Dover Corporation stock research
FY2025 Q3
Dover (DOV) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased while cost of revenue remained at a comparable level, resulting in higher gross profit and an improved gross margin. The filing discusses risk factors, management's analysis, and liquidity including free cash flow.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased while cost of revenue remained at a comparable level, resulting in higher gross profit and an improved gross margin. The filing discusses risk factors, management's analysis, and liquidity including free cash flow.
- The primary driver of the margin improvement was revenue growth, as cost of revenue did not increase proportionally, allowing gross profit to rise.
- Compared to the prior quarter, gross margin improved. On a year-over-year basis, gross margin also improved, reflecting higher revenue and gross profit relative to the same period last year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.1%
Gross profit
$833.6M
Revenue
$2.1B
Cost of revenue
$1.2B
Quarter-over-quarter change
+0.2 pts
Year-over-year change
+1.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $1.9B | $745.7M | $1.2B | 38.6% |
| Mar 31, 2025 | $1.9B | $745.5M | $1.1B | 40.0% |
| Jun 30, 2025 | $2.0B | $818.3M | $1.2B | 39.9% |
| Sep 30, 2025 | $2.1B | $833.6M | $1.2B | 40.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+0.2 pts
Year-over-year change
Sep 30, 2024
+1.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary driver of the margin improvement was revenue growth, as cost of revenue did not increase proportionally, allowing gross profit to rise.
Compared to the prior quarter, gross margin improved. On a year-over-year basis, gross margin also improved, reflecting higher revenue and gross profit relative to the same period last year.
Monitor whether cost of revenue trends remain stable or begin to increase, as this would affect future gross margin.