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.

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

Good morning, and welcome to Dover's Second Quarter twenty twenty five Earnings Conference Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer Chris Wunker, Senior Vice President and Chief Financial Officer and Jack Dickens, Vice President, Investor Relations.

After the speakers' remarks, there will be a question and answer period. As a reminder, ladies and gentlemen, this conference is being recorded and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you. I would like to now turn the call over to Mr. Jack Dickens. Please go ahead.

Thank you, Stephanie. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through August 14, and a replay link of the webcast will be archived for ninety 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 this call over to Rich.

Thanks, Jack. Let's get started on Slide three. Dover's second quarter results were strong, driven by excellent production performance, positive margin mix from our growth platforms and carry forward cost actions taken in prior periods. Top line performance accelerated in the quarter on broad based shipment growth and short cycle components and outperformance over secular growth exposed end markets. Order trends continued to be positive momentum in the quarter, up 7% year over year, bolstering our confidence in the second half outlook with the majority of our third quarter revenue already in backlog.

And as an anecdote, July orders are tracking really well going into the back end of the third quarter. Margin performance in the quarter was exemplary with a record adjusted segment EBITDA margins above 25 as a result of prior period portfolio actions, positive mix from the growth platforms and our rigorous cost containment and productivity actions. Adjusted EPS was up 16% in the quarter. Our solid operational results were complemented by ongoing capital deployment actions. We continue to invest in high ROI organic capital projects, including productivity and capacity expansion as well as targeted footprint optimization.

During the quarter, we also completed two acquisitions of attractive fast growing assets within our high priority Pumps and Process Solutions segment. Our balance sheet strength remains an advantage that provides flexibility as we pursue value creating capital deployment to further expand our businesses in high growth, high margin areas. We are approaching the second half of the year constructively despite some macroeconomic noise underlying end market demand is healthy and is supported by our sustained order rates. As a result, we are raising our full year adjusted EPS guidance to $9.35 to $9.55 which is plus 14% for the full year at midpoint. Let's go to slide five.

Engineered Products revenue was down in the quarter of lower volumes in vehicle services. We did see improving sentiment in vehicle services as the quarter progressed, most notably in North America where book to bill was north of one. Margin performance of the segment was up on structural cost management and productivity. Clean Energy and Fueling was up 8% in the quarter led by strong shipments fluid transport and North American retail fueling software and equipment. Margin performance was solid in the quarter, up 80 basis points on volume leverage, higher mix of below ground fueling equipment and restructuring benefit carry forward.

Imaging and ID was stable on growth in our core marking and coding business, partially offset with timing of textiles. Margin performance remains exemplary in the segment at 28% adjusted EBITDA margins and management actions on cost to serve and structural cost controls continue to drive incremental margins higher. Pumps and Process Solutions was up 4% organically on double digit growth in single use biopharma components, thermal connectors for liquid cooling of data centers and digital controls of midstream natural gas compression. Industrial pumps posted solid results as well and as forecasted the long cycle polymer processing equipment business was down year over year, though quoting activity improved in the quarter and book to bill was ahead of one. Segment revenue performance including the acquisition of Secora and volume leverage drove margin improvement on excellent production performance of volume and secular growth exposed end markets.

Revenue was down in the quarter in climate sustainability on the comparative declines in food retail cases and engineering services, which more than offset the record quarterly volumes in CO2 systems. Heat exchangers was up sequentially and year over year on record quarterly shipments in North America, where we are actively increasing capacity to accommodate growing demand tied to liquid cooling of data centers. Shipments of heat exchangers for installation in European heat market heat pumps was down slightly in the quarter, but are expected to inflect positively in the second half of the year. Despite the lower top line, the segment posted 60 basis points of margin improvement against a difficult comp period on productivity actions and a higher mix of CO2 systems. I'll pass it on to Chris here.

Thanks, Rich. Good morning, everyone. Let's go to our cash flow statement on Slide six. Year to date free cash flow was $261,000,000 or 7% of revenue, up $41,000,000 over the prior year as year over year improvements in operating cash conversion more than offset expected increases in capital spend on growth and productivity projects. We expect cash flow generation to accelerate in the second half of the year in line with historical trends as seasonal working capital liquidation in the third and fourth quarters should more than offset continued investments in productivity, capacity expansion and cost structure optimization projects, which are expected to generate meaningful benefits into 2026 and beyond.

