VRT financial statements

The full income statement, balance sheet, and cash-flow statement for Vertiv Holdings Co. (VRT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	10.2B YoY+27.7%	8.01B YoY+16.7%	6.86B YoY+20.6%	5.69B YoY+13.9%	5.00B YoY+14.4%
Cost of revenue	6.51B YoY+28.3%	5.08B YoY+13.8%	4.46B YoY+9.5%	4.08B YoY+17.3%	3.48B YoY+20.0%
Research & development	442M YoY+20.2%	368M YoY+21.1%	304M YoY+7.6%	282M YoY+5.9%	266M YoY+16.5%
Selling, general & administrative	1.62B YoY+17.7%	1.37B YoY+4.7%	1.31B YoY+11.4%	1.18B YoY+6.2%	1.11B YoY+10.0%
Restructuring	54.5M YoY+928.3%	5.30M YoY-81.5%	28.6M YoY+3985.7%	700K YoY-50.0%	1.40M YoY-98.1%
Amortization of intangibles	212M YoY+8.2%	195M YoY-0.7%	197M YoY-14.6%	230M YoY+45.9%	158M YoY+10.6%
Operating income	1.83B YoY+33.8%	1.37B YoY+56.8%	872M YoY+290.4%	223M YoY-14.0%	260M YoY+21.7%
Interest expense	86.1M YoY-42.8%	150M YoY-16.5%	180M YoY+22.3%	147M YoY+62.6%	90.6M YoY-39.8%
Pre-tax income	1.74B YoY+127.6%	765M YoY+43.4%	534M YoY+219.6%	167M YoY+0.5%	166M YoY+165.3%
Income tax	409M YoY+51.7%	270M YoY+266.8%	73.5M YoY-18.7%	90.4M YoY+94.0%	46.6M YoY-35.9%
Net income	1.33B YoY+168.8%	496M YoY+7.7%	460M YoY+500.8%	76.6M YoY-36.0%	120M YoY+136.5%
	$3.41 YoY+166.4%	$1.28 YoY+7.6%	$1.19 YoY+3075.0%	-$0.04 YoY-112.1%	$0.33 YoY+130.8%
EPS (basic)	$3.49 YoY+164.4%	$1.32 YoY+9.1%	$1.21 YoY+505.0%	$0.20 YoY-41.2%	$0.34 YoY+131.8%
Weighted-avg shares (basic)	382M YoY+1.4%	376M YoY-1.0%	380M YoY+0.9%	377M YoY+6.0%	356M YoY+15.8%
Weighted-avg shares (diluted)	391M YoY+1.1%	386M YoY+0.0%	386M YoY+2.1%	378M YoY+5.0%	360M YoY+17.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.82B YoY+33.7%	5.10B YoY+27.5%	4.00B YoY+26.7%	3.16B YoY+17.0%	2.70B YoY+7.1%
Cash & equivalents	1.73B YoY+40.8%	1.23B YoY+57.3%	780M YoY+199.5%	261M YoY-40.7%	439M YoY-17.9%
Accounts receivable	3.11B YoY+31.6%	2.36B YoY+11.5%	2.12B YoY+12.1%	1.89B YoY+22.9%	1.54B YoY+13.4%
Inventory	1.46B YoY+17.0%	1.24B YoY+40.7%	884M YoY+7.6%	822M YoY+33.4%	616M YoY+38.0%
Prepaid expenses	693K YoY+0.0%	693K YoY+0.0%	693K YoY+0.0%	693K YoY+0.0%	693K YoY+0.0%
Other current assets	426M YoY+59.5%	267M YoY+22.1%	219M YoY+16.8%	187M YoY+75.4%	107M YoY-41.7%
	12.2B YoY+33.7%	9.13B YoY+14.2%	8.00B YoY+12.7%	7.10B YoY+2.2%	6.94B YoY+36.8%
Property, plant & equipment	922M YoY+47.5%	625M YoY+11.6%	560M YoY+14.4%	489M YoY+0.0%	489M YoY+14.4%
Operating lease right-of-use	303M YoY+49.9%	202M YoY+16.5%	174M YoY+4.3%	166M YoY+8.8%	153M YoY+4.9%
