Datacenter Power — Timeline

Oct 29, 2025

Product Launch: During 2025 Generac publicly expanded its data center power strategy, positioning MW-scale natural gas...

During 2025 Generac publicly expanded its data center power strategy, positioning MW-scale natural gas generator sets for hyperscale and AI data center standby applications and characterizing data center power as a multi-hundred-million-dollar growth opportunity.

ai_synthesis_sdk

Oct 29, 2025

Earnings: In its third-quarter 2025 earnings release, Generac reported net sales of roughly $1.2 billion...

In its third-quarter 2025 earnings release, Generac reported net sales of roughly $1.2 billion and raised its full-year 2025 net sales growth guidance, citing strong commercial and industrial demand including the emerging data center backup-power opportunity.

ai_synthesis_sdk

Oct 30, 2025

Earnings: In its nine-month 2025 trading update at end-October 2025, Schneider Electric reported cumulative revenue...

In its nine-month 2025 trading update at end-October 2025, Schneider Electric reported cumulative revenue of approximately €30 billion, with continued strong double-digit organic growth in its data center–exposed Energy Management and Secure Power businesses. The company reiterated that hyperscale and AI-cluster power infrastructure remained its single largest growth driver.

ai_synthesis_sdk

Nov 4, 2025

Earnings: Eaton reported record third-quarter 2025 sales of roughly $7.3 billion with adjusted EPS around...

Eaton reported record third-quarter 2025 sales of roughly $7.3 billion with adjusted EPS around $3.11 and again raised full-year 2025 guidance, highlighting data center and distributed IT as among its fastest-growing end markets.

ai_synthesis_sdk

Nov 5, 2025

Earnings: Bloom Energy reported record third-quarter 2025 revenue and reiterated its full-year 2025 revenue outlook...

Bloom Energy reported record third-quarter 2025 revenue and reiterated its full-year 2025 revenue outlook in the range of approximately $1.65–$1.85 billion, supported by a growing pipeline of data center power orders.

ai_synthesis_sdk

Dec 5, 2025

Customer Win: GE Vernova provides on-site gas turbines for Meta's planned ~2.26GW Louisiana AI datacenter —...

GE Vernova provides on-site gas turbines for Meta's planned ~2.26GW Louisiana AI datacenter — the largest single Meta datacenter ever, bypassing grid interconnect.

Dec 15, 2025

Acquisition: In December 2025, Vertiv announced the acquisition of Belgium-based Waylay NV to strengthen its...

In December 2025, Vertiv announced the acquisition of Belgium-based Waylay NV to strengthen its AI-driven orchestration and automation software stack for managing data center power and critical infrastructure at scale.

ai_synthesis_sdk

Jan 1, 2026

Acquisition: Eaton Corporation acquired Boyd Thermal to enhance liquid cooling for AI data centers.

Jan 14, 2026

Funding: SE Ventures led a $1B Series C investment in Skild AI, a robotics AI...

SE Ventures led a $1B Series C investment in Skild AI, a robotics AI startup.

Jan 15, 2026

Customer Win: Bloom Energy disclosed AWS as anchor customer for on-site SOFC power deployment (multi-hundred-megawatt order...

Bloom Energy disclosed AWS as anchor customer for on-site SOFC power deployment (multi-hundred-megawatt order book) to bypass grid interconnect queues for AI datacenter buildout.

Jan 21, 2026

Earnings: GE Vernova reported full-year 2025 revenue of approximately $37 billion in its fourth-quarter results...

GE Vernova reported full-year 2025 revenue of approximately $37 billion in its fourth-quarter results in late January 2026, with management highlighting a large gas power equipment backlog and multi-gigawatt turbine reservations tied to AI data center demand.

ai_synthesis_sdk

Feb 9, 2026

Capacity Expansion: The asset impairment charge of $ 74.4 million, along with the amount of the...

The asset impairment charge of $ 74.4 million, along with the amount of the Buyout of $ 59.4 million, net of refund received from the financier, was offset against the gain from derecognition of financing obligations related to the terminated legacy managed services agreements of $ 146.2 million, and the net effect of $ 12.4 million was recorded in Other income (expense), net on our consolidated statements of operations (see Note 9 Leases in this Annual Report on Form 10-K).

Feb 11, 2026

Earnings: Generac reported full-year 2025 net sales of approximately $4.5 billion (up from about $4.3...

Generac reported full-year 2025 net sales of approximately $4.5 billion (up from about $4.3 billion in 2024) and framed large-scale natural gas generation for data centers as a multi-year growth vertical for its Commercial & Industrial business.

ai_synthesis_sdk

Feb 12, 2026

Earnings: Bloom Energy reported fourth-quarter and full-year 2025 results in February 2026, with full-year 2025...

Bloom Energy reported fourth-quarter and full-year 2025 results in February 2026, with full-year 2025 revenue of approximately $1.9 billion, reflecting record annual deployments of on-site fuel-cell power for data center and AI infrastructure customers.

ai_synthesis_sdk

Feb 13, 2026

Capacity Expansion: Year Ended December 31, Capital Expenditures 2025 2024 2023 Americas $ 110.9 $ 71.9...

Year Ended December 31, Capital Expenditures 2025 2024 2023 Americas $ 110.9 $ 71.9 $ 65.7

Feb 22, 2026

Customer Win: Schneider Electric supplied prefabricated MV power skids (UPS + switchgear + busway factory-integrated) for...

Schneider Electric supplied prefabricated MV power skids (UPS + switchgear + busway factory-integrated) for Microsoft Azure rapid AI datacenter rollouts in Phoenix and Virginia.

Feb 26, 2026

Product Launch: Eaton Corporation announced a quarterly dividend increase to $1.10 per share.

Feb 28, 2026

Customer Win: Eaton reported Datacenter segment +35% YoY on Q1 2026 earnings, citing AI rack-density-driven MV...

Eaton reported Datacenter segment +35% YoY on Q1 2026 earnings, citing AI rack-density-driven MV switchgear and busway upgrades across all major US hyperscalers.

Mar 8, 2026

Customer Win: Vertiv reported >40% AI-orders YoY growth on Q1 2026 earnings, citing hyperscaler GPU rack...

Vertiv reported >40% AI-orders YoY growth on Q1 2026 earnings, citing hyperscaler GPU rack power-density (100kW+) driving UPS + busway capacity expansion.

Mar 23, 2026

Funding: SE Ventures made a strategic investment in Uplight, an energy software company.

Mar 31, 2026

News Mention: Constellation Energy (CEG) filed SEC Form 8-K on 2026-03-31 (period 2026-03-31); items 7.01,9.01.

Apr 13, 2026

News Mention: Bloom Energy (BE) filed SEC Form 8-K on 2026-04-13 (period 2026-04-13); items 1.01,3.02,9.01.

Apr 13, 2026

News Mention: Vertiv (VRT) filed SEC Form 8-K on 2026-04-13 (period 2026-04-13); items 7.01,9.01.

Apr 22, 2026

Earnings: Vertiv (VRT) filed SEC Form 10-Q on 2026-04-22 (period 2026-03-31).

Apr 22, 2026

Capacity Expansion: We expect to have capital expenditures (including capitalized software) of $425.0 to $525.0 for...

We expect to have capital expenditures (including capitalized software) of $425.0 to $525.0 for the full year 2026 in order to support capacity expansion across the business.

Apr 22, 2026

News Mention: Vertiv (VRT) filed SEC Form 8-K on 2026-04-22 (period 2026-04-22); items 2.02,7.01,9.01.

Apr 23, 2026

News Mention: Eaton (ETN) filed SEC Form 8-K on 2026-04-23 (period 2026-04-22); items 5.07.

Apr 27, 2026

News Mention: Bloom Energy (BE) filed SEC Form 8-K on 2026-04-27 (period 2026-04-27); items 8.01,9.01.

Apr 27, 2026

News Mention: Vertiv (VRT) filed SEC Form 8-K on 2026-04-27 (period 2026-04-27); items 7.01,9.01.

Apr 28, 2026

News Mention: Vistra (VST) filed SEC Form 8-K on 2026-04-28 (period 2026-04-22); items 1.01,2.03,9.01.

Apr 28, 2026

News Mention: Bloom Energy (BE) filed SEC Form 8-K on 2026-04-28 (period 2026-04-28); items 2.02,7.01,9.01.

Apr 29, 2026

Capacity Expansion: The increase was primarily due to a $19.8 million investment in the joint ventures...

The increase was primarily due to a $19.8 million investment in the joint ventures between the Company and Brookfield (see Part I, Item 1, Note 7 Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q), and a $11.9 million increase in expenditures on tenant improvements for a leased engineering and manufacturing facility in Fremont, California, which opened in July 2022.

Apr 29, 2026

Earnings: Bloom Energy (BE) filed SEC Form 10-Q on 2026-04-29 (period 2026-03-31).

May 1, 2026

News Mention: Constellation Energy (CEG) filed SEC Form 8-K on 2026-05-01 (period 2026-04-28); items 5.07.

May 4, 2026

News Mention: Vistra (VST) filed SEC Form 8-K on 2026-05-04 (period 2026-04-29); items 5.07.

May 5, 2026

Earnings: Eaton (ETN) filed SEC Form 10-Q on 2026-05-05 (period 2026-03-31).

May 5, 2026

News Mention: Eaton (ETN) filed SEC Form 8-K on 2026-05-05 (period 2026-05-05); items 2.02,9.01.

May 7, 2026

News Mention: Vistra (VST) filed SEC Form 8-K on 2026-05-07 (period 2026-05-07); items 2.02,9.01.

May 8, 2026

Earnings: Vistra (VST) filed SEC Form 10-Q on 2026-05-08 (period 2026-03-31).

May 11, 2026

News Mention: Constellation Energy (CEG) filed SEC Form 8-K on 2026-05-11 (period 2026-05-11); items 2.02,7.01,9.01.

May 11, 2026

Earnings: Constellation Energy (CEG) filed SEC Form 10-Q on 2026-05-11 (period 2026-03-31).

May 27, 2026

Other: Stockholders approved amendments to the Company's Restated Certificate of Incorporation, effective May 26, 2026,...

Stockholders approved amendments to the Company's Restated Certificate of Incorporation, effective May 26, 2026, to provide for officer exculpation and remove outdated provisions related to Class B common stock.

May 27, 2026

News Mention: Bloom Energy (BE) filed SEC Form 8-K on 2026-05-27 (period 2026-05-21); items 5.03,5.07,9.01.

May 27, 2026

Leadership Change: Barbara Burger, Jeffrey Immelt, Jim Snabe, and Eddy Zervigon were elected to the Board...

Barbara Burger, Jeffrey Immelt, Jim Snabe, and Eddy Zervigon were elected to the Board of Directors for three-year terms expiring at the 2029 Annual Meeting of Stockholders.

Jun 1, 2026

Acquisition: Eaton acquired Boyd Thermal to enhance liquid cooling capabilities for high-density AI data centers.

Jun 2, 2026

News Mention: Constellation Energy (CEG) filed SEC Form 8-K on 2026-06-02 (period 2026-06-01); items 8.01,9.01.

Jun 3, 2026

Other: Vertiv Holdings Co's Board of Directors declared a quarterly cash dividend of $0.0625 per...

