Vertiv Holdings CoVRT
Vertiv Holdings Co Segments Disclosure
(13) SEGMENT INFORMATION
Operating profit (loss) is the primary income measure used by the chief operating decision maker (“CODM”), our Chief Executive Officer, to assess segment performance and make operating decisions. Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include headquarter management costs, asset impairments and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and global product platform development and offering management.
The Company determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the CODM, which includes determining resource allocation methodologies used for reportable segments. The segment performance measure excludes corporate and other costs, as described herein. Intersegment selling prices approximate market prices. Summarized information about the Company’s results of operations by reportable business segment and product and service offering follows:
Americas includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in North America and Latin America. This segment’s principal product and service offerings include:
•Products: 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, software for managing IT equipment.
•Services & spares: Preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, specialized fluid management, and critical digital infrastructure software.
Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial and industrial markets throughout Greater China, Asia, and India. Due to the similarities of economic characteristics and other qualitative factors, we aggregate Greater China, India and Asia operating segments and we report this as our Asia Pacific reportable segment. Products and services offered are similar to the Americas segment.
Europe, Middle East & Africa includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment.
Reportable Business Segments
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Americas | Asia Pacific | Europe, Middle East & Africa | Total | ||||||||||||||||||||
| Sales | $ | 6,423.9 | $ | 2,274.7 | $ | 2,382.2 | $ | 11,080.8 | |||||||||||||||
| Intersegment sales | 37.6 | 255.5 | 557.8 | 850.9 | |||||||||||||||||||
| Net Sales | 6,386.3 | 2,019.2 | 1,824.4 | 10,229.9 | |||||||||||||||||||
| Significant segment expenses | |||||||||||||||||||||||
Cost of sales(1) | 3,838.7 | 1,465.1 | 1,165.2 | 6,469.0 | |||||||||||||||||||
| Marketing, sales and service costs | 356.9 | 128.9 | 99.6 | 585.4 | |||||||||||||||||||
| Engineering, research and development costs | 229.3 | 112.2 | 100.2 | 441.7 | |||||||||||||||||||
| Information technology costs | 88.7 | 60.3 | 37.3 | 186.3 | |||||||||||||||||||
| Restructuring costs | 2.2 | 0.9 | 1.3 | 4.4 | |||||||||||||||||||
Other segment items(2) | 156.2 | 29.7 | 43.4 | 229.3 | |||||||||||||||||||
| Operating profit (loss) | 1,714.3 | 222.1 | 377.4 | 2,313.8 | |||||||||||||||||||
| Foreign currency gain (loss) | (12.0) | ||||||||||||||||||||||
| Corporate and other | (271.7) | ||||||||||||||||||||||
| Total corporate, other and eliminations | (283.7) | ||||||||||||||||||||||
| Amortization of intangibles | (200.4) | ||||||||||||||||||||||
| Operating profit (loss) | $ | 1,829.7 | |||||||||||||||||||||
(1) Cost of sales exclusive of engineering, research and development costs.
(2) Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| Americas | Asia Pacific | Europe, Middle East & Africa | Total | ||||||||||||||||||||
| Sales | $ | 4,561.8 | $ | 1,878.0 | $ | 2,317.3 | $ | 8,757.1 | |||||||||||||||
| Intersegment sales | 61.2 | 160.2 | 523.9 | 745.3 | |||||||||||||||||||
| Net Sales | 4,500.6 | 1,717.8 | 1,793.4 | 8,011.8 | |||||||||||||||||||
| Significant segment expenses | |||||||||||||||||||||||
Cost of sales(1) | 2,726.5 | 1,216.1 | 1,092.4 | 5,035.0 | |||||||||||||||||||
| Marketing, sales and service costs | 294.2 | 120.9 | 95.7 | 510.8 | |||||||||||||||||||
| Engineering, research and development costs | 188.9 | 97.7 | 81.0 | 367.6 | |||||||||||||||||||
| Information technology costs | 79.8 | 58.3 | 35.7 | 173.8 | |||||||||||||||||||
| Restructuring costs | (7.3) | 1.2 | 14.1 | 8.0 | |||||||||||||||||||
Other segment items(2) | 120.7 | 48.4 | 35.1 | 204.2 | |||||||||||||||||||
| Operating profit (loss) | 1,097.8 | 175.2 | 439.4 | 1,712.4 | |||||||||||||||||||
| Foreign currency gain (loss) | (9.3) | ||||||||||||||||||||||
| Corporate and other | (151.5) | ||||||||||||||||||||||
| Total corporate, other and eliminations | (160.8) | ||||||||||||||||||||||
| Amortization of intangibles | (184.2) | ||||||||||||||||||||||
| Operating profit (loss) | $ | 1,367.4 | |||||||||||||||||||||
(1) Cost of sales exclusive of engineering, research and development costs.
