What is Vertiv's operating income?

Vertiv's total operating income in 2025 was $1.83 billion, based on the following breakdown: Total Gross Profit: $3.72 billion Total Operating Expenses: $1.89 billion

Vertiv (VRT) Financials

$294.46 +0.62 (+0.21%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$294.20 -0.26 (-0.09%)

As of 08/14/2026 08:00 PM Eastern

Compare

Annual Income Statements for Vertiv

This table shows Vertiv's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.00	-314	-141	-327	120	77	460	496	1,333
Consolidated Net Income / (Loss)	-0.00	-314	-141	-327	120	77	460	496	1,333
Net Income / (Loss) Continuing Operations	-0.00	-321	-141	-327	120	77	460	496	1,333
Total Pre-Tax Income	-0.00	-271	-104	-255	166	167	534	765	1,742
Total Operating Income	-0.00	18	206	214	260	223	872	1,367	1,830
Total Gross Profit	0.00	1,420	1,453	1,474	1,523	1,616	2,401	2,934	3,715
Total Revenue	0.00	4,286	4,431	4,371	4,998	5,692	6,863	8,012	10,230
Operating Revenue	0.00	4,286	4,431	4,371	4,998	5,692	6,863	8,012	10,230
Total Cost of Revenue	0.00	2,865	2,978	2,897	3,475	4,075	4,463	5,078	6,515
Operating Cost of Revenue	-	2,865	2,978	2,897	3,475	4,075	4,463	5,078	6,515
Total Operating Expenses	0.00	1,403	1,247	1,260	1,263	1,393	1,528	1,567	1,886
Selling, General & Admin Expense	0.00	1,403	1,101	1,008	1,109	1,178	1,312	1,374	1,618
Amortization Expense	-	-	129	129	144	216	181	184	200
Other Operating Expenses / (Income)	-	-	-3.80	28	-0.60	-2.10	6.10	3.30	13
Restructuring Charge	-	-	21	74	1.40	0.70	29	5.30	55
Total Other Income / (Expense), net	0.00	-289	-310	-468	-94	-56	-339	-602	-88
Interest Expense	-	289	310	324	91	147	181	153	88
Other Income / (Expense), net	-	0.00	0.00	-144	-2.70	91	-158	-449	0.00
Income Tax Expense	0.00	50	37	73	47	90	74	270	409
Basic Earnings per Share	$0.00	($2.65)	($1.19)	($1.07)	$0.34	$0.20	$1.21	$1.32	$3.49
Weighted Average Basic Shares Outstanding	0.00	118.26M	118.26M	307.08M	355.54M	376.73M	380.14M	376.42M	381.71M
Diluted Earnings per Share	$0.00	($2.65)	($1.19)	($1.07)	$0.33	($0.04)	$1.19	$1.28	$3.41
Weighted Average Diluted Shares Outstanding	0.00	118.26M	118.26M	307.08M	360.14M	378.22M	386.23M	386.33M	390.65M
Weighted Average Basic & Diluted Shares Outstanding	17.25M	118.26M	-	-	-	-	381.97M	380.78M	382.60M

This table shows Vertiv's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	233	-5.90	178	177	147	165	324	399	446	390	498
Consolidated Net Income / (Loss)	233	-5.90	178	177	147	165	324	399	446	390	498
Net Income / (Loss) Continuing Operations	233	-5.90	178	177	147	165	324	399	446	390	498
Total Pre-Tax Income	187	-13	265	269	245	265	421	492	563	438	620
Total Operating Income	285	203	336	372	457	291	442	517	580	440	638
Total Gross Profit	683	566	741	756	870	687	897	1,011	1,121	1,000	1,235
Total Revenue	1,865	1,639	1,953	2,074	2,346	2,036	2,638	2,676	2,880	2,650	3,274
Operating Revenue	1,865	1,639	1,953	2,074	2,346	2,036	2,638	2,676	2,880	2,650	3,274
Total Cost of Revenue	1,182	1,073	1,212	1,317	1,476	1,350	1,742	1,665	1,759	1,650	2,039
Operating Cost of Revenue	1,182	1,073	1,212	1,317	1,476	1,350	1,742	1,665	1,759	1,650	2,039
Total Operating Expenses	398	364	405	385	413	393	454	494	544	561	597
Selling, General & Admin Expense	349	314	364	335	362	346	396	414	462	457	494
Amortization Expense	45	46	46	45	47	46	47	48	59	78	74
Other Operating Expenses / (Income)	-0.90	3.50	-1.90	-1.40	3.10	-0.20	9.80	0.80	2.10	32	33
Restructuring Charge	5.10	0.30	-2.50	6.30	1.20	1.10	1.90	31	21	-4.90	-3.90
Total Other Income / (Expense), net	-98	-216	-71	-103	-212	-28	-21	-25	-14	-0.20	-18
Interest Expense	43	39	46	36	32	25	21	25	17	1.80	17
Other Income / (Expense), net	-55	-177	-25	-67	-180	-2.60	0.00	0.00	2.30	1.60	-0.50
Income Tax Expense	-45	-7.10	87	92	98	101	97	94	118	48	122
Basic Earnings per Share	$0.61	($0.02)	$0.48	$0.47	$0.39	$0.43	$0.85	$1.04	$1.17	$1.02	$1.29
Weighted Average Basic Shares Outstanding	380.14M	379.14M	374.73M	375.20M	376.42M	380.85M	381.48M	382.03M	381.71M	382.92M	384.56M
Diluted Earnings per Share	$0.61	($0.02)	$0.46	$0.46	$0.38	$0.42	$0.83	$1.02	$1.14	$0.99	$1.27
Weighted Average Diluted Shares Outstanding	386.23M	379.14M	384.49M	384.32M	386.33M	390.11M	389.85M	390.93M	390.65M	392.13M	392.75M
Weighted Average Basic & Diluted Shares Outstanding	0.00	374.34M	375.15M	375.34M	380.78M	381.11M	381.87M	382.34M	382.60M	384.11M	384.99M

