Reports › VRT › 10-Q FY2026

SEC filings, compared

What changed in Vertiv Holdings's 10-Q for the quarter ended June 30, 2026

Compared with the 10-Q for the quarter ended June 30, 2025. Part I, Item 2 analysed; every summary checked against the quoted filing text.

Registrant: Vertiv Holdings Co · VRT
This filing: 0001628280-26-050609 ↗ · filed Jul 29, 2026
Compared with: 0001674101-25-000008 ↗ · filed Jul 30, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

51 material changes among 67 changed paragraphs

13 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	3,274,300,000USD · Apr 1, 2026 to Jun 30, 2026	2,638,100,000USD · Apr 1, 2025 to Jun 30, 2025	+636,200,000+24.1%
Net income or lossus-gaap:NetIncomeLoss	497,800,000USD · Apr 1, 2026 to Jun 30, 2026	324,200,000USD · Apr 1, 2025 to Jun 30, 2025	+173,600,000+53.5%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,810,600,000USD · at Jun 30, 2026	1,640,800,000USD · at Jun 30, 2025	+1,169,800,000+71.3%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	1,866,600,000USD · Jan 1, 2026 to Jun 30, 2026	626,200,000USD · Jan 1, 2025 to Jun 30, 2025	+1,240,400,000+198.1%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2026: 0001628280-26-050609 · FY2025: 0001674101-25-000008

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

3 material additions

Part I, Item 2 · MD&A

3 of 3 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Outlook and Trends

Summary · quote-checked

Added disclosure of a Supreme Court tariff decision, a refund-claim process, and uncertainty regarding potential recovery.

The new paragraph introduces a legal development, an administrative process, and uncertainty concerning possible tariff refunds, changing the disclosed legal and financial circumstances.

Filing text · FY2025 10-Q · filed Jul 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Jul 29, 2026

[added] Additionally, in February 2026, the Supreme Court issued a decision invalidating tariffs imposed under IEEPA. U.S. Customs and Border Patrol has established a phased administrative process for submitting refund claims for certain IEEPA tariffs. We have initiated a process of submitting refund claims, however, the amount, timing and likelihood of any refund recovery remain uncertain.

Cite this change

"Additionally, in February 2026, the Supreme Court issued a decision invalidating tariffs imposed under IEEPA. U.S. Customs and Border Patrol has established a phased administrative process for submitting refund claims for certain IEEPA tariffs. We have initiated a process of submitting refund claims, however, the amount, timing and likelihood of any refund recovery remain uncertain."

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

02AddedPart I, Item 2 › Outlook and Trends

Summary · quote-checked

Added disclosure that customers prioritize deployment speed, scalability and execution certainty, alongside investments in modular solutions to accelerate deployment.

The paragraph introduces customer priorities and related company investments, adding substantive outlook and operational information rather than merely updating wording or dates.

Filing text · FY2025 10-Q · filed Jul 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Jul 29, 2026

[added] • Execution, Speed and Development Efficiency: Customers are increasingly prioritizing speed of deployment, scalability and execution certainty. We continue to invest in prefabricated, modular and factory-integrated solutions designed to reduce on-site complexity and accelerate time-to-deployment.

Cite this change

"Customers are increasingly prioritizing speed of deployment, scalability and execution certainty."

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

03AddedPart I, Item 2 › Outlook and Trends

Summary · quote-checked

Added an outlook statement linking Vertiv’s capabilities to faster customer deployment as demand for digital infrastructure grows.

The new paragraph introduces a substantive management assertion about capabilities, customer deployment, and continuing demand, rather than merely rephrasing existing disclosure.

Filing text · FY2025 10-Q · filed Jul 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Jul 29, 2026

[added] Together, these capabilities support Vertiv's systems-level approach and enhance our ability to help customers deploy critical digital infrastructure faster, at scale, and with greater predictability as demand continues to grow.

Cite this change

"Together, these capabilities support Vertiv's systems-level approach and enhance our ability to help customers deploy critical digital infrastructure faster, at scale, and with greater predictability as demand continues to grow."

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

5 material removals

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Outlook and Trends

Summary · quote-checked

A paragraph warning that U.S. and foreign tariffs could increase costs and significantly affect financial performance was removed.

The removed paragraph disclosed a specific tariff-related cost and financial-performance risk, so its removal changes the substance of the company’s disclosed risks.

