Vertiv Holdings, LLC (USD). For the year ended 31 December 2025, revenue was 10.23B, +27.7 % on the previous year, net income was 1.33B. Debt as of 30 June 2026 stood at 2.94B.
Company reports as filed with the U.S. Securities and Exchange Commission.
| Metric | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Revenue | 10.23B | 8.01B |
| Cost of revenue | 6.51B | 5.08B |
| Selling, general and administrative | 1.62B | 1.37B |
The series is stated in the current share scale after splits; dividends are not included in the price
Vertiv makes power and cooling for data centres — the infrastructure without which accelerators can neither be switched on nor kept cool.
The products are uninterruptible power supplies, power distribution and cooling systems, including liquid cooling. Demand is driven not by server count but by power density: a rack for model training draws several times more than a classic one, and air cooling no longer handles that density.
Hence structural growth: building AI data centres pulls infrastructure along ahead of itself. The company's order backlog is long, and investors read it as the primary leading indicator.
The weak point is supply chain and manufacturing capacity: demand easily outruns the ability to build and install. The business is cyclical and depends on operators' capital budgets; a meaningful share of revenue comes from servicing the installed base, which cushions the troughs.
| Operating income | 1.83B | 1.37B |
| Interest expense | 86M | 150M |
| Pre-tax income | 1.74B | 765M |
| Income tax | 409M | 270M |
| Net income | 1.33B | 496M |
| Earnings per share | 3.49 | 1.32 |
| Earnings per share, diluted | 3.41 | 1.28 |
| Weighted average shares | 382M | 376M |
| Weighted average shares, diluted | 391M | 386M |
| Metric | 30/06/2026 | 31/03/2026 | 31/12/2025 | 30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2024 | 30/09/2024 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 2.81B | 2.15B | 1.73B | 1.40B | 1.66B | 1.48B | 1.23B | 917M |
| Receivables | 3.75B | 3.15B | 3.11B | 2.81B | 2.83B | 2.31B | 2.36B | 2.33B |
| Inventory | 2.52B | 1.83B | 1.46B | 1.44B | 1.41B | 1.38B | 1.24B | 1.26B |
| Current assets | 9.98B | 7.98B | 6.82B | 6.55B | 6.30B | 5.46B | 5.10B | 4.80B |
| Property, plant and equipment | 1.18B | 998M | 922M | 698M | 666M | 637M | 625M | 593M |
| Goodwill | 2.28B | 2.02B | 2.03B | 1.44B | 1.37B | 1.34B | 1.32B | 1.35B |
| Total assets | 15.90B | 13.40B | 12.21B | 10.82B | 10.41B | 9.45B | 9.13B | 8.89B |
| Current liabilities | 7.24B | 5.34B | 4.41B | 3.58B | 3.61B | 3.18B | 3.10B | 3.49B |
| Short-term debt | 0 | 0 | 21M | 21M | 21M | 21M | 21M | 21M |
| Long-term debt | 2.94B | 2.92B | 2.89B | 2.90B | 2.90B | 2.90B | 2.91B | 2.91B |
| Total liabilities | 11.14B | 9.16B | 8.27B | 7.31B | 7.28B | 6.78B | 6.70B | 7.08B |
| Equity | 4.76B | 4.24B | 3.94B | 3.51B | 3.13B | 2.67B | 2.43B | 1.81B |
| Shares outstanding | 385M | 384M | 383M | 382M | 382M | 381M | 381M | 375M |
| Shares issued | 385M | 384M | 383M | 382M | 382M | 381M | 381M | 375M |
| Metric | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Operating cash flow | 2.11B | 1.32B |
| Depreciation and amortisation | 97M | 82M |
| Share-based compensation | 46M | 35M |
| Capital expenditure | 220M | 167M |
| Investing cash flow | −1.50B | −202M |
| Dividends paid | 67M | 42M |
| Share buybacks | 0 | 600M |
| Financing cash flow | −72M | −652M |
A company's accounts come as three tables, and each answers its own question. The income statement shows what the company earned over a period: revenue at the top, costs below it and net income at the bottom, which is what is left for shareholders after tax. When revenue grows and net income does not, costs are growing faster, so it is worth finding out which line has moved.
The balance sheet is a snapshot on a single date: what the company owns and what it owes. Assets equal liabilities plus shareholders' equity. Debt is best judged against cash and earnings rather than on its own, because the same amount can be unremarkable for a large company and dangerous for a small one. Note that a balance sheet is published every quarter, so its date is often more recent than the date of the annual income statement.
The cash flow statement shows how much money actually came in. Net income is an accounting figure, while operating cash flow is what the business really collected. A healthy company usually brings in at least as much in cash as it reports on paper. Out of that flow it pays for equipment, pays dividends and buys back its own shares.
Every column carries the date its period ended, because companies close their financial years in different months. A dash means the company did not report that line, not that it equals zero: a bank, for example, has no cost of revenue. Annual figures give the overall picture, and quarterly ones reveal a turning point sooner, although they are more seasonal, so compare a quarter with the same quarter of the previous year.
Amounts in USD unless stated otherwise. Data: US exchange trading and company filings with the regulator