The Revenue LinesNarrow moat

Vertiv Holdings (VRT) — moat facet

Three regions selling the same products, and the one where the AI build-out happens earns three-quarters of the profit.

Vertiv reports three segments by region, each selling the same power, thermal and infrastructure products and services. In 2025 the Americas had net sales of $6,386.3 million, Asia Pacific $2,019.2 million and Europe, Middle East & Africa $1,824.4 million, out of $10,229.9 million 1. The Americas were 62% of the company 2.

Segment operating profit, 2025 ($m)Americas$1,714.3m (26.8%)EMEA$377.4m (20.7%)Asia Pacific$222.1m (11.0%)Vertiv Form 10-K FY2025, segment note; before corporate costs and amortization
Three-quarters of segment profit comes from the Americas.

The three have diverged. From 2020 to 2025 Americas net sales rose from $2,040.6 million 3 to $6,386.3 million, while Asia Pacific rose from $1,368.4 million to $2,019.2 million and EMEA from about $962 million to $1,824.4 million 4. Most of the AI data-centre build-out lands in the Americas.

So does most of the profit. On the basis Vertiv now reports, segment operating profit in 2025 was $1,714.3 million in the Americas, $222.1 million in Asia Pacific and $377.4 million in EMEA 5, margins of 26.8%, 11.0% and 20.7% 6. Segment profit is before corporate costs and $200.4 million of intangible amortization 7.

The segments are also connected: EMEA made $557.8 million and Asia Pacific $255.5 million of intersegment sales in 2025 8, factories in one region supplying another. Revenue is booked where the customer is.

The latest quarter widened the gap. In the three months to June 2026 Americas sales rose 29.2% to $2,070.8 million and Asia Pacific 28.5% to $719.9 million, while EMEA rose 1.7% to $483.6 million, and fell 2.4% organically 9.

The leaves follow the chart's bands. The moat arguments, liquid cooling, the services annuity and the hyperscaler relationships, are under The Moat; the leaves keep to each region's sales, profit and outlook. The test for the three together is whether the Americas margin, 27.6% in the June quarter 10, holds when American AI capex growth slows.

Moat trajectory: Widening

The Americas rose from 56% to 63% of sales between 2023 and the June 2026 quarter, at a rising margin.

The number that tests this moat
Moat Explorer calc
Americas share of segment operating profit
74% in 2025 ($1,714.3M of $2,313.8M)

The concentration of profit in one region is the measure of how much Vertiv depends on American AI capex.

How it's calculated: Americas segment operating profit / total segment operating profit, 2025
Source: Vertiv Form 10-K FY2025, segment note ↗
Dig deeper
DIG DEEPER 01
Americas
Sales tripled in five years and the margin reached 27%: the American AI build-out, and Vertiv's main exposure to it.
DIG DEEPER 02
Asia Pacific
The fastest-growing region in the June quarter, and still the one with the thinnest margin.
DIG DEEPER 03
Europe, Middle East & Africa
Flat sales and falling profit at home, while its factories supply the rest of Vertiv.
References
  1. ReportedIn 2025 the Americas had net sales of $6,386.3 million, Asia Pacific $2,019.2 million and Europe, Middle East & Africa $1,824.4 million, out of $10,229.9 million .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcThe Americas were 62% of the company .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedFrom 2020 to 2025 Americas net sales rose from $2,040.6 million to $6,386.3 million, while Asia Pacific rose from $1,368.4 million to $2,019.2 million and EMEA from about $962 million to $1,824.4 million .
    Vertiv Form 10-K FY2021 - segment net sales for 2020-2021 — FY2020-FY2021 · publ. February 2022 · source ↗
  4. Moat Explorer calcFrom 2020 to 2025 Americas net sales rose from $2,040.6 million to $6,386.3 million, while Asia Pacific rose from $1,368.4 million to $2,019.2 million and EMEA from about $962 million to $1,824.4 million .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  5. ReportedOn the basis Vertiv now reports, segment operating profit in 2025 was $1,714.3 million in the Americas, $222.1 million in Asia Pacific and $377.4 million in EMEA , margins of 26.8%, 11.0% and 20.7% .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  6. Moat Explorer calcOn the basis Vertiv now reports, segment operating profit in 2025 was $1,714.3 million in the Americas, $222.1 million in Asia Pacific and $377.4 million in EMEA , margins of 26.8%, 11.0% and 20.7% .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  7. ReportedSegment profit is before corporate costs and $200.4 million of intangible amortization .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  8. ReportedThe segments are also connected: EMEA made $557.8 million and Asia Pacific $255.5 million of intersegment sales in 2025 , factories in one region supplying another.
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  9. ReportedIn the three months to June 2026 Americas sales rose 29.2% to $2,070.8 million and Asia Pacific 28.5% to $719.9 million, while EMEA rose 1.7% to $483.6 million, and fell 2.4% organically .
    Vertiv second quarter 2026 results release (8-K exhibit 99.1) - net sales, organic growth and adjusted operating profit by region and offering, quarter and six months — Q2 2026 · publ. 29 July 2026 · source ↗
  10. ReportedThe test for the three together is whether the Americas margin, 27.6% in the June quarter , holds when American AI capex growth slows.
    Vertiv second quarter 2026 results release (8-K exhibit 99.1) - net sales, organic growth and adjusted operating profit by region and offering, quarter and six months — Q2 2026 · publ. 29 July 2026 · source ↗
Sources
Generated September 23, 2026