VSE Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), VSE Corp reported revenue of $1.1B (+3.0% year on year) and net income of $53.5M (+46.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $1.1B | $1.1B | $860.5M | $949.8M |
| Costs and operating expenses | $954.1M | $954.2M | $750.5M | $871.8M |
| Selling, general and administrative expenses | $13.3M | $14.6M | $7.6M | $5.2M |
| Earn-out receivable fair value adjustments | $29.2M | — | — | — |
| Lease abandonment and termination costs | $0 | $12.2M | — | — |
| Amortization of intangible assets | $26.0M | $17.7M | $14.4M | $17.6M |
| Total costs and operating expenses | $1.0B | $998.7M | $772.5M | $894.6M |
| Operating income | $89.6M | $81.4M | $88.0M | $55.1M |
| Interest expense, net | $20.6M | $34.9M | $31.1M | $17.9M |
| Income from continuing operations before income taxes | $69.0M | $46.5M | $56.9M | $37.2M |
| Provision for income taxes | $15.5M | $10.0M | $13.8M | $9.2M |
| Net income from continuing operations | $53.5M | $36.5M | $43.2M | — |
| (Loss) income from discontinued operations, net of tax | ($41.8M) | ($21.2M) | ($4.0M) | — |
| Net income | $11.7M | $15.3M | $39.1M | $28.1M |
| Continuing operations (usd per share) | $2.53 | $2.04 | $3.05 | — |
| Discontinued operations (usd per share) | -$1.98 | -$1.18 | -$0.28 | — |
| Basic earnings (loss) per share (usd per share) | $0.55 | $0.86 | $2.77 | $2.20 |
| Continuing operations (usd per share) | $2.52 | $2.03 | $3.04 | — |
| Discontinued operations (usd per share) | -$1.97 | -$1.18 | -$0.28 | — |
| Diluted earnings (loss) per share (usd per share) | $0.55 | $0.85 | $2.76 | $2.19 |
| Basic (in shares) | 21.1M | 17.9M | 14.1M | 12.8M |
| Diluted (in shares) | 21.2M | 18.0M | 14.2M | 12.8M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $449.1M | $324.6M | $282.9M | $272.1M |
| Costs and operating expenses | $372.7M | $276.6M | $242.2M | $234.6M |
| Selling, general and administrative expenses | $9.0M | $6.2M | $667.0K | $8.5M |
| Earn-out receivable fair value adjustments | $0 | — | $23.3M | — |
| Amortization of intangible assets | $18.4M | $9.1M | $6.7M | $6.5M |
| Total costs and operating expenses | $400.2M | $291.8M | $272.8M | $249.6M |
| Operating income | $49.0M | $32.7M | $10.1M | $22.5M |
| Interest expense, net | $5.2M | — | $4.3M | $6.4M |
| Loss on debt extinguishment | $4.5M | — | — | — |
| Income from continuing operations before income taxes | $39.3M | $34.1M | $5.7M | $16.1M |
| Provision for income taxes | $10.7M | $5.1M | $2.2M | $2.4M |
| Net income from continuing operations | $28.5M | $29.1M | $3.6M | $13.6M |
| Loss from discontinued operations, net of tax | $0 | $0 | $321.0K | ($10.4M) |
| Net income (loss) | $28.5M | $29.1M | $3.9M | $3.2M |
| Continuing operations (usd per share) | $0.92 | $1.06 | $0.17 | $0.66 |
| Basic earnings (loss) per share (usd per share) | $0.92 | $1.06 | $0.19 | $0.15 |
| Continuing operations (usd per share) | $0.91 | $1.04 | $0.17 | $0.66 |
| Discontinued operations (usd per share) | $0.00 | $0.00 | $0.02 | -$0.51 |
| Diluted earnings (loss) per share (usd per share) | $0.91 | $1.04 | $0.19 | $0.16 |
| Basic (in shares) | 30.9M | 27.5M | 20.7M | 20.7M |
| Diluted (in shares) | 31.4M | 27.8M | 20.8M | 20.7M |
| Dividends declared per share (in dollars per share) | $0.10 | $0.10 | $0.10 | $0.10 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $69.4M | $29.0M | $7.8M | $478.0K |
| Receivables, net | $190.7M | $197.6M | $128.0M | $103.2M |
| Contract assets | $41.5M | $30.0M | $8.0M | — |
