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AI Takeaway
In Q2 FY2026, Vertiv Holdings Co achieved strong financial performance with net sales increasing 24.1% year-over-year to $3.27B and net income rising 53.5% to $497.8M, driven by robust demand for data center infrastructure supporting artificial intelligence applications.
Revenue
$3.27B
+24.12% YoY
EPS (Diluted)
$1.27
+53.01% YoY
Operating Income
$637.9M
+44.19% YoY
Vertiv Holdings (VRT) reported Q2 FY2026 revenue of $3.27B, up 24.1% year over year. The company posted net income of $497.8M, up 53.5% from a year earlier, with diluted EPS of $1.27. Operating income was $637.9M, up 44.2% year over year. VRT's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Vertiv delivered impressive Q2 FY2026 financial performance with 24.1% revenue growth to $3.27B and a 53.5% surge in net income to $497.8M, supported by booming AI infrastructure demand.
Last 4 quarters: 4 beats
Adjusted (non-GAAP) EPS of $1.52 versus the $1.44 analyst consensus — a +5.7% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $1.27.
Americas segment net sales rose 29.2% year-over-year to $2,070.8M in Q2 FY2026, while segment operating profit surged 48.6% to $571.4M with segment margin expanding from 24.0% to 27.6%, driven by higher volume in products and services and operating leverage.
Source: 10-Q Item 2 MD&A, p.26
Asia Pacific segment net sales grew 28.5% year-over-year to $719.9M in Q2 FY2026 with operating profit increasing 61.5% to $95.6M. Conversely, Europe, Middle East & Africa (EMEA) net sales grew just 1.7% to $483.6M in Q2 FY2026 and fell 8.4% year-over-year for the first six months to $805.0M due to softer Q1 market demand.
Source: 10-Q Item 2 MD&A, p.27, 30
Vertiv invested $285.9M in capital expenditures (including capitalized software) during the first six months of FY2026, a 250.8% YoY increase. Management expects full-year 2026 capital expenditures of $550.0M to $570.0M to expand global capacity and meet surging AI and high-performance computing demand.
Source: 10-Q Item 2 MD&A, p.24, 31
Cumulative year-to-date net cash provided by operating activities surged 198.1% to $1,866.6M compared to $626.2M in the prior-year period, driven by higher net operating earnings ($887.9M) and favorable working capital timing, particularly deferred revenue.
Source: 10-Q Item 2 MD&A, p.31-32
Vertiv's revolving credit facility and note indentures contain strict operational covenants, including a maximum Consolidated Leverage Ratio requirement of 4.00:1.00. A covenant breach could trigger default events, debt acceleration, cross-defaults across debt obligations, and loss of borrowing capability.
Source: 10-Q Item 1A, p.34-35
Q2 FY2026 sales growth was slightly tempered by temporary supply chain congestion and complex multi-phased project execution. Difficulties in managing component supply, input cost fluctuations, or deployment delays could hinder Vertiv's ability to scale operations efficiently.
Source: 10-Q Item 2 MD&A, p.24-25
Global operations face ongoing disruptions from U.S. tariffs, foreign counter-measures, and regional geopolitical tensions. Although Vertiv is pursuing refund claims following a February 2026 Supreme Court decision invalidating certain IEEPA tariffs, the timing and recoverable amount remain highly uncertain.
Source: 10-Q Item 2 MD&A, p.24
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Vertiv Holdings (VRT) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the VRT earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.27B | $2.64B | +24.12% |
Cost of Revenue | $2.04B | $1.74B | +17.11% |
Operating Income | $637.9M | $442.4M | +44.19% |
Net Income | $497.8M | $324.2M | +53.55% |
EPS (Basic) | $1.29 | $0.85 | +51.76% |
EPS (Diluted) | $1.27 | $0.83 | +53.01% |
SG&A Expense | $494.4M | $395.6M | +24.97% |
In Q2 FY2026, Vertiv delivered net sales of $3.27B (up 24.1% YoY) and net income of $497.8M (up 53.5% YoY). Results were driven by strong global demand for AI data center cooling and power management solutions, led by a 29.2% sales gain in the Americas region.
Vertiv's net sales grew 24.1% year-over-year to $3.27B in Q2 FY2026. Growth was driven by higher organic sales volume across products and services, $129.7M from recent acquisitions, and $35.9M in favorable foreign currency movement.
Vertiv spent $285.9M on capital expenditures and capitalized software in the first six months of FY2026. Management projects full-year 2026 total capital expenditures of $550.0M to $570.0M to expand global capacity for high-performance compute and AI applications.
Vertiv highlighted covenant compliance risk under its credit agreement, which enforces a maximum Consolidated Leverage Ratio of 4.00:1.00 (with temporary step-ups after large acquisitions). Additional operational risks include supply chain bottlenecks, project execution delays, and global trade tariff uncertainties.
Vertiv Holdings (VRT) is next expected to report earnings on Oct 20, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
VRT delivered exceptional Q1 FY2026 results with revenue surging 30.1% YoY to $2.65B and net income more than doubling (+137.1%) to $390.1M, driven by strong operating leverage and robust cash generation.
VRT delivered exceptional FY2025 results with revenue surging 27.7% to $10.2B and net income nearly tripling to $1.3B, driven by strong demand for data center infrastructure solutions.
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