Dover Corporation stock research
FY2025 Q4
Dover (DOV) Gross Margin — Quarter Ended Dec 31, 2025
Revenue was unchanged sequentially, while gross profit declined and cost of revenue increased, resulting in a lower gross margin. Compared to the same quarter last year, revenue and gross profit were higher, and gross margin improved.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue was unchanged sequentially, while gross profit declined and cost of revenue increased, resulting in a lower gross margin. Compared to the same quarter last year, revenue and gross profit were higher, and gross margin improved.
- The increase in cost of revenue relative to revenue from the prior quarter was the most notable factor in the margin change, as it compressed gross profit and margin.
- Compared to the previous quarter, gross margin weakened as cost of revenue grew while revenue held steady. Against the year-ago quarter, gross margin strengthened as revenue and gross profit both increased more than cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
39.1%
Gross profit
$820.8M
Revenue
$2.1B
Cost of revenue
$1.3B
Quarter-over-quarter change
-1.0 pts
Year-over-year change
+0.5 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $2.1B | $820.8M | $1.3B | 39.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-1.0 pts
Year-over-year change
Dec 31, 2024
+0.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The increase in cost of revenue relative to revenue from the prior quarter was the most notable factor in the margin change, as it compressed gross profit and margin.
Compared to the previous quarter, gross margin weakened as cost of revenue grew while revenue held steady. Against the year-ago quarter, gross margin strengthened as revenue and gross profit both increased more than cost of revenue.
Monitor the trajectory of cost of revenue relative to revenue, particularly given the supply chain and input cost risks mentioned in the filing.