Vertiv raises 2026 sales guidance midpoint by $650M
The revised 2026 outlook sets net sales guidance at $14,450–$14,850 million and adjusted diluted EPS at $7.10–$7.20.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Vertiv Holdings Co (VRT) reported third-quarter 2026 net sales of $4,312.8 million, up 61.2% from $2,675.8 million a year earlier; organic sales growth was 55.0%, with approximately 6% contribution from acquisitions. Operating profit was $983.8 million, versus $516.7 million, and net income was $764.5 million, versus $398.5 million. Diluted EPS was $1.95, up 91%, and adjusted diluted EPS was $2.21, up 78%. Adjusted operating margin was 25.2%, up 290 basis points year over year.
Operating cash flow was $794.0 million and adjusted free cash flow was $652.2 million, up 64% and 50%, respectively. Vertiv raised full-year 2026 net sales guidance by $650 million to a $14,650 million midpoint, within a $14,450–$14,850 million range. It expects full-year diluted EPS of $6.29, adjusted diluted EPS of $7.15 and adjusted free cash flow of $2,600–$2,800 million. Fourth-quarter guidance midpoints are $4,413 million in net sales, $2.08 diluted EPS and $2.25 adjusted diluted EPS.
3 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 net sales increased 61.2% to $4,312.8 million year over year.
- Moderate pointQ3 diluted EPS rose 91% to $1.95.
- Moderate pointQ3 operating cash flow increased 64% to $794.0 million.
Negative
- None.
Filing Explained
Vertiv reported increased liquidity and maintained a net cash position.
This 8-K reports results for the quarter ended
Vertiv reported 385,027,873 common shares issued and outstanding at
The release also says third-quarter liquidity increased to
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net sales: $4,312.8 million
Organic net sales growth: 55.0%
Net income: $764.5 million
+5 more
8 metrics
Net sales
$4,312.8 million
Third quarter 2026; up 61.2% from $2,675.8 million in Q3 2025
Organic net sales growth
55.0%
Third quarter 2026
Net income
$764.5 million
Third quarter 2026; $398.5 million in Q3 2025
Diluted EPS
$1.95
Third quarter 2026; up 91% year over year
Adjusted diluted EPS
$2.21
Third quarter 2026; up 78% year over year
Operating cash flow
$794.0 million
Third quarter 2026; up 64% year over year
Adjusted free cash flow
$652.2 million
Third quarter 2026; up 50% year over year
Full-year net sales guidance
$14,450–$14,850 million; midpoint $14,650 million
Full-year 2026 guidance; midpoint raised by $650 million
Key Terms
Organic net sales growth, Adjusted free cash flow, Adjusted operating margin, Contingent consideration
4 terms
Organic net sales growth financial
"change in net sales adjusted to exclude foreign currency exchange rate and acquisitions"
Organic net sales growth measures how much a company’s core revenue rose from its existing operations, excluding effects from buying or selling businesses and from changes in currency values. Investors use it to see whether customers are actually buying more or paying higher prices — like checking growth from the same orchard year-to-year rather than counting fruit from newly added orchards — which helps assess true demand and underlying business health.
Adjusted free cash flow financial
"Adjusted free cash flow, which represents net cash provided by operating activities"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
Adjusted operating margin financial
"adjusted operating profit divided by net sales"
Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.
Contingent consideration financial
"Contingent consideration associated with acquisitions"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
Earnings Snapshot
Net sales: $4,312.8 million · Guidance included
Third quarter 2026 (three months ended September 30, 2026)
Net sales
$4,312.8 million
up 61.2% year over year
Operating profit
$983.8 million
up 90% year over year
Net income
$764.5 million
compared with $398.5 million in Q3 2025
Diluted EPS
$1.95
up 91% year over year
Adjusted diluted EPS
$2.21
up 78% year over year
Operating cash flow
$794.0 million
up 64% year over year
Adjusted free cash flow
$652.2 million
up 50% year over year
Adjusted operating margin
25.2%
up 290 basis points year over year
Guidance
For full-year 2026, net sales guidance is $14,450–$14,850 million, with a $14,650 million midpoint raised by $650 million; diluted EPS is $6.29, adjusted diluted EPS is $7.10–$7.20, and adjusted free cash flow is $2,600–$2,800 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did VRT's sales grow in Q3 2026?
Vertiv reported net sales of $4,312.8 million for the three months ended September 30, 2026, up 61.2% from $2,675.8 million in Q3 2025. Organic net sales growth was 55.0%; acquisitions contributed approximately 6%.
What is VRT's full-year 2026 financial guidance?
Vertiv's full-year 2026 net sales guidance is $14,450–$14,850 million, with a $14,650 million midpoint raised by $650 million. It expects 37%–39% organic sales growth, diluted EPS of $6.29, adjusted diluted EPS of $7.10–$7.20, and adjusted free cash flow of $2,600–$2,800 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
| UNITED STATES | ||||||||||||||
| SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||
| Washington, D.C. 20549 | ||||||||||||||
FORM | ||||||||||||||
| CURRENT REPORT | ||||||||||||||
| PURSUANT TO SECTION 13 OR 15(d) OF THE | ||||||||||||||
| SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
Date of Report (Date of earliest event reported): | ||||||||||||||
| Exact name of registrant as specified in its charter | ||||||||||||||
| (State or other Jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||
| (Address of principal executive offices, including zip code) | ||||||||||||||
Registrant's telephone number, including area code: | ||||||||||||||
| Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||||||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||||||||
| Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
| Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||||||||
| Emerging growth company | |||||||||||||||||
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||
Item 2.02 Results of Operations and Financial Condition
On October 28, 2026 , Vertiv Holdings Co (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference in its entirety. The information furnished pursuant to this Item 2.02 and Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 7.01 Regulation FD
The information set forth under Item 2.02 is incorporated by reference into this Item 7.01.
The Company will post a slide presentation in advance of the earnings call discussed in the press release to the Investor Relations section of the Company’s website, accessible at investors.vertiv.com.
Item 9.01 (d) Financial Statements and Exhibits
| Exhibit No. | Exhibit Description | |||||||
| 99.1 | Press release of Vertiv Holdings Co dated October 28, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | Vertiv Holdings Co | ||||
| /s/ Craig Chamberlin | |||||
| Name: Craig Chamberlin | |||||
| Title: Chief Financial Officer | |||||
Vertiv Reports Strong Third Quarter 2026 with Net Sales Growth of 61%, Organic Orders Growth over 100% and Diluted EPS Growth of 91% (Adjusted Diluted EPS Growth of 78%); Raises Full Year 2026 Guidance Across All Key Metrics
Third Quarter 2026 Results
•Net sales of $4,313 million, 61% higher than third quarter 2025.