This table details how cash moves in and out of Vertiv's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.00	-173	8.40	309	-96	-174	515	444	558
Net Cash From Operating Activities	-0.03	-222	58	209	211	-153	901	1,319	2,114
Net Cash From Continuing Operating Activities	-0.03	-222	58	209	211	-153	901	1,319	2,114
Net Income / (Loss) Continuing Operations	-0.30	-314	-141	-327	120	77	460	496	1,333
Consolidated Net Income / (Loss)	-0.30	-314	-141	-327	120	77	460	496	1,333
Depreciation Expense	-	60	57	60	69	72	74	82	97
Amortization Expense	-	182	174	153	164	238	205	202	217
Non-Cash Adjustments To Reconcile Net Income	-0.03	-6.90	0.00	373	42	-79	183	484	46
Changes in Operating Assets and Liabilities, net	0.30	-144	-33	-50	-184	-461	-22	56	421
Net Cash From Investing Activities	0.00	-208	-65	-46	-1,217	-112	-139	-202	-1,501
Net Cash From Continuing Investing Activities	0.00	-208	-65	-46	-1,217	-112	-139	-202	-1,501
Purchase of Property, Plant & Equipment	-	-106	-70	-53	-85	-111	-135	-184	-226
Acquisitions	-	-124	0.00	0.00	-1,164	-5.00	-29	-18	-1,185
Purchase of Investments	-	-	-	-	-	-	0.00	0.00	-540
Sale of Property, Plant & Equipment	-	18	5.00	7.00	9.80	3.90	12	0.00	0.00
Divestitures	-	4.40	0.00	0.00	22	0.00	12	0.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	450
Net Cash From Financing Activities	0.03	245	15	141	915	100	-248	-652	-72
Net Cash From Continuing Financing Activities	0.03	245	15	141	915	100	-248	-652	-72
Repayment of Debt	-0.30	-320	-99	-3,964	-36	-573	-487	-291	-21
Repurchase of Common Equity	0.00	-	-	-	-	0.00	0.00	-600	0.00
Payment of Dividends	-	0.00	0.00	-3.30	-3.80	-3.80	-9.50	-42	-67
Issuance of Debt	0.30	565	114	2,535	850	791	225	270	0.00
Other Financing Activities, net	0.00	0.00	0.00	-260	104	-114	24	11	15
Effect of Exchange Rate Changes	-	12	1.40	5.00	-4.50	-9.20	1.50	-22	17
Cash Interest Paid	-	260	272	167	75	133	177	156	127

This table details how cash moves in and out of Vertiv's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	284	-508	307	330	315	244	180	-212	346	401	684
Net Cash From Operating Activities	356	138	378	378	425	303	323	509	979	767	1,100
Net Cash From Continuing Operating Activities	356	138	378	378	425	303	323	509	979	767	1,100
Net Income / (Loss) Continuing Operations	233	-5.90	178	177	147	165	324	399	446	390	498
Consolidated Net Income / (Loss)	233	-5.90	178	177	147	165	324	399	446	390	498
Depreciation Expense	20	20	20	21	21	23	24	25	26	28	39
Amortization Expense	51	51	50	50	52	51	52	52	63	82	77
Non-Cash Adjustments To Reconcile Net Income	61	186	34	75	189	11	13	14	7.20	17	14
Changes in Operating Assets and Liabilities, net	-7.60	-113	96	56	17	54	-90	20	437	250	472
Net Cash From Investing Activities	-68	-37	-45	-39	-81	-39	-144	-710	-608	-377	-404
Net Cash From Continuing Investing Activities	-68	-37	-45	-39	-81	-39	-144	-710	-608	-377	-404
Purchase of Property, Plant & Equipment	-51	-37	-45	-39	-63	-39	-46	-47	-95	-114	-175
Acquisitions	-	-	-	-	-	0.00	-	-	-963	-0.40	-278
Purchase of Investments	-	-	-	-	-	0.00	-	-442	-	-362	-203
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	-	-	-	100	252
Net Cash From Financing Activities	-11	-603	-21	-17	-12	-25	-8.00	-11	-28	12	-15
Net Cash From Continuing Financing Activities	-11	-603	-21	-17	-12	-25	-8.00	-11	-28	12	-15
Payment of Dividends	-9.50	-9.30	-9.40	-9.40	-14	-14	-14	-14	-24	-24	-24
Other Financing Activities, net	4.00	11	-5.80	-2.10	7.60	-5.40	11	8.00	1.20	12	9.00
Effect of Exchange Rate Changes	6.20	-6.00	-5.70	7.50	-18	4.30	9.00	0.80	2.80	-0.60	3.50

This table presents Vertiv's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.03	697	4,657	5,074	6,940	7,096	7,999	9,133	12,212
Total Current Assets	0.03	1.18	2,017	2,519	2,699	3,159	4,002	5,102	6,820
Cash & Equivalents	0.00	0.84	224	535	439	261	780	1,228	1,728
Short-Term Investments	-	-	-	-	-	-	-	0.00	100
Accounts Receivable	0.03	-	1,212	1,354	1,536	1,889	2,118	2,363	3,109
Inventories, net	-	-	401	447	616	822	884	1,244	1,457
Other Current Assets	-	0.00	181	183	107	187	219	267	426
Plant, Property, & Equipment, net	0.00	0.00	428	428	489	489	560	625	922
Total Noncurrent Assets	0.00	696	2,212	2,127	3,752	3,448	3,437	3,406	4,471
Goodwill	-	-	606	607	1,330	1,285	1,330	1,321	2,034
Intangible Assets	-	-	1,442	1,303	2,138	1,816	1,673	1,487	1,895
Noncurrent Deferred & Refundable Income Taxes	-	-	9.00	21	48	46	160	303	180
Other Noncurrent Operating Assets	0.00	696	155	197	236	300	274	294	363
Total Liabilities & Shareholders' Equity	0.03	697	4,657	5,074	6,940	7,096	7,999	9,133	12,212
Total Liabilities	0.00	25	5,362	4,562	5,522	5,654	5,984	6,698	8,271
Total Current Liabilities	0.00	1.28	1,520	1,742	1,855	1,898	2,305	3,097	4,407
Short-Term Debt	-	-	0.00	22	22	22	22	21	21
Accounts Payable	0.00	1.18	637	731	859	984	986	1,316	1,756
Accrued Expenses	0.00	-	868	902	953	514	612	613	772
Current Deferred Revenue	-	0.00	-	-	-	359	639	1,063	1,815
Current Deferred & Payable Income Tax Liabilities	0.00	0.09	15	19	21	20	47	84	43
Total Noncurrent Liabilities	0.00	24	3,843	2,820	3,667	3,756	3,678	3,601	3,864
Long-Term Debt	-	-	3,467	2,131	2,951	3,169	2,919	2,907	2,892
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	125	117	199	177	160	240	233
Other Noncurrent Operating Liabilities	0.00	24	251	573	518	410	600	454	739
Total Equity & Noncontrolling Interests	0.02	5.00	-705	512	1,418	1,442	2,015	2,434	3,941
Total Preferred & Common Equity	0.02	5.00	-705	512	1,418	1,442	2,015	2,434	3,941
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.02	5.00	-705	512	1,418	1,442	2,015	2,434	3,941
Common Stock	0.33	0.27	278	1,792	2,598	2,631	2,711	2,821	2,895
Retained Earnings	-0.30	4.73	-1,001	-1,331	-1,215	-1,143	-692	-238	1,028
Accumulated Other Comprehensive Income / (Loss)	-	-	18	52	36	-46	-4.50	-149	18