| Inventories | $553.8M | $576.3M | $500.9M | $380.7M |
| Prepaid expenses and other current assets | $37.9M | $42.0M | — | — |
| Current assets held-for-sale | $0 | $0 | $93.0M | — |
| Total current assets | $893.3M | $874.8M | $774.0M | $548.9M |
| Property and equipment, net | $91.1M | $85.6M | $58.1M | $48.0M |
| Intangible assets, net | $296.0M | $197.3M | $114.1M | $90.6M |
| Goodwill | $641.2M | $491.5M | $351.8M | $248.8M |
| Operating lease right-of-use assets | $50.2M | $53.3M | $28.7M | $34.4M |
| Note receivable | $27.0M | — | — | — |
| Other assets | $29.8M | $32.1M | $23.6M | $29.1M |
| Total assets | $2.0B | $1.7B | $1.4B | $999.8M |
| Current portion of long-term debt | $7.5M | $30.0M | $22.5M | $10.0M |
| Accounts payable | $154.5M | $187.6M | $173.0M | $159.6M |
| Accrued expenses and other current liabilities | $73.2M | $62.2M | $36.4M | $53.7M |
| Dividends payable | $2.3M | $2.1M | $1.6M | $1.3M |
| Current liabilities held-for-sale | $0 | $0 | $53.4M | — |
| Total current liabilities | $237.5M | $281.8M | $286.9M | $224.6M |
| Long-term debt, less current portion | $285.3M | $400.2M | $406.8M | $276.3M |
| Deferred compensation | $5.9M | $7.3M | $7.9M | $7.4M |
| Long-term operating lease obligations | $43.7M | $48.1M | $25.0M | $32.3M |
| Deferred tax liabilities | $12.4M | $0 | $7.0M | $9.6M |
| Other long-term liabilities | $5.0M | $9.0M | — | $0 |
| Total liabilities | $589.8M | $746.4M | $733.6M | $550.3M |
| Common stock, par value $0.05 per share, authorized 44,000,000 shares; issued and outstanding 23,398,046 and 20,590,496 respectively | $1170000.00 | $1030000.00 | $788000.00 | $641000.00 |
| Additional paid-in capital | $1.0B | $591.6M | $229.1M | $92.6M |
| Retained earnings | $395.6M | $392.5M | $384.7M | $351.3M |
| Accumulated other comprehensive income | $512.0K | $3.1M | $2.1M | $5.0M |
| Total stockholders' equity | $1.4B | $988.2M | $616.7M | $449.5M |
| Total liabilities and stockholders' equity | $2.0B | $1.7B | $1.4B | $999.8M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $75.4M | $1.2B | $8.8M | $16.9M |
| Receivables (net of allowance of $7.8 million and $7.2 million, respectively) | $274.6M | $216.5M | $176.4M | $183.2M |
| Contract assets | $59.5M | $45.7M | $34.0M | $34.0M |
| Inventories | $867.1M | $625.7M | $464.3M | $463.2M |
| Prepaid expenses and other current assets | $48.9M | $33.6M | $38.8M | $56.2M |
| Total current assets | $1.3B | $2.2B | $722.3M | $753.6M |
| Property and equipment (net of accumulated depreciation of $43.1 million and $34.2 million, respectively) | $166.5M | $93.8M | $83.0M | $80.2M |
| Intangible assets (net of accumulated amortization of $130.2 million and $100.2 million, respectively) | $952.1M | $318.8M | $201.8M | $208.5M |
| Goodwill | $1.8B | $638.9M | $428.7M | $428.7M |
| Operating lease right-of-use assets | $92.3M | $48.3M | $43.0M | $43.7M |
| Note receivable | $28.4M | $27.7M | $26.3M | $25.0M |
| Other assets | $22.1M | $22.2M | $55.3M | $38.9M |
| Total assets | $4.4B | $3.3B | $1.6B | $1.6B |
| Current portion of long-term debt | $32.0M | $29.9M | $7.5M | $7.5M |
| Accounts payable | $187.1M | $147.9M | $112.4M | $140.5M |
| Accrued expenses and other current liabilities | $96.1M | $65.5M | $61.4M | $52.0M |
| Dividends payable | $2.8M | $2.8M | $2.1M | $2.1M |
| Earn-out obligation | $33.9M | — | — | — |
| Total current liabilities | $351.8M | $246.2M | $183.4M | $202.0M |
| Long-term debt, net of current portion | $915.0M | $331.1M | $348.6M | $371.7M |
| Deferred compensation | $5.1M | $4.6M | $7.3M | $7.5M |