Our guidance for 2025 free cash flow remains on track at 14% to 16% of revenue on strong conversion of operating cash flow. With that, let me turn it back to Rich.

Okay. Let me try as I might on bookings. Let's give this one a whirl here. Here we provide more detail than usual, although I guess the reaction is murky in the second quarter. Q2 consolidated bookings were up 7% over the prior year.

They were also up sequentially, marking a continued momentum across our business. Year to date book to bill is above one across all five segments with particular strength in our highest margin and secular growth markets, an encouraging sign as we move into the second half. Let's go to slide eight. Slide eight, which highlights several of the end markets that are driving our consolidated growth forecast and our margin between end market data and our customer forecast and our own booking rates, are encouraged by the outlook in the broader industrial gas complex with cleaner energy components and precision sorry, clean energy components, single use biopharma components, CO2 refrigeration systems and inputs into liquid cooling applications of data centers, which includes our large heat exchanger business. We have made significant organic and inorganic investments behind these markets and they remain one of our highest priority areas for investment going forward, which we'll talk about in a minute.

In aggregate, these markets now account for 20% of our portfolio and drive attractive margin accretion and expected double digit growth, which I think we're on track as of the close of Q2. Let's go to nine. Our organic investments remain our highest priority of capital deployment. We are moving forward and in fact accelerating a number of organic investments despite the near term uncertainty in the macro sentiment. Here we show some of our most meaningful and high ROI capital projects that we're undertaking in 2025.

You'll see a healthy balance between growth capacity expansions behind some of our highest priority platforms as well as productivity and automation investments including rooftop consolidations. So, we put in the press release that we were tallying up these savings and provide an update in our next quarterly call as to the absolute quantum of the savings roll forward benefit into 2026. Suffice to say that given the scale of the projects, we expect the savings to be meaningful. This is in line with our goal each year to drive non revenue profit generation through fixed cost reduction programs. So, we're kind of midstream.

Let's deal with the footprint projects and the reshoring. We're in good shape in terms of the timing. As Chris mentioned, that is going to be reflected in our cash flow or our CapEx projections for the year. So, the timing of it and some of these projects are quite complex when we talk about going from eliminating six rooftops, for example. By the time we get to Q3, we'll have an idea of the timing of the roll forward of these benefits that are not will we catch a bit of it in Q4?

Maybe, but the vast majority of it will the non revenue profit of these restructuring. So, what you're going to see between now and the end of the year is the CapEx inflect up and the restructuring charges come as we start to take down some of these operations. What was the total roll forward this year?

of savings are reflected in this year's accounts. That's why you see with at least year to date not a lot of revenue growth. I think we've got easier comps in the second half of the year, but you see the margin accretion and meaningful contributor to some of those margins is last year's roll forward. I would expect that next year would be the same if not better. The biggest single project that we have is one of the rooftop ones.

We'll probably catch that in the latter half of next year. But let's go to slide When we take a look at what we've taken every year in terms of margin expansion, I mean, it's close to 100 basis points a year. A good portion of that is revenue mix, a variety of things that we're doing in the portfolio, but a meaningful portion of that is, let's call it productivity. And our business model continues in its current trajectory of improving the portfolio, upgrading the mix within the individual segments. We also look and put goals on the businesses of meaningful productivity, of which a lot of it is things like rooftop consolidation and the reduction of fixed costs.

So, can't give it to you now because I don't want to give you a number that's incorrect. But we think that at minimum, the benefit in '26 is going to be the same excuse me, the minimum that we're seeing in '25 will be 26, but the total quantum is going to be larger. That's what's in the pipe. It's just a question of do we realize it in 2026 or 2027. Okay.

Now I got myself off the script. I'm sure that's upsetting to everybody. You know what? I'll take slide 11. The bottom line is if you look at the margin accretion here, it's upgraded mix.

