Vertiv Holdings (VRT) FY2024 results: revenue $8.0 billion, up 16.7% on the year

Vertiv Holdings Co. (VRT) reported revenue of $8.0 billion for fiscal 2024, the year ended 31 December 2024, up 16.7% on the year before. Net income was $496 million, up 7.7%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$8.0 billion

+16.7% on the year

FY2018FY2024

Operating margin

17.1%

12.7% a year earlier

FY2018FY2024

Net income

$496 million

+7.7% on the year

FY2018FY2024

Diluted EPS

$1.28

+7.6% on the year

FY2018FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	8,012	6,863	5,692	+16.7%
Cost of revenue	5,078	4,463	4,075	+13.8%
Gross profit	2,934	2,400	1,616	+22.2%
Gross margin	36.6%	35.0%	28.4%
Research and development	368	304	282	+21.1%
Selling, general and administrative	1,374	1,312	1,178	+4.7%
Operating income	1,367	872	223	+56.8%
Operating margin	17.1%	12.7%	3.9%
Interest expense	150	180	147	-16.5%
Pre-tax income	765	534	167	+43.4%
Income tax	270	73.5	90.4	+266.8%
Effective tax rate	35.2%	13.8%	54.1%
Net income	496	460	76.6	+7.7%
Net margin	6.2%	6.7%	1.3%
Diluted EPS	$1.28	$1.19	-$0.04	+7.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,319	900	-153	+46.5%
Capital expenditure	167	128	100	+30.6%
Free cash flow	1,152	773	-253	+49.1%
Free cash flow margin	14.4%	11.3%	-4.4%
Cash from investing	-202	-139	-112
Cash from financing	-652	-248	100
Depreciation and amortisation	277	271	302	+2.2%
Share-based compensation	34.6	25.0	24.7	+38.4%
Buybacks	600	0.0	0.0
Dividends paid	42.2	9.5	3.8	+344.2%
Diluted shares, weighted	386m	386m	378m	+0.0%
Shares outstanding at period end	381m	382m	377m	-0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,434	2,015	1,442	+20.8%
Debt	2,928	2,941	3,191	-0.4%
Operating lease liabilities	167	141	130	+18.2%
Other liabilities	3,603	2,902	2,332	+24.2%
Total liabilities and equity	9,132	7,998	7,096	+14.2%
Fixed assets	625	560	489	+11.6%
Goodwill	1,321	1,330	1,285	-0.7%
Intangible assets	1,487	1,673	1,816	-11.1%
Cash and equivalents	1,228	780	261	+57.3%
Receivables	2,363	2,118	1,889	+11.5%
Inventory	1,244	884	822	+40.7%
Other assets	864	652	534	+32.5%
Total assets	9,132	7,998	7,096	+14.2%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.