With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are electrical equipment and industrial machinery.

Fortune Sector Leaders: Industrials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

In 2020, the industrial manufacturing conglomerate took in $6.6 billion in revenue, a 6% drop from the year prior, due to pandemic-related challenges to its business. But Dover outperformed its forecast during the first quarter of 2021, after demand rebounded for products including industrial pumps and food refrigeration equipment.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-433-Dover

The manufacturing conglomerate makes equipment and components that can be found in pipelines for oil, gas and chemicals; in fuel pumps; and in food-service systems, among many other places.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Dover is a diversified global manufacturer delivering innovative equipment, components, consumables, software, and support services across a wide range of industries. Its segments serve critical markets including vehicle aftermarket, aerospace and defense, clean energy, retail fueling, and industrial processing. Dover’s offerings span everything from precision pumps and fluid-handling solutions to refrigeration systems, digital printing, and product-traceability technologies. With a strong focus on engineering excellence and digital innovation, Dover helps customers operate more efficiently and sustainably.

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q2 2025

Q1 2025

Q4 2024

Dover (DOV): Company Profile, Stock Price, News, Rankings

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Dover

dover

Morning, and welcome to Dover's Third Quarter 2026 Earnings Conference Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer, Chris Woenker, Senior Vice President and Chief Financial Officer, and Jack Dickens, Vice President, Investor Relations. After the speakers' remarks, there will be a Q&A session. If you would like to ask a question during this time, press star and then the number one on your telephone keypad. If you would like to withdraw your question, please press star two. As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with this term, please disconnect at this time. Thank you. I would now like to turn our call over to Mr. Jack Dickens. Please go ahead, sir.

Thank you, Leslie. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through November 12th, and a replay link of the webcast will be archived for 90 days. Our comments today will include forward-looking statements based on current expectations. Actual results and events could differ from those statements due to a number of risks and uncertainties, which are discussed in our SEC filings. We assume no obligation to update our forward-looking statements. With that, I will turn the call over to Rich.

Thanks, Jack. Good morning, everyone. Let's get started on slide three. Overall, it was a solid quarter. Organic growth accelerated to 7%, led by our secular growth markets and supported by durable demand across the majority of the portfolio. Bookings were the highlight in the quarter. Orders were up 16% year-over-year with growth in all five segments. Book-to-bill was 1.03 for the quarter. Our backlog is up 35% versus this time last year, which supports our confidence in the forecast and provides very good momentum heading into 2027. Adjusted EPS was $2.88 per share, up 10% in the quarter. We remained active on capital deployment, announcing two bolt-on acquisitions that add complementary capabilities, low-cost manufacturing, and geographic breadth to our businesses. We also repurchased over $330 million of our shares in the quarter.

We are narrowing our full-year guidance towards the upper end of the range with organic growth of 5%-6% and adjusted EPS from $10.60-$10.75 per share, representing double-digit growth consistent with our long-term algorithm. Let's go to slide five. Our secular growth markets now represent over 25% of our total revenue, up from 18% in 2024. Across the top of the slide, we show our expected growth rates in each of these markets this year. In total, these markets are material driver of our overall revenue growth in 2026, and we expect that trend to continue in 2027. We have purposely built these platforms through R&D spending and new product development in our legacy businesses, as well as through targeted M&A. Our business model is unique.

It allows us to pursue a variety of high-growth business opportunities across a range of secular themes, with several of our businesses participating in more than one. We have been able to deliver this growth by proactively adding capacity in advance of the market, which has allowed us to capture leadership positions. This has been particularly important in energy transition and power generation, CO2 systems, data centers, and cryogenic components serving the energy and space markets. We have continued to invest in additional capacity in 2026 behind this demand strength, some of which we will detail in a subsequent slide. These organic and inorganic investments have delivered high returns on invested capital despite the proactive upfront investments as a result of high growth rates and margin profiles of these sectors. These businesses are technically demanding mission-critical applications where Dover tends to win.

