Vertiv Holdings (VRT) financial statements
Vertiv Holdings reported revenue of $10.2B in fiscal 2025, up 13.2% a year over 7 years.
Net income was $1.3B.
Free cash flow was $1.9B, and the company returned $67M in dividends.
The diluted share count rose 230% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vertiv Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $4.3B | $4.4B | $4.4B | $5.0B | $5.7B | $6.9B | $8.0B | $10.2B |
| Cost of revenue | — | — | $2.9B | $3.0B | $2.9B | $3.5B | $4.1B | $4.5B | $5.1B | $6.5B |
| Gross profit | — | — | $1.4B | $1.5B | $1.5B | $1.5B | $1.6B | $2.4B | $2.9B | $3.7B |
| Research and development | — | — | $198M | $229M | $229M | $266M | $282M | $304M | $368M | $442M |
| Selling, general and admin | — | $1,276 | $1.2B | $1.1B | $1.0B | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B |
| Operating income | — | — | — | $206M | $214M | $260M | $223M | $872M | $1.4B | $1.8B |
| Interest expense | — | — | $289M | $310M | $150M | $91M | $147M | $180M | $150M | $86M |
| Pre-tax income | — | -$1,276 | -$271M | -$104M | -$255M | $166M | $167M | $534M | $765M | $1.7B |
| Income tax | — | $0 | $50M | $36M | $73M | $47M | $90M | $74M | $270M | $409M |
| Net income | -$303,418 | -$1,276 | -$314M | -$141M | -$327M | $120M | $77M | $460M | $496M | $1.3B |
| EPS (diluted) | — | — | -$2.65 | -$1.19 | -$1.07 | $0.33 | -$0.04 | $1.19 | $1.28 | $3.41 |
| Diluted shares | — | — | 118M | 118M | 307M | 360M | 378M | 386M | 386M | 391M |
| Gross margin | — | — | 33.1% | 32.8% | 33.7% | 30.5% | 28.4% | 35.0% | 36.6% | 36.3% |
| Operating margin | — | — | — | 4.7% | 4.9% | 5.2% | 3.9% | 12.7% | 17.1% | 17.9% |
| Net margin | — | — | -7.3% | -3.2% | -7.5% | 2.4% | 1.3% | 6.7% | 6.2% | 13.0% |
Balance sheet
Fiscal years, from Vertiv Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | $398M | $215M | $224M | $535M | $439M | $261M | $780M | $1.2B | $1.7B |
| Receivables | — | — | — | $1.2B | $1.4B | $1.5B | $1.9B | $2.1B | $2.4B | $3.1B |
| Inventory | — | — | — | $401M | $447M | $616M | $822M | $884M | $1.2B | $1.5B |
| Total current assets | — | $25,000 | $1M | $2.0B | $2.5B | $2.7B | $3.2B | $4.0B | $5.1B | $6.8B |
| Property, plant and equipment | — | — | — | $428M | $428M | $489M | $489M | $560M | $625M | $922M |
| Goodwill | — | — | $634M | $606M | $607M | $1.3B | $1.3B | $1.3B | $1.3B | $2.0B |
| Total assets | — | $25,000 | $697M | $4.7B | $5.1B | $6.9B | $7.1B | $8.0B | $9.1B | $12.2B |
| Total current liabilities | — | $1,276 | $1M | $1.5B | $1.7B | $1.9B | $1.9B | $2.3B | $3.1B | $4.4B |
| Long-term debt | — | — | — | $3.5B | $2.1B | $3.0B | $3.2B | $2.9B | $2.9B | $2.9B |
| Total liabilities | — | $1,276 | $25M | $5.4B | $4.6B | $5.5B | $5.7B | $6.0B | $6.7B | $8.3B |
| Shareholders' equity | $25,000 | -$130M | -$540M | -$705M | $512M | $1.4B | $1.4B | $2.0B | $2.4B | $3.9B |
| Net debt | — | -$398M | -$215M | $3.2B | $1.6B | $2.5B | $2.9B | $2.2B | $1.7B | $1.2B |
Cash flow
Fiscal years, from Vertiv Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$25,000 | — | -$222M | $58M | $209M | $211M | -$153M | $900M | $1.3B | $2.1B |
| Capital spending | — | — | $106M | $70M | $53M | $85M | $111M | $135M | $184M | $226M |
| Free cash flow | — | — | -$328M | -$13M | $156M | $126M | -$264M | $766M | $1.1B | $1.9B |
| Stock-based compensation | — | — | $0 | $0 | $13M | $23M | $25M | $25M | $35M | $46M |
| Dividends paid | — | — | $0 | $0 | $3M | $4M | $4M | $10M | $42M | $67M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$600M | $0 |
| Free cash flow margin | — | — | -7.6% | -0.3% | 3.6% | 2.5% | -4.6% | 11.2% | 14.2% | 18.4% |
| Dividends per share | — | — | — | — | $0.01 | $0.01 | $0.01 | $0.02 | $0.11 | $0.17 |
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Open VRT in InvestinglyQuestions
What was Vertiv Holdings's revenue in 2025?
$10.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Vertiv Holdings generate?
$1.9B in fiscal 2025 (operating cash flow minus capital spending).
From Vertiv Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.