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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
VSE
VSE (VSEC) investor relations material
VSE Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Record Q3 revenue of $541.0M, up 91.2% YoY, with ~17% organic growth; adjusted EBITDA reached $107.2M and adjusted EBITDA margin hit a record 19.8%.
Strong engine aftermarket demand, acquisition contributions and margin expansion supported higher FY2026 revenue-growth and adjusted EBITDA margin guidance.
Financial highlights
Q3 operating income was $77.5M versus $10.1M YoY; net income from continuing operations was $47.3M versus $3.6M.
Adjusted net income rose 128.4% to $63.8M; adjusted diluted EPS increased 48.9% to $2.01, versus GAAP diluted EPS of $1.49.
Operating cash flow was $56.0M and free cash flow was $46.6M, after $9.4M of capital expenditures.
Nine-month revenue was $1.315B, up 62.1%; operating income was $159.2M and continuing-operations net income was $104.8M.
Outlook and guidance
FY2026 revenue-growth guidance increased to 65%-66.5% from 61%-64%; adjusted EBITDA margin guidance rose to 18.9%-19.1% from 18.7%-19.0%.
Growth drivers include commercial engine aftermarket strength, distribution awards, expanded repair capabilities and acquisitions; margin support includes synergies, operating leverage and MRO utilization.
FY2026 assumptions include net interest expense of $36M-$38M, D&A of $96M-$100M, tax rate of ~25%, stock-based compensation of $18M-$19M and capex of 2%-2.25% of sales.
Strong Q4 free cash flow is expected to support deleveraging while preserving capacity for organic investment and disciplined acquisitions.
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Latest events from VSE
- Record Q2 revenue, raised guidance, and strong integration of major acquisitions drive growth.VSEC
Q2 2026 - All proposals passed, with record financials and strategic growth in aviation aftermarket.VSECAGM 2026
- Record Q1 revenue, major acquisitions, and raised outlook highlight strong growth momentum.VSECQ1 2026
- Proxy advisors split on executive pay, both support preferred stock; board commits to strong governance.VSECProxy filing
- Record aviation aftermarket growth and margin expansion set stage for further gains in 2026.VSECQ4 2025
- $2.025B deal creates a top aviation aftermarket platform, targeting $15M+ synergies and 20%+ margins.VSECM&A announcement
- Record Aviation growth drove 30% revenue gain, but restructuring led to a Q2 net loss.VSECQ2 2024
- Aerospace aftermarket focus, robust growth, and margin expansion driven by OEM partnerships and integration.VSECCiti's Global Industrial Tech and Mobility Conference 2025
- Aviation segment delivered record 2024 growth and profitability, with robust 2025 outlook.VSECQ4 2024
Next VSE earnings date
Investor Day 20269 Dec, 2026
VSE
Next VSE earnings date
Investor Day 20269 Dec, 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.