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Vertiv Holdings

Our readThe print that mattered came in split — margin, cash and the raised guide all beat, revenue missed, and the reason it missed was Vertiv's own execution on the exact integrated products the growth story rests on; demand is not the question, the back-half hockey stick is.

Website
Ticker
VRT
Beat
datacenters
Size
Public Company
Revenue
$3.3B
last stored quarter: Q2 ’26 — Q3 filed 28 Oct, not yet in our figures
Cash
$2.8B
as of Jun 2026
Researched · Fresh
2 days ago

The default arms dealer of the AI buildout — a real moat compounding a $15B backlog into 30% organic growth, but priced at 82x for perfection while insiders sell 65:0 and EMEA orders are already cracking.

Orbit · who it trades with and competes with
2 on the rings · 0 trade · 2 rival
6 mentions across our dossiers
Focus · Datacenters
Vertiv Holdings
VRT · public
No published house view
Competes with
Links · 2 companies · 0 trade · 2 rival
“Read: Eaton trades at a premium to its diversified-industrial peers (Schneider/ABB/Hubbell) but a discount to the data-center pure-play (Vertiv ~49x).”Eaton · RIVAL · from Eaton’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

VRT · weekly close
232.50 USD+19.6%
Friday 30 Oct 2026 · last 52 Fridays 159.82–370.94
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 2,352 sh · 1 filing, Form 4 · 15 Sept 2026
  2. Short interest: 13,957,913 sh · 2.61 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 3,236 sh · 11 filings, Form 4 · 5 Oct 2026
  4. Next print: in 110 days, Scheduled · 22 Feb 2027, scheduled
232.50USD+19.6%datacenters +1.3%VRT · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 15 Sept 2026
1 filing · 2,352 shares
Insiders bought, last 90 daysSEC Form 4 · newest 5 Oct 2026
11 filings · 3,236 shares
Shares sold shortFINRA · settled 15 Oct 2026
13,957,913 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.61
see the whole series
Financials

The reported figures

Revenue · quarterly
$3.3B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$3.3B USD
as of 30 Jun 2026 · fiscal Q2 2026
Source: filings/10-q-2026-q2.md (10-Q, quarter ended 2026-06-30)
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Vertiv Holdings, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueGross marginOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q3 ’2330 Sept 2023$1.7B USD—14.4% share of revenue$222M USD$26.5M USD$500M USD—381.4M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$1.9B USD—15.3% share of revenue$308M USD$47.8M USD$780M USD——Filed · primarysec.gov
Q1 ’2431 Mar 2024$1.6B USD—12.4% share of revenue$102M USD$35.8M USD$276M USD—374.3M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$2.0B USD—17.2% share of revenue$347M USD$34.1M USD$580M USD—375.1M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$2.1B USD—17.9% share of revenue$339M USD$36.4M USD$909M USD—375.3M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$2.3B USD—19.5% share of revenue$365M USD$60.7M USD$1.2B USD—380.8M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$2.0B USD—14.3% share of revenue$267M USD$36.5M USD$1.5B USD—381.1M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$2.6B USD—16.8% share of revenue$278M USD$45.0M USD$1.6B USD—381.9M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$2.7B USD—19.3% share of revenue$464M USD$45.2M USD$1.4B USD—382.3M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$2.9B USD—20.1% share of revenue$886M USD$93.3M USD$1.7B USD—382.6M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$2.6B USD37.7% share of revenue16.6% share of revenue$653M USD$113M USD$2.2B USD$772M USD384.0M sharesFiled · primaryfilings/10-q-2026-q1.md (10-Q, quarter ended 2026-03-31)
Q2 ’2630 Jun 2026$3.3B USD37.7% share of revenue19.5% share of revenue$925M USD$173M USD$2.8B USD$129M USD384.9M sharesFiled · primaryfilings/10-q-2026-q2.md (10-Q, quarter ended 2026-06-30)

