Vertiv's customer prepayments reached $4.12 billion. Amphenol booked $12.2 billion of orders. The suppliers' third quarter, read back.

Every figure below was read from Vertiv's and Amphenol's own filings on sec.gov and is cited with its accession: the third-quarter results furnished on Form 8-K, the September 10-Qs, and the June filings they are read against. Outlook figures are each company's own and are labelled as company guidance. We show no analyst estimates, no consensus and no share prices, because none of them is filed, and nothing from the earnings calls, which are not filings either. Sums, ratios and differences the companies do not print are our arithmetic on filed values and are marked (Ours.) Research, not investment advice.

On 27 October we set twelve filed lines for the two suppliers that sit closest to the AI data-center build: Vertiv (VRT), which sells the power and cooling, and Amphenol (APH), which sells the connectors and cable. Both reported the next morning. That post carries a short dated update with the headline lines; this one reads all twelve against the 10-Qs.

Vertiv furnished its release on 28 October (8-K 0001628280-26-067707) and filed its 10-Q the same evening (0001628280-26-067893). Amphenol furnished its release on 28 October (8-K 0001104659-26-119421) and filed its 10-Q on 30 October (0001104659-26-120646). Where the 10-Q and the release both give a figure, we cite the 10-Q; for every line below the two agree.

How to read this post

Each line gives the June figure from the pre-print, then the September one. Lines 1–6 are Vertiv, 7–12 Amphenol. The other two suppliers in this plan slot, Coherent and Lumentum, already have their read-backs; the last section links them and says what has been filed since. Short on time: read lines 2, 8 and 12.

Vertiv

1. The guide against the quarter

June guide for Q3 (0001628280-26-050323): net sales of $3,650–3,850 million, organic growth of 34–36%, adjusted operating margin of 24.0–25.0%, adjusted diluted EPS of $1.77–1.83.

September (0001628280-26-067893, 0001628280-26-067707): net sales of $4,312.8 million, organic growth of 55.0%, adjusted operating margin of 25.2%, adjusted diluted EPS of $2.21. (Ours: sales were $462.8 million, or 12.0%, above the top of the range.) The release says growth was "broad-based across all regions".

Company guidance, FY2026	July	October
Net sales	$13,800M – $14,200M	$14,450M – $14,850M
Organic net sales growth	30% – 32%	37% – 39%
Adjusted operating margin	23.3% – 24.3%	23.5% – 24.5%
Adjusted diluted EPS	$6.65 – $6.75	$7.10 – $7.20
Adjusted free cash flow	$2,400M – $2,600M	$2,600M – $2,800M

The fourth-quarter guide is $4,313–4,513 million of net sales and organic growth of 49–51%. (Ours: the full-year midpoint of $14,650 million less nine-month sales of $10,236.6 million leaves $4,413.4 million, the Q4 midpoint.)

2. Still no backlog; prepayments rose again

The 10-Q again gives no orders, backlog or book-to-bill figure. "Backlog" appears in its risk list ("failure to realize sales expected from our backlog of orders and contracts") and as an acquired intangible. The release headline gives "Organic Orders Growth over 100%" with no dollar amount.

What it files is deferred revenue. Current deferred revenue was $4,120.5 million at 30 September, against $3,633.7 million at 30 June and $1,814.7 million at 31 December (0001628280-26-067893). (Ours: up $486.8 million in the quarter; 2.27 times the year-end figure.) The 10-Q recognised $619.1 million of it as revenue in Q3 and $1,896.4 million in nine months. In the cash-flow statement deferred revenue added $490.2 million in the quarter and $2,312.9 million in nine months. Inventories reached $3,288.4 million, against $2,522.7 million in June (Ours: up 30.4%).

3. EMEA turned

June: EMEA organic growth of (2.4)% in Q2, and a release that spoke of "temporary supply chain congestion" (0001628280-26-050323).

September (0001628280-26-067707):

$ million, Q3 2026	Net sales	Change	Organic change
Americas	2,988.8	+74.5%	+66.2%
Asia Pacific	779.3	+49.9%	+48.3%
Europe, Middle East & Africa	544.7	+22.8%	+19.3%
Total	4,312.8	+61.2%	+55.0%

The 10-Q attributes the EMEA increase to "strengthening market demand and successful pipeline conversion", and the Americas to "higher sales volume due to capacity expansion and large project execution". Neither the release nor the 10-Q repeats the phrase "supply chain congestion". (Ours: the Americas were 69.3% of Q3 sales, against 63.2% in Q2.)

4. The capex range moved up

June: $285.9 million of capex in the half and an expected "$550.0 to $570.0" for 2026 (0001628280-26-050609).