I'm talking about 25% productivity, all the things I just talked about. There's the look for the back half of the year. So, we're not calling for any margin dilution, but you can see in terms of what our organic growth rate is the year, the back half largely because of the acceleration on our growth platforms and easier comps that we had in the back half of last year. That's why you see the organic growth estimate for the last year. We can go to Q and A in a second, whether there's anything more meaningful there.

Oh, I'm sure what do we use for the back half for dollar dollar euro in the back half?

Yes, we have a range of outcomes, but one of them was carrying forward current rates.

Right. So look, we back tested the volatility in the first half of the year and then used that for the second half of the year, I can't predict FX. So, using prevailing spot rates for the whole back of the year based on the volatility we saw at the beginning of the year, I think is a bit ambitious. And if FX rates at least dollar euro stays the same, then that's good for translation and maybe gives us 100 basis points of increased revenue in the back half. So, I'm sure we can beat that to death in the Q and A.

Thank you. Our first question will come from Mike Halloran with Baird.

Hey, a couple of clarifying questions. First, talk about pretty happy with the trajectory through the quarter. It's tough organic order comps, but could you just give us a sense for how you thought things played out sequentially through the quarter relative to previous expectations and frame how things have changed from your perspective going into the back half of the year versus not? It seems like you're at or above the trajectory you would have been talking about entering the year with the original guide. Just had to deal with some volatility in the middle, but any context there would be great.

I'd like generally speaking with all the noise around tariffs and price cost and everything else, clearly, the margin performance through the first half of the year is slightly above expectation. Now, said that, we're beginning to lap comps on biopharma and everything else. So, that's a big contributor to the mix benefit. I think the only portion of the portfolio that is a little lighter in terms of volume would be cryogenic components because there seems to be a lot of notional backlog based on talking to our customer that's kind of sliding to the right. I think that we commented that at the beginning of the year.

I think the traditional refrigeration case business is behind and that's a pretty big business. That is we would have thought that revenue performance there would have been a little bit better, but because of margin mix across the portfolio, Anecdotally, that business is not dilutive to our margins anymore, but it's two for one a little bit between the precision components and the data center business. So, overall, I mean, I think our expectation in core refrigeration is clearly now going to be behind what we thought at the beginning of the year. But because the growth platforms are so accretive to our margins, 100 basis points there is 200 basis points on Refrigeration. So, optically on book to bill, it's 20,000,000 I think that's the difference for the quarter between I guess I should have stopped the last shipment of the month somewhere, because then we would have been at one and then we won't be hammering that issue.

Year over year on H1 to the kind of on the sequential, we're still up overall on book to bill. And as I said, we went and polled everybody because we haven't closed July yet, but nobody said that the momentum on bookings was poor. So, we're starting off Q3 on a bookings basis and it looks good.

So, maybe you could bridge the first half to the second half or sorry, what's changed in the guidance is maybe the better way to put it.

Well, mean, we're ahead. Yes, mean, we're ahead, right, on where we thought we would be, So all we're doing is roll forward rolling forward where we're kind of ahead into the back half. Now the question is and we deal with this every year, we deal with at the end of Q3, we will look where we are on bookings momentum and then we're going to make we're going to decide what we're going to do in Q4 of whether we will cut production performance and maximize cash flow for the year. But we won't make that decision until probably mid this quarter based on bookings momentum and backlog.

If I put it in the context of what's changed though, it's you took away the cautionary language from last quarter on the growth. You had Secura, maybe a little movement on FX. I don't really want to blame

Bottom line yes, bottom line is no real change to the momentum you would have been talking about other than removing the cautionary language?

Yes. I mean, look, I mean, we're EPS at midpoint is 14%. We're aiming towards the top of the range, which is 16% year over year, which will put us in terms of top quartile to our comps.

Perfect. Yep. That's what I Thank was looking you.

Thank you. We'll take our next question from Chris Snyder with Morgan Stanley.

Thank you. I wanted to ask about competitive dynamics in the market. You guys have a lot of North America production. You guys compete against a lot of smaller competitors. Are there any verticals where you're starting to see share shifts?

Or maybe it's still too early for that? And is there any change you're seeing in the price environment post de escalation? Thank you.

