Vertiv Holdings Co (VRT) Income Statement
VRT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVRT revenue and net income
Where VRT's revenue goes
2025Each bar shows an amount and its share of revenue. VRT kept 13.0% of revenue as net income.
VRT profit margins
VRT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +27.7% | +21.6% | +18.5% | — |
| Gross profit | +26.6% | +32.0% | +22.5% | — |
| Operating income | +37.2% | +102.7% | +41.3% | — |
| Net income | +168.8% | +159.1% | — | — |
| EPS (diluted) | +39.3% | +95.7% | +37.8% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VRT quarterly EPS vs estimates
Vertiv beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 28, 2026 (estimate $1.83).
VRT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.23B | $8.01B | $6.86B | $5.69B | $5.00B | $4.37B | $4.43B | $4.29B | $3.88B | $1.30B |
| Cost of revenue | $6.51B | $5.08B | $4.46B | $4.08B | $3.62B | $3.03B | $3.11B | $2.87B | $2.57B | $914.4M |
| Gross profit | $3.72B | $2.93B | $2.40B | $1.62B | $1.38B | $1.34B | $1.32B | $1.42B | $1.31B | $387.4M |
| Research & development | — | $352.1M | $303.5M | $282.0M | $266.4M | $228.6M | $229.4M | $198.3M | $166.5M | $129.4M |
| Sales, general & admin | $1.62B | $1.37B | $1.31B | $1.18B | $1.11B | $1.01B | $7.7M | $1.0M | $1,276 | $303,420 |
| Total operating expenses | $1.82B | $1.55B | $1.48B | $1.39B | $1.11B | $1.01B | $1.10B | $1.0M | $1,276 | $303,420 |
| Operating income | $1.90B | $1.38B | $916.8M | $227.8M | $269.4M | $336.6M | $223.0M | −$1.0M | −$1,276 | −$303,420 |
| Interest expense | $86.1M | $150.4M | $180.1M | $147.3M | $90.6M | $150.4M | $310.4M | $7.4M | $0 | $0 |
| Income before taxes | $1.74B | $765.4M | $533.7M | $167.0M | $166.2M | −$254.6M | −$104.3M | $6.4M | −$1,276 | −$303,420 |
| Income taxes | $409.1M | $269.6M | $73.5M | $90.4M | $46.6M | $72.7M | $36.5M | $1.3M | −$19.7M | $30.0M |
| Net income | $1.33B | $495.8M | $460.2M | $76.6M | $119.6M | −$327.3M | −$140.8M | $5.0M | −$1,276 | −$303,420 |
| EBITDA | $2.14B | $1.19B | $984.8M | $616.7M | $483.8M | $98.9M | $409.0M | $248.9M | −$1,276 | −$303,420 |
| EPS (diluted) | $3.97 | $2.85 | $1.78 | $0.53 | $0.76 | $0.80 | $0.14 | $0.06 | $0.00 | — |
| Gross margin | 36.3% | 36.6% | 35.0% | 28.4% | 27.6% | 30.8% | 29.9% | 33.1% | 33.8% | 29.8% |
| Operating margin | 18.5% | 17.2% | 13.4% | 4.0% | 5.4% | 7.7% | 5.0% | −0.0% | −0.0% | −0.0% |
| Net margin | 13.0% | 6.2% | 6.7% | 1.3% | 2.4% | −7.5% | −3.2% | 0.1% | −0.0% | −0.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.27B | $2.65B | $2.88B | $2.68B | $2.64B | $2.04B | $2.35B | $2.07B | $1.95B | $1.64B | $1.87B | $1.74B |
| Cost of revenue | $2.04B | $1.65B | $1.76B | $1.67B | $1.79B | $1.40B | $1.52B | $1.36B | $1.26B | $1.12B | $1.23B | $1.16B |
| Gross profit | $1.23B | $999.7M | $1.12B | $1.01B | $848.5M | $635.8M | $825.1M | $712.5M | $695.4M | $516.6M | $638.2M | $582.1M |
| Research & development | — | — | $419.4M | $209.7M | $111.1M | $98.6M | $352.1M | — | — | — | $303.5M | — |