This table presents Vertiv's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	7,255	7,257	7,414	7,591	8,108	8,891	9,451	10,406	10,816	13,400	15,901
Total Current Assets	3,341	3,378	3,621	3,632	4,191	4,805	5,462	6,302	6,549	7,985	9,985
Cash & Equivalents	276	275	500	276	580	909	1,467	1,641	1,396	2,151	2,811
Short-Term Investments	-	-	-	-	-	-	-	98	545	350	300
Accounts Receivable	1,992	2,023	2,021	2,097	2,219	2,329	2,311	2,831	2,811	3,149	3,750
Inventories, net	904	920	922	987	1,104	1,255	1,384	1,413	1,437	1,835	2,523
Other Current Assets	169	161	179	272	289	312	300	319	361	501	601
Plant, Property, & Equipment, net	496	503	509	565	571	593	637	666	698	998	1,184
Total Noncurrent Assets	3,418	3,375	3,285	3,394	3,346	3,494	3,352	3,438	3,569	4,418	4,732
Goodwill	1,295	1,299	1,284	1,323	1,322	1,349	1,340	1,374	1,444	2,024	2,283
Intangible Assets	1,787	1,747	1,674	1,616	1,578	1,573	1,463	1,454	1,508	1,806	1,801
Noncurrent Deferred & Refundable Income Taxes	53	48	47	159	161	297	269	292	259	178	170
Other Noncurrent Operating Assets	283	281	280	296	285	275	280	318	359	411	478
Total Liabilities & Shareholders' Equity	7,255	7,257	7,414	7,591	8,108	8,891	9,451	10,406	10,816	13,400	15,901
Total Liabilities	5,705	5,599	5,700	6,198	6,571	7,078	6,785	7,281	7,308	9,155	11,143
Total Current Liabilities	1,972	2,056	2,102	2,710	3,080	3,489	3,184	3,615	3,577	5,343	7,243
Short-Term Debt	22	22	22	21	21	21	21	21	21	0.00	0.00
Accounts Payable	917	942	932	984	1,098	1,240	1,407	1,605	1,719	1,952	2,473
Accrued Expenses	496	538	555	542	601	624	534	579	681	856	1,061
Current Deferred Revenue	503	520	543	735	889	1,016	1,095	1,257	1,132	2,462	3,634
Current Deferred & Payable Income Tax Liabilities	34	33	49	57	74	124	127	153	24	74	75
Total Noncurrent Liabilities	3,733	3,543	3,599	3,488	3,491	3,589	3,601	3,666	3,731	3,812	3,900
Long-Term Debt	3,156	2,927	2,923	2,916	2,914	2,910	2,904	2,901	2,898	2,922	2,940
Noncurrent Deferred & Payable Income Tax Liabilities	189	185	178	155	159	240	238	253	285	221	234
Other Noncurrent Operating Liabilities	389	431	498	417	418	439	458	513	548	669	726
Total Equity & Noncontrolling Interests	1,551	1,658	1,714	1,393	1,538	1,814	2,666	3,125	3,509	4,245	4,758
Total Preferred & Common Equity	1,551	1,658	1,714	1,393	1,538	1,814	2,666	3,125	3,509	4,245	4,758
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,551	1,658	1,714	1,393	1,538	1,814	2,666	3,125	3,509	4,245	4,758
Common Stock	2,662	2,677	2,698	2,745	2,141	2,152	2,830	2,858	2,883	2,927	2,955
Retained Earnings	-1,092	-1,009	-915	-707	-538	-371	-88	222	606	1,394	1,868
Accumulated Other Comprehensive Income / (Loss)	-19	-9.80	-69	-39	-65	33	-75	45	19	-76	-65