•Operating profit up 90% and adjusted operating profit(1) up 83% from third quarter 2025. Adjusted operating margin of 25.2%, up 290 basis points compared to third quarter 2025.
•Diluted EPS grew 91% to $1.95 and adjusted diluted EPS(1) grew 78% to $2.21 compared to third quarter 2025.
•Operating cash flow of $794 million and adjusted free cash flow(1) of $652 million, up 64% and 50%, respectively, compared to third quarter 2025.
Fourth Quarter 2026 Guidance
•Expects fourth quarter 2026 net sales of $4,413 million and organic sales growth of 50%, each at the midpoint of guidance, compared to fourth quarter 2025.
•Expects fourth quarter 2026 diluted EPS of $2.08 and adjusted diluted EPS of $2.25, each at the midpoint of guidance, an increase of 82% and 65%, respectively, compared to fourth quarter 2025.
Full Year 2026 Guidance
•Expects full year 2026 net sales of $14,650 million and organic sales growth of 38%, each at the midpoint of guidance, compared to full year 2025.
•Expects full year 2026 diluted EPS of $6.29 and adjusted diluted EPS of $7.15, each at the midpoint of guidance, an increase of 84% and 70%, respectively, compared to full year 2025.
COLUMBUS, Ohio Oct. 28, 2026 – Vertiv Holdings Co (NYSE: VRT) (“Vertiv”), a global leader in critical digital infrastructure, reported financial results for its third quarter ended September 30, 2026. Vertiv reported third quarter net sales of $4,313 million, an increase of $1,637 million, or 61%, compared to third quarter 2025, reflecting 55% organic sales growth and approximately 6% contribution from acquisitions. Growth was broad-based across all regions, with the Americas up 75% (66% organic), APAC up 50% (48% organic), and EMEA up 23% (19% organic). Strong demand visibility, ongoing capacity investments, and disciplined execution give Vertiv the confidence to raise full year net sales guidance by $650 million, along with increases to other associated financial metrics.
Third quarter operating profit of $984 million increased $467 million and adjusted operating profit of $1,087 million increased $491 million, up 90% and 83%, respectively, from third quarter 2025. Adjusted operating margin was 25.2%, up 290 basis points compared to third quarter 2025, driven by operational leverage on higher sales and by manufacturing productivity, partially offset by mix impacts and continued growth investments.
"We are in the middle of the largest infrastructure buildout and it's accelerating," said Giordano Albertazzi, Vertiv's Chief Executive Officer. "The demands on data center infrastructure are evolving faster than ever, and Vertiv's role in that buildout keeps expanding. We're compressing new product development cycles from years to months. We're industrializing converged infrastructure at a scale that didn't exist before and strengthening competencies that are very hard to replicate. We are expanding capacity, improving productivity, and executing with rigor. The infrastructure we deliver performs at the highest levels of reliability. Customers are choosing Vertiv as the partner that can engineer, deliver, scale and service across the entire lifecycle. Our more than 100% organic orders growth year over year and our overall performance are clear testaments to that.”
"The companies that will define the digital age are the ones investing ahead of the curve and delivering for customers, and that is what we are doing," said Dave Cote, Vertiv's Executive Chairman. "We are in an industry where the more technology changes, the better it is for us. We keep investing, we keep building, and what we have built is designed to scale. I believe there is a long runway ahead and the opportunity only gets bigger from here.”
Adjusted Free Cash Flow and Liquidity
Net cash generated by operating activities in the third quarter was $794 million, and adjusted free cash flow was $652 million, increasing 64% and 50%, respectively, from third quarter 2025. Third quarter adjusted free cash flow was driven by higher adjusted operating profit partially offset by increased working capital and higher capital expenditures to support growth.
Vertiv’s liquidity increased to $6.2 billion in the third quarter, with the company maintaining a net cash position and further broadening its strategic flexibility. Capital expenditures for full year 2026 are still anticipated at approximately 4.0% of revenue, reflecting the continued investment Vertiv is making to capture increasing demand across its pipelines.
Updated Full Year and Fourth Quarter 2026 Guidance
The data center market continues to generate strong, broad-based global demand, further validating the depth and duration of the growth cycle. Vertiv continues to expand capacity and invest in next-generation technology to stay ahead of customer needs and capture an expanding opportunity set.
| Fourth Quarter 2026 Guidance | |||||
| Net sales | $4,313M - $4,513M | ||||
Organic net sales growth(2) | 49% - 51% | ||||
Adjusted operating profit(1) | $1,118M - $1,158M | ||||
Adjusted operating margin(2) | 25.3% - 26.3% | ||||
Adjusted diluted EPS(1) | $2.22 - $2.28 | ||||
Adjusted diluted EPS growth(2) | 63% - 67% | ||||
| Full Year 2026 Guidance | |||||
| Net sales | $14,450M - $14,850M | ||||
Organic net sales growth(2) | 37% - 39% | ||||
Adjusted operating profit(1) | $3,475M - $3,555M | ||||
Adjusted operating margin(2) | 23.5% - 24.5% | ||||
Adjusted diluted EPS(1) | $7.10 - $7.20 | ||||
Adjusted diluted EPS growth(2) | 69% - 71% | ||||
Adjusted free cash flow(2) | $2,600M - $2,800M | ||||
(1) This release contains certain non-GAAP metrics. For reconciliations to the relevant GAAP measures and an explanation of the non-GAAP measures and reasons for their use, please refer to sections of this release entitled “Non-GAAP Financial Measures” and “Reconciliation of GAAP and non-GAAP Financial Measures.”
(2) This is a forward-looking non-GAAP financial measure that cannot be reconciled without unreasonable efforts for those reasons set forth under “Non-GAAP Financial Measures” of this release.
Third Quarter 2026 Earnings Conference Call
Vertiv’s management team will discuss the Company’s results during a conference call on Wednesday, October 28, starting at 11 a.m. Eastern Time. The call will contain forward-looking statements and other material information regarding Vertiv’s financial and operating results. A webcast of the live conference call will be available for interested parties to listen to by going to the Investor Relations section of the Company’s website at investors.vertiv.com. A slide presentation will be available before the call and will be posted to the website, also at investors.vertiv.com. A replay of the conference call will also be available for 30 days following the webcast.
About Vertiv Holdings Co
Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers’ vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit vertiv.com.