September (0001628280-26-067893): capex of $139.1 million in Q3 and $425.0 million in nine months, against operating cash flow of $794.0 million and $2,660.6 million. (Ours: 17.5% and 16.0%.) The 10-Q now expects capital expenditures including capitalised software "of $575.0 to $600.0 for the full year 2026", against about $430.3 million so far. The release keeps the sentence that capex is "still anticipated at approximately 4.0% of revenue". (Ours: 4.0% of the $14,650 million midpoint is $586 million, inside the new range; the range leaves $144.7–169.7 million for Q4.)

5. UIG closed after the quarter

The 10-Q: "The acquisition of UIG closed on October 26, 2026", and "At UIG Closing, the Company paid $1.45 billion in cash", with "up to $1.15 billion in cash, payable in 2 tranches if earned" on EBITDA targets. Because the closing came after 30 September, Vertiv "has not yet completed the accounting", so the 10-Q gives no opening balance sheet (0001628280-26-067893). The two filings differ on the date: the 8-K of 27 October (0001628280-26-067393, Item 2.01) gives "October 27, 2026" as the Closing Date, the 10-Q 26 October.

The PurgeRite earnout grew: $239.6 million at 30 September, against $206.1 million at 30 June, with $33.5 million of expense in Q3 and $95.5 million in nine months.

6. Net cash before the UIG payment

At 30 September cash was $3,512.9 million and short-term investments $198.8 million; long-term debt, net, was $2,925.1 million and the current portion $3.4 million (0001628280-26-067893). (Ours: $783.2 million more cash and investments than debt, against $170.8 million in June. The $1.45 billion UIG payment falls in the fourth quarter.) Revolver availability was $2,484.0 million. The release puts liquidity at "$6.2 billion" (Ours: $3,711.7 million plus $2,484.0 million is $6,195.7 million). Vertiv "made no share repurchases" in 2026, with "$2.4 billion" still authorised.

The 10-Q still gives no customer-concentration percentage.

Amphenol

7. The guide against the quarter

June guide for Q3 (0001104659-26-087904): sales of $9.3–9.4 billion and adjusted diluted EPS of $1.40–1.42, on the pre-split count.

September (0001104659-26-120646, 0001104659-26-119421): net sales of $10,229.7 million, up 65% in U.S. dollars and 37% organically; adjusted diluted EPS of $0.80 on the post-split count, GAAP $0.79. (Ours: sales were $829.7 million, or 8.8%, above the top of the range; the EPS guide on the post-split count was $0.70–0.71.)

Company guidance	Q4 2026	FY2026
Sales	$10.3 – $10.5 billion	$36.9 – $37.1 billion
Adjusted diluted EPS	$0.81 – $0.83	$2.82 – $2.84

The guide "does not include" three acquisitions not yet closed (line 10).

8. Orders of $12.2 billion, book-to-bill of 1.19

June: "Orders of $10.7 billion, resulting in a book-to-bill of 1.23:1".

September (0001104659-26-119421): "Orders of $12.2 billion, resulting in a book-to-bill of 1.19:1." (Ours: orders rose $1.5 billion, or 14.0%; $12.2 billion against $10.23 billion of sales is about $2.0 billion more booked than shipped, against about $1.9 billion in Q2.)

The 10-Q repeats why there is no backlog total: "It is generally expected that a substantial portion of our remaining performance obligations will be fulfilled within three months", so Amphenol has "not disclosed the aggregate amount" (0001104659-26-120646).

9. IT datacom: still words

Communications Solutions was "approximately 64% of net sales", up 99% and 51% organically, against 42% organically in Q2. The 10-Q attributes it to "outsized organic growth in the IT datacom and industrial markets, with particular strength in artificial intelligence ('AI')-related applications", partly offset by "an organic decline in the communications networks market". It repeats that "it is impracticable to disclose net sales by product or group of products" (0001104659-26-120646).

The channel and geography tables are what it does file. Communications Solutions sales through distributors and resellers were $2,125.5 million, against $656.0 million a year earlier. Sales shipped to the United States were $3,972.6 million of $10,229.7 million; China was $1,441.1 million. (Ours: the US share was 38.8%, against 39.0% in Q2.)

10. CommScope, and four more acquisitions

CommScope contributed net sales of $3,683.3 million from 9 January to 30 September, against $2,100.9 million to 30 June (0001104659-26-120646). (Ours: about $1,582.4 million in Q3.) The release raises the 2026 expectation to "full-year sales of $5.1 billion" and $0.18 of accretion, from $4.6 billion and $0.15.

New since June (0001104659-26-119421): Empire Electronics, closed in early September, with expected 2026 sales of about $320 million; agreements for AdvancedPCB (about $270 million), Dexgreen (about $90 million) and Humanetics Sensors (about $70 million). The four carry "approximately $1.6 billion" combined, to be financed "through a combination of cash on hand and debt".

11. Capex against operating cash

June: half-year operating cash flow of $2,678.7 million and capex of $647.1 million, 24.2% (Ours).

