← Filings of VRT
Tables in the 10-Q of Vertiv Holdings Co
38 tables with numbers, filed Apr 22, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| UNITED STATES | | | |
| SECURITIES AND EXCHANGE COMMISSION | | | |
| Washington, D. C. 20549 | | | |
| FORM 10-Q | | | |
| ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | |
| For the Quarterly period ended March 31, 2026 | | | |
| | or | |
| ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | |
First 8 of 17 rows. The CSV has all of them.
Table 2 after “shares of the Company’s Class A common stock, par value $0.0001, outstanding.”
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| TABLE OF CONTENTS | | | |
| | | Page |
| Part I - Financial Information | | | |
| Item 1. | Financial Statements (Unaudited) | 2 | |
| Condensed Consolidated Statements of Earnings (Loss) | 2 | |
| Condensed Consolidated Statements of Comprehensive Income (Loss) | 3 | |
| Condensed Consolidated Balance Sheets | 4 | |
| Condensed Consolidated Statements of Cash Flows | 5 | |
First 8 of 22 rows. The CSV has all of them.
Table 3 after “(Dollars in millions except for per share data)”
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| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Net sales | | | |
| Net sales - products | $2,135.8 | | $1,649.7 |
| Net sales - services | 513.7 | | 386.3 |
| Net sales | 2,649.5 | | 2,036.0 |
| Costs and expenses | | | |
| Cost of sales - products | 1,348.4 | | 1,112.1 |
| Cost of sales - services | 301.4 | | 237.4 |
First 8 of 27 rows. The CSV has all of them.
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Net income (loss) | $390.1 | | $164.5 |
| Other comprehensive income (loss), net of tax: | | | |
| Foreign currency translation | (40.3) | | 77.1 |
| Interest rate swaps | (47.2) | | (9.7) |
| Pension | (0.3) | | — |
| Foreign currency exchange forwards | (6.6) | | 6.2 |
| Other comprehensive income (loss), net of tax: | (94.4) | | 73.6 |
First 8 of 9 rows. The CSV has all of them.
| March 31, 2026 | December 31, 2025 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $2,150.6 | | $1,728.4 |
| Short-term investments | 349.9 | | 99.5 |
| Accounts receivable, less allowances of $26.6 and $25.6, respectively | 3,148.7 | | 3,109.0 |
| Inventories | 1,834.6 | | 1,456.5 |
| Other current assets | 500.8 | | 426.1 |
First 8 of 39 rows. The CSV has all of them.
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Cash flows from operating activities: | | | |
| Net income (loss) | $390.1 | | $164.5 |
| Adjustments to reconcile net income (loss) to net cash used for operating activities: | | | |
| Depreciation | 27.5 | | 22.9 |
| Amortization | 80.2 | | 48.7 |
| Deferred income taxes | (28.2) | | 33.3 |
| Amortization of debt discount and issuance costs | 1.6 | | 2.2 |
First 8 of 41 rows. The CSV has all of them.
| Common Share Capital | | | | | | | | | | | |
| Shares | Amount | | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | | Total | | | | |
| Balance at December 31, 2024 | 380,703,974 | | $— | | $2,821.4 | | $(238.3) | | | $(148.8) | | $2,434.3 |
| Net income (loss) | — | | — | | | 164.5 | | | — | | 164.5 | |
| Exercise of employee stock options | 109,017 | | — | | 1.3 | | — | | | — | | 1.3 |
| Stock-based compensation activity, net of shares withheld for tax(1) | 169,340 | | — | | 4.5 | | — | | | — | | 4.5 |
| Employee 401K match with Vertiv stock | 18,813 | | — | | 2.4 | | — | | | — | | 2.4 |
| Dividend | — | | — | | — | | (14.2) | | | — | | (14.2) |
First 8 of 10 rows. The CSV has all of them.
