.7 % Gain on dispositions (597,798) — — nm* nm* Other income, net (46,876) (21,468) (22,589) 118.4 % (5.0) % Earnings before provision for income taxes 1,757,016 1,123,000 1,190,203 56.5 % (5.6) % Provision for income taxes 357,048 179,136 200,291 99.3 % (10.6) % Effective tax rate 20.3 % 16.0 % 16.8 % 4.30 (0.8) Earnings from continuing operations 1,399,968 943,864 989,912 48.3 % (4.7) % Earnings from discontinued operations, net 1,297,158 112,964 75,464 nm* nm* Net earnings $ 2,697,126 $ 1,056,828 $ 1,065,376 155.2 % (0.8) % Earnings per common share from continuing operations - diluted $ 10.09 $ 6.71 $ 6.89 50.4 % (2.6) % *nm: not meaningful 30 Table of Contents Revenue Revenue for the year ended December 31, 2024 increased $61.4 million, or 0.8% to $7.7 billion compared with 2023.
Biggest changeCONSOLIDATED RESULTS OF OPERATIONS Years Ended December 31, % / Point Change (dollars in thousands, except per share figures) 2025 2024 2025 vs. 2024 Revenue $ 8,092,571 $ 7,745,909 4.5 % Cost of goods and services 4,874,402 4,787,288 1.8 % Gross profit 3,218,169 2,958,621 8.8 % Gross profit margin 39.8 % 38.2 % 1.60 Selling, general and administrative expenses 1,844,808 1,752,266 5.3 % Selling, general and administrative expenses as a percent of revenue 22.8 % 22.6 % 0.20 Operating earnings 1,373,361 1,206,355 13.8 % Interest expense 109,772 131,171 (16.3) % Interest income (73,032) (37,158) 96.5 % Gain on dispositions (4,644) (597,798) nm* Other income, net (32,987) (46,876) (29.6) % Earnings before provision for income taxes 1,374,252 1,757,016 (21.8) % Provision for income taxes 276,823 357,048 (22.5) % Effective tax rate 20.1 % 20.3 % (0.20) Earnings from continuing operations 1,097,429 1,399,968 (21.6) % (Loss) earnings from discontinued operations, net (3,473) 1,297,158 nm* Net earnings $ 1,093,956 $ 2,697,126 (59.4) % Earnings per common share from continuing operations - diluted $ 7.97 $ 10.09 (21.0) % *nm: not meaningful Revenue Revenue for the year ended December 31, 2025 increased $346.7 million, or 4.5%, to $8.1 billion compared with 2024.
We will occasionally use derivative financial instruments to offset such risks, when it is believed that the exposure will not be limited by our normal operating and financing activities. We have formal policies to mitigate risk in this area by using fair value and/or cash flow hedging programs.
We will occasionally use derivative and non-derivative financial instruments to offset such risks, when it is believed that the exposure will not be limited by our normal operating and financing activities. We have formal policies to mitigate risk in this area by using fair value and/or cash flow hedging programs.
We consider our current risk related to market fluctuations in interest rates to be minimal since our debt is largely long-term and fixed rate in nature. Generally, the fair market value of fixed-interest rate debt will increase as interest rates fall and decrease as interest rates rise.
We consider our current risk related to market fluctuations in interest rates to be minimal since our debt is long-term and fixed rate in nature. Generally, the fair market value of fixed-interest rate debt will increase as interest rates fall and decrease as interest rates rise.
These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the consolidated statement of earnings.
These restructuring and other charges were primarily recorded in cost of goods and services and selling, general and administrative expenses in the consolidated statement of earnings.
Capitalization We use commercial paper borrowings for general corporate purposes, including the funding of acquisitions and the repurchase of our common stock. As of December 31, 2024, we maintained $1.0 billion five-year and $500.0 million 364-day unsecured revolving credit facilities (together, the "Credit Agreements") with a syndicate of banks which expire April 6, 2028 and April 3, 2025, respectively.
Capitalization We use commercial paper borrowings for general corporate purposes, including the funding of acquisitions and the repurchase of our common stock. As of December 31, 2025, we maintained $1.0 billion five-year and $500.0 million 364-day unsecured revolving credit facilities (together, the "Credit Agreements") with a syndicate of banks which expire April 6, 2028 and April 2, 2026, respectively.
Significant judgment is required in determining the realizability of deferred tax assets and evaluating unrecognized tax benefits. 49 Table of Contents We have significant amounts of deferred tax assets that are evaluated for recoverability and valued accordingly. Management evaluates the realizability of deferred income tax assets for each jurisdiction in which the Company operates.
Significant judgment is required in determining the realizability of deferred tax assets and evaluating unrecognized tax benefits. We have significant amounts of deferred tax assets that are evaluated for recoverability and valued accordingly. Management evaluates the realizability of deferred income tax assets for each jurisdiction in which the Company operates.
Interest Rate Exposure As of December 31, 2024, and for the years ended December 31, 2024, 2023 and 2022, we did not have any open interest rate swap contracts; however, we may in the future enter into interest rate swap agreements to manage our exposure to interest rate changes.
Interest Rate Exposure As of December 31, 2025, and for the years ended December 31, 2025 and 2024, we did not have any open interest rate swap contracts; however, we may in the future enter into interest rate swap agreements to manage our exposure to interest rate changes.
We periodically use derivative financial instruments to manage some of these risks. We do not hold or issue derivative instruments for trading or speculative purposes.
We periodically use derivative and non-derivative financial instruments to manage some of these risks. We do not hold or issue derivative instruments for trading or speculative purposes.
We anticipate that capital expenditures and any additional acquisitions we make in 2025 will be funded from available cash and internally generated funds and, if necessary, through the issuance of commercial paper, or by accessing the public debt or equity markets. We estimate capital expenditures in 2025 to range from $170.0 million to $190.0 million.