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Category: Financial News
Non-GAAP Financial Measures
Financial information included in this release has been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). Vertiv has included certain non-GAAP financial measures in this news release, as indicated above, that may not be directly comparable to other similarly titled measures used by other companies and therefore may not be comparable among companies. These non-GAAP financial measures include organic net sales growth (including on a segment basis), adjusted operating profit, adjusted operating margin, adjusted diluted EPS, adjusted diluted EPS growth and adjusted free cash flow, which management believes provides investors with useful supplemental information to evaluate the Company’s ongoing operations and to compare with past and future periods. Management also uses certain non-GAAP measures internally for forecasting, budgeting and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Pursuant to the requirements of Regulation G, Vertiv has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to fourth quarter and full year 2026 guidance, including organic net sales growth, adjusted free cash flow, adjusted diluted EPS growth and adjusted operating margin, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For those reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
See “Reconciliation of GAAP and Non-GAAP Financial Measures” in this release for Vertiv’s reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
Cautionary Note Concerning Forward-Looking Statements
This news release, and other statements that Vertiv may make in connection therewith, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Vertiv’s future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding Vertiv’s financial position, capital structure, indebtedness, business strategy and plans and objectives of Vertiv management for future operations, as well as statements regarding growth, anticipated demand for our products and services and our business prospects during 2026, as well as expected impacts from our pricing actions, and our guidance for fourth quarter and full year 2026 and statements regarding tariffs, global trade conflict and any actions we may take in response thereto. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Vertiv cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this release are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports, including those set forth in the Vertiv 2025 Annual Report on Form 10-K filed with the SEC on February 13, 2026. These risk factors and those identified elsewhere in this release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: risks relating to the continued growth of our customers’ markets; long sales cycles for certain Vertiv products and solutions as well as unpredictable placing or cancelling of customer orders; failure to realize sales expected from our backlog of orders and contracts;
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disruption of or consolidation in our customer’s markets or categorical shifts in customer technology spending; less leverage with large customer contract terms; failure to mitigate risks associated with long-term fixed price contracts; competition in the industry in which we operate; failure to obtain performance and other guarantees from financial institutions; risks associated with governmental contracts; failure to properly manage production cost changes and supply; failure to anticipate market change and competition in the infrastructure technologies; risks associated with information technology disruption or cyber-security incidents; risks associated with the implementation and enhancement of information systems; failure to realize the expected benefit from any rationalization, restructuring and improvement efforts; disruption of, or changes in, Vertiv’s independent sales representatives, distributors and original equipment manufacturers; increase of variability in our effective tax rate costs or liabilities associated with product liability due to global operations subjecting us to income and other taxes in the U.S. and numerous foreign entities; costs or liabilities associated with product liability and damage to our reputation and brands; the global scope of Vertiv’s operations, especially in emerging markets; failure to benefit from future significant corporate transactions; risks associated with Vertiv’s sales and operations and expanding global production facilities; risks associated with future legislation and regulation of Vertiv’s customers’ markets; our ability to comply with various laws and regulations including but not limited to, laws and regulations relating to data protection and data privacy; failure to properly address legal compliance issues, particularly those related to imports/exports, anti-corruption laws, and foreign operations; risks associated with foreign trade policy, including tariffs and global trade conflict risks associated with litigation or claims against the Company, including the risk of adverse outcomes to any legal claims and proceedings; our ability to protect or enforce our proprietary rights on which our business depends; third party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; failure to achieve environmental, social and governance goals; failure to realize the value of goodwill and intangible assets; exposure to fluctuations in foreign currency exchange rates; failure to remediate material weaknesses in our internal controls over financial reporting; our level of indebtedness and our ability to comply with the covenants and restrictions contained in our credit agreements; our ability to access funding through capital markets; resales of Vertiv securities may cause volatility in the market price of our securities; our organizational documents contain provisions that may discourage unsolicited takeover proposals; our certificate of incorporation includes a forum selection clause, which could discourage or limit stockholders’ ability to make a claim against it; the ability of our subsidiaries to pay dividends; factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; our ability to attract, train and retain key members of our leadership team and other qualified personnel; the adequacy of our insurance coverage; fluctuations in interest rates materially affecting our financial results and increasing the risk our counterparties default in our interest rate hedges; our incurrence of significant costs and devotion of substantial management time as a result of operating as a public company; the timing and consummation of our proposed acquisitions; the risks that the closings of our acquisitions do not occur; expected expenses related to integration of our acquisitions; the possible diversion of management time on issues related to integration of our acquired businesses; the ability of Vertiv to maintain relationships with customers and suppliers of our acquired businesses; and the ability of Vertiv to retain management and key employees of our acquired businesses; and other risks and uncertainties indicated in Vertiv’s SEC reports or documents filed or to be filed with the SEC by Vertiv. Forward-looking statements included in this news release speak only as of the date of this news release or any earlier date specified for such statements. All subsequent written or oral forward-looking statements attributable to Vertiv or persons acting on Vertiv’s behalf may be qualified in their entirety by this Cautionary Note Concerning Forward-Looking Statements.
For investor inquiries, please contact:
Lynne Maxeiner
Vice President, Global Treasury & Investor Relations
Vertiv
E: lynne.maxeiner@vertiv.com
For media inquiries, please contact:
Tom Laughran
FleishmanHillard
E: tom.laughran@omc.com
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
Vertiv Holdings Co
(Dollars in millions except for per share data)
| Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | ||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Net sales - products | $ | 3,637.1 | $ | 2,214.4 | $ | 8,419.6 | $ | 6,030.1 | |||||||||||||||
| Net sales - services | 675.7 | 461.4 | 1,817.0 | 1,319.8 | |||||||||||||||||||
| Net sales | 4,312.8 | 2,675.8 | 10,236.6 | 7,349.9 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Cost of sales - products | 2,291.5 | 1,398.4 | 5,307.7 | 3,980.8 | |||||||||||||||||||
| Cost of sales - services | 377.9 | 266.7 | 1,050.9 | 775.3 | |||||||||||||||||||
| Cost of sales | 2,669.4 | 1,665.1 | 6,358.6 | 4,756.1 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Selling, general and administrative expenses | 556.9 | 414.3 | 1,508.0 | 1,156.2 | |||||||||||||||||||
| Amortization of intangibles | 65.3 | 48.2 | 216.6 | 141.1 | |||||||||||||||||||
| Restructuring costs | 0.2 | 30.7 | (8.6) | 33.7 | |||||||||||||||||||
| Foreign currency (gain) loss, net | 7.1 | 0.9 | 9.4 | 5.8 | |||||||||||||||||||
| Other operating expense (income) | 30.1 | (0.1) | 90.8 | 7.2 | |||||||||||||||||||
| Operating profit (loss) | 983.8 | 516.7 | 2,061.8 | 1,249.8 | |||||||||||||||||||
| Interest expense (income), net | 6.4 | 22.8 | 19.4 | 69.4 | |||||||||||||||||||
| Loss on extinguishment of debt | — | 1.7 | 6.2 | 1.7 | |||||||||||||||||||
| Other non-operating expense (income) | (17.4) | — | (16.9) | — | |||||||||||||||||||
| Income (loss) before income taxes | 994.8 | 492.2 | 2,053.1 | 1,178.7 | |||||||||||||||||||
| Income tax expense (benefit) | 230.3 | 93.7 | 400.7 | 291.5 | |||||||||||||||||||
| Net income (loss) | $ | 764.5 | $ | 398.5 | $ | 1,652.4 | $ | 887.2 | |||||||||||||||
| Earnings (loss) per share: | |||||||||||||||||||||||
| Basic | $ | 1.99 | $ | 1.04 | $ | 4.30 | $ | 2.33 | |||||||||||||||
| Diluted | $ | 1.95 | $ | 1.02 | $ | 4.21 | $ | 2.27 | |||||||||||||||
| Weighted-average shares outstanding: | |||||||||||||||||||||||
| Basic | 384,995,711 | 382,025,408 | 384,165,116 | 381,455,627 | |||||||||||||||||||
| Diluted | 392,682,064 | 390,928,669 | 392,640,125 | 390,257,902 | |||||||||||||||||||
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Vertiv Holdings Co
(Dollars in millions)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 3,512.9 | $ | 1,728.4 | |||||||
| Short-term investments | 198.8 | 99.5 | |||||||||
Accounts receivable, less allowances of $28.0 and $25.6, respectively | 4,379.7 | 3,109.0 | |||||||||
| Inventories | 3,288.4 | 1,456.5 | |||||||||
| Other current assets | 743.5 | 426.1 | |||||||||
| Total current assets | 12,123.3 | 6,819.5 | |||||||||
| Property, plant and equipment, net | 1,324.6 | 921.8 | |||||||||
| Other assets: | |||||||||||
| Goodwill | 2,279.6 | 2,033.7 | |||||||||
| Other intangible assets, net | 1,736.1 | 1,894.8 | |||||||||
| Deferred income taxes | 171.9 | 179.6 | |||||||||
| Right-of-use assets, net | 415.1 | 303.0 | |||||||||
| Other | 123.9 | 60.0 | |||||||||
| Total other assets | 4,726.6 | 4,471.1 | |||||||||
| Total assets | $ | 18,174.5 | $ | 12,212.4 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | 3.4 | $ | 20.9 | |||||||
| Accounts payable | 3,244.7 | 1,756.4 | |||||||||
| Deferred revenue | 4,120.5 | 1,814.7 | |||||||||
| Accrued expenses and other liabilities | 1,196.3 | 771.6 | |||||||||
| Income taxes | 145.8 | 43.4 | |||||||||
| Total current liabilities | 8,710.7 | 4,407.0 | |||||||||
| Long-term debt, net | 2,925.1 | 2,892.1 | |||||||||
| Deferred income taxes | 248.5 | 232.8 | |||||||||
| Long-term lease liabilities | 339.7 | 245.2 | |||||||||
| Other long-term liabilities | 448.5 | 494.0 | |||||||||
| Total liabilities | 12,672.5 | 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, 385,027,873 and 382,553,680 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | — | — | |||||||||
| Additional paid-in capital | 2,974.9 | 2,895.2 | |||||||||
| Retained earnings | 2,608.5 | 1,027.9 | |||||||||
| Accumulated other comprehensive income (loss) | (81.4) | 18.2 | |||||||||
| Total equity | 5,502.0 | 3,941.3 | |||||||||
| Total liabilities and equity | $ | 18,174.5 | $ | 12,212.4 | |||||||
6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Vertiv Holdings Co
(Dollars in millions)
| Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | ||||||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||||
| Net income (loss) | $ | 764.5 | $ | 398.5 | $ | 1,652.4 | $ | 887.2 | |||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||||||||
| Depreciation | 39.8 | 24.5 | 106.7 | 70.9 | |||||||||||||||||||
| Amortization | 68.1 | 50.9 | 224.7 | 149.4 | |||||||||||||||||||
| Deferred income taxes | 16.1 | 69.1 | (10.0) | 92.2 | |||||||||||||||||||
| Amortization of debt discount and issuance costs | 1.6 | 1.0 | 3.8 | 5.3 | |||||||||||||||||||
| Stock-based compensation | 19.7 | 14.2 | 50.5 | 38.7 | |||||||||||||||||||
| Changes in operating working capital | (138.3) | (71.5) | 540.5 | (166.7) | |||||||||||||||||||
| Change in fair value of contingent consideration | 34.1 | — | 96.1 | — | |||||||||||||||||||
| Other | (11.6) | (4.0) | (4.1) | 31.9 | |||||||||||||||||||
| Net cash provided by (used for) operating activities | 794.0 | 482.7 | 2,660.6 | 1,108.9 | |||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||
| Capital expenditures | (139.1) | (45.2) | (425.0) | (126.7) | |||||||||||||||||||
| Investments in capitalized software | (2.7) | (1.5) | (5.3) | (4.7) | |||||||||||||||||||
| Purchase of short-term investments | (98.7) | (441.5) | (645.3) | (539.6) | |||||||||||||||||||
| Proceeds from maturities of short-term investments | 202.9 | — | 554.4 | — | |||||||||||||||||||
| Investment in affiliates | (10.0) | — | (29.0) | — | |||||||||||||||||||
| Acquisition of businesses, net of cash acquired | — | (195.7) | (278.1) | (195.7) | |||||||||||||||||||
| Net cash provided by (used for) investing activities | (47.6) | (683.9) | (828.3) | (866.7) | |||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||
| Short-term borrowings | 3.4 | — | 3.4 | — | |||||||||||||||||||
| Proceeds from the issuance of long-term debt | — | — | 2,100.0 | — | |||||||||||||||||||
| Repayment of long-term debt | (15.3) | (5.2) | (2,091.4) | (15.7) | |||||||||||||||||||
| Dividend payment | (24.0) | (14.2) | (71.8) | (42.6) | |||||||||||||||||||
| Exercise of employee stock options | 0.8 | 9.0 | 44.9 | 22.0 | |||||||||||||||||||
| Employee taxes paid from shares withheld | (4.3) | (1.0) | (27.5) | (8.0) | |||||||||||||||||||
| Net cash provided by (used for) financing activities | (39.4) | (11.4) | (42.4) | (44.3) | |||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.6 | 0.8 | 3.5 | 14.1 | |||||||||||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 707.6 | (211.8) | 1,793.4 | 212.0 | |||||||||||||||||||
| Beginning cash, cash equivalents and restricted cash | 2,875.6 | 1,656.0 | 1,789.8 | 1,232.2 | |||||||||||||||||||
| Ending cash, cash equivalents and restricted cash | $ | 3,583.2 | $ | 1,444.2 | $ | 3,583.2 | $ | 1,444.2 | |||||||||||||||
| Changes in operating working capital | |||||||||||||||||||||||
| Accounts receivable | $ | (631.9) | $ | 41.0 | $ | (1,276.1) | $ | (339.8) | |||||||||||||||
| Inventories | (766.9) | (5.6) | (1,814.9) | (143.1) | |||||||||||||||||||
| Other current assets | (160.2) | (16.8) | (305.5) | (40.7) | |||||||||||||||||||
| Accounts payable | 723.7 | 92.6 | 1,409.0 | 362.1 | |||||||||||||||||||
| Deferred revenue | 490.2 | (122.1) | 2,312.9 | 49.4 | |||||||||||||||||||
| Accrued expenses and other liabilities | 112.8 | 62.5 | 135.0 | 19.2 | |||||||||||||||||||
| Income taxes | 94.0 | (123.1) | 80.1 | (73.8) | |||||||||||||||||||
| Total changes in operating working capital | $ | (138.3) | $ | (71.5) | $ | 540.5 | $ | (166.7) | |||||||||||||||
7
Reconciliation of GAAP and non-GAAP Financial Measures
To supplement this news release, we have included certain non-GAAP financial measures in the format of performance metrics. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company's performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.
