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VSE (VSEC) investor relations material
VSE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Oct, 2025
Executive summary
Achieved record Q3 2025 revenue of $283M, up 39% year-over-year, driven by strong aviation aftermarket performance, acquisitions, and new distribution contracts.
Adjusted EBITDA rose 58% to $47M (16.7% margin), and adjusted net income more than doubled to $20M; adjusted EPS up 87% to $0.99.
GAAP net income fell 58.9% to $3.6M due to a $23M non-cash earn-out write-down from the Fleet segment divestiture.
Integration of acquisitions and execution of strategic objectives are ahead of schedule, driving above-market growth and synergy capture.
Announced or completed major acquisitions, including Arrow Three/GenNx/AeroRepair for $350M and Turbine Weld for $49.9M, expanding MRO and distribution capabilities.
Financial highlights
Q3 2025 consolidated revenue was $282.9M, up 39% year-over-year; nine-month revenue reached $811.1M, up 45%.
Adjusted EBITDA margin improved to 16.7% from 14.7% year-over-year.
Free cash flow for Q3 was $18M, a $14M increase from the prior year.
Adjusted net leverage ratio improved to 2.0x at quarter-end.
Net debt at quarter-end was $347M; cash and unused credit facility availability totaled $347M.
Outlook and guidance
Raised full-year 2025 revenue growth guidance to 38–40% and aviation adjusted EBITDA margin guidance to 17.0–17.25%.
Q4 revenue expected to be flat or slightly down sequentially due to seasonality, with lower margin anticipated.
Guidance assumes stable market conditions and no major macroeconomic or tariff changes.
Sufficient liquidity is anticipated for ongoing operations, capital expenditures, and dividends.
Reconcile GAAP net income decline with adjusted growth.
What drove 9M negative operating cash flow?
Which Aviation segment margin drivers are most sustainable?
Aero 3 acquisition: key synergy drivers?
What is the outlook for 2026 organic growth?
Key operational priorities for 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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