VRTNYSEElectronic Components, NECUS GAAP · USD

Vertiv Holdings Co

Vertiv Holdings Co designs, manufactures, installs, maintains, and services critical digital infrastructure for data centers, communication networks, and commercial and industrial facilities. Its portfolio includes power, cooling, rack, and software-based infrastructure systems, supported by a global service network across the Americas, Asia Pacific, Europe, the Middle East, and Africa.

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Revenue10.2bn USD
+27.7 %y/y
Operating profit (EBIT)1,830m USD
+33.8 %y/y
EBIT margin17.9%
+0.8 ppy/y
Net income1,333m USD
+168.8 %y/y
Free cash flow1,894m USD
+64.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0.02.55.07.510.012.5bn USD2020: 4.4 bn USD2020: EBIT 0.21 bn USD20202021: 5.0 bn USD2021: EBIT 0.26 bn USD20212022: 5.7 bn USD2022: EBIT 0.22 bn USD20222023: 6.9 bn USD2023: EBIT 0.87 bn USD20232024: 8.0 bn USD2024: EBIT 1.4 bn USD20242025: 10.2 bn USD2025: EBIT 1.8 bn USD202510.21.8
RevenueOperating profit (EBIT)

Business

Share of revenue
Power infrastructure40 %

Power management, UPS, switchgear, busbar, and related electrical systems for critical facilities.

Thermal management25 %

Air-cooled and liquid-cooled systems that remove heat from dense computing and network environments.

Integrated solutions and racks20 %

Racks, cabinets, modular systems, and configured infrastructure for data center deployment.

Services & spares15 %

Maintenance, consulting, monitoring, parts, and lifecycle support for installed equipment.

Products

Reported · share of revenue
82.0%18.0%FY2025100 %
  • Products82.0 %
  • Services18.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Vertiv sells to operators of mission-critical digital infrastructure, especially data centers and communication networks. It also serves commercial and industrial end users such as transportation, manufacturing, oil and gas, utilities, and government agencies that need resilient power and cooling systems. Customers buy Vertiv’s products and services to keep facilities online, manage heat and power density, and reduce downtime across the equipment lifecycle.

Data centers

Buy power, cooling, racks, and service contracts to support high-density compute and uptime.

Communication networks

Buy infrastructure for network sites and facilities that require reliable power and thermal control.

Commercial and industrial

Buy critical infrastructure for plants, transportation, oil and gas, and other regulated sites.

Government and utilities

Buy resilient systems and support services for mission-critical public infrastructure.

Channel and OEM partners

Purchase Vertiv products for resale or integration into broader infrastructure projects.

Strategy

Vertiv’s strategy centers on broadening its critical infrastructure portfolio and serving the full lifecycle of customer facilities, from design and deployment through maintenance and spares. It emphasizes application expertise, global scale, and a service network that can support uptime in dense, high-growth computing environments. The company also invests in capacity and product development to address higher-power, higher-density workloads and faster deployment needs.

Broaden integrated critical infrastructure offeringsMedium term

Customers prefer single-source solutions for power, cooling, racks, and services.

Serve AI and high-density compute deploymentsMedium term

AI workloads require more power density, cooling, and rapid deployment capability.

Scale global service and local supportShort term

Uptime is a core buying criterion in mission-critical facilities.

Expand manufacturing and engineering capacityMedium term

Regional capacity supports faster delivery, resiliency, and customer proximity.

Geography

2025

Vertiv operates globally with engineering, manufacturing, sales, and service locations in more than 40 countries across the Americas, Asia Pacific, and Europe, Middle East & Africa. Its business is geographically diversified, with regional demand shaped by data center buildouts, telecom infrastructure, and industrial investment. The company’s service network and local manufacturing footprint are important because customers expect rapid deployment, local support, and consistent uptime coverage.

United States63 %
Asia21 %
Europe16 %

Share of the revenue the company reports by geography.

Risks

Vertiv depends on continued investment in data centers and communication networks, so demand can weaken if those end markets slow. Its global manufacturing and sourcing model exposes it to supply chain disruption, tariffs, inflation, and trade policy changes, while its service and project business also depends on execution quality and partner relationships. Because the company sells mission-critical equipment, product reliability, cybersecurity, and compliance failures could damage customer trust and create outsized reputational and financial harm.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply chain and input cost volatility1Dependence on data center and communication infrastructure demand2Trade policy, tariffs, and customs exposure3Cybersecurity and information systems disruption4Execution risk in complex projects and service delivery5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply chain and input cost volatilityImpact: HighLikelihood: High

    Manufacturing depends on third-party suppliers, freight, labor, and components.

    Exposure: Global sourcing and production network

  2. Dependence on data center and communication infrastructure demandImpact: HighLikelihood: Medium

    A large share of revenue is tied to customer investment in critical digital infrastructure.

    ExposureData centersTelecom networksRelated facilities
  3. Trade policy, tariffs, and customs exposureImpact: MediumLikelihood: High

    Cross-border manufacturing and sales can be affected by duties and trade conflict.

    Exposure: International operations and imports/exports

  4. Cybersecurity and information systems disruptionImpact: MediumLikelihood: Medium

    Operational disruption could affect manufacturing, service coordination, and customer support.

    Exposure: Global IT systems and connected service operations

  5. Execution risk in complex projects and service deliveryImpact: MediumLikelihood: Low

    Customers rely on Vertiv for uptime-critical installations and lifecycle support.

    ExposureProject managementInstallationMaintenanceField service

Accounting

Judgemental items
Revenue recognition for products, services, and warranties

Different performance obligations can shift revenue timing between periods.

Impact: Sales, deferred revenue, and contract liabilities

Sales returns, rebates, and customer incentives

Management estimates reductions to sales using historical and market data.

Impact: Net revenue and gross margin

Goodwill impairment testing

Valuation depends on forecast sales growth, EBITDA margins, and discount rates.

Impact: Potential non-cash impairment charges

Capitalized software and facility expansion

Investment in systems and capacity affects asset balances and future depreciation.

Impact: Operating expense timing and asset base

Income taxes and uncertain tax positions

Global operations create judgment around tax rates, exposures, and liabilities.

Impact: Effective tax rate and tax reserves

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Last updated: 24/09/2026