Company file · VRT

Vertiv

Americas was Vertiv's fastest-growing segment in FY2025, up 41.9%

Revenue rose 27.7% to $10.2B in FY2025, from $8.0B in FY2024. Net income rose 168.8% to $1.3B. Americas was the largest segment, at 62% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026) · Data pulled Oct 30, 2026

Key facts

Vertiv (NYSE: VRT) reported revenue of $10.2B for fiscal 2025, the year ended Dec 31, 2025, up 27.7% from fiscal 2024. Net income was $1.3B, up 168.8%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.3B, up 61.2% from the same quarter a year earlier, and net income was $764M. The largest piece by segment was Americas, at 62% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).

Revenue$10.2BFY2025 · +27.7% vs FY2024

Net income$1.3BFY2025 · +168.8% vs FY2024

Operating cash flow$2.1BFY2025 · +60.2% vs FY2024

Cash & equivalents$3.5Bat Sep 30, 2026 · +103.2% vs FY2025 end

Total debt$2.9Bat Sep 30, 2026 · +0.5% vs FY2025 end

Diluted shares391MFY2025 avg · +1.1% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Americas$6.4B62%+41.9%
Asia Pacific$2.0B20%+17.5%
EMEA$1.8B18%+1.7%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Americas (62%), Asia Pacific (20%) and EMEA (18%), as shares of total revenue. Total revenue was $10.2B.

By segment: three-year mixShare of the total each fiscal year

FY2023

56%22%22%

FY2024

56%21%22%

FY2025

62%20%18%

AmericasAsia PacificEMEA

Source: 10-K FY2025

By product or service, FY2025

Products$8.4B82%+31.2%

Services$1.8B18%+13.7%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.3B Q3 2026

$2.7B Q3 2025

61.2% increase

Net income

$764M Q3 2026

$398M Q3 2025

91.8% increase

Source: Vertiv 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

By segment

Americas

$3.0B Q3 2026

$1.7B Q3 2025

74.5% increase

Asia Pacific

$779M Q3 2026

$520M Q3 2025

49.9% increase

EMEA

$545M Q3 2026

$444M Q3 2025

22.8% increase

Source: Vertiv 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

Cash & equivalents $3.5B at Sep 30, 2026, vs $1.7B at FY2025 end.
Total debt $2.9B at Sep 30, 2026, vs $2.9B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $2.7B vs $1.1B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 27.7% in FY2025 to $10.2B, from $8.0B a year earlier. 10-K, FY2025
Net income rose 168.8% in FY2025 to $1.3B, from $496M. 10-K, FY2025
Operating cash flow rose 60.2% in FY2025 to $2.1B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $4.3B, up 61.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Diluted shares rose 1.1% in FY2025, which spreads profit across more shares. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Vertiv is in the electrical components & equipment industry, part of the industrials sector. The SEC files it under Electronic Components, Nec.

Vertiv reports 3 segments: Americas, Asia Pacific and EMEA.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the electrical components & equipment industry. They are not a summary of Vertiv’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$6.9B	$8.0B	$10.2B
Net income	$460M	$496M	$1.3B
Operating cash flow	$900M	$1.3B	$2.1B
Cash & equivalents (year end)	$780M	$1.2B	$1.7B
Total debt (year end)	$2.9B	$2.9B	$2.9B
Diluted shares	386M	386M	391M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 28, 2026	Sep 30, 2026
10-Q	Jul 29, 2026	Jun 30, 2026
DEF 14A	Apr 24, 2026	Jun 17, 2026
10-Q	Apr 22, 2026	Mar 31, 2026
10-K	Feb 13, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Vertiv

How does Vertiv make money?

Vertiv's revenue was $10.2B in fiscal 2025. By segment in FY2025: Americas (62%), Asia Pacific (20%) and EMEA (18%), as shares of total revenue. Total revenue was $10.2B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was Vertiv's revenue in fiscal 2025?

$10.2B of revenue for the fiscal year ended Dec 31, 2025, up 27.7% from $8.0B in fiscal 2024. Fiscal 2023 was $6.9B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is Vertiv profitable?

Vertiv reported net income of $1.3B for fiscal 2025, up 168.8% from $496M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $764M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did Vertiv report in its latest quarterly filing?

Revenue was $4.3B in the quarter ended Sep 30, 2026, up 61.2% from $2.7B a year earlier. Net income was $764M, up 91.8% from $398M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.

How much cash and debt does Vertiv have?

Vertiv had $3.5B in cash and cash equivalents and $2.9B of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.

What are the main risks Vertiv faces?

Vertiv's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the electrical components & equipment industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Vertiv numbers come from?

From Vertiv's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in VRT: The editor holds no position in Vertiv (VRT). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell VRT from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold VRT, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
VertivVRT	FY2025	$10.2B	+27.7%	$1.3B
EatonETN	FY2025	$27.4B	+10.3%	$4.1B
EmersonEMR	FY2025	$18.0B	+3.0%	$2.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.