This table displays calculated financial ratios and metrics derived from Vertiv's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.59%	16.74%	27.69%
EBITDA Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	218.23%	42.09%	-10.82%
EBIT Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	709.07%	85.64%	-0.36%
NOPAT Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,267.91%	271.09%	-20.97%
Net Income Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	500.78%	23.21%	168.82%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6,150.00%	7.56%	166.41%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,378.67%	93.02%	60.22%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	128.71%	150.65%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.00%	-50.49%	-39.22%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.16%	5.50%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.41%	17.63%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	332.01%	20.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	241.01%	12.92%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-44.17%	28.87%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-45.70%	28.68%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.04%	35.49%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	227.69%	4.94%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.80%	12.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	33.14%	32.79%	33.72%	30.47%	56.79%	69.95%	109.87%	36.32%
EBITDA Margin	0.00%	6.07%	9.86%	6.48%	9.81%	10.97%	14.47%	30.01%	20.96%
Operating Margin	0.00%	0.42%	4.65%	4.88%	5.20%	7.85%	25.42%	34.13%	17.89%
EBIT Margin	0.00%	0.42%	4.65%	1.60%	5.15%	5.52%	20.82%	11.46%	17.89%
Profit (Net Income) Margin	0.00%	-7.33%	-3.18%	-7.49%	2.39%	1.35%	13.41%	12.38%	13.03%
Tax Burden Percent	100.00%	115.87%	135.00%	128.55%	71.96%	45.87%	172.46%	129.55%	76.51%
Interest Burden Percent	100.00%	-1,522.47%	-50.61%	-364.76%	64.62%	106.27%	149.43%	250.08%	95.20%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	28.04%	54.13%	13.77%	105.67%	23.49%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	2.34%	17.60%	28.38%	21.06%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	1.46%	6.13%	1.24%	18.06%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	2.97%	9.03%	5.02%	12.71%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	0.00%	5.31%	26.63%	15.86%	33.77%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-75.50%	29.67%	69.85%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	8.86%	9.46%	32.16%	17.14%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	2.16%	6.10%	11.58%	12.49%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	0.00%	5.31%	26.63%	15.86%	33.77%
Return on Equity Simple (ROE_SIMPLE)	-5.38%	0.00%	19.98%	-63.91%	8.44%	5.31%	22.84%	20.37%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.00	12	144	149	187	102	752	1,772	1,400
NOPAT Margin	0.00%	0.29%	3.26%	3.42%	3.74%	1.80%	10.96%	11.06%	13.69%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%	11.47%	25.90%	2.99%
Return On Investment Capital (ROIC_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	2.21%	15.18%	33.04%	20.42%
Cost of Revenue to Revenue	0.00%	66.86%	67.21%	66.28%	69.53%	71.61%	65.02%	126.75%	63.68%
SG&A Expenses to Revenue	0.00%	32.73%	24.84%	23.07%	22.19%	41.41%	38.24%	34.30%	15.81%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	32.73%	28.14%	28.83%	25.27%	48.94%	22.27%	39.11%	18.43%
Earnings before Interest and Taxes (EBIT)	-0.00	18	206	70	257	314	1,429	1,836	1,830
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.00	260	437	283	491	624	1,986	2,404	2,144
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	3.57	9.08	52.55	15.72
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4,839.27
Price to Revenue (P/Rev)	0.00	0.20	0.21	1.40	1.76	0.90	2.67	15.97	6.06
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	73.43	67.17	39.76	258.02	46.48
Dividend Yield	0.00%	0.00%	0.00%	0.05%	0.04%	0.07%	0.05%	0.20%	0.13%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	1.36%	1.49%	2.51%	3.49%	2.15%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	1.85	4.90	32.17	12.54
Enterprise Value to Revenue (EV/Rev)	0.00	0.20	0.21	1.40	1.76	1.42	2.98	11.07	6.16
Enterprise Value to EBITDA (EV/EBITDA)	0.00	3.24	2.17	21.57	17.90	12.94	20.60	36.88	29.39
Enterprise Value to EBIT (EV/EBIT)	0.00	47.32	4.60	87.59	34.15	25.69	57.28	144.88	34.45
Enterprise Value to NOPAT (EV/NOPAT)	0.00	67.60	6.57	40.91	46.96	78.81	54.41	100.12	45.02
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	16.49	29.27	41.64	0.00	22.72	100.83	29.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	47.87	13.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	2.21	2.92	1.20	0.74
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	4.40	1.45	3.58	0.73
Financial Leverage	0.00	0.00	0.00	0.00	0.00	2.03	1.47	4.06	0.70
Leverage Ratio	0.00	0.00	0.00	0.00	0.00	4.92	8.73	11.55	3.35
Compound Leverage Factor	0.00	0.00	0.00	0.00	0.00	5.23	6.53	9.63	3.19
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	137.75%	59.34%	54.61%	42.50%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.94%	0.44%	0.78%	0.30%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	136.81%	58.90%	54.21%	42.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	62.25%	40.66%	90.79%	57.50%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	10.22	2.96	7.31	1.36
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	4.69	2.18	4.24	0.51
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	10.15	2.94	7.25	1.35
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	62.28	3.91	6.61	2.08
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	28.60	5.75	5.76	0.78
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	30.93	7.76	6.56	2.07
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	2.96	6.24	15.77	6.18
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	1.66	1.74	4.94	1.55
Quick Ratio	0.00	0.00	0.00	0.00	0.00	2.27	1.26	2.32	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	-6,453	1,853	4,643
Operating Cash Flow to CapEx	0.00%	-252.73%	88.06%	457.11%	281.95%	-285.34%	736.91%	716.62%	933.66%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-17.87	36.37	52.89
Operating Cash Flow to Interest Expense	0.00	-0.77	0.19	0.64	2.32	-2.07	9.97	25.90	24.08
Operating Cash Flow Less CapEx to Interest Expense	0.00	-1.07	-0.03	0.50	1.50	-3.53	8.62	22.29	21.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	1.60	1.82	1.87	0.96
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	3.43	3.58	3.74
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	5.23	9.54	4.82
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	26.16	27.04	13.23
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	9.06	4.41	4.24
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	106.55	306.20	97.61
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	139.56	229.53	75.66
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	80.58	248.30	86.08
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	191.50	287.43	87.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	0.00	0.00	4,372	8,351	8,270	5,026
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	1.30	1.61	1.28	1.54
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	0.00	0.00	0.00	12,329	-162	-3,243
Enterprise Value (EV)	600	842	948	6,114	8,782	8,075	20,459	88,685	63,028
Market Capitalization	600	842	948	6,114	8,782	5,145	18,299	42,642	61,943
Book Value per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.82	$10.56	$6.49	$10.31
Tangible Book Value per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($4.40)	($5.18)	($1.00)	$0.03
Total Capital	0.00	0.00	0.00	0.00	0.00	4,633	4,956	5,363	6,854
Total Debt	0.00	0.00	0.00	0.00	0.00	3,191	2,941	2,928	2,913
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	3,169	5,838	5,814	2,892
Net Debt	0.00	0.00	0.00	0.00	0.00	2,930	4,321	3,401	1,085
Capital Expenditures (CapEx)	0.00	88	65	46	75	107	122	368	226
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	0.00	0.00	1,022	1,875	798	606
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	0.00	0.00	1,283	3,436	4,052	2,433
Net Working Capital (NWC)	0.00	0.00	0.00	0.00	0.00	1,261	1,696	4,010	2,413
Net Nonoperating Expense (NNE)	0.00	326	285	477	67	26	584	780	67
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	0.00	0.00	2,930	4,321	3,401	1,085
Total Depreciation and Amortization (D&A)	0.00	243	231	214	233	310	558	568	315
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	17.96%	27.32%	19.93%	5.92%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	45.07%	50.06%	75.86%	23.79%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	22.15%	49.43%	75.07%	23.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.21	$1.32	$3.49
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	380.14M	376.42M	381.71M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.19	$1.28	$3.41
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	386.23M	386.33M	390.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	381.97M	380.78M	382.60M
Normalized Net Operating Profit after Tax (NOPAT)	-0.00	12	159	216	194	157	777	889	1,442
Normalized NOPAT Margin	0.00%	0.29%	3.58%	4.95%	3.89%	2.76%	11.32%	22.20%	14.09%
Pre Tax Income Margin	0.00%	-6.32%	-2.35%	-5.83%	3.33%	2.93%	15.55%	28.66%	17.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.06	0.66	0.22	2.83	2.13	7.91	12.02	20.84
NOPAT to Interest Expense	0.00	0.04	0.46	0.46	2.06	1.39	8.33	17.39	15.95
EBIT Less CapEx to Interest Expense	0.00	-0.24	0.45	0.07	2.00	2.81	6.56	14.41	18.26
NOPAT Less CapEx to Interest Expense	0.00	-0.26	0.25	0.32	1.23	-0.06	3.49	13.78	13.37
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	-1.01%	3.18%	9.92%	2.06%	8.51%	5.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-1.01%	3.18%	4.96%	2.06%	388.52%	5.00%

