Vertiv Q3 Preview: AI Infrastructure Keeps Powering Growth

Vertiv Holdings Co. VRT reports third-quarter 2025 results before the market opens on October 22. Analysts forecast EPS of $0.98 and revenue near $2.6 billion, both up strongly YoY, as the company continues to ride the AI and hyperscale data-center wave. The stock has climbed more than 50% YTD and is up over 200% since April's lows, reflecting optimism around the power and thermal management leader's role in the ongoing AI infrastructure buildout.

Much of the excitement comes from Vertiv's liquid-cooling products, which are increasingly essential for the high-density computing power that AI workloads demand. Management has been ramping production capacity to meet that need. The company's July quarter topped expectations on both sales and margins, leading to a string of analyst upgrades. For this week's call, investors will want updates on the order backlog, a major source of revenue visibility, and on how Vertiv is handling tariff-related costs that could pressure margins.

For Vertiv, the main question is whether it can keep scaling profitably. Last quarter, margins improved thanks to pricing discipline and higher volumes, and management suggested operating margins could reach about 20% in the third quarter. If that materializes or expands further, it would help prove that Vertiv's AI tailwind is turning into real earnings leverage. Outlook commentary on hyperscaler capital spending for 202526 will likely dictate how long the rally can run.