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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended September 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __to__
Commission File No. 001-38518
Vertiv Holdings Co
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
81-2376902
(I.R.S Employer
Identification No.)
505 N. Cleveland Ave., Westerville, Ohio 43082
(Address of principal executive offices including zip code)
614-888-0246
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.0001 par value per share
VRTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act).
Yes ☐ No ☒
As of October 20, 2025, there were 382,338,313 shares of the Company’s Class A common stock, par value $0.0001, outstanding.


TABLE OF CONTENTS
Page

















1
Table of contents


PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
VERTIV HOLDINGS CO
(Dollars in millions except for per share data)
Three months ended September 30, 2025Three months ended September 30, 2024Nine months ended September 30, 2025Nine months ended September 30, 2024
Net sales
Net sales - products$2,214.4 $1,653.7 $6,030.1 $4,479.2 
Net sales - services461.4 419.8 1,319.8 1,186.2 
Net sales2,675.8 2,073.5 7,349.9 5,665.4 
Costs and expenses
Cost of sales - products1,398.4 1,066.3 3,980.8 2,875.6 
Cost of sales - services266.7 250.8 775.3 725.8 
Cost of sales1,665.1 1,317.1 4,756.1 3,601.4 
Operating expenses
Selling, general and administrative expenses414.3 334.6 1,156.2 1,012.4 
Amortization of intangibles48.2 45.3 141.1 137.1 
Restructuring costs30.7 6.3 33.7 4.1 
Foreign currency (gain) loss, net0.9 5.3 5.8 8.7 
Other operating expense (income)(0.1)(6.7)7.2 (8.5)
Operating profit (loss)516.7 371.6 1,249.8 910.2 
Interest expense, net22.8 35.9 69.4 119.7 
Loss on extinguishment of debt1.7 — 1.7 1.1 
Change in fair value of warrant liabilities— 67.2 — 269.2 
Income (loss) before income taxes492.2 268.5 1,178.7 520.2 
Income tax expense (benefit)93.7 91.9 291.5 171.4 
Net income (loss)$398.5 $176.6 $887.2 $348.8 
Earnings (loss) per share:
Basic$1.04 $0.47 $2.33 $0.93 
Diluted$1.02 $0.46 $2.27 $0.90 
Weighted-average shares outstanding:
Basic382,025,408375,203,364381,455,627 376,353,335 
Diluted390,928,669384,316,065390,257,902 386,106,229 















See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
2
Table of contents
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
VERTIV HOLDINGS CO
(Dollars in millions)


Three months ended September 30, 2025Three months ended September 30, 2024Nine months ended September 30, 2025Nine months ended September 30, 2024
Net income (loss)$398.5 $176.6 $887.2 $348.8 
Other comprehensive income (loss), net of tax:
Foreign currency translation(23.1)124.9 170.8 64.8 
Interest rate swaps(5.3)(22.4)(21.6)(19.0)
Pension
(0.4)— (0.2)(0.1)
Foreign currency exchange forwards2.8 (4.3)19.0 (8.1)
Other comprehensive income (loss), net of tax:(26.0)98.2 168.0 37.6 
Comprehensive income$372.5 $274.8 $1,055.2 $386.4 










































See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
3
Table of contents
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
VERTIV HOLDINGS CO
(Dollars in millions)
September 30, 2025December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents$1,396.0 $1,227.6 
Short-term investments544.6 — 
Accounts receivable, less allowances of $25.3 and $22.4, respectively
2,810.7 2,362.7 
Inventories1,437.1 1,244.4 
Other current assets360.8 267.1 
Total current assets6,549.2 5,101.8 
Property, plant and equipment, net698.0 625.1 
Other assets:
Goodwill1,444.2 1,321.1 
Other intangible assets, net1,507.8 1,487.1 
Deferred income taxes258.5 303.3 
Right-of-use assets, net283.7 202.1 
Other74.9 92.0 
Total other assets3,569.1 3,405.6 
Total assets$10,816.3 $9,132.5 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$20.9 $21.0 
Accounts payable1,718.9 1,316.4 
Deferred revenue1,131.9 1,063.3 
Accrued expenses and other liabilities681.4 612.6 
Income taxes23.7 83.7 
Total current liabilities3,576.8 3,097.0 
Long-term debt, net2,897.6 2,907.2 
Deferred income taxes285.1 240.3 
Long-term lease liabilities231.4 171.4 
Other long-term liabilities316.7 282.3 
Total liabilities7,307.6 6,698.2 
Equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding
— — 
Common stock, $0.0001 par value, 700,000,000 shares authorized, 382,258,808 and 380,703,974 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
— — 
Additional paid-in capital2,883.2 2,821.4 
Retained earnings606.3 (238.3)
Accumulated other comprehensive income (loss) 19.2 (148.8)
Total equity3,508.7 2,434.3 
Total liabilities and equity$10,816.3 $9,132.5 









See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
4
Table of contents
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
VERTIV HOLDINGS CO
(Dollars in millions)
Nine months ended September 30, 2025Nine months ended September 30, 2024
Cash flows from operating activities:
Net income (loss)$887.2 $348.8 
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Depreciation70.9 60.7 
Amortization149.4 145.3 
Deferred income taxes92.2 (53.1)
Amortization of debt discount and issuance costs5.3 5.5 
Change in fair value of warrant liabilities— 269.2 
Stock-based compensation38.7 25.8 
Changes in operating working capital(140.7)69.2 
Other31.9 22.7 
Net cash provided by (used for) operating activities1,134.9 894.1 
Cash flows from investing activities:
Capital expenditures(126.7)(106.3)
Investments in capitalized software(4.7)(14.4)
Purchase of short-term investments(539.6)— 
Acquisition of businesses, net of cash acquired(221.7)— 
Net cash provided by (used for) investing activities(892.7)(120.7)
Cash flows from financing activities:
Borrowings from ABL revolving credit facility and short-term borrowings— 270.0 
Repayments of ABL revolving credit facility and short-term borrowings— (270.0)
Repayment of long-term debt(15.7)(15.9)
Dividend payment(42.6)(28.1)
Repurchase of common stock— (599.9)
Exercise of employee stock options22.0 25.0 
Employee taxes paid from shares withheld(8.0)(21.5)
Net cash provided by (used for) financing activities(44.3)(640.4)
Effect of exchange rate changes on cash and cash equivalents14.1 (4.2)
Increase (decrease) in cash, cash equivalents and restricted cash212.0 128.8 
Beginning cash, cash equivalents and restricted cash1,232.2 788.6 
Ending cash, cash equivalents and restricted cash$1,444.2 $917.4 
Changes in operating working capital
Accounts receivable$(339.8)$(190.4)
Inventories(143.1)(364.8)
Other current assets(40.7)(47.1)
Accounts payable362.1 258.9 
Deferred revenue49.4 371.7 
Accrued expenses and other liabilities45.2 17.2 
Income taxes(73.8)23.7 
Total changes in operating working capital$(140.7)$69.2 




See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
5
Table of contents
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
VERTIV HOLDINGS CO
(Dollars in millions)
Common Share Capital
SharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance at December 31, 2024
380,703,974 $— $2,821.4 $(238.3)$(148.8)$2,434.3 
Net income (loss)— — 164.5 — 164.5 
Exercise of employee stock options109,017 — 1.3 — — 1.3 
Stock-based compensation activity, net of shares withheld for tax(1)
169,340 — 4.5 — — 4.5 
Employee 401K match with Vertiv stock18,813 — 2.4 — — 2.4 
Dividend— — — (14.2)— (14.2)
Other comprehensive income (loss), net of tax— — — — 73.6 73.6 
Balance at March 31, 2025381,001,144 $— $2,829.6 $(88.0)$(75.2)$2,666.4 
Net income (loss)— — 324.2 — 324.2 
Exercise of employee stock options733,437 — 11.7 — — 11.7 
Stock-based compensation activity, net of shares withheld for tax(2)
7,784 — 13.0 — — 13.0 
Employee 401K match with Vertiv stock61,463 — 3.9 — — 3.9 
Dividend— — — (14.2)— (14.2)
Other comprehensive income (loss), net of tax— — — — 120.4 120.4 
Balance at June 30, 2025381,803,828 $— $2,858.2 $222.0 $45.2 $3,125.4 
Net income (loss)— — — 398.5 — 398.5 
Exercise of employee stock options415,849 — 9.0 — — 9.0 
Stock-based compensation activity, net of shares withheld for tax(3)
16,106 — 13.2 — — 13.2 
Employee 401K match with Vertiv stock23,025 — 2.8 — — 2.8 
Dividend— — — (14.2)— (14.2)
Other comprehensive income (loss), net of tax— — — — (26.0)(26.0)
Balance at September 30, 2025382,258,808 $— $2,883.2 $606.3 $19.2 $3,508.7 
(1)Net stock compensation activity includes 239,098 vested shares offset by 69,758 shares withheld for taxes valued at $6.7 and stock-based compensation of $11.2.
(2)Net stock compensation activity includes 12,562 vested shares offset by 4,778 shares withheld for taxes valued at $0.3 and stock-based compensation of $13.3.
(3)Net stock compensation activity includes 24,519 vested shares offset by 8,413 shares withheld for taxes valued at $1.0 and stock-based compensation of $14.2.
























See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
6
Table of contents
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
VERTIV HOLDINGS CO
(Dollars in millions)
Common Share CapitalTreasury Share Capital
SharesAmountTreasury StockAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance at December 31, 2023
381,788,876$— — $— $2,711.3 $(691.9)$(4.5)$2,014.9 
Net income (loss)— — — — — (5.9)— (5.9)
Exercise of employee stock options1,109,113 — — — 14.4 — — 14.4 
Stock-based compensation activity, net of withholding for tax(1)
102,833 — — — 17.3 — — 17.3 
Employee 401K match with Vertiv stock44,968 — — — 2.2 — — 2.2 
Dividend— — — — — (9.3)— (9.3)
Repurchase of common stock(9,076,444)— 9,076,444 (605.9)— — — (605.9)
Other comprehensive income (loss), net of tax— — — — — — (34.3)(34.3)
Balance at March 31, 2024
373,969,346 $— 9,076,444 $(605.9)$2,745.2 $(707.1)$(38.8)$1,393.4 
Net income (loss)— — — — — 178.1 — 178.1 
Exercise of employee stock options693,261 — — — 9.2 — — 9.2 
Stock-based compensation, net of shares withheld for tax(2)
412,459 — — — (10.7)— — (10.7)
Employee 401K match with Vertiv stock38,061 — — — 3.2 — — 3.2 
Dividend— — — — — (9.4)— (9.4)
Retirement of treasury stock— — (9,076,444)605.9 (605.9)— — — 
Other comprehensive income (loss), net of tax— — — — — — (26.3)(26.3)
Balance at June 30, 2024375,113,127 $— — $— $2,141.0 $(538.4)$(65.1)$1,537.5 
Net income (loss)— — — — — 176.6 — 176.6 
Exercise of employee stock options100,303 — — — 1.4 — — 1.4 
Stock-based compensation, net of shares withheld for tax(3)
10,299 — — — 7.0 — — 7.0 
Employee 401K match with Vertiv stock26,024 — — — 2.4 — — 2.4 
Dividend— — — — — (9.4)— (9.4)
Other comprehensive income (loss), net of tax— — — — — — 98.2 98.2 
Balance at September 30, 2024375,249,753 $— — $— $2,151.8 $(371.2)$33.1 $1,813.7 
(1)Net stock compensation activity includes 146,095 vested shares offset by 43,262 shares withheld for taxes valued at $3.0, stock-based compensation of $9.2, and employee incentive compensation of $11.1 awarded in fully vested shares.
(2)Net stock compensation activity includes 606,060 vested shares offset by 193,601 shares withheld for taxes valued at $18.1, stock-based compensation of $8.5, and forfeitures in employee incentive compensation of $1.1.
(3)Net stock compensation activity includes 15,583 vested shares offset by 5,284 shares withheld for taxes valued at $0.4, stock-based compensation of $8.1 and forfeitures in employee incentive compensation of $0.7.

















See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
7
Table of contents

Vertiv Holdings Co
Notes to Condensed Consolidated Financial Statements (Unaudited)
(Dollars in millions, except per share amounts)
(1) DESCRIPTION OF BUSINESS
Vertiv Holdings Co (“Holdings Co”, and together with its majority-owned subsidiaries, “Vertiv”, “we”, “our”, or “the Company”), formerly known as GS Acquisition Holdings Corp (“GSAH”), provides mission-critical digital infrastructure technologies and life cycle services primarily for data centers, communication networks, and commercial and industrial environments. Vertiv’s offerings include AC and DC power management products, switchgear and busbar products, thermal management products, integrated rack systems, modular solutions, management systems for monitoring and controlling digital infrastructure, and service. Vertiv manages and reports results of operations for three business segments: Americas; Asia Pacific; and Europe, Middle East & Africa.
(2) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States ("U.S.") and the rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. These unaudited condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts have been reclassed to conform with current year presentation.
The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, the Company's sales channels, supply chain, manufacturing operations, workforce, or other key aspects of the Company’s operations.
The notes included herein should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025.
Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07: Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. This ASU provides amendments by requiring disclosure of incremental segment information on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has expanded our current segment information in accordance with this standard, refer to "Note 11 - Segment Information".
In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This ASU provides amendments that require entities to annually disclose specific rate reconciliation categories, additional details for significant reconciling items exceeding 5%, and comprehensive breakdowns of income taxes paid by jurisdiction. The amendments are effective in fiscal years beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU provides amendments that require entities to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements.
8
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides amendments that provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendments are effective in fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill & Other—Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU provides amendments that remove all references to prescriptive and sequential software development stages, and require entities to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective fiscal years beginning after December 15, 2027 and for interim reporting within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adoption of this guidance on its Consolidated Financial Statements.
(3) ACQUISITION
On July 17, 2025, the Company entered into a sale and purchase agreement to acquire Great Lakes Data Racks & Cabinets family of companies ("Great Lakes"). The transaction closed on August 20, 2025 ("Acquisition"). Great Lake's portfolio includes standard and custom racks, integrated cabinets, seismic cabinets, and enhanced cable management access options for both retrofit and greenfield applications. Total consideration transferred was $203.5. The preliminary valuation of the assets acquired include $107.6 of finite-lived identifiable intangible assets, $31.8 of all other net assets acquired consisting primarily of accounts receivable and inventory, and $64.1 of tax-deductible goodwill. Goodwill was allocated to the America's segment. Identifiable intangible assets have initial useful lives of 5 to 10 years and include customer relationships, developed technology, and trademarks. The estimated fair values of the identifiable intangible assets were determined using an income-based approach, which includes market participant expectations of cash flows that the asset will generate over the remaining useful life discounted to present value using an appropriate discount rate. The Company is still in the process of finalizing the valuation estimates to determine the final purchase price allocation including the final working capital adjustments and amounts allocated to intangible assets.
(4) REVENUE
The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services.
Disaggregation of Revenues
The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control:
Three months ended September 30, 2025
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$1,426.6 $392.7 $348.3 $2,167.6 
Services & spares285.8 127.1 95.3 508.2 
Total$1,712.4 $519.8 $443.6 $2,675.8 
Timing of Revenue Recognition:
Products and services transferred at a point in time$1,456.9 $394.4 $327.2 $2,178.5 
Products and services transferred over time255.5 125.4 116.4 497.3 
Total$1,712.4 $519.8 $443.6 $2,675.8 

9
Three months ended September 30, 2024
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$957.0 $313.9 $344.7 $1,615.6 
Services & spares241.6 118.5 97.8 457.9 
Total$1,198.6 $432.4 $442.5 $2,073.5 
Timing of Revenue Recognition:
Products and services transferred at a point in time$893.7 $311.9 $247.5 $1,453.1 
Products and services transferred over time304.9 120.5 195.0 620.4 
Total$1,198.6 $432.4 $442.5 $2,073.5 
Nine months ended September 30, 2025
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$3,705.7 $1,150.5 $1,041.4 $5,897.6 
Services & spares794.3 376.7 281.3 1,452.3 
Total$4,500.0 $1,527.2 $1,322.7 $7,349.9 
Timing of Revenue Recognition:
Products and services transferred at a point in time$3,787.0 $1,155.7 $968.6 $5,911.3 
Products and services transferred over time713.0 371.5 354.1 1,438.6 
Total$4,500.0 $1,527.2 $1,322.7 $7,349.9 

Nine months ended September 30, 2024
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$2,565.2 $831.0 $974.1 $4,370.3 
Services & spares679.5 342.8 272.8 1,295.1 
Total$3,244.7 $1,173.8 $1,246.9 $5,665.4 
Timing of Revenue Recognition:
Products and services transferred at a point in time$2,448.0 $825.1 $692.4 $3,965.5 
Products and services transferred over time796.7 348.7 554.5 1,699.9 
Total$3,244.7 $1,173.8 $1,246.9 $5,665.4 

The opening and closing balances of current and long-term deferred revenue as of September 30, 2025 and December 31, 2024 were as follows:
Balances at
September 30, 2025
Balances at December 31, 2024
Deferred revenue - current
$1,131.9 $1,063.3 
Deferred revenue - noncurrent(1)
106.2 91.3 
(1)    Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Unaudited Condensed Consolidated Balance Sheets.
The amount of deferred revenue - current recognized for the three and nine months ended September 30, 2025 was $172.1 and $736.6. Deferred revenue - noncurrent consists primarily of maintenance, extended warranty and other service contracts. The Company expects to recognize noncurrent deferred revenue of $55.3, $28.0 and $22.9 in the next 13 to 24 months, the next 25 to 36 months, and thereafter, respectively.
10
(5) RESTRUCTURING COSTS
Restructuring costs include expenses associated with the Company’s efforts to continually improve operational efficiency and reposition its assets to remain competitive on a worldwide basis. Plant closing and other costs include lease and contract termination costs of moving fixed assets, employee training, relocation, and facility costs. These costs are recorded in "Restructuring costs" on the Unaudited Condensed Consolidated Statement of Earnings (Loss).
Restructuring expense by business segment were as follows:
Three months ended September 30, 2025
Three months ended September 30, 2024(1)
Nine months ended September 30, 2025
Nine months ended September 30, 2024(1)
Americas$— $(6.1)$0.7 $(5.8)
Asia Pacific— — 0.9 (2.1)
Europe, Middle East & Africa— 12.8 0.9 13.5 
Corporate30.7 (0.4)31.2 (1.5)
Total$30.7 $6.3 $33.7 $4.1 
(1)    During the three and nine months ended September 30, 2024 restructuring reserves were adjusted due to new restructuring activities in Europe, Middle East & Africa and slightly offset by a change in restructuring plans previously recorded in Americas.
The Company has an on-going multi-year restructuring program in place to align its cost structure to support margin expansion targets. The program includes workforce reductions and footprint optimization across all segments. During the three months ended September 30, 2025 the Company initiated an additional global restructuring program to streamline operations, optimize our cost structure and improve operational efficiencies. This program was initiated at the global level, and as such, these costs are captured within the Corporate category above. The current liability and non-current liability for estimated restructuring costs is recorded in "Accrued expenses and other liabilities” and "Other long-term liabilities", respectively, on the Unaudited Condensed Consolidated Balance Sheets. As of September 30, 2024, the non-current liability for estimated restructuring costs decreased by $6.5 due to a change in restructuring plans.
The change in the current liability for the restructuring costs during the nine months ended September 30, 2025 were as follows:
December 31, 2024Paid/UtilizedExpenseSeptember 30, 2025
Severance and benefits$10.3 $(8.7)$32.4 $34.0 
Plant closing and other0.1 (2.5)1.3 (1.1)
Total$10.4 $(11.2)$33.7 $32.9 
The change in the current liability for the restructuring costs during the nine months ended September 30, 2024 were as follows:
December 31, 2023Paid/UtilizedExpenseSeptember 30, 2024
Severance and benefits$25.1 $(10.3)$(2.7)$12.1 
Plant closing and other0.1 (13.2)13.2 0.1 
Total$25.2 $(23.5)$10.5 $12.2 
(6) DEBT
Long-term debt, net, consisted of the following as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Term Loan due 2032 at 6.03% and 6.19% at September 30, 2025 and December 31, 2024, respectively
$2,081.3 $2,097.0 
Senior Secured Notes due 2028 at 4.125% at both September 30, 2025 and December 31, 2024
850.0 850.0 
Unamortized discount and issuance costs(12.8)(18.8)
2,918.5 2,928.2 
Less: current portion(20.9)(21.0)
Total long-term debt, net of current portion$2,897.6 $2,907.2 
11
Term Loan Amendment
On August 12, 2025, Vertiv Group Corporation (the "Borrower"), a wholly-owned subsidiary of the Company, certain subsidiaries of the Borrower, the Term Loan lenders and Citibank, N.A., as administrative agent, entered into an amendment to the Term Loan credit facility, which, among other things, (i) extended the maturity of the Term Loan by creating a new single 7-year term loan tranche with a maturity date of August 12, 2032 and (ii) increased the size of the debt basket for the ABL Revolving Credit Facility. All other material provisions of the Credit Agreement remain materially unchanged, including but not limited to the pricing. The Company recognized a loss on the extinguishment of debt of $1.7 related to the extension for the three and nine months ended September 30, 2025.
ABL Revolving Credit Facility
At September 30, 2025, Vertiv Group Corporation (the "Borrower"), a wholly-owned subsidiary of the Company, and certain subsidiaries of the Borrower (the “Co-Borrowers”) had $782.8 of availability under the Asset Based Revolving Credit Facility, due 2029 (the “ABL Revolving Credit Facility”) (subject to customary conditions, and subject to separate sublimits for letters of credit, swingline borrowings and borrowings made to certain non-U.S. Co-Borrowers), net of letters of credit outstanding in the aggregate principal amount of $17.2, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At both September 30, 2025 and December 31, 2024, there was no outstanding balance on the ABL Revolving Credit Facility.
(7) INCOME TAXES
The Company’s effective tax rate was 19.0%, 24.7%, 34.2% and 32.9% for the three and nine months ended September 30, 2025 and 2024, respectively. The effective tax rate in the three months ended September 30, 2025 was primarily influenced by discrete tax benefits related to stock compensation and return to provision adjustments. The effective tax rate in the nine months ended September 30, 2025 was primarily influenced by the negative impact of a valuation allowance established to account for legislative changes effective in the first quarter of 2025, partially offset by discrete tax benefits related to changes in deferred tax liabilities, stock compensation and return to provision adjustments. The effective rate for the comparative three and nine months ended September 30, 2024 was primarily influenced by the negative impacts of non-deductible changes in the fair value of the warrant liabilities, and discrete tax benefits related to stock compensation activity in the respective periods.
The Company provided U.S. federal income taxes and foreign withholding taxes on all temporary differences attributed to basis differences in foreign subsidiaries that are not considered indefinitely reinvested. As of September 30, 2025, the Company has certain earnings of certain foreign affiliates that continue to be indefinitely reinvested, but it was not practicable to estimate the associated deferred tax liability, due to interaction with other tax laws and regulations in the year of inclusion.
(8) OTHER FINANCIAL INFORMATION
September 30, 2025December 31, 2024
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents$1,396.0 $1,227.6 
Restricted cash included in other current assets(1)
48.2 4.6 
Total cash, cash equivalents, and restricted cash$1,444.2 $1,232.2 
(1)    Restricted cash primarily relates to funds held in escrow related to the Acquisition. Refer to "Note 3 - Acquisition" for additional information.
September 30, 2025December 31, 2024
Inventories
Finished products$553.0 $400.8 
Raw materials669.2 564.7 
Work in process214.9 278.9 
Total inventories$1,437.1 $1,244.4 
12
September 30, 2025December 31, 2024
Property, plant and equipment, net(1)
Machinery and equipment$693.7 $570.1 
Buildings398.1 362.1 
Land41.6 39.4 
Construction in progress95.1 87.5 
Property, plant and equipment, at cost1,228.5 1,059.1 
Less: Accumulated depreciation(530.5)(434.0)
Property, plant and equipment, net$698.0 $625.1 
(1)    Property, plant and equipment, net in the United States was $163.0 and $148.8 as of September 30, 2025 and December 31, 2024, respectively.
September 30, 2025December 31, 2024
Accrued expenses and other liabilities
Accrued payroll and other employee compensation$167.3 $147.8 
Restructuring (see Note 5)
32.9 10.4 
Operating lease liabilities64.0 45.7 
Product warranty35.1 27.5 
Other 382.1 381.2 
Total$681.4 $612.6 
Nine months ended September 30, 2025Nine months ended September 30, 2024
Change in product warranty accrual
Balance at the beginning of the period$27.5 $26.1 
Provision charge to expense24.7 18.8 
Paid/utilized(17.1)(17.6)
Balance at the end of the period$35.1 $27.3 
(9) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
In accordance with Accounting Standards Codification ("ASC") 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following:
Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable
Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions
In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment.
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Recurring fair value measurements
A summary of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:
As of September 30, 2025
Balance Sheet LocationTotalQuoted prices in active markets for identical assets (Level 1)Other observable inputs (Level 2)Unobservable inputs (Level 3)
Assets:
CashCash and cash equivalents$1,396.0 $1,396.0 $— $— 
Interest rate swapsOther current assets25.7 — 25.7 — 
Foreign currency exchange forwardsOther current assets8.4 — 8.4 — 
Economic hedgesOther current assets8.5 — 8.5 — 
Interest rate swapsOther noncurrent assets9.8 — 9.8 — 
Total assets$1,448.4 $1,396.0 $52.4 $— 
As of December 31, 2024
Balance Sheet LocationTotalQuoted prices in active markets for identical assets (Level 1)Other observable inputs (Level 2)Unobservable inputs (Level 3)
Assets:
CashCash and cash equivalents$1,227.6 $1,227.6 $— $— 
Interest rate swapsOther current assets30.3 — 30.3 — 
Economic hedgesOther current assets9.8 — 9.8 — 
Interest rate swapsOther noncurrent assets33.3 — 33.3 — 
Total assets$1,301.0 $1,227.6 $73.4 $— 
Liabilities:
Foreign currency exchange forwardsAccrued expenses and other liabilities$8.8 $— $8.8 $— 
Total liabilities$8.8 $— $8.8 $— 
Interest rate swaps — From time to time the Company may enter into derivative financial instruments designed to hedge the variability in interest expense on floating rate debt. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument.
The Company uses interest rate swaps to manage the interest rate risk of the Company’s total debt portfolio and related overall cost of borrowing. At both September 30, 2025 and December 31, 2024, interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0 of SOFR-based floating rate debt for fixed rate debt. The Company’s interest rate swaps mature in March 2027. During the three and nine months ended September 30, 2025, and 2024 the Company recognized $8.3, $24.7, $10.8, and $32.2 respectively, within “Interest expense, net” on the Unaudited Condensed Consolidated Statements of Earnings (Loss). At September 30, 2025, the Company expects approximately $25.7 of pre-tax net gains on cash flow hedges will be reclassified from accumulated other comprehensive income (loss) into earnings during the next twelve months.
The interest rate swaps are valued using the SOFR yield curves at the reporting date and are classified in Level 2. Counterparties to these contracts are highly rated financial institutions. The fair values of the Company’s interest rate swaps are adjusted for nonperformance risk and creditworthiness of the counterparty through the Company’s credit valuation adjustment (“CVA”). The CVA is calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages.
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Foreign currency exchange forwards - The Company may enter into derivative financial instruments designed to hedge the exposure to changes in foreign currency exchange rates. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. The duration of the derivatives are generally less than one year. The Company values foreign currency exchange swaps using broker quotations or market transactions on the listed or over-the-counter market; as such, these derivative instruments are classified in Level 2. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument. The Company reclassifies the gain or loss associated with the cash flow hedges into earnings when the underlying exposure is recognized. At September 30, 2025 and December 31, 2024, we had derivative instruments which hedge our exposure to certain foreign currency exchange rates with a notional amount of $200.4 and $129.0, respectively. For the three and nine months ended September 30, 2025 there were realized gains of $1.4 and losses of $4.5 associated with the foreign currency exchange swaps within "Cost of sales - products" on the Unaudited Condensed Consolidated Statements of Earnings (Loss). For the three and nine months ended September 30, 2024 there were $1.4 and $0.8 realized losses associated with the foreign currency exchange swaps.
Economic hedges - At September 30, 2025 and December 31, 2024 we had derivative instruments which hedge our purchases of aluminum at 10,950.0 and 10,730.0 metric tons, respectively, and copper with notional amounts of 10,208.7 and 7,330.0 metric tons, respectively. The Company values these instruments using broker quotations, market transactions or option pricing model based on observable market inputs, as such, these derivative instruments are classified in Level 2. These derivative instruments were treated as economic hedges and for the three and nine months ended September 30, 2025 and 2024 the Company recognized mark-to-market losses of $0.4 and $8.2, and gains of $3.3 and $6.4, respectively, within "Other operating expense (income)" on the Unaudited Condensed Consolidated Statement of Earnings (Loss).
Private warrants — On December 6, 2024, Cote SPAC I LLC exercised its remaining 5,266,667 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. Prior to exercise, the fair value of the private warrants were considered a Level 2 valuation and were determined using the Black-Sholes-Merton valuation model. The Company recognized a loss of $67.2 and $269.2 for the three and nine months ended September 30, 2024, respectively, in "Change in the fair value of warrant liabilities" on the Unaudited Condensed Consolidated Statement of Earnings (Loss) associated with the mark-to-market adjustment on the 5,266,667 previously outstanding private warrants. As of September 30, 2025, there were no outstanding private warrants.
Net investment hedge — From time to time the Company designates certain intercompany debt to hedge a portion of its investment in foreign subsidiaries and affiliates. The net impact of translation adjustments from these hedges was $(0.6), $(1.5), $(2.8), and $2.5 for the three and nine months ended September 30, 2025 and 2024, respectively, and is included in “Foreign currency translation” in the Unaudited Condensed Consolidated Statement of Other Comprehensive Income (Loss). As of September 30, 2025 and December 31, 2024, $49.4 and $24.0, respectively, of the Company’s intercompany debt was designated to hedge investments in certain foreign subsidiaries and affiliates.
Other fair value measurements
The Company determines the fair value of debt using Level 2 inputs based on quoted market prices. The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of September 30, 2025 and December 31, 2024.
 September 30, 2025December 31, 2024
 Fair Value
Par Value(1)
Fair Value
Par Value(1)
Term Loan due 2032$2,083.9 $2,081.3 $2,097.0 $2,097.0 
Senior Secured Notes due 2028830.8 850.0 802.4 850.0 
(1)See “Note 6 — Debt” for additional information.
Marketable securities — The Company classifies marketable securities with maturities in excess of three months and less than one year at acquisition as held-to-maturity. These investments primarily consist of U.S. Treasury bills. The Company does not purchase and hold securities principally for the purpose of selling them in the near future, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. At September 30, 2025, the Company recorded "Short-term investments" on the Condensed Consolidated Balance Sheets at amortized cost of $544.6. At September 30, 2025, the short-term investments had a fair value of $544.9. The Company values these investments by reference to quoted prices of similar assets in active markets, adjusted for any terms specific to that asset, which are classified within level 2.The Company held no short-term investments at December 31, 2024.
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(10) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Activity in accumulated other comprehensive income (loss) is as follows:
Three months ended September 30, 2025Three months ended September 30, 2024Nine months ended September 30, 2025Nine months ended September 30, 2024
Foreign currency translation, beginning$(10.0)$(149.9)$(203.9)$(89.8)
Other comprehensive income (loss)(1)
(23.1)124.9 170.8 64.8 
Foreign currency translation, ending(33.1)(25.0)(33.1)(25.0)
Interest rate swaps, beginning58.3 91.1 74.6 87.7 
Unrealized gain (loss) deferred during the period(2)(3)
(5.3)(22.4)(21.6)(19.0)
Interest rate swaps, ending53.0 68.7 53.0 68.7 
Pension, beginning(6.7)(2.5)(6.9)(2.4)
Actuarial gain (losses) recognized during the period, net of income taxes(0.4)— (0.2)(0.1)
Pension, ending(7.1)(2.5)(7.1)(2.5)
Foreign currency exchange forwards, beginning3.6 (3.8)(12.6)— 
Unrealized gains deferred during the period(4)
2.8 (4.3)19.0 (8.1)
Foreign currency exchange forwards, ending6.4 (8.1)6.4 (8.1)
Accumulated other comprehensive income (loss) $19.2 $33.1 $19.2 $33.1 
(1)For the three and nine months ended September 30, 2025 and 2024 foreign currency translation included tax effects of $2.0, $2.3, $1.3 and $0.0, respectively.
(2)For the three and nine months ended September 30, 2025 and 2024, $8.3, $24.7, $10.8, and $32.2 respectively, were reclassified into earnings.
(3)For the three and nine months ended September 30, 2025 and 2024 interest rate swaps included tax effects of $1.8, $6.7, $7.1, and $6.1 respectively.
(4)For the three and nine months ended September 30, 2025 and 2024 foreign currency exchange forwards included tax effects of $0.8, $5.7, $2.4, and $1.2 respectively.
(11) SEGMENT INFORMATION
Operating profit (loss) is the primary income measure used by the chief operating decision maker ("CODM") to assess segment performance and make operating decisions. Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include headquarter management costs, asset impairments, and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, Human Resources, global platform development and offering management, and global restructuring programs.
The Company determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the CODM, which includes determining resource allocation methodologies used for reportable segments. Summarized information about the Company’s results of operations by reportable segment and product and service offering follows:
Americas includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in North America and Latin America. This segment’s principal product and service offerings include:
•Products include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, and software for managing I.T. equipment.
•Services & spares include preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and critical digital infrastructure software.
Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial and industrial markets throughout Greater China, India, and Asia. Products and services offered are similar to the Americas segment.
Europe, Middle East & Africa includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment.
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Reportable Business Segments
Three months ended September 30, 2025
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$1,724.0 $597.7 $595.3 $2,917.0 
Intersegment sales11.6 77.9 151.7 241.2 
Net Sales1,712.4 519.8 443.6 2,675.8 
Significant segment expenses
Cost of sales(1)
1,006.0 364.0 283.4 1,653.4 
Marketing, sales and service costs89.7 33.5 24.2 147.4 
Engineering, research and development costs54.3 29.1 26.9 110.3 
Information technology costs21.7 14.7 9.1 45.5 
Other segment items(2)
38.9 10.0 16.5 65.4 
Operating profit (loss)501.8 68.5 83.5 653.8 
Foreign currency gain (loss)(0.9)
Corporate
(88.0)
Total corporate and other(88.9)
Amortization of intangibles(48.2)
Operating profit (loss)516.7 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.



Three months ended September 30, 2024
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$1,210.0 $479.9 $597.0 $2,286.9 
Intersegment sales11.4 47.5 154.5 213.4 
Net Sales1,198.6 432.4 442.5 2,073.5 
Significant segment expenses
Cost of sales(1)
740.5 305.7 260.0 1,306.2 
Marketing, sales and service costs78.9 31.7 24.5 135.1 
Engineering, research and development costs49.2 24.9 20.4 94.5 
Information technology costs21.0 13.6 8.2 42.8 
Restructuring costs(6.1)— 12.8 6.7 
Other segment items(2)
11.7 12.4 2.2 26.3 
Operating profit (loss)303.4 44.1 114.4 461.9 
Foreign currency gain (loss)(5.3)
Corporate(39.7)
Total corporate and other(45.0)
Amortization of intangibles(45.3)
Operating profit (loss)$371.6 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.
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Nine months ended September 30, 2025
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$4,531.1 $1,699.3 $1,738.8 $7,969.2 
Intersegment sales31.1 172.1 416.1 619.3 
Net Sales4,500.0 1,527.2 1,322.7 7,349.9 
Significant segment expenses
Cost of sales(1)
2,789.2 1,102.5 830.3 4,722.0 
Marketing, sales and service costs243.7 97.0 71.0 411.7 
Engineering, research and development costs159.9 83.1 77.0 320.0 
Information technology costs64.2 43.5 26.9 134.6 
Restructuring costs0.7 0.9 0.9 2.5 
Other segment items(2)
96.2 26.8 50.2 173.2 
Operating profit (loss)1,146.1 173.4 266.4 1,585.9 
Foreign currency gain (loss)(5.8)
Corporate(189.2)
Total corporate and other(195.0)
Amortization of intangibles(141.1)
Operating profit (loss)1,249.8 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.


Nine months ended September 30, 2024
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$3,270.2 $1,288.4 $1,629.7 $6,188.3 
Intersegment sales25.5 114.6 382.8 522.9 
Net Sales3,244.7 1,173.8 1,246.9 5,665.4 
Significant segment expenses
Cost of sales(1)
1,985.1 828.8 755.0 3,568.9 
Marketing, sales and service costs232.9 89.6 71.4 393.9 
Engineering, research and development costs138.3 70.9 60.8 270.0 
Information technology costs58.9 42.3 24.8 126.0 
Restructuring costs(5.8)(2.1)13.5 5.6 
Other segment items(2)
59.0 37.5 27.2 123.7 
Operating profit (loss)776.3 106.8 294.2 1,177.3 
Foreign currency gain (loss)(8.7)
Corporate(121.3)
Total corporate and other(130.0)
Amortization of intangibles(137.1)
Operating profit (loss)$910.2 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.

Total AssetsSeptember 30, 2025December 31, 2024
Americas$4,383.3 $3,728.9 
Asia Pacific1,785.3 1,631.6 
Europe, Middle East & Africa2,940.5 2,654.8 
9,109.1 8,015.3 
Corporate and other 1,707.2 1,117.2 
Total10,816.3 $9,132.5 
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Depreciation and AmortizationThree months ended September 30, 2025Three months ended September 30, 2024Nine months ended September 30, 2025Nine months ended September 30, 2024
Americas$34.4 $31.5 $100.1 $93.6 
Asia Pacific9.4 8.6 27.6 25.6 
Europe, Middle East & Africa22.5 20.4 65.6 62.6 
Corporate and other9.1 8.4 27.0 24.2 
Total$75.4 $68.9 $220.3 $206.0 
Capital ExpendituresThree months ended September 30, 2025Three months ended September 30, 2024Nine months ended September 30, 2025Nine months ended September 30, 2024
Americas$21.0 $17.2 $59.1 $46.0 
Asia Pacific7.8 7.3 28.7 28.8 
Europe, Middle East & Africa16.2 11.2 32.3 29.7 
Corporate and other0.2 0.7 6.6 1.8 
Total$45.2 $36.4 $126.7 $106.3 
(12) EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) adjusted for the gain on fair value of warrant liability, if the warrants are in-the-money and the impact is dilutive, by the weighted-average number of common shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive equity-based compensation and warrants.
The details of the earnings per share calculations for the three and nine months ended September 30, 2025 and 2024 are as follows:
(In millions, except share and per share amounts)
Three months ended September 30, 2025Three months ended September 30, 2024Nine months ended September 30, 2025Nine months ended September 30, 2024
Net income (loss)$398.5 $176.6 $887.2 $348.8 
Weighted-average number of shares outstanding - basic382,025,408 375,203,364 381,455,627 376,353,335 
Dilutive effect of equity-based compensation8,903,261 9,112,701 8,802,275 9,752,894 
Weighted-average number of shares outstanding - diluted390,928,669 384,316,065 390,257,902 386,106,229 
Earnings (loss) per share
Basic$1.04 $0.47 $2.33 $0.93 
Diluted$1.02 $0.46 $2.27 $0.90 
The dilutive effect of equity-based compensation awards was 8.9 million and 8.8 million shares, respectively, during the three and nine months ended September 30, 2025. Additional equity-based compensation awards of 0.0 million and 1.2 million shares, respectively, were also outstanding during the three and nine months ended September 30, 2025, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive.
The dilutive effect of equity-based compensation awards was 9.1 million and 9.8 million shares, respectively, during the three and nine months ended September 30, 2024. Additional equity-based compensation awards and warrants were also outstanding during the three and nine months ended September 30, 2024, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represented 1.6 million and 4.5 million shares for the three months ended September 30, 2024, respectively, and 1.2 million and 4.5 million shares for the nine months ended September 30, 2024, respectively.
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(13) COMMITMENTS AND CONTINGENCIES
The Company is a party to a number of pending legal proceedings and claims, including those involving general and product liability and other matters. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Accruals are based on developments to date; management’s estimates of the outcomes of these matters; the Company’s experience in contesting, litigating and settling similar matters; and any related insurance coverage. While the Company believes that a material adverse impact is unlikely, given the inherent uncertainty of litigation, a future development in these matters could have a material adverse impact on the Company. The Company is unable to estimate any additional loss or range of loss that may result from the ultimate resolution of these matters, other than those described below.
On May 3, 2022, a putative securities class action, In re Vertiv Holdings Co Securities Litigation, 22-cv-3572, was filed against Vertiv, certain of the Company’s officers and directors, and other defendants in the Southern District of New York. Plaintiffs filed an amended complaint on September 16, 2022. The amended complaint alleges that certain of the Company’s public statements were materially false and/or misleading with respect to inflationary and supply chain pressures and pricing issues, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended. These claims are asserted on behalf of a putative class of all persons and entities that (i) purchased Vertiv securities between February 24, 2021 and February 22, 2022; and/or (ii) purchased Vertiv securities in or traceable to the November 4, 2021 secondary public offering by a selling stockholder pursuant to a resale registration statement. On January 31, 2024, the Court issued an order dismissing the claims under Sections 11, 12(a)(2), and 15 of the Securities Act. The motion to dismiss the claims under Sections 10(b) and 20(a) of the Exchange Act remains pending.
On June 9, 2023, two Vertiv shareholders, Matthew Sullivan and Jose Karlo Ocampo Avenido, brought a derivative lawsuit, Sullivan v. Johnson, et al., C.A. No. 2023-0608 (the "Sullivan Action"), against Vertiv (as nominal defendant only) and certain of the Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. Further, on November 19, 2024, another Vertiv shareholder, Laura Hanna, brought a derivative lawsuit, Hanna v. Johnson, et al. (the "Hanna Action"), against Vertiv (as nominal defendant only) and certain of Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. The complaints allege that the named directors and officers caused the Company to issue materially false and/or misleading public statements with respect to inflationary and supply chain pressures and pricing issues, and that the Company suffered damages as a result. The Sullivan Action has been stayed since August 10, 2023 pending the outcome of the motion to dismiss in the securities class action. On February 13, 2025, the Delaware Court of Chancery entered an order that (i) consolidated the Sullivan Action and Hanna Action into a single consolidated derivative lawsuit, In re Vertiv Holdings Co Stockholder Derivative Litigation, Consolidated C.A. No. 2023-0608-NAC (the “Consolidated Derivative Action”), (ii) designated the complaint in the Hanna Action as the operative complaint in the Consolidated Derivative Action, and (iii) stayed the Consolidated Derivative Action on terms identical to those of the existing stay of the Sullivan Action.
The Company believes it has meritorious defenses against the allegations made in the aforementioned lawsuits, which are at the preliminary stages. However, the Company is unable at this time to predict the outcome of these matters or the amount of any cost associated with their resolution.
In November 2023, following the filing of the putative securities class action and the Sullivan Action described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company is actively responding to these matters.
In January 2024, the Mexican tax administration service, the Servicio de Administracion Tributaria (the "SAT"), initiated a process to suspend the importer registration of one of the Company's wholly owned Mexico subsidiaries, Tecnología del Pacífico S.A. de C.V. (“TDP”), in connection with a contested customs tax audit for the period April 2016 to February 2018. After further investigation and discussion with SAT, TDP agreed to make payments and fees totaling approximately $10.1 which were paid in the first quarter of 2024. The Company intends to seek reimbursement of this amount as an undue payment from SAT, for which the outcome is currently unknown and no receivable has been established.
The Company is unable at this time to predict the outcome of these matters, including whether any proceedings may be instituted in connection with the government inquiries, or the amount of any cost associated with their resolution, except as noted above.

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Bank Guarantees and Bonds
In the ordinary course of business, we are required to commit to bank guarantees and bonds that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in progress. As of September 30, 2025 the outstanding value of bank guarantees and bonds totaled $168.7.
At, September 30, 2025 other than as described above, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes were or will be material in relation to the Company’s Unaudited Condensed Consolidated Financial Statements, nor were there any material commitments outside the normal course of business.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless the context otherwise indicates or requires, references to “the Company,” “Vertiv,” “we,” “us” and “our” refer to Vertiv Holdings Co, a Delaware corporation, and its consolidated subsidiaries. In addition, dollar amounts are stated in millions, except for per share amounts. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the Consolidated Financial Statements and the notes thereto included elsewhere in this Annual Report.
Cautionary Note Regarding Forward-Looking Statements
This Form 10-Q, and other statements that Vertiv may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and as such are not historical facts. Such statements may include, without limitation, those regarding Vertiv’s future financial performance or position, capital structure, indebtedness, business performance, strategy and plans, and expectations and objectives of Vertiv management for future operations and financial performance. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of results of performance. Vertiv cautions that such forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Form 10-Q, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When Vertiv discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, Vertiv’s management at the time of such statements.
The forward-looking statements contained in this Form 10-Q are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Forward-looking statements included in this Form 10-Q speak only as of the date of this filing or any earlier date specified for such statements. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All subsequent written or oral forward-looking statements attributable to Vertiv or persons acting on Vertiv’s behalf are qualified in their entirety by this Cautionary Note Regarding Forward-Looking Statements.
These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv’s control) or other assumptions, which may change over time, and that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports, including those set forth in its Form 10-K for the year ended December 31, 2024 filed on February 18, 2025 (the "2024 Form 10-K"). These risk factors and those identified elsewhere in this Form 10-Q, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: risks relating to the continued growth of our customers’ markets; long sales cycles for certain Vertiv products and solutions as well as unpredictable placing or cancelling of customer orders; failure to realize sales expected from our backlog of orders and contracts, disruption of our customer’s orders or the markets; less favorable contractual terms with large customers; risks associated with governmental contracts; failure to mitigate risks associated with long-term fixed price contracts; competition in the industry in which we operate; failure to obtain performance and other guarantees from financial institutions; failure to properly manage supply chain, difficulties with third-party manufacturers and increases in costs of material, freight and/or labor, and changes in the costs of production; competition in the infrastructure technologies; risks associated with information technology disruption or cyber-security incidents; risks associated with the implementation and enhancement of information systems; failure to realize the expected benefit from any rationalization, restructuring and improvement efforts; disruption of, or changes in, Vertiv’s independent sales representatives, distributors and original equipment manufacturers; increase of variability in our effective tax rate costs or liabilities associated with product liability due to global operations subjecting us to income and other taxes in the United States and numerous foreign entities; the global scope of Vertiv’s operations, especially in emerging markets; failure to benefit from future significant corporate transactions; risks associated with Vertiv’s sales and operations in emerging markets including economic, political and production level risk; risks associated with future legislation and regulation of Vertiv’s customers’ markets both in the United States ("U.S.") and abroad; our ability to comply with various laws and regulations including but not limited to, laws and regulations relating to data protection and data privacy; failure to properly address legal compliance issues, particularly those related to imports/exports, anti-corruption laws, and foreign operations; risks associated with foreign trade policy, including tariffs and global trade conflict and any actions we may take in response
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thereto; risks associated with litigation or claims against the Company, including the risk of adverse outcomes to any legal claims and proceedings; our ability to protect or enforce our proprietary rights on which our business depends; third party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; failure to achieve environmental, social and governance goals; failure to realize the value of goodwill and intangible assets; exposure to fluctuations in foreign currency exchange rates; failure to remediate material weaknesses in our internal controls over financial reporting; our level of indebtedness and the ability to incur additional indebtedness; our ability to comply with the covenants and restrictions contained in our credit agreements, including restrictive covenants that restrict operational flexibility; our ability to comply with the covenants and restrictions contained in our credit agreements is not fully within our control; our ability to access funding through capital markets; resales of Vertiv securities may cause volatility in the market price of our securities; our organizational documents contain provisions that may discourage unsolicited takeover proposals; our certificate of incorporation includes a forum selection clause, which could discourage or limit stockholders’ ability to make a claim against it; the ability of our subsidiaries to pay dividends; factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; our ability to attract, train and retain key members of our leadership team and other qualified personnel; the adequacy of our insurance coverage; fluctuations in interest rates materially affecting our financial results and increasing the risk our counterparties default in our interest rate hedges; our incurrence of significant costs and devotion of substantial management time as a result of operating as a public company; expected expenses related to integration of our acquisition of the Great Lakes Data Racks & Cabinets family of companies (“Great Lakes”); the possible diversion of management time on issues related to integration of Great Lakes; the ability of Vertiv to maintain relationships with customers and suppliers of Great Lakes; and the ability of Vertiv to retain management and key employees of Great Lakes; and other risks and uncertainties indicated in Vertiv’s SEC reports or documents filed or to be filed with the SEC by Vertiv.
Overview
We are a global leader in the design, manufacturing and servicing of critical digital infrastructure technology that powers, cools, deploys, secures and maintains electronics that process, store and transmit data. We primarily provide this technology to data centers, communication networks and commercial & industrial environments worldwide. We aim to help create a world where critical technologies always work, and where we empower the vital applications of the digital world.
Outlook and Trends
Below is a summary of trends and events that are currently affecting, or may in the future affect, our business, operations and short-term outlook:
•Trade and Economic Uncertainty: The global trade and economic environment continues to evolve rapidly with the imposition of new U.S tariffs and retaliatory tariffs being imposed by foreign countries. In response to these escalating pressures and the geopolitical and macroeconomic uncertainties surrounding global supply chains and customer demand, we continue to pursue our supply chain strategy of supplier and geographic resilience. This includes, but is not limited to, continuing to add regional sourcing and manufacturing capabilities and capacity to complement our existing global supply chain. We’re strengthening our supply base and manufacturing footprint in the US and other strategic jurisdictions around the world as part of our overall capacity strategy to grow with customer demand in the US and other jurisdictions.
The imposition of U.S. tariffs and foreign country retaliatory tariffs, or the proposed imposition of additional or similar tariffs, in jurisdictions where we have manufacturing facilities or where our clients operate will increase our cost of doing business and could significantly impact our financial performance.
We are continually analyzing and implementing strategic measures in an effort to minimize the financial and operational impacts of the new and proposed tariffs on our business operations, including, but not limited to, continued expansion of domestic manufacturing, alternative sourcing of components and parts regionally, increased sourcing of components and parts that qualify under applicable trade agreements, and continued evaluation of our ability to incorporate tariff impacts into pricing decisions for our products and services.
We are also continually monitoring the evolving macroeconomic environment, including monitoring inflationary and recessionary pressures resulting from the ongoing tariffs and geopolitical climate. These additional pressures could significantly impact the labor markets, exchange rates, customer demand, supply chain, capital markets and other economic conditions in the jurisdictions we operate throughout 2025 and beyond. As we monitor this ever-changing situation, we have been adjusting, and will continue to adjust, our operational plans in an effort to mitigate the impact of these pressures on our business and financial performance.
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•Capacity Expansion: We have invested in capacity expansion to meet current and anticipated additional customer demand. For example, since late 2021, we have approximately doubled our manufacturing capacity for switchgear, busbar and integrated solutions by opening new facilities and adding production to existing facilities. Additionally, in 2024, in order to support our thermal management activity, we opened a new manufacturing facility in Pune, India and a new facility in Pelzer, South Carolina to support the production of modular solutions, modular power systems and other infrastructure systems. We anticipate continuing to invest in capacity globally to provide the geographic presence that our customers need, and the ability to rapidly scale and to ensure resiliency.
We have expanded our rack and cabinet solutions capabilities through the strategic acquisition of Great Lakes for approximately $200 million, completed on August 20, 2025. This acquisition strengthens Vertiv's position in delivering integrated infrastructure solutions for data centers and critical digital environments, particularly in addressing the growing demands of AI and high-density computing applications.
•Artificial Intelligence ("AI"): Increased maturity and adoption of AI and high-performance compute is currently impacting the data center industry and driving technology innovation, which has led to increased demand. The Company has invested in developing new product, services, and solutions to serve this growing industry, is increasing capacity to support additional demand for AI infrastructure as necessary and we will continue to invest to support additional growth driven by AI.
•Thermal Management Portfolio Expansion: We continue to invest in expansion of our thermal management portfolio and product capabilities to meet customer demands. The complexity of hybrid air and liquid cooling created by AI workloads presents significant opportunities for innovation within, and expansion of, the entire thermal chain to better optimize performance, power utilization, control, and heat re-use. Our investment and expansion efforts are directed at capturing new technologies across the entire thermal chain from chip to heat rejection and re-use and more to meet growing demands. Further, we are focused on the continued growth and expansion of our portfolio geographically, as we leverage our best-in-class regional products and expand such offerings into other regions and globally.
•Recent U.S. Tax Legislation: On July 4, 2025, H.R.1, also known as the One Big Beautiful Bill Act or "OBBBA", was enacted into law in the U.S. OBBBA extends some existing tax provisions set to expire beginning in 2026 while introducing or repealing other tax provisions. Pending further regulatory guidance, we do not anticipate the enacted changes to have a material impact on our financial position.
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RESULTS OF OPERATIONS
Comparison of the Three Months Ended September 30, 2025 and Three Months Ended September 30, 2024
(Dollars in millions)Three months ended September 30, 2025Three months ended September 30, 2024$ Change% Change
Net sales$2,675.8 $2,073.5 $602.3 29.0 %
Cost of sales1,665.1 1,317.1 348.0 26.4 
Gross profit1,010.7 756.4 254.3 33.6 
Selling, general and administrative expenses414.3 334.6 79.7 23.8 
Amortization of intangibles48.2 45.3 2.9 6.4 
Restructuring costs30.7 6.3 24.4 387.3 
Foreign currency (gain) loss, net0.9 5.3 (4.4)(83.0)
Other operating expense (income)(0.1)(6.7)6.6 98.5 
Operating profit (loss)516.7 371.6 145.1 39.0 
Interest expense, net22.8 35.9 (13.1)(36.5)
Loss on extinguishment of debt1.7 — 1.7 — 
Change in fair value of warrant liabilities— 67.2 (67.2)(100.0)
Income tax expense93.7 91.9 1.8 2.0 
Net income (loss)$398.5 $176.6 $221.9 125.7 %
Net Sales
Net sales were $2,675.8 in the third quarter of 2025, an increase of $602.3, or 29.0%, compared with $2,073.5 in the third quarter of 2024. The increase in sales was primarily driven by higher sales volumes and positive impacts from foreign currency of $13.1. Product sales increased $552.0, which included positive impacts from foreign currency of $8.9. Services & Spares sales increased $50.3, which included positive impacts from foreign currency of $4.2.
Excluding intercompany sales, net sales were $1,712.4 in the Americas, $519.8 in Asia Pacific, and $443.6 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segment section below.
Cost of Sales
Cost of sales were $1,665.1 in the third quarter of 2025, an increase of $348.0, or 26.4% compared to the third quarter of 2024. The increase in cost of sales was primarily driven by the impact of higher sales volumes. Gross profit was $1,010.7 in the third quarter of 2025, or 37.8% of sales, compared to $756.4, or 36.5% of sales in the third quarter of 2024. Margin expansion in the third quarter of 2025 was primarily driven by the mix of product and service sales.
Selling, General and Administrative Expenses
Selling, general and administrative expenses (“SG&A”) were $414.3 in the third quarter of 2025, an increase of $79.7 compared to the third quarter of 2024. The increase in SG&A was primarily driven by increased compensation costs. SG&A as a percentage of sales were 15.5% in the third quarter of 2025 compared with 16.1% in the third quarter of 2024.
Other Operating Expense
The remaining other operating expenses includes amortization of intangibles, restructuring costs, foreign currency (gain) loss, and other operating expense (income). These remaining operating expenses were $79.7 for the third quarter of 2025, which was a $29.5 increase from the third quarter of 2024. The increase was primarily due to a $24.4 increase in restructuring costs and a $6.6 increase in other operating expense (income) primarily due to mark-to-market losses associated with the economic hedges.
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Change in Fair Value of Warrant Liabilities
Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the then outstanding warrants. The change in fair value of outstanding private warrants during the third quarter of 2024 resulted in a loss of $67.2. The change in fair value of these warrants is the result of changes in market prices of our common stock and other observable inputs deriving the value of the financial instruments. On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. As of September 30, 2025 there were no private warrants outstanding.
Interest Expense
Interest expense, net, was $22.8 in the third quarter of 2025 compared to $35.9 in the third quarter of 2024. The $13.1 decrease was primarily driven by a $12.4 increase in interest income. To the extent interest rates continue to fluctuate our interest expense will change, although we expect these changes to be mitigated by our interest rate swaps and interest income.
Income Taxes
Income tax expense was $93.7 in the third quarter of 2025 compared to $91.9 in the third quarter of 2024. The $1.8 increase is primarily due to increased business performance partially offset by discrete tax benefits for stock compensation and return to provision adjustments. The effective rate in the third quarter of 2025 was primarily influenced by favorable impact discrete tax benefits for stock compensation and return to provision adjustments. The effective rate in the third quarter of 2024 was primarily influenced by the negative impact of non-deductible changes in fair value of the warrant liabilities and discrete tax benefits related to stock compensation.
Business Segments
The following is detail of business segment results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Segment profitability is defined as operating profit (loss). Segment margin represents segment operating profit (loss) expressed as a percentage of segment net sales. For reconciliations of segment net sales and earnings to our consolidated results, see “Note 11 — Segment Information,” of our Unaudited Condensed Consolidated Financial Statements. Segment net sales are presented excluding intercompany sales.
Americas
(Dollars in millions)Three months ended September 30, 2025Three months ended September 30, 2024$ Change% Change
Net sales$1,712.4 $1,198.6 $513.8 42.9 %
Operating profit (loss)501.8 303.4 198.4 65.4 
Margin29.3 %25.3 %
Americas net sales were $1,712.4 in the third quarter of 2025, an increase of $513.8, or 42.9%, from the third quarter of 2024. The increase in sales was primarily driven by higher sales volume due to products increasing by $469.6 and sales of service & spares increasing by $44.2. Americas net sales were negatively impacted by foreign currency of approximately $1.1.
Operating profit (loss) in the third quarter of 2025 was $501.8, an increase of $198.4, or 65.4%, compared with the third quarter of 2024. Margin increased primarily due to the mix of product and service sales in addition to operational leverage.
Asia Pacific
(Dollars in millions)Three months ended September 30, 2025Three months ended September 30, 2024$ Change% Change
Net sales$519.8 $432.4 $87.4 20.2 %
Operating profit (loss)68.5 44.1 24.4 55.3 
Margin13.2 %10.2 %
Asia Pacific net sales were $519.8 in the third quarter of 2025, an increase of $87.4, or 20.2%, from the third quarter of 2024. The increase in sales was primarily driven by growth in India and the negative impact of foreign currency of approximately $4.6. Net sales of products improved by $78.8, and sale of service & spares improved by $8.6.
Operating profit (loss) in the third quarter of 2025 was $68.5, an increase of $24.4, or 55.3%, compared with the third quarter of 2024 mainly driven by operational leverage and cost improvement actions.
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Europe, Middle East & Africa
(Dollars in millions)Three months ended September 30, 2025Three months ended September 30, 2024$ Change% Change
Net sales$443.6 $442.5 $1.1 0.2 %
Operating profit (loss)83.5 114.4 (30.9)(27.0)
Margin18.8 %25.9 %
Europe, Middle East & Africa net sales were $443.6 in the third quarter of 2025, an increase of $1.1, or 0.2%, from the third quarter of 2024. The increase in sales was primarily driven by the positive impact of foreign currency of approximately $18.8 compared to the third quarter of 2024. Net sales of products increased by $3.6 and service & spares decreased by $2.5.
Operating profit (loss) in the third quarter of 2025 was $83.5, a decrease of $30.9, or (27.0)%, compared with the third quarter of 2024. Margin decreased primarily due to the mix of product and service sales and operational inefficiencies.
Vertiv Corporate and Other
Corporate and other costs include costs associated with our headquarters located in Westerville, Ohio, as well as centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, IT, Legal, Human Resources, and global product platform development and offering management. Total corporate and other costs were $88.9 and $45.0 in the third quarter of 2025 and 2024, respectively. Total corporate and other costs increased $43.9 compared to the third quarter of 2024 primarily due to a $31.1 increase in restructuring costs, an increase in certain employee related costs and a decrease in the foreign currency loss of $4.4.

