Downers Grove, Illinois, January 29, 2026, 11:33 AM CST
- Dover’s Q4 adjusted earnings climbed to $2.51 per share, just surpassing the $2.50 per share analysts had predicted
- Pumps & Process Solutions revenue rose to roughly $584 million, driven by a surge in demand for data-center liquid cooling
- The company projects adjusted EPS for 2026 between $10.45 and $10.65, expecting revenue growth around 5% to 7%
Dover Corp posted a jump in fourth-quarter profit and revenue on Thursday, driven by strong demand from data centers for its liquid cooling solutions tailored to AI computing. The Illinois-based industrial firm expects adjusted earnings of $10.45 to $10.65 per share in 2026. For the quarter ending Dec. 31, adjusted earnings climbed 14% to $2.51 per share, narrowly beating analysts’ $2.50 forecast, while revenue rose 9% to roughly $2.1 billion.
Big cloud operators continue pumping money into AI infrastructure, and the numbers show it’s shaking up the less glamorous side of computing: power, heat, and cooling. Liquid cooling—where coolant flows directly over dense chips to whisk away heat—is gaining ground fast as high-performance computing strains traditional air cooling to its breaking point.
Dover’s exposure lies within its Pumps & Process Solutions unit, which offers components like thermal connectors for liquid cooling loops in data centers. Competitors such as Vertiv, Schneider Electric, and Johnson Controls also provide cooling and power equipment for data centers, but Dover focuses more on parts and systems rather than complete site builds.
On a GAAP basis, Dover reported earnings from continuing operations of $275 million, or $2.01 per share, for the quarter. The company also noted 5% organic revenue growth, which excludes effects from currency fluctuations and acquisitions, in its release.
Pumps & Process Solutions pulled in $583.6 million this quarter, up from $479.1 million a year ago, according to Dover’s segment report. Earnings jumped to $172.3 million from $142.4 million. Meanwhile, Clean Energy & Fueling saw revenue climb to $551.9 million from $528.0 million. Climate & Sustainability Technologies also grew, hitting $387.3 million compared to $347.5 million previously.
CEO Richard J. Tobin highlighted strength beyond just data centers, noting demand is picking up in retail fueling and refrigeration equipment. “Revenue performance was driven by robust trends in our secular-growth-exposed markets,” Tobin explained. Dovercorporation
Dover posted roughly $8.1 billion in revenue for full-year 2025, marking a 4% increase. Adjusted diluted EPS climbed to $9.61. However, GAAP EPS dropped to $7.97, mainly because of a gain from the previous year related to the sale of De-Sta-Co, the company explained.
Dover leaned heavily on capital returns and dealmaking. Tobin noted that acquisitions completed in 2025 are outperforming their deal models. The company also pointed to an accelerated share repurchase program launched in November.
Dover’s 2026 forecast projects revenue growth between 5% and 7%, with organic growth estimated at 3% to 5%. The company also anticipates GAAP EPS ranging from $8.95 to $9.15. Productivity initiatives and restructuring gains are expected to help sustain margins moving forward.
One risk lies in the uneven pace of AI expansion: any hiccup in hyperscaler spending, or hold-ups due to power supply and permits, can quickly cascade into delays for cooling hardware orders. Dover also pointed out wider uncertainties—including inflation in material and shipping costs, ongoing supply chain issues, and changing trade policies and tariffs.
Dover planned to share its results on a webcast and conference call later Thursday. Investors will be watching closely for shifts in liquid cooling demand and whether gains in retail fueling and refrigerated door cases can hold up.
