0001628280-26-026556
SEC filingVertiv Q1 2026 营收增 30.1%，净利翻倍，AI 数据中心需求驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $2,649.5M | $2,036.0M | +30.1% |
| Gross Profit | $999.7M | $686.5M | +45.6% |
| Gross Margin | 37.7% | 33.7% | +400bps |
| Operating Income | $440.1M | $290.7M | +51.4% |
| Operating Margin | 16.6% | 14.3% | +230bps |
| Net Income | $390.1M | $164.5M | +137.1% |
| Diluted EPS | $0.99 | $0.42 | +135.7% |
| Operating Cash Flow | $766.8M | $303.3M | +152.8% |
| Free Cash Flow | $654.2M | $266.8M | +145.2% |
Q1 2026 营收 $2,649.5M，同比 +30.1%，主要由 Americas 地区 AI 数据中心需求驱动，产品销量增长显著。Gross Margin 提升 400bps 至 37.7%，受益于产品组合优化与运营杠杆。Operating Margin 提升 230bps 至 16.6%，但需注意其中包含 $33.2M 的 contingent consideration 公允价值损失，剔除后经营利润率更高。
Net Income 同比 +137.1% 至 $390.1M，除经营利润增长外，还受益于利率互换结算带来的 $21.2M 利息收入以及有效税率从 38.0% 降至 11.0%。剔除一次性项目后，run-rate 盈利能力依然强劲。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Americas | $1,814.4M | +53.1% | $490.2M | 27.0% | AI 数据中心需求强劲 |
| Asia Pacific | $513.7M | +14.9% | $67.4M | 13.1% | 运营杠杆与成本改善 |
| Europe, Middle East & Africa | $321.4M | -20.3% | $53.5M | 16.6% | 市场需求疲软 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2,500.5M | +$672.6M |
| Total Debt | $2,922.2M | +$29.2M |
| Inventories | $1,834.6M | +$378.1M |
| Deferred Revenue | $2,461.8M | +$647.1M |
| Operating Cash Flow | $766.8M | +$463.5M |
| Capex | $112.6M | +$76.1M |
| Free Cash Flow | $654.2M | +$387.4M |
| FCF 转化率 | 167.7% | — |