Vertiv Holdings Co Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Executive Overview: Vertiv delivered strong Q2 2026 results with robust sales growth, significant margin expansion, record EPS, and exceptional free cash flow. Management raised full-year 2026 guidance across all key metrics, citing strong pipeline momentum, backlog, and disciplined capacity expansion. Executive Chairman David Cote highlighted the company's positioning in the digital/AI infrastructure space, while CEO Giordano Albertazzi emphasized operational execution and technology leadership in power and cooling architectures.

Q2 2026 Financial Highlights (vs. Q2 2025)

  • Net Sales: $3.274 billion, +24% YoY (+18% organic, +5% acquisitions, +1% FX). Americas +29% (21% organic), APAC +29% (26% organic), EMEA +2% (-2% organic).
  • Adjusted Operating Margin: 22.6%, +410 bps YoY (exceeded guidance by 140 bps).
  • Adjusted Operating Profit: $738 million, +51% YoY.
  • Adjusted Diluted EPS: $1.52, +60% YoY (+$0.12 above guidance), driven by volume and productivity.
  • Adjusted Free Cash Flow: $925 million, +234% YoY (conversion >150%), supported by higher profit and working capital efficiency.
  • Balance Sheet: Achieved net cash position (net leverage -0.1x). Deferred revenue rose due to project advance payments and milestones.

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Operator: Good morning. My name is Lucas Penner, and I will be your conference operator today. At this time, I would like to welcome everyone to Vertiv's Second Quarter 26 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. Please note that this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner, vice president Investor Relations. Lynne Maxeiner: Great. Thank you, Lucas. Good morning, and welcome to Vertiv's Second Quarter 26 Earnings Conference Call. Joining me today are Vertiv's Executive Chairman, David Cote Chief Executive Officer, Giordano Albertazzi and Chief Financial Officer, Craig Chamberlin. We have 1 hour for the call today, During the Q and A portion of the call, please be mindful of others in the queue and limit yourself to 1 And if you have a follow-up question, please rejoin the queue. 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. 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 S

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