Category: 3. Business

(Bloomberg) — A much stronger-than-anticipated US jobs report spurred a slide in Treasuries as traders trimmed bets on Federal Reserve rate cuts this year. An initial rally in stocks waned amid a selloff in software companies.

Short-dated Treasuries were hit the hardest, with two-year yields set for their biggest increase since October. Money markets priced in the Fed’s next cut in July, from June previously. The S&P 500, which had earlier risen on hopes that economic strength would keep fueling earnings, was little changed. Most megacaps fell and an ETF tracking software giants tumbled 3%. Bitcoin sank to around $66,500.

US payrolls rose in January by the most in more than a year and the unemployment rate unexpectedly fell, suggesting the labor market continued to stabilize.

Employers added 130,000 jobs last month and the unemployment rate slid to 4.3%. That followed revisions to the prior year, which showed a marked slowdown in hiring. Job gains averaged just 15,000 a month last year, down from the initially reported 49,000 pace.

“Markets may have been expecting a downshift in today’s numbers after last week’s soft data, but the jobs market hit the gas pedal instead,” said Ellen Zentner at Morgan Stanley Wealth Management. “Today’s data shows an acceleration in employment that was strong enough to drive unemployment lower.”

This is the kind of report investors should welcome — even if it gives the Fed more room to stay put, said Bret Kenwell at eToro.

“Still, it’s important to keep perspective: this is one data point, and it doesn’t erase the recent softness elsewhere in the data. But if the labor market is indeed stabilizing, that would be constructive for both the economy and the market,” he said.

The bigger implication may be for stocks given that a stronger job market will likely support the “broadening trade,” according to Brad Conger at Hirtle Callaghan.

Ahead of the release of the report, traders were betting on a softer jobs data following the release of several downbeat job market indicators, noted Fawad Razaqzada at Forex.com. As it turned out, it was quite the opposite, he said

“The better-than-expected job numbers for January are a bright spot in an otherwise uncertain labor market,” said Jerry Tempelman at Mutual of America Capital Management.

If the recent jitters in the stock market are due to concerns of a weakening labor market and/or economy that is headed toward a recession, this report should alleviate those concerns in the short run, according to Chris Zaccarelli at Northlight Asset Management.

“Until we see significant weakness in the labor market, the economy or corporate profits, we believe this is still a market where dips can be bought,” he said.

The jobs report checked all the boxes today with better headline results, stronger participate rates, and the unemployment rate ticking lower, noted Art Hogan at B. Riley Wealth.

Despite labor market softening observed last year, economic strength is likely coming out of 2025 and carrying into this year — and that should leave companies reluctant to fire, while tight labor supply should keep a lid on the unemployment rate, noted Jennifer Timmerman at Wells Fargo Investment Institute.

Investors are shifting from trading headlines to focusing on earnings durability, balance-sheet strength, and selective growth, knowing volatility and rotation are likely as 2026 unfolds, according to Gina Bolvin at Bolvin Wealth Management Group.

“The market got the jobs report it needed,” said Brad Smith at Janus Henderson Investors. “Despite tight spreads and elevated multiples, we view this as a favorable backdrop for risk assets.”

Worst-case scenarios didn’t play out thanks to a private-sector rebound, according to David Russell at TradeStation. Today’s numbers seem to confirm the manufacturing rebound we’ve recently seen

“It’s good news for people worried about an imminent slowdown, but it also reduces the urgency to cut interest rates,” he said.

Looking through the noise, today’s print is a positive for risk assets given it shows a solid labor backdrop that can fuel further upside in consumption, said Jeff Schulze at ClearBridge Investment.

The release provides ammunition to the Fed hawks to maintain a patient approach to rate cuts, reinforcing the narrative of a stabilizing labor market, according to Angelo Kourkafas at Edward Jones

“Markets have adjusted accordingly, with bond futures now fully pricing in a Fed cut by July instead of June. From a portfolio standpoint, we expect the 10‑year yield to drift back toward the middle of its 4%–4.5% range, and we believe the rotation toward ‘old economy’ and pro‑cyclical sectors should continue,” he said.

The relatively healthy state of the labor market suggests that rate cuts are not imminently needed, which allows the Fed some time to digest incoming data before determining the appropriate course of action moving forward, noted Jason Pride at Glenmede.

“Investors should expect a base case of ~2 rate cuts in 2026, which are more likely to come under the leadership of the next Fed chair,” he said.

