V2X (VVX) FY2024 results: revenue $4.3 billion, up 9.1% on the year

V2X, Inc. (VVX) reported revenue of $4.3 billion for fiscal 2024, the year ended 31 December 2024, up 9.1% on the year before. Net income was $35 million, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2025.

Revenue

$4.3 billion

+9.1% on the year

FY2017FY2024

Operating margin

3.7%

3.1% a year earlier

FY2017FY2024

Net income

$35 million

FY2017FY2024

Diluted EPS

$1.08

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,322	3,963	2,891	+9.1%
Cost of revenue	3,979	3,628	2,596	+9.7%
Gross profit	343	335	295	+2.4%
Gross margin	7.9%	8.4%	10.2%
Selling, general and administrative	184	210	239	-12.7%
Operating income	159	124	55.8	+28.0%
Operating margin	3.7%	3.1%	1.9%
Pre-tax income	38.8	-24.5	-6.1
Income tax	4.2	-1.9	8.2
Effective tax rate	10.7%	n/a	n/a
Net income	34.7	-22.6	-14.3
Net margin	0.8%	-0.6%	-0.5%
Diluted EPS	$1.08	-$0.73	-$0.68

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	254	188	93.5	+35.3%
Capital expenditure	11.8	25.0	12.4	-52.9%
Free cash flow	242	163	81.1	+48.8%
Free cash flow margin	5.6%	4.1%	2.8%
Cash from investing	-28.6	-22.6	176
Cash from financing	-24.5	-211	-193
Depreciation and amortisation	112	113	62.1	-1.1%
Share-based compensation	16.0	32.8	32.7	-51.4%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	32m	31m	21m	+2.8%
Shares outstanding at period end	32m	31m	30m	+1.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,026	991	997	+3.6%
Debt	1,107	1,116	1,275	-0.7%
Operating lease liabilities	33.7	34.7	41.1	-2.8%
Other liabilities	1,061	941	920	+12.8%
Total liabilities and equity	3,229	3,082	3,233	+4.8%
Fixed assets	62.0	85.4	78.7	-27.4%
Goodwill	1,657	1,657	1,654	0.0%
Intangible assets	323	408	498	-20.7%
Cash and equivalents	268	72.7	116	+269.3%
Receivables	710	706	729	+0.6%
Inventory	50.9	47.0	45.0	+8.3%
Other assets	158	106	113	+48.1%
Total assets	3,229	3,082	3,233	+4.8%

10-K for the year ended 31 December 2024, filed 24 February 2025: the filing.