Company: VRT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001674101-25-000008
Chunk: 119

Company: Vertiv Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 119
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Income tax expense197.8 79.5 118.3 148.8 Net income (loss)$488.7 $172.2 $316.5 183.8 %

Net Sales

Net sales were $4,674.1 in the first six months of 2025, an increase of $1,082.2, or 30.1%, compared with $3,591.9 in the first six months of 2024. The increase in sales was primarily driven by higher sales volumes including the positive impacts from foreign currency of $3.2. Product sales increased $975.3, which included the positive impacts from foreign currency of $6.8. Services & spares sales increased $106.9, which included negative impacts from foreign currency of $3.6.

Excluding intercompany sales, net sales were $2,787.6 in the Americas, $1,007.4 in Asia Pacific and $879.1 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segments section below.

Cost of Sales 

Cost of sales were $3,091.0 in the first six months of 2025, an increase of $806.7, or 35.3% compared to the first six months of 2024. The increase in cost of sales was primarily driven by the impact of higher volumes. Gross profit was $1,583.1 in the six months of 2025, or 33.9% of sales, compared to $1,307.6, or 36.4% of sales in the second quarter of 2024. Margin was slightly down in the first six months of 2025 due primarily to the mix of product and service sales in addition to tariffs.

Selling, General and Administrative Expenses 

Selling, general and administrative expenses (“SG&A”) were $741.9 in the first six months of 2025, an increase of $64.1, or 9.5% compared to the first six months of 2024. The increase in SG&A was primarily driven by increased compensation costs. SG&A as a percentage of sales were 15.9% in the first six months of 2025 compared with 18.9% in the first six months of 2024.

Other Operating Expense

The remaining other operating expenses includes amortization of intangibles, restructuring costs, foreign currency (gain)