VVX earnings analysis
What we found in VVX'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
The available filing extract does not include the income statement, segment note, balance sheet, or cash-flow statement, so reported Q2 2026 revenue, margins, EPS, working-capital movements, and free cash flow cannot be verified from the provided text. The principal new filing signal is negative: the Army’s scope reduction on the Kuwait Task Order led to a $414.6 million backlog reduction; that contract represented $441.6 million, or 9.9%, of 2025 revenue. The filing states there were no material risk-factor changes other than the revised large-contract disclosure, and it does not provide quantitative forward guidance.
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.
- Kuwait task-order scope cut reduces backlog
- The Army reduced the scope of the Kuwait Task Order and extended the revised scope by six months; V2X reduced backlog by $414.6 million. The contract generated approximately $441.6 million, or 9.9% of 2025 revenue.
- Large-contract concentration remains material
- V2X identifies substantial customer concentration: several individual global training, mission-readiness and aerospace contracts generate more than $150 million in annual revenue. Loss or reduction of any such award could adversely affect revenue and cash flow.
- Material floating-rate interest exposure
- A one-percentage-point move in the variable rate on the First Lien Credit Agreement would change annual cash interest expense by $7.8 million. If fully drawn, a one-point rate change on the $500.0 million revolver would change annual interest expense by $5.1 million.
What they said about what is next.
The extracted 10-Q text contains no quantitative revenue, EPS, margin, capital-spending, or cash-flow outlook. Numeric guidance appears to be deferred to earnings materials outside the filing.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 4, 2026
- V2X, Inc. reported strong Q1 2026 results with revenues reaching $1.254 billion, a notable 23.9% increase year-over-year. The company showed an earnings per share (EPS) of $1.53, surpassing estimates and reflecting…
- 10-K · February 23, 2026
- V2X positions itself as an end-to-end national security solutions provider focused on full-lifecycle capabilities (training, supply chain, assured communications, mission solutions, platform sustainment) and aims to…
- 10-K · February 24, 2025
- V2X describes a strategy of delivering full-lifecycle national security capabilities at scale, leveraging post‑merger scale (Vertex merger closed July 5, 2022) to compete across geographies and contract types. Revenue…
- 10-Q · November 4, 2024
- V2X reported a stronger quarter with revenue of $1,081,656,000 (three months) up from $1,001,507,000 a year ago and operating income rising to $49,887,000 from $21,039,000. The company swung to net income of $15,051,000…
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 VVX 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