“Today’s employment report was a 10 out of 10 with positive surprises across the board,” said Peter Graf at Amova Asset Management Americas. “It should quell recent concerns about growth, but puts incoming Fed Chair Warsh in the hot seat — it will be even harder to persuade the FOMC members to go along with the President’s mandate to cut rates.

Interest-rate swaps after the data showed traders see less than 5% of a chance that policymakers lower rates when they meet in March. Traders have priced in a total of 49 basis points of policy easing by December — implying about two quarter-point rate cuts this year, compared with 59 basis points on Tuesday.

An improving employment outlook should allow the Fed to shift its attention toward the inflation mandate and its anticipated progress for 2026, according to Oscar Munoz and Gennadiy Goldberg at TD Securities.

They continue to forecast quarterly rate cuts of 25 basis points but now in June, September, and December, bringing the Fed funds rate to our projected terminal of 3%.

“Expected easing won’t be the result of worsening economic conditions, but rather the normalization of policy as inflation gradually returns to its target,” they said.

The labor market is showing some tentative signs of re-tightening, although there remains a way to go, according to Kay Haigh, at Goldman Sachs Asset Management.

“The FOMC’s gaze instead will turn to the inflation picture with the economy continuing to perform above expectations,” he said. “We still see room for two more cuts this year; however, an upside surprise in the CPI on Friday could tilt the balance of risks in a hawkish direction.”

Corporate Highlights:

T-Mobile US Inc. reported it added fewer mobile-phone subscribers than analysts expected in the fourth quarter, highlighting the challenge ahead for new Chief Executive Officer Srini Gopalan. Kraft Heinz Co. halted plans to split in two, a surprising reversal weeks after bringing in a new chief executive officer with experience breaking up a food company. Shopify Inc. beat analysts’ fourth-quarter estimates after strong holiday spending lifted revenues at the e-commerce firm. Humana Inc. forecast profit that fell short of Wall Street’s expectations for the year, the latest insurer to disappoint investors as the industry grapples with rising costs and government pressure. Ford Motor Co. expects profit to jump in 2026 even after a surprise $900 million tariff bill at the end of last year dented the carmaker’s earnings. Lyft Inc. issued a disappointing forecast that missed Wall Street expectations, a sign that its global expansion and new product offerings are not performing as quickly and as well as anticipated. Nike Inc. expects its wholesale business to pick up steam across the world as it accelerates the launch of new footwear and apparel products and doubles down on its commitment to sports. Chevron Corp., Eni SpA, QatarEnergy and Repsol SA were among major energy companies that won rights to explore for oil and gas in Libya, the latest sign that the nation that holds Africa’s largest crude reserves is opening up for investments following years of civil war. Robinhood Markets Inc. reported lower fourth-quarter profit as sharp declines in Bitcoin and other cryptocurrencies weighed on results at the online brokerage. Gilead Sciences Inc. forecast 2026 product revenue and profit that missed analysts’ expectations, even after it outperformed during last year’s fourth quarter. US regulators refused to review Moderna Inc.’s novel mRNA flu vaccine, dealing a major blow to the company as it seeks more products beyond its Covid shot. Domino’s Pizza Enterprises Ltd. named McDonald’s Corp. veteran Andrew Gregory as its new global chief executive officer, charging him with turning around the chain’s flagging fortunes. Toymaker Mattel Inc. reported holiday results that fell short of analysts’ estimates and issued a 2026 forecast for lower profit. Activist investor Ancora Holdings Group is urging the board of Warner Bros. Discovery Inc. to reject the offer by Netflix Inc. and reconsider a competing bid by Paramount Skydance Corp., adding a new plot twist to one of Hollywood’s biggest takeover battles. Cloudflare Inc. reported quarterly results that showed continued demand for its security and performance services, as enterprises prioritized network resilience and application protection. Hilton Worldwide Holdings Inc. reported fourth quarter earnings that beat expectations, as the company’s ability to add new hotels to its global network drove growth. The Federal Communications Commission said it hasn’t received a letter from 40 Congressional Republicans opposing the proposed merger of broadcasters Nexstar Media Group Inc. and Tegna Inc. Elliott Investment Management has built a stake in London Stock Exchange Group Plc as the FTSE 100 index owner grapples with disruption from artificial intelligence and a plunge in listings, a person with knowledge of the investment said. Commerzbank AG’s improved outlook for this year failed to sway investors, underscoring the challenges for Chief Executive Officer Bettina Orlopp as she continues to defend the bank against a potential takeover. ABN Amro Bank NV reported fourth-quarter profit that missed analyst expectations on higher-than-expected expenses and provisions for bad loans. Heineken NV will cut about 7% of its workforce to contend with an industry-wide slump in beer demand triggered by rising prices and consumers moderating their alcohol consumption. Bombardier Inc. won a 40-plane order for its Challenger 3500 aircraft from Vista Global Holding Ltd., one of the world’s biggest operators of business jets, amid growing global demand for private aviation. Dassault Systemes SE gave weak guidance, stoking concerns that artificial intelligence will disrupt its business model and turning the stock into one of the biggest targets yet of a fear-driven selloff in businesses viewed as vulnerable to AI. TotalEnergies SE trimmed its share buybacks to the lower end of its guidance range, aiming to keep debt in check as it adjusts to lower oil prices. Samsung Electronics Co. will unveil its latest mainstream Galaxy smartphones on Feb. 25 at an event in San Francisco, hoping to spur upgrades and fresh momentum in its rivalry with Apple Inc.’s iPhone and Android-based competitors. ASX Ltd. said chief executive Helen Lofthouse will leave the role in May, without naming a successor as the Australian exchange grapples with challenges including a regulatory probe. Some of the main moves in markets:

Stocks

The S&P 500 was little changed as of 10:57 a.m. New York time The Nasdaq 100 rose 0.2% The Dow Jones Industrial Average fell 0.4% The Stoxx Europe 600 was little changed The MSCI World Index was little changed Bloomberg Magnificent 7 Total Return Index was little changed Philadelphia Stock Exchange Semiconductor Index rose 1.7% IShares Expanded Tech-Software Sector ETF fell 3% The Russell 2000 Index fell 1.1% Currencies

The Bloomberg Dollar Spot Index was little changed The euro fell 0.3% to $1.1862 The British pound was little changed at $1.3638 The Japanese yen rose 0.5% to 153.55 per dollar Cryptocurrencies

Bitcoin fell 3% to $66,582.23 Ether fell 3.8% to $1,932.33 Bonds

The yield on 10-year Treasuries advanced three basis points to 4.17% Germany’s 10-year yield was little changed at 2.80% Britain’s 10-year yield declined two basis points to 4.48% The yield on 2-year Treasuries advanced six basis points to 3.51% The yield on 30-year Treasuries advanced two basis points to 4.81% Commodities

West Texas Intermediate crude rose 1.5% to $64.94 a barrel Spot gold rose 0.7% to $5,059.78 an ounce ©2026 Bloomberg L.P.

Translation: La Conferencia Wings of Change Americas de IATA se Celebrará en Santiago de Chile (pdf)

 

Miami – The International Air Transport Association (IATA) announced that this year’s Wings of Change Americas (WOCA) Conference will be taking place on 8-9 April in Santiago de Chile, with LATAM as the host airline.

The 16^th edition of the aviation industry’s premier event in Latin America and the Caribbean is being held under the theme “Beyond Borders – Aviation as a Catalyst for Economic Transformation” and will focus on how strategic collaboration between the aviation sector and government authorities can:

• Expand regional connectivity
• Accelerate economic growth, and
• Strengthen global competitiveness

The various panel discussions will highlight the critical importance of collaboration between the aviation industry and governmental bodies, as the key enabler for economic development and transformation. Moreover, industry relevant topics such as the role of technology and AI, sustainability, and the significance of air cargo will also be featured.

More than 400 industry leaders and stakeholders are expected to attend the event.

Peter Cerdá, Regional Vice President for the Americas, IATA, will be speaking at the event together with many of the region’s top airline CEOs including:

• Roberto Alvo – CEO, LATAM Airlines Group
• Daniel Belaunde – CEO, Sky Airline
• Adrian Neuhauser – CEO, Abra Group
• Gabriel Oliva – President of Avianca Group
• Estuardo Ortiz – CEO, JetSMART Airlines

Reflecting the conference’s objective to create solutions across the aviation value chain, the various panel discussions will include:

• Sustainability & Innovation – Overcoming Barriers toward Net Zero Carbon Emissions in Latin America
• Airport Executive Roundtable – Powering the Next Generation of Infrastructure in the Americas
• Regulatory Roundtable – Balancing Consumer Protection & Industry Viability
• Air Cargo & Logistics – Unlocking Trade Potential in the Americas
• Code, Cloud, Cabin – AI’s Triple Play in Aviation

WOCA will also be the first aviation industry event in Chile to welcome representatives of the country’s newly elected administration.

