$VRT · Vertiv Holdings Co
Vertiv Holdings Co filed its Q3 FY2026 10-Q, reporting net sales of $4,312.8M (+61.2% YoY), operating profit of $983.8M (+90.4% YoY), and net income of $764.5M (+91.8% YoY). Diluted EPS reached $1.95 versus $1.02 in the prior-year quarter. The balance sheet shows cash of $3,512.9M, inventories of $3,288.4M, and deferred revenue of $4,120.5M, reflecting massive order backlog and customer prepayments.
- Q3 net sales hit $4,312.8M, up 61.2% YoY from $2,675.8M, driven by higher volumes and $156.9M in acquisition sales.
- Operating profit nearly doubled to $983.8M from $516.7M; operating margin reached 22.8%.
- Diluted EPS of $1.95 vs $1.02 a year ago — a 91.2% increase.
- Cash and equivalents swelled to $3,512.9M from $1,728.4M at year-end 2025, reflecting $2.66B in nine-month operating cash flow.
- Inventories more than doubled to $3,288.4M from $1,456.5M at year-end, alongside a $2.31B jump in deferred revenue to $4,120.5M.
Extended-hours trading shows shares at $236.01, down 2.85% from the regular-session close of $242.94 — a modest giveback after the +16.48% regular-session surge, suggesting the blowout quarter was largely priced in during the day.
Vertiv is riding the AI data center capex supercycle: revenue up 61%, profit nearly doubled, and a $4.12B deferred revenue backlog suggests the runway is far from exhausted.
Vertiv's 61.2% revenue growth underscores the AI-driven data center infrastructure boom, with product sales alone jumping $1,426.2M YoY. The $425M in nine-month capex (3.4x the prior year) signals aggressive capacity expansion to meet hyperscaler demand.
Inventories ballooned to $3,288.4M from $1,456.5M at year-end, and accounts receivable rose to $4,379.7M from $3,109.0M — both could signal over-ordering or collection risk if demand moderates. Deferred revenue surged to $4,120.5M, reflecting large customer prepayments that must be fulfilled.