Filing text · FY2025 10-Q · filed Jul 30, 2025

[removed] The imposition of U.S. tariffs and foreign country retaliatory tariffs, or the proposed imposition of additional or similar tariffs, in jurisdictions where we have manufacturing facilities or where our clients operate will increase our cost of doing business and could significantly impact our financial performance.

Filing text · FY2026 10-Q · filed Jul 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The imposition of U.S. tariffs and foreign country retaliatory tariffs, or the proposed imposition of additional or similar tariffs, in jurisdictions where we have manufacturing facilities or where our clients operate will increase our cost of doing business and could significantly impact our financial performance."

Vertiv Holdings, Form 10-Q for FY2025, Part I, Item 2, accession 0001674101-25-000008, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000167410125000008/vrt-20250630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

02RemovedPart I, Item 2 › Outlook and Trends

Summary · quote-checked

Removed disclosure discussing tariffs, geopolitical conditions, macroeconomic pressures, and related impacts on operations and financial performance.

The removed paragraph described economic risks, affected business conditions, and mitigation actions; its deletion changes the disclosed outlook and risk discussion.

Filing text · FY2025 10-Q · filed Jul 30, 2025

[removed] We are also continually monitoring the evolving macroeconomic environment, including monitoring inflationary and recessionary pressures resulting from the ongoing tariffs and geopolitical climate. These additional pressures could significantly impact the labor markets, exchange rates, customer demand, supply chain, capital markets and other economic conditions in the jurisdictions we operate throughout 2025 and beyond. As we monitor this ever-changing situation, we have been adjusting, and will continue to adjust, our operational plans in an effort to mitigate the impact of these pressures on our business and financial performance.

Filing text · FY2026 10-Q · filed Jul 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"These additional pressures could significantly impact the labor markets, exchange rates, customer demand, supply chain, capital markets and other economic conditions in the jurisdictions we operate throughout 2025 and beyond."

Vertiv Holdings, Form 10-Q for FY2025, Part I, Item 2, accession 0001674101-25-000008, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000167410125000008/vrt-20250630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

03RemovedPart I, Item 2 › Outlook and Trends

Summary · quote-checked

The Outlook and Trends discussion of enacted U.S. tax legislation and its expected financial impact was removed.

A disclosed legal and tax development, including management’s assessment of its expected financial impact, was removed; this is substantive rather than a wording or date update.

Filing text · FY2025 10-Q · filed Jul 30, 2025

[removed] • Recent U.S. Tax Legislation: On July 4, 2025, H.R.1, also known as the One Big Beautiful Bill Act or "OBBBA", was enacted into law in the U.S. OBBBA extends some existing tax provisions set to expire beginning in 2026 while introducing or repealing other tax provisions. We are currently evaluating the impact of the enacted changes, but based on legislative and administrative guidance issued to date, the impact of these changes to the Company's financial position is not expected to be material.

Filing text · FY2026 10-Q · filed Jul 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"• Recent U.S. Tax Legislation: On July 4, 2025, H.R.1, also known as the One Big Beautiful Bill Act or "OBBBA", was enacted into law in the U.S. OBBBA extends some existing tax provisions set to expire beginning in 2026 while introducing or repealing other tax provisions. We are currently evaluating the impact of the enacted changes, but based on legislative and administrative guidance issued to date, the impact of these changes to the Company's financial position is not expected to be material."

Vertiv Holdings, Form 10-Q for FY2025, Part I, Item 2, accession 0001674101-25-000008, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000167410125000008/vrt-20250630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

04RemovedPart I, Item 2 › Change in Fair Value of Warrant Liabilities

Summary · quote-checked

The MD&A paragraph disclosing warrant-liability valuation changes, warrant exercise, share issuance, and the absence of remaining private warrants was removed.

Removing the paragraph eliminates disclosure about a financial instrument, its valuation loss, settlement through share issuance, and outstanding-warrant status, which is substantive under the rubric.

Filing text · FY2025 10-Q · filed Jul 30, 2025

[removed] Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the then outstanding warrants. The change in fair value of outstanding private warrants during the second quarter of 2024 resulted in a loss of $25.4. The change in fair value of these warrants is the result of changes in market prices of our common stock and other observable inputs deriving the value of the financial instruments. On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. As of June 30, 2025 there were no private warrants outstanding.

Filing text · FY2026 10-Q · filed Jul 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock."