The vast majority of our acquisition capital over the past five years has been deployed in these markets, and they remain our top priorities from both an organic and inorganic investment. Go to slide six. This slide underscores the breadth and duration of our order book. Trailing 12-month bookings are up 16%, well ahead of revenue growth at 8%, and trailing book-to-bill has climbed to 1.08. Every segment has grown bookings faster than revenue over the past 12 months. That sustained order momentum has underpinned the top-line acceleration we are seeing in 2026, and it gives us confidence in our outlook going forward. Importantly, our backlog is 35% higher than it was at this point last year and is up sequentially from Q2, with roughly half scheduled to ship in 2027.

That gives us a solid foundation heading into next year with revenue visibility well ahead of where we would expect to be at this point in the planning cycle. Moving to slide seven. Engineered Products was down 2% organically. Demand for aerospace and defense components remained strong, was more than offset by lower volumes in European vehicle services. Margin was stable on favorable mix and cost controls. Clean Energy & Fueling grew 12% organically, with solid shipments and new orders in clean energy components, fluid transport, and North American retail fueling, which posted its strongest quarter in years. Demand for our cryogenic components in LNG and space launch infrastructure remains healthy, with several recent high-profile project wins.

Margin was roughly flat as volume leverage was offset by production ramp in cryogenic product lines. Where demand is running ahead of capacity, we are actively expanding that capacity with additional output coming online in the first quarter of 2027. Imaging & Identification grew 2% organically, led by double-digit growth in serialization software and solid performance in core marking and coding consumables and equipment. Margins expanded 400 basis points to 33%, driven by volume leverage on largely fixed cost base and software growth in consumables, favorable geographic mix, and foreign currency translation. Pumps & Process Solutions were 1% organically with growth in AI and energy infrastructure, single-use biopharma and industrial pumps that was partially offset by lower volumes in polymer processing equipment where quoting activity is high.

Margin expanded 770 basis points to 34% on solid conversion in industrial pumps and precision components and a higher mix of biopharma revenue. Climate & Sustainability Technologies accelerated to 18% organic growth in the quarter. Shipments and order rates in brazed plate heat exchangers remain robust across all geographies and major end markets, with notable strength in liquid cooling for data centers, which is initially concentrated in the U.S., but we are now seeing meaningful acceleration in Europe and Asia. Lead times remain extended, and we are actively investing to double our global capacity for large heat exchangers through 2027. CO2 systems posted record quarterly revenue, with September reaching its highest output of the year. In refrigerated door cases, the investments that we have added in Richmond, Virginia facility are ramping up. Line rates exiting third quarter were 15% higher than the second quarter.

We expect another sequential increase in line rates and output in the fourth quarter. We also completed the consolidation of the door frame production in Sylmar, California, at the end of the quarter. Segment margin was 18%. Margins in heat exchangers were robust as volumes outrun the significant investments in capacity build. With direct labor less than 10% of its cost basis, this business converts incremental volume exceptionally well. Those gains in heat exchangers were offset by cost of ramping production simultaneously across CO2 systems, specialty cases, and refrigerated door cases ahead of higher demand and shipment rates in 2027, which is reflected in our backlog. Heat exchangers should continue to benefit from volume leverage in 2027 with a good portion of Q1 revenue already in backlog.

In food retail, we have absorbed roughly $40 million of costs year to date from investments in extra labor costs associated with the production ramp, along with duplicate fixed costs of running two facilities for the throughput of one. As line rates continue to ramp and as the roll-off of fixed costs accelerates through the balance of the year, margins in Climate & Sustainability Technologies are poised to improve meaningfully in 2027. Pass it over to Chris.