| Balance at December 31, 2025 | 382,553,680 | $— | | $2,895.2 | | $1,027.9 | | $18.2 | | $3,941.3 | |
| Net income (loss) | — | | — | | — | | 390.1 | | — | | 390.1 |
| Exercise of employee stock options | 1,268,993 | | — | | 23.5 | | — | | — | | 23.5 |
| Stock-based compensation activity, net of withholding for tax(2) | 114,813 | | — | | 5.4 | | — | | — | | 5.4 |
| Employee 401K match with Vertiv stock | 16,625 | | — | | 2.9 | | — | | — | | 2.9 |
| Dividend | — | | — | | — | | (23.9) | | — | | (23.9) |
| Other comprehensive income (loss), net of tax | — | | — | | — | | — | | (94.4) | | (94.4) |
| Balance at March 31, 2026 | 383,954,111 | | $— | | $2,927.0 | | $1,394.1 | | $(76.2) | | $4,244.9 |
Table 9 after “The following is the preliminary purchase price allocation of assets acquired and liabilities assumed as of the Acquisition date and related”
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| Preliminary Allocation | Adjustments | | Adjusted Preliminary Allocation | |
| Accounts receivable | $69.5 | | $— | | $69.5 |
| Other current assets | 7.2 | | — | | 7.2 |
| Property, plant and equipment | 150.0 | | — | | 150.0 |
| Goodwill | 588.4 | | 0.9 | | 589.3 |
| Other intangible assets | 445.2 | | — | | 445.2 |
| Right-of-use assets, net | 3.5 | | — | | 3.5 |
| Accounts payable | 11.3 | | — | | 11.3 |
First 8 of 13 rows. The CSV has all of them.
Table 10 after “The following table represents the definite lived intangible assets acquired, the preliminary fair values and respective useful lives:”
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| Useful Life | Preliminary Fair Value |
| Customer relationships | 9.5 | $372.6 |
| Trademarks | 8.0 | 39.8 |
| Other | 0.5 | 32.3 |
| Capitalized software | 5.0 | 0.5 |
| Total intangible assets | | $445.2 |
Table 11 after “The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control:”
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| Three months ended March 31, 2026 | | | | | |
| Americas | Asia Pacific | | Europe, Middle East, & Africa | Total | |
| Sales by Product and Service Offering: | | | | | | |
| Products | $1,475.9 | | $381.1 | | $234.2 | $2,091.2 |
| Services & spares | 338.5 | | 132.6 | | 87.2 | 558.3 |
| Total | $1,814.4 | | $513.7 | | $321.4 | $2,649.5 |
| Timing of Revenue Recognition: | | | | | | |
| Products and services transferred at a point in time | $1,511.9 | | $382.4 | | $196.9 | $2,091.2 |
First 8 of 10 rows. The CSV has all of them.
| Three months ended March 31, 2025 | | | | | |
| Americas | Asia Pacific | | Europe, Middle East, & Africa | Total | |
| Sales by Product and Service Offering: | | | | | | |
| Products | $958.3 | | $333.8 | | $319.0 | $1,611.1 |
| Services & spares | 227.0 | | 113.4 | | 84.5 | 424.9 |
| Total | $1,185.3 | | $447.2 | | $403.5 | $2,036.0 |
| Timing of Revenue Recognition: | | | | | | |
| Products and services transferred at a point in time | $973.7 | | $336.1 | | $240.5 | $1,550.3 |
First 8 of 10 rows. The CSV has all of them.
Table 13 after “The opening and closing balances of current and long-term deferred revenue as of March 31, 2026 and December 31, 2025 were as follows:”
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| Balances at March 31, 2026 | Balances at December 31, 2025 | |
| Deferred revenue - current | $2,461.8 | | $1,814.7 |
| Deferred revenue - noncurrent(1) | 145.3 | | 107.6 |
Table 14 after “Restructuring costs by business segment were as follows:”
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| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Americas | $0.1 | | $0.1 |
| Asia Pacific | — | | — |
| Europe, Middle East & Africa(1) | (5.0) | | 0.6 |
| Corporate | — | | 0.4 |
| Total | $(4.9) | | $1.1 |
Table 15 after “The change in the current liability for the restructuring costs during the three months ended March 31, 2026 were as follows:”
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| December 31, 2025 | Paid/Utilized | | Expense | March 31, 2026 | |
| Severance and benefits | $44.1 | | $(3.8) | | $(5.0) | $35.3 |
| Plant closing and other | 0.1 | | (0.2) | | 0.1 | — |
| Total | $44.2 | | $(4.0) | | $(4.9) | $35.3 |
Table 16 after “The change in the current liability for the restructuring costs during the three months ended March 31, 2025 were as follows:”
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| December 31, 2024 | Paid/Utilized | | Expense | March 31, 2025 | |
| Severance and benefits | $10.3 | | $(2.0) | | $0.4 | $8.7 |
| Plant closing and other | 0.1 | | (0.7) | | 0.7 | 0.1 |
| Total | $10.4 | | $(2.7) | | $1.1 | $8.8 |
Table 17 after “Long-term debt, net, consisted of the following as of March 31, 2026 and December 31, 2025:”
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| March 31, 2026 | December 31, 2025 | |
| Term Loan due 2032 at 5.61% at December 31, 2025 | $— | | $2,076.1 |
| Senior Secured Notes due 2028 at 4.125% at both March 31, 2026 and December 31, 2025 | 850.0 | | 850.0 |
| Senior Notes due 2036 at 4.850% at March 31, 2026 | 600.0 | | — |
| Senior Notes due 2046 at 5.650% at March 31, 2026 | 500.0 | | — |
| Senior Notes due 2056 at 5.800% at March 31, 2026 | 500.0 | | — |
| Senior Notes due 2066 at 5.950% at March 31, 2026 | 500.0 | | — |
| Unamortized discount and issuance costs | (27.8) | | (13.1) |
First 8 of 11 rows. The CSV has all of them.