We anticipate that capital expenditures and any additional acquisitions we make in 2026 will be funded from available cash and internally generated funds and, if necessary, through the issuance of commercial paper, or by accessing the public debt or equity markets. We estimate capital expenditures in 2026 to range from $190.0 million to $210.0 million.
This metric is a useful indicator of demand. 33 Table of Contents Engineered Products 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.
This metric is a useful indicator of demand. 32 Table of Contents Engineered Products 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.
The fair value of finite-lived intangible assets is subsequently amortized over the estimated useful life. Judgments and uncertainties involved in the estimate The significant assumptions used in the valuation of customer intangibles include future cash flows, customer attrition rate, and discount rate. The significant assumptions for the valuation of trademarks include future revenues, royalty rate, and discount rate.
The fair value of finite-lived intangible assets is subsequently amortized over the estimated useful life. Judgments and uncertainties involved in the estimate The significant assumptions used in the valuation of customer intangibles include future cash flows, customer attrition rate, and discount rate.
A 100 basis point increase in market interest rates would decrease the 2024 year-end fair value of our long-term debt by approximately $129.1 million. However, since we have no plans to repurchase our outstanding fixed-rate instruments before their maturities, the impact of market interest rate fluctuations on our long-term debt does not affect our results of operations or financial position.
A 100 basis point increase in market interest rates would decrease the 2025 year-end fair value of our long-term debt by approximately $156.7 million. However, since we have no plans to repurchase our outstanding fixed-rate instruments before their maturities, the impact of market interest rate fluctuations on our long-term debt does not affect our results of operations or financial position.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help the reader understand our results of operations and financial condition for the year ended December 31, 2024, 2023 and 2022.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help the reader understand our results of operations and financial condition for the year ended December 31, 2025.
OVERVIEW Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. For the year ended December 31, 2024, consolidated revenue was $7.7 billion, an increase of $61.4 million or 0.8%, as compared to the prior year.
OVERVIEW Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. For the year ended December 31, 2025, consolidated revenue was $8.1 billion, an increase of $346.7 million or 4.5%, as compared to the prior year.
The Company is continuing to monitor the changes in tax laws resulting from the Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. We do not expect this to have a material impact on our effective tax rate.
The changes do not have a material impact to our consolidated financial statements. The Company is continuing to monitor the changes in tax laws resulting from the Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. The changes do not have a material impact on our effective tax rate.
Our dividends paid per common share increased 1% to $2.05 per share in 2024 compared to $2.03 per share in 2023. The number of common shares outstanding decreased from 2023 to 2024, as share repurchases exceeded share issuances.
Our dividends paid per common share increased 1% to $2.07 per share in 2025 compared to $2.05 per share in 2024. The number of common shares outstanding decreased from 2024 to 2025, as share repurchases exceeded share issuances.
Gain on Dispositions Gain on dispositions of $597.8 million for the year ended December 31, 2024 was driven by the sale of the De-Sta-Co business on March 31, 2024, and the sale of a minority owned equity method investment on September 30, 2024.
Gain on Dispositions Gain on dispositions for the years ended December 31, 2025 and 2024 were $4.6 million and $597.8 million, respectively. The gain on dispositions for the year ended December 31, 2024 was driven by the sale of the De-Sta-Co business on March 31, 2024 and the sale of a minority owned equity method investment on September 30, 2024.
Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of earnings from continuing operations equals free 44 Table of Contents cash flow divided by earnings from continuing operations.
Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of earnings from continuing operations equals free cash flow divided by earnings from continuing operations.
The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at December 31, 2024 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 42.5 to 1.
The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at December 31, 2025 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 48.8 to 1.
Income Taxes Our businesses have a global presence with 35.8%, 45.8% 46.7% of our pre-tax earnings in 2024, 2023 and 2022, respectively, generated in foreign jurisdictions. Foreign earnings are generally subject to local country tax rates that differ from the 21.0% U.S. statutory tax rate.
Income Taxes Our businesses have a global presence with 38.6% and 35.8% of our pre-tax earnings in 2025 and 2024, respectively, generated in foreign jurisdictions. Foreign earnings are generally subject to local country tax rates that differ from the 21.0% U.S. statutory tax rate.
The increase in revenue was driven by acquisition-related growth of 3.0% primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments, partially offset by a disposition-related decline of 2.0% in our Engineered Products segment and an unfavorable impact from foreign currency translation of 0.2%.
The increase in revenue was also driven by acquisition-related growth of 2.6% primarily in our Pumps & Process Solutions and Clean Energy & Fueling segments and a favorable impact from foreign currency translation of 1.0%, partially offset by a disposition-related decline of 0.7% in our Engineered Products segment.
The significant assumptions for the valuation of unpatented technologies and patents include future revenues, obsolescence rate, royalty rate, and discount rate.
The significant assumptions for the valuation of trademarks include future revenues, royalty rate, and 45 Table of Contents discount rate. The significant assumptions for the valuation of unpatented technologies and patents include future revenues, obsolescence rate, royalty rate, and discount rate.
We utilize the net debt to net capitalization calculation (a non-GAAP measure) to assess our overall financial leverage and capacity and believe the calculation is useful to investors for the same reason. Net debt represents total debt minus cash and cash equivalents, including cash held for sale. Net capitalization represents net debt plus stockholders' equity.
We utilize the net debt to net capitalization calculation (a non-GAAP measure) to evaluate our capital structure and assess our overall financial leverage and capacity and believe the calculation is useful to investors for the same reasons. Net debt represents total debt minus cash and cash equivalents. Net capitalization represents net debt plus stockholders' equity.
Clean Energy & Fueling Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport and dispensing 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.
Segment book-to-bill was 1.01. 33 Table of Contents Clean Energy & Fueling Our 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 Our 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.
Segment book-to-bill was 1.02. 34 Table of Contents Imaging & Identification Our 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.
