Vertiv — 2026Q3 財報

“Vertiv reported second quarter net sales of $3,274 million, an increase of $636 million, or 24%, compared to second quarter 2025, reflecting 18% organic sales growth, a 5% contribution from acquisitions, and a 1% benefit from favorable foreign currency translation.”

The headline growth was mostly earned rather than bought: of the 24% increase in net sales to $3,274 million, 18% was organic, with 5% from acquisitions and 1% from currency.

“Adjusted operating margin was 22.6%, up 410 basis points compared to second quarter 2025, driven by operational execution, continued strong productivity, and favorable price-cost, inclusive of tariff impacts and associated countermeasures.”

Profit outgrew sales for reasons the company names as repeatable rather than lucky: adjusted operating margin of 22.6% expanded 410 basis points on execution, productivity and favorable price-cost — and the release states that price-cost was favorable inclusive of tariffs and the countermeasures against them, not before them.

“Second quarter revenue reflected minor timing shifts, primarily due to temporary supply chain congestion and multi-phased project execution as deployments scale in size and complexity. The strong demand environment, growing pipelines, and the continual capacity expansions underway to serve customers give Vertiv the confidence to raise full year net sales guidance, along with increases to other associated financial metrics.”

The release names the blemish inside its own good quarter and, in the same breath, classifies it as a delivery constraint rather than a demand one — the demand environment, pipelines and capacity additions are what it cites as the basis for raising the sales guide.

“Operating cash flow of $1,100 million and adjusted free cash flow of $925 million, an increase of 241% and 234%, respectively, compared to prior year second quarter. Achieved a net cash position at the end of second quarter 2026.”

Cash was the quarter's standout and it changed the balance sheet, not just the quarter: operating cash flow of $1,100 million and adjusted free cash flow of $925 million grew 241% and 234%, and Vertiv ended the quarter in a net cash position.

“Expects full year 2026 diluted EPS of $5.82 to $5.92 and adjusted diluted EPS of $6.65 to $6.75, a midpoint increase of 72% and 60%, respectively, compared to full year 2025.”

Guidance was raised rather than merely reaffirmed, and the raise reaches the bottom line: full-year adjusted diluted EPS is now guided to $6.65 to $6.75, a 60% midpoint increase, with GAAP diluted EPS of $5.82 to $5.92.

“Moving to adjusted operating profit. We delivered $738 million that is up $249 million or 51% versus prior year, and $28 million above the midpoint of our guidance. Adjusted operating margin of 22.6% expanded 410 basis points year-over-year and came in 140 basis points above guidance.”

The benchmark management chose on the call was its own guidance, and the outperformance landed in profit and margin rather than revenue: adjusted operating profit of $738 million came in $28 million above the guidance midpoint and adjusted operating margin of 22.6% came in 140 basis points above guidance.

“By regions, Americas grew 21% organically APAC grew 26% organically, and EMEA was down 2% organically.”

The organic growth was regionally lopsided in a way the headline hides: the Americas and APAC carried it while EMEA was still slightly negative organically in the quarter.

“Now clearly, like everything, and like we have done so far, there is a learning curve. I am pleased with the speed at which we are progressing in this learning curve. And this learning curve is a learning curve of the execution. On this complexity.”

The first analyst question went straight to whether the complexity behind the timing shifts is a permanent drag; the CEO answered with a learning curve on execution, and located the difficulty in the projects being the first at this scale rather than in anything structural.

“So, if you think about our h 2 guidance, we are not assuming all stars align. We have a wiggle room for, this progress on the learning curve not to be perfect.”

In the same answer the CEO said the second-half guide is deliberately not set to a best case, and described the margin of safety in it explicitly — a rare thing for management to volunteer about its own guidance.

“our deferred revenue is a read through in terms of those advanced deposits on orders, but it is also ongoing deposits as we go through the milestones of delivering those larger projects.”

Asked what drove the cash performance, the CFO traced it to customer money arriving ahead of revenue, describing the deferred-revenue build as advance deposits at order placement plus milestone payments as large projects are delivered.