Table 18 after “(8) OTHER FINANCIAL INFORMATION”
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| March 31, 2026 | December 31, 2025 | |
| Reconciliation of cash, cash equivalents, and restricted cash | | | |
| Cash and cash equivalents | $2,150.6 | | $1,728.4 |
| Restricted cash included in other current assets | 40.6 | | 61.4 |
| Total cash, cash equivalents, and restricted cash | $2,191.2 | | $1,789.8 |
Table 19 after “(8) OTHER FINANCIAL INFORMATION”
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| March 31, 2026 | December 31, 2025 | |
| Inventories | | | |
| Finished products | $681.5 | | $555.4 |
| Raw materials | 883.6 | | 680.6 |
| Work in process | 269.5 | | 220.5 |
| Total inventories | $1,834.6 | | $1,456.5 |
Table 20 after “(8) OTHER FINANCIAL INFORMATION”
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| March 31, 2026 | December 31, 2025 | |
| Property, plant and equipment, net(1) | | | |
| Machinery and equipment | $915.5 | | $874.1 |
| Buildings | 412.0 | | 408.7 |
| Land | 41.3 | | 42.1 |
| Construction in progress | 176.6 | | 123.3 |
| Property, plant and equipment, at cost | 1,545.4 | | 1,448.2 |
| Less: Accumulated depreciation | (547.9) | | (526.4) |
First 8 of 9 rows. The CSV has all of them.
Table 21 after “as of March 31, 2026 and December 31, 2025, respectively.”
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| March 31, 2026 | December 31, 2025 | |
| Accrued expenses and other liabilities | | | |
| Accrued payroll and other employee compensation | $122.3 | | $173.2 |
| Contingent consideration liability (see Note 3) | 177.3 | | 144.1 |
| Restructuring (see Note 5) | 35.3 | | 44.2 |
| Operating lease liabilities | 72.3 | | 69.7 |
| Product warranty | 42.8 | | 43.2 |
| Other | 406.2 | | 297.2 |
First 8 of 9 rows. The CSV has all of them.
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Change in product warranty accrual | | | |
| Balance at the beginning of the period | $43.2 | | $27.5 |
| Provision charge to expense | 5.9 | | 7.9 |
| Paid/utilized | (6.3) | | (7.0) |
| Balance at the end of the period | $42.8 | | $28.4 |
Table 23 after “A summary of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:”
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| | As of March 31, 2026 | | | | | |
| Balance Sheet Location | Total | Quoted prices in active markets for identical assets (Level 1) | | Other observable inputs (Level 2) | Unobservable inputs (Level 3) | |
| Assets: | | | | | | | |
| Cash | Cash and cash equivalents | $2,150.6 | | $2,150.6 | | $— | $— |
| Foreign currency exchange forwards | Other current assets | 2.4 | | — | | 2.4 | — |
| Economic hedges | Other current assets | 14.4 | | — | | 14.4 | — |
| Total assets | | $2,167.4 | | $2,150.6 | | $16.8 | $— |
| Liabilities: | | | | | | | |
First 8 of 10 rows. The CSV has all of them.
| | As of December 31, 2025 | | | | | |
| Balance Sheet Location | Total | Quoted prices in active markets for identical assets (Level 1) | | Other observable inputs (Level 2) | Unobservable inputs (Level 3) | |
| Assets: | | | | | | | |
| Cash | Cash and cash equivalents | $1,728.4 | | $1,728.4 | | $— | $— |
| Interest rate swaps | Other current assets | 23.4 | | — | | 23.4 | — |
| Foreign currency exchange forwards | Other current assets | 9.7 | | — | | 9.7 | — |
| Economic hedges | Other current assets | 26.1 | | — | | 26.1 | — |
| Interest rate swaps | Other noncurrent assets | 4.8 | | — | | 4.8 | — |
First 8 of 12 rows. The CSV has all of them.