Okay. Well, I mean, clearly, on price total cost, we're in a positive position. So, would expect we don't see any particular headwinds coming either way and we are pretty much out with our total pricing that we're putting out. So, we expect some accretion in terms of the margin unless something unknown pops up in terms of price cost. Yeah.

I mean, our business model is competing with smaller competitors and that allows us ability to either extract pricing or manage input costs probably more effectively. Can't say yet about share because we won't because the dynamic of the restock at the beginning of the Q1 had a lot of kind of restock in there and now you're just basically booking and shipping based on current conditions of demand.

Thank you. Appreciate that. And then maybe just a follow-up on some of the prior questions around the back half. So there's a lot of moving parts here with price, FX, acquisitions. Could you just kind of maybe level set what the guide calls for in volumes in the back half of the year and kind of how that compares to where volumes have been tracking out in the first half? Thank you.

There's no dramatic change. So, we've made up kind of some headwinds. I've mentioned refrigeration. We've made some headwinds in terms of demand and vehicle services, at least in the first half. There is amount of rotation because I think that Q1 in biopharma was probably that was a little bit of restocking just because you can see from some of the market participants that are calling for kind of there was a restocking in terms of Q1 and now it's pretty the growth rate there is probably going to come down in the second half of the year, at least in terms of comps, because biopharma and to a lesser extent, thermal connectors had begun to grow.

So, the relative outperformance will kind of flatten out in the second half of the year. And then, of the businesses that have not been as strong in the first half will start to come back. That's mildly dilutive to consolidated margins, but not dramatically.

Thank you. Our next question will come from Steve Tusa with JPMorgan.

So I just wanted to dig into the margins a little more. In the second half here, I mean, you're coming from a pretty good base. I think you had said on the last call or maybe in the follow-up with Jack that the total segment incremental would be below just below 40 because of these tariff dynamics. I think where you are today kind of the jumping off point of the 2Q suggests something a little better than that. Maybe just some rough guidance around what you would expect for total segment incrementals this year for 2025?

Yes, sure. I mean there's total incrementals and then there's five business incrementals. And I think as I just said, because of the relative growth rates between H1 and H2, your incremental is going to come down because they're lower margin businesses as opposed to we got off to a really good start in DPPS, for example. So that's going to just flatten out relatively based on the contribution of relative contributions to those revenues. But as you can see, so it's mix at the end of the day.

When you look at slide 11, we're calling for everything to be up, but incremental in aggregate is going to come down. That's kind of what we're looking at. And look, you know this. I mean, we're a bit of a short the portfolio is more short cycle now than it was in the past just because of the contribution of the longer cycle businesses and because really there's no lack of capacity in the market for most of the products that we have. Lead times and visibility going forward on the portfolio is a little bit more difficult.

So we're almost kind of guessing every 90 days of how cycle is going to go. We're not going to try to manage the total EBITDA margin of the portfolio. We do it at the business level on contribution margin, but we don't try to do it at the total. So, could it be better? But I think the caution based on the forecast that we have today of the relative contribution, it's more mix related than pricing or input or anything else.

All of that is covered in the full year EPS.

Right. It just seems to me though that you're I think you're trending like 23.220.6%, something in that range first half. Your second half just kind of seasonally should be better than that is my guess on the second

Well, but you need what you need to understand, and I hope it's not the case, but if we look and we think that we can catch up on our backlog in Q1, we'll dial down the we'll flush as much inventory as we can and keep that production performance for 2026.

Okay. And then just one last question. You're going to be exiting, I think, like above a 5%, a mid single digit type of organic growth rate in the fourth quarter. You've talked about the cost savings, you got a little acquisition tailwind. I mean, should we think about next year kind of the EPS algo being pretty similar to this year? Maybe a

little I bit got to say, with the margin performance and I don't see any reason for that to come down, a full year of this incremental margin plus a bigger cost savings target roll forward, we're very excited about what the incremental margin on revenue is going to track to in 2026.

Got it. That's not murky. That's crystal clear. Thank you.

Thank you. Our next question comes from Nigel Coe with Wolfe Research.

Thanks. Good morning, guys. So Rich, pricing obviously really good and it price sounds is pretty much set here, no surcharge rollback etcetera. I think the one business that is lagging behind is CST, probably because demand is quite weak there. But I'm just wondering if there's scope for pricing at CST to improve for the year.

