NYSE: VRT
Vertiv Holdings CoCIK 0001674101 · SIC 3679 · Electronic Components NEC
Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments. As businesses, industries, and communities become more connected, we pioneer and deliver end-to-end power and cooling technologies to… About this business →
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Vertiv reports Q2 sales up 24% to $3.3B, EPS +53%, raises full-year guidance
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Vertiv completes acquisition of ThermoKey S.p.A. through wholly-owned subsidiary
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Vertiv declares $0.0625 quarterly dividend, payable June 25 to holders of record June 15
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Vertiv completes acquisition of Strategic Thermal Labs through subsidiary
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Vertiv announces Q1 2026 earnings results, schedules investor call
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revenue $2.65B, net income $390.1M. Vertiv revenue surges 30% on AI demand; debt refinanced, SEC probe disclosure removed
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Vertiv completes acquisition of BMarko Structures through wholly-owned subsidiary
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Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Earnings (Loss) (Unaudited)
(Dollars in millions except for per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | ||||
| Net sales products | 2,646.7 | 2,166.0 | 4,782.5 | 3,815.7 |
| Net sales services | 627.6 | 472.1 | 1,141.3 | 858.4 |
| Net sales | 3,274.3 | 2,638.1 | 5,923.8 | 4,674.1 |
| Costs and expenses | ||||
| Cost of sales products | 1,667.8 | 1,470.3 | 3,016.2 | 2,582.4 |
| Cost of sales services | 371.6 | 271.2 | 673.0 | 508.6 |
| Cost of sales | 2,039.4 | 1,741.5 | 3,689.2 | 3,091.0 |
| Operating expenses | ||||
| Selling, general and administrative expenses | 494.4 | 395.6 | 951.1 | 741.9 |
| Amortization of intangibles | 73.7 | 46.9 | 151.3 | 92.9 |
| Restructuring costs | (3.9) | 1.9 | (8.8) | 3.0 |
| Foreign currency (gain) loss, net | 3.9 | 2.3 | 2.3 | 4.9 |
| Other operating expense (income) | 28.9 | 7.5 | 60.7 | 7.3 |
| Operating profit (loss) | 637.9 | 442.4 | 1,078.0 | 733.1 |
| Interest expense (income), net | 17.4 | 21.3 | 13.0 | 46.6 |
| Loss on extinguishment of debt | — | — | 6.2 | — |
| Other non-operating expense (income) | 0.5 | — | 0.5 | — |
| Income (loss) before income taxes | 620.0 | 421.1 | 1,058.3 | 686.5 |
| Income tax expense (benefit) | 122.2 | 96.9 | 170.4 | 197.8 |
| Net income (loss) | 497.8 | 324.2 | 887.9 | 488.7 |
| Earnings (loss) per share: | ||||
| Basic | 1.29 | 0.85 | 2.31 | 1.28 |
| Diluted | 1.27 | 0.83 | 2.26 | 1.25 |
| Weighted-average shares outstanding: | ||||
| Basic | 384,555,346 | 381,482,996 | 383,742,935 | 381,166,015 |
| Diluted | 392,746,991 | 389,846,827 | 392,511,287 | 389,977,516 |
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in millions)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 2,810.6 | 1,728.4 |
| Short-term investments | 300.0 | 99.5 |
| Accounts receivable, less allowances of $29.1 and $25.6, respectively | 3,750.3 | 3,109.0 |
| Inventories | 2,522.7 | 1,456.5 |
| Other current assets | 601.3 | 426.1 |
| Total current assets | 9,984.9 | 6,819.5 |
| Property, plant and equipment, net | 1,184.2 | 921.8 |
| Other assets: | ||
| Goodwill | 2,283.3 | 2,033.7 |
| Other intangible assets, net | 1,800.8 | 1,894.8 |
| Deferred income taxes | 170.1 | 179.6 |
| Right-of-use assets, net | 387.2 | 303.0 |
| Other | 90.4 | 60.0 |
| Total other assets | 4,731.8 | 4,471.1 |
| Total assets | 15,900.9 | 12,212.4 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Current portion of long-term debt | — | 20.9 |
| Accounts payable | 2,473.1 | 1,756.4 |
| Deferred revenue | 3,633.7 | 1,814.7 |
| Accrued expenses and other liabilities | 1,061.4 | 771.6 |
| Income taxes | 74.8 | 43.4 |
| Total current liabilities | 7,243.0 | 4,407.0 |
| Long-term debt, net | 2,939.8 | 2,892.1 |
| Deferred income taxes | 234.1 | 232.8 |
| Long-term lease liabilities | 316.4 | 245.2 |
| Other long-term liabilities | 410.0 | 494.0 |
| Total liabilities | 11,143.3 | 8,271.1 |
| Equity | ||
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | — | — |
| Common stock, $0.0001 par value, 700,000,000 shares authorized, 384,936,985 and 382,553,680 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | — |
| Additional paid-in capital | 2,954.8 | 2,895.2 |
| Retained earnings | 1,868.0 | 1,027.9 |
| Accumulated other comprehensive income (loss) | (65.2) | 18.2 |
| Total equity | 4,757.6 | 3,941.3 |
| Total liabilities and equity | 15,900.9 | 12,212.4 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Net income (loss) | 887.9 | 488.7 |
| Adjustments to reconcile net income (loss) to net cash used for operating activities: | ||
| Depreciation | 66.9 | 46.4 |
| Amortization | 156.6 | 98.5 |
| Deferred income taxes | (26.1) | 23.1 |
| Amortization of debt discount and issuance costs | 2.2 | 4.3 |
| Stock-based compensation | 30.8 | 24.5 |
| Changes in operating working capital | 678.8 | (95.2) |
| Change in fair value of contingent consideration | 62.0 | — |
| Other | 7.5 | 35.9 |
| Net cash provided by (used for) operating activities | 1,866.6 | 626.2 |
| Cash flows from investing activities: | ||
| Capital expenditures | (285.9) | (81.5) |
| Investments in capitalized software | (2.6) | (3.2) |
| Purchase of short-term investments | (546.6) | (98.1) |
| Proceeds from maturities of short-term investments | 351.5 | — |
| Investments in affiliates | (19.0) | — |
| Acquisition of businesses, net of cash acquired | (278.1) | — |
| Net cash provided by (used for) investing activities | (780.7) | (182.8) |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of long-term debt | 2,100.0 | — |
| Repayment of long-term debt | (2,076.1) | (10.5) |
| Dividend payment | (47.8) | (28.4) |
| Exercise of employee stock options | 44.1 | 13.0 |
| Employee taxes paid from shares withheld | (23.2) | (7.0) |
| Net cash provided by (used for) financing activities | (3.0) | (32.9) |
| Effect of exchange rate changes on cash and cash equivalents | 2.9 | 13.3 |
| Increase (decrease) in cash, cash equivalents and restricted cash | 1,085.8 | 423.8 |
| Beginning cash, cash equivalents and restricted cash | 1,789.8 | 1,232.2 |
| Ending cash, cash equivalents and restricted cash | 2,875.6 | 1,656.0 |
| Changes in operating working capital | ||
| Accounts receivable | (644.2) | (380.8) |
| Inventories | (1,048.0) | (137.5) |
| Other current assets | (145.3) | (23.9) |
| Accounts payable | 685.3 | 269.5 |
| Deferred revenue | 1,822.7 | 171.5 |
| Accrued expenses and other liabilities | 22.2 | (43.3) |
| Income taxes | (13.9) | 49.3 |
| Total changes in operating working capital | 678.8 | (95.2) |
Amounts as printed on the EDGAR/iXBRL face — (Dollars in millions except for per share data); (Dollars in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About Vertiv Holdings Co
Source: Item 1 (Business) from the 10-K filed February 13, 2026. Description as filed by the company with the SEC.
