VSEC earnings analysis
What we found in VSEC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surpassed Expectations
- Actual revenue was $324.6 million, beating estimates by $14.8 million.
- Strong EPS Performance
- Diluted EPS reached $1.17, exceeding the estimate of $0.90 by $0.27.
- Significant Year-Over-Year Revenue Growth
- Revenue grew 27% compared to Q1 2025, up from $256 million.
- Increased Operating Income
- Operating income rose 34% to $32.7 million from Q1 2025.
- Successful Acquisitions Contribute to Growth
- Recent acquisitions like Turbine Weld and Aero 3 support strategic objectives.
- Positive Margin Trends
- Gross margin was at 13.1%, showing improvement from previous periods.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Debt Levels Post-Acquisition
- Total debt stands at approximately $900 million following the PAG acquisition financing.
- Integration Challenges from Acquisitions
- Ongoing integration of multiple recent acquisitions poses operational risks.
- Market Volatility Risk
- Continued geopolitical concerns may impact demand in aviation markets.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.17
- Gross margin
- 13.1%
- Operating margin
- 10.1%
What they said about what is next.
Full year revenue growth projected at 57% to 61%, raised from 19% to 23%.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing VSEC makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever