Vertiv Holdings (NYSE:VRT) delivered a blowout fourth-quarter report, headlined by a staggering 252% surge in organic orders, signaling that the global build-out of artificial intelligence infrastructure is accelerating even faster than analysts anticipated.
The Columbus, Ohio-based provider of critical data center equipment saw its backlog swell to a record $15 billion by the end of 2025.
For the fourth quarter, net sales jumped 23% to $2.88 billion, while adjusted operating margins expanded to 23.2%.
The company’s ability to convert this demand into cash was equally robust, generating $910 million in adjusted free cash flow for the final three months of the year.
The full-year results underscore a fundamental shift in Vertiv’s profitability profile.
Diluted earnings per share for 2025 skyrocketed 166%, while adjusted diluted EPS rose 47%, comfortably beating prior guidance.
This growth was underpinned by a 26% increase in full-year organic sales, as hyperscale and colocation providers scrambled to secure Vertiv’s liquid cooling and high-density power solutions.
Despite the aggressive expansion, Vertiv’s balance sheet remains remarkably lean.
The company ended the year with a net leverage ratio of approximately 0.5x, providing significant "dry powder" for further capacity investments or strategic R&D.
Looking ahead to 2026, management expects the momentum to continue, forecasting organic sales growth between 27% and 29% as it moves into the next phase of the AI deployment cycle.