Earnings

Dover Bought Back $331.6 Million Of Stock In The Third Quarter While A €600 Million Bond Comes Due In November

Dover's 10-Q shows heavy buybacks, two small deals and a current euro note carried at $683.4 million.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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Dover Bought Back $331.6 Million Of Stock In The Third Quarter While A €600 Million Bond Comes Due In November

Dover repurchased 1,684,185 shares for $331.6 million in the third quarter, according to its 10-Q filed Thursday. The same filing lists €600 million of 1.25% euro notes due November 9, 2026, carried at $683.4 million and classed as current debt.

The buyback and the bond

The repurchases averaged $196.88 a share. The filing shows Dover bought no shares in the third quarter of 2025.

For the first nine months of 2026 the company bought back 1,934,185 shares for $385.5 million, against 200,000 shares for $40.7 million a year earlier. The prior quarterly filing had reported a $500.0 million accelerated repurchase program completed in April, so those shares are counted separately.

12,508,871 shares remained under the August 2023 authorization at September 30. It runs through December 31, 2026.

Cash and equivalents were $1.7 billion at September 30, of which about $550.7 million sat outside the United States. The earlier filing put the foreign portion at about $602.5 million at June 30.

What management says about paying for it

The 10-Q says operating cash flow and access to capital markets are expected to cover needs including debt maturities. It also warns that acquisition spending or share repurchases could potentially increase debt.

The company reports $865.9 million of operating cash flow for the nine months, up from $794.1 million. Net debt to net capitalization was 17.1% at September 30, versus 18.2% at December 31, 2025. No borrowings were outstanding under its $1.5 billion revolving credit facility.

In the earnings release, CEO Richard J. Tobin said Dover "opportunistically repurchased over $330 million of our shares."

Deals: less spent on acquisitions, two more pending

Dover deployed about $42.8 million net on acquisitions in the first nine months of 2026, versus about $663.2 million in the same period of 2025. The 2026 total includes Cloeren Incorporated, bought August 12 for $39.2 million net of cash acquired.

On August 18 the company signed a definitive agreement to buy Leistung Engineering Pvt. Ltd. for about $40.0 million in preliminary consideration. On October 9 it agreed to sell an equity method investment, expecting about $43.0 million as its share of preliminary proceeds. Closing for both is targeted for the final three months of 2026.

The euro notes mature November 9, and the repurchase authorization expires December 31.

Sources

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