Table 25 after “The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt ”
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| March 31, 2026 | December 31, 2025 | | | | |
| Fair Value | Par Value(1) | | Fair Value | Par Value(1) | |
| Term Loan due 2032 | $— | | $— | | $2,089.1 | $2,076.1 |
| Senior Secured Notes due 2028 | 834.8 | | 850.0 | | 840.9 | 850.0 |
| Senior Notes due 2036 at 4.850% at March 31, 2026 | 583.8 | | 600.0 | | — | — |
| Senior Notes due 2046 at 5.650% at March 31, 2026 | 477.1 | | 500.0 | | — | — |
| Senior Notes due 2056 at 5.800% at March 31, 2026 | 481.0 | | 500.0 | | — | — |
| Senior Notes due 2066 at 5.950% at March 31, 2026 | 478.7 | | 500.0 | | — | — |
Table 26 after “Activity in accumulated other comprehensive income (loss) is as follows:”
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| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Foreign currency translation, beginning | $(29.1) | | $(203.9) |
| Other comprehensive income (loss)(1) | (40.3) | | 77.1 |
| Foreign currency translation, ending | (69.4) | | (126.8) |
| Interest rate swaps, beginning | 47.2 | | 74.6 |
| Realized gain (loss) recognized during the period(2) | (48.5) | | — |
| Unrealized gain (loss) deferred during the period(3) | 1.3 | | (9.7) |
| Interest rate swaps, ending | — | | 64.9 |
First 8 of 15 rows. The CSV has all of them.
| Three months ended March 31, 2026 | | | | | |
| Americas | Asia Pacific | | Europe, Middle East & Africa | Total | |
| Sales | $1,822.4 | | $630.7 | | $494.9 | $2,948.0 |
| Intersegment sales | 8.0 | | 117.0 | | 173.5 | 298.5 |
| Net Sales | 1,814.4 | | 513.7 | | 321.4 | 2,649.5 |
| Significant segment expenses | | | | | | |
| Cost of sales(1) | 1,078.4 | | 362.5 | | 196.3 | 1,637.2 |
| Marketing, sales and service costs | 94.7 | | 32.3 | | 27.5 | 154.5 |
First 8 of 18 rows. The CSV has all of them.
Table 28 after “(2) Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.”
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| Three months ended March 31, 2025 | | | | | |
| Americas | Asia Pacific | | Europe, Middle East & Africa | Total | |
| Sales | $1,197.2 | | $486.1 | | $528.3 | $2,211.6 |
| Intersegment sales | 11.9 | | 38.9 | | 124.8 | 175.6 |
| Net Sales | 1,185.3 | | 447.2 | | 403.5 | 2,036.0 |
| Significant segment expenses | | | | | | |
| Cost of sales(1) | 762.1 | | 324.8 | | 252.0 | 1,338.9 |
| Marketing, sales and service costs | 65.2 | | 28.8 | | 24.2 | 118.2 |
First 8 of 18 rows. The CSV has all of them.
