Vertiv Lifts 2026 Sales Outlook $650M as Organic Orders Surge Over 100%, Led by the Americas
Adjusted EPS rose 78% to $2.21 on sales of $4.31B. The raised outlook points to more of the same in Q4, but growth is concentrated in one region and expectations are high.
Vertiv (VRT) reported third-quarter net sales of $4.31 billion, up 61% from a year ago, and adjusted earnings of $2.21 a share, topping consensus of $1.82 by $0.39. Revenue beat the $3.75 billion consensus by 15%, as provided to MarketCatalyst. The company said organic orders grew more than 100% and raised its 2026 outlook across all key metrics. The stock was quoted at $236.60 shortly after 10 a.m. ET, up about 13%, as provided. The numbers are exceptional; the research question is how much of the growth is concentrated, and what a higher bar leaves for 2027.
The headline numbers
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Net sales | $4,313M | $2,676M | +61.2% |
| Adjusted operating profit | $1,087M | $596M | +83% |
| Adjusted operating margin | 25.2% | 22.3% | +290 bps |
| Adjusted diluted EPS | $2.21 | $1.24 | +78% |
| Diluted EPS (GAAP) | $1.95 | $1.02 | +91% |
| Adjusted free cash flow | $652M | $436M | +50% |
By our calculation, the EPS beat is about 21% above consensus. Organic growth was 55%, with acquisitions adding about 6 points. Products grew 66% and services and spares 42%. Nine-month net sales are $10.24 billion, up 39%.
The Americas carry the quarter
| Region | Net sales | Growth | Organic | Adj. operating margin |
|---|---|---|---|---|
| Americas | $2,989M | +74.5% | +66.2% | 29.4% |
| Asia Pacific | $779M | +49.9% | +48.3% | 17.0% |
| EMEA | $545M | +22.8% | +19.3% | 28.0% |
By our calculation, the Americas were about 69% of third-quarter sales and about 75% of reportable segment operating profit. The region's 29.4% margin is well above Asia Pacific's 17.0%, so mix is a driver of the consolidated margin gain. EMEA is recovering: its organic sales grew 19% in the quarter after a 3% decline over the first nine months. For investors, the same concentration that fuels the upside also means the results depend heavily on one region's customer spending.
The raised outlook
| Metric | Q4 2026 guidance | Full-year 2026 guidance |
|---|---|---|
| Net sales | $4,313M to $4,513M | $14,450M to $14,850M |
| Organic growth | 49% to 51% | 37% to 39% |
| Adjusted operating profit | $1,118M to $1,158M | $3,475M to $3,555M |
| Adjusted operating margin | 25.3% to 26.3% | 23.5% to 24.5% |
| Adjusted EPS | $2.22 to $2.28 | $7.10 to $7.20 |
| Adjusted free cash flow | Not guided | $2,600M to $2,800M |
Vertiv raised its full-year sales midpoint by $650 million to $14.65 billion. By our calculation, the full-year EPS midpoint of $7.15 is about 6% above the $6.73 consensus and the sales midpoint about 5% above the $14.01 billion consensus, both provided to MarketCatalyst and set before the results. The fourth-quarter sales midpoint of $4.41 billion is only about 2% above the third quarter, so the guidance implies growth is plateauing sequentially even as it holds near 50% year over year. A fourth-quarter consensus of $2.21 in EPS and $4.31 billion in revenue, as provided, matches third-quarter actuals and sits below the guidance range, so it looks stale rather than a real bar.
Cash, capacity and the balance sheet
Operating cash flow was $794 million and adjusted free cash flow $652 million, about 75% of adjusted net income by our calculation. Capital spending rose to $139 million from $45 million a year ago, about 3.2% of sales, against a full-year plan of roughly 4%. Vertiv ended the quarter with $3.5 billion of cash and $6.2 billion of liquidity and describes a net cash position, after refinancing about $2.1 billion of long-term debt during 2026. Net interest expense fell to $6.4 million from $22.8 million. It paid $24 million in dividends in the quarter and disclosed no buybacks or acquisitions.
CEO Giordano Albertazzi said, "We are in the middle of the largest infrastructure buildout and it's accelerating." The release did not give a backlog or book-to-bill figure in the portions we reviewed.
What the estimates and price imply
| Period | EPS estimate | Revenue estimate |
|---|---|---|
| FY2026 | $6.73 | $14.01B |
| FY2027 | $9.21 | $18.25B |
The estimates above were provided to MarketCatalyst. By our calculation, the FY2027 figures sit about 29% above the 2026 EPS midpoint and about 25% above the 2026 sales midpoint. At $236.60, the shares trade at about 33 times the $7.15 midpoint and about 26 times the $9.21 FY2027 estimate, with a market value near $93 billion on 392.7 million diluted shares. The prior close implied by the quote was $208.56.
What it means
Vertiv is showing operating leverage on very fast growth: adjusted operating profit grew about 83% on 61% sales growth, and the margin guide for the fourth quarter edges above the third. The risks sit in the shape of the growth. The Americas supply most of it, sequential growth is guided to slow, and a stock that has gained 13% in a morning now has the 2027 estimates, which assume another year of about 25% growth, baked in. The things to watch are the order trend against capacity additions, whether Europe keeps recovering, and whether margins hold as capital spending rises.
Sources: Vertiv, third-quarter 2026 financial results release (Oct. 28). Consensus estimates, the share price and its intraday move are as provided to MarketCatalyst. This is informational, not a recommendation to buy or sell.
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