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Dec 31, 2025
VSE Q4 2025 Earnings Report
VSE reported record fourth quarter 2025 revenue and profitability, driven by strong Aviation segment growth and margin expansion.
Key Takeaways
In Q4 2025, VSE generated 301182000 in revenue, up 32.4% year-over-year, with GAAP net income of 22296000 and diluted EPS of 0.98. Adjusted EBITDA increased 55.4% to 51768000, reflecting strong operating leverage in the Aviation segment.
Total revenue increased 32.4% year-over-year to 301182000.
GAAP net income rose 114.3% to 22296000 with diluted EPS of 0.98.
Adjusted EBITDA grew 55.4% to 51768000.
Aviation segment Adjusted EBITDA margin expanded to 18.3%.
Revenue by Segment
Forward Guidance
For full year 2026, VSE expects revenue growth of approximately 19% to 23% and Adjusted EBITDA margin between 16.8% and 17.3%, excluding the PAG acquisition.
Positive Outlook
- Expected revenue growth of 19% to 23% year-over-year.
- Adjusted EBITDA margin guidance of 16.8% to 17.3%.
- Contributions from Aero 3 and Turbine Weld acquisitions.
- Anticipated organic margin expansion.
- Strong operating momentum entering 2026.
Challenges Ahead
- Guidance excludes the pending PAG acquisition.
- Future results subject to acquisition integration risks.
- Dependent on successful execution of margin expansion initiatives.
- Exposure to acquisition-related costs.
- Subject to market and industry demand conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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