Vertiv’s non-GAAP financial measures include:
•Adjusted operating profit (loss), which represents operating profit (loss), adjusted to exclude amortization of intangibles, restructuring costs associated with the global restructuring program, contingent consideration and merger and acquisition costs;
•Adjusted operating margin, which represents adjusted operating profit (loss) divided by net sales;
•Organic net sales growth, which represents the change in net sales adjusted to exclude the impacts of foreign currency exchange rate and acquisitions [without comparable sales detail in both periods presented];
•Adjusted free cash flow, which represents net cash provided by (used for) operating activities adjusted to exclude capital expenditures and investments in capitalized software; and
•Adjusted diluted EPS, which represents diluted earnings per share adjusted to exclude amortization of intangibles, restructuring costs associated with the global restructuring program, contingent consideration and merger and acquisition costs, and the costs related to the March 3, 2026 repayment of the Term Loan Credit Agreement and the associated interest rate swaps being settled.
8
Regional Segment Results
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ | Δ% | Organic Δ%(2) | 2026 | 2025 | Δ | Δ% | Organic Δ%(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AMER | $ | 2,988.8 | $ | 1,712.4 | $ | 1,276.4 | 74.5 | % | 66.2 | % | $ | 6,874.0 | $ | 4,500.0 | $ | 2,374.0 | 52.8 | % | 44.4 | % | |||||||||||||||||||||||||||||||||||||||
| APAC | 779.3 | 519.8 | 259.5 | 49.9 | % | 48.3 | % | 2,012.9 | 1,527.2 | 485.7 | 31.8 | % | 29.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EMEA | 544.7 | 443.6 | 101.1 | 22.8 | % | 19.3 | % | 1,349.7 | 1,322.7 | 27.0 | 2.0 | % | (3.3) | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 4,312.8 | $ | 2,675.8 | $ | 1,637.0 | 61.2 | % | 55.0 | % | $ | 10,236.6 | $ | 7,349.9 | $ | 2,886.7 | 39.3 | % | 32.7 | % | |||||||||||||||||||||||||||||||||||||||
Adjusted operating profit (loss)(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AMER | $ | 877.3 | $ | 501.8 | $ | 375.5 | 74.8 | % | $ | 1,938.9 | $ | 1,146.1 | $ | 792.8 | 69.2 | % | |||||||||||||||||||||||||||||||||||||||||||
| APAC | 132.4 | 68.5 | 63.9 | 93.3 | % | 295.4 | 173.4 | 122.0 | 70.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| EMEA | 152.3 | 83.5 | 68.8 | 82.4 | % | 330.0 | 266.4 | 63.6 | 23.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate(4) | (75.1) | (58.2) | (16.9) | 29.0 | % | (186.8) | (164.3) | (22.5) | 13.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,086.9 | $ | 595.6 | $ | 491.3 | 82.5 | % | $ | 2,377.5 | $ | 1,421.6 | $ | 955.9 | 67.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Adjusted operating margins(5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AMER | 29.4 | % | 29.3 | % | 0.1 | % | 28.2 | % | 25.5 | % | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| APAC | 17.0 | % | 13.2 | % | 3.8 | % | 14.7 | % | 11.4 | % | 3.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| EMEA | 28.0 | % | 18.8 | % | 9.2 | % | 24.4 | % | 20.1 | % | 4.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Vertiv | 25.2 | % | 22.3 | % | 2.9 | % | 23.2 | % | 19.3 | % | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(1)Segment net sales are presented excluding intercompany sales.
(2)Organic basis is adjusted to exclude foreign currency exchange rate and the change in acquisition sales impact.
(3)Adjusted operating profit (loss) is only adjusted at the Corporate segment. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss).
(4)Corporate costs consist of headquarters management costs, asset impairments, and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and Human Resources.
(5)Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales.
