Vertiv lifts 2026 sales forecast to $14.65 billion after orders grow more than 100%
Key Facts
Vertiv raised its fiscal 2026 net sales forecast to a midpoint of $14.65 billion, with expected organic growth of 38% compared with 2025. The company announced the revision on October 28, alongside results for the third quarter ended September 30, when it posted sales of $4.313 billion, up 61% from the same period a year earlier. The company said it raised its annual sales forecast by $650 million, citing demand visibility, continued investment in capacity and disciplined execution. The revision comes as organic orders grew more than 100% year over year in the third quarter. The figures reflect accelerating business alongside the company's expansion of its ability to meet data center needs.
Vertiv's estimate for 2026 net sales ranges from $14.45 billion to $14.85 billion, and for organic growth from 37% to 39%, with $14.65 billion and 38% representing the respective midpoints. This puts the forecast increase within a defined range rather than relying on a single figure, and shows the level of growth the company expects against 2025. The company had said demand visibility, capacity investments and disciplined execution gave it confidence to raise its annual sales forecast by $650 million. Order growth of more than 100% is significant in this context, as it is already accompanied by a strong rise in quarterly sales. Management pointed to continued investment in capacity as it carries out its expansion plans.
Sales growth varied by region in the third quarter, with the Americas growing fastest among the regions cited in the company's statement. Sales in the region rose 75% overall and 66% organically year over year, while Asia-Pacific sales increased 50%, including 48% organic growth. In Europe, the Middle East and Africa, sales grew 23% overall and 19% organically. These figures distinguish total from organic growth in each region and show that the increase was not limited to the Americas. The 75% figure applies to the Americas region in the company's classification; it does not describe North America alone.
Sales growth was accompanied by improved operating profitability: adjusted operating margin was 25.2% in the third quarter, up 290 basis points from the same quarter in 2025. Vertiv attributed the improvement to operating leverage from higher sales and increased manufacturing productivity. Adjusted free cash flow for the quarter was $652 million, up 50% year over year. The company said higher adjusted operating profit supported cash flow, while the effects of increased working capital and capital expenditures offset some of that support. For the fiscal year, the company set an adjusted free cash flow range of $2.6 billion to $2.8 billion, with a midpoint of $2.7 billion.
Chief Executive Giordano Albertazzi said the company was “in the middle of the largest infrastructure buildout, and it is accelerating,” linking this to the evolution of data center needs and Vertiv's expanding role. He added that the company was “compressing new product development cycles from years to months,” while expanding capacity, improving productivity and executing with discipline. The company had $6.2 billion in liquidity in the third quarter and remained in a net cash position, according to its statement. It forecast capital expenditures of about 4% of revenue for 2026. These indicators provide context on how the company is financing the operational expansion it said was part of its response to demand.
Vertiv expects fourth-quarter 2026 sales of about $4.413 billion at the midpoint of its range, with expected organic sales growth of 50%. Shares had risen more than 12% in premarket trading on October 28 after the results and forecast increase were announced, according to Investing.com. In the same trading session, the site reported adjusted earnings per share of $2.21, versus analysts' expectation of $1.82, and revenue of $4.31 billion, above consensus of $3.75 billion. The fourth-quarter forecast sets out a near-term path for the company after third-quarter sales and orders growth. The estimate remains part of the company's published guidance for the coming period.