Vertiv Holdings’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$3.3B+24% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $1.7B, as of Sep 2023Revenue Q4 ’23: $1.9B, as of Dec 2023Revenue Q1 ’24: $1.6B, as of Mar 2024Revenue Q2 ’24: $2.0B, as of Jun 2024Revenue Q3 ’24: $2.1B, as of Sep 2024Revenue Q4 ’24: $2.3B, as of Dec 2024Revenue Q1 ’25: $2.0B, as of Mar 2025Revenue Q2 ’25: $2.6B, as of Jun 2025Revenue Q3 ’25: $2.7B, as of Sep 2025Revenue Q4 ’25: $2.9B, as of Dec 2025Revenue Q1 ’26: $2.6B, as of Mar 2026Revenue Q2 ’26: $3.3B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
19.5%+2.7 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 14.4%, as of Sep 2023Operating margin Q4 ’23: 15.3%, as of Dec 2023Operating margin Q1 ’24: 12.4%, as of Mar 2024Operating margin Q2 ’24: 17.2%, as of Jun 2024Operating margin Q3 ’24: 17.9%, as of Sep 2024Operating margin Q4 ’24: 19.5%, as of Dec 2024Operating margin Q1 ’25: 14.3%, as of Mar 2025Operating margin Q2 ’25: 16.8%, as of Jun 2025Operating margin Q3 ’25: 19.3%, as of Sep 2025Operating margin Q4 ’25: 20.1%, as of Dec 2025Operating margin Q1 ’26: 16.6%, as of Mar 2026Operating margin Q2 ’26: 19.5%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$925M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $222M, as of Sep 2023Free cash flow Q4 ’23: $308M, as of Dec 2023Free cash flow Q1 ’24: $102M, as of Mar 2024Free cash flow Q2 ’24: $347M, as of Jun 2024Free cash flow Q3 ’24: $339M, as of Sep 2024Free cash flow Q4 ’24: $365M, as of Dec 2024Free cash flow Q1 ’25: $267M, as of Mar 2025Free cash flow Q2 ’25: $278M, as of Jun 2025Free cash flow Q3 ’25: $464M, as of Sep 2025Free cash flow Q4 ’25: $886M, as of Dec 2025Free cash flow Q1 ’26: $653M, as of Mar 2026Free cash flow Q2 ’26: $925M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$2.8Bdebt $2.9B

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $500M, as of Sep 2023Cash Q4 ’23: $780M, as of Dec 2023Cash Q1 ’24: $276M, as of Mar 2024Cash Q2 ’24: $580M, as of Jun 2024Cash Q3 ’24: $909M, as of Sep 2024Cash Q4 ’24: $1.2B, as of Dec 2024Cash Q1 ’25: $1.5B, as of Mar 2025Cash Q2 ’25: $1.6B, as of Jun 2025Cash Q3 ’25: $1.4B, as of Sep 2025Cash Q4 ’25: $1.7B, as of Dec 2025Cash Q1 ’26: $2.2B, as of Mar 2026Cash Q2 ’26: $2.8B, as of Jun 2026Debt Q3 ’23: $2.9B, as of Sep 2023Debt Q4 ’23: $2.9B, as of Dec 2023Debt Q1 ’24: $2.9B, as of Mar 2024Debt Q2 ’24: $2.9B, as of Jun 2024Debt Q3 ’24: $2.9B, as of Sep 2024Debt Q4 ’24: $2.9B, as of Dec 2024Debt Q1 ’25: $2.9B, as of Mar 2025Debt Q2 ’25: $2.9B, as of Jun 2025Debt Q3 ’25: $2.9B, as of Sep 2025Debt Q4 ’25: $2.9B, as of Dec 2025Debt Q1 ’26: $2.9B, as of Mar 2026Debt Q2 ’26: $2.9B, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
384.9M+0.9% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 381.4M, as of Sep 2023Shares outstanding Q1 ’24: 374.3M, as of Mar 2024Shares outstanding Q2 ’24: 375.1M, as of Jun 2024Shares outstanding Q3 ’24: 375.3M, as of Sep 2024Shares outstanding Q4 ’24: 380.8M, as of Dec 2024Shares outstanding Q1 ’25: 381.1M, as of Mar 2025Shares outstanding Q2 ’25: 381.9M, as of Jun 2025Shares outstanding Q3 ’25: 382.3M, as of Sep 2025Shares outstanding Q4 ’25: 382.6M, as of Dec 2025Shares outstanding Q1 ’26: 384.0M, as of Mar 2026Shares outstanding Q2 ’26: 384.9M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

