Description

Dover Corporation Is Not Just An Industrial Story — Data Center Cooling Is Scaling!

The full results for Dover Corporation in the second quarter of 2026 indicate continued revenue growth across all five operating segments, with total revenue increasing 7% (5% organically). Growth was led by key secular growth markets, which now represent roughly 25% of the portfolio, up from 20% in the first quarter. These markets include aerospace and defense components, energy transition infrastructure such as cryogenic LNG systems and power generation equipment, data center liquid cooling, CO2 refrigeration solutions, biopharma single-use systems, and space-related cryogenic products. Orders increased 16% year-over-year, with a book-to-bill ratio of 1.06, suggesting sustained demand and good visibility into the second half of the year. Margin performance reflected an 80 basis point expansion in adjusted EBITDA margin to 25.9%, driven by higher incremental margins rising from 25% in Q1 to 38% in Q2, attributed to favorable product mix and operational leverage.