Vertiv Holdings Co's Board of Directors declared a quarterly cash dividend of $0.0625 per share of Class A common stock.

Jun 3, 2026

News Mention: Vertiv (VRT) filed SEC Form 8-K on 2026-06-03 (period 2026-06-03); items 8.01,9.01.

Jun 11, 2026

News Mention: Eaton (ETN) filed SEC Form 8-K on 2026-06-11 (period 2026-06-10); items 7.01,8.01,9.01.

Jun 12, 2026

Leadership Change: Generac Holdings Inc. stockholders elected Marcia J. Avedon, Bennett J. Morgan, and Dominick P....

Generac Holdings Inc. stockholders elected Marcia J. Avedon, Bennett J. Morgan, and Dominick P. Zarcone to the board of directors for a three-year term.

Jun 12, 2026

Acquisition: Vertiv Holdings Co. announced the closing of its acquisition of ThermoKey S.p.A. by one...

Vertiv Holdings Co. announced the closing of its acquisition of ThermoKey S.p.A. by one of its wholly-owned subsidiaries.

Jun 12, 2026

News Mention: Vertiv (VRT) filed SEC Form 8-K on 2026-06-12 (period 2026-06-12); items 7.01,9.01.

Jun 17, 2026

News Mention: Bloom Energy (BE) filed SEC Form 8-K on 2026-06-17 (period 2026-06-15); items 5.02,9.01.

Jun 17, 2026

Other: The Board of Directors approved a grant of 271,076 performance-based restricted stock units (PSUs)...

The Board of Directors approved a grant of 271,076 performance-based restricted stock units (PSUs) to CEO Dr. KR Sridhar on June 15, 2026.

Jun 18, 2026

News Mention: Vertiv (VRT) filed SEC Form 8-K on 2026-06-18 (period 2026-06-17); items 5.07.

Jun 18, 2026

Leadership Change: Stockholders elected eleven director nominees to Vertiv Holdings Co's Board of Directors for a...

Stockholders elected eleven director nominees to Vertiv Holdings Co's Board of Directors for a one-year term.

Jul 28, 2026

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0001664703 us-gaap:SubsequentEventMember 2026-07-01 2026-07-28 0001664703 be:JeffreyImmeltMember 2026-04-01 2026-06-30 0001664703 be:JeffreyImmeltMember 2026-06-30 0001664703 be:KRSridharMember 2026-04-01 2026-06-30 0001664703 be:KRSridharMember 2026-06-30 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________to ____________ Commission File Number: 001-38598 ________________________________________________________________________ BLOOM ENERGY CORPORATION (Exact name of registrant as specified in its charter) ________________________________________________________________________ Delaware 77-0565408 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4353 North First Street , San Jose , California 95134 (Address of principal executive offices) (Zip Code) ( 408 ) 543-1500 (Registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value BE New York Stock Exchange _______________________________________________________________________________________________________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The number of shares of the registrant s com mon stock outstanding as of July 22, 2026 was as follows: Common Stock, $0.0001 par value, 294,527,346 shar es 1 Bloom Energy Corporation Quarterly Report on Form 10-Q for the Three and Six Months Ended June 30, 2026 Table of Contents Page PART I FINANCIAL INFORMATION Item 1 Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Changes in Stockholders Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2 Management s Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3 Quantitative and Qualitative Disclosures About Market Risk 54 Item 4 Controls and Procedures 54 PART II OTHER INFORMATION Item 1 Legal Proceedings 55 Item 1A Risk Factors 55 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3 Defaults Upon Senior Securities 55 Item 4 Mine Safety Disclosures 56 Item 5 Other Information 56 Item 6 Exhibits 57 Signatures 58 Unless the context otherwise requires, the terms we, us, our, Bloom Energy, Bloom and the Company each refer to Bloom Energy Corporation and all of its subsidiaries. 2 PART I FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS Bloom Energy Corporation Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents 1 $ 2,666,859 $ 2,454,108 Restricted cash 1,050 1,973 Accounts receivable, less allowance for credit losses of $ 2,998 and $ 460 as of June 30, 2026 and December 31, 2025, respectively 1, 2 458,126 371,796 Contract assets 3 365,461 178,928 Inventories 1 758,188 643,306 Deferred cost of revenue 67,273 30,651 Customer consideration asset 12 90,967 Prepaid expenses and other current assets 1, 4 182,138 49,805 Total current assets 4,590,062 3,730,567 Property, plant and equipment, net 1 443,388 398,507 Investments in unconsolidated affiliates 10 28,090 10,037 Operating lease right-of-use assets 1 106,475 108,541 Restricted cash 20,599 25,499 Contract assets 5 62,837 62,258 Deferred cost of revenue 7,675 4,099 Customer consideration asset 12 215,533 Other long-term assets 1, 6 153,742 57,203 Total assets $ 5,628,401 $ 4,396,711 Liabilities and stockholders equity Current liabilities: Accounts payable 1 $ 309,929 $ 203,129 Accrued warranty 7 77,797 20,013 Accrued expenses and other current liabilities 1, 8 315,919 222,254 Deferred revenue and customer deposits 9 327,145 100,975 Operating lease liabilities 1 23,094 22,000 Financing obligations 62,034 51,308 Recourse debt 4,686 Non-recourse debt 1 2,583 4,153 Total current liabilities 1,123,187 623,832 Deferred revenue and customer deposits 117,901 42,840 Operating lease liabilities 1 102,730 106,935 Financing obligations 144,446 192,460 Recourse debt 2,470,704 2,613,726 Deferred profit in transactions with unconsolidated affiliates 11 19,560 13,928 Other long-term liabilities 9,202 10,027 Total liabilities $ 3,987,730 $ 3,603,748 Commitments and contingencies (Note 12) Stockholders equity: Common stock: 0.0001 par value; 600,000,000 shares authorized, and 293,354,001 shares and 280,045,459 shares issued and outstanding, at June 30, 2026 and December 31, 2025, respectively 13 29 28 Additional paid-in capital 5,332,587 4,755,965 Accumulated other comprehensive income (loss) 347 ( 369 ) Accumulated deficit ( 3,720,965 ) ( 3,986,983 ) Total stockholders equity attributable to common stockholders 1,611,998 768,641 Noncontrolling interest 28,673 24,322 Total stockholders equity $ 1,640,671 $ 792,963 Total liabilities and stockholders equity $ 5,628,401 $ 4,396,711 1 We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11 Related Party Transactions in this Quarterly Report on Form 10-Q) , which represents a portion of the consolidated balances recorded within these financial statement line items. 2 Including amounts from related parties of $ 76.1 million and $ 151.9 million as of June 30, 2026, and December 31, 2025, respectively. 3 Including amounts from related parties of $ 43.9 million and $ 3.0 million as of June 30, 2026, and December 31, 2025, respectively. 4 There was no related party balance as of June 30, 2026. Including amount from related parties of $ 1.2 million as of December 31, 2025. 5 Including amounts from related parties of $ 47.2 million and $ 48.8 million as of June 30, 2026, and December 31, 2025, respectively. 6 There was no related party balance as of June 30, 2026. Including amount from related parties of $ 6.0 million as of December 31, 2025. 7 Including amounts from related parties of $ 8.6 million and $ 0.8 million as of June 30, 2026, and December 31, 2025, respectively. 8 Including amounts from related parties of $ 2.5 million and $ 0.04 million as of June 30, 2026, and December 31, 2025, respectively. 9 Including amounts from related parties of $ 7.0 million and $ 6.9 million as of June 30, 2026, and December 31, 2025, respectively. 10 Represent related party investments in Fund JVs (see Note 7 Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . 11 Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity method investments (see Note 7 Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q). 12 Represent related party upfront share based consideration payable to a customer s customer (see Note 3 Revenue Recognition in this Quarterly Report on Form 10-Q). 