Vertiv's deferred revenue doubled in six months. Twelve filed lines before Vertiv and Amphenol report tomorrow.

Every figure below was read from Vertiv's and Amphenol's own filings on sec.gov and is cited with its accession: the Q2 2026 Forms 10-Q, the Q2 earnings releases furnished on Form 8-K, and the 8-Ks filed since. Outlook figures are each company's own and are labelled as company guidance. We show no analyst estimates and no consensus, because none of them is filed. Sums, ratios and implied figures are our arithmetic on filed values and are marked (Ours.) Research, not investment advice.

Vertiv (VRT) supplies the power and cooling inside AI data centers. Amphenol (APH) makes the connectors and cable between the chips. Both report their third quarter tomorrow morning, Wednesday 28 October, before the US market opens. Vertiv announced the date in a press release on 14 October, with a call at 11 a.m. ET; Amphenol announced it on its investor-relations events page, with a call at 1 p.m. ET. Both dates were announced by the company, not in an SEC filing.

Here is the problem with tomorrow's headlines. The demand figure most people reach for at Vertiv, orders and backlog, is not in Vertiv's 8-K or 10-Q at all. The figure most people reach for at Amphenol, AI and IT datacom sales, is not in Amphenol's filings either: the filings describe the growth in words and give no dollar figure.

If you want a forecast, wrong page. Twelve lines already on file, six per company, each with its accession and the question it sets up for tomorrow. We checked EDGAR on 27 October: the latest filings are the 8-Ks listed below and insider forms.

Vertiv

1. The guide: $3.65–3.85 billion for Q3, organic growth of 34% to 36%

From the Q2 release, Exhibit 99.1 to the 8-K of 29 July (0001628280-26-050323):

Q2 net sales were $3,274.3 million, up 24.1%, with organic growth of 17.8%. The release says Q2 "reflected minor timing shifts, primarily due to temporary supply chain congestion and multi-phased project execution". (Ours: the Q3 range is 11.5% to 17.6% above Q2. First-half sales were $5,923.8 million, so the full-year range implies $7,876.2–8,276.2 million for the second half, 33.0% to 39.7% above the first.)

Check: Q3 net sales against $3.65–3.85 billion, and whether the full-year range moves.

2. No backlog on file, but customer prepayments doubled

Search the Q2 10-Q (0001628280-26-050609) and the Q2 release for "backlog": the word appears only in the risk list ("failure to realize sales expected from our backlog of orders and contracts") and in an acquisition note. Neither gives an orders, backlog or book-to-bill figure. The release says a slide presentation would be posted on Vertiv's website; it is not an exhibit to the 8-K.

What the 10-Q does file is deferred revenue. Current deferred revenue was $3,633.7 million at 30 June, against $1,814.7 million at 31 December. (Ours: up $1,819.0 million, 2.0 times.) Current deferred revenue recognized was $604.8 million in Q2 and $1,277.3 million in the half. Trade working capital provided $678.8 million in the half, "primarily driven by deferred revenue". Inventories rose to $2,522.7 million from $1,456.5 million (Ours: up 73.2%).

Check: current deferred revenue on the Q3 balance sheet, against $3,633.7 million.

3. Americas and Asia Pacific grew; EMEA did not

The regional table in the Q2 release (0001628280-26-050323):

For the half, EMEA sales were $805.0 million, down 8.4% and down 14.8% organically. The 10-Q says the EMEA increase in Q2 "was primarily driven by the positive impact of foreign currency of approximately $13.7". (Ours: the Americas were 63.2% of Q2 sales.)

Check: the EMEA organic rate, and whether "supply chain congestion" is repeated.

4. Capex is a sixth of operating cash flow

First-half operating cash flow was $1,866.6 million and capital expenditures $285.9 million (0001628280-26-050609). (Ours: capex was 15.3% of operating cash flow.) The 10-Q puts capital expenditures including capitalized software at about $288.5 million for the half and expects "$550.0 to $570.0 for the full year 2026 in order to support capacity expansion across the business." The release says capex is "expected to be approximately 4.0% of revenue, at the high end of the range." (Ours: the full-year range leaves $261.5–281.5 million for the second half.)

Check: the year-to-date capex line, and whether the capex range is restated.