Aviation is a key contributor to economic and social development across Latin America and the Caribbean. The sector supports more than 8.3 million jobs and generates an economic contribution of some USD 240 billion in GDP (2023). Estimates show that these figures are set to nearly double by 2043 to 15 million supported jobs and USD 500 billion in GDP contribution.

> View the full details and current program

Media wishing to be accredited for the event should do so via the registration page.

 

For more information, please contact:

Corporate Communications
Tel: +1 438 258 3155
Mobile: +1 514 240 4746
Email: ruedigerm@iata.org

PULLMAN, Wash. – A wearable biosensor developed by Washington State University researchers could improve wireless glucose monitoring for people with diabetes, making it more cost-effective, accurate, and less invasive than current models.

The WSU researchers have developed a wearable and user-friendly sensor that uses microneedles and sensors to measure sugar in the fluid around cells, providing an alternative to continuous glucose monitoring systems. Reporting in the journal Analyst, the researchers were able to accurately detect sugar levels and wirelessly transmit the information to a smartphone in real-time.

“We were able to amplify the signal through our new single-atom catalyst and make sensors that are smaller, smarter, and more sensitive,” said Annie Du, research professor in WSU’s College of Pharmacy and Pharmaceutical Sciences and co-corresponding author on the work. “This is the future and provides a foundation for being able to detect other disease biomarkers in the body.”

Measuring glucose levels is important for diabetes, helping to keep patients healthy and preventing complications. Continuous glucose monitors on the market require the use of small needles to insert the monitor, and people can get skin irritation or rashes from the chemical processes that are done under the skin. Furthermore, they’re not always sensitive enough.

The researchers used 3D printing to create their sensor, which makes it relatively inexpensive compared to typical monitors. The sensor uses a button-activated pump and tiny hollow microneedles to extract fluid from around the cells and tissue below the skin for testing. Unlike other glucose monitors that can cause inflammation and pain at the testing site, the testing process occurs outside the body, lowering potential toxicity for patients.

“Ours is much more benign for customers and users,” said Kaiyan Qiu, Berry Assistant Professor in WSU’s School of Mechanical and Materials Engineering and corresponding author on the work.

The hollow microneedle arrays are less than a millimeter in length as compared to typical glucose monitoring needles that are several times longer.  

“The hollow microneedles are painless and minimally invasive, making them next-generation medical devices,” said Qiu.

The glucose monitor is also highly sensitive because it uses a single-atom catalyst and enzymatic reactions, called nanozymes, to enhance the sugar’s signal and measure low levels of the biomarkers.

“The nanozymes make our signal much stronger and can detect a minimal amount of any biomarker,” said Qiu.

The researchers have filed a provisional patent in the Office of Innovation and Entrepreneurship. They are planning to test the glucose monitors on animals and are investigating its use with additional or multiple biomarkers. The revenue from continuous glucose monitor market in the United States is forecasted to nearly quadruple, from $7.2 billion in 2024 to $26.8 billion in 2033. 

“My goal is to make advanced sensing technology more practical for everyday healthcare,” said Yonghao Fu, co-first author on the paper and a PhD student in the School of Mechanical and Materials Engineering. “I enjoy working on a project that can combine different technologies so that we can take advantage of their strengths.”

The work was funded by the National Science Foundation and the Centers for Disease Control and Prevention.

The Swedish-based drinks manufacturer Oatly has been banned from using the word “milk” to market its plant-based products, after a ruling by the UK supreme court.

The alt-milk manufacturer has been in a long-running legal battle with the trade association Dairy UK after Oatly trademarked phrases associated with the dairy sector.

On Wednesday the supreme court unanimously ruled that Oatly can no longer trademark, or use, the slogan “Post Milk Generation”.

“It has taken the highest court in the land to decide once and for all whether a plant-based milk alternative can be branded as ‘milk’ and marketed as such,” said Laurie Bray, a senior associate and trademark attorney at the European intellectual property company Withers & Rogers. “And the outcome is not what Oatly was hoping for.”

Regulations state that certain terms can only be used to denote the actual products they describe, such as milk, wine and olive oil. Milk is defined as coming from the dairy sector and, more specifically, animals.