13 On May 27, 2026, the Company filed with the Delaware Secretary of State a Certificate of Second Amendment to its Restated Certificate of Incorporation which (among other things) renamed its Class A common stock as common stock and eliminated outdated references to Class B common stock. Prior to such amendment, the Company had 470,092,742 shares of Class B common stock authorized, but as of December 31, 2025, no such shares were issued or outstanding. References in this Quarterly Report on Form 10-Q to Class A common stock have been updated to refer to common stock. The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Bloom Energy Corporation Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue: Product $ 935,413 $ 296,611 $ 1,588,761 $ 508,480 Installation 50,978 37,372 76,909 71,023 Service 69,023 54,449 130,902 107,997 Electricity 9,951 12,810 19,847 39,763 Total revenue 1 1,065,365 401,242 1,816,419 727,263 Cost of revenue: Product 593,957 198,746 1,023,189 338,319 Installation 52,829 38,224 87,909 71,539 Service 56,148 49,408 109,812 102,266 Electricity 6,859 7,741 14,393 19,309 Total cost of revenue 709,793 294,119 1,235,303 531,433 Gross profit 355,572 107,123 581,116 195,830 Operating expenses: Research and development 58,873 40,768 115,722 81,380 Sales and marketing 43,045 24,066 81,484 46,331 General and administrative 2 71,417 45,792 129,483 90,692 Total operating expenses 173,335 110,626 326,689 218,403 Income (loss) from operations 182,237 ( 3,503 ) 254,427 ( 22,573 ) Interest income 20,881 6,623 41,482 15,176 Interest expense 3 ( 8,906 ) ( 14,440 ) ( 17,510 ) ( 28,851 ) Equity in earnings (loss) of unconsolidated affiliates 4 4,346 ( 12,656 ) Other income, net 2,307 2,373 8,504 4,421 Loss on extinguishment of debt ( 32,340 ) ( 32,340 ) (Loss) gain on revaluation of embedded derivatives ( 539 ) 112 215 9 Income (loss) before income taxes 200,326 ( 41,175 ) 274,462 ( 64,158 ) Income tax provision 1,470 1,017 1,915 1,448 Net income (loss) 198,856 ( 42,192 ) 272,547 ( 65,606 ) Less: Net income attributable to noncontrolling interest 2,566 427 5,604 827 Net income (loss) attributable to common stockholders $ 196,290 $ ( 42,619 ) $ 266,943 $ ( 66,433 ) Net earnings (loss) per share available to common stockholders: Basic $ 0.68 $ ( 0.18 ) $ 0.94 $ ( 0.29 ) Diluted $ 0.62 $ ( 0.18 ) $ 0.85 $ ( 0.29 ) Weighted average shares used to compute net earnings (loss) per share available to common stockholders: Basic 287,288 232,542 284,518 231,383 Diluted 323,331 232,542 323,649 231,383 1 Including related party revenue of $ 2.8 million and $ 376.1 million for the three and six months ended June 30, 2026, respectively, and $ 27.1 million and $ 29.9 million for the three and six months ended June 30, 2025, respectively. 2 There were no related party general and administrative expenses for the three and six months ended June 30, 2026. Including related party general and administrative expenses of $ 0.2 million and $ 0.4 million for the three and six months ended June 30, 2025, respectively. 3 There were no related party interest expense for the three and six months ended June 30, 2026. Including related party interest expense of $ 0.1 million and $ 0.1 million for the three and six months ended June 30, 2025, respectively. 4 Represent related party equity in earnings (loss) of the Fund JVs (see Note 7 Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Bloom Energy Corporation Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) $ 198,856 $ ( 42,192 ) $ 272,547 $ ( 65,606 ) Other comprehensive (loss) income, net of taxes: Foreign currency translation adjustment ( 3,052 ) 2,702 ( 560 ) 3,064 Other comprehensive (loss) income, net of taxes ( 3,052 ) 2,702 ( 560 ) 3,064 Comprehensive income (loss) 195,804 ( 39,490 ) 271,987 ( 62,542 ) Less: Comprehensive income attributable to noncontrolling interest 2,134 1,665 4,351 2,104 Comprehensive income (loss) attributable to common stockholders $ 193,670 $ ( 41,155 ) $ 267,636 $ ( 64,646 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Bloom Energy Corporation Condensed Consolidated Statements of Changes in Stockholders Equity (in thousands, except share data) (unaudited) Three Months Ended June 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount Balances at March 31, 2026 284,207,963 $ 28 $ 4,835,729 $ 2,967 $ ( 3,917,255 ) $ 921,469 $ 26,539 $ 948,008 Issuance of restricted stock awards 873,862 Exercise of stock options 418,013 7,324 7,324 7,324 Stock-based compensation 51,554 51,554 51,554 Conversions of the Green Notes (Note 8) 5,699,932 1 126,468 126,469 126,469 Share-based consideration payable to customer s customer (Note 3) 311,512 311,512 311,512 Issuance of common stock upon warrant exercise, including incremental shares (cashless) (Note 3) 2,154,231 Foreign currency translation adjustment ( 2,620 ) ( 2,620 ) ( 432 ) ( 3,052 ) Net income 196,290 196,290 2,566 198,856 Balances at June 30, 2026 293,354,001 $ 29 $ 5,332,587 $ 347 $ ( 3,720,965 ) $ 1,611,998 $ 28,673 $ 1,640,671 Three Months Ended June 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount Balances at March 31, 2025 231,969,446 $ 23 $ 4,502,881 $ ( 2,270 ) $ ( 3,922,363 ) $ 578,271 $ 23,184 $ 601,455 Issuance of restricted stock awards 1,679,509 Exercise of stock options 12,213 30 30 30 Stock-based compensation 29,188 29,188 29,188 Premium on convertible debt 28,247 28,247 28,247 Foreign currency translation adjustment 1,464 1,464 1,238 2,702 Net (loss) income ( 42,619 ) ( 42,619 ) 427 ( 42,192 ) Balances at June 30, 2025 233,661,168 $ 23 $ 4,560,346 $ ( 806 ) $ ( 3,964,982 ) $ 594,581 $ 24,849 $ 619,430 6 Six Months Ended June 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount Balances at December 31, 2025 280,045,459 $ 28 $ 4,755,965 $ ( 369 ) $ ( 3,986,983 ) $ 768,641 $ 24,322 $ 792,963 Issuance of restricted stock awards 3,032,439 ESPP purchase 644,651 8,073 8,073 8,073 Exercise of stock options 800,297 15,086 15,086 15,086 Stock-based compensation 100,410 100,410 100,410 Accrued dividend ( 994 ) ( 994 ) ( 994 ) Legal reserve 92 92 92 Conversions of the Green Notes (Note 8) 6,676,924 1 144,631 144,632 144,632 Share-based consideration payable to customer s customer (Note 3) 308,422 308,422 308,422 Issuance of common stock upon warrant exercise, including incremental shares (cashless) (Note 3) 2,154,231 Foreign currency translation adjustment 716 ( 23 ) 693 ( 1,253 ) ( 560 ) Net income 266,943 266,943 5,604 272,547 Balances at June 30, 2026 293,354,001 $ 29 $ 5,332,587 $ 347 $ ( 3,720,965 ) $ 1,611,998 $ 28,673 $ 1,640,671 Six Months Ended June 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount Balances at December 31, 2024 229,142,474 $ 23 $ 4,462,659 $ ( 2,593 ) $ ( 3,897,618 ) $ 562,471 $ 22,745 $ 585,216 Issuance of restricted stock awards 3,723,916 ESPP purchase 630,607 6,417 6,417 6,417 Exercise of stock options 164,171 1,264 1,264 1,264 Stock-based compensation 61,759 61,759 61,759 Accrued dividend ( 1,024 ) ( 1,024 ) ( 1,024 ) Legal reserve 93 93 93 Premium on convertible debt 28,247 28,247 28,247 Foreign currency translation adjustment 1,787 1,787 1,277 3,064 Net (loss) income ( 66,433 ) ( 66,433 ) 827 ( 65,606 ) Balances at June 30, 2025 233,661,168 $ 23 $ 4,560,346 $ ( 806 ) $ ( 3,964,982 ) $ 594,581 $ 24,849 $ 619,430 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Bloom Energy Corporation Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net income (loss) $ 272,547 $ ( 65,606 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 27,025 24,582 Non-cash lease expense 16,026 16,452 Equity in loss of unconsolidated affiliates 12,656 Stock-based compensation expense 100,432 59,338 Amortization of debt issuance costs 6,798 3,723 Loss on extinguishment of debt 32,340 Net gain on failed sale-and-leaseback transactions ( 13,527 ) ( 827 ) Share-based consideration payable to customer s customer (Note 3 ) 13 1,922 Allowance for credit losses 3,080 Unrealized foreign currency exchange loss (gain) 2,474 ( 4,795 ) Other 12 87 45 Changes in operating assets and liabilities: Accounts receivable 1 ( 89,590 ) ( 129,904 ) Contract assets 2 ( 187,654 ) 15,364 Inventories ( 115,057 ) ( 142,600 ) Deferred cost of revenue ( 40,046 ) 30,099 Prepaid expenses and other current assets 3 ( 132,333 ) 6,134 Other long-term assets 4 ( 96,640 ) 826 Operating lease right-of-use assets and operating lease liabilities 5 ( 17,071 ) ( 16,754 ) Financing lease liabilities 255 982 Accounts payable 6 100,422 52,790 Accrued warranty 7 57,784 ( 4,566 ) Accrued expenses and other current liabilities 8 89,391 ( 22,586 ) Deferred revenue and customer deposits 9 301,232 ( 178,807 ) Deferred profit with equity method investees and other long-term liabilities 10 ( 171 ) ( 23 ) Net cash provided by (used in) operating activities 300,042 ( 323,793 ) Cash flows from investing activities: Purchase of property, plant and equipment ( 77,823 ) ( 21,504 ) Proceeds from sale of property, plant and equipment 127 76 Investments in unconsolidated affiliates 11 ( 22,796 ) Net cash used in investing activities ( 100,492 ) ( 21,428 ) Cash flows from financing activities: Payment of debt issuance costs ( 787 ) ( 3,348 ) Repayment of debt ( 1,347 ) Proceeds from financing obligations 4 Repayment of financing obligations ( 11,816 ) ( 5,465 ) Proceeds from issuance of common stock 23,159 7,681 Dividend paid ( 925 ) ( 947 ) Other ( 5 ) 150 Net cash provided by (used in) financing activities 8,283 ( 1,929 ) Effect of exchange rate changes on cash, cash equivalent, and restricted cash ( 905 ) 2,226 Net increase (decrease) in cash, cash equivalents, and restricted cash 206,928 ( 344,924 ) Cash, cash equivalents, and restricted cash: Beginning of period 2,481,580 950,971 End of period $ 2,688,508 $ 606,047 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 10,676 $ 26,660 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 17,071 16,585 Operating cash flows from finance leases 225 169 Cash paid during the period for income taxes 2,192 775 Non-cash investing and financing activities: Liabilities recorded for property, plant and equipment, net $ 10