This table displays calculated financial ratios and metrics derived from Vertiv's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	382,598,464.00	384,108,816.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	382,598,464.00	384,108,816.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.02	1.30
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	15.52%	25.22%	18.99%	25.79%	24.21%	35.09%	29.05%	22.74%	30.13%	24.12%
EBITDA Growth	0.00%	-10.01%	85.67%	44.62%	32.20%	88.27%	-32.35%	-20.86%	91.91%	52.25%	45.58%
EBIT Growth	0.00%	-271.00%	188.74%	-39.20%	40.31%	1,018.08%	-29.15%	69.74%	110.03%	53.31%	44.08%
NOPAT Growth	0.00%	279.54%	396.26%	50.93%	-22.61%	-36.48%	-24.67%	71.16%	67.39%	117.39%	50.37%
Net Income Growth	0.00%	-223.46%	228.13%	175.35%	-73.60%	2,888.14%	82.03%	125.65%	203.13%	137.14%	53.55%
EPS Growth	0.00%	-350.00%	218.18%	183.33%	-75.41%	2,200.00%	80.43%	121.74%	200.00%	135.71%	53.01%
Operating Cash Flow Growth	0.00%	682.14%	0.00%	156.21%	19.37%	120.58%	-15.36%	35.62%	130.22%	152.82%	240.60%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	-42.90%	126.61%	152.07%	93.53%	-168.77%	-103.62%	-93.89%
Invested Capital Growth	-4.50%	0.00%	0.00%	0.00%	-1.94%	-49.15%	-44.67%	16.97%	21.56%	13.15%	6.47%
Revenue Q/Q Growth	14.09%	-24.26%	57.42%	18.54%	26.32%	-13.23%	29.57%	1.43%	7.63%	-8.00%	23.58%
EBITDA Q/Q Growth	-83.75%	-71.45%	880.79%	-1.65%	-53.34%	4.23%	41.43%	15.05%	13.15%	-17.90%	36.81%
EBIT Q/Q Growth	-39.07%	-266.19%	4,578.46%	-102.00%	-17.87%	4.87%	51.39%	17.41%	12.68%	-24.13%	44.31%
NOPAT Q/Q Growth	237.44%	-19.92%	59.41%	-137.83%	36.44%	-34.26%	89.03%	22.82%	9.68%	-14.63%	30.76%
Net Income Q/Q Growth	294.37%	-205.07%	9,355.93%	-2.53%	-16.76%	11.90%	97.08%	22.92%	11.82%	-12.46%	27.61%
EPS Q/Q Growth	308.33%	-309.84%	7,200.00%	0.00%	-17.39%	10.53%	97.62%	22.89%	11.76%	-13.16%	28.28%
Operating Cash Flow Q/Q Growth	43.22%	-122.80%	525.60%	-0.11%	24.85%	-28.67%	6.46%	57.54%	92.43%	-21.67%	43.43%
Free Cash Flow Firm Q/Q Growth	0.00%	-5,881.65%	106.30%	102.05%	117.52%	562.08%	-8.35%	-106.09%	-86.13%	65.17%	254.79%
Invested Capital Q/Q Growth	0.00%	282.68%	-12.00%	-101.46%	15.60%	-0.26%	4.45%	4.15%	12.03%	-7.16%	-1.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.27%	69.11%	113.87%	72.96%	74.17%	33.72%	33.99%	37.77%	38.94%	37.73%	37.71%
EBITDA Margin	16.15%	17.72%	58.53%	54.21%	29.81%	17.90%	19.54%	22.17%	23.30%	20.80%	23.02%
Operating Margin	30.58%	24.72%	17.21%	35.84%	58.46%	14.28%	16.77%	19.31%	20.14%	16.61%	19.48%
EBIT Margin	12.37%	3.17%	47.72%	44.04%	11.81%	14.28%	16.68%	19.31%	20.22%	16.67%	19.47%
Profit (Net Income) Margin	24.94%	-0.72%	18.24%	17.03%	6.26%	8.08%	12.29%	14.89%	15.47%	14.72%	15.20%
Tax Burden Percent	248.37%	90.77%	201.85%	65.77%	119.90%	61.98%	76.99%	80.96%	79.12%	89.00%	80.29%
Interest Burden Percent	162.38%	-150.00%	255.67%	264.62%	176.91%	91.30%	95.68%	95.26%	96.74%	99.23%	97.27%
Effective Tax Rate	-48.37%	0.00%	98.15%	102.68%	80.10%	38.02%	23.01%	19.04%	20.88%	11.00%	19.71%
Return on Invested Capital (ROIC)	91.47%	89.38%	85.65%	46.28%	67.57%	12.17%	19.42%	36.43%	35.58%	36.47%	40.38%
ROIC Less NNEP Spread (ROIC-NNEP)	51.43%	18.69%	116.25%	79.15%	31.88%	11.70%	18.49%	35.64%	34.63%	36.30%	37.53%
Return on Net Nonoperating Assets (RNNOA)	75.74%	107.11%	178.08%	132.37%	13.83%	19.55%	14.03%	33.63%	15.13%	9.87%	4.82%
Return on Equity (ROE)	136.72%	65.50%	204.37%	90.41%	72.71%	31.71%	33.45%	70.06%	50.71%	46.34%	45.19%
Cash Return on Invested Capital (CROIC)	-657.58%	-626.14%	-705.79%	-697.56%	89.17%	14.05%	74.99%	106.34%	101.37%	24.31%	33.80%
Operating Return on Assets (OROA)	33.74%	5.84%	56.49%	24.87%	22.10%	14.09%	16.39%	19.00%	19.38%	15.82%	16.99%
Return on Assets (ROA)	11.34%	-1.32%	48.59%	43.28%	5.86%	7.97%	12.07%	14.65%	14.83%	13.97%	13.27%
Return on Common Equity (ROCE)	136.72%	65.50%	306.56%	90.41%	36.36%	31.71%	33.45%	70.06%	50.71%	46.34%	45.19%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.99%	64.90%	32.06%	0.00%	24.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	354	284	452	244	274	180	341	418	459	392	512
NOPAT Margin	37.97%	8.65%	34.73%	11.79%	11.68%	8.85%	12.91%	15.63%	15.93%	14.78%	15.64%
Net Nonoperating Expense Percent (NNEP)	14.33%	22.20%	8.15%	6.71%	19.75%	0.46%	0.93%	0.79%	0.95%	0.17%	2.84%
