What happened
Vertiv Holdings (VRT) makes power, cooling and rack equipment for data centers and trades as an AI-infrastructure stock.
VRTVertiv Holdings·2026Q2 10-QPaidFiling score 68 · Moderate
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Vertiv's customer prepayments doubled in six months, $1.8bn to $3.6bn
Q2 2026 10-Q: revenue $3,274m (+24%), net income $498m (+54%). Money collected before anything was delivered doubled in half a year
Vertiv Holdings (VRT), which makes power, cooling and rack equipment for data centers, reported revenue of $3,274.3m for the second quarter of 2026, up 24% from a year earlier, and net income of $497.8m. The largest item on the cash-flow statement in the 10-Q filed on July 29 is not net income but the increase in deferred revenue: money customers paid before receiving equipment rose $1,822.7m in the first half.
In plain terms
Money Vertiv collected before delivering doubled in half a year. That much work is waiting to be done. The cash counts as revenue only once the work is finished.
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68 Filing score · Moderate
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FAQ
Is doubling prepayments a good sign?
It signals demand — customers paying early to secure production slots — and it brings cash in first. But prepayments are a liability; when equipment ships they turn into revenue and the cash effect disappears. This article reports the share of cash flow that came from prepayments and its relationship to inventory and acquisitions; the criteria for judging it are in the subscriber section.
Why is operating cash flow twice net income?
Net income is joined by non-cash items such as depreciation, and working capital contributed as well. Each amount is tabled in the subscriber section.
What did the company acquire?
Three acquisitions closed in the quarter. The total consideration and its split between cash and contingent amounts are in the subscriber section.
Where can I verify these numbers?
On SEC EDGAR: Vertiv's Q2 2026 Form 10-Q (accession 0001628280-26-050609), the balance sheet, cash-flow statement, the deferred-revenue table in the revenue note, the business-combination note and the liquidity section of MD&A.
How aiSwingX™ wrote this
- We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
- Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
- An editor reviews before publication; any later change is recorded in the revision history.
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Vertiv Form 10-Q for Q2 2026: statement of operations, balance sheet (deferred revenue, inventories), cash-flow statement (change in deferred revenue), revenue note (deferred-revenue opening/closing balances and amounts recognized), business-combination note (three Q2 acquisitions), MD&A on operating cash flow (working capital, deferred revenue) and investing (acquisitions, capex), IEEPA tariff refund claims · SEC EDGAR · This article is not investment advice. Disclaimer