Organic revenue remained flat due to increases of 8.2%, 2.6%, 2.4%, and 1.4% in our Engineered Products, Clean Energy & Fueling, Imaging & Identification, and Pumps & Process Solutions segments, respectively, offset by the Climate & Sustainability Technologies segment which declined 11.2%. For further information, see "Segment Results of Operations" within this Item 7.
The 1.6% organic revenue growth was driven by increases of 6.7%, 4.6%, and 1.9% in our Pumps & Process Solutions, Clean Energy & Fueling, and Imaging & Identification segments, respectively, partially offset by the Engineered Products and Climate & Sustainability Technologies segments which declined 6.6% and 2.1%, respectively. For further information, see "Segment Results of Operations" within this Item 7.
Due to the fluctuations of the euro relative to the U.S. dollar, the U.S. dollar equivalent of this debt increases or decreases, resulting in the recognition of a 47 Table of Contents pre-tax gain of $66.8 million, and $80.3 million in other comprehensive (loss) earnings for the years ended December 31, 2024, and 2022, respectively and a pre-tax loss of $45.8 million for the year ended December 31, 2023.
Due to the fluctuations of the euro relative to the U.S. dollar, the U.S. dollar equivalent of this debt increases or decreases, resulting in the recognition of a pre-tax loss of $154.8 million and a pre-tax gain of $66.8 million in other comprehensive earnings (loss) for the years ended December 31, 2025, and 2024, respectively.
Pumps & Process Solutions 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, and polymer processing equipment, 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, food and beverage, semiconductor production and medical applications and other end-markets.
Segment book-to-bill was 1.00. 35 Table of Contents Pumps & Process Solutions 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.
From a geographic perspective, organic revenue for the U.S., our largest market, grew 3.8% as compared to the prior year, driven by broad-based growth primarily in our Engineered Products and Clean Energy & Fueling segments. Revenue in Asia and Europe declined 7.1% and 3.1%, respectively, while revenue in Other Americas grew 5.6%.
From a geographic perspective, organic revenue for the U.S., our largest market, grew 3.3% as compared to the prior year, driven by broad-based growth primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments. Organic revenue in Asia grew 3.4%, while organic revenue in Europe and Other Americas declined 0.9% and 4.3%, respectively.
These costs as a percent of revenue were 1.9%, 1.8% and 1.9% for the years December 31, 2024, 2023 and 2022, respectively.
These costs as a percent of revenue were 2.0% and 1.9% for the years December 31, 2025 and 2024, respectively.
See Note 3 — Acquisitions in the consolidated financial statements in Item 8 of this Form 10-K for additional information. • Capital spending: Capital expenditures, primarily to support growth initiatives, productivity and new product launches, were $167.5 million in 2024, $183.4 million in 2023, and $211.1 million in 2022.
See Note 3 — Acquisitions in the consolidated financial statements in Item 8 of this Form 10-K for additional information. • Capital spending: Capital expenditures increased $52.7 million to $220.3 million in 2025 compared to $167.5 million in 2024, primarily to support growth initiatives, productivity and new product launches.
The ratings and outlooks from both agencies were affirmed in 2024. Short-Term Rating Long-Term Rating Outlook Moody's P-2 Baa1 Stable Standard & Poor's A-2 BBB+ Stable As of December 31, 2024, we had approximately $160.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2035 .
Short-Term Rating Long-Term Rating Outlook Moody's P-2 Baa1 Stable Standard & Poor's A-2 BBB+ Stable 43 Table of Contents As of December 31, 2025, we had approximately $230.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2035 .
Years Ended December 31, % Change (dollars in thousands) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Revenue $ 1,202,457 $ 1,250,925 $ 1,379,512 (3.9) % (9.3) % Segment earnings $ 231,237 $ 224,051 $ 240,496 3.2 % (6.8) % Segment margin 19.2 % 17.9 % 17.4 % Operational metric: Bookings $ 1,171,777 $ 1,269,649 $ 1,320,288 (7.7) % (3.8) % Components of revenue growth (decline): Organic growth (decline) 8.2 % (9.3) % Acquisitions 0.2 % — % Dispositions (12.2) % — % Foreign currency translation (0.1) % — % Total revenue decline (3.9) % (9.3) % 2024 Versus 2023 Engineered Products revenue for the year ended December 31, 2024 decreased $48.5 million, or 3.9%, compared to the prior year due to a disposition-related decline of 12.2% and an unfavorable impact from foreign currency translation of 0.1%, partially offset by organic revenue growth of 8.2% and acquisition-related growth of 0.2%.
Years Ended December 31, % Change (dollars in thousands) 2025 2024 2025 vs. 2024 Revenue $ 1,085,844 $ 1,202,457 (9.7) % Segment earnings $ 217,266 $ 231,237 (6.0) % Segment margin 20.0 % 19.2 % Operational metric: Bookings $ 1,095,624 $ 1,171,777 (6.5) % Components of revenue decline: Organic decline (6.6) % Acquisitions 0.4 % Dispositions (4.3) % Foreign currency translation 0.8 % Total revenue decline (9.7) % 2025 Versus 2024 Engineered Products revenue for the year ended December 31, 2025 decreased $116.6 million, or 9.7%, compared to the prior year due to an organic revenue decline of 6.6% and a disposition-related decline of 4.3%, partially offset by a favorable impact from foreign currency translation of 0.8% and acquisition-related growth of 0.4%.
Customer pricing favorably impacted revenue in 2023 by approximately 3.8% and by 6.7% in the prior year. Gross Profit Gross profit for the year ended December 31, 2024, increased $91.1 million, or 3.2%, to $3.0 billion compared with 2023, primarily driven by positive product mix, pricing and productivity actions.
Customer pricing favorably impacted revenue in 2025 by approximately 1.9% and by 1.6% in the prior year. Gross Profit Gross profit for the year ended December 31, 2025, increased $259.5 million, or 8.8%, to $3.2 billion compared with 2024, primarily driven by favorable price versus cost dynamics, volume growth, product mix, and productivity actions.
