Vertiv

• earnings

  2026-07-29

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C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended June 30, 2026 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __to__ Commission File No. 001-38518 Vertiv Holdings Co (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 81-2376902 (I.R.S Employer Identification No.) 505 N. Cleveland Ave. , Westerville , Ohio 43082 (Address of principal executive offices including zip code) 614 - 888-0246 (Registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, $0.0001 par value per share VRT New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act: Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company 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. Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act). Yes No As of July 27, 2026, there wer e 384,988,173 shares of the Company s Class A common stock, par value $0.0001, outstanding. TABLE OF CONTENTS Page Part I - Financial Information Item 1. Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Earnings (Loss) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Changes in Shareholders Equity (Deficit) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 32 Item 4. Controls and Procedures 32 Part II - Other Information Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37 SIGNATURES 38 1 Table of contents PART I. FINANCIAL INFORMATION ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) VERTIV HOLDINGS CO (Dollars in millions except for per share data) 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 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 2 Table of contents UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) VERTIV HOLDINGS CO (Dollars in millions) 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 income (loss) $ 497.8 $ 324.2 $ 887.9 $ 488.7 Other comprehensive income (loss), net of tax: Foreign currency translation 8.2 116.8 ( 32.1 ) 193.9 Interest rate swaps ( 6.6 ) ( 47.2 ) ( 16.3 ) Pension ( 0.2 ) 0.2 ( 0.5 ) 0.2 Foreign currency exchange forwards 3.0 10.0 ( 3.6 ) 16.2 Other comprehensive income (loss), net of tax: 11.0 120.4 ( 83.4 ) 194.0 Comprehensive income (loss) $ 508.8 $ 444.6 $ 804.5 $ 682.7 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 3 Table of contents UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS VERTIV HOLDINGS CO (Dollars in millions) 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 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 4 Table of contents UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS VERTIV HOLDINGS CO (Dollars in millions) Six months ended June 30, 2026 Six months ended June 30, 2025 Cash flows from operating activities: 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 ) See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 5 Table of contents UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (DEFICIT) VERTIV HOLDINGS CO (Dollars in millions) Common Share Capital Shares Amount Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Balance at December 31, 2024 380,703,974 $ $ 2,821.4 $ ( 238.3 ) $ ( 148.8 ) $ 2,434.3 Net income (loss) 164.5 164.5 Exercise of employee stock options 109,017 1.3 1.3 Stock-based compensation activity, net of shares withheld for tax (1) 169,340 4.5 4.5 Employee 401K match with Vertiv stock 18,813 2.4 2.4 Dividend ( 14.2 ) ( 14.2 ) Other comprehensive income (loss), net of tax 73.6 73.6 Balance at March 31, 2025 381,001,144 $ $ 2,829.6 $ ( 88.0 ) $ ( 75.2 ) $ 2,666.4 Net income (loss) 324.2 324.2 Exercise of employee stock options 733,437 11.7 11.7 Stock-based compensation activity, net of shares withheld for tax (2) 7,784 13.0 13.0 Employee 401K match with Vertiv stock 61,463 3.9 3.9 Dividend ( 14.2 ) ( 14.2 ) Other comprehensive income (loss), net of tax 120.4 120.4 Balance at June 30, 2025 381,803,828 $ $ 2,858.2 $ 222.0 $ 45.2 $ 3,125.4 Balance at December 31, 2025 382,553,680 $ $ 2,895.2 $ 1,027.9 $ 18.2 $ 3,941.3 Net income (loss) 390.1 390.1 Exercise of employee stock options 1,268,993 23.5 23.5 Stock-based compensation activity, net of withholding for tax (3) 114,813 5.4 5.4 Employee 401K match with Vertiv stock 16,625 2.9 2.9 Dividend ( 23.9 ) ( 23.9 ) Other comprehensive income (loss), net of tax ( 94.4 ) ( 94.4 ) Balance at March 31, 2026 383,954,111 $ $ 2,927.0 $ 1,394.1 $ ( 76.2 ) $ 4,244.9 Net income (loss) 497.8 497.8 Exercise of employee stock options 874,850 20.6 20.6 Stock-based compensation, net of shares withheld for tax (4) 91,824 2.2 2.2 Employee 401K match with Vertiv stock 16,200 5.0 5.0 Dividend ( 23.9 ) ( 23.9 ) Other comprehensive income (loss), net of tax 11.0 11.0 Balance at June 30, 2026 384,936,985 $ $ 2,954.8 $ 1,868.0 $ ( 65.2 ) $ 4,757.6 (1) Net stock compensation activity includes 239,098 vested shares offset by 69,758 shares withheld for taxes valued at $ 6.7 and stock-based compensation of $ 11.2 . (2) Net stock compensation activity includes 12,562 vested shares offset by 4,778 shares withheld for taxes valued at $ 0.3 and stock-based compensation of $ 13.3 . (3) Net stock compensation activity includes 159,335 vested shares offset by 44,522 shares withheld for taxes valued at $ 11.6 and stock-based compensation of $ 17.0 . (4) Net stock compensation activity includes 124,165 vested shares offset by 32,341 shares withheld for taxes valued at $ 11.6 and stock-based compensation of $ 13.8 . See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 6 Table of contents Vertiv Holdings Co Notes to Condensed Consolidated Financial Statements (Unaudited) (Dollars in millions, except per share amounts) (1) DESCRIPTION OF BUSINESS Vertiv Holdings Co ( Holdings Co , and together with its majority-owned subsidiaries, Vertiv , we , our , or the Company ), provides mission-critical digital infrastructure technologies and life cycle services primarily for data centers, communication networks, and commercial and industrial environments. Vertiv s offerings include 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, management systems for monitoring and controlling digital infrastructure, and services. Vertiv manages and reports results of operations for three business segments: Americas; Asia Pacific; and Europe, Middle East Africa. (2) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ( GAAP ) in the United States ("U.S.") and the rules and regulations of the Securities and Exchange Commission ( SEC ) and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. These unaudited condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts have been reclassed to conform with current year presentation. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, the Company's sales channels, supply chain, manufacturing operations, workforce, or other key aspects of the Company s operations. The notes included herein should be read in conjunction with the Company s audited consolidated financial statements included in the Company s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU provides amendments that require entities to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill Other Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU provides amendments that remove all references to prescriptive and sequential software development stages, and require entities to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective fiscal years beginning after December 15, 2027 and for interim reporting within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adoption of this guidance on its Consolidated Financial Statements. 7 Table of contents (3) ACQUISITIONS PurgeRite On October 31, 2025, the Company entered into a membership interest purchase agreement ("Acquisition Agreement") to acquire Purge Rite Intermediate, LLC ("PurgeRite"). The transaction ("Acquisition") closed on December 4, 2025. Under the terms of the Acquisition Agreement, total consideration transferred was $ 1,138.3 , net of cash acquired of $ 14.4 . The gross consideration was $ 1,152.7 , consisting of $ 1,003.5 in cash, $ 139.2 of contingent consideration and $ 10.0 other. The Company is required to pay up to $ 250.0 of additional cash consideration if PurgeRite achieves certain post-closing performance metrics, pursuant to the terms and conditions of the Acquisition Agreement. As of June 30, 2026 in conjunction with the PurgeRite Acquisition, there is $ 206.1 of contingent earnout related to their projected future results recorded in "Accrued expenses and other liabilities" in the Unaudited Condensed Consolidated Balance Sheets. For the three and six months ended June 30, 2026, the Company reco

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