September (0001104659-26-119421): Q3 operating cash flow of $2,078.5 million, capex of $457.2 million, free cash flow of $1,622.7 million; nine months, $4,757.2 million and $1,104.3 million. (Ours: 22.0% in Q3, 23.2% in nine months, against 16.0% at Vertiv.) Working capital used $1,592.5 million in nine months, mainly receivables of $2,234.7 million and inventories of $1,230.5 million. Inventories were $5,264.5 million against $4,551.6 million in June; days sales outstanding were 67, against 69 in June (0001104659-26-120646).

12. The 364-day loan is gone

June: current debt of $1,634.3 million, including a 364-day term loan of $934.1 million due 8 January 2027.

September (0001104659-26-120646): "During the three months ended September 30, 2026, the Company used cash on hand to repay the remaining balance of $934.1 in full under the 364-Day Delayed Draw Term Loan." Current debt is $700.7 million and long-term debt $17,170.1 million. (Ours: $17,870.8 million, down $940.5 million from June; $12,569.4 million net of $5,301.4 million in cash and short-term investments.) The three-year term loan of $1,534.1 million matures on 9 January 2029, at about 4.67%. Q3 interest expense was $212.3 million, against $213.7 million in Q2.

Capital returns moved too. Q3 repurchases were 3.0 million shares for $244.7 million; $165.9 million of the 2024 authorisation was left on 28 October. A new $4 billion programme runs from 1 January 2027 to 2029, and the quarterly dividend goes to $0.15 from $0.125 (0001104659-26-119421).

Coherent and Lumentum: linked, not repeated

Both had read their results and 10-Qs before this slot came round. Coherent's 8-K (0001193125-26-447200) and 10-Q (0000820318-26-000023) are read in the 5 November read-back. Lumentum's 8-K (0001628280-26-068655) and 10-Q (0001628280-26-069615) are in the 4 November post and the 7 November read-back, with the Marvell merger terms. Since then, EDGAR shows no new 8-K or 10-Q from either: Lumentum has filed only Rule 425 communications (the newest on 10 November, 0001193125-26-455438), and the newest Coherent filing is a Schedule 13G/A by a holder.

What to hold the next filing to

Vertiv: current deferred revenue against $4,120.5 million, the first balance sheet with UIG, and cash after the $1.45 billion payment.
Vertiv: capex against $575–600 million, and whether a backlog figure is ever filed.
Amphenol: orders and book-to-bill against $12.2 billion and 1.19.
Amphenol: sales against $10.3–10.5 billion, which acquisitions have closed, and how the $1.6 billion is financed.

Run it yourself

Open Vertiv's 10-Q, search for "Deferred revenue - current", and write down $4,120.5 million next to June's $3,633.7 million. Open Amphenol's release and write down $12.2 billion and 1.19 next to $10.7 billion and 1.23. That is lines 2 and 8 again, one quarter on.

Our Thesis Monitor reads each new filing against what you wrote and tells you which of those lines moved. If you work inside an agent, the same filings are on the EvidInvest MCP server. It is free to start, credit packs from $10, and there is no subscription.

Vertiv still files its prepayments, not its orders. Amphenol still files its orders, not its AI sales.

Sources. Vertiv Holdings Co Form 8-K of 28 October 2026, Exhibit 99.1 (Q3 2026 release): accession 0001628280-26-067707 (sec.gov). Form 10-Q for the quarter ended 30 September 2026: 0001628280-26-067893 (sec.gov). Form 8-K of 27 October 2026, Item 2.01 (UIG closing): 0001628280-26-067393. June lines: Form 10-Q for the quarter ended 30 June 2026: 0001628280-26-050609; Form 8-K of 29 July 2026, Exhibit 99.1: 0001628280-26-050323. Amphenol Corporation Form 8-K of 28 October 2026, Exhibit 99.1 (Q3 2026 release): 0001104659-26-119421 (sec.gov). Form 10-Q for the quarter ended 30 September 2026: 0001104659-26-120646 (sec.gov). June lines: Form 8-K of 29 July 2026, Exhibit 99.1: 0001104659-26-087904; Form 10-Q for the quarter ended 30 June 2026: 0001104659-26-089194. Coherent Corp. Form 8-K of 4 November 2026: 0001193125-26-447200; Form 10-Q: 0000820318-26-000023. Lumentum Holdings Inc. Form 8-K of 2 November 2026: 0001628280-26-068655; Form 10-Q: 0001628280-26-069615; Rule 425 communication of 10 November 2026: 0001193125-26-455438. EDGAR was checked at 04:45 UTC on 11 November 2026. No analyst estimate, consensus figure, share price, price target or call remark appears on this page. Sums, ratios and differences are arithmetic on those filed values, labelled as ours where they appear. Research, not investment advice.