Effect if actual results differ from assumptions A 25-basis point decrease in the discount rates used for these plans would have increased pension benefit obligations by approximately $15.3 million from the amount recorded at December 31, 2024. The methodology used for the valuation of the pension benefit obligation has remained consistent over the last three fiscal years.
Effect if actual results differ from assumptions A 25-basis point decrease in the discount rates used for these plans would have increased pension benefit obligations by approximately $15.5 million from the amount recorded at December 31, 2025.
We recorded the following restructuring and other costs for the year ended December 31, 2024: Year Ended December 31, 2024 (dollars in thousands) Engineered Products Clean Energy & Fueling Imaging & Identification Pumps & Process Solutions Climate & Sustainability Technologies Corporate Total Restructuring $ 7,847 $ 30,858 $ 9,960 $ 4,956 $ 15,197 $ 992 $ 69,810 Other costs, net 9 2,714 4,900 61 4,916 2,573 15,173 Restructuring and other costs $ 7,856 $ 33,572 $ 14,860 $ 5,017 $ 20,113 $ 3,565 $ 84,983 During the year ended December 31, 2023, restructuring charges of $49.9 million were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Engineered Products and Pumps & Process Solutions segments.
We recorded the following restructuring and other costs for the year ended December 31, 2024 : Year Ended December 31, 2024 (dollars in thousands) Engineered Products Clean Energy & Fueling Imaging & Identification Pumps & Process Solutions Climate & Sustainability Technologies Corporate Total Restructuring $ 7,847 $ 30,858 $ 9,960 $ 4,956 $ 15,197 $ 992 $ 69,810 Other costs, net 9 2,714 4,900 61 4,916 2,573 15,173 Restructuring and other costs $ 7,856 $ 33,572 $ 14,860 $ 5,017 $ 20,113 $ 3,565 $ 84,983 See Note 11 — Restructuring Activities in the consolidated financial statements in Item 8 of this Form 10-K for additional details regarding our recent restructuring activities.
These amounts include the effects of acquisitions, dispositions and foreign currency translation. The increase in adjusted working capital versus year-end 2023 is primarily a result of collections timing driving higher year-end accounts receivable balances. Investing Activities Cash flow from investing activities is derived from cash inflows from proceeds from dispositions, offset by cash outflows for acquisitions and capital expenditures.
These amounts include the effects of acquisitions and foreign currency translation. The increase in adjusted working capital versus year-end 2024 is primarily driven by higher inventory purchases to support the increase in order rates. Investing Activities Cash flow from investing activities is derived from cash inflows from proceeds from dispositions, offset by cash outflows for acquisitions and capital expenditures.
Years Ended December 31, % Change (dollars in thousands) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Revenue $ 1,894,566 $ 1,755,691 $ 1,728,235 7.9 % 1.6 % Segment earnings $ 536,606 $ 484,405 $ 533,018 10.8 % (9.1) % Segment margin 28.3 % 27.6 % 30.8 % Operational metric: Bookings $ 1,856,680 $ 1,677,115 $ 1,709,204 10.7 % (1.9) % Components of revenue growth (decline): Organic growth (decline) 1.4 % (3.3) % Acquisitions 6.3 % 4.4 % Foreign currency translation 0.2 % 0.5 % Total revenue growth 7.9 % 1.6 % 2024 Versus 2023 Pumps & Process Solutions revenue for the year ended December 31, 2024 increased $138.9 million, or 7.9%, compared to the prior year, attributable to acquisition-related growth of 6.3%, organic growth of 1.4% and a favorable impact from foreign currency translation of 0.2%.
Years Ended December 31, % Change (dollars in thousands) 2025 2024 2025 vs. 2024 Revenue $ 2,148,670 $ 1,894,566 13.4 % Segment earnings $ 651,600 $ 536,606 21.4 % Segment margin 30.3 % 28.3 % Operational metric: Bookings $ 2,041,184 $ 1,856,680 9.9 % Components of revenue growth: Organic growth 6.7 % Acquisitions 5.2 % Foreign currency translation 1.5 % Total revenue growth 13.4 % 2025 Versus 2024 Pumps & Process Solutions revenue for the year ended December 31, 2025 increased $254.1 million, or 13.4%, compared to the prior year, attributable to organic growth of 6.7%, acquisition-related growth of 5.2% and a favorable impact from foreign currency translation of 1.5%.
As a percentage of revenue, selling, general and administrative expenses increased 70 basis points to 21.4%, reflecting a decrease in the revenue base. Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $149.6 million, $139.1 million and $151.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As a percentage of revenue, selling, general and administrative expenses increased 20 basis points to 22.8%. Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $165.3 million and $149.6 million for the years ended December 31, 2025, and 2024, respectively.
See Note 14 — Income Taxes in the consolidated financial statements in Item 8 of this Form 10-K for additional details.
See Note 21 — Stockholders' Equity in the consolidated financial statements in Item 8 of this Form 10-K for further details.
Years Ended December 31, % Change (dollars in thousands) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Revenue $ 1,936,784 $ 1,788,277 $ 1,878,507 8.3 % (4.8) % Segment earnings $ 359,993 $ 328,604 $ 352,993 9.6 % (6.9) % Segment margin 18.6 % 18.4 % 18.8 % Operational metric: Bookings $ 1,938,495 $ 1,745,521 $ 1,821,025 11.1 % (4.1) % Components of revenue growth (decline): Organic growth (decline) 2.6 % (4.0) % Acquisitions 6.0 % — % Foreign currency translation (0.3) % (0.8) % Total revenue growth (decline) 8.3 % (4.8) % 2024 Versus 2023 C lean Energy & Fueling revenue for the year ended December 31, 2024 increased $148.5 million, or 8.3%, compared to the prior year, attributable to acquisition-related growth of 6.0% and organic growth of 2.6%, partially offset by an unfavorable impact from foreign currency translation of 0.3%.
