VSE Corporation Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,181	1,112	786.26	544.02	669.45	481.38
Revenue Growth (YoY)	34.20%	41.47%	44.53%	-18.74%	39.07%	-27.25%
Cost of Revenue	1,008	954.15	684.04	475.01	596.47	464.88
Gross Profit	173.18	158.13	102.22	69.01	72.97	16.5
Selling, General & Admin	23.13	13.34	13.63	7.12	3.64	3.45
Depreciation & Amortization Expenses	28.91	26	17.63	11.74	15.74	15.76
Other Operating Expenses	23.3	29.2	12.21	-	-	-
Total Operating Expenses	75.34	68.54	43.46	18.87	19.37	19.21
Operating Income	97.84	89.6	58.76	50.15	53.6	-2.71
Interest Expense	-11.22	-20.56	-34.95	-31.09	-17.89	-12.06
Total Non-Operating Income (Expense)	-11.22	-20.56	-34.95	-31.09	-17.89	-12.06
Pretax Income	86.62	69.04	23.81	19.06	35.71	-14.77
Provision for Income Taxes	18.04	15.55	4.41	4.5	9.05	-3.77
Net Income	49.73	11.7	15.32	39.13	28.06	7.97
Earnings From Discontinued Operations	-18.85	-41.79	-4.08	24.57	1.4	18.97
Net Income to Common	49.73	11.7	15.32	39.13	28.06	7.97
Net Income Growth	283.67%	-23.63%	-60.84%	39.47%	252.23%	-
Shares Outstanding (Basic)	23	21	18	14	13	13
Shares Outstanding (Diluted)	23	21	18	14	13	13
Shares Change (YoY)	20.06%	18.15%	26.72%	10.58%	1.54%	14.49%
EPS (Basic)	0.44	0.55	0.86	2.77	2.09	-0.88
EPS (Diluted)	0.44	0.55	0.85	2.76	2.08	-0.87
EPS Growth	-18.52%	-35.29%	-69.20%	32.69%	-	-
Shares Outstanding	28.06	23.4	20.59	15.76	12.82	12.73
Free Cash Flow	-13.51	5.71	-51.74	-40.5	-3.16	-28.12
Free Cash Flow Per Share	-0.59	0.27	-2.88	-2.85	-0.25	-2.23
Dividends Per Share	0.400	0.400	0.400	0.400	0.400	0.370
Dividend Growth	-	-	-	-	8.11%	2.78%
Gross Margin	14.67%	14.22%	13.00%	12.69%	10.90%	3.43%
Operating Margin	8.29%	8.06%	7.47%	9.22%	8.01%	-0.56%
Profit Margin	5.81%	4.81%	2.47%	2.68%	3.98%	-2.29%
FCF Margin	-1.14%	0.51%	-6.58%	-7.44%	-0.47%	-5.84%
EBITDA	140.61	129.52	87.52	73.56	78.21	21.88
EBITDA Margin	11.91%	11.64%	11.13%	13.52%	11.68%	4.55%
EBIT	97.84	89.6	58.76	50.15	53.6	-2.71
EBIT Margin	8.29%	8.06%	7.47%	9.22%	8.01%	-0.56%
Effective Tax Rate	20.83%	22.52%	18.51%	23.58%	25.35%	25.51%

Updated May 8, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q