Columbus, Ohio, April 22, 2026, 07:18 EDT
Vertiv topped first-quarter expectations and raised its 2026 forecast Wednesday, fueled by strong orders for its power and cooling equipment in the AI data center space. Still, shares traded lower premarket as the company’s second-quarter outlook landed roughly in line with analyst estimates.
This is significant: Vertiv stands out as a top AI infrastructure play — think power and cooling gear for tightly packed data centers. It’s teamed up with Nvidia on a reference design aimed at big AI setups, joined the S&P 500 just last month, and headed into earnings with options markets bracing for a roughly 9% swing, after shares surged almost 100% this year.
Net sales jumped 30% in the first quarter to $2.65 billion. Adjusted earnings came in at $1.17 per share, topping the $1.00 mark that analysts had penciled in. Operating margin on an adjusted basis widened to 20.8%, up from 16.5%. In the Americas, core growth—excluding acquisitions and currency swings—landed at 44%.
Vertiv bumped up its full-year net sales outlook to a range of $13.5 billion to $14.0 billion, after previously guiding $13.25 billion to $13.75 billion back in February. Adjusted EPS guidance was also revised higher, now at $6.30 to $6.40, compared with the earlier range of $5.97 to $6.07. For the quarter, operating cash flow surged to $767 million, well ahead of last year’s $303 million.
Vertiv’s outlook for the second quarter landed pretty much in line with Wall Street’s expectations. The company guided for sales between $3.25 billion and $3.45 billion, with adjusted EPS projected at $1.37 to $1.43. Analysts had pegged those numbers at roughly $3.39 billion and $1.42. Little surprise then, the market barely budged.
Chief Executive Giordano Albertazzi pointed out that as projects grow more complex, customers are putting “deployment speed” and “operational efficiency” ahead of other concerns. Executive Chairman Dave Cote described Vertiv’s advantage as one that “compounds over time.” PR Newswire
The wider AI power-and-cooling trade is likely to pay attention to the report. Eaton pointed to a surge in AI-driven data-center activity for its electrical equipment results. Schneider Electric credited strong data-center demand for its earnings boost.
Roth MKM’s Justin Clare bumped up his Vertiv price target to $335 last week, sticking with a Buy and pointing to the company’s “central role” in AI infrastructure. He expects order momentum to get a boost as pre-fabricated systems and liquid cooling—which swaps air for fluid to handle heat—push up gear sales per megawatt. Bank of America’s Andrew Obin also stayed bullish, raising his target to $330 and highlighting stronger industry trends. TipRanks
The quarter had its rough spots, particularly in Europe, the Middle East and Africa, where sales dropped 20.3%. Strip out acquisitions and currency swings, and the decline deepened to 29.4%. Adjusted operating profit in the region tumbled 32%. Vertiv flagged several risks—sluggish customer spending, drawn-out sales cycles, order cancellations, increased competition, tariffs, and persistent economic headwinds could all undermine the outlook.
