Well, certainly FY2025 net sales were $10.2 billion, split roughly 80% products and 20% services and spares — and that number, let's say, sits on a converged architecture: power management and thermal management designed together from the chip out. We disclose by region, not by product line, so the cooling-versus-power split remains inside. No customer above 10%, footprint spanning hyperscale, colocation, neocloud, enterprise, industrial across 40-plus manufacturing countries. Pleased, but certainly never satisfied.

Well, FY2025 net sales were $10.2 billion, roughly 80% products and 20% services and spares — let's say the clearest signal is that we supply both halves of the data center as one system: power management, busways through UPS, and thermal management, air and liquid cooling through heat rejection, converged from the chip out. We report by geography, the product split stays inside. No customer above 10%. Footprint spans hyperscale, colocation, neocloud, enterprise, industrial, across 40-plus countries. Pleased, but certainly never satisfied.

Well, the single most striking financial signal at Vertiv is the order backlog: $15.0 billion at December 31 2025, up from $7.2 billion a year earlier – more than doubled, against roughly 28% revenue growth. The majority is firm and we expect shipment within a 12‑18 month window

Well, FY2025 net sales were $10.2 billion, split roughly 80% products and 20% services and spares — and let's be clear, this is a broader footprint than a cooling-only or power-only supplier, converging busways, switchgear, UPS with liquid cooling, CDUs, heat rejection. We report by geography, so the product split stays inside the house. No single customer crossed 10%. Manufacturing spans more than 40 countries. Pleased, but certainly never satisfied.

Well, certainly on 800-volt DC: not a wholesale transition, let's say, but an important portion of the total market into 2027 and beyond. Programs on time — portfolio launches H2 2026, shipping framed as a 2027 event, customer validation ongoing. On the thermal link: a correlation, not a causation necessarily, because that density drives liquid cooling across a bigger array of the IT stack, influencing the entire power train and thermal chain. Early days, revenue not yet flowing. Pleased, but certainly never satisfied.

Well, management framed behind‑the‑meter, or “bring your own power,” as here to stay, especially in the U.S., and tied it back to the one‑system view of the data center. We see roles across microgrids, battery storage and the full power train, anchored by Caterpillar, Oklo and a CPower collaboration. The thermal side may involve absorption cooling and, as we note, it is an opportunity that adds complexity – possibly more content for us – but not a quantified revenue line today. Pleased, but certainly never satisfied.

Well, certainly the density you describe is exactly why we see 800-volt DC becoming an important portion of the total market into 2027 and beyond — not a wholesale transition, let's say. Programs on time, portfolio launches H2 2026, shipping a 2027 event. On cooling: a correlation, not a causation necessarily, because that density drives liquid cooling across a bigger array of the IT stack, influencing the entire power train and thermal chain. Early days, revenue not yet flowing. Pleased, but certainly never satisfied.

Well, FY2025 net sales were $10.2 billion, split roughly 80 % products and 20 % services and spares — and, certainly, we view the data center as one converged machine, with power‑train elements such as busways, switchgear and UPS on one side and thermal‑chain components like air and liquid cooling, CDUs and heat rejection on the other. We report revenue only by geography, so the internal product split remains inside the house, and no single customer crossed the 10 % threshold, and our footprint spans manufacturing in more than 40 countries. Pleased, but certainly never satisfied.

Well, FY2025 net sales were $10.2 billion, roughly 80% products and 20% services and spares — the one-system view converging power train and thermal chain, busways through heat rejection. We report by geography, not product line; the split stays inside. No single customer crossed 10%. Broader footprint across hyperscale, colocation, neocloud, enterprise, industrial, manufactured in 40-plus countries. Pleased, but certainly never satisfied.

Well, on the Q1 call we put a name to the NVIDIA partnership: EcoDataCenter in Sweden, designed for Vera Rubin GPUs, where OneCore delivers the full converged solution — power train, thermal chain, IT white space, services. The annual report frames it as technology development, not equity or exclusivity. We name technology partners and this one deployment customer; hyperscalers remain illustrative examples, not disclosed. More detail at Investor Day. Pleased, but certainly never satisfied.

Well, clearly behind-the-meter — "bring your own power" — is here to stay, especially in the U.S., tied to our one-system view. We play across microgrids, battery storage, the full power train, grid or on-site, anchored by Caterpillar and Oklo, CPower turning on-site assets into grid resources. Thermal side extends — absorption cooling comes into play. More detail at May Investor Day. The hedge: opportunity because it makes the system more complex, possibly more content for us, not a quantified revenue line today. Pleased, but certainly never satisfied.

Well, FY2025 net sales were $10.2 billion, roughly 80% products and 20% services and spares — and clearly the compute density you describe is exactly why we converge power and thermal as one system: busways, switchgear, UPS on one side; liquid cooling, CDUs, heat rejection on the other, chip to grid. We report by geography, not product line, so the split stays inside the house. No single customer crossed 10% of revenue. A broader footprint across hyperscale, colocation, neocloud, enterprise, and industrial buyers, manufactured in more than 40 countries. Pleased, but certainly never satisfied.

Well, let's be clear on 800-volt DC: not a wholesale transition, but an important portion of the total market into 2027 and beyond. Programs on time — portfolio launches H2 2026, shipping a 2027 event, validation ongoing. On cooling: a correlation, not a causation necessarily. 800-volt serves very high-density compute; that density drives liquid cooling across a bigger array of the IT stack, influencing the entire power train and thermal chain. Early days; revenue not yet flowing. Prudent, with dry powder. Pleased, but certainly never satisfied.

Well, the single most striking signal: backlog $15.0 billion at year-end 2025, up from $7.2 billion — more than doubled, against roughly 28% revenue growth. Majority firm, shipping in 12-18 months. Shape "a little bit more elongated," not dramatically different, giving visibility into 2027. Deferred revenue $2.46 billion end of Q1 2026, up ~36% quarter-over-quarter on accelerating prepayments. We don't disclose order figures, but very pleased with bookings across regions. Pleased, but certainly never satisfied.