10-K · February 27, 2026
VSE reported a record $1.112 billion of revenue in 2025 (a 41% increase vs. 2024) with operating income of $89.6 million (up 52%) and continuing-operations net income of $53.5 million (up 176%). The company grew both…
Earnings analysis · 10-Q
VSEC earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
VSE Corporation delivered strong Q1 2026 results with revenue of $324.6 million, exceeding expectations and growing 27% year-over-year. EPS came in at $1.17, significantly beating estimates by $0.27. The company has…
Read full summary
VSE Corporation delivered strong Q1 2026 results with revenue of $324.6 million, exceeding expectations and growing 27% year-over-year. EPS came in at $1.17, significantly beating estimates by $0.27. The company has raised its annual revenue growth guidance to between 57% and 61%, prompting a positive market response. The completion of strategic acquisitions further positions the firm for ongoing growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.17
What stood out
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Revenue Surpassed Expectations
Actual revenue was $324.6 million, beating estimates by $14.8 million.
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Strong EPS Performance
Diluted EPS reached $1.17, exceeding the estimate of $0.90 by $0.27.
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Significant Year-Over-Year Revenue Growth
Revenue grew 27% compared to Q1 2025, up from $256 million.
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Increased Operating Income
Operating income rose 34% to $32.7 million from Q1 2025.
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Successful Acquisitions Contribute to Growth
Recent acquisitions like Turbine Weld and Aero 3 support strategic objectives.
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Positive Margin Trends
Gross margin was at 13.1%, showing improvement from previous periods.
What to watch
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High Debt Levels Post-Acquisition
Total debt stands at approximately $900 million following the PAG acquisition financing.
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Integration Challenges from Acquisitions
Ongoing integration of multiple recent acquisitions poses operational risks.
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Market Volatility Risk
Continued geopolitical concerns may impact demand in aviation markets.
Management's outlook
Full year revenue growth projected at 57% to 61%, raised from 19% to 23%.
Earlier filings 4
10-Q · October 27, 2025
VSE reported Q3 2025 continuing operations revenue of $282,909,000 versus $203,642,000 in Q3 2024, driven by its Aviation businesses and acquisitions. Margins and operating income compressed (operating income…
10-Q · July 31, 2025
VSE reported Q2 2025 revenue of $272,139,000, up $79,311,000 (41.1%) versus Q2 2024 and up $16,094,000 (6.3%) sequentially. Gross margin improved to 13.8% and operating income rose year-over-year to $22,513,000, but…
10-K · March 8, 2024
VSE reported strong 2023 operating performance with revenues of $860,488,000, up 29% year-over-year, and operating income of $87,996,000, up 64% versus 2022. Growth was driven by the Aviation segment (revenues…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.