Vertiv Holdings — Income Statement, Cash Flows & Balance Sheet
Is Vertiv profitable?
Vertiv's profitability surged in 2025, with net income nearly tripling as revenue crossed the $10 billion mark for the first time.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Net sales ($M) | $6,863.2 | $8,011.8 | $10,229.9 | +28% |
| Gross profit ($M) | $2,400.5 | $2,934.2 | $3,715.2 | +27% |
| Gross margin | 35.0% | 36.6% | 36.3% | −0.3 pts |
| Operating profit ($M) | $872.2 | $1,367.4 | $1,829.7 | +34% |
| Net income ($M) | $460.2 | $495.8 | $1,332.8 | +169% |
| Diluted EPS | $1.19 | $1.28 | $3.41 | +166% |
Revenue and operating profit both grew strongly, with margins holding roughly steady. The dramatic jump in net income relative to operating profit is partly explained by a large non-cash charge in 2024 — a $449.2M swing in the fair value of warrant liabilities — that suppressed last year's bottom line but did not recur in 2025. Restructuring charges also rose to $54.5M in 2025 as Vertiv launched a new global cost-reduction program, which is worth watching but does not change the underlying profit trend.
Where does Vertiv's revenue come from?
The Americas segment is Vertiv's growth engine, nearly doubling in two years and now accounting for almost two-thirds of total sales.
| Segment | 2023 Net Sales ($M) | 2024 Net Sales ($M) | 2025 Net Sales ($M) | Change (2024→2025) |
|---|---|---|---|---|
| Americas | $3,844.5 | $4,500.6 | $6,386.3 | +42% |
| Asia Pacific | $1,527.8 | $1,717.8 | $2,019.2 | +18% |
| EMEA | $1,490.9 | $1,793.4 | $1,824.4 | +2% |
| Total | $6,863.2 | $8,011.8 | $10,229.9 | +28% |
Americas growth was supercharged by surging data center demand and was further boosted by the acquisitions of PurgeRite and Great Lakes in 2025. Asia Pacific also grew at a healthy clip, while EMEA was essentially flat — suggesting the current data center investment boom is concentrated in North America.
Does Vertiv generate cash?
Vertiv is converting its profits into cash at an impressive rate, generating over $2 billion in operating cash flow in 2025.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Operating cash flow ($M) | $900.5 | $1,319.3 | $2,113.8 | +60% |
| Capital expenditures ($M) | $(127.9) | $(167.0) | $(220.0) | +32% |
| Free cash flow (GAAP est.) ($M) | $772.6 | $1,152.3 | $1,893.8 | +64% |
| Acquisition spending ($M) | $(28.8) | $(17.6) | $(1,184.8) | n/m |
Free cash flow (operating cash flow minus capex — a GAAP-derived estimate) grew substantially and comfortably funded rising capital investment. The biggest use of cash in 2025 was the $1.2 billion acquisition of PurgeRite, which was funded from cash on hand rather than new debt — a sign of financial strength.
How strong is Vertiv's balance sheet?
Vertiv carries meaningful debt but it is well-structured, and the company's cash pile and liquidity position provide a comfortable cushion.
| Metric | Dec 31, 2024 | Dec 31, 2025 | Change |
|---|---|---|---|
| Cash & equivalents ($M) | $1,227.6 | $1,728.4 | +$500.8 |
| Total long-term debt ($M) | $2,928.2 | $2,913.0 | −$15.2 |
| ABL revolving credit availability ($M) | — | $784.0 | — |
| Shareholders' equity ($M) | $2,434.3 | $3,941.3 | +$1,507.0 |
Despite spending over $1 billion on acquisitions, cash on the balance sheet grew and debt barely moved — the business essentially self-funded the deals. The term loan was extended to 2032 during 2025, removing any near-term refinancing pressure, and the $850M of senior notes don't mature until 2028. With nearly $800M of unused revolving credit on top of its cash holdings, Vertiv enters 2026 with substantial financial flexibility.