Jul 29, 2026

Earnings: vrt-20260630 0001674101 Q2 2026 12/31 FALSE one year one year 398 xbrli:shares iso4217:USD iso4217:USD...

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C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended June 30, 2026 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __to__ Commission File No. 001-38518 Vertiv Holdings Co (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 81-2376902 (I.R.S Employer Identification No.) 505 N. Cleveland Ave. , Westerville , Ohio 43082 (Address of principal executive offices including zip code) 614 - 888-0246 (Registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, $0.0001 par value per share VRT New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act: Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act). Yes No As of July 27, 2026, there wer e 384,988,173 shares of the Company s Class A common stock, par value $0.0001, outstanding. TABLE OF CONTENTS Page Part I - Financial Information Item 1. Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Earnings (Loss) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Changes in Shareholders Equity (Deficit) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 32 Item 4. Controls and Procedures 32 Part II - Other Information Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37 SIGNATURES 38 1 Table of contents PART I. FINANCIAL INFORMATION ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) VERTIV HOLDINGS CO (Dollars in millions except for per share data) Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Net sales Net sales - products $ 2,646.7 $ 2,166.0 $ 4,782.5 $ 3,815.7 Net sales - services 627.6 472.1 1,141.3 858.4 Net sales 3,274.3 2,638.1 5,923.8 4,674.1 Costs and expenses Cost of sales - products 1,667.8 1,470.3 3,016.2 2,582.4 Cost of sales - services 371.6 271.2 673.0 508.6 Cost of sales 2,039.4 1,741.5 3,689.2 3,091.0 Operating expenses Selling, general and administrative expenses 494.4 395.6 951.1 741.9 Amortization of intangibles 73.7 46.9 151.3 92.9 Restructuring costs ( 3.9 ) 1.9 ( 8.8 ) 3.0 Foreign currency (gain) loss, net 3.9 2.3 2.3 4.9 Other operating expense (income) 28.9 7.5 60.7 7.3 Operating profit (loss) 637.9 442.4 1,078.0 733.1 Interest expense (income), net 17.4 21.3 13.0 46.6 Loss on extinguishment of debt 6.2 Other non-operating expense (income) 0.5 0.5 Income (loss) before income taxes 620.0 421.1 1,058.3 686.5 Income tax expense (benefit) 122.2 96.9 170.4 197.8 Net income (loss) $ 497.8 $ 324.2 $ 887.9 $ 488.7 Earnings (loss) per share: Basic $ 1.29 $ 0.85 $ 2.31 $ 1.28 Diluted $ 1.27 $ 0.83 $ 2.26 $ 1.25 Weighted-average shares outstanding: Basic 384,555,346 381,482,996 383,742,935 381,166,015 Diluted 392,746,991 389,846,827 392,511,287 389,977,516 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 2 Table of contents UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) VERTIV HOLDINGS CO (Dollars in millions) Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Net income (loss) $ 497.8 $ 324.2 $ 887.9 $ 488.7 Other comprehensive income (loss), net of tax: Foreign currency translation 8.2 116.8 ( 32.1 ) 193.9 Interest rate swaps ( 6.6 ) ( 47.2 ) ( 16.3 ) Pension ( 0.2 ) 0.2 ( 0.5 ) 0.2 Foreign currency exchange forwards 3.0 10.0 ( 3.6 ) 16.2 Other comprehensive income (loss), net of tax: 11.0 120.4 ( 83.4 ) 194.0 Comprehensive income (loss) $ 508.8 $ 444.6 $ 804.5 $ 682.7 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 3 Table of contents UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS VERTIV HOLDINGS CO (Dollars in millions) June 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 2,810.6 $ 1,728.4 Short-term investments 300.0 99.5 Accounts receivable, less allowances of $ 29.1 and $ 25.6 , respectively 3,750.3 3,109.0 Inventories 2,522.7 1,456.5 Other current assets 601.3 426.1 Total current assets 9,984.9 6,819.5 Property, plant and equipment, net 1,184.2 921.8 Other assets: Goodwill 2,283.3 2,033.7 Other intangible assets, net 1,800.8 1,894.8 Deferred income taxes 170.1 179.6 Right-of-use assets, net 387.2 303.0 Other 90.4 60.0 Total other assets 4,731.8 4,471.1 Total assets $ 15,900.9 $ 12,212.4 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ $ 20.9 Accounts payable 2,473.1 1,756.4 Deferred revenue 3,633.7 1,814.7 Accrued expenses and other liabilities 1,061.4 771.6 Income taxes 74.8 43.4 Total current liabilities 7,243.0 4,407.0 Long-term debt, net 2,939.8 2,892.1 Deferred income taxes 234.1 232.8 Long-term lease liabilities 316.4 245.2 Other long-term liabilities 410.0 494.0 Total liabilities 11,143.3 8,271.1 Equity Preferred stock, $ 0.0001 par value, 5,000,000 shares authorized, none issued and outstanding Common stock, $ 0.0001 par value, 700,000,000 shares authorized, 384,936,985 and 382,553,680 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively Additional paid-in capital 2,954.8 2,895.2 Retained earnings 1,868.0 1,027.9 Accumulated other comprehensive income (loss) ( 65.2 ) 18.2 Total equity 4,757.6 3,941.3 Total liabilities and equity $ 15,900.9 $ 12,212.4 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 4 Table of contents UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS VERTIV HOLDINGS CO (Dollars in millions) Six months ended June 30, 2026 Six months ended June 30, 2025 Cash flows from operating activities: Net income (loss) $ 887.9 $ 488.7 Adjustments to reconcile net income (loss) to net cash used for operating activities: Depreciation 66.9 46.4 Amortization 156.6 98.5 Deferred income taxes ( 26.1 ) 23.1 Amortization of debt discount and issuance costs 2.2 4.3 Stock-based compensation 30.8 24.5 Changes in operating working capital 678.8 ( 95.2 ) Change in fair value of contingent consideration 62.0 Other 7.5 35.9 Net cash provided by (used for) operating activities 1,866.6 626.2 Cash flows from investing activities: Capital expenditures ( 285.9 ) ( 81.5 ) Investments in capitalized software ( 2.6 ) ( 3.2 ) Purchase of short-term investments ( 546.6 ) ( 98.1 ) Proceeds from maturities of short-term investments 351.5 Investments in affiliates ( 19.0 ) Acquisition of businesses, net of cash acquired ( 278.1 ) Net cash provided by (used for) investing activities ( 780.7 ) ( 182.8 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,100.0 Repayment of long-term debt ( 2,076.1 ) ( 10.5 ) Dividend payment ( 47.8 ) ( 28.4 ) Exercise of employee stock options 44.1 13.0 Employee taxes paid from shares withheld ( 23.2 ) ( 7.0 ) Net cash provided by (used for) financing activities ( 3.0 ) ( 32.9 ) Effect of exchange rate changes on cash and cash equivalents 2.9 13.3 Increase (decrease) in cash, cash equivalents and restricted cash 1,085.8 423.8 Beginning cash, cash equivalents and restricted cash 1,789.8 1,232.2 Ending cash, cash equivalents and restricted cash $ 2,875.6 $ 1,656.0 Changes in operating working capital Accounts receivable $ ( 644.2 ) $ ( 380.8 ) Inventories ( 1,048.0 ) ( 137.5 ) Other current assets ( 145.3 ) ( 23.9 ) Accounts payable 685.3 269.5 Deferred revenue 1,822.7 171.5 Accrued expenses and other liabilities 22.2 ( 43.3 ) Income taxes ( 13.9 ) 49.3 Total changes in operating working capital $ 678.8 $ ( 95.2 ) See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 5 Table of contents UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (DEFICIT) VERTIV HOLDINGS CO (Dollars in millions) Common Share Capital Shares Amount Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Balance at December 31, 2024 380,703,974 $ $ 2,821.4 $ ( 238.3 ) $ ( 148.8 ) $ 2,434.3 Net income (loss) 164.5 164.5 Exercise of employee stock options 109,017 1.3 1.3 Stock-based compensation activity, net of shares withheld for tax (1) 169,340 4.5 4.5 Employee 401K match with Vertiv stock 18,813 2.4 2.4 Dividend ( 14.2 ) ( 14.2 ) Other comprehensive income (loss), net of tax 73.6 73.6 Balance at March 31, 2025 381,001,144 $ $ 2,829.6 $ ( 88.0 ) $ ( 75.2 ) $ 2,666.4 Net income (loss) 324.2 324.2 Exercise of employee stock options 733,437 11.7 11.7 Stock-based compensation activity, net of shares withheld for tax (2) 7,784 13.0 13.0 Employee 401K match with Vertiv stock 61,463 3.9 3.9 Dividend ( 14.2 ) ( 14.2 ) Other comprehensive income (loss), net of tax 120.4 120.4 Balance at June 30, 2025 381,803,828 $ $ 2,858.2 $ 222.0 $ 45.2 $ 3,125.4 Balance at December 31, 2025 382,553,680 $ $ 2,895.2 $ 1,027.9 $ 18.2 $ 3,941.3 Net income (loss) 390.1 390.1 Exercise of employee stock options 1,268,993 23.5 23.5 Stock-based compensation activity, net of withholding for tax (3) 114,813 5.4 5.4 Employee 401K match with Vertiv stock 16,625 2.9 2.9 Dividend ( 23.9 ) ( 23.9 ) Other comprehensive income (loss), net of tax ( 94.4 ) ( 94.4 ) Balance at March 31, 2026 383,954,111 $ $ 2,927.0 $ 1,394.1 $ ( 76.2 ) $ 4,244.9 Net income (loss) 497.8 497.8 Exercise of employee stock options 874,850 20.6 20.6 Stock-based compensation, net of shares withheld for tax (4) 91,824 2.2 2.2 Employee 401K match with Vertiv stock 16,200 5.0 5.0 Dividend ( 23.9 ) ( 23.9 ) Other comprehensive income (loss), net of tax 11.0 11.0 Balance at June 30, 2026 384,936,985 $ $ 2,954.8 $ 1,868.0 $ ( 65.2 ) $ 4,757.6 (1) Net stock compensation activity includes 239,098 vested shares offset by 69,758 shares withheld for taxes valued at $ 6.7 and stock-based compensation of $ 11.2 . (2) Net stock compensation activity includes 12,562 vested shares offset by 4,778 shares withheld for taxes valued at $ 0.3 and stock-based compensation of $ 13.3 . (3) Net stock compensation activity includes 159,335 vested shares offset by 44,522 shares withheld for taxes valued at $ 11.6 and stock-based compensation of $ 17.0 . (4) Net stock compensation activity includes 124,165 vested shares offset by 32,341 shares withheld for taxes valued at $ 11.6 and stock-based compensation of $ 13.8 . See accompanying Notes to Unaudited Condensed Consolidated Financial Statements 6 Table of contents Vertiv Holdings Co Notes to Condensed Consolidated Financial Statements (Unaudited) (Dollars in millions, except per share amounts) (1) DESCRIPTION OF BUSINESS Vertiv Holdings Co ( Holdings Co , and together with its majority-owned subsidiaries, Vertiv , we , our , or the Company ), provides mission-critical digital infrastructure technologies and life cycle services primarily for data centers, communication networks, and commercial and industrial environments. Vertiv s offerings include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment, management systems for monitoring and controlling digital infrastructure, and services. Vertiv manages and reports results of operations for three business segments: Americas; Asia Pacific; and Europe, Middle East Africa. (2) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ( GAAP ) in the United States ("U.S.") and the rules and regulations of the Securities and Exchange Commission ( SEC ) and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. These unaudited condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts have been reclassed to conform with current year presentation. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, the Company's sales channels, supply chain, manufacturing operations, workforce, or other key aspects of the Company s operations. The notes included herein should be read in conjunction with the Company s audited consolidated financial statements included in the Company s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU provides amendments that require entities to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill Other Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU provides amendments that remove all references to prescriptive and sequential software development stages, and require entities to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective fiscal years beginning after December 15, 2027 and for interim reporting within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adoption of this guidance on its Consolidated Financial Statements. 7 Table of contents (3) ACQUISITIONS PurgeRite On October 31, 2025, the Company entered into a membership interest purchase agreement ("Acquisition Agreement") to acquire Purge Rite Intermediate, LLC ("PurgeRite"). The transaction ("Acquisition") closed on December 4, 2025. Under the terms of the Acquisition Agreement, total consideration transferred was $ 1,138.3 , net of cash acquired of $ 14.4 . The gross consideration was $ 1,152.7 , consisting of $ 1,003.5 in cash, $ 139.2 of contingent consideration and $ 10.0 other. The Company is required to pay up to $ 250.0 of additional cash consideration if PurgeRite achieves certain post-closing performance metrics, pursuant to the terms and conditions of the Acquisition Agreement. As of June 30, 2026 in conjunction with the PurgeRite Acquisition, there is $ 206.1 of contingent earnout related to their projected future results recorded in "Accrued expenses and other liabilities" in the Unaudited Condensed Consolidated Balance Sheets. For the three and six months ended June 30, 2026, the Company reco

Aug 4, 2026

Earnings: powl-20260630 0000080420 false 2026 Q3 9/30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure powl:lease powl:segment 0000080420...