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Comparison of the Nine Months Ended September 30, 2025 and Nine Months Ended September 30, 2024
(Dollars in millions)Nine months ended September 30, 2025Nine months ended September 30, 2024$ Change% Change
Net sales$7,349.9 $5,665.4 $1,684.5 29.7 %
Cost of sales4,756.1 3,601.4 1,154.7 32.1 
Gross profit2,593.8 2,064.0 529.8 25.7 
Selling, general and administrative expenses1,156.2 1,012.4 143.8 14.2 
Amortization of intangibles141.1 137.1 4.0 2.9 
Restructuring costs33.7 4.1 29.6 722.0 
Foreign currency (gain) loss, net5.8 8.7 (2.9)(33.3)
Other operating expense (income)7.2 (8.5)15.7 184.7 
Operating profit (loss)1,249.8 910.2 339.6 37.3 
Interest expense, net69.4 119.7 (50.3)(42.0)
Loss on extinguishment of debt1.7 1.1 0.6 54.5 
Change in fair value of warrant liabilities— 269.2 (269.2)(100.0)
Income tax expense291.5 171.4 120.1 70.1 
Net income (loss)$887.2 $348.8 $538.4 154.4 %
Net Sales
Net sales were $7,349.9 in the first nine months of 2025, an increase of $1,684.5, or 29.7%, compared with $5,665.4 in the first nine months of 2024. The increase in sales was primarily driven by higher sales volumes including the positive impacts from foreign currency of $16.2. Product sales increased $1,527.3, which included the positive impacts from foreign currency of $15.7. Services & spares sales increased $157.2, which included positive impacts from foreign currency of $0.5.
Excluding intercompany sales, net sales were $4,500.0 in the Americas, $1,527.2 in Asia Pacific and $1,322.7 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segments section below.
Cost of Sales
Cost of sales were $4,756.1 in the first nine months of 2025, an increase of $1,154.7, or 32.1% compared to the first nine months of 2024. The increase in cost of sales was primarily driven by the impact of higher volumes. Gross profit was $2,593.8 in the nine months of 2025, or 35.3% of sales, compared to $2,064.0, or 36.4% of sales in the third quarter of 2024. Margin was slightly down in the first nine months of 2025 due primarily to the mix of product and service sales in addition to tariffs.
Selling, General and Administrative Expenses
Selling, general and administrative expenses (“SG&A”) were $1,156.2 in the first nine months of 2025, an increase of $143.8, or 14.2% compared to the first nine months of 2024. The increase in SG&A was primarily driven by increased compensation costs. SG&A as a percentage of sales were 15.7% in the first nine months of 2025 compared with 17.9% in the first nine months of 2024.
Other Operating Expense
The remaining other operating expenses includes amortization of intangibles, restructuring costs, foreign currency (gain) loss, and other operating expense (income). These remaining operating expenses were $187.8 for the first nine months of 2025, which was a $46.4 increase from the first nine months of 2024. The increase was primarily due to a $29.6 increase in restructuring costs and a $15.7 decrease in other operating expense (income) primarily due to the mark-to-market losses associated with the economic hedges.
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Change in Fair Value of Warrant Liabilities
Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the then outstanding private warrants. The change in fair value of the outstanding private warrants during the first nine months of 2024 resulted in a loss of $269.2. The change in fair value of these warrants was the result of changes in market prices of our common stock, and other observable inputs deriving the value of the financial instruments. On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. As of September 30, 2025, there were no private warrants outstanding.
Interest Expense
Interest expense, net, was $69.4 in the first nine months of 2025 compared to $119.7 in the first nine months of 2024. The $50.3 decrease is primarily driven by a $23.6 increase in interest income and a $19.8 of reduced interest expense as a result of our Term Loan amendments, which resulted in a reduction to our interest rate margin. To the extent interest rates continue to fluctuate our interest expense will change, although we expect these changes to be mitigated by our interest rate swaps and interest income.
Income Taxes
Income tax expense was $291.5 in the first nine months of 2025 compared to $171.4 in the first nine months of 2024. The $120.1 increase is primarily due to increased business performance and discrete tax expense due to legislative changes effective in the first quarter of 2025, offset by discrete tax benefits for stock compensation and return to provision adjustments. The effective rate in the first nine months of 2025 was primarily influenced by the negative impact of a valuation allowance established to account for legislative changes effective in the first quarter of 2025 partially offset by discrete tax benefits for stock compensation, changes in deferred tax liabilities and return to provision adjustments. The effective rate in the first nine months of 2024 was primarily influenced by the negative impacts of non-deductible changes in fair value of the warrant liabilities and discrete tax benefits related to stock compensation.
Business Segments
The following is detail of business segment results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Segment profitability is defined as operating profit (loss). Segment margin represents segment operating profit (loss) expressed as a percentage of segment net sales. For reconciliations of segment net sales and earnings to our consolidated results, see “Note 11 — Segment Information,” of our Unaudited Condensed Consolidated Financial Statements. Segment net sales are presented excluding intercompany sales.
Americas
(Dollars in millions)Nine months ended September 30, 2025Nine months ended September 30, 2024$ Change% Change
Net sales$4,500.0 $3,244.7 $1,255.3 38.7 %
Operating profit (loss)1,146.1 776.3 369.8 47.6 
Margin25.5 %23.9 %
Americas net sales were $4,500.0 in the first nine months of 2025, an increase of $1,255.3, or 38.7%, from the first nine months of 2024. The increase in sales was primarily driven by higher sales volumes due to products increasing by $1,140.5 and sales of service & spares increasing by $114.8. Americas net sales were negatively impacted by foreign currency of approximately $10.3.
Operating profit (loss) in the first nine months of 2025 was $1,146.1, an increase of $369.8, or 47.6%, compared with the first nine months of 2024. Margin increased primarily due to the mix of product and service sales in addition to operational leverage.
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Asia Pacific
(Dollars in millions)Nine months ended September 30, 2025Nine months ended September 30, 2024$ Change% Change
Net sales$1,527.2 $1,173.8 $353.4 30.1 %
Operating profit (loss)173.4 106.8 66.6 62.4 
Margin11.4 %9.1 %
Asia Pacific net sales were $1,527.2 in the first nine months of 2025, an increase of $353.4, or 30.1%, from the first nine months of 2024. The increase in sales were primarily driven by growth in India, partially offset by the negative impact of foreign currency of approximately $10.1. Net sales of products improved by $319.5, and service & spares improved by $33.9.
Operating profit (loss) in the first nine months of 2025 was $173.4, an increase of $66.6, or 62.4%, compared with the first nine months of 2024. Margin increased primarily driven by operational leverage and cost improvement actions.
Europe, Middle East & Africa
(Dollars in millions)Nine months ended September 30, 2025Nine months ended September 30, 2024$ Change% Change
Net sales$1,322.7 $1,246.9 $75.8 6.1 %
Operating profit (loss)266.4 294.2 (27.8)(9.4)
Margin20.1 %23.6 %
Europe, Middle East & Africa net sales of $1,322.7 in the first nine months of 2025, increased by $75.8, or 6.1%, from the first nine months of 2024. Sales were positively impacted by foreign currency by approximately $36.6. Net sales of products increased by $67.3 and services & spares increased by $2.5 compared to the first nine months of 2024.
Operating profit (loss) in the first nine months of 2025 was $266.4, a decrease of $27.8, or 9.4%, compared with the first nine months of 2024. Margin decreased primarily due to the mix of product and service sales and operational inefficiencies.
Vertiv Corporate and Other
Corporate and other costs include costs associated with our headquarters located in Westerville, Ohio, as well as centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, IT, Legal, Human Resources, and global product platform development and offering management. Total corporate and other costs were $195.0 and $130.0 in the first nine months of 2025 and 2024, respectively. Total corporate and other costs increased by $65.0 compared to the first nine months of 2024 primarily due a $32.7 increase in restructuring costs, an increase in certain employee related costs and a decrease in the foreign currency loss of $2.9.