Thanks, Rich, and good morning, everyone. Let's go to our cash flow statement on slide eight. Year-to-date, free cash flow was $703 million or 11% of revenue, up $72 million over the prior year, driven primarily by increased operating cash conversion, which more than offset working capital investments to support accelerating top-line growth. Third quarter free cash flow was $383 million or 17% of revenue. We've taken up our full-year CapEx guide for the year to reflect the organic investments we're making behind demand strength. Free cash flow accelerated in the third quarter, consistent with historical trends, and we expect a further increase in the fourth quarter, which is historically our highest cash-generating quarter. Our full-year free cash flow guidance remains on track at 14%-16% of revenue. With that, let me turn it back to Rich.

Okay. I'm on slide nine. Organic investment remains our highest return use of capital. On the left are our most meaningful projects. in support of our organic revenue trajectory, we have greenfield expansions underway in below-ground retail fueling, cryogenic components, flow meters in the U.S., and single-use biopharma components in Asia, along with capacity investments in radio frequency equipment for space, printer ink production, and specialty cases in CO2 systems and large heat exchangers. Many of these projects will be online by the end of the first quarter of 2027. On the productivity side, we are optimizing our vehicle services footprint, extracting synergies from our polymer processing acquisition, and have now completed the footprint consolidation in food retail. These actions generate substantial carryover restructuring benefits, which we will quantify when we provide full-year guidance in January.

On the right side of the slide are the bolt-on acquisitions we announced in the quarter. Cloeren, which we closed in August, adds extrusion dies and feed blocks to our MAAG polymer processing platform, along with more than 300,000 sq ft of U.S. manufacturing capacity close to the U.S. petrochemical and space launch infrastructure. Leistung, which we signed and expect to close in the fourth quarter, gives our Clean Energy & Fueling segment a low-cost, state-of-the-art cryogenics components manufacturing presence in India. Both businesses carry excess capacity that other Dover operating companies will leverage as manufacturing hubs in highly strategic locations. Moving to slide 10. Our balance sheet remains a competitive advantage and our capital allocation priorities are unchanged. Organic investment generates our highest returns, and we are guiding full-year CapEx of $200 million-$220 million, with the capacity and productivity projects I just covered delivering attractive returns into next year.

We have committed approximately $80 million to our two announced acquisitions, and our pipeline remains active for bolt-on opportunities in high-priority markets. We have also repurchased approximately $400 million of shares year-to-date, including $330 million in the third quarter. With over $3 billion of dry powder at quarter end, we have the ample flexibility to play offense in capital allocation and a near-term bias towards returning capital to shareholders. Let's finish with slide 11. We are moving our full year guidance towards the upper end of the range. Our focus is on finishing the year strong, and our order book gives us confidence in the forecast with momentum carrying into 2027. Alongside a constructive demand backdrop and a strong order book, we will benefit from carry-over restructuring savings, contributions from completed acquisitions, a lower share count, and a roll-off of transition costs in food retail.

We look forward to closing out the year strong and are confident as we enter 2027 from a position of strength. Over to you, Jack.

Thank you. If you would like to ask a question, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star two. We ask that participants limit themselves to one question and one clarifying question. Our first question comes from Steve Tusa with Wells Fargo. Please go ahead. Your line is now open.

Just on the backlog, I think it is a little bit above $3 billion now, if I go back and do the math. I think you said 50% of that is shippable for next year. Is there anything in kind of the non-backlog business that you look out to next year that you would be worried about being unsustainable or dropping off at all?

I'd characterize it this way, I guess. Where we've been capacity constrained is what's driving the backlog into 2027. The duration of the demand is a good indicator because customers are basically getting in line to reserve that capacity. It is not overly influenced from some of our more traditional long cycle businesses. MAAG's pretty much is a bottom, same with Belvac. Those numbers aren't influenced by those two businesses. That's actually upside to backlog build as we go into 2027. Our traditional short cycle businesses, we don't have a lot of visibility going into next year, and we'll just book and ship as we normally do between now and the end of the year.

Right. Is there any reason for the growth to slow materially in Q4? I know you kind of guided that number. The midpoint is a bit of a slowing. Anything stand out? The order's been pretty good, book-to-bill above one seasonally.

