Vertiv sees $14 billion 2026 revenue after shares jump 109%

Vertiv operates in the less glamorous side of AI infrastructure, building the power and cooling equipment that keeps data centers running. That positioning has paid off: the stock is up 109% over the past year, and the company's second-quarter results showed revenue up 24% to $3.27 billion and adjusted free cash flow up 234% to $925 million. The demand backdrop is strong, with Persistence Market Research projecting liquid-cooling system sales to grow at an annual rate of 26% through 2033, and Goldman Sachs predicting data center power demand could increase by 170% between 2025 and 2030.

Despite the run-up, the stock has pulled back 30% from its 52-week high in mid-May, which the article attributes to profit-taking. But Vertiv's fundamentals appear to be accelerating: the company raised its 2026 revenue guidance to $14 billion from $13.5 billion, and its adjusted EPS outlook to a 60% increase. It pointed to a book-to-bill ratio of 2.9 and a $15 billion order backlog at the end of 2025 as evidence of strong demand.

The key question is whether Vertiv can convert its backlog into revenue and sustain its earnings growth. If its EPS reaches $11.60 in 2028, as some analysts expect, and the stock trades at the Nasdaq-100's average earnings multiple of 34, the shares could reach $394, implying a 50% gain. However, this depends on execution and the pace of data center investment.