0001628280-26-050609
SEC filingVertiv Q2 2026 营收与净利大幅增长，AI 数据中心需求驱动，但需关注并购整合与或有对价波动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $3,274.3M | $2,638.1M | +24.1% |
| Gross Profit | $1,234.9M | $896.6M | +37.7% |
| Gross Margin | 37.7% | 34.0% | +370 bps |
| Operating Income | $637.9M | $442.4M | +44.2% |
| Operating Margin | 19.5% | 16.8% | +270 bps |
| Net Income | $497.8M | $324.2M | +53.5% |
| Diluted EPS | $1.27 | $0.83 | +53.0% |
| Operating Cash Flow | $1,866.6M | $626.2M | +198.1% |
| Free Cash Flow | $1,580.7M | $544.7M | +190.2% |
Q2 2026 营收 $3,274.3M，同比 +24.1%，主要受 AI 数据中心需求驱动的销量增长、并购贡献 $129.7M 及汇率正面影响 $35.9M 推动。毛利率 37.7%，同比 +370 bps，主要得益于产品与服务销售组合优化。经营利润率 19.5%，同比 +270 bps，反映运营杠杆与成本控制。
盈利质量方面，Net Income $497.8M 同比 +53.5%，但包含或有对价公允价值变动损失 $62.0M 等一次性项目，剔除后 run-rate 利润更高。经营现金流 $1,866.6M 同比 +198.1%，主要受 Deferred revenue 增加 $1,822.7M 驱动，现金流质量优异。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Americas | $2,070.8M | +29.2% | $571.4M | 27.6% | 销量增长，产品与服务双增 |
| Asia Pacific | $719.9M | +28.5% | $95.6M | 13.3% | 产品销量增长，运营杠杆 |
| Europe, Middle East & Africa | $483.6M | +1.7% | $124.2M | 25.7% | 汇率正面，项目执行改善 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $3,110.6M | +$1,282.7M |
| Total Debt | $2,939.8M | +$26.8M |
| Inventory | $2,522.7M | +$1,066.2M |
| Deferred revenue | $3,633.7M | +$1,819.0M |
| Operating Cash Flow | $1,866.6M | +$1,240.4M |
| Capex | $285.9M | +$204.4M |
| Free Cash Flow | $1,580.7M | +$1,036.0M |
| FCF 转化率 | 178% | — |