9
Sales by product and service offering
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | Δ | Δ% | ||||||||||||||||||||
| Americas: | |||||||||||||||||||||||
| Products | $ | 2,525.8 | $ | 1,426.6 | $ | 1,099.2 | 77.1 | % | |||||||||||||||
| Services & spares | 463.0 | 285.8 | 177.2 | 62.0 | % | ||||||||||||||||||
| $ | 2,988.8 | $ | 1,712.4 | $ | 1,276.4 | 74.5 | % | ||||||||||||||||
| Asia Pacific: | |||||||||||||||||||||||
| Products | $ | 626.7 | $ | 392.7 | $ | 234.0 | 59.6 | % | |||||||||||||||
| Services & spares | 152.6 | 127.1 | 25.5 | 20.1 | % | ||||||||||||||||||
| $ | 779.3 | $ | 519.8 | $ | 259.5 | 49.9 | % | ||||||||||||||||
| Europe, Middle East & Africa: | |||||||||||||||||||||||
| Products | $ | 441.3 | $ | 348.3 | $ | 93.0 | 26.7 | % | |||||||||||||||
| Services & spares | 103.4 | 95.3 | 8.1 | 8.5 | % | ||||||||||||||||||
| $ | 544.7 | $ | 443.6 | $ | 101.1 | 22.8 | % | ||||||||||||||||
| Total: | |||||||||||||||||||||||
| Products | $ | 3,593.8 | $ | 2,167.6 | $ | 1,426.2 | 65.8 | % | |||||||||||||||
| Services & spares | 719.0 | 508.2 | 210.8 | 41.5 | % | ||||||||||||||||||
| $ | 4,312.8 | $ | 2,675.8 | $ | 1,637.0 | 61.2 | % | ||||||||||||||||
| Nine months ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | Δ | Δ% | ||||||||||||||||||||
| Americas: | |||||||||||||||||||||||
| Products | $ | 5,667.8 | $ | 3,705.7 | $ | 1,962.1 | 52.9 | % | |||||||||||||||
| Services & spares | 1,206.2 | 794.3 | 411.9 | 51.9 | % | ||||||||||||||||||
| $ | 6,874.0 | $ | 4,500.0 | $ | 2,374.0 | 52.8 | % | ||||||||||||||||
| Asia Pacific: | |||||||||||||||||||||||
| Products | $ | 1,570.2 | $ | 1,150.5 | $ | 419.7 | 36.5 | % | |||||||||||||||
| Services & spares | 442.7 | 376.7 | 66.0 | 17.5 | % | ||||||||||||||||||
| $ | 2,012.9 | $ | 1,527.2 | $ | 485.7 | 31.8 | % | ||||||||||||||||
| Europe, Middle East & Africa: | |||||||||||||||||||||||
| Products | $ | 1,053.4 | $ | 1,041.4 | $ | 12.0 | 1.2 | % | |||||||||||||||
| Services & spares | 296.3 | 281.3 | 15.0 | 5.3 | % | ||||||||||||||||||
| $ | 1,349.7 | $ | 1,322.7 | $ | 27.0 | 2.0 | % | ||||||||||||||||
| Total: | |||||||||||||||||||||||
| Products | $ | 8,291.4 | $ | 5,897.6 | $ | 2,393.8 | 40.6 | % | |||||||||||||||
| Services & spares | 1,945.2 | 1,452.3 | 492.9 | 33.9 | % | ||||||||||||||||||
| $ | 10,236.6 | $ | 7,349.9 | $ | 2,886.7 | 39.3 | % | ||||||||||||||||
10
Organic growth by product and service offering
| Three months ended September 30, 2026 | |||||||||||||||||||||||||||||
| Net Sales Δ | FX Δ | Acquisition Δ(1) | Organic growth | Organic Δ%(2) | |||||||||||||||||||||||||
| Americas: | |||||||||||||||||||||||||||||
| Products | $ | 1,099.2 | $ | (1.8) | $ | (21.0) | $ | 1,076.4 | 75.5 | % | |||||||||||||||||||
| Services & spares | 177.2 | (1.4) | (118.3) | 57.5 | 20.1 | % | |||||||||||||||||||||||
| $ | 1,276.4 | $ | (3.2) | $ | (139.3) | $ | 1,133.9 | 66.2 | % | ||||||||||||||||||||
| Asia Pacific: | |||||||||||||||||||||||||||||
| Products | $ | 234.0 | $ | (6.9) | $ | — | $ | 227.1 | 57.8 | % | |||||||||||||||||||
| Services & spares | 25.5 | (1.3) | — | 24.2 | 19.0 | % | |||||||||||||||||||||||
| $ | 259.5 | $ | (8.2) | $ | — | $ | 251.3 | 48.3 | % | ||||||||||||||||||||
| Europe, Middle East & Africa: | |||||||||||||||||||||||||||||
| Products | $ | 93.0 | $ | (0.1) | $ | (17.6) | $ | 75.3 | 21.6 | % | |||||||||||||||||||
| Services & spares | 8.1 | 2.4 | — | 10.5 | 11.0 | % | |||||||||||||||||||||||
| $ | 101.1 | $ | 2.3 | $ | (17.6) | $ | 85.8 | 19.3 | % | ||||||||||||||||||||
| Total: | |||||||||||||||||||||||||||||
| Products | $ | 1,426.2 | $ | (8.8) | $ | (38.6) | $ | 1,378.8 | 63.6 | % | |||||||||||||||||||
| Services & spares | 210.8 | (0.3) | (118.3) | 92.2 | 18.1 | % | |||||||||||||||||||||||
| $ | 1,637.0 | $ | (9.1) | $ | (156.9) | $ | 1,471.0 | 55.0 | % | ||||||||||||||||||||
(1)The change in acquisition sales include all acquisition sales for the three months ended September 30, 2026.
(2)Organic growth percentage change is calculated as organic growth divided by net sales for the three months ended September 30, 2025.
| Nine months ended September 30, 2026 | |||||||||||||||||||||||||||||
| Net Sales Δ | FX Δ | Acquisition Δ(1) | Organic growth | Organic Δ%(2) | |||||||||||||||||||||||||
| Americas: | |||||||||||||||||||||||||||||
| Products | $ | 1,962.1 | $ | (11.4) | $ | (90.7) | $ | 1,860.0 | 50.2 | % | |||||||||||||||||||
| Services & spares | 411.9 | (5.6) | (268.7) | 137.6 | 17.3 | % | |||||||||||||||||||||||
| $ | 2,374.0 | $ | (17.0) | $ | (359.4) | $ | 1,997.6 | 44.4 | % | ||||||||||||||||||||
| Asia Pacific: | |||||||||||||||||||||||||||||
| Products | $ | 419.7 | $ | (30.9) | $ | — | $ | 388.8 | 33.8 | % | |||||||||||||||||||
| Services & spares | 66.0 | (6.2) | — | 59.8 | 15.9 | % | |||||||||||||||||||||||
| $ | 485.7 | $ | (37.1) | $ | — | $ | 448.6 | 29.4 | % | ||||||||||||||||||||
| Europe, Middle East & Africa: | |||||||||||||||||||||||||||||
| Products | $ | 12.0 | $ | (38.9) | $ | (22.9) | $ | (49.8) | (4.8) | % | |||||||||||||||||||
| Services & spares | 15.0 | (8.8) | (0.7) | 5.5 | 2.0 | % | |||||||||||||||||||||||
| $ | 27.0 | $ | (47.7) | $ | (23.6) | $ | (44.3) | (3.3) | % | ||||||||||||||||||||
| Total: | |||||||||||||||||||||||||||||
| Products | $ | 2,393.8 | $ | (81.2) | $ | (113.6) | $ | 2,199.0 | 37.3 | % | |||||||||||||||||||
| Services & spares | 492.9 | (20.6) | (269.4) | 202.9 | 14.0 | % | |||||||||||||||||||||||
| $ | 2,886.7 | $ | (101.8) | $ | (383.0) | $ | 2,401.9 | 32.7 | % | ||||||||||||||||||||
(1)The change in acquisition includes all acquisitions sales for the nine months ended September 30, 2026.
(2)Organic growth percentage change is calculated as organic growth divided by net sales for the nine months ended September 30, 2025.
