Vertiv sells the power and cooling equipment that data centres are built out of — switchgear, busway, uninterruptible power supplies, chillers, coolant distribution units, racks — and then services it for the twenty years it runs. Net sales have compounded at 13.2% a year since fiscal 2018, from $4,285.6 million to $10,229.9 million, and the last three years accelerated rather than decayed: +20.6%, +16.7%, +27.7%. In the quarter ended 30 June 2026 revenue grew 24.1% to $3,274.3 million, the adjusted operating margin reached 22.6%, and the company ended the quarter with more cash and short-term investments than debt for the first time in its life as a public company. On 11 February 2026 it reported a fourth quarter with organic orders up approximately 252%, a book-to-bill ratio of approximately 2.9x and an order backlog of $15.0 billion, up 109% — and in the same slide deck announced that it would no longer report actual orders, orders forecasts or backlog with quarterly earnings.
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