Vertiv Heralds AI-Led Growth with Stronger Results and Deals

Vertiv (VRT) posted second-quarter 2026 revenue of $3.28 billion, short of the $3.39 billion consensus, while adjusted earnings per share of $1.52 beat the $1.43 estimate; diluted EPS rose 53% year over year and adjusted EPS rose 60%. Backlog climbed above $15.0 billion on record orders, operating cash flow reached $1.1 billion, and adjusted free cash flow more than tripled year over year to $925 million.

CEO Giordano Albertazzi attributed the results to "years of deliberate investment in technology, capacity, and customer partnerships" as Vertiv leans further into AI data center infrastructure. The quarter also brought two notable partnerships: a deal with Hut 8 to deploy Vertiv's OneCore modular power and cooling system, which the companies say can cut deployment time by up to 50%, reduce space needs by up to 30%, lower total cost of ownership by up to 25%, and support 600kW rack densities across Hut 8's 710MW footprint, including its 704MW Beacon Point campus in Corpus Christi. Vertiv also announced a collaboration with Bitzero Holdings covering four data center locations.

Management raised full-year 2026 guidance to net sales of $13.8 billion to $14.2 billion, organic growth of 30% to 32%, adjusted operating margin of 23.3% to 24.3%, and adjusted EPS of $6.65 to $6.75, while guiding third-quarter sales to $3.65 billion to $3.85 billion and adjusted EPS to $1.77 to $1.83.

The revenue miss alongside a record backlog suggests demand is outpacing Vertiv's ability to convert orders into shipped revenue; investors will watch whether the Hut 8 and Bitzero deals help close that gap and whether the raised guidance holds as AI data center buildout continues.

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