Vertiv Holdings, Form 10-Q for FY2025, Part I, Item 2, accession 0001674101-25-000008, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000167410125000008/vrt-20250630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

05RemovedPart I, Item 2 › Change in Fair Value of Warrant Liabilities

Summary · quote-checked

Removed disclosure describing warrant fair-value losses, exercise of remaining private warrants, share issuance, and the absence of private warrants outstanding.

The removed paragraph disclosed a financial liability, a realized warrant exercise, an equity issuance, and the resulting absence of outstanding private warrants; its removal changes substantive disclosure.

Filing text · FY2025 10-Q · filed Jul 30, 2025

[removed] Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the then outstanding private warrants. The change in fair value of the outstanding private warrants during the first six months of 2024 resulted in a loss of $202.0. The change in fair value of these warrants was the result of changes in market prices of our common stock, and other observable inputs deriving the value of the financial instruments. On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. As of June 30, 2025, there were no private warrants outstanding.

Filing text · FY2026 10-Q · filed Jul 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the then outstanding private warrants. The change in fair value of the outstanding private warrants during the first six months of 2024 resulted in a loss of $202.0. The change in fair value of these warrants was the result of changes in market prices of our common stock, and other observable inputs deriving the value of the financial instruments. On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. As of June 30, 2025, there were no private warrants outstanding."

Vertiv Holdings, Form 10-Q for FY2025, Part I, Item 2, accession 0001674101-25-000008, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000167410125000008/vrt-20250630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

43 material changes

Part I, Item 2 · MD&A

5 of 43 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Capital Resources and Liquidity

Summary · quote-checked

The disclosed debt structure changed: the Term Loan and ABL Revolving Credit Facility were replaced by Senior Notes and a Senior Unsecured Revolving Credit Facility.

The paragraph now identifies different debt instruments, principal amounts, maturities, and revolving commitments, changing the company’s disclosed obligations and liquidity dependencies.

Why the model ranked it here

The filing discloses a materially different debt structure with new senior notes and revolving-credit commitments, changing the company’s obligations and liquidity dependencies.

Filing text · FY2025 10-Q · filed Jul 30, 2025

~~[removed] We, through our subsidiaries,~~ are party to certain indebtedness arrangements, ~~[removed] including~~ the Senior Secured Notes due 2028, with an outstanding principal amount of $850.0 as of June 30, ~~[removed] 2025 (the "Notes"), the Term Loan due 2027, with an outstanding~~ principal amount of [removed] $2,086.5 as of June 30, 2025 (the "Term Loan"), and the ABL Revolving Credit Facility, due 2029, providing up to $800.0 of revolving borrowings, with separate sublimits for letters of credit and swingline borrowings and an uncommitted accordion of up to $200.0, for which none was outstanding as of June 30, 2025 (the "ABL Revolving Credit ~~[removed] Facility" and collectively with the Term Loan, the "Senior Secured Credit Facilities").~~

Filing text · FY2026 10-Q · filed Jul 29, 2026

[added] We and our subsidiaries are party to certain indebtedness arrangements, [added] which include the Senior Secured Notes due 2028, with an outstanding principal amount of $850.0 as of June 30, [added] 2026 (the "Senior Secured Notes"), the Senior Notes in aggregate principal amount $2,100.0, consisting of $600.0 aggregate principal amount of [added] 4.850% Senior Notes due 2036 (the "2036 Notes"), $500.0 aggregate principal amount of 5.650% Senior Notes due 2046 (the "2046 Notes"), $500.0 aggregate principal amount of 5.800% Senior Notes due 2056 (the "2056 Notes") and $500.0 aggregate principal amount of 5.950% Senior Notes due 2066 (the "2066 Notes" and, together with the 2036 Notes, the 2046 Notes and the 2056 Notes, the "Senior Notes"), and the Senior Unsecured Revolving Credit Facility in an aggregate committed amount of $2,500.0 (the "Senior Unsecured Revolving Credit [added] Facility"), a portion of which is available for the issuance of letters of credit.

Cite this change

"the Senior Notes in aggregate principal amount $2,100.0, consisting of $600.0 aggregate principal amount of 4.850% Senior Notes due 2036 (the "2036 Notes"), $500.0 aggregate principal amount of 5.650% Senior Notes due 2046 (the "2046 Notes"), $500.0 aggregate principal amount of 5.800% Senior Notes due 2056 (the "2056 Notes") and $500.0 aggregate principal amount of 5.950% Senior Notes due 2066 (the "2066 Notes" and, together with the 2036 Notes, the 2046 Notes and the 2056 Notes, the "Senior Notes"), and the Senior Unsecured Revolving Credit Facility in an aggregate committed amount of $2,500.0"

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

02ChangedPart I, Item 2 › Capital Resources and Liquidity

Summary · quote-checked

Cash, short-term investments, revolving-credit facility, availability, and letters-of-credit amounts were updated, with the facility and borrowing-base terms also changed.