(2) Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| Americas | Asia Pacific | Europe, Middle East & Africa | Total | ||||||||||||||||||||
| Sales | $ | 3,885.2 | $ | 1,615.6 | $ | 1,732.3 | $ | 7,233.1 | |||||||||||||||
| Intersegment sales | 40.7 | 87.8 | 241.4 | 369.9 | |||||||||||||||||||
| Net Sales | 3,844.5 | 1,527.8 | 1,490.9 | 6,863.2 | |||||||||||||||||||
| Significant segment expenses | |||||||||||||||||||||||
Cost of sales(1) | 2,435.7 | 1,078.6 | 914.8 | 4,429.1 | |||||||||||||||||||
| Marketing, sales and service costs | 320.1 | 117.3 | 95.3 | 532.7 | |||||||||||||||||||
| Engineering, research and development costs | 138.1 | 89.4 | 76.0 | 303.5 | |||||||||||||||||||
| Information technology costs | 74.5 | 57.2 | 34.5 | 166.2 | |||||||||||||||||||
| Restructuring costs | 6.0 | 14.1 | 3.7 | 23.8 | |||||||||||||||||||
Other segment items(2) | 107.7 | 23.8 | 68.9 | 200.4 | |||||||||||||||||||
| Operating profit (loss) | 762.4 | 147.4 | 297.7 | 1,207.5 | |||||||||||||||||||
| Foreign currency gain (loss) | (16.0) | ||||||||||||||||||||||
| Corporate and other | (138.0) | ||||||||||||||||||||||
| Total corporate, other and eliminations | (154.0) | ||||||||||||||||||||||
| Amortization of intangibles | (181.3) | ||||||||||||||||||||||
| Operating profit (loss) | $ | 872.2 | |||||||||||||||||||||
(1) Cost of sales exclusive of engineering, research and development costs.
(2) Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
| Total Assets | December 31, 2025 | December 31, 2024 | |||||||||
| Americas | $ | 5,864.3 | $ | 3,728.9 | |||||||
| Asia Pacific | 1,810.7 | 1,631.6 | |||||||||
| Europe, Middle East & Africa | 2,918.0 | 2,654.8 | |||||||||
| 10,593.0 | 8,015.3 | ||||||||||
| Corporate and other | 1,619.4 | 1,117.2 | |||||||||
| Total | $ | 12,212.4 | $ | 9,132.5 | |||||||
| Year Ended December 31, | |||||||||||||||||
| Depreciation and Amortization | 2025 | 2024 | 2023 | ||||||||||||||
| Americas | $ | 146.5 | $ | 125.9 | $ | 121.1 | |||||||||||
| Asia Pacific | 37.2 | 34.3 | 34.7 | ||||||||||||||
| Europe, Middle East & Africa | 88.4 | 83.7 | 80.9 | ||||||||||||||
| Corporate and other | 36.5 | 33.1 | 34.3 | ||||||||||||||
| Total | $ | 308.6 | $ | 277.0 | $ | 271.0 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| Capital Expenditures | 2025 | 2024 | 2023 | ||||||||||||||
| Americas | $ | 110.9 | $ | 71.9 | $ | 65.7 | |||||||||||
| Asia Pacific | 40.2 | 39.0 | 25.2 | ||||||||||||||
| Europe, Middle East & Africa | 54.2 | 48.8 | 25.7 | ||||||||||||||
| Corporate and other | 14.7 | 7.3 | 11.3 | ||||||||||||||
| Total | $ | 220.0 | $ | 167.0 | $ | 127.9 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
Sales by Destination | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 6,013.6 | $ | 4,085.8 | $ | 3,430.3 | |||||||||||
| Europe | 1,474.6 | 1,523.5 | 1,307.1 | ||||||||||||||
| Asia Pacific | 2,020.3 | 1,701.5 | 1,480.3 | ||||||||||||||
| Latin America and Canada | 436.9 | 426.9 | 448.9 | ||||||||||||||
| Middle East/Africa | 284.5 | 274.1 | 196.6 | ||||||||||||||
| $ | 10,229.9 | $ | 8,011.8 | $ | 6,863.2 | ||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.