Vertiv reports results on Wednesday 28 October, before the market opens. The business is getting more profitable as it grows. Revenue over the twelve months to Q2 2026 was $11.5 billion, which rose 26.2% on the year before.
Source: reported quarterly EPS and aggregated third-party estimates. Historical surprises are context, not a forecast.
View chart data
| Period | Reported EPS | Analysts' estimate |
|---|---|---|
| Sep '25 | $1.24 | $0.99 |
| Dec '25 | $1.36 | $1.30 |
| Mar '26 | $1.17 | $1.01 |
| Jun '26 | $1.52 | $1.43 |
What analysts expect
Analysts have been raising their forecasts going into the report. For the quarter, the analysts’ average EPS estimate is $1.82, in a range from $1.79 to $1.92. The average revenue estimate for the quarter is $3.8 billion. At the same time, the analysts’ average estimate for full-year EPS is $6.73, which would be up 60.3% on last year (based on 28 analysts). That estimate has risen 3.9% over the past 90 days. Of the analysts’ recommendations, 26 are positive, 4 neutral and 0 negative.
Company guidance
In its latest earnings release, management set Full Year 2026 Adjusted diluted EPS guidance at $6.65 to $6.75. In its latest earnings release, management set Third Quarter 2026 Adjusted diluted EPS guidance at $1.77 to $1.83. Alongside that, in its latest earnings release, management set full year 2026 diluted EPS guidance at $5.82 to $5.92. In its latest earnings release, management set Full Year 2026 Net sales guidance at $13.8 billion to $14.2 billion.
Earnings surprise model
The model estimates EPS could land above the analysts’ average estimate by 5.5%. Its estimated chance of an EPS beat is 75.0%, based on the last 4 quarters. The model shrinks the median recent surprise toward zero and uses a neutral prior for beat frequency; this small sample is a reference estimate, not company guidance.
Track record against estimates
The company reported EPS above the analysts’ average estimate in 4 of the last 4 quarters. Last quarter, EPS of $1.52 compared with an estimate of $1.43, above it by 6.4%.
The trends going in
Profit and cash are telling different stories: cash flow grew far faster. The trailing gross margin was 38.0%. The trailing operating margin was 18.9%, up 1.8 percentage points from a year earlier. The trailing net margin was 15.1%. Net income over the twelve months was $1.7 billion, which rose 113.2% on the year before.
The cash picture
Today’s cash margin sits near the top of the company’s own record. Operating cash flow over the twelve months was $3.4 billion, up 135.1% on the year before. Capital spending was $430.2 million, or 3.7% of revenue. Free cash flow, operating cash flow less capital spending, was $2.9 billion, up 136.0% on the year before. Free cash flow was 25.5% of revenue (the free-cash-flow margin), up 11.8 percentage points from a year earlier. The average diluted share count rose 0.4% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 25.5% is above every one of the company’s own past quarterly readings, which have ranged from −7.3% to 21.0%. Today’s operating margin of 18.9% is above every past reading (1.0% to 18.3%). Today’s twelve-month revenue growth rate of 26.2% is higher than 85% of past readings (−43.9% to 29.0%).
Questions this report will answer
Whether the slowdown in revenue growth continues. Whether results land above or below the analysts’ expectations set out above. At the same time, Whether margins hold at the trailing levels above. The next filing will show whether the trends above continue, slow or reverse.
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 23.8%, and 5 percentage points higher would raise it by 30.4%. A free-cash-flow margin 1 percentage point lower would lower it by 3.9%.
