Vertiv Holdings Co reported its results for the fourth quarter and the full year 2025 on February 11, 2026. The company describes itself as solving the challenges facing data centers, communication networks and commercial and industrial facilities "with a portfolio of power, cooling and IT infrastructure solutions and services." Data centers come first in that list. Parts of the release follow, not the whole.
Orders in the Fourth Quarter
For the company as a whole, fourth-quarter net sales were $2,880 million, an increase of $534 million, or 23%, on the fourth quarter of 2024, "driven by organic sales growth of 19%." Organic growth is the company's own measure. For sales, the release defines it as "the change in net sales adjusted to exclude the impacts of foreign currency exchange rate and acquisitions."
The release reports its orders as organic too. Orders momentum "accelerated significantly," it says, "with fourth quarter organic orders up approximately 252% compared to last year's fourth quarter and up 117% sequentially from third quarter 2025." In the release's words, "While the Americas region and hyperscale/colocation data centers were the primary drivers of order strength, order growth was broad-based across regions, technologies and customers."
Twelve Months of Orders, and the Backlog
Over a longer span, the company's trailing twelve-month organic orders grew approximately 81% compared to the prior year period, the release says, "reflecting robust market demand, particularly in AI infrastructure." At the end of the quarter, its backlog had increased to $15.0 billion, up 109% compared to the same period a year before.
The release's cautionary note on forward-looking statements lists risk factors that, it says, could cause actual results to differ materially. Among them are "unpredictable placing or cancelling of customer orders" and "failure to realize sales expected from our backlog of orders and contracts."
The release lists the failure to realize sales from the backlog as a risk to the company. For a developer whose equipment sits in that backlog, the same line is a risk to a delivery date.
Guidance for 2026, and What Is Not Split
In its updated guidance, the release says "The data center market continues to show robust momentum, with strong pipeline growth despite significant pipeline conversion to orders in the fourth quarter." To capitalize on these opportunities, it says, Vertiv is, among other things, "expanding production capacity." For the full year 2026, the company expects net sales of $13,250 to $13,750 million, with organic sales growth of 27% to 29% compared to 2025. The cautionary note counts the company's guidance for 2026 among its forward-looking statements, and says "These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance."
The release does not split its orders or its backlog between power and cooling. The word "cooling" stands in it once, in the company's description of its portfolio. It does not mention liquid cooling.
One figure for orders across power, cooling and IT infrastructure cannot tell a developer which of them is filling the backlog. A developer would want that answer before planning a delivery date around it.
Sources
- Vertiv Holdings Co. Vertiv Reports Strong Fourth Quarter with Organic Orders Growth of 252% and Diluted EPS Growth of 200% (Adjusted Diluted EPS +37%). 11 February 2026. company filing