5. Two acquisitions signed since the print

The 8-K of 2 September, Item 1.01 (0001193125-26-379306): Vertiv agreed to acquire Utility Innovation Holdings (UIG), a microgrid and behind-the-meter power company, for "approximately $1.45 billion in upfront cash at closing", plus "up to $1.15 billion in cash, payable in 2 tranches if earned" on EBITDA targets. The deal "is expected to close in the fourth quarter of 2026", subject to the Hart-Scott-Rodino waiting period, and Vertiv "expects to fund the Acquisition from existing resources." The press release furnished with it says the upfront price is "approximately 13x expected UIG 2027 EBITDA". (Ours: up to $2.60 billion in all.)

The 8-K of 24 September (0001628280-26-063311) adds King Environmental Services, a fluid management and load-testing firm near Dublin: terms "not disclosed" and "not expected to be material". The 8-K of 26 October (0001628280-26-067127) announces "the closing" of that acquisition, after the end of the quarter reported tomorrow. Earlier deals still cost money: the PurgeRite earnout liability was $206.1 million at 30 June, and its fair-value change cost $28.8 million in Q2 (0001628280-26-050609).

Check: whether the Q4 guide includes UIG, and the contingent-consideration charge.

6. Net cash, a new revolver, and no customer percentage

In March Vertiv issued $2.1 billion of senior notes due 2036 to 2066 at 4.850% to 5.950% and repaid its term loan. At 30 June long-term debt, net, was $2,939.8 million; cash was $2,810.6 million and short-term investments $300.0 million (0001628280-26-050609). (Ours: $170.8 million more cash and investments than debt.) The $2.5 billion revolver had $2,483.6 million available. The 2 September 8-K declared a quarterly dividend of $0.0625 (0001628280-26-059961).

The 10-Q gives no customer-concentration percentage. Its risk list names "less leverage with large customer contract terms".

Check: cash after the UIG closing date, if it falls in the quarter, and any customer disclosure.

Amphenol

7. The guide: $9.3–9.4 billion, on the old share count

From the Q2 release, Exhibit 99.1 to the 8-K of 29 July (0001104659-26-087904): "for the third quarter of 2026, Amphenol expects sales to be in the range of $9.3 billion to $9.4 billion, representing a 50% to 52% increase over the prior year quarter. Adjusted Diluted EPS is expected to be in the range of $1.40 to $1.42". The guide "does not include any additional tariff recoveries"; Q2 included "an $80 million ($0.04 per share) net benefit".

Then the share count changed. The 8-K of 6 August (0001104659-26-091969) announced a two-for-one split, distributed on 2 September. The 8-K of 4 September (0001104659-26-105485) says the split "has now been effected" and cuts the 14 October dividend from $0.25 to $0.125 per share. (Ours: on the post-split count the EPS guide is $0.70–0.71; the sales range is 6.2% to 7.3% above Q2's $8,758.1 million.)

Check: which share basis the release uses, and Q3 sales against $9.3–9.4 billion.

8. Orders of $10.7 billion and a book-to-bill of 1.23

The same release: "Orders of $10.7 billion, resulting in a book-to-bill of 1.23:1", which it calls "record orders". It defines book-to-bill as "the ratio of orders received to net sales during the period." (Ours: $10.7 billion of orders against $8.76 billion of sales is about $1.9 billion more booked than shipped. Dividing the rounded orders gives 1.22; the filed ratio is 1.23.)

The 10-Q (0001104659-26-089194) explains 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 "we have not disclosed the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations".

Check: Q3 orders and book-to-bill, the only forward demand figure Amphenol files.

9. IT datacom is described, not counted

Communications Solutions, about 62% of Q2 sales, had sales of $5,383.6 million, up 85% and 42% organically. The 10-Q attributes it to "outsized organic growth in the IT datacom market, with particular strength in artificial intelligence ('AI')-related applications". Interconnect and Sensor Systems cites the same market. The 10-Q gives no sales figure for IT datacom or for AI; it says "it is impracticable to disclose net sales by product or group of products."

What it does give is channel and geography. In Communications Solutions, sales through distributors were $1,895.6 million, against $637.5 million a year earlier. Sales shipped to the United States were $3,413.8 million of $8,758.1 million, against $1,937.3 million of $5,650.3 million; China was $1,113.0 million against $882.2 million. (Ours: the US share rose to 39.0% from 34.3%.)

Check: the IT datacom sentence and the Communications Solutions organic rate against 42%.