| Total Assets | March 31, 2026 | December 31, 2025 | |
| Americas | $6,327.9 | | $5,864.3 |
| Asia Pacific | 1,960.3 | | 1,810.7 |
| Europe, Middle East & Africa | 2,715.2 | | 2,918.0 |
| 11,003.4 | | 10,593.0 |
| Corporate and other | 2,396.7 | | 1,619.4 |
| Total | $13,400.1 | | $12,212.4 |
| Depreciation and Amortization | Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Americas | $65.8 | | $32.8 |
| Asia Pacific | 10.0 | | 9.1 |
| Europe, Middle East & Africa | 22.3 | | 21.0 |
| Corporate and other | 9.6 | | 8.7 |
| Total | $107.7 | | $71.6 |
| Capital Expenditures | Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Americas | $66.8 | | $16.2 |
| Asia Pacific | 20.7 | | 9.4 |
| Europe, Middle East & Africa | 17.6 | | 6.3 |
| Corporate and other | 7.5 | | 4.6 |
| Total | $112.6 | | $36.5 |
Table 32 after “The details of the earnings per share calculations for the three months ended March 31, 2026 and 2025 are as follows:”
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| (In millions, except share and per share amounts) | Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
| Net income (loss) | $390.1 | | $164.5 |
| Weighted-average number of shares outstanding - basic | 382,921,496 | | 380,845,511 |
| Dilutive effect of equity-based compensation | 9,206,674 | | 9,264,139 |
| Weighted-average number of shares outstanding - diluted | 392,128,170 | | 390,109,650 |
| Earnings (loss) per share | | | |
| Basic | $1.02 | | $0.43 |
| Diluted | $0.99 | | $0.42 |
Table 33 after “Comparison of the Three Months Ended March 31, 2026 and Three Months Ended March 31, 2025”
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| (Dollars in millions) | Three months ended March 31, 2026 | Three months ended March 31, 2025 | | $ Change | % Change | |
| Net sales | $2,649.5 | | $2,036.0 | | $613.5 | 30.1% |
| Cost of sales | 1,649.8 | | 1,349.5 | | 300.3 | 22.3 |
| Gross profit | 999.7 | | 686.5 | | 313.2 | 45.6 |
| Selling, general and administrative expenses | 456.7 | | 346.3 | | 110.4 | 31.9 |
| Amortization of intangibles | 77.6 | | 46.0 | | 31.6 | 68.7 |
| Restructuring costs | (4.9) | | 1.1 | | (6.0) | (545.5) |
| Foreign currency (gain) loss, net | (1.6) | | 2.6 | | (4.2) | (161.5) |
First 8 of 14 rows. The CSV has all of them.
| (Dollars in millions) | Three months ended March 31, 2026 | Three months ended March 31, 2025 | | $ Change | % Change | |
| Net sales | $1,814.4 | | $1,185.3 | | $629.1 | 53.1% |
| Operating profit (loss) | 490.2 | | 259.7 | | 230.5 | 88.8 |
| Margin | 27.0% | | 21.9% | | | |
| (Dollars in millions) | Three months ended March 31, 2026 | Three months ended March 31, 2025 | | $ Change | % Change | |
| Net sales | $513.7 | | $447.2 | | $66.5 | 14.9% |
| Operating profit (loss) | 67.4 | | 45.7 | | 21.7 | 47.5 |
| Margin | 13.1% | | 10.2% | | | |
| (Dollars in millions) | Three months ended March 31, 2026 | Three months ended March 31, 2025 | | $ Change | % Change | |
| Net sales | $321.4 | | $403.5 | | $(82.1) | (20.3)% |
| Operating profit (loss) | 53.5 | | 78.7 | | (25.2) | (32.0) |
| Margin | 16.6% | | 19.5% | | | |
Table 37 after “Three Months Ended March 31, 2026 and 2025”
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| (Dollars in millions) | 2026 | 2025 | | $ Change | % Change | |
| Net cash provided by (used for) operating activities | $766.8 | | $303.3 | | $463.5 | 152.8% |
| Net cash provided by (used for) investing activities | (376.7) | | (38.8) | | (337.9) | (870.9) |
| Net cash provided by (used for) financing activities | 11.9 | | (24.9) | | 36.8 | 147.8 |
| Capital expenditures | (112.6) | | (36.5) | | (76.1) | (208.5) |
| Investments in capitalized software | (1.4) | | (2.3) | | 0.9 | 39.1 |
| EXHIBIT INDEX | |
| Exhibit No. | Description |
| 4.3 | Form of 4.850% Senior Notes due 2036 (included in Exhibit A-1 incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed with the SEC on March 3, 2026) |
| 4.4 | Form of 5.650% Senior Notes due 2046 (included in Exhibit A-2 incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed with the SEC on March 3, 2026) |
| 4.5 | Form of 5.800% Senior Notes due 2056 (included by Exhibit A-3 incorporated by reference to Exhibit 4.2 to the the Company's Current Report on Form 8-K, filed with the SEC on March 3, 2026) |
| 4.6 | Form of 5.950% Senior Notes due 2066 (included by Exhibit A-4 incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed with the SEC on March 3, 2026) |
| 10.1 | Credit Agreement, dated as of March 3, 2026, among Vertiv Holdings Co. the lenders and issuing banks party thereto and JPMorgan Chase Bank. N.A. as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on March 3, 2026) |
| 31.1 | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
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