AddedRisk Factors
changes relating to climate change related policies, they could lose customers to competitors. If our businesses do not compete effectively, we may experience lower revenue, operating profits and cash flows.
DOVDover Corporation
- Employees
- 24,000
- Headquarters
- Downers Grove, IL
- CEO
- Richard J. Tobin
- Next results
- around Jan 28, 2027
10-K 0000029905-26-000009 (2026-02-13) vs 10-K 0000029905-25-000006 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 4,299 | 1.9% |
| MD&A | Item 7 | 9,136 | 30.8% |
| Legal Proceedings | Item 3, via Note 16 – Commitments and Contingent Liabilities | 402 | 2.3% |
| Accounting Policies | Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies | 3,571 | 14.2% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 175 words changed in this paragraph; it is 39% similar to last year's version.
Source: Item 7, 10-K 0000029905-26-000009 vs Item 7, 10-K 0000029905-25-000006
Accounting Policies 136 words changed in this paragraph; it is 33% similar to last year's version.
In November 2023, September 2025, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to Reportable Segment Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition Accounting for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. Internal-Use Software which changes the requirements for when entities may begin capitalizing costs for internal-use software. The amendments are effective for fiscal years beginning after December 15, 2023, 2027, and for interim reporting periods within fiscal years those annual reporting periods. Early adoption is permitted as of the beginning after December 15, 2024. of an annual reporting period. The Company adopted is currently evaluating this ASU to determine its impact on the guidance during the fourth quarter of 2024. See Note 19 — Segment Information for further details. Company’s consolidated financial statements.
Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0000029905-26-000009 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0000029905-25-000006
Risk Factors 81 words changed in this paragraph; it is 74% similar to last year's version.
Our competitive environment is complex because of the wide diversity of the products that our businesses manufacture and the markets they serve. In general, most of our businesses compete with only a few companies. Our ability to compete effectively depends on how successfully we anticipate and respond to various competitive factors, including new products, digital solutions and support services that may be introduced by competitors, changes in customer preferences, evolving regulations, new business models and technologies and pricing pressures. If 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. 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 changes relating to climate change related policies, they could lose customers to competitors. If our businesses do not compete effectively, we may experience lower revenue, operating profits and cash flows.
Source: Item 1A, 10-K 0000029905-26-000009 vs Item 1A, 10-K 0000029905-25-000006
Legal Proceedings 18 words changed in this paragraph; it is 95% similar to last year's version.
The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company's products, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date and consider the availability and extent of insurance coverage. The Company has estimated liabilities for these other legal matters that are probable and estimable, and at December 31, 2024 2025 and 2023, 2024, these estimated liabilities were immaterial. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not 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. See also Note 4 — Discontinued and Disposed Operations for details on litigation related to a discontinued operation.
Source: Item 3, via Note 16 – Commitments and Contingent Liabilities, 10-K 0000029905-26-000009 vs Item 3, via Note 16 – Commitments and Contingent Liabilities, 10-K 0000029905-25-000006
Every change, by type
Sentences and paragraphs of DOV's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-14. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
RewordedRisk Factors
RewordedRisk Factors
We 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
RewordedRisk Factors
The disruption of our global supply chain for any reason, including for issues such as COVID-19 or other 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 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.
RewordedRisk Factors
Approximately 46% and 48% of our revenues for both 2025 and 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.
AddedMD&A
Bookings increased 6.0% over the prior year to $8.1 billion for the year ended December 31, 2025. The bookings increase was broad-based across the portfolio, with each segment except Engineered Products posting year-over-year growth.
AddedMD&A
On November 10, 2025, the Company entered into the 2025 ASR Agreement, a $500.0 million accelerated share repurchase agreement with JP Morgan to repurchase its shares under the 2025 ASR Program. 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. See Note 21 — Stockholders' Equity in the consolidated financial statements in Item 8 of this Form 10-K for further details.
AddedMD&A
Our effective tax rate was 20.1% for the year ended December 31, 2025, compared to 20.3% for the year ended December 31, 2024. Our effective tax rate differs from the U.S. statutory tax rate primarily driven by mix of earnings and reorganizations.
AddedMD&A
On July 4, 2025, the One Big Beautiful Bill was enacted into law, introducing changes to the U.S. tax code, including making permanent certain provisions originally enacted under the Tax Cuts and Jobs Act, such as 100% bonus depreciation and the immediate expensing of domestic research and development costs. The changes do not have a material impact to our consolidated financial statements.
AddedMD&A
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. We believe that reporting organic revenue growth provides a useful comparison of our revenue performance and trends between periods.
