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VSE
VSE (VSEC) investor relations material
VSE Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Completed transformation to a pure-play aviation aftermarket company, surpassing $1 billion in annual aviation revenue for the first time, with record profitability, margin expansion, and positive free cash flow in 2025.
Achieved record financial performance in FY 2025, driven by organic growth, new business awards, strategic OEM partnerships, and advanced integration of acquisitions.
Completed sale of Fleet segment and acquired Turbine Weld and Aero 3, expanding proprietary repair, MRO, and distribution capabilities.
Announced acquisition of Precision Aviation Group (PAG) for $2.025 billion, expected to close in Q2 2026, significantly expanding scale and proprietary service capabilities.
Secured new exclusive OEM agreements, including fuel pump manufacturing for Pratt & Whitney Canada PT6 and global APU components distribution.
Financial highlights
Full-year 2025 revenue reached $1.1 billion, up 41% year-over-year; Adjusted EBITDA rose 56% to $183 million (16.4% margin); Adjusted net income up 121% to $83 million; Adjusted EPS up 87% to $3.92.
Q4 2025 revenue grew 32% year-over-year to $301 million; Adjusted EBITDA up 55% to $52 million with a 17.2% margin.
Free cash flow for 2025 totaled $6 million, a $57 million improvement year-over-year.
Q4 2025 free cash flow was $31 million, supported by profitability and working capital management.
GAAP net income for 2025 was $53.5 million, up 176% year-over-year.
Outlook and guidance
2026 revenue expected to grow 19%-23% year-over-year, with 11%-13% from acquisitions and high single to low double-digit organic growth.
Adjusted EBITDA margin guidance for 2026 is 16.8%-17.3%, with margin expansion from acquisitions and core business optimization.
Free cash flow in 2026 will be impacted by a $45 million inventory investment for the new APU program, but is expected to strengthen in the second half of the year.
Interest expense projected at $20 million, D&A at $52-$54 million, tax rate at 25%, and capex at 2% of revenue.
Priorities include executing acquisition integrations, implementing new OEM programs, expanding MRO capacity, and closing the PAG acquisition.
What are the primary PAG synergy initiatives?
Impact of new OEM agreements on future margins?
What drives 2025's low free cash flow?
Post-PAG acquisition, what is the debt structure?
Update on new OEM Solutions program ramp-up
Quantify organic margin expansion drivers for 2026
PAG synergy execution: Key milestones for 2026
Breakdown of 2026 organic growth by market
Free cash flow conversion post-APU investment
Partial view of Summaries dataset, powered by Quartr API
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Next VSE earnings date
Q1 20266 May, 2026
VSE
Next VSE earnings date
Q1 20266 May, 2026
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Frequently asked questions
VSE Corporation provides aftermarket distribution and maintenance, repair, and overhaul services for land, sea, and air transportation assets. The company serves government, defense, and commercial clients with supply chain support and engineering solutions. Its segments include aviation, fleet, and federal and defense services. The company is headquartered in Alexandria, Virginia, and its shares are listed on the NASDAQ.
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