Vertiv reported a sharp acceleration in third-quarter growth, led by strong demand for its data-center and other digital infrastructure products. The company also raised its full-year 2026 outlook, citing strong order growth, demand visibility and ongoing capacity investments.
Third-quarter results
- Sales rose 61% to $4.31 billion from a year earlier. Organic sales growth was 55%, with acquisitions contributing about 6%.
- Growth spanned all three regions: sales increased 75% in the Americas, 50% in Asia-Pacific and 23% in Europe, the Middle East and Africa. On an organic basis, growth was 66%, 48% and 19%, respectively.
- Organic orders grew more than 100% year over year. Vertiv did not provide an order total in the announcement.
- Operating profit increased 90% to $984 million. Adjusted operating profit rose 83% to $1.09 billion, while adjusted operating margin expanded 2.9 percentage points to 25.2%. Higher sales and manufacturing productivity supported the margin improvement; product mix and growth investments partly offset it.
- Diluted earnings per share rose 91% to $1.95. Adjusted diluted EPS increased 78% to $2.21.
- Operating cash flow was $794 million, up 64%. Adjusted free cash flow rose 50% to $652 million, supported by higher adjusted operating profit and partly offset by increased working capital and capital spending.
Updated outlook
- For the fourth quarter, Vertiv expects sales of $4.41 billion at the midpoint of its guidance, implying 50% organic growth from the same period last year. It expects diluted EPS of $2.08 and adjusted diluted EPS of $2.25, increases of 82% and 65%, respectively.
- For full-year 2026, the midpoint of guidance is now $14.65 billion in sales, representing 38% growth from 2025. The company expects diluted EPS of $6.29 and adjusted diluted EPS of $7.15, up 84% and 70%, respectively.
- Vertiv said it raised its full-year sales guidance by $650 million and increased other associated financial targets. The announcement did not give the previous guidance ranges.
- Full-year capital spending is still expected to be about 4% of revenue as Vertiv invests to expand capacity and meet demand.
Cash and liquidity
Vertiv ended the quarter with $6.2 billion of liquidity and said it remained in a net-cash position. The company said its liquidity had increased during the quarter, giving it greater financial flexibility.
What changes for investors: The higher full-year outlook reflects stronger expected results, while the more-than-doubling of organic orders signals substantial demand momentum. Vertiv’s reported growth was broad across regions, and it is investing in additional capacity while retaining a net-cash position.