Years Ended December 31, % Change (dollars in thousands) 2025 2024 2025 vs. 2024 Revenue $ 2,130,507 $ 1,936,784 10.0 % Segment earnings $ 418,070 $ 359,993 16.1 % Segment margin 19.6 % 18.6 % Operational metric: Bookings $ 2,167,272 $ 1,938,495 11.8 % Components of revenue growth: Organic growth 4.6 % Acquisitions 5.1 % Foreign currency translation 0.3 % Total revenue growth 10.0 % 2025 Versus 2024 C lean Energy & Fueling revenue for the year ended December 31, 2025 increased $193.7 million, or 10.0%, compared to the prior year, attributable to acquisition-related growth of 5.1%, organic growth of 4.6% and a favorable impact from foreign currency translation of 0.3%.
Segment margin decreased to 27.6% from 30.8% in the prior year. 38 Table of Contents Climate & Sustainability Technologies Our 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.
Segment book-to-bill was 0.95. 36 Table of Contents Climate & Sustainability Technologies Our 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.
We expect positive organic growth in 2025 driven by a favorable outlook across each major end market. Clean Energy & Fueling segment earnings for the year ended December 31, 2024 increased $31.4 million, or 9.6%, compared to the prior year.
We expect positive demand trends to continue in 2026 driven by a favorable outlook across major end markets. Clean Energy & Fueling segment earnings for the year ended December 31, 2025 increased $58.1 million, or 16.1%, compared to the prior year.
We expect positive organic growth in 2025, driven by favorable demand trends in several of our key end markets, most notably in our aerospace and defense businesses. Engineered Products segment earnings for the year ended December 31, 2024 increased $7.2 million, or 3.2%, compared to the prior year.
We expect improvements in organic growth trends in 2026 driven by favorable demand trends in several of our key end markets, most notably in aerospace and defense, as well as an improving demand outlook in vehicle service. Engineered Products segment earnings for the year ended December 31, 2025 decreased $14.0 million, or 6.0%, compared to the prior year.
See Note 4 — Discontinued and Disposed Operations in the consolidated financial statements in Item 8 of this Form 10-K for additional information. 43 Table of Contents • Acquisitions: In 2024, we deployed $635.3 million, net of cash acquired to acquire eight businesses.
See Note 4 — Discontinued and Disposed Operations in the consolidated financial statements in Item 8 of this Form 10-K for additional information. 40 Table of Contents • Acquisitions: In 2025, we deployed approximately $663.3 million, net of cash acquired to acquire three businesses within the Pumps & Process Solutions segment and one business within the Clean Energy & Fueling segment.
During the year ended December 31, 2024, the Company completed eight business acquisitions for approx imately $674.0 million, net of cash acquired and inclusive of measurement period adjustments and contingent consideration.
During the year ended December 31, 2025, the Company completed four business acquisitions totaling $665.3 million, net of cash acquired and inclusive of contingent consideration and measurement period adjustments.
The assumptions and estimates used in the valuation of these intangible assets are based on several factors, including historical experience with similar businesses and industries and information obtained from operating company management. 48 Table of Contents Effect if actual results differ from assumptions While we believe the assumptions used in our valuation of intangible assets are reasonable and representative of expected results, actual results may differ from these assumptions.
The assumptions and estimates used in the valuation of these intangible assets are based on several factors, including historical experience with similar businesses and industries and information obtained from operating company management.
Years Ended December 31, % Change (dollars in thousands) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Revenue $ 1,579,649 $ 1,778,582 $ 1,737,724 (11.2) % 2.4 % Segment earnings $ 250,875 $ 305,380 $ 254,484 (17.8) % 20.0 % Segment margin 15.9 % 17.2 % 14.6 % Operational metric: Bookings $ 1,570,632 $ 1,348,653 $ 1,669,916 16.5 % (19.2) % Components of revenue (decline) growth: Organic (decline) growth (11.2) % 2.4 % Acquisitions 0.3 % 0.2 % Foreign currency translation (0.3) % (0.2) % Total revenue (decline) growth (11.2) % 2.4 % 2024 Versus 2023 Climate & Sustainability Technologies revenue for the year ended December 31, 2024 decreased $198.9 million, or 11.2%, compared to the prior year, reflecting an organic revenue decline of 11.2% and an unfavorable impact from foreign currency translation of 0.3%, partially offset by acquisition-related growth of 0.3%.
Years Ended December 31, % Change (dollars in thousands) 2025 2024 2025 vs. 2024 Revenue $ 1,559,841 $ 1,579,649 (1.3) % Segment earnings $ 265,647 $ 250,875 5.9 % Segment margin 17.0 % 15.9 % Operational metric: Bookings $ 1,665,049 $ 1,570,632 6.0 % Components of revenue decline: Organic decline (2.1) % Foreign currency translation 0.8 % Total revenue decline (1.3) % 2025 Versus 2024 Climate & Sustainability Technologies revenue for the year ended December 31, 2025 decreased $19.8 million, or 1.3%, compared to the prior year, reflecting an organic revenue decline of 2.1%, partially offset by a favorable impact from foreign currency translation of 0.8%.
The disposition-related decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Customer pricing favorably impacted revenue in 2024 by approximately 0.7%. The organic revenue growth was primarily driven by improved production performance and increased demand in our vehicle service business, along with favorable demand trends in our aerospace & defense business.
The disposition-related decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Customer pricing favorably impacted revenue in 2025 by approximately 2.8%. 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 aerospace and defense components and software.
This increase was primarily driven by improvements in the management of working capital. Adjusted Working Capital: We believe adjusted working capital (a non-GAAP measure calculated as accounts receivable, plus inventory, less accounts payable) provides a meaningful measure of liquidity by showing changes caused by operational results.