Goodwill	2.03B YoY+53.9%	1.32B YoY-0.7%	1.33B YoY+3.5%	1.28B YoY-3.4%	1.33B YoY+119.1%
Intangible assets	1.89B YoY+27.4%	1.49B YoY-11.1%	1.67B YoY-7.9%	1.82B YoY-15.1%	2.14B YoY+64.2%
Deferred tax assets	180M YoY-40.8%	303M YoY+89.8%	160M YoY+244.4%	46.4M YoY-3.1%	47.9M YoY+129.2%
Other non-current assets	60.0M YoY-34.8%	92.0M YoY-8.4%	100M YoY-25.1%	134M YoY+62.2%	82.6M YoY-58.0%
	4.41B YoY+42.3%	3.10B YoY+34.3%	2.31B YoY+21.5%	1.90B YoY+2.3%	1.85B YoY+6.5%
Accounts payable	1.76B YoY+33.4%	1.32B YoY+33.5%	986M YoY+0.2%	984M YoY+14.6%	859M YoY+17.5%
Accrued liabilities	772M YoY+26.0%	613M YoY+0.1%	612M YoY+19.1%	514M YoY-46.1%	953M YoY+5.7%
Deferred revenue	1.81B YoY+70.7%	1.06B YoY+66.4%	639M YoY+78.1%	359M YoY+50.1%	239M YoY+19.7%
Short-term & current debt	20.9M YoY-0.5%	21.0M YoY-3.7%	21.8M YoY+0.0%	21.8M YoY+0.0%	21.8M YoY-0.9%
Current lease liability	69.7M YoY+52.5%	45.7M YoY+6.5%	42.9M YoY-5.1%	45.2M YoY+7.4%	42.1M YoY-0.5%
Other current liabilities	297M YoY-22.0%	381M YoY+8.2%	352M YoY+19.4%	295M YoY-10.8%	331M YoY+16.8%
	8.27B YoY+23.5%	6.70B YoY+11.9%	5.98B YoY+5.8%	5.65B YoY+2.4%	5.52B YoY+21.0%
Long-term debt	2.89B YoY-0.5%	2.91B YoY-0.4%	2.92B YoY-7.9%	3.17B YoY+7.4%	2.95B YoY+38.5%
Deferred revenue (non-current)	108M YoY+17.9%	91.3M YoY+47.7%	61.8M YoY+24.8%	49.5M YoY-17.4%	59.9M YoY+54.4%
Non-current lease liability	245M YoY+46.9%	167M YoY+18.2%	141M YoY+8.1%	130M YoY+14.8%	114M YoY+5.9%
Deferred tax liabilities	233M YoY-3.1%	240M YoY+50.7%	160M YoY-9.6%	177M YoY-11.2%	199M YoY+70.6%
Other non-current liabilities	494M YoY+75.0%	282M YoY+7.7%	262M YoY+19.3%	220M YoY-13.1%	253M YoY-47.9%
	3.94B YoY+61.9%	2.43B YoY+20.8%	2.01B YoY+39.7%	1.44B YoY+1.7%	1.42B YoY+176.8%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	2.90B YoY+2.6%	2.82B YoY+4.1%	2.71B YoY+3.1%	2.63B YoY+1.3%	2.60B YoY+45.0%
Retained earnings	1.03B YoY+531.3%	-238M YoY+65.6%	-692M YoY+39.4%	-1.14B YoY+6.0%	-1.22B YoY+8.7%
Treasury stock	606M YoY+0.0%	606M	0.00	—	—
Accumulated other comprehensive income	18.2M YoY+112.2%	-149M YoY-3206.7%	-4.50M YoY+90.3%	-46.2M YoY-229.8%	35.6M YoY-30.9%
Total liabilities & equity	12.2B YoY+33.7%	9.13B YoY+14.2%	8.00B YoY+12.7%	7.10B YoY+2.2%	6.94B YoY+36.8%
Common shares issued	383M YoY+0.5%	381M YoY-0.3%	382M YoY+1.2%	377M YoY+0.4%	376M YoY+9.9%
Common shares outstanding	383M YoY+0.5%	381M YoY-0.3%	382M YoY+1.2%	377M YoY+0.4%	376M YoY+9.9%
Shares outstanding (cover)	382M YoY+1.9%	375M YoY-1.6%	381M YoY+1.1%	377M YoY+7.0%	353M YoY+7.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.11B YoY+60.2%	1.32B YoY+46.5%	901M YoY+689.3%	-153M YoY-172.5%	211M YoY+1.0%