10. CommScope: $10.68 billion of acquisitions in one half

The 10-Q: "During the first six months of 2026, the Company completed three acquisitions ... for approximately $10,684.0, net of cash acquired", mainly CommScope's Connectivity and Cable Solutions business, closed on 9 January. CommScope contributed sales of $2,100.9 million through 30 June (Ours: 12.8% of first-half sales). The release raised the 2026 expectation to "full-year sales of $4.6 billion" and $0.30 of adjusted EPS accretion, from $4.1 billion and $0.15. Q2 also closed El.Com (annual sales of about $150 million) and Wilder Technologies (about $15 million).

Check: whether the CommScope sales figure for 2026 is restated, and which basis the accretion uses after the split.

11. Capex is a quarter of operating cash flow

Q2 operating cash flow was $1,557.2 million, capex $355.5 million and free cash flow $1,205.5 million (0001104659-26-087904). For the half: $2,678.7 million and $647.1 million. (Ours: capex was 24.2% of operating cash flow, against 15.3% at Vertiv.) Working capital used $1,176.4 million in the half. Inventories rose $1,126.7 million to $4,551.6 million, and days sales outstanding were 69 against 66 at year-end (0001104659-26-089194).

Check: Q3 operating cash flow and the working-capital line.

12. Debt is up $3.3 billion, and a term loan matures in January

At 30 June current debt was $1,634.3 million and long-term debt $17,177.0 million, against $937.2 million and $14,564.8 million at year-end (0001104659-26-087904). (Ours: $18,811.3 million against $15,502.0 million, up $3,309.3 million; $13,392.2 million net of $5,419.1 million in cash and short-term investments.) Q2 interest expense was $213.7 million against $80.9 million.

On 12 May Amphenol issued €600 million of 3.375% notes due 2029 and €500 million of 3.875% notes due 2034, net proceeds "approximately €1,093.1 million", to repay commercial paper and the 364-day term loan (0001104659-26-059404). That loan stood at $934.1 million at 30 June and matures on 8 January 2027. The 10-Q's market-risk section says the company "does not have any significant concentration with any one counterparty". Repurchase authorization left on 29 July: $411.1 million. The 6 October 8-K (0001104659-26-114035) is a divisional management change.

Check: how the 364-day loan is handled, and the current-debt line.

What to read first tomorrow

At Vertiv, read the balance sheet before the headline: current deferred revenue against $3,633.7 million, then inventories. Those are the only demand lines Vertiv files. Then the full-year net sales range and the capex sentence, and whether UIG is in the guide.

At Amphenol, read the first bullet list: orders and book-to-bill against 1.23. Then the outlook paragraph, to see which share count the EPS range uses. The IT datacom sentence comes after, and it will be words.

Our June note on Amphenol's AI data-center filings covers its connectivity exposure in more depth. The power side, and why power deals now sit in SEC filings, is in the gigawatts note. The capex that pays for both is in our Meta Q3 read-back.

Run it yourself

Open the Vertiv 10-Q, search for "Deferred revenue - current", and write down $3,633.7 million. Open the Amphenol release and write down $10.7 billion and 1.23. That is lines 2 and 8, and it takes two minutes.

Then write down what you expect before tomorrow. Our Thesis Monitor reads each new filing against what you already 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 files its prepayments, Amphenol files its orders. Neither files its AI revenue.

Sources. Vertiv Holdings Co Form 10-Q for the quarter ended 30 June 2026: accession 0001628280-26-050609 (sec.gov). Form 8-K of 29 July 2026, Exhibit 99.1: 0001628280-26-050323 (sec.gov). Form 8-K of 2 September 2026, Items 1.01 and 7.01 (UIG): 0001193125-26-379306 (sec.gov). Form 8-K of 2 September 2026, Item 8.01 (dividend): 0001628280-26-059961. Form 8-K of 24 September 2026, Item 7.01 (KES): 0001628280-26-063311 (sec.gov). Form 8-K of 26 October 2026, Item 7.01 (KES closing): 0001628280-26-067127 (sec.gov). Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026: 0001104659-26-089194 (sec.gov). Form 8-K of 29 July 2026, Exhibit 99.1: 0001104659-26-087904 (sec.gov). Form 8-K of 12 May 2026 (euro notes): 0001104659-26-059404. Forms 8-K of 6 August 2026 (split): 0001104659-26-091969; 4 September 2026 (dividend): 0001104659-26-105485; 6 October 2026 (Item 5.02): 0001104659-26-114035. Report dates were announced by each company, not in an SEC filing. EDGAR was checked on 27 October 2026. No analyst estimate, consensus figure, share price, price target or call remark appears on this page. Sums, ratios and implied figures are arithmetic on those filed values, labelled as ours where they appear. Research, not investment advice.