V2X (VVX) FY2025 results: revenue $4.5 billion, up 3.7% on the year
V2X, Inc. (VVX) reported revenue of $4.5 billion for fiscal 2025, the year ended 31 December 2025, up 3.7% on the year before. Net income was $78 million, up 124.5%, and diluted earnings per share $2.45. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.
Revenue
$4.5 billion
+3.7% on the year
FY2018FY2025
Operating margin
4.3%
3.7% a year earlier
FY2018FY2025
Net income
$78 million
+124.5% on the year
FY2018FY2025
Diluted EPS
$2.45
+126.9% 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: 5 new.
Fourth-quarter revenue rose 5%: Fourth-quarter revenue was $1.22 billion, up 5% year-over-year. Double-digit growth in adjusted net income and adjusted EPS was reported alongside the revenue growth.
United States revenue rose: Full-year United States revenue was $2.61 billion, against $2.39 billion in 2024 and $2.29 billion in 2023.
Fourth-quarter adjusted EBITDA margin 7.3%: Fourth-quarter adjusted EBITDA was $88.7 million, up 3%, with a margin of 7.3%. The prior-year fourth-quarter margin was 7.4%.
Fourth-quarter operating cash flow $209.5 million: Net cash provided by operating activities was $209.5 million in the fourth quarter. Adjusted operating cash flow was $172.4 million, up 3%.
Net debt down $116 million: Net debt was $758 million at year-end, down $116 million year-over-year, with a net leverage ratio of 2.2x.
$ 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
182
254
188
-28.4%
Capital expenditure
11.9
11.8
25.0
+1.2%
Free cash flow
170
242
163
-29.9%
Free cash flow margin
3.8%
5.6%
4.1%
Cash from investing
-29.6
-28.6
-22.6
Cash from financing
-51.5
-24.5
-211
Depreciation and amortisation
108
112
113
-3.6%
Share-based compensation
11.9
16.0
32.8
-25.3%
Buybacks
30.0
0.0
0.0
Diluted shares, weighted
32m
32m
31m
-0.5%
Shares outstanding at period end
31m
32m
31m
-1.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,085
1,026
991
+5.7%
Debt
1,098
1,107
1,116
-0.8%
Operating lease liabilities
30.4
33.7
34.7
-9.8%
Other liabilities
1,068
1,061
941
+0.6%
Total liabilities and equity
3,281
3,229
3,082
+1.6%
Fixed assets
52.4
62.0
85.4
-15.5%
Goodwill
1,677
1,657
1,657
+1.2%
Intangible assets
240
323
408
-25.8%
Cash and equivalents
369
268
72.7
+37.5%
Receivables
739
710
706
+4.1%
Inventory
45.9
50.9
47.0
-9.9%
Other assets
158
158
106
+0.1%
Total assets
3,281
3,229
3,082
+1.6%
10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.