Vertiv (VRT) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales reached $3,274 million, up 24% year-over-year, with strong growth in the Americas and APAC (both up 29%) and EMEA up 2%; growth driven by higher volumes, acquisitions, and favorable currency impacts.

• Adjusted operating margin reached 22.6%, up 410 basis points year-over-year, exceeding guidance.

• Adjusted diluted EPS was $1.52, up 60% from Q2 2025; diluted EPS grew 53% to $1.27.

• Raised full-year 2026 guidance across all key metrics, reflecting confidence in H2 execution and strong backlog coverage.

• Strategic acquisitions (ThermoKey, Strategic Thermal Labs, PurgeRite, Great Lakes) expanded thermal management and technology capabilities.

Financial highlights

• Q2 2026 net sales: $3,274 million (+24% YoY); Americas and APAC each grew 29%, EMEA up 2%.

• Adjusted operating profit: $738 million (+51% YoY); operating profit: $638 million (+44% YoY); adjusted operating margin: 22.6% (+410 bps YoY).

• Adjusted diluted EPS: $1.52 (+60% YoY); net income: $497.8 million (+53.5% YoY).

• Adjusted free cash flow: $925 million (+234% YoY); operating cash flow: $1,100 million (+241% YoY); free cash flow conversion exceeded 150%.

• Achieved net cash position at Q2 end; net leverage at -0.1x; liquidity at $5.6 billion.

Outlook and guidance

• Full-year 2026 net sales guidance raised to $14 billion, up 37% YoY and $250 million above prior guidance; organic growth expected at 31%.

• Adjusted diluted EPS guidance increased to $6.70 (+60% YoY); full-year diluted EPS guidance $5.82–$5.92.

• Adjusted operating profit expected at $3,325 million (+59% YoY); adjusted operating margin guidance 23.8% (+340 bps YoY).

• Adjusted free cash flow guidance raised to $2,500 million (+32% YoY); full-year range $2,400–$2,600 million.

• Q3 2026 guidance: net sales $3,650–$3,850 million, adjusted EPS $1.77–$1.83, operating margin 24.5%.