Data center power and cooling company Vertiv reported mixed results for the second quarter of 2026.

The company beat earnings expectations, but missed Wall Street expectations on net sales. Vertiv, which blamed the miss on timing shifts, saw shares drop by as much as 17 percent before making single-digit gains.

For the second quarter, Vertiv reported net sales of $3.27 billion and adjusted operating profit of $738.4 million, up 51 percent. Operating cash flow hit $1.1 billion and adjusted free cash flow $925.3 million, up 241 percent and 234 percent. The company ended the quarter with $5.6 billion of liquidity.

Vertiv also increased its future guidance, with full-year net sales of $13.8bn to $14.2bn, adjusted operating profit of $3.285bn to $3.365bn, adjusted EPS of $6.65 to $6.75, and adjusted free cash flow of $2.4bn to $2.6bn. Third-quarter revenue is expected to be $3.65bn to $3.85bn.

On the net sales miss, CEO Giordano Albertazzi said the issue was caused by "some timing elements." In an earnings call, he said that the revenue shifts were "primarily driven by multiphase project execution and temporary supply chain dynamics, but the demand is there, and the trajectory is strong."

He added: "Keep in mind, there are increasingly large projects underway, think SmartRun and think even bigger with OneCore. These come with significant interdependencies, a lot of coordination, a lot of rapid learning."

CFO Craig Chamberlin said that the company expected the "timing delay to resolve in the second half of 2026."

Shares in companies involved in the AI data center boom have seen a turbulent month, with semiconductor companies and hyperscalers falling double digits on renewed worries over AI investment spending and the circular nature of industry deals.