This increase was primarily driven by higher operating earnings during the year ended December 31, 2025 and timing of tax payments on prior year dispositions. Adjusted Working Capital: We believe adjusted working capital (a non-GAAP measure calculated as accounts receivable, plus inventory, less accounts payable) provides a meaningful measure of liquidity by showing changes caused by operational results.
For the years ended December 31, 2024, 2023, and 2022 earnings from discontinued operations, net were $1.3 billion, $113.0 million and $75.5 million respectively. Refer to Note 4 — Discontinued and Disposed Operations in Item 8 of this form 10-K for additional information on discontinued and disposed operations.
Earnings from discontinued operations, net for the year ended December 31, 2024 was $1.3 billion representing the results of ESG through the date of disposition. Refer to Note 4 — Discontinued and Disposed Operations in Item 8 of this form 10-K for additional information on discontinued and disposed operations.
The 2024 weighted-average discount rate used to measure our pension benefit obligations for non-US plans decreased to 2.64% from 2.80% in 2023 due to a decrease in interest rates. The U.S. Plan discount rate increased to 5.70% from 5.20% in 2023 due to increases in corporate bond yields over this period.
The 2025 weighted-average discount rate used to measure our pension benefit obligations for non-US plans increased to 2.89% from 2.64% in 2024. The U.S. Plan discount rate decreased to 5.40% from 5.70% in 2024. The change in both the non-US plans and the U.S. Plan were driven by changes in corporate bond yields over the period.
We have generally accepted the exposure to exchange rate movements relative to our investment in non-U.S. operations. We may, from time to time, for a specific exposure, enter into fair value hedges.
We have generally accepted the exposure to exchange rate movements relative to our investment in non-U.S. operations.
Years Ended December 31, % Change (dollars in thousands) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Revenue $ 1,137,165 $ 1,116,732 $ 1,123,815 1.8 % (0.6) % Segment earnings $ 301,707 $ 272,512 $ 268,084 10.7 % 1.7 % Segment margin 26.5 % 24.4 % 23.9 % Operational metric: Bookings $ 1,144,147 $ 1,121,229 $ 1,154,199 2.0 % (2.9) % Components of revenue growth (decline): Organic growth 2.4 % 0.2 % Acquisitions 0.7 % — % Foreign currency translation (1.3) % (0.8) % Total revenue growth (decline) 1.8 % (0.6) % 2024 Versus 2023 Imaging & Identification rev enue for the year ended December 31, 2024 increased $20.4 million, or 1.8% compared to the prior year, comprised of organic growth of 2.4% and acquisition-related growth of 0.7%, partially offset by an unfavorable impact from foreign currency translation of 1.3%.
Years Ended December 31, % Change (dollars in thousands) 2025 2024 2025 vs. 2024 Revenue $ 1,173,443 $ 1,137,165 3.2 % Segment earnings $ 314,735 $ 301,707 4.3 % Segment margin 26.8 % 26.5 % Operational metric: Bookings $ 1,174,537 $ 1,144,147 2.7 % Components of revenue growth: Organic growth 1.9 % Acquisitions 0.1 % Foreign currency translation 1.2 % Total revenue growth 3.2 % 2025 Versus 2024 Imaging & Identification revenue for the year ended December 31, 2025 increased $36.3 million, or 3.2% compared to the prior year, comprised of organic growth of 1.9%, a favorable impact from foreign currency translation of 1.2% and acquisition-related growth of 0.1%.
Operating cash flow and access to capital markets are expected to satisfy our various cash flow requirements, including acquisitions, capital expenditures, purchase obligations, debt maturities and lease obligations. Acquisition spending and/or share repurchases could potentially increase our debt.
As of December 31, 2025, our estimate of future interest payments on long-term debt, including the current portion, is $927.1 million. Operating cash flow and access to capital markets are expected to satisfy our various cash flow requirements, including acquisitions, capital expenditures, purchase obligations, debt maturities and lease obligations. Acquisition spending and/or share repurchases could potentially increase our debt.
Restructuring and other costs of $85.0 million included restructuring charges of $69.8 million and other costs of $15.2 million. Restructuring and other costs were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments.
Restructuring and other costs of $78.0 million included restructuring charges of $56.7 million and other costs of $21.2 million. Restructuring and other costs were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Technologies and Clean Energy & Fueling segments.
Cash Flow Summary The following table is derived from our consolidated statements of cash flows: Years Ended December 31, Cash Flows from Operations (in thousands) 2024 2023 2022 Net cash flows provided by (used in): Operating activities $ 1,087,833 $ 1,219,546 $ 746,754 Investing activities (26,983) (717,715) (520,844) Financing activities (1,271,673) (568,056) (260,265) Operating Activities Cash flow from operating activities for the year ended December 31, 2024 decreased by $131.7 million compared to 2023.
Cash Flow Summary The following table is derived from our consolidated statements of cash flows: Years Ended December 31, Cash Flows from Operations (in thousands) 2025 2024 Net cash flows provided by (used in): Operating activities $ 1,338,005 $ 1,087,833 Investing activities (886,594) (26,983) Financing activities (624,870) (1,271,673) Operating Activities Cash flow from operating activities for the year ended December 31, 2025 increased by $250.2 million compared to 2024.
Additionally, we have designated the €600 million and €500 million of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as a hedge of our net investment in euro-denominated operations.
We may, from time to time, for a specific exposure, enter into fair value hedges. 44 Table of Contents Additionally, we have designated the €600 million, €500 million and €550 million of euro-denominated notes issued November 9, 2016, November 4, 2019 and November 12, 2025, respectively, as a hedge of our net investment in euro-denominated operations.
Purchase Accounting Expenses Purchase accounting expenses primarily relate to amortization of acquired assets and charges related to fair value step-ups for acquired inventory sold during the period. These expenses are not presented in our segment earnings because they are excluded from the segment operating performance measure reviewed by management.