| Sales, general & admin | $494.4M | $456.7M | $461.6M | $414.3M | $395.6M | $346.3M | $361.6M | $334.6M | $363.8M | $314.0M | $348.8M | $327.2M |
| Total operating expenses | $597.0M | $566.1M | $514.5M | $462.4M | $395.6M | $346.3M | $361.6M | $334.6M | $363.8M | $314.0M | $348.8M | $327.2M |
| Operating income | $637.9M | $433.6M | $606.9M | $548.3M | $452.9M | $289.5M | $463.5M | $377.9M | $331.6M | $202.6M | $289.4M | $254.9M |
| Interest income | — | $4.4M | — | — | — | — | — | — | — | — | — | — |
| Interest expense | $17.4M | — | $16.7M | $22.8M | $21.3M | $25.3M | $30.7M | $35.9M | $44.8M | $39.0M | $83.4M | $43.5M |
| Income before taxes | $620.0M | $438.3M | $563.2M | $492.2M | $421.1M | $265.4M | $245.2M | $268.5M | $264.7M | −$13.0M | $187.3M | $145.8M |
| Income taxes | $122.2M | $48.2M | $117.6M | $93.7M | $96.9M | $100.9M | $98.2M | $91.9M | $86.6M | −$7.1M | −$45.3M | $51.7M |
| Net income | $497.8M | $390.1M | $445.6M | $398.5M | $324.2M | $164.5M | $147.0M | $176.6M | $178.1M | −$5.9M | $232.6M | $94.1M |
| EBITDA | $753.2M | $541.3M | $668.2M | $590.4M | $515.7M | $362.3M | $346.9M | $373.3M | $377.9M | $94.7M | $339.6M | $257.5M |
| EPS (diluted) | $1.52 | $1.17 | $1.14 | $1.24 | $0.95 | $0.64 | $0.99 | $0.76 | $0.67 | $0.43 | $0.56 | $0.52 |
| Gross margin | 37.7% | 37.7% | 38.9% | 37.8% | 32.2% | 31.2% | 35.2% | 34.4% | 35.6% | 31.5% | 34.2% | 33.4% |
| Operating margin | 19.5% | 16.4% | 21.1% | 20.5% | 17.2% | 14.2% | 19.8% | 18.2% | 17.0% | 12.4% | 15.5% | 14.6% |
| Net margin | 15.2% | 14.7% | 15.5% | 14.9% | 12.3% | 8.1% | 6.3% | 8.5% | 9.1% | −0.4% | 12.5% | 5.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VRT's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VRT financial results
In fiscal year 2025 (ended December 31, 2025), Vertiv reported revenue of $10.2 billion, up 27.7% from the year before. It had net income of $1.3 billion (up 168.8%), a net profit margin of 13.0%. Diluted earnings per share came to $3.97. Over five years revenue grew at an average rate of 18.5% a year.
See the VRT stock overview for the latest quote and news, or the VRT chart for price history and technical indicators.
VRT income statement FAQ
What is Vertiv's annual revenue?
Vertiv reported total revenue of $10.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 27.7% from $8.0 billion the previous year.
Is Vertiv profitable?
Yes. Vertiv reported net income of $1.3 billion in fiscal 2025, a net profit margin of 13.0%; its operating margin was 18.5%.
What is Vertiv's gross margin?
Vertiv's gross margin was 36.3% in fiscal 2025: for every $100 of revenue, Vertiv kept $36 after the direct cost of its products and services.
How fast is Vertiv growing?
Revenue grew 18.5% a year on average over the last five fiscal years, from $4.4 billion to $10.2 billion.
What are Vertiv's earnings per share?
Vertiv earned $3.97 per diluted share in fiscal 2025, compared with $2.85 a year earlier.
When will Vertiv report its next earnings?
Vertiv is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does Vertiv's fiscal year end?
Vertiv's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.