V2X (VVX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 8.9% YoY to $1.271B; net income increased 30% to $32.0M and adjusted diluted EPS rose 19% to $1.64. FY2026 guidance increased across all metrics.

• 9M revenue rose 16% to $3.782B; award activity, on-contract growth and $12.8B backlog supported the higher outlook and continued growth expectations.

Financial highlights

• Q3 operating income was $59.5M, up 6.8%; adjusted net income was $51.7M vs. $43.7M, and adjusted EBITDA was $88.6M with a 7.0% margin vs. 7.3%.

• Q3 diluted EPS was $1.01 vs. $0.77; adjusted diluted EPS was $1.64 vs. $1.37.

• 9M adjusted net income was $151.4M, up 29%; adjusted diluted EPS was $4.80, up 30%; adjusted EBITDA was $264.0M, up ~13%, at a 7.0% margin.

• Q3 operating cash flow was $67.3M and adjusted operating cash flow was $61.8M; 9M figures were negative $41.0M and $111.5M, respectively.

Outlook and guidance

• FY2026 revenue guidance rose to $4.950B–$5.100B from $4.875B–$5.025B; adjusted EBITDA to $352.5M–$367.5M from $347.5M–$362.5M.

• Adjusted diluted EPS guidance increased to $6.15–$6.55 from $5.90–$6.30; adjusted operating cash flow to $175M–$195M from $160M–$180M.

• Preliminary 2027 outlook calls for growth in revenue, adjusted EBITDA margin, adjusted EPS and adjusted operating cash flow; revenue is expected up in APAC and modernization, flat in national security through H1, and down in the Middle East.

• Year-end 2026 net leverage is expected at ~2.0x, compared with 2.2x at Q3 end.