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(Exact name of registrant as specified in its charter) Delaware 88-0106100 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 8550 Mosley Road Houston Texas 77075-1180 (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: ( 713 ) 944-6900 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.01 per share POWL NASDAQ Global Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No At August 3, 2026, there were 36,432,564 outstanding shares of the registrant s common stock, par value $0.01 per share. 1 POWELL INDUSTRIES, INC. AND SUBSIDIARIES TABLE OF CONTENTS Page Part I Financial Information 3 Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 5 Condensed Consolidated Statements of Stockholders Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 32 Item 4. Controls and Procedures 32 Part II Other Information 33 Item 1. Legal Proceedings 33 Item 1A. Risk Factors 33 Item 5. Other Information 33 Item 6. Exhibits 33 Signatures 35 2 PART I FINANCIAL INFORMATION Item 1. Financial Statements POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) June 30, 2026 September 30, 2025 ASSETS Current Assets: Cash and cash equivalents $ 633,561 $ 450,739 Short-term investments 24,788 Accounts receivable, less allowance for credit losses of $ 435 and $ 368 , respectively 362,412 217,065 Contract assets 116,002 136,679 Inventories 95,371 84,719 Prepaid expenses 13,206 10,591 Other current assets 10,619 7,135 Total Current Assets 1,231,171 931,716 Property, plant and equipment, net 118,634 111,049 Operating lease assets, net 2,524 1,664 Goodwill 6,049 6,125 Intangible assets, net 5,397 6,138 Deferred income tax assets 21,804 33,440 Other assets 21,119 18,852 Total Assets $ 1,406,698 $ 1,108,984 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities: Accounts payable $ 86,572 $ 67,080 Contract liabilities 466,362 297,949 Accrued compensation and benefits 32,323 39,184 Accrued product warranty 6,595 6,356 Current operating lease liabilities 947 882 Income taxes payable 2,417 11,028 Other current liabilities 29,434 23,908 Total Current Liabilities 624,650 446,387 Deferred compensation 16,892 13,707 Long-term operating lease liabilities 1,577 782 Deferred income tax liabilities 5,195 5,297 Other long-term liabilities 2,200 2,041 Total Liabilities 650,514 468,214 Commitments and Contingencies (Note G) Stockholders Equity: Preferred stock, par value $ 0.01 ; 5,000,000 shares authorized; no ne issued Common stock, par value $ 0.01 ; 90,000,000 shares authorized; Shares issued: 38,850,618 and 38,628,588 , respectively Shares outstanding: 36,432,564 and 36,210,534 , respectively 388 129 Additional paid-in capital 52,514 62,834 Retained earnings 759,396 629,848 Treasury stock, 2,418,054 shares at cost ( 24,999 ) ( 24,999 ) Accumulated other comprehensive loss ( 31,115 ) ( 27,042 ) Total Stockholders Equity 756,184 640,770 Total Liabilities and Stockholders Equity $ 1,406,698 $ 1,108,984 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) Three months ended June 30, Nine months ended June 30, 2026 2025 2026 2025 Revenues $ 311,740 $ 286,273 $ 859,539 $ 806,335 Cost of goods sold 216,441 198,374 604,886 575,480 Gross profit 95,299 87,899 254,653 230,855 Selling, general and administrative expenses 26,702 25,116 77,703 68,359 Research and development expenses 4,300 2,659 11,856 7,881 Amortization of intangible assets 221 666 Operating income 64,076 60,124 164,428 154,615 Other expenses (income): Interest income, net ( 5,047 ) ( 3,977 ) ( 13,515 ) ( 11,397 ) Income before income taxes 69,123 64,101 177,943 166,012 Income tax provision 16,963 15,867 38,506 36,685 Net income $ 52,160 $ 48,234 $ 139,437 $ 129,327 Earnings per share: Basic $ 1.43 $ 1.33 $ 3.83 $ 3.57 Diluted $ 1.42 $ 1.32 $ 3.81 $ 3.54 Weighted average shares: Basic 36,432 36,212 36,396 36,176 Diluted 36,604 36,525 36,566 36,497 Dividends per share $ 0.0900 $ 0.0892 $ 0.2692 $ 0.2667 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Unaudited) (In thousands) Three months ended June 30, Nine months ended June 30, 2026 2025 2026 2025 Net income $ 52,160 $ 48,234 $ 139,437 $ 129,327 Foreign currency translation adjustments ( 2,985 ) 7,479 ( 4,073 ) 347 Comprehensive income $ 49,175 $ 55,713 $ 135,364 $ 129,674 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Stockholders Equity (Unaudited) (In thousands) Accumulated Additional Other Common Stock Paid-in Retained Treasury Stock Comprehensive Shares Amount Capital Earnings Shares Amount Income/(Loss) Totals Balance, September 30, 2025 38,629 $ 129 $ 62,834 $ 629,848 ( 2,418 ) $ ( 24,999 ) $ ( 27,042 ) $ 640,770 Net income 41,390 41,390 Foreign currency translation adjustments 2,136 2,136 Stock-based compensation 211 1,572 1,572 Shares withheld in lieu of employee tax withholding ( 14,036 ) ( 14,036 ) Dividends 351 ( 3,297 ) ( 2,946 ) Balance, December 31, 2025 38,840 $ 129 $ 50,721 $ 667,941 ( 2,418 ) $ ( 24,999 ) $ ( 24,906 ) $ 668,886 Net income 45,887 45,887 Foreign currency translation adjustments ( 3,224 ) ( 3,224 ) Stock-based compensation 10 1,270 1,270 Shares withheld in lieu of employee tax withholding ( 459 ) ( 459 ) Dividends 5 ( 3,296 ) ( 3,291 ) Balance, March 31, 2026 38,850 $ 129 $ 51,537 $ 710,532 ( 2,418 ) $ ( 24,999 ) $ ( 28,130 ) $ 709,069 Net income 52,160 52,160 Foreign currency translation adjustments ( 2,985 ) ( 2,985 ) Stock-based compensation 1 1,438 1,438 Issuance of common stock related to Stock Split 259 ( 259 ) Shares withheld in lieu of employee tax withholding ( 203 ) ( 203 ) Dividends 1 ( 3,296 ) ( 3,295 ) Balance, June 30, 2026 38,851 $ 388 $ 52,514 $ 759,396 ( 2,418 ) $ ( 24,999 ) $ ( 31,115 ) $ 756,184 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Stockholders Equity (Unaudited) (In thousands) Accumulated Additional Other Common Stock Paid-in Retained Treasury Stock Comprehensive Shares Amount Capital Earnings Shares Amount Income/(Loss) Totals Balance, September 30, 2024 38,386 $ 128 $ 70,111 $ 462,194 ( 2,418 ) $ ( 24,999 ) $ ( 24,361 ) $ 483,073 Net income 34,763 34,763 Foreign currency translation adjustments ( 8,069 ) ( 8,069 ) Stock-based compensation 226 1 1,512 1,513 Shares withheld in lieu of employee tax withholding ( 11,995 ) ( 11,995 ) Dividends 331 ( 3,284 ) ( 2,953 ) Balance, December 31, 2024 38,612 $ 129 $ 59,959 $ 493,673 ( 2,418 ) $ ( 24,999 ) $ ( 32,430 ) $ 496,332 Net income 46,330 46,330 Foreign currency translation adjustments 937 937 Stock-based compensation 11 1,031 1,031 Dividends ( 3,267 ) ( 3,267 ) Balance, March 31, 2025 38,623 $ 129 $ 60,990 $ 536,736 ( 2,418 ) $ ( 24,999 ) $ ( 31,493 ) $ 541,363 Net income 48,234 48,234 Foreign currency translation adjustments 7,479 7,479 Stock-based compensation 1 1,131 1,131 Shares withheld in lieu of employee tax withholding ( 35 ) ( 35 ) Dividends ( 3,267 ) ( 3,267 ) Balance, June 30, 2025 38,624 $ 129 $ 62,086 $ 581,703 ( 2,418 ) $ ( 24,999 ) $ ( 24,014 ) $ 594,905 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Nine months ended June 30, 2026 2025 Operating Activities: Net income $ 139,437 $ 129,327 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,496 5,215 Stock-based compensation 4,280 3,675 Unrealized mark-to-market (gain) loss on derivative contracts ( 354 ) ( 433 ) Bad debt expense (recovery), net 107 ( 149 ) Deferred income taxes 11,636 ( 2,847 ) Gain on cash surrender value of life insurance ( 118 ) Changes in operating assets and liabilities: Accounts receivable, net ( 146,438 ) 2,747 Contract assets and liabilities, net 188,763 ( 18,381 ) Inventories ( 11,064 ) ( 2,728 ) Income taxes ( 11,088 ) ( 2,543 ) Prepaid expenses and other current assets ( 4,347 ) 1,051 Accounts payable 15,973 ( 7,513 ) Accrued liabilities ( 766 ) ( 2,216 ) Other, net 2,521 1,657 Net cash provided by operating activities 195,038 106,862 Investing Activities: Purchases of short-term investments ( 37,262 ) Maturities of short-term investments 24,857 44,407 Purchases of property, plant and equipment ( 10,386 ) ( 11,380 ) Proceeds from sale of property, plant and equipment 17 20 Net cash provided by (used in) investing activities 14,488 ( 4,215 ) Financing Activities: Shares withheld in lieu of employee tax withholding ( 14,698 ) ( 12,030 ) Dividends paid ( 9,792 ) ( 9,640 ) Net cash used in financing activities ( 24,490 ) ( 21,670 ) Net increase in cash and cash equivalents 185,036 80,977 Effect of exchange rate changes on cash and cash equivalents ( 2,214 ) 2,158 Cash and cash equivalents at beginning of period 450,739 315,331 Cash and cash equivalents at end of period $ 633,561 $ 398,466 The accompanying notes are an integral part of these condensed consolidated financial statements. 8 POWELL INDUSTRIES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) A. Overview and Summary of Significant Accounting Policies Overview Powell Industries, Inc. (we, us, our, Powell or the Company) is a Delaware corporation founded by William E. Powell in 1947. We develop, design, manufacture and service custom-engineered equipment and systems that distribute, control and monitor the flow of electrical energy and provide protection to motors, transformers and other electrically powered equipment. Our major subsidiaries, all of which are wholly owned, include Powell Electrical Systems, Inc.; Powell Canada Inc.; Powell (UK) Limited; and Powell Industries International Limited. We are headquartered in Houston, Texas, and primarily serve the oil and gas and petrochemical markets, the electric utility market, and commercial and other industrial markets. Beyond these major markets, we also provide products and services to the light rail traction power market and other markets that include universities and government entities. We are continuously developing new channels to electrical markets through original equipment manufacturers and distribution market channels. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Powell and our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP), have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim condensed consolidated financial statements have been included. The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. We believe that these financial statements contain all adjustments necessary so that they are not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Powell and its subsidiaries included in Powell s Annual Report on Form 10-K for the year ended September 30, 2025, which was filed with the Securities and Exchange Commission (SEC) on November 19, 2025. References to Fiscal 2026 and Fiscal 2025 used throughout this report shall mean the current fiscal year ending September 30, 2026 and the prior fiscal year ended September 30, 2025, respectively. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue recognition and estimated cost recognition on our customer contracts, allowance for credit losses, provision for excess and obsolete inventory, warranty accruals and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets, intangible assets and goodwill (when applicable), liquidated damages and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience, forecasts and various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the basis for recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability because the ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during periods in which temporary differences become deductible. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates. 9 Common Stock Split On March 31, 2026, the Company s Board of Directors adopted an amendment to the Company s Amended and Restated Certificate of Incorporation to proportionately increase the number of shares of the Company s authorized common stock from 30,000,000 to 90,000,000 in connection with a forward stock split. On April 2, 2026, the Company effected a three -for-one forward split of its common stock and proportionately increased the number of shares of authorized common stock from 30,000,000 to 90,000,000 (the Stock Split). Each shareholder of record as of the close of trading on March 20, 2026 (the Record Date) received, after the close of trading on April 2, 2026, two additional shares for every one share held on the Record Date. The shares of common stock retain a par value of $ 0.01 per share. Accordingly, an amount equal to the par value of the increased shares due to the Stock Split was reclassified from additional paid-in capital to common stock in the third fiscal quarter of 2026. Trading began on a split-adjusted basis at market open on April 6, 2026. Share and per share amounts included in the accompanying consolidated financial statements and applicable disclosures throughout this Quarterly Report on Form 10-Q have been retroactively adjusted to reflect the Stock Split. Accounting Standards Updates Issued but Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , which enhances the transparency of income tax disclosures. It requires greater disaggregation of information in the tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, and should be applied on a prospective basis. Retrospective application and early adoption were permitted. We are currently evaluating the impacts of the new standard. In November 2024, the FASB issued ASU No. 2024-03, Reporting Comprehensive Income Expense Disaggregation Disclosures , which requires additional qualitative and quantitative information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. In January 2025, the FASB further clarified the effective date for interim reporting periods. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impacts of the new standard. B. Earnings Per Share We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common share include the weighted average of additional shares associated with the incremental effect of dilutive restricted stock and restricted stock units. The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share (in thousands, except per share data): Three months ended June 30, Nine months ended June 30, 2026 2025 2026 2025 Numerator: Net income $ 52,160 $ 48,234 $ 139,437 $ 129,327 Denominator: Weighted average basic shares 36,432 36,212 36,396 36,176 Dilutive effect of restricted stock and restricted stock units 172 313 170 321 Weighted average diluted shares 36,604 36,525 36,566 36,497 Earnings per share: Basic $ 1.43 $ 1.33 $ 3.83 $ 3.57 Diluted $ 1.42 $ 1.32 $ 3.81 $ 3.54 10 C. Detail of Selected Balance Sheet Accounts Inventories The components of inventories are summarized below (in thousands): June 30, 2026 September 30, 2025 Raw materials, parts and sub-assemblies $ 101,372 $ 90,743 Work-in-progress 2,973 2,222 Provision for excess and obsolete inventories ( 8,974 ) ( 8,246 ) Total inventories $ 95,371 $ 84,719 Property, Plant and Equipment Property, plant and equipment are summarized below (in thousands): June 30, 2026 September 30, 2025 Land $ 24,297 $ 24,436 Buildings and improvements 132,656 133,455 Machinery and equipment 101,592 99,840 Furniture and fixtures 3,512 3,056 Construction in process 13,457 2,110 $ 275,514 $ 262,897 Less: Accumulated depreciation ( 156,880 ) ( 151,848 ) Total property, plant and equipment, net $ 118,634 $ 111,049 There were no assets under finance lease as of June 30, 2026 or September 30, 2025. Accrued Product Warranty Activity in our product warranty accrual consisted of the following (in thousands): Three months ended June 30, Nine months ended June 30, 2026 2025 2026 2025 Balance at beginning of period $ 6,637 $ 6,284 $ 6,356 $ 5,822 Increase to warranty expense 1,209 916 4,872 3,769 Deduction for warranty charges ( 1,232 ) ( 1,208 ) ( 4,608 ) ( 3,549 ) Change due to foreign currency translation ( 19 ) 66 ( 25 ) 16 Balance at end of period $ 6,595 $ 6,058 $ 6,595 $ 6,058 D. Revenue Revenue Recognition Our revenues are primarily generated from the manufacturing of custom-engineered products and systems under long-term fixed-price contracts under which we agree to manufacture various products such as traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches and bus duct systems. These products may be sold separately as an engineered solution but are typically integrated into custom-built enclosures which we also build. These enclosures are referred to as power control room substations (PCRs ), custom-engineered modules or electrical houses (E-Houses). Some contracts may also include the installation and the commissioning of these enclosures. Revenue from these contracts is generally recognized over time utilizing the cost-to-cost method. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated 11 costs at completion of the performance obligation. We believe that this method is the most accurate representation of our performance because it directly measures the value of the services transferred to the customer over time as we incur costs on our contracts. Contract costs include all direct materials, labor and indirect costs related to contract performance, which may include indirect labor, supplies, tools, repairs and depreciation costs. We also have contracts to provide field service inspection, installation, commissioning, modification, and repair services, as well as retrofit and retrofill components for existing systems. If the service contract terms give us the right to invoice the customer for an amount that corresponds directly with the value of our performance completed to date (i.e., a service contract in which we bill a fixed amount for each hour of service provided), then we recognize revenue over time in each reporting period corresponding to the amount that we have the right to invoice. Our performance obligations are satisfied as the work progresses. Revenues from our custom-engineered products and value-added services transferred to customers over time accounted for approximately 97 % and 96 % of revenues for the three and nine months ended June 30, 2026, respectively, and approximately 95 % and 96 % of revenues for the three and nine months ended June 30, 2025, respectively . We also have sales orders for spare parts and replacement circuit breakers for switchgear that are obsolete or that are no longer produced by the original manufacturer. Revenues from these sales orders are recognized at the time we fulfill our performance obligation to the customer, which is typically upon shipment and represented approximately 3 % and 4 % of revenues for the three and nine months ended June 30, 2026, respectively, and approximately 5 % and 4 % of revenues for the three and nine months ended June 30, 2025, respectively. Additionally, some contracts may contain a cancellation clause that could limit the amount of revenue we are able to recognize over time. In these instances, revenue and costs associated with these contracts are deferred and recognized at a point in time when the performance obligation is fulfilled. Selling and administrative costs incurred in relation to obtaining a contract are typically expensed as incurred. We periodically utilize a third-party sales agent to obtain a contract and will pay a commission to that agent. We record the full commission liability to the third-party sales agents at the order date, with a corresponding deferred asset. As the project progresses, we record commission expense based on percentage of completion rates that correlate to the project and reduce the deferred asset. Once we have been paid by the customer, we pay the commission, and the deferred liability is reduced. Performance Obligations A performance obligation is a promise in a contract or with a customer to transfer a distinct good or service. A contract s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligations are satisfied. To determine the proper revenue recognition for contracts, we evaluate whether a contract should be accounted for as more than one performance obligation or, less commonly, whether two or more contracts should be combined and accounted for as one performance obligation. This evaluation of performance obligations requires significant judgment. The majority of our contracts have a single performance obligation where multiple engineered products and services are combined into a single custom-engineered solution. Our contracts include a standard one-year assurance warranty. Occasionally, we provide service-type warranties that will extend the warranty period. These extended warranties qualify as a separate performance obligation, and revenue is deferred and recognized over the warranty period. If we determine during the evaluation of the contract that there are multiple performance obligations, we allocate the transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. Remaining unsatisfied performance obligations, which we refer to as backlog, represent the estimated transaction price for goods and services for which we have a material right, but work has not yet been performed. As of June 30, 2026, we had backlog of $ 2.4 billion, of which approximately $ 1.3 billion is expected to be recognized as revenue within the next twelve months . Backlog may not be indicative of future operating results as orders may be cancelled or modified by our customers. Our backlog does not include service and maintenance-type contracts for which we have the right to invoice as services are performed. Contract Estimates Actual revenues and project costs may vary from previous estimates due to changes in a variety of factors. The cost estimation process is based on the professional knowledge and experience of our engineers, project managers and financial professionals. Factors that are considered in estimating the work to be completed and ultimate contract recovery include the availability and productivity of labor, the nature and complexity of the work to be performed, the availability of materials, and the effect of any delays on our project performance. We periodically review our job performance, job conditions, estimated profitability and final contract settlements, including our estimate of total costs and make revisions to costs and income in the period in which the revisions are probable and reasonably estimable. We bear the risk of cost overruns in most of our contracts, which may result in 12 reduced profits. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. For the nine months ended June 30, 2026 and 2025, our operating results were positively impacted by $ 12.8 million and $ 15.1 million, respectively, as a result of net changes in contract estimates related to projects in progress at the beginning of the respective period. These changes in estimates resulted primarily from favorable project execution, reduced cost estimates and negotiations of variable consideration, discussed below, as well as revenue recognized from project cancellations and other changes in facts and circumstances during these periods. Gross unfavorable changes in contract estimates were immaterial for both the nine months ended June 30, 2026 and 2025. Variable Consideration It is common for our long-term contracts to contain variable consideration that can either increase or decrease the transaction price. Due to the nature of our contracts, estimating total cost and revenue can be complex and subject to variability due to change orders, back charges, spare parts, early completion bonuses, customer allowances and liquidated damages. We estimate the amount of variable consideration based on the expected value method, which is the sum of the probability-weighted amounts, or the most likely amount method which uses various factors including experience with similar transactions and assessment of our anticipated performance. Variable consideration is included in the transaction price if legally enforceable and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Contract Modifications Contracts may be modified for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the enforceable rights and obligations under the contract. Most of our contract modifications are for goods and services that are not distinct from the existing performance obligation. Contract modifications result in a cumulative catch-up adjustment to revenue based on our measure of progress for the performance obligation. Contract Balances The timing of revenue recognition, billings and cash collections affects accounts receivable, contract assets and contract liabilities in our Condensed Consolidated Balance Sheets. Contract assets are recorded when revenues are recognized in excess of amounts billed for fixed-price contracts as determined by the billing milestone schedule. Contract assets are transferred to accounts receivable when billing milestones have been met, or we have an unconditional right to payment. Contract liabilities typically represent advance payments from contractual billing milestones and billings in excess of revenue recognized. It is unusual to have advanced milestone payments with a term greater than one year, which could represent a financing component of the contract. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period and are generally classified as current. Contract assets and liabilities as of June 30, 2026 and September 30, 2025 are summarized below (in thousands): June 30, 2026 September 30, 2025 Contract assets $ 116,002 $ 136,679 Contract liabilities ( 466,362 ) ( 297,949 ) Net contract liability $ ( 350,360 ) $ ( 161,270 ) Our net contract billing position remained a net liability at both June 30, 2026 and September 30, 2025, primarily due to strong bookings and favorable contract billing milestones. We typically allocate a significant percentage of the progress billing to the early stages of the contract. To determine the amount of revenue recognized during the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. During the nine months ended June 30, 2026, we recognized revenue of $ 243.7 million that was related to contract liabilities outstanding at September 30, 2025. The timing of our invoice process is typically dependent on the completion of certain milestones and contract terms and is subject to agreement by our customer. Payment is typically expected within 30 days of invoice. Any uncollected invoiced 13 amounts for our performance obligations recognized over time, including contract retentions, are recorded as accounts receivable in the Condensed Consolidated Balance Sheets. Certain contracts allow customers to withhold a small percentage of billings pursuant to retainage provisions, and such amounts are generally due upon completion of the contract and acceptance of the project by the customer. Based on our experience in recent years, the majority of these retainage balances are expected to be collected within approximately twelve months. As of June 30, 2026 and September 30, 2025, we had retention amounts of $ 6.0 million and $ 8.1 million, respectively. Of the retained amount at June 30, 2026, $ 5.8 million is expected to be collected in the next twelve months and is recorded in accounts receivable. The remaining $ 0.2 million is recorded in other assets. Disaggregation of Revenue The following tables present our disaggregated revenue by geographic destination and market sector for the three and nine months ended June 30, 2026 and 2025 (in thousands): Three months ended June 30, Nine months ended June 30, 2026 2025 2026 2025 United States $ 250,624 $ 224,537 $ 677,774 $ 650,143 Canada 24,140 42,611 86,422 108,275 Middle East and Africa 15,875 9,917 39,365 22,757 Europe 8,606 5,522 27,310 16,947 Asia/Pacific 11,782 1,805 26,925 5,031 Mexico, Central and South America 713 1,881 1,743 3,182 Total revenues by geographic destination $ 311,740 $ 286,273 $ 859,539 $ 806,335 Three months ended June 30, Nine months ended June 30, 2026 2025 2026 2025 Oil and gas (excludes petrochemical) $ 106,275 $ 105,464 $ 316,908 $ 302,310 Electric utility 88,616 74,909 238,368 196,488 Commercial and other industrial 76,317 49,519 171,388 134,188 Petrochemical 18,461 36,349 68,790 113,236 Light rail traction power 7,961 8,549 25,623 26,785 All others 14,110 11,483 38,462 33,328 Total revenues by market sector $ 311,740 $ 286,273 $ 859,539 $ 806,335 14 E. Goodwill and Other Intangible Assets Our intangible assets include goodwill of $ 6.0 million, which is not being amortized, and other intangible assets of $ 5.4 million being amortized over their estimated useful lives. No impairment expense has been recorded for the last three fiscal years. Goodwill The changes in the carrying amount of goodwill for the nine months ended June 30, 2026 for our single reporting segment are as follows (in thousands): Total Balance as of September 30, 2025 $ 6,125 Foreign currency translation adjustment ( 76 ) Balance as of June 30, 2026 $ 6,049 Other Intangible Assets Intangible asset balances, subject to amortization, at June 30, 2026 and September 30, 2025 consisted of the following (in thousands): June 30, 2026 Weighted Average Remaining Useful Lives in Years Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 11 $ 2,169 $ ( 158 ) $ 2,011 Technologies 4 3,473 ( 520 ) 2,953 Trademarks 9 467 ( 41 ) 426 Order backlog less than 1 54 ( 47 ) 7 Total intangible assets $ 6,163 $ ( 766 ) $ 5,397 September 30, 2025 Weighted Average Remaining Useful Lives in Years Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 12 $ 2,202 $ ( 23 ) $ 2,179 Technologies 5 3,518 ( 76 ) 3,442 Trademarks 10 475 ( 6 ) 469 Order backlog 1 55 ( 7 ) 48 Total intangible assets $ 6,250 $ ( 112 ) $ 6,138 We have an additional technology intangible asset of $ 0.5 million associated with an intellectual property acquired in December 2023 which has not yet been subject to amortization. 15 As of June 30, 2026, the estimated future amortization expense of intangible assets is as follows (in thousands): Remainder of 2026 $ 213 2027 922 2028 922 2029 922 2030 848 Thereafter 1,570 Total $ 5,397 F. Long-Term Debt U.S. Revolver We have a credit agreement with Bank of America, N.A. and Texas Capital Bank with an aggre