The paragraph changes the identified credit facility, availability amount, conditions, and letters-of-credit amount, substantively changing the disclosed liquidity and financing terms.

Why the model ranked it here

The filing changes the identified revolving facility, availability, borrowing conditions, and letters-of-credit disclosures, materially altering the liquidity picture.

Filing text · FY2025 10-Q · filed Jul 30, 2025

At June 30, ~~[removed] 2025,~~ we had ~~[removed] $1,640.8~~ in cash and cash equivalents and ~~[removed] $98.2~~ in short-term investments, which ~~[removed] includes~~ amounts held outside of the U.S., primarily in Europe and Asia. Non-U.S. cash is generally available for repatriation without legal restrictions, subject to certain taxes, mainly withholding taxes. We are not asserting indefinite reinvestment of cash or outside basis for our non-U.S. subsidiaries due to the outstanding debt obligations in instances where alternative repatriation options, other than dividends, are not available. At June 30, ~~[removed] 2025,~~ Vertiv had ~~[removed] $783.0~~ of availability (subject to customary ~~[removed] borrowing base and other~~ conditions) under the ~~[removed] ABL~~ Revolving Credit Facility, net of letters of credit outstanding in the aggregate principal amount of ~~[removed] $17.0, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility.~~

Filing text · FY2026 10-Q · filed Jul 29, 2026

At June 30, [added] 2026, we had [added] $2,810.6 in cash and cash equivalents and [added] $300.0 in short-term investments, which [added] include amounts held outside of the U.S., primarily in Europe and Asia. Non-U.S. cash is generally available for repatriation without legal restrictions, subject to certain taxes, mainly withholding taxes. We are not asserting indefinite reinvestment of cash or outside basis for our non-U.S. subsidiaries due to the outstanding debt obligations in instances where alternative repatriation options, other than dividends, are not available. At June 30, [added] 2026, Vertiv had [added] $2,483.6 of availability (subject to customary conditions) under the [added] Senior Unsecured Revolving Credit Facility, net of letters of credit outstanding in the aggregate principal amount of [added] $16.4.

Cite this change

"At June 30, 2026, Vertiv had $2,483.6 of availability (subject to customary conditions) under the Senior Unsecured Revolving Credit Facility, net of letters of credit outstanding in the aggregate principal amount of $16.4."

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

03ChangedPart I, Item 2 › Capital Resources and Liquidity

Summary · quote-checked

The liquidity statement removes funding for the potential Acquisition and replaces the referenced revolving credit facility with a Senior Unsecured Revolving Credit Facility.

Removing the stated resources necessary to fund the Acquisition changes the disclosed capital-commitment outlook; the facility-name change may also identify a different financing dependency.

Why the model ranked it here

The liquidity discussion no longer identifies resources for the potential Acquisition and instead relies on a different revolving facility, changing the stated funding outlook.

Filing text · FY2025 10-Q · filed Jul 30, 2025

We believe our current cash, cash equivalent, and short-term investment levels, augmented by availability under ~~[removed] the ABL~~ Revolving Credit Facility, will provide adequate near-term liquidity for the next 12 months of independent operations, ~~[removed] as well as the resources necessary to fund the Acquisition (if consummated),~~ invest for growth in existing businesses, and manage our capital structure on a short- and long-term basis. We expect to continue to opportunistically access the capital and financing markets from time to time. Access to capital and the availability of financing on acceptable terms in the future will be affected by many factors, including our credit rating, economic conditions, and the overall liquidity of capital markets. ~~[removed] There~~ can be no assurance that we will continue to have access to the capital and financing markets on acceptable terms.

Filing text · FY2026 10-Q · filed Jul 29, 2026

We believe our current cash, cash equivalent, and short-term investment levels, augmented by availability under [added] our Senior Unsecured Revolving Credit Facility, will provide adequate near-term liquidity for the next 12 months of independent operations, [added] allow us to invest for growth in existing businesses, and manage our capital structure on [added] both a short- and long-term basis. We expect to continue to opportunistically access the capital and financing markets from time to time. Access to capital and the availability of financing on acceptable terms in the future will be affected by many factors, including our credit rating, economic conditions, and the overall liquidity of capital markets. [added] However, there can be no assurance that we will continue to have access to the capital and financing markets on acceptable terms.

