Vertiv
Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments.
10-K, Feb 13, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001674101-26-000008 · filed Feb 13, 2026
Business
How does Vertiv make money?
Americas is 62.4% of revenue.
Source and method
Revenue by segments, FY2025.
annual report FY2025 · 0001674101-26-000008 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($10.2B).
- Americas: $6.4B · 62.4%
- Asia Pacific: $2.0B · 19.7%
- EMEA: $1.8B · 17.8%
What is left of every $100?
Of every $100 in revenue, $13 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $10.2B
- Gross profit: $3.7B
- Operating income: $1.8B
- Net income: $1.3B
- Free cash flow: $1.9B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“As businesses, industries, and communities become more connected, we pioneer and deliver end-to-end power and cooling technologies to help our customers stay resilient, optimized, and future-ready.”
“With our industry-leading innovative technologies and global services network, we are fueling the revolution of the digital world — keeping technology ecosystems running efficiently and without interruption.”
“We believe that Vertiv is supercharging data’s potential; accelerating the pace of technology, raising the bar for accelerated compute and redefining the limits of densification.”
Item 1 · Business · 10-K · 0001674101-26-000008 · filed Feb 13, 2026
Where did the growth actually come from?
Americas drove 71% of Vertiv’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
No filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 28% to $10.2B.
Revenue grew 24% YoY to $3.3B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 74.0%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
17.9% operating margin, up from 17.1%.
36.3% gross margin, down from 36.6%.
Operating income grew 34% to $1.8B.
Net income grew 169% to $1.3B.
R&D: $442M in FY2025.
SG&A grew 18% to $1.6B.
EPS diluted grew 166% to $3.41.
19.5% operating margin, up from 16.8%.
37.7% gross margin, up from 34.0%.
Operating income grew 44% YoY to $638M.
Net income grew 54% YoY to $498M.
SG&A grew 25% YoY to $494M.
EPS diluted grew 53% YoY to $1.27.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Keeps $19 of every $100 as free cash.
Operating cash flow grew 60% to $2.1B.
Capex grew 32% to $220M.
Buybacks: $0 in FY2025.
Dividends grew 58% to $66.6M.
Stock-based compensation grew 33% to $45.9M.
Free cash flow grew 233% YoY to $926M.
Operating cash flow grew 241% YoY to $1.1B.
Capex grew 285% YoY to $173M.
Buybacks: $0 in FY2025 Q4.
Dividends grew 68% YoY to $23.9M.
Stock-based compensation grew 3.8% YoY.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.7B cash vs $2.9B debt.
Total debt fell 0.5% to $2.9B.
Interest expense fell 43% to $86.1M.
Total assets grew 34% to $12.2B.
Equity grew 62% to $3.9B.
Cash grew 71% YoY to $2.8B.
Total debt grew 0.6% YoY to $2.9B.
Interest expense fell 18% YoY to $17.4M.
Total assets grew 53% YoY to $15.9B.
Equity grew 52% YoY to $4.8B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Vertiv depend on?
No customer above the disclosure threshold.
Risks
What could go wrong?
4 of 49 risk factors, one per theme.
Supply chain and manufacturing
“Our operations, particularly our manufacturing and service operations, depend on raw materials, components, products and services from third-party suppliers, and such suppliers’ ability to timely deliver the quantities and quality required at acceptable prices.”
Item 1A · Risk Factors · 10-K · 0001674101-26-000008 · filed Feb 13, 2026
Competition
“The industries and markets in which we operate are highly competitive, and we experience competitive pressures from numerous and varied competitors.”
Item 1A · Risk Factors · 10-K · 0001674101-26-000008 · filed Feb 13, 2026
Security, defects and outages
“Disruptions to the various information technology and information security systems upon which our operations and our products and our services rely, especially cyber-security incidents, including data security breaches, ransomware or computer viruses, could harm our business, reduce our revenue, increase our expenses, damage our reputation and adversely impact our performance.”
Item 1A · Risk Factors · 10-K · 0001674101-26-000008 · filed Feb 13, 2026
Regulation and legal proceedings
“The global scope of our business poses specific operational risks and challenges, including those relating to disruptive global events and forces, compliance with laws, and enforcement of consistent company-wide standards and procedures; additional or exacerbated risks may exist in emerging markets.”
Item 1A · Risk Factors · 10-K · 0001674101-26-000008 · filed Feb 13, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 7.8%.
BlackRock, Inc.7.8%
13G/A · as of Mar 31, 2026 · filed Apr 24, 2026
Vanguard Capital Management LLC7.48%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
GS DC Sponsor I LLC19.9% (then)
13G · as of Dec 31, 2018 · filed Feb 14, 2019 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
12 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.4%
35.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.9%
25.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.7%
17.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.2%
16.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Jpmorgan Chase & Co3.2%
10.1M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,050 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 73 sales · $128M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 36 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | ||||||||
| D&A | not reported | not reported | ||||||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| G&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Gross profit calc. | not reported | not reported | ||||||||
| Income taxes | not reported | |||||||||
| Interest expense | not reported | not reported | ||||||||
| Net income | not reported | |||||||||
| Operating income | not reported | not reported | not reported | |||||||
| Research and development | not reported | not reported | ||||||||
| Revenue | not reported | |||||||||
| SG&A | not reported | not reported | ||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | ||||||||
| Current liabilities | not reported | |||||||||
| Current portion of long-term debt | not reported | not reported | not reported | |||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | |||||||
| Short-term debt (balance sheet line) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total assets | not reported | |||||||||
| Total debt calc. | not reported | not reported | not reported | |||||||
| Total liabilities & equity | not reported | |||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Capex | not reported | not reported | ||||||||
| Dividends | not reported | not reported | ||||||||
| Free cash flow calc. | not reported | not reported | ||||||||
| Interest paid | not reported | not reported | ||||||||
| Operating cash flow | not reported | |||||||||
| Stock-based compensation | not reported | not reported | ||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | ||||||||
| EPS diluted | not reported | not reported | ||||||||
| Wtd. shares basic | not reported | not reported | ||||||||
| Wtd. shares diluted | not reported | not reported | ||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | not reported | not reported | not reported | |||||||
| Pretax income | not reported | |||||||||
| Total liabilities | not reported | |||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values