Item 1. Business
Overview
Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments. As businesses, industries, and communities become more connected, we pioneer and deliver end-to-end power and cooling technologies to help our customers stay resilient, optimized, and future-ready. With our industry-leading innovative technologies and global services network, we are fueling the revolution of the digital world — keeping technology ecosystems running efficiently and without interruption. We believe that Vertiv is supercharging data’s potential; accelerating the pace of technology, raising the bar for accelerated compute and redefining the limits of densification. The world depends on data we power and cool™.
Our Company
Our roots trace back to 1946 and the beginning of the information age, when Ralph Liebert founded the precursor to the Liebert Corporation, which was established in 1965 as the industry’s first manufacturer of computer room air conditioning. In 1987, Liebert was acquired by Emerson Electric Co, which later formed its Network Power business in 2000 to integrate critical infrastructure technologies, including Liebert and previously acquired ASCO, a provider of power transfer switches, under one brand. Over the next decade, Emerson Network Power expanded through acquisitions of Avansys, Marconi’s outside plant and power system; Knurr AG, a leading provider of enclosure systems; and Avocent, a leading provider of IT management software and keyboard, video and mouse (or "KVM") solutions. In 2016, Emerson Network Power was spun off as a standalone business and ultimately became — Vertiv.
Read full description ↓
Vertiv became publicly-traded on February 7, 2020, with its shares listed on the New York Stock Exchange (NYSE:VRT), through a business combination with GS Acquisition Holdings Corp (“GSAH”), a special purpose acquisition company later renamed Vertiv Holdings Co (the "Business Combination").
Our Business
Vertiv has the most complete portfolio of critical digital infrastructure offerings. We design, manufacture, sell, install, maintain, and service critical digital infrastructure technologies and rapidly deployable customized solutions to meet the specific business requirements and needs of a diverse group of customers. Vertiv leads with first-to-market designs engineered for next-gen rack-scale artificial intelligence ("AI") compute — enabling transformation and scale to stay multiple compute generations ahead. Our global footprint comprises engineering, manufacturing, operations, sales and service locations in more than 40 countries across the Americas, Asia Pacific and Europe, Middle East & Africa. We provide the hardware, software and services to facilitate an increasingly interconnected marketplace of digital systems, where large amounts of indispensable data need to be transmitted, analyzed, processed and stored. Whether this growing quantity of data is managed centrally in hyperscale/cloud locations, distributed at the edge of the network, processed in an enterprise location or managed via a hybrid platform, the underpinnings and operations of all those locations rely on our critical digital infrastructure and services.
Our broad range of offerings includes AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment and services. These comprehensive offerings are integral to the reliable operation of technologies used to support applications that include AI, e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, Internet of Things and online gaming. In addition, through our global services network, we provide lifecycle management services, predictive analytics and professional services for deploying, maintaining and optimizing these products and their related systems. Our most prominent brands include Vertiv, Liebert, NetSure, Geist, Energy Labs, ERS, Albér, and Avocent.
We manage our business across three reportable segments based on our main geographic regions—the Americas, Asia Pacific and Europe, Middle East & Africa. For the year ended December 31, 2025, Vertiv’s net sales was $10,229.9, of which 62% was transacted in the Americas; 20% was transacted in Asia Pacific; and 18% was transacted in Europe, Middle East & Africa. This compares with net sales for the year ended December 31, 2024 of $8,011.8, of which 56% was transacted in the Americas, 22% was transacted in Asia Pacific, and 22% in Europe, Middle East & Africa.
Backlog
Vertiv’s estimated combined order backlog was $15.0 billion and $7.2 billion as of December 31, 2025 and 2024, respectively, as continued strong demand has contributed to an increase in customer orders being placed in advance of our ability to fulfill them. The backlog consists of product and services for which a customer purchase order or purchase commitment has been received and which has not yet been delivered. Orders may be subject to cancellation or rescheduling by the customer.
The majority of the combined backlog as of December 31, 2025 is considered firm and is expected to be shipped within the next 12 to 18 months. We do not believe that Vertiv’s backlog estimates as of any date are necessarily indicative of our net sales for any future period. Additionally, our current backlog estimates are subject to a number of risks, as further detailed in “