The record

What happened

What happened
DateWhat happened
2 Nov 2026Sources added: 0 → 2The dossier's cited-link count grew from 0 to 2.editorial note · the dossier
28 Oct 20268-K: Vertiv Q3 2026 net sales $4,313mQuarter ended 30 Sep 2026: net sales $4,313m (+61%); diluted EPS $1.95, adjusted $2.21. FY2026 net sales guidance $14,450m-$14,850m.guidance · SEC 8-K · 28 Oct 2026
28 Oct 202610-Q: Q3 2026 net sales $4,312.8mQuarter ended 30 Sep 2026: net sales $4,312.8m (Q3 2025: $2,675.8m); net income $764.5m (Q3 2025: $398.5m); diluted EPS $1.95 (Q3 2025: $1.02).filing · SEC 10-Q · 28 Oct 2026
27 Oct 20268-K: Vertiv completes acquisition of Utility Innovation HoldingsAcquisition closed 27 Oct 2026: about $1.45bn upfront cash, plus up to $1.15bn additional cash in two tranches if EBITDA targets are met.acquisition · SEC 8-K · 27 Oct 2026
26 Oct 20268-K: Vertiv closes acquisition of King Environmental ServicesPress release dated 26 Oct 2026 announces closing, by a wholly-owned subsidiary, of the acquisition of King Environmental Services Ltd.filing · SEC 8-K · 26 Oct 2026
26 Oct 20268-K: Closing of King Environmental Services acquisition8-K Item 7.01: press release dated 26 Oct 2026 announcing a wholly-owned subsidiary closed the acquisition of King Environmental Services Ltd.; no price stated.filing · SEC 8-K · 26 Oct 2026
24 Sept 20268-K Item 7.01: Vertiv agrees to acquire King Environmental ServicesA Vertiv subsidiary signed a definitive agreement to acquire King Environmental Services Ltd.; closing expected Q4 2026; press release furnished as Ex. 99.1; no price stated in the 8-K body.filing · SEC 8-K · 24 Sept 2026
10 Aug 2026Verdict changed: none stated → The print that mattered came in split — margin, cash and the raised guide all beat, revenue missed, and the reason it missed was Vertiv's own execution on the exact in…Before: none stated After: The print that mattered came in split — margin, cash and the raised guide all beat, revenue missed, and the reason it missed was Vertiv's own execution on the exact integrated products the growth story rests on; demand is not the question, the back-half hockey stick is.editorial note · the dossier
25 Jul 2026Verdict changed: The default arms dealer of the AI buildout — a real moat compounding a $15B backlog into 30% organic growth, but priced at 82x for perfection while insiders sell 65:0 and EMEA orders…Before: The default arms dealer of the AI buildout — a real moat compounding a $15B backlog into 30% organic growth, but priced at 82x for perfection while insiders sell 65:0 and EMEA orders are already cracking. After: none statededitorial note · the dossier
dossier age
2 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 20 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-08-10), 466 words, 20 filing mentions
  2. The dossier: What held, 83 words, no filing mention
Research

The Vertiv Holdings dossier

The verdict

The print that mattered came in split — margin, cash and the raised guide all beat, revenue missed, and the reason it missed was Vertiv's own execution on the exact integrated products the growth story rests on; demand is not the question, the back-half hockey stick is.

Primary sources

SEC filings

Earnings calls

Source documents — open to read in full

Refresh delta (since 2026-08-10)