Return On Investment Capital (ROIC_SIMPLE)	7.15%	6.55%	5.05%	10.30%	5.11%	3.22%	5.63%	6.51%	6.69%	5.47%	6.65%
Cost of Revenue to Revenue	63.36%	196.33%	124.09%	127.04%	188.74%	66.28%	66.01%	62.23%	61.06%	62.27%	62.29%
SG&A Expenses to Revenue	37.40%	57.47%	37.26%	32.27%	30.82%	17.01%	15.00%	15.48%	16.03%	17.24%	15.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.69%	66.59%	62.25%	18.56%	17.60%	19.44%	17.13%	18.46%	18.88%	21.18%	18.23%
Earnings before Interest and Taxes (EBIT)	231	26	621	304	277	291	440	517	582	442	637
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	301	194	762	749	350	365	516	593	671	551	754
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.08	44.68	21.07	41.15	17.52	10.31	15.66	16.42	15.72	22.59	27.03
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	164.66	103.48	4,839.27	230.90	190.95
Price to Revenue (P/Rev)	2.67	13.38	4.50	9.91	5.32	3.27	5.38	5.94	6.06	8.84	11.20
Price to Earnings (P/E)	39.76	77.04	129.84	64.18	86.01	41.27	60.25	55.70	46.48	61.52	74.25
Dividend Yield	0.05%	0.06%	0.17%	0.10%	0.10%	0.17%	0.11%	0.10%	0.13%	0.08%	0.07%
Earnings Yield	2.51%	2.60%	4.62%	1.56%	1.16%	2.42%	1.66%	1.80%	2.15%	1.63%	1.35%
Enterprise Value to Invested Capital (EV/IC)	4.90	25.00	8.93	20.51	10.72	7.02	11.63	13.06	12.54	20.63	28.00
Enterprise Value to Revenue (EV/Rev)	2.98	9.68	4.83	5.22	5.53	3.44	5.51	6.04	6.16	8.88	11.19
Enterprise Value to EBITDA (EV/EBITDA)	10.30	85.77	16.73	17.05	18.44	19.70	31.24	32.14	29.39	41.27	49.99
Enterprise Value to EBIT (EV/EBIT)	14.32	167.32	91.84	90.25	24.15	24.47	38.19	38.42	34.45	48.55	58.96
Enterprise Value to NOPAT (EV/NOPAT)	27.20	38.34	113.68	80.08	50.06	31.16	47.41	47.25	45.02	59.78	72.08
Enterprise Value to Operating Cash Flow (EV/OCF)	45.44	0.00	93.00	62.92	67.22	19.49	35.14	37.55	29.82	37.36	38.29
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	23.94	33.68	11.05	13.24	13.57	90.13	85.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.38	6.32	5.73	3.23	2.41	1.10	0.93	0.83	0.74	0.69	0.62
Long-Term Debt to Equity	4.35	6.28	1.90	4.81	3.58	1.09	0.93	0.83	0.73	0.69	0.62
Financial Leverage	2.95	3.82	3.06	1.11	0.87	1.67	0.76	0.94	0.44	0.27	0.13
Leverage Ratio	8.73	10.90	10.55	9.80	7.70	4.20	3.97	3.70	3.35	3.31	3.34
Compound Leverage Factor	3.55	-8.17	13.48	4.32	6.81	3.83	3.80	3.53	3.24	3.28	3.25
Debt to Total Capital	59.34%	135.65%	65.62%	61.77%	163.82%	52.31%	48.31%	45.41%	42.50%	40.77%	38.19%
Short-Term Debt to Total Capital	1.32%	1.47%	0.95%	0.89%	0.78%	0.38%	0.35%	0.33%	0.30%	0.00%	0.00%
Long-Term Debt to Total Capital	58.90%	134.67%	65.15%	61.33%	54.21%	51.94%	47.97%	45.08%	42.19%	40.77%	38.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	121.97%	96.52%	68.76%	76.45%	45.39%	47.69%	51.69%	54.59%	57.50%	59.23%	61.81%
Debt to EBITDA	2.96	7.46	2.83	3.81	2.44	1.99	1.82	1.60	1.36	1.25	1.14
Net Debt to EBITDA	1.09	6.76	3.40	0.88	1.41	0.99	0.74	0.54	0.51	0.18	-0.07
Long-Term Debt to EBITDA	4.41	11.10	1.40	2.52	2.42	1.98	1.81	1.59	1.35	1.25	1.14
Debt to NOPAT	11.73	3.33	9.60	2.98	3.31	3.15	2.76	2.35	2.08	1.81	1.65
Net Debt to NOPAT	8.62	6.04	5.14	4.12	1.92	1.57	1.12	0.79	0.78	0.26	-0.10
Long-Term Debt to NOPAT	3.88	3.31	6.36	5.92	4.92	3.13	2.74	2.34	2.07	1.81	1.65
Altman Z-Score	2.92	11.88	8.09	4.24	5.02	3.70	5.39	6.19	5.84	7.58	8.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.47	4.02	4.08	1.38	4.94	1.72	1.74	1.83	1.55	1.49	1.38
Quick Ratio	3.77	2.63	2.73	1.86	1.16	1.19	1.26	1.33	1.12	1.06	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	551	-15,652	-7,333	-3,591	629	4,166	3,818	-232	-433	-151	233
Operating Cash Flow to CapEx	697.06%	753.42%	2,522.67%	1,929.59%	1,341.33%	781.70%	703.49%	1,089.29%	1,030.42%	672.63%	630.26%
Free Cash Flow to Firm to Interest Expense	25.39	-401.34	-479.30	-200.08	9.83	164.66	179.25	-9.49	-25.91	-83.72	13.41
Operating Cash Flow to Interest Expense	24.62	7.05	16.49	31.60	26.58	11.99	15.16	20.76	58.62	426.00	63.21
Operating Cash Flow Less CapEx to Interest Expense	21.09	7.77	21.79	9.44	33.92	10.45	13.00	18.86	52.93	362.67	53.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.82	3.68	3.55	5.08	2.81	0.99	0.98	0.98	0.96	0.95	0.87
