Vertiv reported a strong fourth quarter and full year 2025, driven by significant order growth and robust market demand, particularly in AI infrastructure. The company demonstrated strong operational execution, leading to increased sales, margins, and cash flow, positioning it for continued growth in 2026.
Net sales increased 23% year-over-year to $2,880 million in Q4 2025, driven by organic sales growth of 19%.
positiveFourth quarter organic orders grew approximately 252% compared to last year's fourth quarter, reflecting strong market demand.
positiveAdjusted operating margin was 23.2%, up 170 basis points compared to fourth quarter 2024, driven by operational leverage and productivity.
positiveOperating cash flow increased 136% to $1,005 million and adjusted free cash flow increased 151% to $910 million in Q4 2025 compared to the prior year.
positiveAPAC net sales decreased 9.6% year-over-year in Q4 2025, and EMEA net sales decreased 8.2% year-over-year in Q4 2025.
attentionEMEA adjusted operating margin decreased to 22.1% in Q4 2025 from 26.6% in Q4 2024.
attentionInventories increased to $1,456.5 million in Q4 2025 from $1,244.4 million in Q4 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Americas | N/A | — | — | — | +46.2% |
APAC | N/A | — | — | — | +18.2% |
Europe, Middle East & Africa | N/A | — | — | — | -2.1% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Our fourth quarter performance demonstrates Vertiv's leadership position in an increasingly complex and demanding data center market.
Significant growth in orders, sales, margins and cash reflects our ability to scale while maintaining a sharp focus on operational execution.
What differentiates Vertiv is our ability to anticipate and shape the industry direction.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.