Vertiv Holdings (VRT) Q4 FY2025 earnings: revenue $2.9 billion, up 22.7% on the year
Vertiv Holdings Co. (VRT) reported revenue of $2.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 22.7% on the same quarter a year earlier. Net income was $446 million, up 203.1% on the year, and diluted earnings per share $1.14. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
Revenue
$2.9 billion
+22.7% on the year · +7.6% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
20.1%
19.5% a year earlier
Q1 FY2024Q4 FY2025
Net income
$446 million
+203.1% on the year · +11.8% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$1.14
+200.0% on the year · +11.8% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 12 new.
Net sales rose 23% in the quarter: Fourth quarter net sales were $2,880.0 million, up 23% from $2,346.4 million, with organic sales growth of 19%. Full-year net sales were $10,229.9 million, up 28%.
Americas sales up 50%, margin 30.1%: Americas net sales were $1,886.3 million, up 50.2% (organic 46.2%). Its adjusted operating margin was 30.1%, against 25.6% a year earlier. Americas accounted for the full net sales increase.
Organic orders up about 252%: Fourth quarter organic orders rose about 252% from a year earlier and about 117% sequentially. Trailing twelve-month organic orders grew about 81%.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. 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
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
979
509
425
+92.4%
+130.2%
Capital expenditure
93.3
45.2
60.7
+106.4%
+53.7%
Free cash flow
886
464
364
+91.1%
+143.0%
Free cash flow margin
30.8%
17.3%
15.5%
Cash from investing
-608
-710
-81.0
Cash from financing
-28.0
-11.4
-11.7
Depreciation and amortisation
88.3
75.4
71.0
+17.1%
+24.4%
Share-based compensation
7.2
14.2
8.8
-49.3%
-18.2%
Buybacks
0.0
0.0
0.0
Dividends paid
24.0
14.2
14.1
+69.0%
+70.2%
Diluted shares, weighted
392m
391m
386m
+0.2%
+1.3%
Shares outstanding at period end
383m
382m
381m
+0.1%
+0.5%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
3,941
3,509
2,434
+12.3%
+61.9%
Debt
2,913
2,918
2,928
-0.2%
-0.5%
Operating lease liabilities
245
n/a
167
+46.9%
Other liabilities
5,113
4,389
3,603
+16.5%
+41.9%
Total liabilities and equity
12,212
10,816
9,132
+12.9%
+33.7%
Fixed assets
922
698
625
+32.1%
+47.5%
Goodwill
2,034
1,444
1,321
+40.8%
+53.9%
Intangible assets
1,895
1,508
1,487
+25.7%
+27.4%
Cash and equivalents
1,728
1,396
1,228
+23.8%
+40.8%
Receivables
3,109
2,811
2,363
+10.6%
+31.6%
Inventory
1,456
1,437
1,244
+1.3%
+17.0%
Other assets
1,068
1,522
864
-29.8%
+23.6%
Total assets
12,212
10,816
9,132
+12.9%
+33.7%
Questions
What was Vertiv Holdings' revenue in Q4 FY2025?
Vertiv Holdings (VRT) reported revenue of $2.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 22.7% on the same quarter a year earlier.
How much did Vertiv Holdings earn in Q4 FY2025?
Net income for Q4 FY2025 was $446 million, up 203.1% on the year, and diluted earnings per share $1.14.
When did Vertiv Holdings report Q4 FY2025 results?
Vertiv Holdings filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.