Let me see. I'm going pull this apart here. Yes. I mean, CST is more absorption right now because the core business is 20. Core business is 20.

And that is with a lack of and I think we're just going to have to wait for Belvac volume to come back and we're not even modeling that in at all for the balance of the year. And you were coming off a very big margin on heat exchangers during the torrid days of heat pumps in Europe that is slowly coming up as that market comes. That's a 25% EBITDA margin business. It's not there today, right? So, as it ramps back up and it's going to ramp back up for two reasons that heat pumps are coming back, but they're way below they were with the peak.

But we don't have a ton of dilution there because the data center portion of that business, which is accretive as a product line there comes back. So, we believe right now making that margin considering the headwinds we had to peak and the fact that we brought back the traditional case business at the volume that we thought we were going to have this year, which I mentioned before that is slow, that's 20% EBITDA margin. So, it's just all mix right now. We've got plenty of room to move it up.

Also a segment obviously we talked about we've done a lot of structural cost work. We've got a good tailwind from mix on our CO2 product line. So, we're also seeing some positive trends there as well.

The single biggest productivity project that we have on that Slide nine is in that segment.

Okay. Yes. But the question is more about pricing. I think price was 0.2

Okay. Okay. Then a quick one, just going back to biopharma. You talked about the first half, second half with the restocking, etcetera. But there has been a bit of noise in some of the biopharma more life sciences and biopharma.

Just wondering, are you seeing any project pushes, etcetera, because we are hearing a bit of noise in those markets?

Yes, it's really hard for us. I mean, we look at the same people that you look at, they're customers of ours. Remember that ours is more weighted towards in use product than it is for new builds. As long as the machines that have been delivered are out there and they're running, it's consuming our product. It's not on marginal build of new product.

Thank you. We'll move next to Andrew Obin with Bank of America.

So the question is, can you talk about any tariff uncertainty impact on orders in the quarter as best as you can tell? And what I'm trying to get to is that was there any pull forward or do you mainly see delays in pushouts?

Yeah, I mean, it's on refrigeration. The non CO2 portion of refrigeration has been lighter. Projects that we had scheduled based on customer discussion slid to the right, which is not it's the retail to the consumer portion of the market companies have more pressure at the end of the day. So to see it in retail food is not surprising overall. And we look at it as a kind of a proxy.

We're shipping CO2 systems at a robust rate. You need cases when you do those systems. So it's just a lag effect.

And then just follow-up on the push out. And did you also on cryogenic, is it LNG that's being pushed out?

Yeah, mostly. The system, the infrastructure build is taking a little bit longer than we would have thought, and we're kind of some of the last things that go in there, including transport. So it's still good. It's just not as robust as customer communication would lead to.

Well, let me ask you a question about a business where there are probably a little bit more growth. What were bookings for data center exposed businesses and specifically thermal connectors and SWEP? You're adding capacity in both. So fair to say you believe in the data center build out?

Yeah. I mean, for our small portion of the billions of dollars going into it, yeah. I mean, what's our growth rate on thermal connectors year to date? 50. 50. 50.

Well, I'm sure the percentage is very high, but it's smaller.

Thank you. We'll take our next question from Jeff Sprock with Vertical Research Partners.

Hey, good morning, everyone. Hey, Rich. One place where you did confuse me and maybe I haven't had enough coffee this morning. But just on the on the restructuring, just to be clear. So you're you're saying the the wraparound actions from last year's work is a is a $30,000,000 benefit this year.

And at this point, on the stuff that you're working on this year, see at least $30,000,000 next year. Is that correct?

Yes. As before, I think the number is going to be bigger. We just want to get the timing of how much is captured in '26 and what the full roll forward is into '27. Right. You'll be able to and you'll see it because you'll see it in our CapEx number and you'll see it in our cash flow when we do the restructuring.

And what is the sort of the uncertainty in your mind and kind of tallying up the current actions? Obviously, you would have undertaken those with a return expectation. Is there some really big variability in how these projects really manifest or the fruit that they bear?

Dover (DOV) Q2 2025 Earnings Call Transcript

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