Cite this change

"We believe our current cash, cash equivalent, and short-term investment levels, augmented by availability under our Senior Unsecured Revolving Credit Facility, will provide adequate near-term liquidity for the next 12 months of independent operations, allow us to invest for growth in existing businesses, and manage our capital structure on both a short- and long-term basis."

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

04ChangedPart I, Item 2 › Americas

Summary · quote-checked

Operating profit increased substantially, margin direction reversed, and the stated drivers changed from operational inefficiencies to operational leverage.

The MD&A narrative changes direction from decreased to increased margin and replaces a stated driver, while also reporting a different operating-profit result.

Why the model ranked it here

Operating profit and margin commentary shifted from modest improvement with inefficiencies to substantially stronger performance driven by operational leverage.

Filing text · FY2025 10-Q · filed Jul 30, 2025

Operating profit (loss) in the first six months of ~~[removed] 2025 was $182.9,~~ an increase of ~~[removed] $3.1~~ compared with the first six months of ~~[removed] 2024. Margin decreased~~ primarily due to the mix of product and service sales ~~[removed] and operational inefficiencies.~~

Filing text · FY2026 10-Q · filed Jul 29, 2026

Operating profit (loss) in the first six months of [added] 2026 was $1,061.6, an increase of [added] $417.3, or 64.8%, compared with the first six months of [added] 2025. Margin increased primarily due to the mix of product and service sales [added] in addition to operational leverage.

Cite this change

"Operating profit (loss) in the first six months of 2026 was $1,061.6, an increase of $417.3, or 64.8%, compared with the first six months of 2025. Margin increased primarily due to the mix of product and service sales in addition to operational leverage."

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

05ChangedPart I, Item 2 › Net Cash provided by (used for) Operating Activities

Summary · quote-checked

Operating cash flow increased, non-cash expense composition changed, and trade working capital shifted from consuming cash to providing cash, primarily due to deferred revenue.

The narrative changes direction and adds substantive drivers, including contingent consideration and deferred revenue; this changes what the filing says about operating cash generation and working-capital sources.

Why the model ranked it here

Operating cash generation and trade working capital shifted from consuming cash to providing cash, with deferred revenue becoming a major disclosed driver.

Filing text · FY2025 10-Q · filed Jul 30, 2025

Net cash provided by operating activities was ~~[removed] $626.2~~ in the first six months of ~~[removed] 2025, a $107.2~~ increase in cash generation compared to the first six months of ~~[removed] 2024.~~ Net income from operations of ~~[removed] $488.7 included $196.8~~ of net non-cash expense items, consisting of depreciation and amortization of ~~[removed] $144.9,~~ non-cash stock-based compensation expense of ~~[removed] $24.5,~~ amortization of debt discount and issuance costs of ~~[removed] $4.3, and~~ deferred taxes of ~~[removed] $23.1.~~ Trade working capital ~~[removed] utilized $95.2~~ in the first six months of ~~[removed] 2025~~ compared to ~~[removed] $3.6~~ utilized in the first six months of ~~[removed] 2024.~~

Filing text · FY2026 10-Q · filed Jul 29, 2026

Net cash provided by operating activities was [added] $1,866.6 in the first six months of [added] 2026, a $1,240.4 increase in cash generation compared to the first six months of [added] 2025. Net income from operations of [added] $887.9 included $292.4 of net non-cash expense items, consisting of depreciation and amortization of [added] $223.5, change in fair value of contingent consideration of $62.0, non-cash stock-based compensation expense of [added] $30.8, amortization of debt discount and issuance costs of [added] $2.2, and partially offset by deferred taxes of [added] $26.1. Trade working capital [added] provided $678.8 in the first six months of [added] 2026 compared to [added] $95.2 utilized in the first six months of [added] 2025 primarily driven by deferred revenue.

Cite this change

"Trade working capital provided $678.8 in the first six months of 2026 compared to $95.2 utilized in the first six months of 2025 primarily driven by deferred revenue."

Vertiv Holdings, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-050609, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm

Comparison: https://yearover.com/reports/vrt/0001628280-26-050609?ref=quote

Show all 43 in Part I, Item 2 (38 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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