Aug 4, 2026

Earnings: gnrc20260630_10q.htm 0001474735 GENERAC HOLDINGS INC. false --12-31 Q2 2026 33,767 34,504 0.01 0.01 500,000,000...

gnrc20260630_10q.htm 0001474735 GENERAC HOLDINGS INC. false --12-31 Q2 2026 33,767 34,504 0.01 0.01 500,000,000 500,000,000 74,234,629 74,050,753 15,228,990 15,373,990 720 1,016 1,221 2,435 61,400 71,100 0 3 2 3,485 1,038 1,129 951 5 10 0.50 1 1 1 1 1 2 24 0 206,500 102,000 false false false May 5, 2026 Kyle Raabe Executive Vice President President true December 31, 2026 Represents transaction costs incurred directly in connection with any investment, as defined in the Company's credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to the Company's senior secured credit facilities, such as administrative agent fees and credit facility commitment fees under the Company's credit agreement. Excludes approximately 124,000 and 123,000 stock options and restricted stock awards for the three and six months ended June 30, 2026, respectively, and 779,000 and 428,000 stock options and restricted stock awards for the three and six months ended June 30, 2025, respectively, because they would be anti-dilutive. The 'Corporate Eliminations' column includes general corporate overhead, centrally managed costs not allocated to the reportable segments, and the elimination of intersegment revenues and profits. These costs primarily relate to certain legal, accounting, human resources, technology functions, and other costs related to the Corporate headquarters. Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions. Represents the following significant litigation, regulatory, and other matters that are not indicative of the Company's ongoing operations: Represents payment of $3,917 in shares for the Chilicon acquisition. The payment of common stock is accounted for as a non-cash item in the condensed consolidated statement of cash flows. Represents non-cash gains (losses) primarily from changes in the fair value of the Company's investment in Wallbox warrants and equity securities. Includes gains (losses) on dispositions of assets other than in the ordinary course of business, gains (losses) on sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments. Other segment items primarily represent depreciation and amortization and the following items defined below: Non-cash write-down and other adjustments; Non-cash shared-based compensation expense; Transaction costs and credit facility fees; Business optimization and other charges; and Provision for legal, regulatory, and other costs. Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods. The current year loss relates primarily to four immaterial business dispositions with two closing in the first quarter and two closing in the second quarter of 2026. 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gnrc:EstimatedPrejudgmentInterestMember 2024-03-31 0001474735 gnrc:ZawaskiEtAlVGeneralPowerSystemsIncEtAlMember 2026-01-26 0001474735 gnrc:ZawaskiEtAlVGeneralPowerSystemsIncEtAlMember 2026-03-31 0001474735 gnrc:ZawaskiEtAlVGeneralPowerSystemsIncEtAlMember 2025-12-31 0001474735 gnrc:KyleRaabeMember 2026-01-01 2026-06-30 0001474735 gnrc:KyleRaabeMember gnrc:CommonStockPlanMember 2026-06-30 0001474735 gnrc:KyleRaabeMember gnrc:StockOptionPlanMember 2026-06-30 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34627 GENERAC HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 20-5654756 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) S45 W29290 Hwy 59 , Waukesha , WI 53189 (Address of principal executive offices) (Zip Code) ( 262 ) 544-4811 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value GNRC New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of July 31, 2026, there were 59,006,361 shares of registrant's common stock outstanding. Table of Contents GENERAC HOLDINGS INC. TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2026 and 2025 2 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2026 and 2025 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures About Market Risk 34 Item 4. Controls and Procedures 34 PART II. OTHER INFORMATION Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 35 Item 6. Exhibits 35 Signatures 36 Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements Generac Holdings Inc. Condensed Consolidated Balance Sheets (U.S. Dollars in Thousands, Except Share and Per Share Data) (Unaudited) June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 264,921 $ 341,413 Accounts receivable, less allowance for credit losses of $ 33,767 and $ 34,504 at June 30, 2026 and December 31, 2025, respectively 669,204 602,739 Inventories 1,238,871 1,248,867 Prepaid expenses and other current assets 260,381 269,459 Total current assets 2,433,377 2,462,478 Property and equipment, net 862,578 813,605 Customer lists, net 159,251 127,517 Patents and technology, net 313,682 338,308 Other intangible assets, net 7,375 10,011 Tradenames, net 221,107 199,430 Goodwill 1,651,751 1,467,094 Deferred income taxes 8,107 41,949 Operating lease and other assets 114,923 113,287 Total assets $ 5,772,151 $ 5,573,679 Liabilities and stockholders equity Current liabilities: Short-term borrowings $ 48,318 $ 50,618 Accounts payable 556,088 436,583 Accrued wages and employee benefits 62,360 69,850 Accrued product warranty 43,473 44,716 Other accrued liabilities 447,770 591,387 Current portion of long-term borrowings and finance lease obligations 32,052 22,192 Total current liabilities 1,190,061 1,215,346 Long-term borrowings and finance lease obligations 1,248,958 1,260,256 Deferred income taxes 54,270 60,913 Deferred revenue 227,820 232,921 Operating lease and other long-term liabilities 173,047 165,197 Total liabilities 2,894,156 2,934,633 Redeemable non-controlling interest 367 742 Stockholders equity: Common stock, par value $ 0.01 , 500,000,000 shares authorized, 74,234,629 and 74,050,753 shares issued at June 30, 2026 and December 31, 2025, respectively 742 741 Additional paid-in capital 1,211,335 1,187,419 Treasury stock, at cost, 15,228,990 and 15,373,990 shares at June 30, 2026 and December 31, 2025, respectively ( 1,334,835 ) ( 1,358,053 ) Excess purchase price over predecessor basis ( 202,116 ) ( 202,116 ) Retained earnings 3,220,054 3,003,557 Accumulated other comprehensive (loss) income ( 17,557 ) 874 Stockholders equity attributable to Generac Holdings Inc. 2,877,623 2,632,422 Noncontrolling interests 5 5,882 Total stockholders' equity 2,877,628 2,638,304 Total liabilities and stockholders equity $ 5,772,151 $ 5,573,679 See notes to condensed consolidated financial statements. 1 Table of Contents Generac Holdings Inc. Condensed Consolidated Statements of Comprehensive Income (U.S. Dollars in Thousands, Except Share and Per Share Data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 1,173,510 $ 1,061,169 $ 2,232,875 $ 2,003,290 Costs of goods sold 651,699 644,420 1,300,828 1,214,555 Gross profit 521,811 416,749 932,047 788,735 Operating expenses: Selling and service 141,627 139,495 265,251 265,560 Research and development 65,781 60,354 128,437 122,402 General and administrative 73,155 79,430 149,440 154,176 Amortization of intangibles 30,815 25,681 61,195 51,170 Total operating expenses 311,378 304,960 604,323 593,308 Income from operations 210,433 111,789 327,724 195,427 Other (expense) income: Interest expense ( 16,787 ) ( 18,242 ) ( 32,163 ) ( 35,352 ) Investment income 3,561 1,747 5,244 3,972 Change in fair value of investments 5,916 ( 1,524 ) 4,542 ( 11,471 ) Loss attributable to business dispositions ( 13,456 ) ( 3,905 ) ( 18,238 ) ( 3,905 ) Other, net 39 ( 13 ) ( 644 ) ( 305 ) Total other expense, net ( 20,727 ) ( 21,937 ) ( 41,259 ) ( 47,061 ) Income before provision for income taxes 189,706 89,852 286,465 148,366 Provision for income taxes 46,696 15,422 70,343 29,658 Net income 143,010 74,430 216,122 118,708 Net (loss) income attributable to noncontrolling interests ( 234 ) 414 ( 375 ) 852 Net income attributable to Generac Holdings Inc. $ 143,244 $ 74,016 $ 216,497 $ 117,856 Net income attributable to Generac Holdings Inc. per common share - basic: $ 2.44 $ 1.27 $ 3.69 $ 2.01 Weighted average common shares outstanding - basic: 58,822,634 58,496,998 58,615,919 58,771,818 Net income attributable to Generac Holdings Inc. per common share - diluted: $ 2.40 $ 1.25 $ 3.64 $ 1.98 Weighted average common shares outstanding - diluted: 59,635,447 59,017,823 59,436,379 59,385,907 Comprehensive income attributable to Generac Holdings Inc. $ 143,217 $ 137,561 $ 198,066 $ 206,360 See notes to condensed consolidated financial statements. 2 Table of Contents Generac Holdings Inc. Condensed Consolidated Statements of Stockholders' Equity (U.S. Dollars in Thousands, Except Share Data) (Unaudited) Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interests Total Balance at April 1, 2026 74,218,726 $ 742 $ 1,195,494 ( 15,464,527 ) $ ( 1,378,708 ) $ ( 202,116 ) $ 3,076,810 $ ( 17,530 ) $ 2,674,692 $ 6 $ 2,674,698 Unrealized loss on interest rate swaps, net of tax of $ 720 ( 2,193 ) ( 2,193 ) ( 2,193 ) Foreign currency translation adjustment 2,166 2,166 ( 1 ) 2,165 Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price 15,903 1,836 (8,417 ) 1,836 1,836 Net share settlement of restricted stock awards ( 3,367 ) ( 912 ) ( 912 ) ( 912 ) Treasury stock issued for business combination 247,321 44,785 44,785 44,785 Share-based compensation 14,005 14,005 14,005 Net income 143,244 143,244 143,244 Balance at June 30, 2026 74,234,629 $ 742 $ 1,211,335 ( 15,228,990 ) $ ( 1,334,835 ) $ ( 202,116 ) $ 3,220,054 $ ( 17,557 ) $ 2,877,623 $ 5 $ 2,877,628 Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interests Total Balance at April 1, 2025 74,035,516 $ 740 $ 1,145,990 ( 14,953,986 ) $ ( 1,303,086 ) $ ( 202,116 ) $ 2,888,136 $ ( 60,440 ) $ 2,469,224 $ 3,801 $ 2,473,025 Unrealized loss on interest rate swaps, net of tax of $ 1,016 ( 3,090 ) ( 3,090 ) ( 3,090 ) Foreign currency translation adjustment 66,635 66,635 453 67,088 Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price ( 11,766 ) 411 411 411 Net share settlement of restricted stock awards ( 5,369 ) ( 669 ) ( 669 ) ( 669 ) Stock