VSE Corporation (VSEC)

VSE Corporation Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	1,262	1,080	860.49	669.45	481.38	661.66
Revenue Growth (YoY)	46.09%	25.53%	28.54%	39.07%	-27.25%	-12.09%
Cost of Revenue	1,101	954.18	750.5	596.47	464.88	586.27
Gross Profit	161.21	125.95	109.99	72.97	16.5	75.39
Selling, General & Admin	3.86	5.48	3.92	3.64	2.95	3.12
Amortization of Goodwill & Intangibles	24.57	17.75	14.38	15.74	15.76	17.5
Operating Expenses	28.43	23.23	18.3	19.37	18.71	20.62
Operating Income	132.78	102.72	91.7	53.6	-2.21	54.76
Interest Expense	-25.66	-34.94	-31.08	-17.89	-12.06	-13.5
EBT Excluding Unusual Items	77.92	67.79	60.61	35.71	-14.27	41.27
Merger & Restructuring Charges	-6.7	-12.8	-3.7	-	-0.5	-
Impairment of Goodwill	-	-	-	-	-	-30.9
Gain (Loss) on Sale of Assets	-	-	-	-	-	-7.11
Asset Writedown	0.4	-8.51	-	-	-	-2.83
Pretax Income	70.92	46.48	56.91	35.71	-14.77	0.43
Income Tax Expense	15.13	9.98	13.76	9.05	-3.77	5.6
Earnings From Continuing Operations	55.79	36.5	43.15	26.66	-11	-5.17
Earnings From Discontinued Operations	-44.59	-21.17	-4.02	1.4	18.97	-
Net Income	11.2	15.32	39.13	28.06	7.97	-5.17
Net Income to Common	11.2	15.32	39.13	28.06	7.97	-5.17
Net Income Growth	-19.25%	-60.84%	39.47%	252.23%	-	-
Shares Outstanding (Basic)	21	18	14	13	13	11
Shares Outstanding (Diluted)	21	18	14	13	13	11
Shares Change (YoY)	22.34%	26.72%	10.58%	1.54%	14.49%	-0.10%
EPS (Basic)	0.55	0.86	2.77	2.20	0.63	-0.47
EPS (Diluted)	0.54	0.85	2.76	2.19	0.63	-0.47
EPS Growth	-33.54%	-69.09%	25.93%	244.93%	-	-
Free Cash Flow	26.95	-51.74	-40.5	-3.16	-28.12	31.33
Free Cash Flow Per Share	1.31	-2.88	-2.85	-0.25	-2.23	2.84
Dividend Per Share	0.400	0.400	0.400	0.400	0.370	0.360
Dividend Growth	-	-	-	8.11%	2.78%	2.86%
Gross Margin	12.77%	11.66%	12.78%	10.90%	3.43%	11.39%
Operating Margin	10.52%	9.51%	10.66%	8.01%	-0.46%	8.28%
Profit Margin	0.89%	1.42%	4.55%	4.19%	1.65%	-0.78%
Free Cash Flow Margin	2.13%	-4.79%	-4.71%	-0.47%	-5.84%	4.74%
EBITDA	170.86	131.49	115.11	78.21	22.38	78.9
EBITDA Margin	13.54%	12.17%	13.38%	11.68%	4.65%	11.92%
D&A For EBITDA	38.08	28.76	23.42	24.6	24.59	24.14
EBIT	132.78	102.72	91.7	53.6	-2.21	54.76
EBIT Margin	10.52%	9.51%	10.66%	8.01%	-0.46%	8.28%
Effective Tax Rate	21.33%	21.48%	24.18%	25.35%	-	1311.01%
Revenue as Reported	1,262	1,080	860.49	669.45	481.38	661.66

Updated Oct 27, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q