都福 2025年度报告

About Dover Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovativeequipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support servicesthroughfive operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & ProcessSolutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the marketswe serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes anownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dovertrades on the New York Stock Exchange under “DOV.” Additional information is available at dovercorporation.com. Financial Highlights (2)Return on average equity is calculated by dividing earnings from continuing operations by average stockholders’ equity (the sum of the stockholders’ equityat the beginning and end of the year, divided by 2). Adjusted return on average equity (a non-GAAP measure) is calculated by dividing adjusted earnings fromcontinuing operations by average stockholders’ equity (the sum of the stockholders’ equity at the beginning and end of the year, divided by 2).(3)Free cashflow (a non-GAAP measure) represents net cash provided by operating activities minus capital expenditures. This Annual Report contains forward-looking statements that are inherently subject to uncertainties and risks. We caution investors to be guided in their analysisof Dover by referring to the documents wefile with the SEC, including our Form 10-K for 2025, for a list of factors that could cause our results to differ from thoseanticipated in any such forward-looking statements. This Annual Report contains non-GAAPfinancial information. Reconciliations of non-GAAP measures are included in this report or are available on the InvestorRelations section of our website under Annual Reports. A Message from the Chairman,President and Chief Executive Officer Dear Fellow Shareholders, Clean Energy & Fueling delivered $2.1 billion inrevenue at a segment earnings margin of 19.6%for 2025. The outlook forfluid transport and cleanenergy components remains strong, with particularlyrobust demand expected in cryogenic and industrialgas applications. Customer capital deployment inabove and below-ground retail fueling is expectedto be a catalyst for growth in 2026, and we expectmargins to continue to expand, driven by volumeleverage on growth and the realization of benefitsfrom structural cost actions and acquisitionintegration activities. In a year defined by shifting macroeconomicconditions, 2025 demonstrated meaningful progressfor Dover, reflecting our entire team’s focus ondisciplined execution and the benefit of our resilientoperating model. We delivered strongfinancialperformance despite uneven demand functiondynamics, while continuing to invest behind growthand productivity. Additionally, we continued tostrengthen the portfolio by repositioning towardhigher-growth, higher-return platforms, consistentwith our long-term objectives. In 2025, Dover delivered $8.1 billion in revenue and$1.1 billion in earnings from continuing operations.We generated $1.1 billion in free cashflow, whileinvesting $220 million in capital expenditures,$165 million in research and development, andapproximately $665 million toward acquisitions inhigh-priority end markets. In addition to investingbehind growth and productivity in the business,we continued our track record of returning capitalto our shareholders through dividends — our70thconsecutive year of doing so — and sharerepurchases. In total, Dover undertook returningapproximately $824 million to shareholders in2025. We entered 2026 in a position of strength,with accelerating demand trends and carryforwardbenefits from cost structure initiatives undertakenin 2025. Imaging & Identification delivered $1.2 billion inrevenue at a segment earnings margin of 26.8% for2025. The segment remains one of Dover’s mostdurable and consistently profitable platforms, andwe expect it to maintain a steady growth trajectoryin 2026, supported by a significant recurring revenuebase and resilient underlying demand trends. We sawan improvement in marking and coding equipmentshipments during 2025, expanding the segment’sglobal installed base, positioning it for aftermarketrevenue growth by capitalizing on recurring revenueattachment. Pumps & Process Solutions delivered $2.1 billionin revenue at a segment earnings margin of30.3% for 2025. This performance underscoredthe strength of the platform and robust demandtrends tied to broader artificial intelligence andenergy infrastructure investments across the globaleconomy. We are particularly pleased by the strongdemand for thermal connectors for liquid cooling ofdata centers, precision components supporting thenatural gas infrastr