Vertiv (VRT)
Vertiv (VRT) is the power-and-cooling pure play of the AI data center build-out, selling switchgear, UPS, busways, and liquid cooling around the racks. Q1 2026 sales rose 30% to $2.65 billion, backlog stood at $15.0 billion entering the year, and 2026 sales are guided to $13.5-14.0 billion.
| Ticker | VRT |
|---|---|
| Exchange | NYSE |
| Sector | Industrials · Data Center Power & Cooling |
| Country | United States |
| Held by ETF | TIGER US AI Data Center TOP4 Plus ETF (0142D0) |
| Wikidata | Q5370909 |
| Last updated | 2026-06-11 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from the prior year (Vertiv reported Q2 2025 on July 30, 2025); not yet company-confirmed. Last report: Q1 2026 on 2026-04-22. Confirm on Vertiv IR. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-22)
Vertiv reported Q1 2026 net sales of $2,650 million, up 30% year over year on 23% organic growth, with the Americas growing 44% organically on data-center demand. Diluted EPS rose 136% to $0.99 and adjusted diluted EPS 83% to $1.17, with adjusted operating margin up 430 basis points to 20.8%. Adjusted free cash flow was $653 million and net leverage about 0.2x, and full-year guidance was raised.
| Net sales | $2,650M+30%YoY · Organic +23%; Americas organic +44% |
|---|---|
| Diluted EPS | $0.99+136%YoY · Adjusted diluted EPS $1.17, +83% |
| Adjusted operating profit | $551M+64%YoY · Adjusted operating margin 20.8%, +430bps |
| Adjusted free cash flow | $653M+147%YoY · Net leverage ~0.2x; liquidity $5.0B |
Revenue by segment
| Products | $2,135.8M · 80.6%of revenue+29% YoY |
|---|---|
| Services | $513.7M · 19.4%of revenue+33% YoY |
Guidance:Full-year 2026 (raised) & Q2 2026
| FY2026 net sales | $13.5B-$14.0B · Organic growth 29-31% |
|---|---|
| FY2026 adjusted diluted EPS | $6.30-$6.40 · +50-52%; GAAP diluted EPS $5.60-5.70 |
| FY2026 adjusted free cash flow | $2.1B-$2.3B |
| Q2 2026 net sales | $3.25B-$3.45B · Adjusted diluted EPS $1.37-1.43 |
Guidance raised with the Q1 2026 results on April 22, 2026.
Recent & upcoming events
- · Q4 2025: organic orders up 252%, backlog $15.0 billion.Fourth-quarter organic orders grew approximately 252% year over year and 117% sequentially, the book-to-bill ratio was about 2.9x, and backlog rose 109% to $15.0 billion, led by the Americas and hyperscale/colocation data centers. (source)
- · Investment-grade balance sheet completed; S&P 500 addition.After inaugural investment-grade ratings from Moody's (Baa3) and S&P (BBB-) in February 2026, Vertiv issued $2.1 billion of senior unsecured notes, put a new $2.5 billion revolver in place, and repaid its term loan on March 3; management also cited the company's March 2026 addition to the S&P 500. (source)
- · Q1 2026: sales up 30%; full-year guidance raised.Net sales of $2,650M with adjusted operating margin of 20.8%; Vertiv completed a $2.1 billion senior unsecured notes issuance and a new $2.5 billion revolver in March, and raised FY2026 guidance to $13.5-14.0 billion in sales. (source)
Q1 2026 figures are from Vertiv's 8-K Exhibit 99.1 (quarter ended March 31, 2026); orders and backlog are from the Q4 2025 release, as the Q1 release omitted backlog. Segment shares are calculated from product and service sales.
Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Vertiv do?
Vertiv makes the equipment that keeps a data center alive between the grid and the server: power distribution units, switchgear, uninterruptible power supplies, busways, and thermal management from room-level air handling to direct-to-chip liquid cooling, plus the services around all of it. Headquartered in Westerville, Ohio, it operates in more than 130 countries, and in Q1 2026 products generated $2,136 million of sales against $514 million of services (Vertiv 8-K, Apr 22, 2026). As AI racks pass the power densities air can cool, Vertiv’s liquid-cooling and high-density power lines have become the choke point products of the build-out.
How is AI driving Vertiv’s business?
Through an order book growing far faster than revenue. In the fourth quarter of 2025, organic orders grew approximately 252% year over year and 117% sequentially, the book-to-bill ratio reached about 2.9x, and backlog rose 109% to $15.0 billion, led by the Americas and hyperscale/colocation data-center customers (Vertiv 8-K, Feb 11, 2026). That demand carried into 2026: Q1 sales grew 30% with the Americas up 44% organically (Vertiv 8-K, Apr 22, 2026). CEO Giordano Albertazzi described the shift in customer behavior:
“We’re seeing data center infrastructure requirements evolve significantly, with customers prioritizing optimized design, deployment speed, and operational efficiency - reshaping their approach to deployment.”
— Giordano Albertazzi, CEO, Vertiv (Vertiv 8-K, Apr 22, 2026)
What did Vertiv report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Vertiv posted net sales of $2,650 million, up 30% year over year, combining 23% organic growth, 4% from acquisitions, and 3% currency (Vertiv 8-K, Apr 22, 2026). Diluted EPS rose 136% to $0.99 and adjusted diluted EPS 83% to $1.17, with adjusted operating profit up 64% to $551 million and adjusted operating margin up 430 basis points to 20.8%. Adjusted free cash flow was $653 million, up 147%, leaving net leverage around 0.2x and liquidity of $5.0 billion after a $2.1 billion investment-grade notes issuance in March.
What is Vertiv’s guidance?
Vertiv raised full-year 2026 guidance to net sales of $13.5-14.0 billion, implying 29-31% organic growth, adjusted diluted EPS of $6.30-6.40 (up 50-52% at the midpoint), and adjusted free cash flow of $2.1-2.3 billion; Q2 2026 was guided to $3.25-3.45 billion of sales with adjusted diluted EPS of $1.37-1.43 (Vertiv 8-K, Apr 22, 2026). The next report is expected around late July 2026, calendar-estimated.
What are the risks for Vertiv?
- Order timing and lumpiness. A ~2.9x book-to-bill quarter sets a high bar; large hyperscale orders are lumpy, and a digestion quarter can read as deceleration even with backlog intact (Vertiv 8-K, Feb 11, 2026).
- AI capex dependence. Hyperscale and colocation data centers drive the growth; a pause in AI infrastructure budgets would hit orders first and hardest.
- Tariffs and price-cost. Management flagged tariff impacts and countermeasures in Q1 2026; trade-policy shifts can squeeze the margin expansion story.
- Competition. Schneider Electric, Eaton, and emerging liquid-cooling specialists all target the same AI thermal-and-power spend.
Related securities, concepts & terms
Vertiv is the power-and-thermal equipment pillar of the US AI Data Center concept, the layer the IEA calls the binding constraint of the build-out.
- US AI Data Centerparent
- Korea AI Power Infrastructurerelated
- Celestica (CLS)sibling
- Eaton (ETN)related
- Data Center Powerrelated
Related indices & ETFs
- TIGER US AI Data Center TOP4 Plus ETF (0142D0) · Mirae Asset Global InvestmentsKorea-listed ETF (December 9, 2025) tracking the Akros index behind this concept; total annual fee 0.49%.
- Akros U.S. AI Data Center TOP4 Plus Index (AUAIDC) · Akros Technologies, Inc.The proprietary Akros index that frames this concept and the benchmark the TIGER ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Vertiv
What does Vertiv do?
Vertiv supplies critical digital infrastructure: power distribution, switchgear, uninterruptible power supplies, busways, thermal management including liquid cooling, and the services to run them, sold into data centers, communication networks, and industrial facilities in more than 130 countries. In Q1 2026, products were $2,136 million of sales and services $514 million (Vertiv 8-K, Apr 22, 2026).
What was Vertiv's latest quarterly revenue?
Vertiv reported Q1 2026 net sales of $2,650 million (quarter ended March 31, 2026), up 30% year over year, with 23% organic growth and 44% organic growth in the Americas on data-center demand (Vertiv 8-K, Apr 22, 2026). Diluted EPS rose 136% to $0.99, adjusted diluted EPS 83% to $1.17, and adjusted operating margin reached 20.8%.
What is Vertiv's guidance?
Vertiv raised full-year 2026 guidance to net sales of $13.5-14.0 billion (29-31% organic growth), adjusted diluted EPS of $6.30-6.40 (up 50-52%), and adjusted free cash flow of $2.1-2.3 billion; Q2 2026 was guided to $3.25-3.45 billion of sales and $1.37-1.43 of adjusted diluted EPS (Vertiv 8-K, Apr 22, 2026).
When does Vertiv report its next earnings?
Vertiv is expected to report Q2 2026 results around late July 2026, calendar-estimated from the prior year (it reported Q2 2025 on July 30, 2025) and not yet company-confirmed, so check Vertiv's investor-relations site (Vertiv IR). It last reported Q1 2026 on April 22, 2026.
How strong are Vertiv's AI-driven orders?
The strongest in the company's history: fourth-quarter 2025 organic orders grew approximately 252% year over year and 117% sequentially, the book-to-bill ratio was about 2.9x, and backlog rose 109% to $15.0 billion, with hyperscale and colocation data centers the primary drivers (Vertiv 8-K, Feb 11, 2026). Trailing-twelve-month organic orders grew about 81%.
Why is Vertiv part of the US AI data center concept?
Because power and heat are the binding constraints of AI capacity, and Vertiv is the pure-play seller of the equipment that manages both. Every gigawatt of GPU deployment needs its switchgear, UPS, busways, and increasingly direct-to-chip liquid cooling, which is why its orders track hyperscaler capex so closely (Vertiv 8-K, Feb 11, 2026).
Sources & references
- Vertiv Reports Strong First Quarter 2026 Results; Raises Full-Year Guidance (SEC 8-K, Exhibit 99.1) · Vertiv Holdings Co / SEC EDGAR, 2026-04-22
- Vertiv Reports Strong Fourth Quarter 2025 with Organic Orders Growth of 252% (SEC 8-K, Exhibit 99.1) · Vertiv Holdings Co / SEC EDGAR, 2026-02-11
- Vertiv · investor relations · Vertiv Holdings Co, 2026-06-11