AddedMD&A
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)%
AddedMD&A
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%
AddedMD&A
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%
AddedMD&A
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%
AddedMD&A
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)%
AddedMD&A
•Long-term debt, commercial paper and other short-term borrowings, net: During 2025, we issued €550.0 million of 3.50% euro-denominated notes due 2033 ("2033 Notes"). The proceeds of €546.6 million from the issuance of the 2033 Notes, net of discounts and issuance costs, were used for general corporate purposes. On November 15, 2025, the outstanding 3.150% notes with a principal value of $400.0 million matured. The repayment of the notes at maturity was funded by the Company's existing cash balances. There were no repayments or issuances of long-term debt in 2024. During 2025, we used $0.6 million to pay off other short-term borrowings. In 2024, we used $467.6 million to pay off primarily commercial paper borrowings.
AddedMD&A
On November 12, 2025, the Company issued €550.0 million of 3.50% euro-denominated notes due 2033. The proceeds of €546.6 million from the issuance of the 2033 Notes, net of discounts and issuance costs, were used for general corporate purposes.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
RewordedMD&A
The organic revenue growth was primarily driven by robust shipment rates of single-use biopharma components and components, thermal connectors used in liquid cooling of high performance computers and in data centers, as well as solid growth in precision components, components and digital controls for midstream natural gas compression and power generation, partially offset by expected revenue declines in our plastics and polymer processing solutions equipment business due to as customers shifting shift focus to optimizing the significant capacity investments made over the last several years.
RewordedMD&A
The increase in revenue was also driven by acquisition-related growth of 3.0% 2.6% primarily in our Pumps & Process Solutions and Clean Energy & Fueling segments and Pumps & Process Solutions segments, a favorable impact from foreign currency translation of 1.0%, partially offset by a disposition-related decline of 2.0% 0.7% in our Engineered Products segment and an unfavorable impact from foreign currency translation of 0.2%. segment.
RewordedMD&A
For the year ended December 31, 2024, 2025, interest expense, net of interest income, decreased $23.8 $57.3 million, or 20.2%, 60.9%, to $94.0 $36.7 million compared with 2023 2024 primarily due to driven by higher interest income generated by the investment of proceeds from the sale of ESG Environmental Solutions Group ("ESG") held in highly liquid short-term investments. investments and reduced interest expense resulting from a lack of commercial paper borrowings.
RewordedMD&A
RewordedMD&A
Gross profit margin increased 90 160 basis points to 38.2% 39.8% as compared to the prior year driven by benefits from mix, pricing, favorable price versus cost dynamics and dynamics, productivity initiatives, partially offset by inflationary headwinds, acquisition integration costs favorable portfolio mix and lower volumes across some of the Company's businesses. benefits from restructuring actions.
RewordedMD&A
Engineered Products revenue for the year ended December 31, 2024 2025 decreased $48.5 $116.6 million, or 3.9%, 9.7%, compared to the prior year due to an organic revenue decline of 6.6% and a disposition-related decline of 12.2% and an unfavorable 4.3%, partially offset by a favorable impact from foreign currency translation of 0.1%, partially offset by organic revenue growth of 8.2% 0.8% and acquisition-related growth of 0.2%. 0.4%.
RewordedMD&A
Capital expenditures (220,263) (167,533) (183,406) (211,082) Free cash flow $ 1,117,742 $ 920,300 $ 1,036,140 $ 535,672 Cash flow from operating activities as a percentage of revenue 16.5 % 14.0 % 15.9 % 9.5 % Cash flow from operating activities as a percentage of earnings from continuing operations 121.9 % 77.7 % 129.2 % 75.4 % Free cash flow as a percentage of revenue 13.8 % 11.9 % 13.5 % 6.8 % Free cash flow as a percentage of earnings from continuing operations 101.9 % 65.7 % 109.8 % 54.1 %
RewordedMD&A
During the year ended December 31, 2024, 2025, restructuring charges of $69.8 $56.7 million were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Technologies and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments.
RewordedMD&A
The decrease was primarily due to disposition-related impacts and lower volumes and increased material and labor costs, in vehicle service, partially offset by customer pricing actions, favorable price versus cost dynamics, productivity and cost reduction initiatives. management initiatives and benefits from restructuring actions.
RewordedMD&A
The increase is driven by acquisition-related growth of 3.0%, 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 2.0% and an unfavorable impact from foreign currency translation of 0.2%. 0.7%.
RewordedMD&A
The organic revenue growth decline was primarily driven by improved production performance and increased demand due to lower volumes in our vehicle service business, along with partially offset by pricing actions and favorable demand trends in our aerospace & and defense business. components and software.
Quiet changesMD&A
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.
Quiet changesMD&A
At December 31, 2024, our cash and cash equivalents totaled $1.8 billion, of which approximately $300.5 million was held outside the United States.
Quiet changesMD&A
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.
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