Company: VRT
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001674101-25-000024
Chunk: 120

Company: Vertiv Holdings Co
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 2
Chunk 120
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BA extends some existing tax provisions set to expire beginning in 2026 while introducing or repealing other tax provisions. Pending further regulatory guidance, we do not anticipate the enacted changes to have a material impact on our financial position.

24

RESULTS OF OPERATIONS 

Comparison of the Three Months Ended September 30, 2025 and Three Months Ended September 30, 2024

(Dollars in millions)Three months ended September 30, 2025Three months ended September 30, 2024$ Change% ChangeNet sales$2,675.8 $2,073.5 $602.3 29.0 %Cost of sales1,665.1 1,317.1 348.0 26.4 Gross profit1,010.7 756.4 254.3 33.6 Selling, general and administrative expenses414.3 334.6 79.7 23.8 Amortization of intangibles48.2 45.3 2.9 6.4 Restructuring costs30.7 6.3 24.4 387.3 Foreign currency (gain) loss, net0.9 5.3 (4.4)(83.0)Other operating expense (income)(0.1)(6.7)6.6 98.5 Operating profit (loss)516.7 371.6 145.1 39.0 Interest expense, net22.8 35.9 (13.1)(36.5)Loss on extinguishment of debt1.7 — 1.7 — Change in fair value of warrant liabilities— 67.2 (67.2)(100.0)Income tax expense93.7 91.9 1.8 2.0 Net income (loss)$398.5 $176.6 $221.9 125.7 %

Net Sales

Net sales were $2,675.8 in the third quarter of 2025, an increase of $602.3, or 29.0%, compared with $2,073.5 in the third quarter of 2024. The increase in sales was primarily driven by higher sales volumes and positive impacts from foreign currency of $13.1. Product sales increased $552.0, which included positive impacts from foreign currency of $8.9. Services