AmericasNarrow moat

Vertiv Holdings (VRT) — moat facet

Sales tripled in five years and the margin reached 27%: the American AI build-out, and Vertiv's main exposure to it.

The Americas are where Vertiv's growth is. The segment had net sales of $6,386.3 million in 2025, from $4,500.6 million in 2024 and $3,844.5 million in 2023 1, and 62% of the company 2. Sales to the United States alone were $6,013.6 million, from $3,430.3 million two years earlier 3.

Americas net sales ($m)$2,040.6m2020$2,187.4m2021$2,728.6m2022$3,844.5m2023$4,500.6m2024$6,386.3m2025Vertiv Forms 10-K FY2021, FY2023, FY2025
More than tripled in five years.

What it sells is the full range: uninterruptible power, switchgear and busway, thermal management including liquid cooling, racks and prefabricated modules, and the service that follows. The buyers are mostly large cloud and colocation operators building AI data centres.

The history is short and steep. Americas net sales were $2,040.6 million in 2020 and $2,187.4 million in 2021 4, then $2,728.6 million in 2022 5; they more than tripled from 2020 to 2025 6.

It is the most profitable segment and getting more so. On the current basis, operating profit was $762.4 million in 2023, $1,097.8 million in 2024 and $1,714.3 million in 2025 7, margins of 19.8%, 24.4% and 26.8% 8. Engineering and R&D charged to the segment was $229.3 million and capital expenditure $110.9 million in 2025 9.

The latest quarter continued it. Americas net sales were $2,070.8 million in the three months to June 2026, up 29.2%, or 21.1% organically, and adjusted operating profit $571.4 million, a margin of 27.6% against 24.0% 10. First-half sales rose 39.4% 11. Part of the growth was bought: acquisitions added $124.1 million of the quarter's $468.5 million increase, most of it in services, where organic growth was 11.5% 12.

The outlook is the AI capex cycle itself, which is why this segment's strength is also Vertiv's main risk. The number that would change the verdict is Americas organic growth: holding above 20% as Vertiv laps the 2025 surge would mean demand is still broadening; falling toward single digits would mean the American build-out has peaked, and with it three-quarters of the company's segment profit.

Moat trajectory: Widening

Adjusted operating margin 27.6% in the June 2026 quarter, from 24.0%, on 21.1% organic growth.

The number that tests this moat
Reported
Americas organic sales growth, first half
+31.0% in H1 2026 (+21.1% in Q2)

Holding above 20% as Vertiv laps the 2025 surge would mean the build-out is still broadening.

Source: Vertiv Q2 2026 results release ↗
References
  1. ReportedThe segment had net sales of $6,386.3 million in 2025, from $4,500.6 million in 2024 and $3,844.5 million in 2023 , and 62% of the company .
    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 segment had net sales of $6,386.3 million in 2025, from $4,500.6 million in 2024 and $3,844.5 million in 2023 , and 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. ReportedSales to the United States alone were $6,013.6 million, from $3,430.3 million two years earlier .
    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 ↗
  4. ReportedAmericas net sales were $2,040.6 million in 2020 and $2,187.4 million in 2021 , then $2,728.6 million in 2022 ; they more than tripled from 2020 to 2025 .
    Vertiv Form 10-K FY2021 - segment net sales for 2020-2021 — FY2020-FY2021 · publ. February 2022 · source ↗
  5. ReportedAmericas net sales were $2,040.6 million in 2020 and $2,187.4 million in 2021 , then $2,728.6 million in 2022 ; they more than tripled from 2020 to 2025 .
    Vertiv Form 10-K FY2023 - segment net sales and results for 2022-2023 — FY2022-FY2023 · publ. February 2024 · source ↗
  6. Moat Explorer calcAmericas net sales were $2,040.6 million in 2020 and $2,187.4 million in 2021 , then $2,728.6 million in 2022 ; they more than tripled from 2020 to 2025 .
    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. ReportedOn the current basis, operating profit was $762.4 million in 2023, $1,097.8 million in 2024 and $1,714.3 million in 2025 , margins of 19.8%, 24.4% and 26.8% .
    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. Moat Explorer calcOn the current basis, operating profit was $762.4 million in 2023, $1,097.8 million in 2024 and $1,714.3 million in 2025 , margins of 19.8%, 24.4% and 26.8% .
    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 ↗
  9. ReportedEngineering and R&D charged to the segment was $229.3 million and capital expenditure $110.9 million in 2025 .
    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 ↗
  10. ReportedAmericas net sales were $2,070.8 million in the three months to June 2026, up 29.2%, or 21.1% organically, and adjusted operating profit $571.4 million, a margin of 27.6% against 24.0% .
    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 ↗
  11. ReportedFirst-half sales rose 39.4% .
    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 ↗
  12. ReportedPart of the growth was bought: acquisitions added $124.1 million of the quarter's $468.5 million increase, most of it in services, where organic growth was 11.5% .
    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