Vertiv (VRT) Q2 2026 earnings summary

Executive summary

• Net sales reached $3,274 million in Q2 2026, up 24% year-over-year, with strong growth in the Americas and APAC and a return to growth in EMEA, driven by higher volumes, acquisitions, and favorable currency impacts.

• Adjusted operating margin reached 22.6%, up 410 basis points year-over-year, and adjusted operating profit rose 51% to $738 million.

• Adjusted diluted EPS increased 60% to $1.52, and adjusted free cash flow surged 234% to $925 million.

• Significant investments in capacity, technology, and M&A were made to support robust demand in AI and high-performance computing markets.

• Raised full-year 2026 guidance across all key metrics, reflecting strong momentum and confidence in execution.

Financial highlights

• Q2 2026 net sales: $3,274 million (+24% YoY); organic growth 18%, 5% from acquisitions, 1% from currency.

• Adjusted operating profit: $738 million (+51% YoY); operating profit: $638 million (+44% YoY).

• Adjusted operating margin: 22.6% (up 410 bps YoY).

• Adjusted diluted EPS: $1.52 (up $0.57 or 60% YoY); diluted EPS: $1.27 (up 53% YoY).

• Adjusted free cash flow: $925 million (up 234% YoY); operating cash flow: $1,100 million (up 241% YoY).

Outlook and guidance

• Full-year 2026 net sales guidance raised to $14 billion, up $250 million from prior guidance and 37% year-over-year, with 31% organic growth at midpoint.

• Adjusted diluted EPS guidance increased to $6.70 at midpoint, up 60% year-over-year.

• Adjusted operating profit expected at $3.325 billion, up 59% year-over-year.

• Adjusted free cash flow guidance raised to $2.5 billion, up 32% year-over-year.

• Q3 2026 guidance: net sales of $3.75 billion (+40% YoY), adjusted EPS of $1.80 (+45% YoY), and operating margin of 24.5%.