However, Oatly, which first filed a trademark application for the term “Post Milk Generation” with the UK’s Intellectual Property Office in 2019 – which was registered officially in 2021 – had argued that the use of the term ”milk” in a trademark did not breach regulations if it was not being used in a descriptive manner.

In 2023, after an objection from Dairy UK, the IPO ruled that the use of the word “milk” in this way was “deceptive”; Oatly successfully appealed against the ruling in December 2023, but that decision was then overturned by the court of appeal, prompting it to take the issue to the supreme court.

The supreme court ruling has wider ramifications for producers of plant-based alternatives, and Oatly’s trademark registrations in other European countries could now be challenged by equivalent trade bodies to Dairy UK.

The same regulations apply to terms that are derived from other milk-based products such as cream, butter, cheese and yoghurt.

“For plant-based producers the safer course is to use clearly descriptive alternatives such as ‘oat drink’, or ‘plant-based drink’,” said Richard May, a partner at Osborne Clarke. “More broadly, the judgment signals that UK regulators and courts are likely to take a robust approach to so-called ‘category borrowing’ across regulated sectors. Businesses building brands around legally defined product names, whether in dairy or elsewhere, should expect careful scrutiny and plan their brand strategy accordingly.”

In 2021, Glebe Farm Foods, a Cambridgeshire-based company that specialises in producing gluten-free oats, won a trademark infringement battle brought by Oatly over its use of the brand name PureOaty.

Fourth Quarter 2025

• Net sales of $2,880 million, 23% higher than fourth quarter 2024
• Operating profit up 27% and adjusted operating profit⁽¹⁾ up 33% from fourth quarter 2024. Adjusted operating margin of 23.2%, up 170 basis points compared to fourth quarter 2024
• Operating cash flow of $1,005 million and adjusted free cash flow⁽¹⁾ of $910 million, an increase of 136% and 151%, respectively, compared to prior year fourth quarter. Net leverage of ~0.5x at the end of fourth quarter

Full Year 2025

• Organic sales growth of 26% compared to prior year. Full year diluted EPS growth of 166% and adjusted diluted EPS growth of 47%. Full year operating cash flow of $2,114 million and adjusted free cash flow of $1,887 million, an increase of 60% and 66%, respectively, compared to prior year

Full Year 2026

• Expect net sales of $13,250 to $13,750 million, with organic sales growth of 27% to 29% compared to 2025
• Expect full year 2026 diluted EPS of $5.27 to $5.37 and adjusted diluted EPS of $5.97 to $6.07, an increase of 56% and 43%, respectively, at the midpoint compared to full year 2025

COLUMBUS, Ohio, Feb. 11, 2026 /PRNewswire/ — Vertiv Holdings Co (NYSE: VRT), a global leader in critical digital infrastructure, today reported financial results for its fourth quarter and full year ended December 31, 2025. Vertiv reported fourth quarter net sales of $2,880 million, an increase of $534 million, or 23%, compared to fourth quarter 2024, driven by organic sales growth of 19%. Orders momentum accelerated significantly with fourth quarter organic orders up approximately 252% compared to last year’s fourth quarter and up 117% sequentially from third quarter 2025. While the Americas region and hyperscale/colocation data centers were the primary drivers of order strength, order growth was broad-based across regions, technologies and customers. The company’s trailing twelve-month organic orders grew approximately 81% compared to the prior year period, reflecting robust market demand, particularly in AI infrastructure. Fourth quarter 2025 book-to-bill ratio was ~2.9x and backlog increased to $15.0 billion, up 109% compared to the same period last year.

Fourth quarter operating profit of $580 million increased $123 million and adjusted operating profit of $668 million increased $164 million, up 27% and 33%, respectively, from fourth quarter 2024. Adjusted operating margin was 23.2%, up 170 basis points compared to fourth quarter 2024, driven by operational leverage on higher volume, productivity and favorable price-cost, partially offset by tariff impact.

“Our fourth quarter performance demonstrates Vertiv’s leadership position in an increasingly complex and demanding data center market,” said Giordano Albertazzi, Vertiv’s Chief Executive Officer. “Significant growth in orders, sales, margins and cash reflects our ability to scale while maintaining a sharp focus on operational execution. What differentiates Vertiv is our ability to anticipate and shape the industry direction. Deep collaborations with semiconductor industry leaders, combined with our decades-long industry expertise and technology-rich portfolio, enable us to optimize customer outcomes by anticipating needs before they become apparent. We architect systems that deliver superior outcomes today and position our customers well to meet tomorrow’s challenges. As we look to 2026, we expect this momentum to continue. Our record backlog provides clear visibility into what we expect to be another year of significant growth.”

