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Vertiv (VRT) investor relations material
Vertiv Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 delivered record results, with adjusted diluted EPS up 63% to $1.24 and net sales up 28–29% year-over-year, driven by strong AI and data center demand, especially in the Americas (+43%) and APAC (+20–21%), while EMEA declined 4%.
Book-to-bill ratio reached 1.4x, with backlog at $9.5B, up 30% year-over-year, supporting future growth.
Adjusted operating margin was 22.3%, exceeding guidance and prior year, with adjusted operating profit up 43% to $596M.
Leadership transition announced as CFO David Fallon retires, with Craig Chamberlain named as successor.
Strategic focus on technology leadership, customer relationships, and disciplined investment is driving sustainable growth and competitive advantage.
Financial highlights
Q3 2025 net sales: $2,676M (+28–29% YoY); adjusted operating profit: $596M (+43% YoY); adjusted diluted EPS: $1.24 (+63% YoY); adjusted free cash flow: $462M (+38% YoY); net leverage: 0.5x.
Gross margin improved to 37.8% from 36.5% in Q3 2024.
Backlog at $9.5B, up 30% year-over-year and 12% sequentially.
Net cash from operating activities for nine months: $1,134.9M (+26.9% YoY).
Cash and equivalents at September 30, 2025: $1,396.0M; short-term investments: $544.6M.
Outlook and guidance
Full-year 2025 guidance raised: adjusted EPS $4.07–$4.13 (+44%), net sales $10,160M–$10,240M (+27–28% organic growth), adjusted operating profit $2,040M–$2,080M (+33%), adjusted free cash flow $1,470M–$1,530M.
Q4 2025 guidance: adjusted EPS $1.23–$1.29 (+27% YoY), net sales $2,810M–$2,890M, adjusted operating profit $620M–$660M.
2026 expected to see continued strong AI-driven data center demand, margin expansion, and significant free cash flow.
Capital expenditures for 2025 expected at $225M–$275M, with further expansion in 2026.
Tariff mitigation strategies expected to materially offset impacts by end of Q1 2026.
EMEA restructuring: expected H2 2026 impact?
How do tariffs affect 2025 guidance?
CapEx for AI-driven infrastructure growth?
EMEA market recovery drivers for H2 2026?
Services business: margin, growth, and capacity scaling
Capacity and R&D investment strategy for growth
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Next Vertiv earnings date
Baird 55th Annual Global Industrial Conference11 Nov, 2025
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Frequently asked questions
Critical Digital Infrastructure
Vertiv is an American company and a global provider of critical digital infrastructure and continuity solutions. Vertiv designs and manufactures products for data centers, communication networks, and commercial and industrial environments. The company offers a range of hardware, software, analytics, and services designed to ensure that critical infrastructure is operating as efficiently and as reliably as possible. The company is headquartered in Columbus, Ohio, and its shares are listed on the NYSE.
Divested from Emerson Electric
Vertiv's inception as an independent entity dates back to 2016, following a divestiture from Emerson Electric Co. What would later go on to become Vertiv was founded as Emerson Network Power in 2000, a division within Emerson focusing on critical infrastructure technologies.
In 2016, Emerson Network Power was acquired by Platinum Equity, who divested the division and established it as its own company. The new company that arose from this decision would go on the be called Vertiv, focusing solely on its core areas of operations independent of Emerson Electric’s other ventures. The company went public in 2020.
The Portfolio of Products
The company’s product portfolio includes power management products, like uninterruptible power supplies (UPS), power distribution units (PDU), and thermal management solutions, which encompass cooling systems tailored for IT and communication infrastructure. Vertiv also provides integrated racks and enclosures, along with monitoring and management software that ensures the day-to-day operations of critical infrastructures. Its services span from preventive maintenance to remote monitoring, offering support to optimize performance, extend equipment life, and reduce operational expenses.
The Three Main end Customers
Vertiv primarily serves three key customer groups: data centers, communication networks, and commercial & industrial environments and each of these sectors represents a significant portion of Vertiv's customer base. Some notable public companies found on the company’s customer list include names such as Verizon, AT&T, and Alibaba.
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