Accounts Receivable Turnover	6.85	0.00	0.00	0.00	10.73	3.82	3.60	3.77	3.74	3.97	3.49
Inventory Turnover	10.46	0.00	0.00	0.00	14.31	4.52	4.68	4.63	4.82	4.24	3.61
Fixed Asset Turnover	26.16	0.00	0.00	0.00	27.04	13.98	14.70	15.02	13.23	13.26	12.41
Accounts Payable Turnover	9.06	0.00	0.00	0.00	8.82	4.48	4.35	4.21	4.24	4.06	3.49
Days Sales Outstanding (DSO)	213.10	0.00	0.00	0.00	204.14	95.66	101.34	96.73	97.61	91.88	104.63
Days Inventory Outstanding (DIO)	139.56	0.00	0.00	0.00	229.53	80.80	78.06	78.84	75.66	86.18	100.99
Days Payable Outstanding (DPO)	161.16	0.00	0.00	0.00	82.77	81.49	83.84	86.64	86.08	89.95	104.64
Cash Conversion Cycle (CCC)	191.50	0.00	0.00	0.00	191.62	94.97	95.56	88.93	87.20	88.11	100.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,175	8,110	7,785	3,836	4,135	4,124	4,308	4,487	5,026	4,667	4,587
Invested Capital Turnover	1.61	6.89	11.10	3.93	1.93	1.37	1.50	2.33	2.23	2.47	2.58
Increase / (Decrease) in Invested Capital	-197	16,220	7,785	7,672	-41	-3,986	-3,478	651	892	542	279
Enterprise Value (EV)	20,459	67,574	34,743	39,335	44,343	28,950	50,120	58,586	63,028	96,293	128,437
Market Capitalization	18,299	31,126	32,388	37,312	42,642	27,492	48,938	57,608	61,943	95,872	128,607
Book Value per Share	$5.28	$7.35	$4.11	$9.67	$6.49	$7.00	$8.20	$9.19	$10.31	$11.09	$12.39
Tangible Book Value per Share	($2.59)	($8.15)	($7.28)	($2.95)	($1.99)	($0.36)	$0.78	$1.46	$0.03	$1.09	$1.75
Total Capital	4,956	8,661	8,945	9,489	10,725	5,592	6,047	6,427	6,854	7,167	7,697
Total Debt	2,941	2,937	2,935	2,931	5,856	2,925	2,922	2,919	2,913	2,922	2,940
Total Long-Term Debt	2,919	2,916	5,827	2,910	5,814	2,904	2,901	2,898	2,892	2,922	2,940
Net Debt	4,321	5,323	4,710	4,044	3,401	1,458	1,183	978	1,085	422	-171
Capital Expenditures (CapEx)	51	73	90	39	63	39	46	47	95	114	175
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,875	1,335	1,106	856	1,596	831	970	1,053	606	141	-369
Debt-free Net Working Capital (DFNWC)	1,718	1,886	2,266	2,673	4,052	2,299	2,709	2,993	2,433	2,641	2,742
Net Working Capital (NWC)	3,392	1,844	2,223	2,631	2,005	2,278	2,688	2,972	2,413	2,641	2,742
Net Nonoperating Expense (NNE)	122	148	96	68	127	16	16	20	13	1.60	14
Net Nonoperating Obligations (NNO)	2,161	5,323	2,355	4,044	1,701	1,458	1,183	978	1,085	422	-171
Total Depreciation and Amortization (D&A)	141	142	141	141	145	74	75	76	89	109	116
Debt-free, Cash-free Net Working Capital to Revenue	27.32%	28.68%	15.36%	11.36%	19.93%	9.89%	10.66%	10.86%	5.92%	1.30%	-3.21%
Debt-free Net Working Capital to Revenue	75.09%	27.02%	47.20%	35.50%	50.57%	27.34%	29.78%	30.87%	23.79%	24.36%	23.89%
Net Working Capital to Revenue	74.14%	13.21%	46.32%	34.93%	50.05%	27.09%	29.55%	30.66%	23.58%	24.36%	23.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	($0.02)	$0.48	$0.47	$0.39	$0.43	$0.85	$1.04	$1.17	$1.02	$1.29
Adjusted Weighted Average Basic Shares Outstanding	380.14M	379.14M	374.73M	375.20M	376.42M	380.85M	381.48M	382.03M	381.71M	382.92M	384.56M
Adjusted Diluted Earnings per Share	$0.61	($0.02)	$0.46	$0.46	$0.38	$0.42	$0.83	$1.02	$1.14	$0.99	$1.27
Adjusted Weighted Average Diluted Shares Outstanding	386.23M	379.14M	384.49M	384.32M	386.33M	390.11M	389.85M	390.93M	390.65M	392.13M	392.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	374.34M	375.15M	375.34M	380.78M	381.11M	381.87M	382.34M	382.60M	384.11M	384.99M
Normalized Net Operating Profit after Tax (NOPAT)	203	284	224	249	275	181	342	443	475	387	509
Normalized NOPAT Margin	21.79%	17.33%	34.47%	23.97%	23.42%	8.88%	12.97%	16.56%	16.50%	14.62%	15.55%
Pre Tax Income Margin	20.08%	-2.38%	13.55%	12.95%	20.90%	13.04%	15.96%	18.39%	19.56%	16.54%	18.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.63	2.00	20.30	16.96	8.66	11.49	20.66	21.09	34.86	245.39	36.63
NOPAT to Interest Expense	24.48	10.91	14.78	6.81	17.13	7.12	15.99	17.07	27.47	217.61	29.44
EBIT Less CapEx to Interest Expense	12.41	-0.81	5.79	22.16	13.36	9.96	18.51	19.18	29.17	182.06	26.60
NOPAT Less CapEx to Interest Expense	20.95	8.10	11.84	11.43	13.17	5.59	13.84	15.17	21.79	154.28	19.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.13%	0.00%	16.96%	12.93%	25.53%	7.07%	6.39%	5.48%	5.00%	4.90%	4.97%
Augmented Payout Ratio	6.19%	0.00%	251.79%	219.30%	388.52%	7.07%	6.39%	5.48%	5.00%	4.90%	4.97%

