Vertiv 发布Q2业绩与下调转化后的指引上调，显示AI数据中心业务增速持续向上

Vertiv Holdings, a company providing power and cooling infrastructure for artificial intelligence (AI) data centers, delivered profitability and cash flow that beat market expectations in the second quarter of fiscal 2026, and the company again raised its annual guidance. Adjusted operating margin came in at 22.6%, up 4.0 percentage points from a year earlier. Adjusted earnings per share (EPS) rose 60% to $1.52, exceeding market estimates.
Second-quarter revenue was $3.27 billion. That was up 24.1% from the same period last year but fell 3.5% short of the market forecast of $3.39 billion. The shortfall reflected the phased execution of large North American projects and supply chain congestion, which pushed some revenue recognition into the second half. The company set its annual revenue guidance at $14 billion, up $250 million from the previous figure. Factoring in the roughly $80 million second-quarter shortfall, the company effectively raised its second-half revenue expectations by $330 million.
The company also projected third-quarter organic growth of 34% to 36%. That is about double the 18% actual growth rate in the second quarter. Organic growth refers to the rate at which revenue or profit is expanded using internal resources and the capabilities of existing businesses, without external factors such as mergers and acquisitions (M&A). The company said this reflected improved production and delivery speeds starting in July.
The company plans to increase capital expenditure 2.4-fold, from $230 million in fiscal 2025 to $560 million this year. It is opening a new plant in Malaysia and expanding cooling equipment production capacity at five North American plants and in the Europe, Middle East and Africa region.
Demand is also confirmed in the financial statements. Current deferred revenue at the end of the second quarter stood at $3.63 billion, up 189% from a year earlier. This means customers are paying in advance to secure supply. Adjusted free cash flow (FCF) rose 234% to $925 million, and Vertiv shifted to a net cash position at the end of the quarter.
The stock has fallen about 40% from its May peak, lowering its 12-month forward price-to-earnings (PER) ratio to about 29 times. The forecast average annual EPS growth rate for 2025 to 2028 is 39%. Reflecting this, the expected PER for fiscal 2028 falls to about 19 times, suggesting that earnings growth alone will rapidly ease the valuation burden. As long as the pace of revenue conversion from large projects is confirmed, the correction after the earnings announcement can be seen as volatility in the process of verifying execution capability rather than a deterioration in demand.