Yeah, not really, other than the fact that Q4 is not always in our control, right? We've got the orders, we can make the orders, then it becomes a question at the end of the year whether those orders get called off by our customers or as everybody play a kind of managing the working capital game at the end of the year. So we're always a little bit cautious because December could go almost either way in any given year. But there's nothing based on the trajectory that we see that's any slowing. It's pure calendarization.

All right. One more, just on the buyback. You've done $300 million or something like that. Are you done with that, or is there still some of that? You have ton of cash, ton of capacity. Can you chew through some of that?

I think in corporate speak, what we said is that our bias was still on capital return. So take that for what it is.

Great. I do not understand all corporate speak, but that is pretty clear, so I appreciate that. Thank you.

Thank you. Our next question comes from Nigel Coe, Wolfe Research. Please go ahead.

Thanks. Good morning. Maybe Rich, could you just kind of give us a little kind of sense on the deal cost you called out, I think $40 million of investment and deal cost that is now behind us. Maybe give us a sense on how you see CST margins in the fourth quarter, but more importantly, going into 2027. You have said 20% margin target in the past for that segment. Are we on track for that in 2028?

Yeah. Just for clarity's sake, it is the year-to-date headwind costs of the plant closure and the redundant labor that we have had to run as a result of that. That is year-to-date, okay? That number will actually probably go up between now and the end of the year because as line rates come up, we will absorb that extra labor, and then we will begin to flip it over into productivity. That is the $40 million. Yeah, I think that we are well on track of meeting the targets that we put on that sector because of two things. Number one, the carryover of not having those costs of consolidation between the two years is an add back. The volume across the segment goes up, and so the incremental margin of the fixed cost goes up along with it.

I think that is why I said that we can expect a material change in 2027 in the margin of that particular segment.

Oh, come on, Nigel. We're going to give you guidance when we get to the end of the year, but it's material.

Okay. You've said 20% in the past. I was just trying to get a sense on that. Can we just talk about the PPS orders, sorry, not PPS, the CST orders, been strong for a long time now. No sign of a slowdown. I'm just wondering, maybe if you can just try and give us another sort of second level detail on SWEP versus CO2 systems versus core refrigeration. I do want to get a sense on one number, which 30% growth in data center this year is impressive, but I would think it'd be even more impressive just given the growth in the market. I'm wondering if there's any capacity constraints within SWEP that maybe gets released in 2027.

Well, yeah. I think that if you go on the slide of our capital investments and if you go back and read the transcript of what I said, yeah, we've been capacity constrained all year. It doesn't seem to be preventing the actual build-outs, but everybody's trying to get in front of securing the supply. So there's a lot of signaling effect in there. We are basically ramping to double capacity into the main product line that's been growing, this is SWEP now, that's been sent into data centers. That will change over time because there'll be a shift between the central cooling system demand, which we see it now, into more CDU mix into the future, and we're taking that into consideration. In terms of the backlog, I don't want to say 50/50, but it's dominated by CO2 systems demand and SWEP.

Thank you. Our next question comes from Mike Halloran with Baird. Please go ahead. Your line is open.

Hey, so back to the backlog question on some level. What's the normal conversion ratio at this point? Half your backlog's shippable next year. What does that normally look like? And maybe any thoughts on the lead times you're seeing in the industry and if those are starting to extend?

It is higher than average that we would see at this time. If you go back and read the transcripts, we would expect in a kind of, let's call it a normal year, for book-to-bill to come down in Q3 just because the order of magnitudes of shipments. But because of the secular growth nature of some of these businesses that we're in, customers in certain segments are securing supply, so trying to secure capacity, and so they're ordering well in advance of what we would normally expect. That's why we gave you the backlog figures, and that's why we tried to monetize how much of that is 2027, because that, in general terms, would not look like that except for the pace of the growth rate in some of those segments.