Financials Breakdown Chart

Key Financial Trends

Vertiv’s latest quarter shows strong operating momentum, but the balance sheet and financing picture reveal a more nuanced story. In Q1 2026, revenue rose to $2.65 billion and net income reached $390.1 million, while operating cash flow remained healthy at $766.8 million. Compared with the same quarter a year ago, Vertiv is substantially larger and more profitable, but the company is also carrying more debt and has materially thinner equity than it did last year.

Revenue growth remains strong. Q1 2026 revenue of $2.65 billion was up meaningfully from $2.04 billion in Q1 2025 and $1.64 billion in Q1 2024, showing continued demand momentum.
Profitability improved sharply year over year. Net income in Q1 2026 was $390.1 million versus just $164.5 million in Q1 2025 and a loss in Q1 2024.
Operating cash flow is robust. Vertiv generated $766.8 million of operating cash in Q1 2026, up from $303.3 million in Q1 2025 and $137.5 million in Q1 2024.
Gross profit dollars are rising quickly. Gross profit reached $999.7 million in Q1 2026, up from $686.5 million in Q1 2025 and $566.4 million in Q1 2024.
Operating income remains strong even with higher costs. Q1 2026 operating income was $440.1 million, still a healthy margin on sales.
Recent quarters have shown some margin volatility. Operating margin improved versus early 2024, but Q4 2025 was stronger than Q1 2026, suggesting quarter-to-quarter variability.
Working capital remains a major cash source. Q1 2026 cash from operations included $250.4 million from changes in operating assets and liabilities, indicating working capital management is supporting cash generation.
Capital spending is moderate. Capex in Q1 2026 was $114 million, which looks manageable relative to operating cash flow.
Debt is still significant. Vertiv ended Q1 2026 with $2.92 billion of long-term debt, plus $2.92 billion total current and long-term debt combined with no short-term debt offsetting in the quarter.
Equity has been compressed. Total common equity was $4.24 billion in Q1 2026, but it was only $2.67 billion in Q1 2025 and $1.39 billion in Q1 2024, reflecting leverage and balance-sheet pressure over time.

Bottom line: Vertiv is growing fast and turning that growth into real cash and earnings, which is a clear positive for investors. The main watch items are leverage, high working-capital needs, and the fact that financing activity has been used heavily to manage the capital structure. For retail investors, this looks like a company with strong operating execution, but one where debt and balance-sheet discipline still matter.

08/16/26 10:54 PM ETAI Generated. May Contain Errors.

Vertiv Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vertiv's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Vertiv's net income appears to be on an upward trend, with a most recent value of $1.33 billion in 2025, falling from -$1.28 thousand in 2017. The previous period was $495.80 million in 2024. See where experts think Vertiv is headed by visiting Vertiv's forecast page.

Vertiv's total operating income in 2025 was $1.83 billion, based on the following breakdown:

Total Gross Profit: $3.72 billion
Total Operating Expenses: $1.89 billion

Over the last 8 years, Vertiv's total revenue changed from $0.00 in 2017 to $10.23 billion in 2025, a change of 1,022,990,000,000.0%.

Vertiv's total liabilities were at $8.27 billion at the end of 2025, a 23.5% increase from 2024, and a 648,205,229.2% increase since 2017.

In the past 8 years, Vertiv's cash and equivalents has ranged from $0.00 in 2017 to $1.73 billion in 2025, and is currently $1.73 billion as of their latest financial filing in 2025.

Over the last 8 years, Vertiv's book value per share changed from 0.00 in 2017 to 10.31 in 2025, a change of 1,030.8%.

Related Companies

Financial statements for NYSE:VRT last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Vertiv (VRT) Financials

Financials Breakdown Chart

Key Financial Trends

Vertiv Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Vertiv (VRT) Financials

Annual Income Statements for Vertiv

Quarterly Income Statements for Vertiv

Annual Cash Flow Statements for Vertiv

Quarterly Cash Flow Statements for Vertiv

Annual Balance Sheets for Vertiv

Quarterly Balance Sheets for Vertiv

Annual Metrics And Ratios for Vertiv

Quarterly Metrics And Ratios for Vertiv

Financials Breakdown Chart

Key Financial Trends

Vertiv Financials - Frequently Asked Questions

When does Vertiv's fiscal year end?

How has Vertiv's net income changed over the last 8 years?

What is Vertiv's operating income?

How has Vertiv's revenue changed over the last 8 years?

How much debt does Vertiv have?

How much cash does Vertiv have?

How has Vertiv's book value per share changed over the last 8 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools