How much did Vertiv spend on capital expenditures last quarter?

Vertiv spent $0.1 billion on purchases of property and equipment in the quarter ended September 30, 2026, up 208% from the same quarter a year earlier. Over its latest four reported quarters it spent $0.5 billion.

Did Vertiv's capital spending exceed its operating cash flow?

No. In the quarter ended September 30, 2026 capital spending was 18% of Vertiv's $0.8 billion of operating cash flow, leaving free cash flow of $0.7 billion.

What is Vertiv's free cash flow?

$0.7 billion in the quarter ended September 30, 2026, and $3.1 billion over the latest four reported quarters, against $1.3 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.

Did Vertiv borrow to fund its spending?

Vertiv's long-term debt fell by $0.0 billion over the quarter ended September 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.

How does Vertiv's capital spending compare with its depreciation?

In the quarter ended September 30, 2026 Vertiv spent 1.3 times its depreciation and amortization of $0.1 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.

Is this Vertiv's AI spending?

No. These are Vertiv's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Systems and power equipmentVRTFilings through October 28, 2026

Vertiv capital spending

In the quarter ended September 30, 2026, Vertiv spent $0.1 billion on capital equipment, 18% of its $0.8 billion of operating cash flow and up 208% from a year earlier. Free cash flow was $0.7 billion, and long-term debt fell by $0.0 billion.

Next report: February 9, 2027, after the close. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through October 28, 2026

Vertiv’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Vertiv capital spending, filings through October 28, 2026.

Vertiv, quarter ended September 30, 2026

18%

Share of operating cash flow

Below 100%: covered by operations

Capital spending, quarter: $139.1M; +207.7% against the same quarter a year earlier
Free cash flow, quarter: $654.9M; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $518.3M; +176.6% against the four quarters before
Long-term debt, change: −$14.7M; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 3.5×; Capital spending as a multiple of the quarter’s depreciation of property and equipment

Spending against cash flow

$ billion, quarterly

Vertiv, quarterly capital spending and operating cash flow through Sep 2026

Sep 2026Capital spending $139.1MOperating cash flow $794.0MFree cash flow $654.9M

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

Vertiv’s quarterly capital spending has been above the same quarter a year earlier for 18 consecutive quarters. Over the latest four quarters it generated $3.7 billion from operations and spent $0.5 billion, leaving $3.1 billion of free cash flow against $1.3 billion over the four before.

Financing the build

The five hyperscalers combined

Vertiv, sources and uses of cash by quarter through Sep 2026

$ billion, quarterly. Sources above the axis, uses below.

Sep 2026Operating cash flow $794.0MLong-term debt issued $0.0MShort-term borrowing, net $3.4MCapital spending $139.1MFinance-lease principal $0.0MLong-term debt repaid $15.3MReturned to shareholders $24.0MChange in cash $707.6M

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Operating cash flow	425	303	323	483	1,005	767	1,100	794
Long-term debt issued	0	0	0	0	0	2,100	0	0
Short-term borrowing, net	0	0	0	0	0	0	0	3
Stock issued	8	1	12	9	4	24	21	1
Capital spending	61	37	45	45	93	113	173	139
Finance-lease principal	0	0	0	0	0	0	0	0
Long-term debt repaid	5	5	5	5	5	2,076	0	15
Share repurchases	0	0	0	0	0	0	0	0
Dividends	14	14	14	14	24	24	24	24
Free cash flow	365	267	278	438	912	654	927	655
Net long-term debt issued	(5)	(5)	(5)	(5)	(5)	24	0	(15)
Returned to shareholders	14	14	14	14	24	24	24	24
Outside funding needed	(350)	(253)	(264)	(423)	(888)	(630)	(903)	(631)
Change in cash	315	244	180	(212)	346	401	684	708
Interest expense	31	25	21	23	17	(4)	17	6
Stock-based compensation	9	11	13	14	7	17	14	20

Millions of dollars, outflows positive as reported in the cash flow statement.

The balance sheet

The five hyperscalers combined

Vertiv, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Sep 2026Net cash $584.4MGross debt $2.9B

Net debtNet cashGross debt

Vertiv balance sheet, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Cash and equivalents	1,228	1,467	1,641	1,396	1,728	2,151	2,811	3,513
Cash and investments	1,228	1,467	1,641	1,396	1,728	2,151	2,811	3,513
Long-term debt	2,907	2,904	2,901	2,898	2,892	2,922	2,940	2,925
Current debt	21	21	21	21	21	0	0	3
Gross debt	2,928	2,925	2,922	2,919	2,913	2,922	2,940	2,929
Net debt	1,701	1,458	1,281	1,523	1,185	772	129	(584)
Property and equipment, net, as reported	625	637	666	698	922	998	1,184	1,325
Accumulated depreciation	434	460	492	531	526	548	584	620
Inventory	1,244	1,384	1,413	1,437	1,457	1,835	2,523	3,288
Inventory days	77 days	94 days	74 days	79 days	76 days	102 days	113 days	112 days
Total assets	9,133	9,451	10,406	10,816	12,212	13,400	15,901	18,175
Shareholders’ equity	2,434	2,666	3,125	3,509	3,941	4,245	4,758	5,502
Interest expense	31	25	21	23	17	(4)	17	6
Effective interest cost	4.2%	3.5%	2.9%	3.1%	2.3%	—	2.4%	0.9%
Stock-based compensation	9	11	13	14	7	17	14	20
Shares outstanding, millions	381	381	382	382	383	384	385	385

