Vertiv Holdings Co (VRT) Earnings
Vertiv Holdings Co is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $1.42. VRT has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +15.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.00 | $1.17 | +17.0% | $2.6B | +0.4% |
| Feb 11, 2026 | $1.29 | $1.36 | +5.4% | $2.9B | +0.1% |
| Oct 22, 2025 | $0.98 | $1.24 | +26.0% | $2.7B | +3.8% |
| Jul 30, 2025 | $0.83 | $0.95 | +14.2% | $2.6B | +12.1% |
| Apr 23, 2025 | $0.61 | $0.64 | +4.1% | $2.0B | +5.1% |
| Feb 12, 2025 | $0.82 | $0.99 | +20.7% | $2.3B | +8.9% |
| Oct 23, 2024 | $0.69 | $0.76 | +10.3% | $2.1B | +4.8% |
| Jul 24, 2024 | $0.57 | $0.67 | +17.1% | $2.0B | +0.4% |
| Feb 21, 2024 | $0.53 | $0.56 | +5.7% | $1.9B | -0.6% |
| Oct 25, 2023 | $0.44 | $0.52 | +18.2% | $1.7B | -0.4% |
| Aug 2, 2023 | $0.29 | $0.46 | +58.6% | $1.7B | +7.3% |
| Feb 22, 2023 | $0.30 | $0.28 | -6.7% | $1.7B | -1.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Dave Kost was pleased with the start of the year, momentum across the business strong, and confidence to raise full-year outlook. - GEO mentioned Q1 was very strong with organic sales up 23% year-on-year, including M&A and FX at 30%. Americas was primary engine with 44% organic growth, APAC up 12% organically, EMEA down 29% organically. Adjusted operating margin 20.8%, up 430 basis points year-on-year. Adjusted operating profit $551 million, up 64% year-on-year. Adjusted diluted EPS $1.17, up 83% versus Q1 25. Raising full-year guidance with adjusted diluted EPS $6.35, adjusted operating profit $3.2 billion, adjusted operating margin 23.3%. - Pipeline momentum strong, orders expected to be up year over year. Americas showing remarkable strength, EMEA improving market sentiment, APAC showing positive dynamics. Favorable pricing dynamics expected in 2026. Expanding manufacturing and supply chain, investing in capacity expansion, services capability, supply chain, and engineering capabilities. - Announced strategic acquisitions of ThermoKey and B-Marker Structures to strengthen competitive position. Mentioned collaboration with C-Power Energy and customer project like EcoData Center in Sweden.
Guidance
- Raising full-year 2026 guidance: Adjusted diluted EPS at midpoint $6.35, up 51% from 2025. Net sales midpoint $13.75 billion, reflecting 34% growth. Adjusted operating profit midpoint $3.2 billion, up 53% from 2025. Adjusted operating margin midpoint 23.3%, expansion of 290 basis points from 2025. Adjusted free cash flow midpoint $2.2 billion, up 17% versus prior year. - Second quarter 2026 guidance: Adjusted diluted EPS midpoint $1.40, net sales midpoint $3.35 billion, adjusted operating profit midpoint $710 million, adjusted operating margin midpoint 21.2%.
Segment performance
America: Net sales were $1.81 billion, up 53%, with 44% organic growth. Adjusted operating profit was $490 million. APAC: Net sales were $514 million, up 15%, 12% organically. Adjusted operating profit was $67 million, up approximately 48% year-on-year. EMEA: Net sales were $321 million, down 29% organically. Believed to be a temporary reflection of softer orders, but seeing opportunity generation accelerating with a conviction for second half recovery.
Analyst Q&A
Q: Talk about the prefab market, TAM and productivity levels.
A: Multiple dimensions to prefab market, it's an old Vertiv technology. Productivity comment related to manufacturing systems vs traditional on-site assembly, achieving manufacturing productivity levels when prefabricating.
Q: Multi-part question on 2026 guide, levers for growth in back half.
A: Capacity addition and backlog in Q4 are important elements. APAC and EMEA expected to have accelerated growth in second half.
Q: Address service growth, field organization, margin complexion.
A: Satisfied with services trajectory, strong local presence and investing in services population. Overall incremental margins in services expected to be in 30 to 35% range.
Q: Evolution of behind-the-meter, technology avenues for Vertiv.
A: Bring your own power is important, Vertiv plays role in microgrids, battery energy storage systems, etc., and absorption is considered.
Q: Double-click on EMEA second half ramp, customer drivers.
A: Pleased with Q4 and Q1 orders, pipeline acceleration, market moving due to data center capacity shortage.
Q: Margins sequential expectations, moving parts.
A: Year-over-year low 30s, quarter-over-quarter a bit of headwind with capacity ramp, but overall confident in 30 to 35% range for full year.
Q: Americas business, hyperscalers, colo vs enterprise.
A: Hyperscalers, colo, neocloud are biggest drivers, enterprise starting to adopt AI but visible growth above past levels may be a bit away.
Q: Transition to 800-volt architecture, Vertiv content and shipping.
A: 800-volt is important, on time with programs, launches in second half 2026, shipping a bit further away, liquid cooling influenced by 800-volt with correlation.
Q: Pipeline, backlog shape.
A: Pipeline strong, backlog a bit more elongated, no dramatic change, visibility in 2027.
Q: Cash flow, balance sheet, capital deployment.
A: Working capital influenced by ramp and prudence in order book, capital deployment in R&D and capacity, M&A pipeline active.
Q: Standard modular liquid cooling products, customer take and role.
A: Robust liquid cooling portfolio, ability to customize and provide optimized solutions, smart run solution successful.
Q: Strength in free cash flow, backlog growth.
A: Strength in first quarter from payments of orders in fourth and first quarters, combination of factors in backlog growth.
Q: Mix shift towards solutions like Smart Run and One Core, impact on margins.
A: No major mixed headwind expected as mix towards those product lines, margins relatively in line with historical.
Q: Convergence of disciplines, impact on conversations, decision-makers, sales cycle.
A: Convergence is gradual and partial, different players have different degrees of adoption, market going in multiple directions.
Q: Acquisitions size, future M&A.
A: Didn't disclose sizes of acquired businesses, no fixed limits in M&A, go for value in context of long-term strategy.