# Vertiv (VRT) Q2 2026 earnings

Results filed 2026-07-29 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/vrt/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050323/0001628280-26-050323-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Vertiv reported second quarter net sales of $3,274 million, 24% higher than second quarter 2025, with diluted EPS up 53% to $1.27 and adjusted diluted EPS up 60% to $1.52.

Vertiv's second quarter net sales were $3,274 million, 24% higher than a year earlier. Organic growth was 18%, acquisitions added 5% and currency added 1%. Adjusted operating margin was 22.6%, up 410 basis points. Diluted EPS rose 53% to $1.27 and adjusted diluted EPS rose 60% to $1.52. Operating cash flow was $1,100 million, and the company ended the quarter with a net cash position.
Management raised full year 2026 guidance on every key metric. It now expects net sales of $13,800M - $14,200M and adjusted diluted EPS of $6.65 - $6.75. Third quarter net sales are guided to $3,650M - $3,850M. The main tension is execution: Vertiv reported minor revenue timing shifts from supply chain congestion and complex multi-phase projects. Capital spending is also running at the high end, about 4.0% of revenue.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net sales | $3,274 million | up 24% from second quarter 2025 | GAAP |
| Net income | $497.8 | up from $324.2 in second quarter 2025 | GAAP |
| Diluted EPS | $1.27 | up 53% from second quarter 2025 | GAAP |
| Adjusted diluted EPS | $1.52 | up 60% from second quarter 2025 | non-GAAP |
| Operating profit | $638 million | up 44% from second quarter 2025 | GAAP |
| Adjusted operating profit | $738 million | up 51% from second quarter 2025 | non-GAAP |
| Adjusted operating margin | 22.6% | up 410 basis points compared to second quarter 2025 | non-GAAP |
| Operating cash flow | $1,100 million | up 241% from prior year second quarter | GAAP |
| Adjusted free cash flow | $925 million | up 234% from prior year second quarter | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Americas (AMER) net sales | $2,070.8 | up 29.2%; organic up 21.1% |
| Asia Pacific (APAC) net sales | 719.9 | up 28.5%; organic up 25.7% |
| EMEA net sales | 483.6 | up 1.7%; organic down 2.4% |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Net sales | third quarter of 2026 | $3,650M - $3,850M |
| Adjusted operating margin | third quarter of 2026 | 24.0% - 25.0% |
| Adjusted diluted EPS | third quarter of 2026 | $1.77 - $1.83 |
| Adjusted operating profit | third quarter of 2026 | $898M - $938M |
| Net sales | full year 2026 | $13,800M - $14,200M |
| Adjusted operating margin | full year 2026 | 23.3% - 24.3% |
| Adjusted diluted EPS | full year 2026 | $6.65 - $6.75 |
| Diluted EPS (GAAP) | full year 2026 | $5.82 to $5.92 |
| Adjusted operating profit | full year 2026 | $3,285M - $3,365M |
| Adjusted free cash flow | full year 2026 | $2,400M - $2,600M |
| Capital expenditures as share of revenue | full year 2026 | 4.0% |

## Key takeaways

1. **Margins expanded sharply on higher sales** Adjusted operating margin was 22.6%, up 410 basis points from second quarter 2025, driven by operational execution, productivity and favorable price-cost, inclusive of tariff impacts and associated countermeasures.
2. **Cash generation jumped and net cash achieved** Operating cash flow was $1,100 million and adjusted free cash flow was $925 million. Vertiv ended the quarter with $5.6 billion of liquidity and a net cash position.
3. **Full year guidance raised across all metrics** Full year net sales guidance is now $13,800M - $14,200M and adjusted diluted EPS is $6.65 - $6.75. Adjusted free cash flow is guided to $2,400M - $2,600M.
4. **Americas drives growth while EMEA lags** Americas net sales rose 29.2% (21.1% organic), APAC rose 28.5% and EMEA rose only 1.7% with organic sales down 2.4%.
5. **Timing shifts and heavier capex are watch items** Management cited minor revenue timing shifts from temporary supply chain congestion and multi-phased project execution. Capital expenditures are expected at about 4.0% of revenue for 2026.

## Questions

**What were Vertiv's headline results for Q2 2026?** Net sales were $3,274 million, up 24% from a year earlier, with diluted EPS of $1.27 (up 53%) and adjusted diluted EPS of $1.52 (up 60%). Adjusted operating margin was 22.6%.
**What is Vertiv's guidance for the third quarter of 2026?** Vertiv expects net sales of $3,650M - $3,850M, adjusted operating profit of $898M - $938M, and adjusted diluted EPS of $1.77 - $1.83. Adjusted operating margin is guided to 24.0% - 25.0%.
**Did Vertiv change its full year 2026 outlook?** Yes, it raised guidance across all key metrics. Net sales are now $13,800M - $14,200M, adjusted diluted EPS $6.65 - $6.75, and adjusted free cash flow $2,400M - $2,600M.
**How strong was Vertiv's cash flow and balance sheet?** Operating cash flow was $1,100 million and adjusted free cash flow was $925 million, up 241% and 234% from the prior year. Vertiv ended the quarter with $5.6 billion of liquidity and a net cash position.
**Which regions grew fastest in Q2 2026?** Americas net sales grew 29.2% (21.1% organic) and APAC grew 28.5% (25.7% organic). EMEA grew 1.7% but declined 2.4% organically.

## Slides and investor documents

- [Presentation](https://s205.q4cdn.com/554782763/files/doc_financials/2026/q2/Vertiv-Second-Quarter-2026-Results-Presentation.pdf) (Slide deck)
- [Webcast](https://events.q4inc.com/attendee/419605364) (Webcast replay)