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Dover cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$383M in Q3 2026 · $1.2B over twelve months

Operating cash flow$439M
Capital spending−$55.4M
Free cash flow+$383M
Cash / net income1.3×
Cash conversion cycle98 days

Analysis

In Q3 2026, Dover generated $439M of operating cash flow and spent $55.4M on capital projects, leaving free cash flow of $383M. That is $13.3M more than in Q3 2025 ($370M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were buybacks ($886M), dividends ($281M), capital spending ($220M); besides operations, cash came from other financing ($217M); the cash balance rose by $140M.

Operating cash flow was $439M against net income of $333M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$98.0M, receivables −$37.7M, income taxes payable +$35.8M.

Its cash conversion cycle was 98 days (receivables 64 + inventory 100 − payables 66).

Free cash flow

Dover: free cash flow by quarterDover: free cash flow by quarter$385MQ4 2024$109MQ1 2025$151MQ2 2025$370MQ3 2025$487MQ4 2025$131MQ1 2026$188MQ2 2026$383MQ3 2026
Operating cash flow less capital spending.
Dover: operating cash flow against capital spendingDover: operating cash flow against capital spendingOperating cash flowCapital spending$439M$53.9MQ4 2024$157M$48.2MQ1 2025$212M$60.9MQ2 2025$424M$54.1MQ3 2025$544M$57.0MQ4 2025$191M$59.8MQ1 2026$236M$47.8MQ2 2026$439M$55.4MQ3 2026
Latest (Q3 2026): Operating cash flow $439M, Capital spending $55.4M.

Capital allocation, year by year

Dover: where the cash came from (up) and went (down), by fiscal yearDover: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing $105MFY2021: Asset sales $282MFY2021: Capital spending −$171MFY2021: Acquisitions −$1.1BFY2021: Buybacks −$21.6MFY2021: Dividends −$287M$1.5BFY2021FY2022: Operating cash flow $806MFY2022: Net borrowing $630MFY2022: Asset sales $6.1MFY2022: Capital spending −$211MFY2022: Acquisitions −$313MFY2022: Buybacks −$585MFY2022: Dividends −$288M$1.4BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing −$267MFY2023: Asset sales $4.2MFY2023: Capital spending −$183MFY2023: Acquisitions −$534MFY2023: Dividends −$284M$1.3BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$468MFY2024: Asset sales $769MFY2024: Capital spending −$168MFY2024: Acquisitions −$635MFY2024: Buybacks −$500MFY2024: Dividends −$283M$1.9BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing $231MFY2025: Asset sales $6.0MFY2025: Capital spending −$220MFY2025: Acquisitions −$663MFY2025: Buybacks −$541MFY2025: Dividends −$283M$1.6BFY2025
Over these 5 years operating cash flow totalled $5.7B; the largest uses were acquisitions ($3.3B) and buybacks ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7B
Debt$3.9B
Net debt$2.3B
Due within a year$708M

Dover funds itself: free cash flow was $1.2B over the last twelve months, and $1.7B of cash and investments stands against $3.9B of debt ($708M due within a year, 2.4× covered by cash).

Dover: debt maturities by year (FY2025)Dover: debt maturities by year (FY2025)$708MYear 1$590MYear 2$200MYear 3$300MYear 4$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.7B of cash and investments now.

Where the cash came from and went

Dover: sources (+) and uses (−) of cash, Q3 2026Dover: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$439MBuybacks−$332MDividends−$70.3MCash drawn (+) / kept (−)$62.8MCapital spending−$55.4MAcquisitions−$42.1MOther financing−$2.4MTaxes on employees’ shares−$2.0MExchange rates$1.6MOther investing$791KNot reconciled−$42K
Dover: sources (+) and uses (−) of cash, TTM to Q3 2026Dover: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.4BBuybacks−$886MDividends−$281MCapital spending−$220MOther financing$217MCash drawn (+) / kept (−)−$140MAcquisitions−$42.9MTaxes on employees’ shares−$37.2MOther investing−$11.7MExchange rates−$5.3MNot reconciled−$3.7M

From profit to cash

Dover: net income to operating cash flow, Q3 2026Dover: net income to operating cash flow, Q3 2026Net income$333MDepreciation & amortization$98.0MStock-based pay$5.7MReceivables−$37.7MInventory−$26.0MPayables−$24.9MAccrued liabilities$21.7MEmployee-related liabilities$23.3MPrepaid and other assets$7.2MIncome taxes payable$35.8MOther operating capital−$1.1MOperating cash flow$439M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026641006698
Q2 202662976792
Q1 202662956690
Q4 202562936393
Q3 202565976498
Q2 202563936393
Q1 202566956893
Q4 202466926791

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$439M−$55.4M−$42.1M−$332M−$70.3M—$62.8M$383M
Q2 2026$236M−$47.8M——−$70.0M—−$114M$188M
Q1 2026$191M−$59.8M−$665K−$53.9M−$70.4M—$34.9M$131M
Q4 2025$544M−$57.0M−$76K−$500M−$69.8M−$724K−$124M$487M
Q3 2025$424M−$54.1M−$4.7M—−$71.2M—−$288M$370M
Q2 2025$212M−$60.9M−$629M—−$70.6M$47K$540M$151M
Q1 2025$157M−$48.2M−$29.3M−$40.7M−$71.4M$38K$39.6M$109M
Q4 2024$439M−$53.9M−$32.6M—−$70.8M−$379M−$1.4B$385M

Dover: income statement and cash flow

Dover, Q3 2026: revenue $2.2B (+8% year over year), operating margin 18.8%. The chart follows the revenue to costs, profit and cash.

Dover: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.