11
Segment operating profit (loss)
| Operating profit (loss) | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | |||||||||||||||||||
| Americas | $ | 877.3 | $ | 501.8 | $ | 1,938.9 | $ | 1,146.1 | |||||||||||||||
| Asia Pacific | 132.4 | 68.5 | 295.4 | 173.4 | |||||||||||||||||||
| Europe, Middle East & Africa | 152.3 | 83.5 | 330.0 | 266.4 | |||||||||||||||||||
| Total reportable segments | 1,162.0 | 653.8 | 2,564.3 | 1,585.9 | |||||||||||||||||||
| Foreign currency gain (loss) | (7.1) | (0.9) | (9.4) | (5.8) | |||||||||||||||||||
| Corporate | (105.8) | (88.0) | (276.5) | (189.2) | |||||||||||||||||||
| Total corporate and other | (112.9) | (88.9) | (285.9) | (195.0) | |||||||||||||||||||
| Amortization of intangibles | (65.3) | (48.2) | (216.6) | (141.1) | |||||||||||||||||||
| Operating profit (loss) | $ | 983.8 | $ | 516.7 | $ | 2,061.8 | $ | 1,249.8 | |||||||||||||||
Reconciliation of net cash provided by (used for) operating activities to adjusted free cash flow
| Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | ||||||||||||||||||||
| Net cash provided by (used for) operating activities | $ | 794.0 | $ | 482.7 | $ | 2,660.6 | $ | 1,108.9 | |||||||||||||||
| Capital expenditures | (139.1) | (45.2) | (425.0) | (126.7) | |||||||||||||||||||
| Investments in capitalized software | (2.7) | (1.5) | (5.3) | (4.7) | |||||||||||||||||||
| Adjusted free cash flow | $ | 652.2 | $ | 436.0 | $ | 2,230.3 | $ | 977.5 | |||||||||||||||
Reconciliation from operating profit (loss) to adjusted operating profit (loss)
| Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | ||||||||||||||||||||
| Operating profit (loss) | $ | 983.8 | $ | 516.7 | $ | 2,061.8 | $ | 1,249.8 | |||||||||||||||
| Amortization of intangibles | 65.3 | 48.2 | 216.6 | 141.1 | |||||||||||||||||||
| Contingent consideration | 34.1 | — | 96.1 | — | |||||||||||||||||||
| Restructuring costs - global programs | — | 30.7 | (3.9) | 30.7 | |||||||||||||||||||
| Mergers and acquisition costs | 3.7 | — | 6.9 | — | |||||||||||||||||||
| Adjusted operating profit (loss) | $ | 1,086.9 | $ | 595.6 | $ | 2,377.5 | $ | 1,421.6 | |||||||||||||||
Reconciliation from operating margin to adjusted operating margin
| Three months ended September 30, 2026 | Three months ended September 30, 2025 | Δ | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | Δ | ||||||||||||||||||||||||||||||
| Vertiv net sales | $ | 4,312.8 | $ | 2,675.8 | $ | 1,637.0 | $ | 10,236.6 | $ | 7,349.9 | $ | 2,886.7 | |||||||||||||||||||||||
| Vertiv operating profit (loss) | 983.8 | 516.7 | 467.1 | 2,061.8 | 1,249.8 | 812.0 | |||||||||||||||||||||||||||||
| Vertiv operating margin | 22.8 | % | 19.3 | % | 3.5 | % | 20.1 | % | 17.0 | % | 3.1 | % | |||||||||||||||||||||||
| Amortization of intangibles | $ | 65.3 | $ | 48.2 | $ | 17.1 | $ | 216.6 | $ | 141.1 | $ | 75.5 | |||||||||||||||||||||||
| Contingent consideration | 34.1 | — | 34.1 | 96.1 | — | 96.1 | |||||||||||||||||||||||||||||
| Restructuring costs - global programs | — | 30.7 | (30.7) | (3.9) | 30.7 | (34.6) | |||||||||||||||||||||||||||||
| Mergers and acquisition costs | 3.7 | — | 3.7 | 6.9 | — | 6.9 | |||||||||||||||||||||||||||||
| Vertiv adjusted operating profit (loss) | 1,086.9 | 595.6 | 491.3 | 2,377.5 | 1,421.6 | 955.9 | |||||||||||||||||||||||||||||
| Vertiv adjusted operating margin | 25.2 | % | 22.3 | % | 2.9 | % | 23.2 | % | 19.3 | % | 3.9 | % | |||||||||||||||||||||||
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Reconciliation of Diluted EPS to Adjusted Diluted EPS
| Three months ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| Operating profit (loss) | Interest expense (income), net | Other non-operating expense (income) | Income tax expense (benefit) | Net income (loss) | Diluted EPS(1) | ||||||||||||||||||||||||||||||
| GAAP | $ | 983.8 | $ | 6.4 | $ | (17.4) | $ | 230.3 | $ | 764.5 | $ | 1.95 | |||||||||||||||||||||||
| Amortization of intangibles | 65.3 | — | — | — | 65.3 | 0.16 | |||||||||||||||||||||||||||||
Contingent consideration(2) | 34.1 | — | — | — | 34.1 | 0.09 | |||||||||||||||||||||||||||||
| Mergers and acquisition costs | 3.7 | — | — | — | 3.7 | 0.01 | |||||||||||||||||||||||||||||
| Non-GAAP adjusted | $ | 1,086.9 | $ | 6.4 | $ | (17.4) | $ | 230.3 | $ | 867.6 | $ | 2.21 | |||||||||||||||||||||||
| Diluted shares (in millions) | 392.7 | ||||||||||||||||||||||||||||||||||
(1)Diluted EPS and adjusted diluted EPS is calculated using 392.7 million shares (includes 385.0 million basic shares and 7.7 million potential dilutive equity awards).
(2)Contingent consideration associated with acquisitions.
Three months ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| Operating profit (loss) | Interest expense (income), net | Loss on extinguishment of debt | Income tax expense (benefit) | Net income (loss) | Diluted EPS(1) | ||||||||||||||||||||||||||||||
| GAAP | $ | 516.7 | $ | 22.8 | $ | 1.7 | $ | 93.7 | $ | 398.5 | $ | 1.02 | |||||||||||||||||||||||
| Amortization of intangibles | 48.2 | — | — | — | 48.2 | 0.12 | |||||||||||||||||||||||||||||
| Restructuring costs | 30.7 | — | — | — | 30.7 | 0.08 | |||||||||||||||||||||||||||||
Term loan due 2032 amendment expense(2) | — | (6.2) | (1.7) | — | 7.9 | 0.02 | |||||||||||||||||||||||||||||
| Non-GAAP adjusted | $ | 595.6 | $ | 16.6 | $ | — | $ | 93.7 | $ | 485.3 | $ | 1.24 | |||||||||||||||||||||||
| Diluted shares (in millions) | 390.9 | ||||||||||||||||||||||||||||||||||
(1)Diluted EPS and adjusted diluted EPS is calculated using 390.9 million shares (includes 382.0 million basic shares and 8.9 million potential dilutive equity awards).
