Vertiv Holdings (VRT) FY2025 results: revenue $10.2 billion, up 27.7% on the year

Vertiv designs, manufactures, sells, installs, maintains and services critical digital infrastructure for data centers, communication networks and commercial and industrial environments, chiefly power and cooling technology. The filing describes it as a global leader in that infrastructure. Its roots go back to the Liebert Corporation, established in 1965 as the industry's first manufacturer of computer room air conditioning; Liebert was acquired by Emerson Electric Co in 1987, folded into Emerson Network Power in 2000 alongside the power transfer switch maker ASCO, and spun off as a standalone business in 2016. It became publicly traded on 7 February 2020 through a business combination with GS Acquisition Holdings Corp, later renamed Vertiv Holdings Co, and its engineering, manufacturing, operations, sales and service locations sit in more than 40 countries.

Regions and backlog

The business is managed in three reportable segments along geographic lines: the Americas, Asia Pacific, and Europe, Middle East & Africa. In 2025, 62% of net sales was transacted in the Americas, 20% in Asia Pacific and 18% in Europe, Middle East & Africa, against 56%, 22% and 22% in 2024. Estimated combined order backlog was $15.0 billion at the end of 2025 against $7.2 billion a year earlier, which the company puts down to customer orders being placed in advance of its ability to fulfil them. Backlog counts product and services under a purchase order or commitment that have not yet been delivered, and the company states that the majority is firm and expected to ship within the next 12 to 18 months.

What it sells

The product range covers AC and DC power management, thermal management, low and medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage, hardware and software for managing IT equipment. Services and spares run from preventative maintenance, project management and acceptance testing to engineering and consulting, performance assessments, remote monitoring, specialized fluid management, training, spare parts and infrastructure software, used mainly in data centers, communications facilities, government agencies, utilities and industrial plants. The most prominent brands are Vertiv, Liebert, NetSure, Geist, Energy Labs, ERS, Albér and Avocent.

Who buys

Data centers are the first of three end markets, and they split four ways: cloud and hyperscale facilities that can span multiple acres, colocation sites where a client places its own IT equipment in a building the colocation company owns, neocloud providers selling AI-optimised cloud infrastructure as a service, and enterprise rooms run on-premises by Fortune 1000 scale businesses, where the filing notes growth has generally been flat for three years. Communication networks cover wireline, wireless and broadband companies distributing voice, video and data, a sector the filing puts on a low single-digit growth profile aligned with telecom capital spending and mobile deployment cycles. Commercial and industrial covers environments such as transportation, manufacturing and oil and gas, where growth generally aligns with gross domestic product and can be pushed along by automation and digitalisation. These buyers are reached through a global network of direct sales professionals, independent sales representatives, channel partners and original equipment manufacturers, with approximately 3,000 salespeople around the world.

Service and competition

The service network runs more than 300 service centers with approximately 5,000 field service engineers and approximately 400 technical support team members, and the company reports a first-time fix rate of more than 90% during site emergency visits. The filing names two kinds of competitor: niche players such as Delta Electronics, Stulz, Johnson Controls International and Socomec, and large-scale global competitors such as Schneider Electric, Eaton, Legrand and Huawei. Competition is primarily on the basis of reliability, quality, price, service and customer relationships.

Making it and people

Manufacturing and operations facilities sit in all three regions, supported by regional engineering and configuration centers that can tailor products to a local market or to a particular customer's requirements. Raw materials and supplies come from a variety of sources and generally from more than one supplier, under a diversification strategy meant to avoid over concentration on a particular supplier or region, though the filing warns that critical part shortages, logistical issues or import and export restrictions can force spot buys at increased cost or delay the receipt of materials. At 31 December 2025 the company employed approximately 34,000 full-time and part-time employees, approximately 41% of them in manufacturing operations.

From Vertiv's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.