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V2X (VVX) investor relations material
V2X Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly and full-year revenue and earnings in 2025, reflecting strong execution, alignment with national security priorities, and successful growth strategy.
Secured major contract wins, including two over $1 billion and ten over $100 million, supporting growth in mission readiness, modernization, and advanced technology.
Expanded partnerships with leading technology firms (AWS, Google, IBM) to drive innovation in AI, automation, and smart warehousing.
Maintained a robust qualified pipeline exceeding $60 billion, with a 50% increase in bid velocity in 2025 and a targeted 30% increase for 2026.
Maintained focus on cash generation and a strong balance sheet, providing flexibility for capital deployment.
Financial highlights
Q4 2025 revenue rose 5% year-over-year to $1.22 billion; full-year revenue up 4% to $4.48 billion, at the upper end of guidance.
Q4 Adjusted EBITDA reached $88.7 million (7.3% margin); full-year Adjusted EBITDA was $323.3 million (7.2% margin), both records.
Q4 Adjusted net income was $49.3 million (up 16% YoY); full-year Adjusted net income was $166.8 million (up 20% YoY).
Q4 Adjusted diluted EPS was $1.56 (up 17% YoY); full-year Adjusted diluted EPS was $5.24 (up 21% YoY).
Net income for 2025 was $77.9 million; diluted EPS was $2.45.
Outlook and guidance
2026 revenue guidance: $4.675–$4.825 billion, with 6% growth at the midpoint ($4.75 billion).
Adjusted EBITDA expected at $335–$350 million; Adjusted diluted EPS guidance is $5.50–$5.90 (9% growth at midpoint).
Adjusted net cash from operations projected at $150–$170 million; capital expenditures estimated at $25 million.
Book-to-bill ratio expected above 1 in 2026, supported by backlog and new awards.
Assumptions include $69 million cash interest expense, $111 million depreciation/amortization, and a 23% tax rate.
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