(2)Costs associated with the August 12, 2025 amendment of the Term Loan due 2032.
| Nine months ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| Operating profit (loss) | Interest expense (income), net | Loss on extinguishment of debt | Other non-operating expense (income) | Income tax expense (benefit) | Net income (loss) | Diluted EPS(1) | |||||||||||||||||||||||||||||||||||
| GAAP | $ | 2,061.8 | $ | 19.4 | $ | 6.2 | $ | (16.9) | $ | 400.7 | $ | 1,652.4 | $ | 4.21 | |||||||||||||||||||||||||||
| Amortization of intangibles | 216.6 | — | — | — | — | 216.6 | 0.56 | ||||||||||||||||||||||||||||||||||
Contingent consideration(2) | 96.1 | — | — | — | — | 96.1 | 0.24 | ||||||||||||||||||||||||||||||||||
Term loan credit agreement repayment(3) | — | 22.9 | (6.2) | — | 25.6 | (42.3) | (0.11) | ||||||||||||||||||||||||||||||||||
| Restructuring costs - global programs | (3.9) | — | — | — | — | (3.9) | (0.01) | ||||||||||||||||||||||||||||||||||
| Mergers and acquisition costs | 6.9 | — | — | — | — | 6.9 | 0.02 | ||||||||||||||||||||||||||||||||||
| Non-GAAP adjusted | $ | 2,377.5 | $ | 42.3 | $ | — | $ | (16.9) | $ | 426.3 | $ | 1,925.8 | $ | 4.91 | |||||||||||||||||||||||||||
| Diluted shares (in millions) | 392.6 | ||||||||||||||||||||||||||||||||||||||||
(1)Diluted EPS and adjusted diluted EPS is calculated using 392.6 million shares (includes 384.2 million basic shares and 8.4 million potential dilutive equity awards).
(2)Contingent consideration associated with acquisitions.
(3)Costs associated with the March 3, 2026 repayment of the Term loan credit agreement, the gain recognized in “Interest expense (income), net” and the related tax impact associated with the interest rate swaps being settled.
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| Nine months ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| Operating profit (loss) | Interest expense (income), net | Loss on extinguishment of debt | Income tax expense (benefit) | Net income (loss) | Diluted EPS(1) | ||||||||||||||||||||||||||||||
| GAAP | $ | 1,249.8 | $ | 69.4 | $ | 1.7 | $ | 291.5 | $ | 887.2 | $ | 2.27 | |||||||||||||||||||||||
| Amortization of intangibles | 141.1 | — | — | — | 141.1 | 0.36 | |||||||||||||||||||||||||||||
| Restructuring costs | 30.7 | — | — | — | 30.7 | 0.08 | |||||||||||||||||||||||||||||
Non-recurring tax adjustment, net(2) | — | — | — | (39.5) | 39.5 | 0.10 | |||||||||||||||||||||||||||||
Term loan due 2032 amendment expense(3) | — | (6.2) | (1.7) | — | 7.9 | 0.02 | |||||||||||||||||||||||||||||
| Non-GAAP adjusted | $ | 1,421.6 | $ | 63.2 | $ | — | $ | 252.0 | $ | 1,106.4 | $ | 2.83 | |||||||||||||||||||||||
| Diluted shares (in millions) | 390.3 | ||||||||||||||||||||||||||||||||||
(1)Diluted EPS and adjusted diluted EPS is calculated using 390.3 million shares (includes 381.5 million basic shares and 8.8 million potential dilutive equity awards).
(2)Nonrecurring tax adjustment of $39.5 million due to recently issued guidance which changes our assessment of our realizability of certain deferred tax assets.
(3)Costs associated with the August 12, 2025 amendment of the Term Loan due 2032.
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Vertiv Holdings Co
2026 Adjusted Guidance
Reconciliation of Diluted EPS to Adjusted Diluted EPS(1)
| Fourth Quarter 2026 | |||||||||||||||||||||||||||||
| Operating profit (loss) | Interest expense (income), net | Income tax expense (benefit) | Net income (loss) | Diluted EPS(2) | |||||||||||||||||||||||||
| GAAP | $ | 1,073.6 | $ | 14.8 | $ | 240.8 | $ | 818.0 | $ | 2.08 | |||||||||||||||||||
| Amortization of intangibles | 63.9 | — | — | 63.9 | 0.17 | ||||||||||||||||||||||||
| Non-GAAP adjusted | $ | 1,137.5 | $ | 14.8 | $ | 240.8 | $ | 881.9 | $ | 2.25 | |||||||||||||||||||
| Diluted shares (in millions) | 392.6 | ||||||||||||||||||||||||||||
| Full Year 2026 | |||||||||||||||||||||||||||||||||||||||||
| Operating profit (loss) | Interest expense (income), net | Loss on extinguishment of debt | Other non-operating expense (income) | Income tax expense (benefit) | Net income (loss) | Diluted EPS(3) | |||||||||||||||||||||||||||||||||||
| GAAP | $ | 3,135.4 | $ | 34.2 | $ | 6.2 | $ | (16.9) | $ | 641.5 | $ | 2,470.4 | $ | 6.29 | |||||||||||||||||||||||||||
| Amortization of intangibles | 280.5 | — | — | — | — | 280.5 | 0.72 | ||||||||||||||||||||||||||||||||||
Contingent consideration(4) | 96.1 | — | — | — | — | 96.1 | 0.24 | ||||||||||||||||||||||||||||||||||
Term loan credit agreement repayment(5) | — | 22.9 | (6.2) | — | 25.6 | (42.3) | (0.11) | ||||||||||||||||||||||||||||||||||
| Restructuring costs - global programs | (3.9) | — | — | — | — | (3.9) | (0.01) | ||||||||||||||||||||||||||||||||||
| Mergers and acquisition costs | 6.9 | — | — | — | — | 6.9 | 0.02 | ||||||||||||||||||||||||||||||||||
| Non-GAAP adjusted | $ | 3,515.0 | $ | 57.1 | $ | — | $ | (16.9) | $ | 667.1 | $ | 2,807.7 | $ | 7.15 | |||||||||||||||||||||||||||
| Diluted shares (in millions) | 392.6 | ||||||||||||||||||||||||||||||||||||||||
(1)Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to FY 2026 guidance, including organic net sales growth, adjusted operating margin and adjusted free cash flow, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For the same reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
(2)Diluted EPS and adjusted diluted EPS based on 392.6 million shares (includes 385.1 million basic shares and 7.5 million potential dilutive equity awards).
(3)Diluted EPS and adjusted diluted EPS based on 392.6 million shares (includes 384.4 million basic shares and 8.2 million potential dilutive equity awards).
(4)Contingent consideration associated with acquisitions.
(5)Costs associated with the March 3, 2026 repayment of the Term loan credit agreement, the gain recognized in “Interest expense (income), net” and the related tax impact associated with the interest rate swaps being settled.
SOURCE Vertiv Holdings Co
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