By Mackenzie Tatananni

Vertiv on Wednesday released its first earnings report since joining the S&P 500 in March. The stock was falling even as the numbers topped Wall Street's forecasts.

The data-center infrastructure provider posted adjusted earnings of $1.17 a share for the first quarter, beating the $1 consensus among analysts tracked by FactSet. Revenue climbed 30% to $2.65 billion, edging past calls for $2.64 billion.

Vertiv guided for full-year earnings in the range of $6.30 to $6.40 a share, sharply above Wall Street's calls for $6.12 at the midpoint. The company sees 2026 revenue of $13.5 billion to $14 billion; analysts were looking for $13.63 billion.

Coming into Wednesday's session, the stock has gained more than 300% over the past year; in 2026, shares have risen nearly 93%, eclipsing a 3.2% gain for the S&P 500.

Investors wondering whether earnings would add fuel to the blistering rally got their answer Wednesday as the stock declined following the report. Vertiv fell 2.4% while the benchmark index advanced 0.8%.

Based on conversations with investors, "expectations heading into the print were elevated," said Citi Research analyst Andrew Kaplowitz in a note. He expects near-term price volatility "given what, in our view, was a high bar heading into the quarter," coupled with lower full-year organic growth expectations for the Americas.

Vertiv noted in the release that the Americas region led organic sales growth in the quarter, expanding 44% on the back of data-center demand. Operating income of $551 million, which topped Citi's expectations, was similarly driven by outperformance in the Americas.

Vertiv has stopped reporting its quarterly backlog, which would typically serve as an indicator of customer demand. However, Kaplowitz believes Vertiv's updated guidance is "achievable," citing signs of better execution and an improving outlook in Europe, the Middle East, and Africa.

Vertiv has hitched its success to AI heavyweight Nvidia, and the partnership between the two companies has become a defining pillar of Vertiv's market identity.

The infrastructure company officially joined the Nvidia Partner Network, a program for companies that sell or integrate Nvidia products, in March 2024. Vertiv and Nvidia had partnered on research for years before then.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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April 22, 2026 15:11 ET (19:11 GMT)

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