Well, that makes sense. On the buyback side, M&A side, obviously, certainly makes sense that you're pushing more on the capital return side short term. But maybe what's just happening on the M&A side of things, are you getting priced out of deals at this point? Has the activity slowed? Maybe just some thoughts there.

The activity naturally slows in Q4. Very little comes to the market at the end of the year. So whatever has come to market, has come to market. Not to get into certain deals. Look, we've got return criteria that we stick to. So there are some things that we didn't get that we would have liked to get, but the purchase price that those assets sold for were above that criteria at the end of the day. We'll see in 2027, but we've got a ton on our plate of organic investment, which is probably going to drive as much revenue growth as kind of bolt-on acquisitions would do. So we retain a posture of optionality, meaning that we'll participate in M&A. We've got some interesting stuff in the pipeline.

But with all the cash that we're producing that we carried into this year and all the cash that we're going to produce this year, clearly our stance is now on capital return.

Thank you. Our next question is from Joe O'Dea from Vertical Research. Please go ahead. Your line is open.

Hi. Good morning. Could you talk a little bit about pricing and what might be in the pipeline just with respect to the inflationary backdrop? Looked like the price this quarter was pretty similar to the second quarter, maybe a little bit tougher comp, but are you out there in the market and need to do anything more on the pricing side?

Yeah, it depends, Joe. We actually have moved up pricing decisions this year, and have been introducing pricing, which in a kind of a stable year of a low inflation environment, we'd kind of wait till the beginning of the year. We've actually accelerated that in certain instances, depending on exposure to a variety of different things, whether it's commodity group metals or other things. I think we're on the front foot of getting ahead of what anybody's view about price cost is going into 2027. I think we're actually probably a full quarter in front of getting in front of that.

Just another one on the food retail and the production ramp costs. As we think about full year being somewhere above 40, how much of that we can think about as being non-repeat? Is there carryover associated with it, or do you think that those are all kind of contained costs that you'll be able to leverage next year?

The speed is coming down as the volumes go up, right? You get the fixed cost absorption benefit. The balance of it is productivity, so it's just winding out kind of extra labor costs as you stabilize the line rates. We would expect that to progressively get better over the balance of the year, and then probably finish up by the end of Q1. But I don't expect the 40 or whatever it ends up being at the end of this year flows through in total going into next year, unless volume drops, and based on our backlog right now, we see no indication of volume dropping in 2027.

Thank you. Our next question comes from Scott Davis with Melius Research. Please go ahead. Your line is open.

Rich, what happens in retail fueling when fuel prices are up this much? Does that create a little bit more cash flow for these guys to invest in their businesses? It seems like that it's been a while since we've had a big jump like this, but what does $6 diesel and $4 gas do for these folks?

Yeah. Not to talk about our customers' profitability, many of which are publicly traded. At the end of the day, earnings spread on fueling products have been up substantially over the past 18 to 24 months, and I don't expect that to narrow. The better news, so that's great. We like healthy customers that are making a lot of money, number one. Number two, the good part of what we've seen about the CapEx is there is supply constraints in that particular market, and that is just lengthening the duration of what we believe the demand cycle is. We knew we were coming into a CapEx cycle for a variety of different reasons. We now believe that that is going to extend, I think we called it out a year and a half ago as a three-year cycle.

We could probably argue that it's going to be at least four.

Is that an area where you're able to get price because of that supply chain dislocation?

In terms of the amount of market participants, it is a market that we like.

Yeah, makes sense. All right. Thank you. Best of luck.

Thank you. Our next question comes from Andy Kaplowitz, Citigroup. Please go ahead. Your line is open.

Rich, DII margin, I think was the best margin that segment has recorded. I know you mentioned mix productivity effects, but I think you've been working on structural cost actions in that segment. Should we think about DII's margins even more sustainable, closer to Q3 rates, or maybe it was more of a one-time bump?

