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Vertiv cash flow statement

In fiscal 2025, Vertiv's operations generated $2.11bn of cash; it spent $220m on capital projects, leaving free cash flow of $1.89bn. It returned $66.6m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations—−22258209211−1539011,3192,1143,666
Depreciation and amortisation—217203203227302271277309420
Stock-based pay—0013232525354658
Capital spending—65484473100128167220518
Free cash flow—−28710165138−2537731,1521,8943,147
Free cash flow after stock pay—−28710152114−2787481,1181,8483,090
Dividends paid—0034410426796
Share buybacks—————006000—
Shares issued—001,83300————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Vertiv's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vertiv.