Vertiv Holdings Co (VRT)

Vertiv reported third-quarter 2026 net sales of $4,313 million, 61% higher than the third quarter of 2025 3.

The company said 55% of the growth was organic and about 6% came from acquisitions, with the Americas up 75% 3.

Operating profit was $984 million, up 90%, and diluted earnings per share were $1.95 3.

Chief Executive Giordano Albertazzi pointed to organic orders growth of more than 100% from a year earlier 3.

Vertiv raised its 2026 outlook and now expects full-year net sales of $14,650 million at the midpoint of its range 3.

On 27 October 2026 it completed the purchase of Utility Innovation Holdings, known as UtilityInnovation Group, paying about $1.45 billion in cash, with up to $1.15 billion more if earnings targets are met 47.

The target designs microgrid controls and switchgear that let data centers make their own power when the grid cannot supply it fast enough 278.

Vertiv's roots go back to 1946, when Ralph Liebert founded the precursor to the Liebert Corporation, the maker of the first computer room air conditioners 1.

Emerson Electric bought Liebert in 1987 and formed its Network Power business in 2000 1.

That unit was spun off as a standalone business in 2016 1. It began trading on the New York Stock Exchange on 7 February 2020 by merging with GS Acquisition Holdings, a blank-check company that existed only to buy a business 1.

In May 2022 shareholders filed a securities class action in New York against the company and some officers, claiming statements about inflation, supply chains and pricing were misleading 1.

The annual report for 2025 still lists the case among its legal proceedings 1.

Net sales were $8,011.8 million in 2024, and net income was $495.8 million after a $449.2 million loss from marking warrants to fair value 1.

Warrants are options to buy shares, issued here when the blank-check company raised its money 1.

In 2025 net sales rose 27.7% to $10,229.9 million, mainly on higher sales volumes, and net income reached $1,332.8 million 1.

The Americas grew 41.9% to $6,386.3 million on broad strength across products and customers 1.

Europe, the Middle East and Africa grew only 1.7% to $1,824.4 million, and the region's operating margin slipped to 20.7% from 24.5% 1.

The order backlog, meaning orders received but not yet delivered, was about $15.0 billion at the end of 2025 against $7.2 billion a year before 1.

Data Center Frontier reported on 27 October 2025 that backlog had grown from $8.5 billion to $9.5 billion in that year's third quarter 9.

In August 2025 the company bought the Great Lakes rack and cabinet businesses for about $200 million 1.

In December 2025 it bought PurgeRite, a thermal services business that supports system cleanliness in liquid-cooled systems, for gross consideration of $1,152.7 million 12.

What Vertiv sells

Vertiv designs, makes, installs and services the power and cooling equipment that keeps data centers, phone networks and factories running 1.

Its range includes power management, air and liquid cooling, switchgear, busbar, racks and software, plus services that maintain and monitor the equipment 1.

Brands include Vertiv, Liebert, NetSure, Geist, Energy Labs, ERS, Albér and Avocent 1.

Customers are data centers (cloud giants, colocation landlords, AI-focused neoclouds and enterprises), communication networks, and commercial and industrial sites 1.

Where the money comes from

For 2025, the Americas brought 62% of net sales, Asia Pacific 20% and Europe, the Middle East and Africa 18% 1.

In the third quarter of 2026 sales were $2,988.8 million in the Americas, $779.3 million in Asia Pacific and $544.7 million in Europe, the Middle East and Africa 2.

Services and spares sales rose $210.8 million in that quarter, and product sales rose $1,426.2 million 2.

Plants and people

Vertiv has offices and factories at about 300 locations in over 40 countries, with headquarters in Westerville, Ohio 1.

Recent additions include a 215,000-square-foot plant in Pelzer, South Carolina for modular power systems, opened in 2024 1.

Giordano Albertazzi is chief executive and David Cote is executive chairman 36.

At the annual meeting on 17 June 2026, holders were asked to elect eleven directors and ratify Ernst & Young as auditor 6.

Rivals

Vertiv names niche rivals Delta Electronics, Stulz, Johnson Controls and Socomec, and global rivals Schneider Electric, Eaton, Legrand and Huawei 1.

Problems and risks

The 10-K warns that tariffs could raise costs and that a shift in AI spending could cut demand, and the 2022 shareholder suit remains listed 1.

The umbrella, in words

Vertiv's main trade names are Liebert, NetSure, Geist, Energy Labs, ERS, Albér and Avocent, each a registered mark or claimed name of the company 1.

Exhibit 21.1 to the 10-K lists operating subsidiaries including Vertiv Corporation (Ohio), Vertiv Group Corporation (Delaware), Vertiv Tech Co. Ltd. (China) and Vertiv Energy Private Limited (India); it names no listed ones 5.

Vertiv owns PurgeRite and Great Lakes outright after buying them, and owns UtilityInnovation Group through its Vertiv Corporation subsidiary 14.

It has partnership agreements with NVIDIA, Oklo and Caterpillar; these are contracts, not ownership stakes 1.

The proxy table of 15 April 2026 shows one holder above 5%: BlackRock, with 21,308,858 Class A shares, or 5.55% 6.

The 10-K says the former sponsor Platinum Equity's affiliate has held no Class A shares since 27 February 2024 1.

For the fourth quarter of 2026 the company expects net sales of $4,413 million at the midpoint of its guidance 3.

For full-year 2026 it guides to adjusted free cash flow of $2,600 million to $2,800 million 3.

Capital spending for 2026 is still expected at about 4.0% of revenue 3.

The UtilityInnovation Group deal carries up to $1.15 billion of additional cash, which IT Brief UK reported depends on earnings targets over 12 and 24 months 7.

Vertiv has not yet booked the deal's opening balance sheet and says a provisional version will appear in its 10-K for 2026 2.

PurgeRite holders can earn up to $250.0 million more if it meets post-closing targets, and $239.6 million of that is already recorded as owed 2.

For the full year it expects adjusted diluted earnings per share of $7.15 at the midpoint, and $2.25 for the fourth quarter 3.

Vertiv said it expects the UtilityInnovation Group deal to add to adjusted earnings per share in the first year after completion 7.

The directors elected in June 2026 serve one-year terms ending at the 2027 annual meeting 6.

Executive Chairman Dave Cote said he believes there is a long runway ahead 3.