Vertiv Holdings, LLC (VRT) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 10, 2027 — estimated from last year’s reporting date.

Consensus is $2.27 EPS for Dec 2026 across 6 estimates, ranging $2.22 to $2.33.

VRT Sep 2026

Reported Oct 28, 2026 · before the open

: 21.43%

: $1.82
: $2.21
: —
: $4.31B

Reported results

: $4.31B; from $2.68B
: 38.11%; from 37.77%
: $983.80M; from $516.70M
: 22.81%; from 19.31%
: $764.50M; from $398.50M
: $1.95; from $1.02

Highlights

Quarterly sales: Revenue was $4.31 billion, up 61% year over year and 32% from Q2; organic growth was 55%, with acquisitions adding about 6%.
Orders: Organic orders grew more than 100% year over year, with management citing strength across customer types and regions; the order book remains around 12–18 months of purchase orders.
EPS beat: Adjusted diluted EPS of $2.21 exceeded the $1.82 consensus by 21.4%, and was up 78% year over year; GAAP diluted EPS was $1.95, up 91%.
Margin expansion: Adjusted operating profit increased 83% to $1.09 billion and adjusted operating margin expanded 290 basis points to 25.2%, exceeding guidance by 70 basis points.
Guidance raised: The midpoint of full-year 2026 sales guidance increased $650 million to $14.65 billion, while adjusted EPS guidance rose $0.45 to $7.15 and adjusted free cash flow guidance to $2.7 billion.
Regional breadth: Organic sales grew 66% in the Americas, 48% in APAC and 19% in EMEA; EMEA returned to growth as its pipeline strengthened.
Cash and investment: Operating cash flow was $794 million and adjusted free cash flow was $652 million, up 64% and 50%, respectively; Q3 capital expenditure rose to $139 million from $45 million a year earlier.
UIG acquisition: After quarter-end, Vertiv completed its $1.45 billion cash acquisition of Utility Innovation Group, with up to $1.15 billion of additional consideration tied to earnings targets.

Analysis

Vertiv delivered a sharp acceleration in its September quarter, with revenue of $4.31 billion rising 61% year over year and 32% sequentially. Adjusted diluted EPS of $2.21 beat the supplied $1.82 consensus by 21.4%; GAAP diluted EPS was $1.95. Against Q3 2025, GAAP operating profit rose 90% to $984 million and net income rose 92% to $765 million. The quarter also built on Q2, when revenue was $3.27 billion and diluted EPS was $1.27. Management said Q3 exceeded its guidance, including adjusted EPS by $0.41 versus the midpoint and adjusted operating profit by $169 million.

The defining feature was demand converting into growth across the business: organic orders more than doubled year over year, while organic sales rose 55% and all regions advanced. Operational leverage and productivity lifted adjusted operating margin to 25.2%, up 290 basis points year over year. Vertiv raised its full-year sales midpoint by $650 million to $14.65 billion and adjusted EPS midpoint by $0.45 to $7.15, while continuing to invest in capacity. Cash generation remained strong, though working-capital use and higher capital spending partly offset profit growth. The company also completed its $1.45 billion Utility Innovation Group acquisition after quarter-end, extending its reach into microgrid and behind-the-meter power solutions.

Demand and orders

Order momentum: Organic orders increased more than 100% year over year. Management described growth as broad-based across customer types, including with or without neocloud customers, and said the purchase-order backlog still represents roughly 12–18 months of coverage. Vertiv said it does not plan to disclose orders data going forward.
Market signals: Management characterized demand as global and accelerating, while acknowledging power availability, permitting and skilled construction labor as factors that pace projects. It said these have not materially shifted project timing beyond normal construction slippage and expects significant above-market organic sales growth in 2027, without issuing formal 2027 guidance.
Regional growth: Americas sales rose 75% to $2.99 billion, with 66% organic growth; APAC rose 50% to $779 million, with 48% organic growth; and EMEA rose 23% to $545 million, with 19% organic growth. Management highlighted an approximately doubled EMEA pipeline year over year.

Margins and earnings

Adjusted profitability: Adjusted operating profit was $1.09 billion, up 83% year over year, and adjusted operating margin reached 25.2%, 290 basis points higher. Volume leverage and manufacturing productivity drove expansion; mix and ongoing growth investments were offsets.
GAAP results: Operating profit of $984 million compared with $517 million a year ago and $638 million in Q2. Net income was $765 million versus $399 million a year ago and $498 million in Q2. GAAP diluted EPS of $1.95 compared with $1.02 a year ago and $1.27 in Q2.
Regional margins: Adjusted operating margins were 29.4% in the Americas, 17.0% in APAC and 28.0% in EMEA. Year-over-year improvement was particularly marked in EMEA, up 920 basis points, while Americas was broadly steady at 29.4% versus 29.3%.

Raised 2026 outlook

Full-year guidance: The midpoint for sales increased $650 million from the July outlook to $14.65 billion, with organic growth of 38%. Adjusted operating profit midpoint rose $190 million to $3.515 billion, adjusted margin is expected at 24.0%, and adjusted diluted EPS midpoint increased $0.45 to $7.15.
Cash outlook: The company raised adjusted free cash flow guidance to a $2.7 billion midpoint, within a $2.6–$2.8 billion range. Capital expenditure is expected at approximately 4% of revenue; the filing specifies $575–$600 million including capitalized software.
Fourth quarter: Guidance midpoint is $4.413 billion of sales, approximately 50% organic growth, adjusted operating profit of $1.138 billion and adjusted diluted EPS of $2.25. Management expects continued strong organic growth across regions and a 25.8% adjusted margin.

Capacity and cash

Execution and investment: Management attributed growth to capacity expansion, improved utilization and disciplined backlog execution. It said $100–$150 million of revenue delayed from Q2 was recovered in Q3, helping lift the sequential comparison; Q3 capital expenditure was $139 million versus $45 million a year earlier.
Cash generation: Operating cash flow was $794 million, up 64% year over year, and adjusted free cash flow was $652 million, up 50%. Higher adjusted operating profit supported cash flow, partly offset by working-capital use and higher capital expenditure.
Liquidity and working capital: Vertiv reported $6.2 billion of liquidity and net leverage of negative 0.2x. Inventory on the balance sheet increased to $3.29 billion from $1.46 billion at year-end 2025; management said the build supports growth and greater supply-chain resilience.

Utility Innovation Group

Vertiv closed the acquisition of Utility Innovation Group on October 26, after the quarter ended. It paid $1.45 billion in cash, subject to customary adjustments, and could pay up to a further $1.15 billion in two tranches if the acquired business reaches specified earnings targets. UIG provides microgrid solutions, power controls and behind-the-meter power design. Management said the deal should bring Vertiv into customer power-architecture discussions earlier and extend its offering toward grid interconnection and microgrids.

Vertiv Holdings, LLC

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