Vertiv Holdings CoVRT

Vertiv Holdings Co Revenue Disclosure

10-KFiled Feb 13, 20263 min read
(3) REVENUE
The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
Products
The Company identifies delivery of products as performance obligations. Such products include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, and software for managing IT equipment. The Company generally satisfies these performance obligations and recognizes revenue for these products at a point in time when control has transferred to the customer. The transfer of control generally occurs when the product has been shipped or delivery has occurred, depending on shipping terms.
For customized products that the customer controls at the customer’s site while the Company builds and customizes the product, the Company recognizes revenue over time because the customer obtains control of the asset as it is built. For these products, the Company uses an input method to recognize revenue based on costs incurred relative to total estimated project costs as this represents the most faithful measure of the goods transferred to the customer.
Services & spares
Services include preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, specialized fluid management, training, spare parts, and critical digital infrastructure software. Services are generally recognized as the services are provided, or straight-line for stand-ready contracts, because the customer simultaneously receives and consumes the benefit as we perform the services. The Company recognizes revenue for software applications at a point in time upon transfer of the software and monitoring services are recognized over time.
Disaggregation of Revenues
The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control:
Year Ended December 31, 2025
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$5,270.1 $1,510.9 $1,426.0 $8,207.0 
Services & spares1,116.2 508.3 398.4 2,022.9 
Total$6,386.3 $2,019.2 $1,824.4 $10,229.9 
Timing of revenue recognition:
Products and services transferred at a point in time$5,387.8 $1,518.1 $1,135.9 $8,041.8 
Products and services transferred over time998.5 501.1 688.5 2,188.1 
Total$6,386.3 $2,019.2 $1,824.4 $10,229.9 
Year Ended December 31, 2024
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$3,579.1 $1,248.5 $1,417.6 $6,245.2 
Services & spares921.5 469.3 375.8 1,766.6 
Total$4,500.6 $1,717.8 $1,793.4 $8,011.8 
Timing of revenue recognition:
Products and services transferred at a point in time$3,474.6 $1,252.1 $1,021.6 $5,748.3 
Products and services transferred over time1,026.0 465.7 771.8 2,263.5 
Total$4,500.6 $1,717.8 $1,793.4 $8,011.8 
Year Ended December 31, 2023
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$3,021.2 $1,098.1 $1,151.9 $5,271.2 
Services & spares823.3 429.7 339.0 1,592.0 
Total$3,844.5 $1,527.8 $1,490.9 $6,863.2 
Timing of revenue recognition:
Products and services transferred at a point in time$2,932.3 $1,163.9 $942.4 $5,038.6 
Products and services transferred over time912.2 363.9 548.5 1,824.6 
Total$3,844.5 $1,527.8 $1,490.9 $6,863.2 
The opening and closing balances of current and long-term deferred revenue are as follows:
Balances at
December 31, 2025
Balances at
December 31, 2024
Deferred revenue - current
$1,814.7 $1,063.3 
Deferred revenue - noncurrent (1)
107.6 91.3 
(1)    Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Consolidated Balance Sheets.
Deferred revenue - noncurrent consists primarily of maintenance, extended warranty and other service contracts. The Company expects to recognize revenue of $55.2, $27.9 and $24.5 in the years ending December 31, 2027, 2028, and thereafter, respectively.
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Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 18, 2025
2023Feb 23, 2024
2022Feb 27, 2023
2021Mar 1, 2022
2020Mar 1, 2021

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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