repurchases ( 392,521 ) ( 50,463 ) ( 50,463 ) ( 50,463 ) Share-based compensation 14,752 14,752 14,752 Cash dividends paid to noncontrolling interest of subsidiary ( 293 ) ( 293 ) ( 293 ) Net income 74,016 74,016 414 74,430 Balance at June 30, 2025 74,023,750 $ 740 $ 1,161,153 ( 15,351,876 ) $ ( 1,354,218 ) $ ( 202,116 ) $ 2,961,859 $ 3,105 $ 2,570,523 $ 4,668 $ 2,575,191 3 Table of Contents Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interest Total Balance at January 1, 2026 74,050,753 $ 741 $ 1,187,419 ( 15,373,990 ) $ ( 1,358,053 ) $ ( 202,116 ) $ 3,003,557 $ 874 $ 2,632,422 $ 5,882 $ 2,638,304 Unrealized loss on interest rate swaps, net of tax benefit of $ 1,221 ( 3,708 ) ( 3,708 ) ( 3,708 ) Foreign currency translation adjustment ( 14,723 ) ( 14,723 ) 153 ( 14,570 ) Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price 173,876 1 ( 4,808 ) (8,417 ) ( 4,807 ) ( 4,807 ) Payment of acquisition contingent consideration 10,000 3,917 3,917 3,917 Net share settlement of restricted stock awards ( 93,904 ) ( 21,567 ) ( 21,567 ) ( 21,567 ) Disposal of business with non-controlling interest ( 2,640 ) ( 2,640 ) ( 6,030 ) ( 8,670 ) Treasury stock issued for business combination 247,321 44,785 44,785 44,785 Share-based compensation 27,447 27,447 27,447 Net income 216,497 216,497 216,497 Balance at June 30, 2026 74,234,629 $ 742 $ 1,211,335 ( 15,228,990 ) $ ( 1,334,835 ) $ ( 202,116 ) $ 3,220,054 $ ( 17,557 ) $ 2,877,623 $ 5 $ 2,877,628 4 Table of Contents Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interest Total Balance at January 1, 2025 73,785,631 $ 738 $ 1,133,756 ( 14,173,697 ) $ ( 1,196,997 ) $ ( 202,116 ) $ 2,844,296 $ ( 85,399 ) $ 2,494,278 $ 3,165 $ 2,497,443 Unrealized loss on interest rate swaps, net of tax of $ 2,435 ( 7,403 ) ( 7,403 ) ( 7,403 ) Foreign currency translation adjustment 95,907 95,907 651 96,558 Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price 238,119 2 1,037 1,039 1,039 Net share settlement of restricted stock awards ( 68,973 ) ( 9,304 ) ( 9,304 ) ( 9,304 ) Stock repurchases ( 1,109,206 ) ( 147,917 ) ( 147,917 ) ( 147,917 ) Share-based compensation 26,360 26,360 26,360 Cash dividends paid to noncontrolling interest of subsidiary ( 293 ) ( 293 ) ( 293 ) Net income 117,856 117,856 852 118,708 Balance at June 30, 2025 74,023,750 $ 740 $ 1,161,153 ( 15,351,876 ) $ ( 1,354,218 ) $ ( 202,116 ) $ 2,961,859 $ 3,105 $ 2,570,523 $ 4,668 $ 2,575,191 See notes to condensed consolidated financial statements. 5 Table of Contents Generac Holdings Inc. Condensed Consolidated Statements of Cash Flows (U.S. Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2026 2025 Operating activities Net income $ 216,122 $ 118,708 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and finance lease amortization 53,189 43,292 Amortization of intangible assets 61,195 51,170 Amortization of deferred financing costs and original issue discount 1,081 1,278 Change in fair value of investments ( 4,542 ) 11,471 Deferred income tax expense (benefit) 26,447 ( 18,668 ) Share-based compensation expense 27,447 26,360 Loss on disposal of assets 211 602 Loss attributable to business dispositions 18,238 3,905 Other noncash charges 2,159 1,513 Excess tax benefits from equity awards ( 3,447 ) 90 Net changes in operating assets and liabilities: Accounts receivable ( 64,430 ) ( 485 ) Inventories 14,869 ( 199,279 ) Other assets ( 105,336 ) 7,990 Accounts payable 116,387 129,489 Accrued wages and employee benefits ( 8,098 ) ( 28,297 ) Other accrued liabilities ( 110,996 ) ( 18,798 ) Net cash provided by operating activities 240,496 130,341 Investing activities Proceeds from sale of property and equipment 10 - Purchase of long-term investments - ( 2,656 ) Expenditures for property and equipment ( 87,687 ) ( 88,653 ) Acquisition of businesses, net of cash acquired ( 211,820 ) - Proceeds (payments) from sale of businesses, net of cash disposed 23,654 ( 1,999 ) Net cash used in investing activities ( 275,843 ) ( 93,308 ) Financing activities Proceeds from short-term borrowings 22,736 21,860 Proceeds from long-term borrowings 82,538 92,585 Repayments of short-term borrowings ( 25,571 ) ( 30,171 ) Repayments of long-term borrowings and finance lease obligations ( 93,096 ) ( 29,032 ) Stock repurchases - ( 147,917 ) Payment of deferred acquisition consideration ( 958 ) - Cash dividends paid to noncontrolling interest of subsidiary - ( 293 ) Taxes paid related to equity awards ( 36,702 ) ( 9,393 ) Proceeds from the exercise of stock options 10,275 1,043 Net cash used in financing activities ( 40,778 ) ( 101,318 ) Effect of foreign exchange rate changes on cash and cash equivalents ( 367 ) 6,539 Net decrease in cash and cash equivalents ( 76,492 ) ( 57,746 ) Cash and cash equivalents at beginning of period 341,413 281,277 Cash and cash equivalents at end of period $ 264,921 $ 223,531 See notes to condensed consolidated financial statements. 6 Table of Contents Generac Holdings Inc. Notes to Condensed Consolidated Financial Statements ( U.S. Dollars in Thousands, Except Share and Per Share Data) (Unaudited) 1. Description of Business and Basis of Presentation Founded in 1959, Generac Holdings Inc. (the Company) is a leading global designer and manufacturer of a wide range of energy technology solutions. The Company provides power generation equipment, energy storage systems, energy management devices solutions, and other power products and services serving the residential, commercial, data center, telecom, rental, and industrial markets. Generac s power products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers, and equipment rental companies, as well as sold direct to certain end user customers. Over the years, the Company has executed a number of acquisitions that support its strategic plan (refer to Item 1 in the Company's Annual Report on Form 10 -K for the year ended December 31, 2025, for a discussion of the Company's Powering a Smarter World strategic plan). A summary of acquisitions affecting the reporting periods presented include: In January 2026, the Company acquired Allmand, headquartered in Holdrege, Nebraska. Allmand is a leading manufacturer of mobile power equipment for commercial, industrial, and rental markets. In April 2026, the Company acquired Enercon Engineering, Inc. (Enercon), headquartered in East Peoria, Illinois. Enercon designs and manufactures custom power equipment and industrial enclosures for high-reliability applications for commercial and industrial markets. In May 2026, the Company acquired substantially all of the assets and liabilities of the Wolter Power Systems (Wolter) business, headquartered in Brookfield, Wisconsin. Wolter is an industrial and residential generator distributor as well as a provider of maintenance and repair services. The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2026 and 2025 , the condensed consolidated statements of stockholders equity for the three and six months ended June 30, 2026 and 2025 , and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 have been prepared by the Company and have not been audited. In the opinion of management, all adjustments (which include only normal recurring adjustments except where disclosed) necessary for the fair presentation of the financial position, results of operation, and cash flows have been made. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany amounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10 -K for the year ended December 31, 2025 . Tariff Refund On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA) and allowing for the recovery of IEEPA tariff amounts previously paid. The Company elected to account for the refund of tariffs under a loss recovery model pursuant to Accounting Standards Codification (ASC) 410 - 30. Under the loss recovery model, an asset for recovery may be recognized only when receipt is considered probable, as defined under ASC 450 - 20. During the three and six months ended June 30, 2026, the Company received tariff refunds totaling approximately $ 61,400 . Additionally, the Company recorded a tariff refund receivable within prepaid expenses and other current assets in the condensed consolidated balance sheets of approximately $ 27,700 for which the Company has deemed receipt probable to occur. Approximately $ 71,100 of the tariff recovery was recorded as a reduction of cost of goods sold in the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2026, and the remainder was recorded in inventories in the condensed consolidated balance sheets. New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standard updates (ASUs) to the FASB Accounting Standards Codification. In September 2025, the FASB issued ASU 2025 - 06 Intangibles Goodwill and Other Internal-Use Software (Subtopic 350 - 40 ) . The update is intended to better align internal use software guidance with modern development methods, which have evolved to commonly include incremental and iterative development approaches. The ASU requires an entity to start capitalizing software costs when management has authorized and committed to funding a software project and when it is probable the project will be completed and used to perform the intended function. The ASU amendments also supersede previous guidance on website development costs. The update is effective for fiscal years beginning after December 15, 2027 and may be adopted prospectively, retrospectively or with a modified transition approach. Early adoption is permitted. The Company is currently assessing the impact and timing of adopting the updated standard. In November 2024, the FASB issued ASU 2024 - 03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220 - 40 ): Disaggregation of Income Statement Expenses . The new guidance is intended to provide investors with more detailed disclosures around specific types of expenses. The new disclosures require additional quantitative and qualitative information for certain expenses contained within the consolidated statements of comprehensive income to be presented in the notes to the financial statements. The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to