Vertiv Holdings Co Q4 FY2025 Earnings Call

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Vertiv Q4 & Full Year 2025 Earnings Summary

Overview

  • Vertiv delivered exceptionally strong Q4 and FY25 results, significantly exceeding guidance across all major financial metrics.
  • Management emphasized accelerating AI-driven data center demand, strong customer confidence, and multi-year visibility supported by a record backlog.
  • Backlog reached $15 billion, more than double FY24 levels and up 57% sequentially.
  • Vertiv will discontinue quarterly disclosure of orders and backlog to reduce perceived volatility; full-year disclosures will remain in the 10-K.

Q4 2025 Financial Performance

  • Adjusted diluted EPS: $1.36, up 37% YoY and $0.10 above guidance.
  • Organic net sales: +19% YoY.
    • Americas: +46% organically.
    • APAC: –9% organically.
    • EMEA: –14% organically.
  • Adjusted operating margin: 23.2%, up 170 bps vs. Q4 2024.
  • Adjusted operating profit: $668 million, +33% YoY.
  • Adjusted free cash flow: $910 million, +151% YoY, boosted by large order-related advance payments.

Full Year 2025 Financial Performance

  • Adjusted diluted EPS: $4.20, +47% YoY and exceeded guidance by $0.10.
  • Net sales: $10.2 billion, +26% organic growth.
    • Americas: +41%.

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Operator: Good morning. My name is Nadia, and I'll be your conference operator today. At this time, I would like to welcome everyone to Vertiv's Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] Please note that this call is being recorded. I would now like to hand the program over to your host for today's conference call, Lynne Maxeiner, Vice President of Investor Relations. Lynne Maxeiner: Right. Thank you, Nadia. Good morning, and welcome to Vertiv's Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Gio Albertazzi; and Chief Financial Officer, Craig Chamberlin. We have 1 hour for the call today. [Operator Instructions] Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Vertiv. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We refer you to the cautionary language included in today's earnings release, and you can learn more about these risks in our annual and quarterly reports and other filings made with the SEC. Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to

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