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

What the asset base is made of

Across the hyperscalers

Vertiv, property and equipment at cost by class, by fiscal quarter

$ billion at quarter end

Sep 2026Machinery and equipment $1.2BBuildings $455.2MLand $44.8MConstruction in progress $281.6M

Machinery and equipmentBuildingsLandConstruction in progress

Vertiv property and equipment by class, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Machinery and equipment	570	601	645	694	874	916	1,056	1,163
Buildings	362	375	401	398	409	412	428	455
Land	39	40	41	42	42	41	44	45
Construction in progress	88	80	72	95	123	177	239	282
Classes combined	1,059	1,097	1,158	1,229	1,448	1,545	1,768	1,945
Property and equipment, gross, as reported	1,059	1,097	1,158	1,229	1,448	1,545	1,768	1,945
Accumulated depreciation	434	460	492	531	526	548	584	620
Share of the balance the classes explain	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Gross cost before depreciation, by the classes the company reports, with finance-lease right-of-use assets included in the reported total. Classes read: Building, Construction In Progress, Land, Machinery and Equipment.

Debt issued

The ledger across all companies

Vertiv bonds, notes, term loans and facilities since 2024
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Feb 23, 2026	Registered notes	4 tranches, 2036 to 2066	4.85 to 5.95%	2,100	High: term sheet	FWP
Aug 12, 2025	Credit facility	—	—	2,087	Low: one amount read from the filing text	8-K
Dec 13, 2024	Credit facility	—	—	2,102	Low: one amount read from the filing text	8-K
Nov 12, 2024	Revolving facility not counted	—	—	200	Low: one amount read from the filing text	8-K
Jun 13, 2024	Credit facility	—	—	2,113	Low: one amount read from the filing text	8-K
Feb 16, 2024	Credit facility	—	—	100	Low: one amount read from the filing text	8-K

In 2026 Vertiv has priced $2.1B of notes and term loans in 1 filing. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Depreciation against capex

The five hyperscalers combined

Vertiv, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter

$ billion, quarterly

Sep 2026Depreciation of property and equipment $39.8MCapital spending $139.1M

Depreciation of property and equipmentCapital spending

Vertiv capital spending and depreciation, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Capital spending	61	37	45	45	93	113	173	139
Depreciation of property and equipment	21	23	24	25	26	28	39	40
Capex to depreciation	2.9×	1.6×	1.9×	1.8×	3.6×	4.1×	4.4×	3.5×
Amortization of intangibles	50	49	50	51	62	80	76	68
Depreciation and amortization, as reported	71	72	73	75	88	108	116	108
Property and equipment, net, as reported	625	637	666	698	922	998	1,184	1,325
Property and equipment, gross	1,059	—	—	—	1,448	—	—	—

In Sep 2026 Vertiv spent 3.5× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 31 of 40 quarters on file.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Revenue	2,346	2,036	2,638	2,676	2,880	2,650	3,274	4,313
Operating cash flow	425	303	323	483	1,005	767	1,100	794
Capital spending	61	37	45	45	93	113	173	139
Free cash flow	365	267	278	438	912	654	927	655
Depreciation and amortization	71	72	73	75	88	108	116	108
Long-term debt	2,907	2,904	2,901	2,898	2,892	2,922	2,940	2,925
First filed / release date	Feb 18, 2025	Apr 23, 2025	Jul 30, 2025	Oct 22, 2025	Feb 13, 2026	Apr 22, 2026	Jul 29, 2026	Oct 28, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Vertiv spend on capital expenditures last quarter?: Vertiv spent $0.1 billion on purchases of property and equipment in the quarter ended September 30, 2026, up 208% from the same quarter a year earlier. Over its latest four reported quarters it spent $0.5 billion.
Did Vertiv's capital spending exceed its operating cash flow?: No. In the quarter ended September 30, 2026 capital spending was 18% of Vertiv's $0.8 billion of operating cash flow, leaving free cash flow of $0.7 billion.
What is Vertiv's free cash flow?: $0.7 billion in the quarter ended September 30, 2026, and $3.1 billion over the latest four reported quarters, against $1.3 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
Is Vertiv's capital spending still rising?: Yes. Vertiv's quarterly capital spending has been above the same quarter a year earlier for 18 consecutive quarters. The latest four quarters' spending is 177% above the four before.
Did Vertiv borrow to fund its spending?: Vertiv's long-term debt fell by $0.0 billion over the quarter ended September 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
How does Vertiv's capital spending compare with its depreciation?: In the quarter ended September 30, 2026 Vertiv spent 1.3 times its depreciation and amortization of $0.1 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
Is this Vertiv's AI spending?: No. These are Vertiv's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

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