Vertiv Holdings Co

Listed Company

VRTCIK 0001674101NYSELarge AcceleratedElectronic Components, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$10.23B

Net Income

$1.33B

Total Assets

$12.21B

Equity

$3.94B

Shares Out

384.11M

Op. Cash Flow

$2.11B

Business

Vertiv Holdings Co designs, manufactures and services critical digital infrastructure for data centers, communication networks, and commercial and industrial environments. It offers AC and DC power management, thermal management, switchgear and busbar products, integrated racks and modular solutions, energy storage, hardware and software for IT management, plus lifecycle, predictive analytics and professional services. Vertiv manages operations across three reportable geographic segments—Americas; Asia Pacific; and Europe, Middle East & Africa. It sells through direct sales, channel partners, distributors, OEMs and a global services network.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	10,230	8,012	6,863	5,692	4,998
Cost of sales	6,515	5,078	4,463	4,075	3,475
Selling, general and administrative expenses	1,618	1,374	1,312	1,178	1,109
Amortization of intangibles	200	184	181	216	144
Restructuring costs	55	5	29	700,000	1
Foreign currency (gain) loss, net	12	9	16	4	3
Other operating expense (income)	800,000	−6	−10	−6	−4
Operating profit (loss)	1,830	1,367	872	223	260
Interest expense, net	86	150	180	147	91
Loss on extinguishment of debt	2	2	500,000	0	400,000
Change in fair value of warrant liabilities	0	449	158	−91	62
Income (loss) before income taxes	1,742	765	534	167	166
Income tax expense	409	270	74	90	47
Net income (loss)	1,333	496	460	77	120
Basic (USD per share)	3.49	1.32	1.21	0.2	0.34
Diluted (USD per share)	3.41	1.28	1.19	−0.04	0.33
Basic (in shares)	382	376	380	377	356
Diluted (in shares)	391	386	386	378	360

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,728	1,228	780	261	439
Short-term investments	100	0	—	—	—
Accounts receivable, less allowances of $25.6 and $22.4, respectively	3,109	2,363	2,118	1,889	1,536
Inventories	1,457	1,244	884	822	616
Other current assets	426	267	219	187	107
Total current assets	6,820	5,102	4,002	3,159	2,699
Property, plant and equipment, net	922	625	560	489	489
Goodwill	2,034	1,321	1,330	1,285	1,330
Other intangible assets, net	1,895	1,487	1,673	1,816	2,138
Deferred income taxes	180	303	160	46	48
Right-of-use assets, net	303	202	174	166	153
Other	60	92	100	134	83
Total other assets	4,471	3,406	3,437	3,448	3,752
Total assets	12,212	9,133	7,999	7,096	6,940
Current portion of long-term debt	21	21	22	22	22
Accounts payable	1,756	1,316	986	984	859
Deferred revenue	1,815	1,063	639	359	—
Accrued expenses and other liabilities	772	613	612	514	953
Income taxes	43	84	47	20	21
Total current liabilities	4,407	3,097	2,305	1,898	1,855
Long-term debt, net	2,892	2,907	2,919	3,169	2,951
Deferred income taxes	233	240	160	177	199
Long-term lease liabilities	245	171	143	132	116
Other long-term liabilities	494	282	262	220	253
Total liabilities	8,271	6,698	5,984	5,654	5,522
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0	0	0	0
Common stock, $0.0001 par value, 700,000,000 shares authorized, 382,553,680 and 380,703,974 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Additional paid-in capital	2,895	2,821	2,711	2,631	2,598
Retained earnings	1,028	−238	−692	−1,143	−1,215
Accumulated other comprehensive (loss) income	18	−149	−5	−46	36
Total equity	3,941	2,434	2,015	1,442	1,418
Total liabilities and equity	12,212	9,133	7,999	7,096	6,940

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	97	82	74	72	69
Amortization	212	195	197	230	158
Deferred income taxes	23	−55	−132	−9	−70
Amortization of debt discount and issuance costs	6	7	8	8	6
Stock-based compensation	46	35	25	25	23
Changes in operating working capital	339	114	67	−449	−133
Other	59	−4	43	−3	18
Net cash provided by (used for) operating activities	2,114	1,319	901	−153	211
Capital expenditures	−220	−167	−128	−100	−73
Investments in capitalized software	−6	−17	−7	−11	−11
Purchase of short-term investments	−540	0	0	—	—
Proceeds from maturities of short-term investments	450	0	0	—	—
Proceeds from disposition of property, plant and equipment	0	0	12	4	10
Acquisition of businesses, net of cash acquired	−1,185	−18	−29	−5	−1,164
Proceeds from sale of business	0	0	12	0	22
Net cash provided by (used for) investing activities	−1,501	−202	−139	−112	−1,217
Borrowings from ABL revolving credit facility and short-term borrowings	0	270	225	791	0
Repayments of ABL revolving credit facility and short-term borrowings	0	−270	−460	−556	0
Repayment of long-term debt	−21	−21	−27	−16	−22
Dividend payment	−67	−42	−10	−4	−4
Repurchase of common stock	0	−600	0	0	—
Exercise of employee stock options	26	33	27	3	4
Employee taxes paid from shares withheld	−11	−22	−3	−4	−7
Net cash provided by (used for) financing activities	−72	−652	−248	100	915
Effect of exchange rate changes on cash and cash equivalents	17	−22	2	−9	−5
Increase (decrease) in cash, cash equivalents and restricted cash	558	444	515	−174	−96
Accounts receivable	−548	−280	−277	−368	−117
Inventories	−165	−369	−54	−211	−126
Other current assets	−73	−64	5	−37	2
Accounts payable	381	343	−18	133	105
Deferred revenue	718	435	274	68	55
Accrued expenses and other liabilities	93	7	92	−22	−43
Income taxes	−67	43	45	−12	−9
Cash paid during the year for interest	127	156	177	133	75

Filings

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