“Today’s results reflect years of strategic focus on technology leadership and value creation,” said Dave Cote, Vertiv’s Executive Chairman. “Our commitment to developing technology that transforms the industry has positioned us as the partner customers turn to for solving their most complex challenges. This technology leadership isn’t just about winning today, it’s about driving sustainable, long-term growth by continuously redefining what’s possible for our customers and the industry.”

Adjusted Free Cash Flow and Liquidity

Net cash generated by operating activities in the fourth quarter was $1,005 million and adjusted free cash flow was $910 million, an increase of $580 million and $548 million, respectively, from fourth quarter 2024. Fourth quarter adjusted free cash flow performance was driven by higher adjusted operating profit, working capital efficiency, including project-related advanced payments and lower cash interest, partially offset by higher cash taxes and increased capital expenditures to support growth.

The company’s strong cash generation enabled Vertiv to deploy approximately $1 billion for strategic growth acquisitions during the quarter while maintaining low leverage and a strong balance sheet. Liquidity remained strong at $2.6 billion and net leverage was approximately 0.5x at the end of fourth quarter, reflecting continued strong operational performance and cash generation. Vertiv continues its commitment to obtaining and maintaining investment grade credit ratings.

Updated Full Year and First Quarter 2026 Guidance

The data center market continues to show robust momentum, with strong pipeline growth despite significant pipeline conversion to orders in the fourth quarter. To capitalize on these opportunities, Vertiv is strategically increasing ER&D investments and expanding production capacity.

Fourth Quarter 2025 Earnings Conference Call

Vertiv’s management team will discuss the Company’s results during a conference call on Wednesday, February 11, starting at 11 a.m. Eastern Time. The call will contain forward-looking statements and other material information regarding Vertiv’s financial and operating results. A webcast of the live conference call will be available for interested parties to listen to by going to the Investor Relations section of the Company’s website at investors.vertiv.com. A slide presentation will be available before the call and will be posted to the website, also at investors.vertiv.com. A replay of the conference call will also be available for 30 days following the webcast.

About Vertiv Holdings Co

Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers’ vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit vertiv.com.

Category: Financial News

Non-GAAP Financial Measures

Financial information included in this release has been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). Vertiv has included certain non-GAAP financial measures in this news release, as indicated above, that may not be directly comparable to other similarly titled measures used by other companies and therefore may not be comparable among companies. These non-GAAP financial measures include organic net sales growth (including on a segment basis), adjusted operating profit, adjusted operating margin, adjusted diluted EPS and adjusted free cash flow, which management believes provides investors with useful supplemental information to evaluate the Company’s ongoing operations and to compare with past and future periods. Management also uses certain non-GAAP measures internally for forecasting, budgeting and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company’s financial results prepared in accordance with GAAP. Pursuant to the requirements of Regulation G, Vertiv has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.

Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to first quarter and full-year 2026 guidance, including organic net sales growth, adjusted free cash flow and adjusted operating margin, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For those reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

See “Reconciliation of GAAP and Non-GAAP Financial Measures” in this release for Vertiv’s reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.