Purchase Accounting Expenses Purchase accounting expenses are primarily comprised of amortization of intangible assets. These expenses are not presented in our segment earnings because they are excluded from the segment operating performance measure reviewed by management.
At December 31, 2023, our cash and cash equivalents, including cash held for sale, totaled $415.9 million, of which $286.9 million was held outside the United States. Cash and cash equivalents are held primarily in bank deposits with highly rated banks.
At December 31, 2025, our cash and cash equivalents totaled $1.7 billion, of which approximately $447.8 million was held outside the United States. At December 31, 2024, our cash and cash equivalents totaled $1.8 billion, of which $300.5 million was held outside the United States. Cash and cash equivalents are held primarily in bank deposits with highly rated banks.
We may elect to extend the maturity date of any loans under the 364-day credit facility until April 3, 2026, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program. At the Company's election, loans under the Credit Agreements will bear interest at a base rate plus an applicable margin.
The Company may elect to extend the maturity date of any loans under the 364-day credit facility until April 2, 2027, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program and also are available for general corporate purposes.
Recoverability of Deferred Income Tax Assets and Unrecognized Tax Benefits Description We operate in and are subject to income taxes in various jurisdictions and are subject to ongoing audits by federal, state, and non-U.S. tax authorities.
The methodology used for the valuation of the pension benefit obligation has remained consistent over the last three fiscal years. 46 Table of Contents Recoverability of Deferred Income Tax Assets and Unrecognized Tax Benefits Description We operate in and are subject to income taxes in various jurisdictions and are subject to ongoing audits by federal, state, and non-U.S. tax authorities.
The cash flows from discontinued operations generated for 2024 primarily relate to cash provided by investing activities of $2.0 billion, which is comprised primarily of proceeds from the sale of ESG and partially offset by cash used by operating activities of $339.5 million, comprised of $439.9 million in tax payments made related to the gain on disposition, partially offset by cash flows from ESG's operating results.
Cash flows from discontinued operations generated in 2024 primarily relate to cash provided by investing activities of $2.0 billion, which is comprised primarily of proceeds from the sale of ESG and partially offset by cash used in operating activities of $339.5 million, comprised of $439.9 million in tax payments made related to the gain on disposition, partially offset by cash flows from ESG's operating results. 41 Table of Contents Liquidity and Capital Resources Free Cash Flow In addition to measuring our cash flow generation and usage based upon the operating, investing and financing classifications included in the consolidated statements of cash flows, we also measure free cash flow (a non-GAAP measure) which represents net cash provided by operating activities minus capital expenditures.
The majority of the activity in investing activities was comprised of the following: • Proceeds from dispositions : In 2024, we received net proceeds of $768.8 million from the sales of De-Sta-Co, an operating company within the Engineered Products segment, and a minority owned equity method investment within Climate & Sustainability Technologies segment.
The majority of the activity in investing activities was comprised of the following: • Proceeds from dispositions : We received net proceeds of $6.0 million and $93.0 million in 2025 and 2024, respectively, related to the sale of a minority owned equity method investment in the third quarter of 2024 within the Climate & Sustainability Technologies segment.
The following table provides a calculation of adjusted working capital: Adjusted Working Capital ( in thousands) December 31, 2024 December 31, 2023 Receivables, net $ 1,354,225 $ 1,321,107 Inventories, net 1,144,838 1,144,089 Less: Accounts payable 848,006 854,465 Adjusted working capital $ 1,651,057 $ 1,610,731 Adjusted working capital increased by $40.3 million, or 2.5%, to $1.7 billion at December 31, 2024, which reflected an increase in accounts receivable of $33.1 million, an increase in inventory of $0.7 million and a decrease in accounts payable of $6.5 million.
The following table provides a calculation of adjusted working capital: Adjusted Working Capital ( in thousands) December 31, 2025 December 31, 2024 Receivables, net $ 1,371,352 $ 1,354,225 Inventories, net 1,272,784 1,144,838 Less: Accounts payable 875,678 848,006 Adjusted working capital $ 1,768,458 $ 1,651,057 Adjusted working capital increased by $117.4 million, or 7.1%, to $1.8 billion at December 31, 2025, which reflected an increase in accounts receivable of $17.1 million, an increase in inventory of $127.9 million and an increase in accounts payable of $27.7 million.
Net debt decreased $2.0 billion during the period primarily due to increased cash and cash equivalents from the disposition of the ESG business. Stockholders' equity increased for the period as a result of current earnings of $2.7 billion, partially offset by share repurchases under the ASR Program and dividends paid during the period.
Stockholders' equity increased for the period as a result of current earnings of $1.1 billion, partially offset by share repurchases, including shares repurchased under the ASR Program, and dividends paid during the period.
Customer pricing favorably impacted revenue by approximately 1.7% in 2024 . 37 Table of Contents The organic revenue growth was driven by robust shipment rates of single-use biopharma components and connectors used in liquid cooling of high performance computers and in data centers, as well as solid growth in precision components, partially offset by expected revenue declines in our plastics and polymer processing solutions business due to customers shifting focus to optimizing the significant capacity investments made over the last several years.
The organic revenue growth was primarily driven by single-use biopharma components, thermal connectors used in liquid cooling of data centers, as well as precision components and digital controls for midstream natural gas compression and power generation, partially offset by expected declines in our polymer processing equipment business as customers shift focus to optimizing the significant capacity investments made over the last several years.
The Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $15.2 million, were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively.
These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions. Other costs, net of $15.2 million were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively.
However, the Company does not believe that it is currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.
However, the Company does not believe that it is currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows. 47 Table of Contents Recent Accounting Standards See Note 1 — Description of Business and Summary of Significant Accounting Policies in the consolidated financial statements in Item 8 of this Form 10-K for a discussion of recent accounting pronouncements and recently adopted accounting standards.