Depreciation & amortization	309M YoY+11.4%	277M YoY+2.2%	271M YoY-10.4%	302M YoY+33.2%	227M YoY+11.8%
Share-based compensation	45.9M YoY+32.7%	34.6M YoY+38.4%	25.0M YoY+1.2%	24.7M YoY+6.5%	23.2M YoY+78.5%
Change in receivables	548M YoY+95.3%	280M YoY+1.1%	277M YoY-24.7%	368M YoY+213.5%	117M YoY+2.3%
Change in inventory	165M YoY-55.4%	369M YoY+583.9%	54.0M YoY-74.5%	211M YoY+68.2%	126M YoY+226.5%
Change in payables	381M YoY+11.1%	343M YoY+2038.4%	-17.7M YoY-113.3%	133M YoY+26.4%	105M YoY+34.4%
Other operating activities	58.7M YoY+1605.1%	-3.90M YoY-109.0%	43.4M YoY+1596.6%	-2.90M YoY-115.8%	18.3M YoY+55.1%
	-1.50B YoY-644.1%	-202M YoY-45.0%	-139M YoY-24.1%	-112M YoY+90.8%	-1.22B YoY-2562.6%
Capital expenditure	220M YoY+31.7%	167M YoY+30.6%	128M YoY+27.9%	100M YoY+36.2%	73.4M YoY+65.3%
Acquisitions	1.18B YoY+6631.8%	17.6M YoY-38.9%	28.8M YoY+476.0%	5.00M YoY-99.6%	1.16B
Proceeds from sale of PP&E	0.00	0.00 YoY-100.0%	12.4M YoY+217.9%	3.90M YoY-60.2%	9.80M YoY+40.0%
	-72.3M YoY+88.9%	-652M YoY-163.5%	-248M YoY-347.0%	100M YoY-89.0%	915M YoY+550.2%
Common stock issued	—	—	—	0.00	0.00 YoY-100.0%
Common stock repurchased	0.00 YoY-100.0%	600M	0.00	0.00	—
Dividends paid	66.6M YoY+57.8%	42.2M YoY+344.2%	9.50M YoY+150.0%	3.80M YoY+0.0%	3.80M YoY+15.2%
Other financing activities	—	—	—	0.00	0.00 YoY+100.0%
FX effect on cash	16.9M YoY+177.2%	-21.9M YoY-1560.0%	1.50M YoY+116.3%	-9.20M YoY-104.4%	-4.50M YoY-190.0%
Net change in cash	558M YoY+25.7%	444M YoY-13.9%	515M YoY+396.4%	-174M YoY-82.1%	-95.5M YoY-130.9%
Interest paid	127M YoY-18.5%	156M YoY-12.0%	177M YoY+33.1%	133M YoY+76.8%	75.1M YoY-55.0%
Income taxes paid	428M YoY+57.1%	273M YoY+78.1%	153M YoY+46.3%	105M YoY+7.5%	97.3M YoY+50.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	61.9B YoY+45.3%	42.6B YoY+132.8%	18.3B YoY+255.5%	5.15B YoY-41.5%	8.80B YoY+43.6%
P/E	46.5× YoY-46.0%	86.0× YoY+19.6%	71.9× YoY+0.5%	71.5× YoY-2.8%	73.6×
P/S	6.1× YoY+13.8%	5.3× YoY+93.7%	2.7× YoY+190.6%	0.9× YoY-46.3%	1.8× YoY+25.6%
P/B	15.7× YoY-10.3%	17.5× YoY+64.3%	10.7× YoY+162.4%	4.1× YoY-34.5%	6.2× YoY-48.1%
P/FCF	32.7× YoY-11.6%	37.0× YoY+22.8%	30.1×	—	64.0× YoY+71.8%
Earnings yield	2.2% YoY+85.1%	1.2% YoY-16.4%	1.4% YoY-0.5%	1.4% YoY+2.9%	1.4%
FCF yield	3.1% YoY+13.1%	2.7% YoY-18.6%	3.3%	—	1.6% YoY-41.8%
Source filing	10-K	10-K	10-K	DEF 14A	10-K

About this data

Source: VRT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VRT filings on SEC EDGAR → Not investment advice.