Cautionary Note Concerning Forward-Looking Statements

This news release, and other statements that Vertiv may make in connection therewith, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Vertiv’s future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding Vertiv’s financial position, capital structure, indebtedness, business strategy and plans and objectives of Vertiv management for future operations, as well as statements regarding growth, anticipated demand for our products and services and our business prospects during 2026, as well as expected impacts from our pricing actions, and our guidance for first quarter and full year 2026 and statements regarding tariffs, global trade conflict and any actions we may take in response thereto. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Vertiv cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this release are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports, including those set forth in the Vertiv 2024 Annual Report on Form 10-K filed with the SEC on February 18, 2025. These risk factors and those identified elsewhere in this release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: risks relating to the continued growth of our customers’ markets; long sales cycles for certain Vertiv products and solutions as well as unpredictable placing or cancelling of customer orders; failure to realize sales expected from our backlog of orders and contracts; disruption of or consolidation in our customer’s markets or categorical shifts in customer technology spending; less leverage with large customer contract terms; failure to mitigate risks associated with long-term fixed price contracts; competition in the industry in which we operate; failure to obtain performance and other guarantees from financial institutions; risks associated with governmental contracts; failure to properly manage production cost changes and supply; failure to anticipate market change and competition in the infrastructure technologies; risks associated with information technology disruption or cyber-security incidents; risks associated with the implementation and enhancement of information systems; failure to realize the expected benefit from any rationalization, restructuring and improvement efforts; disruption of, or changes in, Vertiv’s independent sales representatives, distributors and original equipment manufacturers; increase of variability in our effective tax rate costs or liabilities associated with product liability due to global operations subjecting us to income and other taxes in the U.S. and numerous foreign entities; costs or liabilities associated with product liability and damage to our reputation and brands; the global scope of Vertiv’s operations, especially in emerging markets; failure to benefit from future significant corporate transactions; risks associated with Vertiv’s sales and operations and expanding global production facilities; risks associated with future legislation and regulation of Vertiv’s customers’ markets; our ability to comply with various laws and regulations including but not limited to, laws and regulations relating to data protection and data privacy; failure to properly address legal compliance issues, particularly those related to imports/exports, anti-corruption laws, and foreign operations; risks associated with foreign trade policy, including tariffs and global trade conflict risks associated with litigation or claims against the Company, including the risk of adverse outcomes to any legal claims and proceedings; our ability to protect or enforce our proprietary rights on which our business depends; third party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; failure to achieve environmental, social and governance goals; failure to realize the value of goodwill and intangible assets; exposure to fluctuations in foreign currency exchange rates; failure to remediate material weaknesses in our internal controls over financial reporting; our level of indebtedness and our ability to comply with the covenants and restrictions contained in our credit agreements; our ability to access funding through capital markets; resales of Vertiv securities may cause volatility in the market price of our securities; our organizational documents contain provisions that may discourage unsolicited takeover proposals; our certificate of incorporation includes a forum selection clause, which could discourage or limit stockholders’ ability to make a claim against it; the ability of our subsidiaries to pay dividends; factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; our ability to attract, train and retain key members of our leadership team and other qualified personnel; the adequacy of our insurance coverage; fluctuations in interest rates materially affecting our financial results and increasing the risk our counterparties default in our interest rate hedges; our incurrence of significant costs and devotion of substantial management time as a result of operating as a public company; and other risks and uncertainties indicated in Vertiv’s SEC reports or documents filed or to be filed with the SEC by Vertiv. Forward-looking statements included in this news release speak only as of the date of this news release or any earlier date specified for such statements. All subsequent written or oral forward-looking statements attributable to Vertiv or persons acting on Vertiv’s behalf may be qualified in their entirety by this Cautionary Note Concerning Forward-Looking Statements.

For investor inquiries, please contact:
Lynne Maxeiner
Vice President, Global Treasury & Investor Relations
Vertiv
E: [email protected]

For media inquiries, please contact:
Ruder Finn for Vertiv
E: [email protected]

 

Reconciliation of GAAP and non-GAAP Financial Measures

To supplement this news release, we have included certain non-GAAP financial measures in the format of performance metrics. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.

Vertiv’s non-GAAP financial measures include:

• Adjusted operating profit (loss), which represents operating profit (loss), adjusted to exclude amortization of intangibles, restructuring costs associated with the global restructuring programs, contingent consideration, and merger and acquisition costs;
• Adjusted operating margin, which represents adjusted operating profit (loss) divided by net sales;
• Organic net sales growth, which represents the change in net sales adjusted to exclude the impacts of foreign currency exchange rate and acquisitions;
• Adjusted free cash flow, which represents net cash provided by (used for) operating activities adjusted to exclude capital expenditures and investments in capitalized software; and
• Adjusted diluted EPS, which represents diluted earnings per share adjusted to exclude amortization of intangibles, restructuring costs associated with global restructuring programs, contingent consideration, merger and acquisition costs, net non-recurring tax adjustments, term loan due 2032 amendment expense and change in warranty liability.