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Capital Resources and Liquidity
Our primary future cash needs relate to working capital, operating activities, capital spending, strategic investments and debt service.
Capital Expenditures: Our capital expenditures are primarily related to the maintenance of our long-term assets, as well as the investment in projects, such as capacity and facility expansion, that support growth and innovation to further our enterprise strategy. Our capital expenditures (including capitalized software) were approximately $131.4 during the first nine months of 2025. We expect to have capital expenditures (including capitalized software) of $225.0 to $275.0 for the full year 2025.
We have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures, which consist of debt obligations and other financial instruments. Refer below, as well as to “Note 6 — Debt” and “Note 13 — Commitments and Contingencies” of the Unaudited Condensed Consolidated Financial Statements for more information. In addition, we have uncertain tax positions that are further discussed in “Note 7 — Income Taxes” of the Unaudited Condensed Consolidated Financial Statements. We anticipate payments for lease obligations of approximately $75.0 for the full year 2025. We do not have any guarantees or other off-balance sheet financing arrangements, including variable interest entities, which could materially impact our financial condition or liquidity.
We, through our subsidiaries, are party to certain indebtedness arrangements, including the Senior Secured Notes due 2028, with an outstanding principal amount of $850.0 as of September 30, 2025 (the “Notes”), the Term Loan due 2032, with an outstanding principal amount of $2,081.3 as of September 30, 2025 (the “Term Loan”), and the ABL Revolving Credit Facility, due 2029, providing up to $800.0 of revolving borrowings, with separate sublimits for letters of credit and swingline borrowings and an uncommitted accordion of up to $200.0, for which none was outstanding as of September 30, 2025 (the “ABL Revolving Credit Facility” and collectively with the Term Loan, the “Senior Secured Credit Facilities”). Our Term Loan’s maturity was extended from 2027 to 2032 through an amendment which was executed on August 12, 2025.
At September 30, 2025, we had $1,396.0 in cash and cash equivalents and $544.6 in short-term investments, which includes amounts held outside of the U.S., primarily in Europe and Asia. Non-U.S. cash is generally available for repatriation without legal restrictions, subject to certain taxes, mainly withholding taxes. We are not asserting indefinite reinvestment of cash or outside basis for our non-U.S. subsidiaries due to the outstanding debt obligations in instances where alternative repatriation options, other than dividends, are not available. At September 30, 2025, Vertiv had $782.8 of availability (subject to customary borrowing base and other conditions) under the ABL Revolving Credit Facility, net of letters of credit outstanding in the aggregate principal amount of $17.2, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility.
We believe our current cash, cash equivalent, and short-term investment levels, augmented by availability under the ABL Revolving Credit Facility, will provide adequate near-term liquidity for the next 12 months of independent operations, invest for growth in existing businesses, and manage our capital structure on a short- and long-term basis. We expect to continue to opportunistically access the capital and financing markets from time to time. Access to capital and the availability of financing on acceptable terms in the future will be affected by many factors, including our credit rating, economic conditions, and the overall liquidity of capital markets. There can be no assurance that we will continue to have access to the capital and financing markets on acceptable terms.

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Summary Statement of Cash Flows
Nine Months Ended September 30, 2025 and 2024
(Dollars in millions)20252024$ Change% Change
Net cash provided by (used for) operating activities$1,134.9 $894.1 $240.8 26.9 %
Net cash provided by (used for) investing activities(892.7)(120.7)(772.0)(639.6)
Net cash provided by (used for) financing activities(44.3)(640.4)596.1 93.1 
Capital expenditures(126.7)(106.3)(20.4)(19.2)
Investments in capitalized software(4.7)(14.4)9.7 67.4 
Net Cash provided by (used for) Operating Activities
Net cash provided by operating activities was $1,134.9 in the first nine months of 2025, a $240.8 increase in cash generation compared to the first nine months of 2024. Net income from operations of $887.2 included $356.5 of net non-cash expense items, consisting of depreciation and amortization of $220.3, deferred taxes of $92.2, non-cash stock-based compensation expense of $38.7, and amortization of debt discount and issuance costs of $5.3. Trade working capital utilized $140.7 in the first nine months of 2025 compared to $69.2 provided in the first nine months of 2024.

Net Cash provided by (used for) Investing Activities
Net cash used for investing activities was $892.7 in the first nine months of 2025 compared to net cash used for investing activities of $120.7 in the first nine months of 2024. The increased use of cash over the comparable period was primarily driven by purchases of short-term investments of $539.6 and the acquisition of businesses of $221.7.
Net Cash provided by (used for) Financing Activities
Net cash used for financing activities was $44.3 in the first nine months of 2025 compared to $640.4 used for financing activities in the first nine months of 2024. The decrease in cash used in 2025 was primarily the result of a $599.9 decrease in repurchases of common shares, offset by a $13.5 decrease in employee taxes paid for shares withheld, a $3.0 decrease in exercise of employee stock options, and a $14.5 increase in dividend payments.
Critical Accounting Policies and Estimates
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Unaudited Condensed Consolidated Financial Statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. The preceding discussion and analysis of our consolidated results of operations and financial condition should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. The 2024 financial statements, as part of the 2024 Form 10-K, includes additional information about us, our operations, our financial condition, our critical accounting policies and accounting estimates, and should be read in conjunction with this Quarterly Report on Form 10-Q. Our significant accounting policies are described in “Note 1 - Description of Business and Summary of Significant Accounting Policies” of the 2024 Form 10-K.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in our quantitative and qualitative market risk disclosures from those described in our 2024 Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company maintains (a) disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), and (b) internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).
The Company’s management, with the participation of its Chief Executive Officer and its Chief Financial Officer, conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2025 (the end of the period covered by this Quarterly Report on Form 10-Q). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2025, the Company’s disclosure controls and
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procedures were effective in ensuring that material information for the Company, including its consolidated subsidiaries, required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that it is accumulated and communicated to management, including our principal executive and financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
With the exception of the below, we are not a party to any material, pending legal proceedings or claims at September 30, 2025. From time-to-time, we may be a party to, or otherwise involved in, legal proceedings arising in the normal course of business. The nature of our business ordinarily results in a certain amount of pending as well as threatened claims, litigation, investigations, regulatory and legal and administrative cases, matters and proceedings, all of which are considered incidental to the normal conduct of business. When we determine that we have meritorious defenses to the claims asserted, we vigorously defend ourself. We consider settlement of cases when, in management’s judgment, it is in the best interests of both Vertiv and its shareholders to do so.
On May 3, 2022, a putative securities class action, In re Vertiv Holdings Co Securities Litigation, 22-cv-3572, was filed against Vertiv, certain of the Company’s officers and directors, and other defendants in the Southern District of New York. Plaintiffs filed an amended complaint on September 16, 2022. The amended complaint alleges that certain of the Company’s public statements were materially false and/or misleading with respect to inflationary and supply chain pressures and pricing issues, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended. These claims are asserted on behalf of a putative class of all persons and entities that (i) purchased Vertiv securities between February 24, 2021 and February 22, 2022; and/or (ii) purchased Vertiv securities in or traceable to the November 4, 2021 secondary public offering by a selling stockholder pursuant to a resale registration statement. On January 31, 2024, the Court issued an order dismissing the claims under Sections 11, 12(a)(2), and 15 of the Securities Act. The motion to dismiss the claims under Sections 10(b) and 20(a) of the Exchange Act remains pending.
On June 9, 2023, two Vertiv shareholders, Matthew Sullivan and Jose Karlo Ocampo Avenido, brought a derivative lawsuit, Sullivan v. Johnson, et al., C.A. No. 2023-0608 (the "Sullivan Action"), against Vertiv (as nominal defendant only) and certain of the Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. Further, on November 19, 2024, another Vertiv shareholder, Laura Hanna, brought a derivative lawsuit, Hanna v. Johnson, et al. (the "Hanna Action"), against Vertiv (as nominal defendant only) and certain of Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. The complaints allege that the named directors and officers caused the Company to issue materially false and/or misleading public statements with respect to inflationary and supply chain pressures and pricing issues, and that the Company suffered damages as a result. The Sullivan Action has been stayed since August 10, 2023 pending the outcome of the motion to dismiss in the securities class action. On February 13, 2025, the Delaware Court of Chancery entered an order that (i) consolidated the Sullivan Action and Hanna Action into a single consolidated derivative lawsuit, In re Vertiv Holdings Co Stockholder Derivative Litigation, Consolidated C.A. No. 2023-0608-NAC (the “Consolidated Derivative Action”), (ii) designated the complaint in the Hanna Action as the operative complaint in the Consolidated Derivative Action, and (iii) stayed the Consolidated Derivative Action on terms identical to those of the existing stay of the Sullivan Action.
We believe we have meritorious defenses against the allegations made in the aforementioned lawsuits, which are at the preliminary stages. However, we are unable at this time to predict the outcome of these matters or the amount of any cost associated with their resolution.
In November 2023, following the filing of the putative securities class action and the Sullivan Action described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company is actively responding to these matters.
In January 2024, the Mexican tax administration service, the Servicio de Administracion Tributaria (the "SAT"), initiated a process to suspend the importer registration of one of the Company's wholly owned Mexico subsidiaries, Tecnología del Pacífico S.A. de C.V. (“TDP”), in connection with a contested customs tax audit for the period April 2016 to February 2018. After further investigation and discussion with SAT, TDP agreed to make payments and fees totaling approximately $10.1 which were paid in the first quarter of 2024. The Company intends to seek reimbursement of this amount as an undue payment from SAT, for which the outcome is currently unknown and no receivable has been established.
We are unable at this time to predict the outcome of these matters, including whether any proceedings may be instituted in connection with the government inquiries, or the amount of any cost associated with their resolution.
As of September 30, 2025, other than as described above, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes were or will be material in relation to the Company’s Consolidated Financial Statements, nor were there any material commitments outside the normal course of business.
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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors
The Company's risk factors, as of September 30, 2025, have not materially changed from those described in Part 1, Item 1A of our 2024 Form 10-K for the fiscal year ended December 31, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
A) Recent Sales of Unregistered Securities
None.
B) Use of Proceeds from our Initial Public Offering of Common Stock
Not applicable.
C) Repurchases of Shares or of Company Equity Securities
On November 29, 2023, the Board of Directors of the Company approved a stock repurchase program, which authorizes the repurchase of shares of Company Class A common stock in an aggregate amount of up to $3.0 billion through December 31, 2027. The stock repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares of Class A common stock and the Board's authorization of the program may be modified, suspended or discontinued at any time.
As of September 30, 2025, $2.4 billion shares were available for repurchase. During 2025, Vertiv made no share repurchases.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Item 5A. Other Information
None.
Item 5C. Plan 10b5-1 Plan Adoptions and Modification
During the third quarter covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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ITEM 6. EXHIBITS
EXHIBIT INDEX
Exhibit No.Description
10.1
10.2
31.1
31.2
32.1
32.2
101.INS
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) Unaudited Condensed Consolidated Statements of Earnings (Loss), (ii) Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) Unaudited Condensed Consolidated Balance Sheets, (iv) Unaudited Condensed Consolidated Statements of Cash Flows, and (v) Notes to Unaudited Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags
101.SCHInline XBRL Taxonomy Extension Schema (filed herewith)
101.CALInline XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
101.DEFInline XBRL Taxonomy Extension Definition Linkbase (filed herewith)
101.LABInline XBRL Taxonomy Extension Label Linkbase (filed herewith)
101.PREInline XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
104
Cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL (and contained in Exhibit 101)


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 22, 2025
Vertiv Holdings Co
/s/ Giordano Albertazzi
Name: Giordano Albertazzi
Title: Chief Executive Officer
/s/ David Fallon
Name: David Fallon
Title: Chief Financial Officer

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September 24, 2025
Craig Chamberlin
craigc@pclsupply.com

Dear Craig:

I am pleased to confirm our offer to you as Chief Financial Officer of Vertiv Holdings Co., (“Vertiv”) based in Westerville, Ohio. This position reports to Giordano Albertazzi, CEO of Vertiv Holdings Co, subject to the terms and conditions of this Agreement, and Vertiv’s Executive Employment Policy (“Employment Policy”) and Executive Change of Control Plan (“Change of Control Plan”), which are incorporated in this Agreement. Your start date is tentatively November 10, 2025, or a later date as otherwise determined by the CEO (“Effective Date”) and you will be employed by an affiliate of Vertiv, namely Vertiv Corporation ("Company").