  1. Q3 2026 (actuals): net sales $4,312.8M, +61% YoY (Q3 2025: $2,675.8M); organic +55%, acquisitions about +6% [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]. Against the Q3 guide of $3.65–3.85B carried in the prior dossier, that is about 15% above the midpoint. By region: Americas $2,988.8M (+74.5%, +66% organic), APAC +50% (+48% organic), EMEA $544.7M (+22.8%, +19% organic) [8-K Q3, segment tables].
  2. Margins (actuals): GAAP operating profit $983.8M, margin 22.8% (19.3%); adjusted operating profit $1,086.9M, adjusted margin 25.2%, +290bp [8-K Q3]. Gross margin 38.1%, from 37.7% in Q2 per the prior dossier. Net income $764.5M; diluted EPS $1.95 (+91%); adjusted diluted EPS $2.21 (+78%) against the Q3 guide of $1.77–1.83 [8-K Q3].
  3. Orders: the release says "more than 100% organic orders growth year over year" (CEO quote) [8-K Q3]. No backlog figure is given in the release or the Form 10-QThe quarterly version of the annual report. Lighter, and not audited.; the 10-Q mentions backlog only as an acquired intangible and a risk factor [10-Q].
  4. Cash (actuals): Q3 operating cash flow $794M (+64%); adjusted Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $652M (+50%), "partially offset by increased working capital and higher capital expenditures" [8-K Q3]. Liquidity $6.2B; the company says it keeps "a net cash position" [8-K Q3]. Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. still about 4.0% of 2026 revenue [8-K Q3].
  5. Balance sheet, 2026-09-30 against 2025-12-31 [10-Q]: cash $3,512.9M ($1,728.4M); short-term investments $198.8M; receivables $4,379.7M ($3,109.0M); inventories $3,288.4M ($1,456.5M), up 30.4% on the $2,522.7M at 2026-06-30 in the prior dossier; deferred revenue $4,120.5M ($1,814.7M), up 13.4% on Q2's $3,633.7M; debt $2,928.5M (current $3.4M + long-term $2,925.1M); net cash about $584M before short-term investments; total assets $18,174.5M. Nine-month working-capital uses: inventories −$1,814.9M, receivables −$1,276.1M, offset by deferred revenue +$2,312.9M and payables +$1,409.0M [10-Q, cash flow statement].
  6. Guidance raised again (guidance, from the release): FY2026 net sales $14,450–14,850M (prior: $13.8–14.2B), organic growth 37–39%, adjusted operating profit $3,475–3,555M, adjusted margin 23.5–24.5%, adjusted diluted EPS $7.10–7.20 (prior: $6.65–6.75), adjusted FCF $2,600–2,800M (prior: $2.4–2.6B). Q4 2026: net sales $4,313–4,513M, organic +49–51%, adjusted margin 25.3–26.3%, adjusted EPS $2.22–2.28; GAAP diluted EPS midpoint $2.08 [8-K Q3].
  7. Largest deal in the covered period: UIG, closed 2026-10-27. About $1.45B upfront cash plus up to $1.15B more in two tranches if EBITDA targets are met [8-K UIG]. UIG "provides microgrid solutions, advanced power controls and behind-the-meter power architecture design for data centers" [8-K UIG]. It closed after the 2026-09-30 balance sheet, so it is not in fact 5. King Environmental Services closed on 2026-10-26 [sec.gov: 8-K 2026-10-26, https://www.sec.gov/Archives/edgar/data/1674101/000162828026067127/vrt-20261026.htm]; no price is given in the 8-K body.
  8. Contingent consideration charges: $34.1M in Q3 and $96.1M in nine months, added back in the adjusted figures [8-K Q3, reconciliation]. The prior seed names "a rising PurgeRite earnout" as a risk; the UIG earnout adds up to $1.15B more of the same kind (fact 7).
  9. Quarterly dividend held at $0.0625 per share [sec.gov: 8-K 2026-09-02, https://www.sec.gov/Archives/edgar/data/1674101/000162828026059961/vrt-20260902.htm].

What held

  • Demand: orders more than doubled organically and deferred revenue kept rising (facts 3 and 5).
  • The Q2 revenue miss did not repeat: Q3 beat its own guide on sales and EPS (facts 1 and 2). The prior seed's catalyst asked for "revenue vs $3.75B midpoint" and "EMEA organic positive"; both came in above (fact 1).
  • Inventory kept building faster than sales, as the prior dossier flagged (fact 5).
  • Backlog is still not disclosed, now three quarters running (fact 3).

How our view changed

4 dossiers

Every dossier we have written on Vertiv Holdings, newest first.

  1. current

    The print that mattered came in split — margin, cash and the raised guide all beat, revenue missed, and the reason it missed was Vertiv's own executio…

  2. The print that mattered came in split — margin, cash and the raised guide all beat, revenue missed, and the reason it missed was Vertiv's own executio…

  4. The default arms dealer of the AI buildout

Research trail

The research around Vertiv Holdings

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

In the Atlas

Vertiv Holdings in the frontier-stack Knowledge Base

Company details

IndustryCloud Computing
SizePublic Company
WebsiteVisit Vertiv Holdings

Others in datacenters

5 names

Where Vertiv Holdings sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.