Look, I'd look at year-to-date at the end of the day, because it's our most global business. There's a lot running through that some of our other business don't have to deal with, especially FX, and then mix because of the disproportionate difference in margin between the consumables and the equipment. It will move around for that. Having said that, if you go back and take a look over a three to five-year period, we've steadily marched up the margin in that business, through a variety of different measures. We're making some pretty significant investments. We built a brand-new plant in Poland this past year, and we're going to finish up on basically rebuilding our ink production in 2027, so we expect some productivity to come out of that.

Yeah, I wouldn't get all excited about this quarter's margin, but if you look at it on a year to date basis, that's entirely sustainable.

That's great. Maybe a similar question on Clean Energy & Fueling. If I look at Q3, year-over-year margin is a little bit more difficult than the first half. I know you talked about cryo space production ramp impacting margin, but maybe update us on the platform you created in that business, that journey. I think you talked about the 25% margin. Where is that?

Look, we're tracking there. The opportunities that we've found on the cryo side over the past 18 months, which is driving the top line, is requiring a lot of investment on our part. So that has got a little bit of a dilutive effect, but we'll take that trade-off any day, right? Because it's driving the top line, and these are businesses with secular growth that once we go through the build phase, we can expect what we saw in SWEP over the last couple of years, where we had margins that were down because investment was running forward than the revenue. Now we've got the revenue in SWEP, and so the incremental margin is robust.

We'd expect that same kind of trajectory, and that's the reason that we put that slide in about all the organic investments that we're making is, it's not only to kind of explain what we think about the durability of the revenue increase, but it's to give you a signal of, we're going to invest here. There's some cost of making those investments, but we believe over time, the return on invested capital there, will be excellent.

Thank you. Our next question comes from Brett Linzey, Mizuho. Please go ahead. Your line is open. Brett, your line is open.

We will move to our next question. Our next question comes from Amit Mehrotra with UBS. Please go ahead. Your line is open.

Just maybe one quick one. SWEP lead times, last time I checked in, they were 25 weeks. Is that still the case? I think that's where most of your copper exposure is. Obviously, copper's come off a little bit, but sort of hit all-time highs in September. I think you have a material pass-through on that, so no issue on price cost. Maybe you can enlighten me on that, but maybe there's a margin issue as copper rises in that business. Maybe you can talk about those two things.

Yeah. Let's deal with copper first. I think that we do have copper exposure there, but it's built into the pricing mechanism with our supplier contracts in SWEP. I don't know what lead times are off the top of my head. We're bringing on additional capacity sequentially through the year, but with a pretty big jump this quarter going into Q1. Then it becomes a big debate of, well, but the lead times keep going out because the orders keep coming in advance of that capacity build. Does that wind down in 2027? Hard to say. Right now, we don't see it, but we are bringing on more capacity because the fact that we believe in the durability of the demand.

But it's not measured in years, it's measured in quarters, right?

I guess just my follow-up question, my clarifying question then, if I think about quarterly order in dollar terms over the last three quarters, so this year, sort of average $2.3 billion to $2.4 billion, depending on the quarter. That's about 9%, 10% higher than the average quarterly revenue of this year. I'm sure you're going to tell me to curb my enthusiasm, but is that the wrong way to think about maybe the organic growth opportunity next year?

Let me answer it this way. We've given you book to bill against my own advice. We gave you the number of the backlog increase. To get into the high-level math when you don't know what the duration is of the timing of those orders,

Is a fool's game. I'm sure Jack can give you all kinds of clarifying questions, but I can't go there right now.

I guess that was my question. That was my question about lead times, right? I mean, it's lead times.

Yeah. Look, we're not losing share because of lead times, right?

Because generally speaking, we're in very concentrated markets from a supply base. Those who bring on the capacity proactively tend to win, and that's why we've been investing in advance of some of this demand to the detriment of margins, by the way, but they end up being good investments once they roll over and absorb the fixed cost. We can see that

Excellent. Okay, thank you for answering my questions. Appreciate it.

Dover (DOV) Q3 2026 Earnings Call Transcript

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