Non-Operating Items Interest Expense, net For the year ended December 31, 2024, interest expense, net of interest income, decreased $23.8 million, or 20.2%, to $94.0 million compared with 2023 primarily due to interest income generated by the proceeds from the sale of ESG held in highly liquid short-term investments. 31 Table of Contents For the year ended December 31, 2023, interest expense, net of interest income, increased $5.8 million, or 5.2%, to $117.8 million compared with 2022 primarily driven by increased higher average interest rates since the prior year, partially offset by decreased commercial paper borrowings.
Non-Operating Items Interest Expense, net For the year ended December 31, 2025, interest expense, net of interest income, decreased $57.3 million, or 60.9%, to $36.7 million compared with 2024 primarily driven by higher interest income generated by the investment of proceeds from the sale of Environmental Solutions Group ("ESG") held in highly liquid short-term investments and reduced interest expense resulting from a lack of commercial paper borrowings.
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. 40 Table of Contents Restructuring and Other Costs (Benefits) 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.
(4) 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.
The increase was primarily driven by organic volume increases and favorable price versus cost dynamics, partially offset by disposition impacts. Segment margin increased to 19.2% from 17.9% in the prior year.
The decrease was primarily due to disposition-related impacts and lower volumes in vehicle service, partially offset by favorable price versus cost dynamics, productivity and cost management initiatives and benefits from restructuring actions. Segment margin increased to 20.0% from 19.2% in the prior year.
During the year ended December 31, 2024, restructuring charges of $69.8 million were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions.
During the year ended December 31, 2025, restructuring charges of $56.7 million were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Technologies and Clean Energy & Fueling segments.
The majority of financing activity was attributed to the following: • Repurchase of common stock, including accelerated share repurchase program: During 2024, the Company received a total of 2,869,282 shares upon completion of the 2024 ASR Program for $500.0 million. During the year ended December 31, 2023, the Company repurchased no shares.
The majority of financing activity was attributed to the following: • Repurchase of common stock, including accelerated share repurchase program: During 2025, the Company received initial delivery of 2,334,010 shares, representing a substantial majority of the shares expected to be retired over the course of the 2025 ASR Program for $500.0 million.
These expenses reconcile to segment earnings as follows: Years Ended December 31, (dollars in thousands) 2024 2023 2022 Purchase accounting expenses Engineered Products $ 10,727 $ 13,359 $ 13,911 Clean Energy & Fueling (1) 93,719 78,261 96,655 Imaging & Identification 23,015 23,089 22,179 Pumps & Process Solutions 38,803 24,278 22,332 Climate & Sustainability Technologies 19,977 19,595 19,320 Total $ 186,241 $ 158,582 $ 174,397 (1) Purchase accounting expenses in our Clean Energy & Fueling segment decreased by $18,394 for the year ended December 31, 2023 from the prior year comparable period, which included $18,995 of charges related to fair value step-ups for inventory from the Q4 2021 acquisition of RegO and Acme Cryogenics. 42 Table of Contents FINANCIAL CONDITION We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities.
These expenses are as follows: Years Ended December 31, (dollars in thousands) 2025 2024 Purchase accounting expenses Engineered Products $ 11,117 $ 10,727 Clean Energy & Fueling 101,219 93,719 Imaging & Identification 22,702 23,015 Pumps & Process Solutions (1) 65,742 38,803 Climate & Sustainability Technologies 17,665 19,977 Total $ 218,445 $ 186,241 (1) Purchase accounting expenses in our Pumps & Process Solutions segment increased by $26.9 million for the year ended December 31, 2025 from the prior year, primarily due to the acquisition of Sikora in Q2 2025. 39 Table of Contents FINANCIAL CONDITION We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities.
We believe that reporting organic revenue growth provides a useful comparison of our revenue performance and trends between periods. Reconciliations and comparisons to non-GAAP measures can be found above in this Item 7, MD&A.
Reconciliations and comparisons to non-GAAP measures can be found above in this Item 7, MD&A.
Set forth below are our credit ratings, as of December 31, 2024, which were independently developed by the respective credit agencies. The Moody's rating and outlook were issued in December 2018, and the Standard & Poor's rating was issued in December 2017 and the outlook was most recently revised in May 2021.
The Moody's rating and outlook were issued in December 2018, and the Standard & Poor's rating was issued in December 2017 and the outlook was most recently revised in May 2021. The ratings and outlooks from both agencies were affirmed in 2025.
The increase is driven by acquisition-related growth of 3.0%, partially offset by a disposition-related decline of 2.0% and an unfavorable impact from foreign currency translation of 0.2%. The results were driven by acquisitions, solid demand across most end markets and strategic pricing initiatives.
The increase is driven by acquisition-related growth of 2.6%, organic revenue growth of 1.6% and a favorable impact from foreign currency translation of 1.0%, partially offset by a disposition-related decline of 0.7%.
We evaluate our operating segment performance based on segment earnings as defined in Note 19 — Segment Information in the consolidated financial statements in Item 8 of this Form 10-K. Additionally, we use the following operational metrics in monitoring the performance of the business.
We evaluate our operating segment performance based on segment earnings as defined in Note 19 — Segment Information in the consolidated financial statements in Item 8 of this Form 10-K. 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.
Other Income, net Other income, net includes non-service pension benefit, deferred compensation plan investments gain or loss, earnings or charges from equity method investments, foreign exchange gain or loss, and various other items. Other income, net for the years ended December 31, 2024, 2023 and 2022 was $46.9 million, $21.5 million and $22.6 million, respectively.
Other income, net for the years ended December 31, 2025 and 2024 was $33.0 million and $46.9 million, respectively. For the year ended December 31, 2025, other income decreased compared to 2024 primarily due to decreased deferred compensation plan investment gain, decreased earnings from our equity method investments and foreign currency exchange loss.

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