In this position, you would be eligible for the following compensation and benefits package, subject to approval by Vertiv’s Compensation Committee:
Salary
Your annual base salary will be $750,000.00 USD ($28,846.15 gross bi-weekly). This position is not eligible for overtime pay. Following the Effective Date, your new base salary will be in effect and will be processed through your regular payroll. Base salary reviews occur annually, and any adjustments are generally made at the end of the first quarter of the calendar year. Adjustments are based on your performance and other relevant factors. You will next be eligible for a base salary review in the first quarter of 2027.
Annual Incentive Plan Bonus
You will be eligible to participate in the Vertiv Incentive Plan (VIP) with an annual target bonus opportunity of 100% of your base salary ($750,000.00 USD). The payment of any bonus is subject to the terms of the plan summary. Your VIP calculation will start on 2026 considering the full year (Jan 1, 2026, to Dec 31, 2026) and will be paid from US payroll of the Company in USD. VIP payments are made in the first quarter of the year following the performance year.
Annual Equity Grant
In accordance with Vertiv’s historical annual grant practices, you will receive your annual equity grant in March 2026 and each calendar year thereafter that you continue as the Chief Financial Officer, you shall be eligible to receive an equity award under the 2020 Stock Incentive Plan of Vertiv Holdings Co and its Affiliates (“Equity Plan”) with a target grant date fair value (based on Vertiv’s standard methodology) equal to $2,000,000.00 USD, subject to approval by Vertiv’s Board of Directors and Compensation Committee, with such other terms and conditions as may be determined by the Compensation Committee in its sole discretion. Each such equity award shall be subject to the terms and conditions of the Equity Plan and an accompanying award agreement.

Moreover, Vertiv reserves the right to modify the design or mix of the annual long-term incentive award program in the future.
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One Time Sign-Ons (Cash and Equity Grant)
In connection with this offer, effective on the Effective Date, you will be granted the following cash award (in lieu of 2025 bonus), and one-time sign-on equity award (to replace your unvested equity), under the Equity Plan, subject to approval by Vertiv’s Compensation Committee, with such other terms and conditions as may be determined by the Compensation Committee in its sole discretion and subject to the terms and conditions of the Equity Plan and the accompanying award agreements:
•Sign-On Cash Award (in lieu of 2025 Annual Bonus): You will receive a one-time cash award equivalent to $300,000.00 gross, payable within 30 days of your start date. This award replaces your eligibility for the 2025 annual bonus and is subject to clawback if relocation services are not initiated within six (6) months of your start date.
•Sign-On Equity Grant in RSUs (Replacement of Unvested LTI): You will be granted a sign-on equity grant, in Restricted Stock Units, to recognize loss of unvested equity from your prior employer, with a target grant date fair value equal to $ 1,050,700.00 USD, to vest in 3 years (1st year-50%, 2nd year-30% and 3rd year-20%), (1) with the number of shares of the Company’s common stock subject to such award determined by dividing $1,050,700.00 USD by the closing price on the Grant Date (consistent with the methodology used by the Company previously and described in the materials and minutes of the Committee’s meeting on March 7, 2025) (2) otherwise with the same terms and conditions set forth in the Company’s standard form of restricted stock units award agreement.
Relocation You will be eligible for an executive relocation package, according to policy.
401kYou will be eligible to contribute to Company’s 401(k) Plan subject to the terms of the plan. The 401(k) plan allows you to defer on a pre-tax, post-tax and after-tax basis. You may defer up to 90% of your eligible income (not to exceed IRS limitations). For every $1.00 up to the first 6% of eligible earnings that an employee contributes, the Company contributes $0.50. Matching contributions will be deposited after each quarter in the form of Company stock.
Benefits
Company has partnered with a variety of insurers and providers to offer you multiple options and flexibility. These include medical, dental, vision, life and disability insurance, plus many more, as described in the attached highlights document. You are eligible to enroll on the first day of the month following the Effective Date.

At Vertiv, we believe taking time off is important to your health and well-being. When we rest and recharge, we are better able to tackle both personal and work challenges. To support and encourage you to take some time off every year you will be immediately eligible to participate in our Flexible Paid Time Off (PTO) Program.

With Flexible PTO, there are no accruals, no balances and no fixed number of days allowed. You coordinate your PTO with your manager, then submit Flexible PTO request via the online tool. Your manager will review and approve your request subject to the needs of the business, your work performance and your ability to meet your commitments. Further, you will be eligible for the US holiday schedule.
EXECUTIVE EMPLOYMENT POLICY

As a condition of your employment with the Company, and this Agreement, you shall be subject to the Employment Policy, and agree to execute the current form of the Employment Policy which attached hereto as Exhibit B and is incorporated herein by reference and all related policies referenced therein: https://www.sec.gov/Archives/edgar/data/1674101/000162828023035351/q32023exno101-amendedandre.htm. The terms of this Agreement and the Employment Policy shall be in addition to and not in lieu of the terms of any other agreement between Vertiv (and its affiliates) and you concerning non-
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competition, non-solicitation, non-disparagement, confidential information, and proprietary rights. If there is any inconsistency between such agreements and this Agreement, this Agreement shall govern. For avoidance of doubt, neither Vertiv, nor its affiliates, shall be obligated to pay any cash compensation to Executive in consideration for such non-compete obligations following the Effective Date. As noted in the Employment Policy, you will be subject to applicable policies of the Company and directives promulgated from time to time by the Board, which currently include (but are not limited to) the clawback policy attached as Exhibit A hereto and the stock ownership guidelines described in Exhibit C hereto.

OTHER EXECUTIVE BENEFITS

You will also be entitled to the following Executive Benefits in addition to the benefits you receive under this Agreement:
•
Executive Severance: The Employment Policy continuation coverage (“Executive Severance”), if applicable, if your employment is involuntarily terminated for a reason other than Cause or you terminate for Good Reason (as defined in the Employment Policy in effect when you terminate employment). You will be required to execute a release of claims against Vertiv and its affiliates and related parties and you may be required to agree to certain non-solicitation, non-disclosure, and non- competition covenants as a condition of receiving executive severance benefits. You agree to waive any termination payments that you may be eligible to receive under applicable law (the “Statutory Severance”). To the extent that the Statutory Severance benefits are not waived or are not waivable, your Executive Severance will be reduced by the amount of any Statutory Severance that Vertiv or its affiliates are required to pay to you.
•
Change of Control Termination Payments: The Change of Control Plan currently provides for a lump sum cash termination payment, continued benefits and perquisites and equity acceleration if your employment is involuntarily terminated for a reason other than Cause or you terminate upon the occurrence of a Good Reason Event (as defined in the Change of Control Plan in effect when you terminate employment) within the period beginning 90 days prior to effective date of a Change of Control and ending on the second anniversary of the Change of Control. Any termination payments made and equity accelerated under the Change of Control Plan shall be in lieu of any termination, severance or similar payments and benefits provided to you under this Agreement and/or the Employment Policy. For additional information, please consult the Change of Control Plan. Notwithstanding the terms of the Change of Control Plan, any payments to be made to you under the Change of Control Plan shall be offset and reduced by any termination entitlements owed to you by Vertiv or any affiliate of Vertiv, including, without limitation, remuneration paid to you during any period of notice, and any Statutory Severance that Vertiv or any affiliate of Vertiv is required to pay to you, to the extent that Statutory Severance benefits are not waived or are not waivable.


INTELLECTUAL PROPERTY AND RESTRICTIVE COVENANTS

As a condition of this employment offer, you are required to execute the Company’s “Employee Agreement Relating to Trade Secrets, Proprietary and Confidential Information” (“IP Agreement”). You will also be subject to the restrictive covenants in the Executive Employment Policy and Change of Control Plan.

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This letter supersedes any prior written and/or verbal representations relative to employment with Vertiv or any of its affiliates.

You also hereby represent and warrant to the Company that you are not presently under and will not become subject to any obligation to any person or entity which is inconsistent or in conflict with your employment with the Company or which would prevent, limit or impair in any way your performance of your duties to the Company as described in this letter. Specifically, you represent and warrant that you have not brought with you any confidential or proprietary information of any former employer, and you are not subject to any agreement or obligation with a former employer that would prohibit your employment by the Company. Further, during the term of your employment, you will not engage in any activity on behalf of, nor accept any salary, commissions, fee or compensation of any kind (other than investment income) from any person, firm or corporation where such activity interferes with, or is in conflict with, your employment by the Company.

The Immigration Reform and Control Act of 1986 require all employers to verify the identity and work eligibility of their employees. In order to begin working at Vertiv, you will be required to provide appropriate documentation (shown on attached Acceptable I-9 Documents sheet). Please bring these with you on the Effective Date. In addition, our company participates in the E-Verify program to confirm that you are authorized to work in the United States.

We look forward to a pleasant and productive relationship, recognizing that, as an employee-at-will, you may resign for any reason at any time, and your employment may be terminated by the Company for any reason at any time.

Please indicate your acceptance of this offer by signing this letter in the space provided below and returning it to our office; retain a copy for your records.

Craig, we are excited to be extending this offer to you and look forward to working with you in your leadership role. Your experience and background are assets to Vertiv.

If you have any questions regarding our offer, please do not hesitate to contact me.


Sincerely,


Giordano Albertazzi
Chief Executive Officer


I accept this offer of employment on the basis set forth above.




_/s/ Craig Chamberlin__                            ___September 26, 2025_____
Craig Chamberlin                                Date

All businesses experience changing conditions. Accordingly, we reserve the right to change work assignments, reporting relationships and staffing levels to meet business needs, and your employment with Vertiv Corporation will be on an “at will” basis except as otherwise provided under applicable law. This means that there is no guarantee of
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employment for any specific period, and either you or Vertiv Corporation may terminate your employment at any time.

The descriptions of benefits and perquisites described in this Agreement are for general information purposes only and are not intended to modify any plan document, summary plan description (“SPD”) or prospectus. For a complete description of any benefit or perquisite, you may request a copy of the applicable plan document, SPD or prospectus. Vertiv and its affiliates reserve the right to modify, amend or terminate any benefit plan or perquisite in its sole and absolute discretion.
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Exhibit A

Clawback Policy

https://www.sec.gov/Archives/edgar/data/1674101/000162828024006498/exhibitno971-clawbackpolic.htm

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Exhibit B

Executive Employment Policy


https://www.sec.gov/Archives/edgar/data/1674101/000162828023035351/q32023exno101-amendedandre.htm













































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Exhibit C

Stock Ownership Guidelines

As per Vertiv’s stock ownership guidelines, executives are not allowed to sell their stock holdings until they meet a specific monetary threshold value, which is typically defined as follows:
• CEO: 5 times their base salary
• NEO: 3 times their base salary
• Executives/ Sec16: 2 times their base salary
The executive will be required to meet the holdings requirement for # of shares within 5 years of his hire date, in addition to the “no sale” restriction.
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EXHIBIT 31.1
CERTIFICATION PURSUANT TO
SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Giordano Albertazzi, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Vertiv Holdings Co;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 22, 2025
/s/ Giordano Albertazzi
Name: Giordano Albertazzi
Title: Chief Executive Officer
EXHIBIT 31.2
CERTIFICATION PURSUANT TO
SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, David Fallon, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Vertiv Holdings Co;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 22, 2025
/s/ David Fallon
Name: David Fallon
Title: Chief Financial Officer
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Vertiv Holdings Co (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Giordano Albertazzi, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: October 22, 2025
/s/ Giordano Albertazzi
Name: Giordano Albertazzi
Title: Chief Executive Officer
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Vertiv Holdings Co (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David Fallon, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 22, 2025
/s/ David Fallon
Name: David Fallon
Title: Chief Financial Officer