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Vertiv Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$655M in Q3 2026 · $3.1B over twelve months

Operating cash flow$794M
Capital spending−$139M
Free cash flow+$655M
Cash / net income1.0×
Cash conversion cycle88 days

Analysis

In Q3 2026, Vertiv Holdings generated $794M of operating cash flow and spent $139M on capital projects, leaving free cash flow of $655M. That is $217M more than in Q3 2025 ($438M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.7B; the largest uses were net borrowing (+) / repaid (−) ($2.1B), acquisitions ($1.3B), capital spending ($518M); besides operations, cash came from other financing ($2.1B), other investing ($323M); the cash balance rose by $2.1B.

Operating cash flow was $794M against net income of $764M — 1.0× profit, roughly in line with earnings. The largest differences: inventory −$767M, payables +$724M, receivables −$632M.

Its cash conversion cycle was 88 days (receivables 87 + inventory 100 − payables 99).

Free cash flow

Vertiv Holdings: free cash flow by quarterVertiv Holdings: free cash flow by quarter$364MQ4 2024$267MQ1 2025$278MQ2 2025$438MQ3 2025$912MQ4 2025$654MQ1 2026$926MQ2 2026$655MQ3 2026
Operating cash flow less capital spending.
Vertiv Holdings: operating cash flow against capital spendingVertiv Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$425M$60.7MQ4 2024$303M$36.5MQ1 2025$323M$45.0MQ2 2025$483M$45.2MQ3 2025$1.0B$93.3MQ4 2025$767M$113MQ1 2026$1.1B$173MQ2 2026$794M$139MQ3 2026
Latest (Q3 2026): Operating cash flow $794M, Capital spending $139M.

Capital allocation, year by year

Vertiv Holdings: where the cash came from (up) and went (down), by fiscal yearVertiv Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $211MFY2021: Net borrowing $828MFY2021: Shares issued $4.1MFY2021: Asset sales $31.5MFY2021: Capital spending −$73.4MFY2021: Acquisitions −$1.2BFY2021: Dividends −$3.8M$1.1BFY2021FY2022: Operating cash flow −$153MFY2022: Net borrowing −$16.4MFY2022: Shares issued $3.1MFY2022: Asset sales $3.9MFY2022: Capital spending −$100MFY2022: Acquisitions −$5.0MFY2022: Dividends −$3.8M$7.0MFY2022FY2023: Operating cash flow $900MFY2023: Net borrowing −$27.1MFY2023: Shares issued $27.4MFY2023: Asset sales $24.3MFY2023: Capital spending −$128MFY2023: Acquisitions −$28.8MFY2023: Dividends −$9.5M$952MFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing −$21.1MFY2024: Shares issued $33.0MFY2024: Capital spending −$167MFY2024: Acquisitions −$17.6MFY2024: Buybacks −$600MFY2024: Dividends −$42.2M$1.4BFY2024FY2025: Operating cash flow $2.1BFY2025: Net borrowing −$20.9MFY2025: Shares issued $26.4MFY2025: Capital spending −$220MFY2025: Acquisitions −$1.2BFY2025: Dividends −$66.6M$2.1BFY2025
Over these 5 years operating cash flow totalled $4.4B; the largest uses were acquisitions ($2.4B) and capital spending ($688M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.5B
Debt$2.9B
Net cash$584M
Due within a year$20.9M

Vertiv Holdings funds itself: free cash flow was $3.1B over the last twelve months, and $3.5B of cash and investments stands against $2.9B of debt ($20.9M due within a year, 168.1× covered by cash).

Vertiv Holdings: debt maturities by year (FY2025)Vertiv Holdings: debt maturities by year (FY2025)$20.9MYear 1$20.9MYear 2$871MYear 3$20.9MYear 4$20.9MYear 5
Principal due in each year as disclosed in the annual report, against $3.5B of cash and investments now.

Where the cash came from and went

Vertiv Holdings: sources (+) and uses (−) of cash, Q3 2026Vertiv Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$794MCash drawn (+) / kept (−)−$708MCapital spending−$139MOther investing$91.5MDividends−$24.0MNet borrowing (+) / repaid (−)−$15.3MOther financing−$900KShares issued$800KExchange rates$600K
Vertiv Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Vertiv Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.7BCash drawn (+) / kept (−)−$2.1BOther financing$2.1BNet borrowing (+) / repaid (−)−$2.1BAcquisitions−$1.3BCapital spending−$518MOther investing$323MDividends−$95.8MShares issued$49.3MTaxes on employees’ shares−$30.7MExchange rates$6.3M

From profit to cash

Vertiv Holdings: net income to operating cash flow, Q3 2026Vertiv Holdings: net income to operating cash flow, Q3 2026Net income$764MDepreciation & amortization$108MStock-based pay$19.7MDeferred taxes$16.1MReceivables−$632MInventory−$767MPayables$724MAccrued liabilities$113MDeferred revenue$490MPrepaid and other assets−$160MIncome taxes payable$94.0MOperating cash flow$794M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026871009988
Q2 202696979994
Q1 20261069010195
Q4 202595769179
Q3 202597799284
Q2 202589737983
Q1 20251038891100
Q4 202492788090

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$794M−$139M—−$24.0M−$15.3M$800K−$708M$655M
Q2 2026$1.1B−$173M−$278M−$23.9M—$20.6M−$684M$926M
Q1 2026$767M−$113M−$400K−$23.9M$23.9M$23.5M−$401M$654M
Q4 2025$1.0B−$93.3M−$989M−$24.0M−$5.2M$4.4M−$346M$912M
Q3 2025$483M−$45.2M−$196M−$14.2M−$5.2M$9.0M$212M$438M
Q2 2025$323M−$45.0M—−$14.2M−$5.2M$11.7M−$180M$278M
Q1 2025$303M−$36.5M—−$14.2M−$5.3M$1.3M−$244M$267M
Q4 2024$425M−$60.7M−$17.6M−$14.1M−$5.2M$8.0M−$315M$364M

Vertiv Holdings: income statement and cash flow

Vertiv Holdings, Q3 2026: revenue $4.3B (+61% year over year), operating margin 22.8%. The chart follows the revenue to costs, profit and cash.

Vertiv Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.