VSE (VSEC) FY2025 results: revenue $1.1 billion, up 41.5% on the year
VSE Corp. (VSEC) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 41.5% on the year before. Net income was $12 million, down 23.6%, and diluted earnings per share $0.55. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.1 billion
+41.5% on the year
FY2018FY2025
Operating margin
8.1%
7.5% a year earlier
FY2018FY2025
Net income
$12 million
-23.6% on the year
FY2018FY2025
Diluted EPS
$0.55
-35.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new, 1 kept.
Q4 revenue up 32% to record: Fourth quarter revenue was $301.2 million, up 32%. GAAP diluted EPS was $0.98, up 92%, and Adjusted EBITDA was $51.8 million, up 55%.
Full-year revenue passed $1.1 billion: Full-year revenue was $1.1 billion, up 41%. GAAP net income from continuing operations was $53.5 million, up 176%, with diluted EPS of $2.52, up 133%.
Q4 Aviation operating income up 49%: Aviation operating income was $43.5 million in the fourth quarter, against $29.2 million a year earlier. Full-year Aviation operating income was $148.3 million, up 46%.
Q4 segment margin up 140 basis points: Q4 Aviation Adjusted EBITDA margin was 18.3%. Segment Adjusted EBITDA was $55.2 million, up 43%.
Full-year free cash flow positive: Full-year 2025 operating cash flow was $27 million and free cash flow was $6 million. Fourth-quarter free cash flow was $31 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
27.0
-31.0
-21.8
Capital expenditure
21.3
20.7
18.7
+2.8%
Free cash flow
5.7
-51.7
-40.5
Free cash flow margin
0.5%
-6.6%
-7.4%
Cash from investing
-276
-264
-236
Cash from financing
290
316
265
-8.2%
Depreciation and amortisation
39.9
28.8
23.4
+38.8%
Share-based compensation
12.8
8.3
7.7
+54.4%
Dividends paid
8.3
7.1
5.4
+17.0%
Dividend per share
$0.40
$0.40
$0.40
0.0%
Diluted shares, weighted
21m
18m
14m
+18.2%
Shares outstanding at period end
23m
21m
16m
+13.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,439
988
617
+45.6%
Debt
293
430
429
-31.9%
Operating lease liabilities
43.7
39.5
25.0
+10.6%
Other liabilities
253
285
279
-11.1%
Total liabilities and equity
2,029
1,743
1,350
+16.4%
Fixed assets
91.1
71.0
58.1
+28.2%
Goodwill
641
428
289
+49.7%
Intangible assets
296
197
114
+50.0%
Cash and equivalents
69.4
29.5
7.8
+135.1%
Receivables
191
158
128
+20.6%
Other assets
740
858
754
-13.8%
Total assets
2,029
1,743
1,350
+16.4%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.