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Vertiv Holdings 8-K Report, Financial Results (Apr 22, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 22, 2026
Period End
April 22, 2026
Security
VRT
In the record · 2018–202610-K910-Q268-K115

VRT filed 9 annual reports (10-K), 26 quarterly reports (10-Q) and 115 current reports (8-K) between 2018 and 2026.

  1. Leadership change8-K · Oct ’20Oct ’20
  2. Material agreement8-K · Jun ’22Jun ’22
  3. Material agreement8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed April 22, 2026. Cited figures are marked; the original filing is the authoritative source.

Vertiv Holdings Co (NYSE: VRT) reported first quarter 2026 results that substantially beat prior-year levels, with net sales of $2,650 milliona, up 30% year over year (23% organic growth, 4% from acquisitions, 3% favorable FX).

Americas drove the growth with 44% organic expansion on data center demand, while EMEA declined 29% organically. Operating profit rose 51% to $440 millionb, and adjusted operating profit rose 64% to $551 million, lifting adjusted operating margin to 20.8%, up 430 basis points. GAAP diluted EPS was $0.99 (up from $0.42), and adjusted diluted EPS was $1.17 (up 83%, per the release headline, versus $0.64 a year earlier).

Cash generation was strong, with operating cash flow of $767 millionc and adjusted free cash flow of $653 million, up 153% and 147% respectively. Management cited working capital efficiency, notably a $652 million increase in deferred revenue and $384 million of inventory build, along with lower cash interest. Vertiv closed the quarter with $5.0 billion of liquidity and net leverage of about 0.2x, following its inaugural investment-grade ratings (Baa3/BBB-) in February 2026, a $2.1 billion senior notes offering, a new $2.5 billion revolver, and the repayment of its term loan and ABL in March.

Management raised full-year 2026 guidance: net sales of $13.5d-14.0 billion (29-31% organic growth), adjusted operating profit of $3.14-3.26 billion, adjusted diluted EPS of $6.30-6.40, and adjusted free cash flow of $2.1-2.3 billion. Second-quarter guidance calls for net sales of $3.25-3.45 billion and adjusted diluted EPS of $1.37-1.43. Investors should note that the guidance and non-GAAP metrics rely on adjustments for intangible amortization and contingent consideration, and that inventory and deferred revenue swings can reverse in future quarters.

02—Key points

Key Highlights

  1. Net sales rose 30% year over year to $2,650M, with 23% organic growth; Americas organic sales grew 44%, while EMEA organic sales fell 29%.
  2. Adjusted operating margin expanded 430 bps to 20.8% (vs. 16.5%), driven by operating leverage and positive price-cost.
  3. Operating cash flow of $767M and adjusted free cash flow of $653M, up 153% and 147% year over year.
  4. Full-year 2026 guidance raised: net sales of $13.5-14.0B, adjusted diluted EPS of $6.30-6.40, adjusted FCF of $2.1-2.3B.
  5. Balance sheet upgraded with inaugural investment-grade ratings (Baa3/BBB-), a $2.1B notes issuance, a new $2.5B revolver, and $5.0B of liquidity; net leverage about 0.2x.
  6. Q2 2026 guidance: net sales of $3.25-3.45B and adjusted diluted EPS of $1.37-1.43, with an earnings call at 11 a.m. ET on April 22.
  7. Working capital drove cash flow: deferred revenue rose $651M and inventories grew $384M, so cash conversion may not repeat at the same pace.

03—Questions

Frequently Asked Questions

  1. What drove Vertiv's strong first quarter 2026 results?

    Growth was led by data center demand in the Americas, which grew 44% organically. Operating leverage on higher volume and positive price-cost, including tariff mitigation, pushed adjusted operating margin up 430 bps to 20.8%.

  2. Why did GAAP EPS differ from adjusted EPS?

    Adjusted diluted EPS of $1.17 excludes intangible amortization ($0.21), contingent consideration tied to the PurgeRite acquisition ($0.08), and costs from the March 2026 term loan repayment ($-0.11). GAAP diluted EPS was $0.99.

  3. How strong is Vertiv's balance sheet after the recent financing?

    Vertiv reports about $5.0 billion of liquidity and net leverage of roughly 0.2x. It received inaugural investment-grade ratings, issued $2.1B of senior unsecured notes, put in place a $2.5B revolver, and retired its term loan and ABL.

  4. What is the outlook for 2026 and the second quarter?

    Full-year net sales are guided to $13.5-14.0B with 29-31% organic growth and adjusted diluted EPS of $6.30-6.40. Second-quarter net sales are guided to $3.25-3.45B with adjusted diluted EPS of $1.37-1.43.

  5. What risks should investors consider?

    EMEA sales declined 29% organically, and working capital benefits such as deferred revenue may reverse. Adjusted metrics exclude amortization and other items, and the filing flags tariffs, customer concentration in data centers, and execution on long-term fixed-price contracts as risks.

04—Continue

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