Regional Segment Results

Sales by Product and Service Offering

Organic growth by Product and Service Offering

Segment information

Reconciliation of net cash provided by (used for) operating activities to adjusted free cash flow

Reconciliation from operating profit (loss) to adjusted operating profit (loss)

Reconciliation from operating margin to adjusted operating margin

Reconciliation of Diluted EPS to Non-GAAP Adjusted EPS

SOURCE Vertiv Holdings Co

40 firm aircraft with 120 options ordered by Vista and its commonly controlled entities reinforce the Group’s long-term growth strategy and global leadership in private aviation 

DUBAI, UAE, Feb. 11, 2026 /PRNewswire/ — Vista, the world’s leading private aviation group, announced a major fleet agreement with Bombardier, comprising 40 firm orders for the industry leading Challenger 3500 aircraft and 120 additional purchase options. The agreement secures long-term capacity for Vista’s ever growing Member base as global demand for premium private aviation continues to expand.

Deliveries will begin immediately in 2026 and be phased over up to the next 10 years, aligning fleet growth with utilization and regional demand for Vista’s unique global network of silver with a red stripe aircraft. The structure provides Vista with significant flexibility while ensuring readiness to serve Members around the world as travel patterns evolve. It also consolidates Vista’s demand for its Super-Midsize offering on one common platform, which grants clients an identical experience anywhere, anytime. From an operational perspective, this level of scale on one common platform will further drive efficiencies. 

“This agreement is about leadership, preparedness and client experience,” said Thomas Flohr, Founder and Chairman of Vista. “We are continuing to build the fleet our Members will rely on over the next decade, not reacting to short-term cycles, but investing with clarity, scale and discipline.” 

Vista operates the world’s largest global private aviation platform, serving its clients across 96% of the world’s countries through its VistaJet and XO brands. The order comes off the back another year of consecutive double-digit growth on the Group’s multi-year subscription based Program product. In 2025 the Program Member base grew by 12% and Vista flew 16% more live Program hours year-over-year. Program live hours growth was delivered across all markets, with the Group’s core regions of the U.S. and Europe being the largest contributors — up 11% and 15% respectively. Emerging regions continued their impressive trajectory following targeted sales strategies in these areas — the Middle East, Asia and Africa saw Program live hours correspondingly growing 32%, 22% and 30%.

The Challenger 3500 plays a central role in Vista’s fleet strategy, offering exceptional range, reliability and cabin innovation. Vista continues to lead and pioneer the client experience on board — in the past by introducing the pocket door for privacy; then the jump seat for the Cabin Host to ensure every Vista flight is operated with full service; and today, the Challenger 3500 is recognized for featuring the most technologically advanced cabin in its class, with productivity-enhancing features such as the industry’s first voice-controlled cabin, a completely redesigned interior and patented Nuage zero gravity seats.

This agreement follows Vista’s recent completion of its fleet-wide cabin harmonization program and the roll out of next generation highest speed connectivity, positioning the Group for its next phase of growth. 

“Bombardier jets pioneered the super-midsize aircraft category, and with the Challenger 3500 aircraft we continue to raise the bar for customers when it comes to offering a full package of performance, reliability and cabin comfort,” said Éric Martel, President and CEO, Bombardier. “This significant order is a testament to how well this aircraft serves our customers, delivering the perfect balance of cutting-edge technology, exceptional comfort, and proven value. Vista has been a valued Bombardier customer since they began operating. We are proud that our relationship will further deepen through this significant order and are excited for Vista’s teams and clients to benefit from everything the Challenger 3500 aircraft has to offer.” 

With this agreement, Vista reinforces its position as the industry’s most scaled, resilient and future-oriented private aviation group, investing to deliver unmatched availability, consistency and service worldwide.

About Vista

Vista Global Holding Limited (Vista) is the world’s leading global business aviation company providing worldwide business flight services through its network of subsidiaries and a team of over  4,000 experts. A global group headquartered in Dubai, Vista integrates a unique portfolio of companies to offer asset free services to cover all key aspects of business aviation, including guaranteed and on demand global flight coverage, subscription and membership solutions, and trading and management services.

Innovating the industry for over 20 years through continuous investment in talent, technology, and infrastructure, Vista’s mission is to provide the most advanced flying services at the very best value — anytime, anywhere around the world.

Vista’s extensive industry expertise enables it to deliver comprehensive end-to-end solutions and technology to meet the needs of business aviation clients around the world. These services are offered through its leading brands, including VistaJet and XO.

More Vista information and news at www.vistaglobal.com 

Photo – https://mma.prnewswire.com/media/2901971/Bombardier_Challenger_3500_VistaJet.jpg
Logo – https://mma.prnewswire.com/media/2755695/5782088/Vista_Logo.jpg

SOURCE Vista