| Long-term operating lease obligations | $78.6M | $41.6M | $37.6M | $38.3M |
| Deferred tax liabilities | $104.6M | $16.8M | — | — |
| Other long-term liabilities | $8.9M | $4.3M | $220.0K | $3.0M |
| Total liabilities | $1.5B | $644.4M | $577.1M | $622.5M |
| Common stock, par value $0.05 per share, authorized 44,000,000 shares; issued and outstanding 28,062,020 and 23,398,046, respectively | $1403000.00 | $1403000.00 | $1034000.00 | $1034000.00 |
| Additional paid-in capital | $2.5B | $2.2B | $597.2M | $595.0M |
| Retained earnings | $447.6M | $421.9M | $384.4M | $382.6M |
| Accumulated other comprehensive income | $287.0K | $1.2M | $680.0K | $920.0K |
| Total stockholders' equity | $2.9B | $2.7B | $983.3M | $979.5M |
| Total liabilities and stockholders' equity | $4.4B | $3.3B | $1.6B | $1.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $11.7M | $15.3M | $39.1M | $28.1M |
| Depreciation and amortization | $39.9M | $28.8M | $23.4M | $25.6M |
| Amortization of debt issuance costs | $1.5M | $1.3M | $1.5M | — |
| Deferred taxes | ($58.0K) | ($10.0M) | ($2.0M) | ($1.1M) |
| Stock-based compensation | $12.8M | $8.3M | $7.7M | $4.5M |
| Specific provision for inventory | $0 | $0 | $742.0K | $1.1M |
| Impairment and loss on sale of business segments | $47.0M | $19.4M | — | — |
| Loss on sale of property and equipment | $45.0K | $479.0K | $0 | $122.0K |
| Lease abandonment and termination costs | $0 | $12.2M | — | — |
| Earn-out receivable adjustments | $29.2M | — | — | — |
| Interest income on note receivable | ($2.0M) | — | — | — |
| Receivables | ($26.5M) | ($40.2M) | ($25.9M) | ($26.6M) |
| Contract assets | ($8.6M) | $7.8M | $5.1M | ($6.4M) |
| Inventories | ($56.9M) | ($31.7M) | ($87.5M) | ($59.1M) |
| Prepaid expenses and other current assets and other assets | ($4.5M) | ($6.7M) | — | — |
| Operating lease assets and liabilities, net | $2.4M | ($10.2M) | ($390.0K) | — |
| Accounts payable and deferred compensation | ($10.9M) | ($31.8M) | $23.9M | $36.2M |
| Accrued expenses and other current and noncurrent liabilities | ($8.1M) | $6.0M | ($4.5M) | $10.3M |
| Net cash provided by (used in) operating activities | $27.0M | ($31.0M) | ($21.8M) | $8.1M |
| Purchases of property and equipment | ($21.3M) | ($20.7M) | ($18.7M) | ($11.2M) |
| Proceeds from the sale of business segments, net of cash divested | $139.0M | $40.2M | — | — |
| Proceeds from payments on notes receivable | $0 | $0 | $1.6M | $8.8M |
| Cash paid for acquisitions, net of cash acquired | ($394.1M) | ($283.1M) | ($218.6M) | $0 |
| Net cash used in investing activities | ($276.5M) | ($263.7M) | ($235.7M) | ($2.4M) |
| Borrowings on bank credit facilities | $667.3M | $739.2M | $844.3M | $520.2M |
| Repayments on bank credit facilities | ($803.6M) | ($739.7M) | ($699.9M) | ($518.3M) |
| Proceeds from issuance of common stock | $442.2M | $326.0M | $130.0M | $899.0K |
| Payment of debt financing costs | ($2.6M) | $0 | ($2.9M) | ($1.1M) |
| Payment of taxes for equity transactions | ($5.1M) | ($2.6M) | ($1.1M) | ($1.0M) |
| Dividends paid | ($8.3M) | ($7.1M) | ($5.4M) | ($5.1M) |
| Other | ($142.0K) | — | — | — |
| Net cash provided by financing activities | $289.8M | $315.8M | $265.0M | ($5.7M) |
| Net increase in cash and cash equivalents | $40.3M | $21.1M | $7.5M | ($40.0K) |
| Cash and cash equivalents, beginning of period | $29.0M | $7.9M | $478.0K | $518.0K |
| Cash and cash equivalents, end of period | $69.4M | $29.0M | $7.9M | — |
| Note receivable from the sale of business segment | $25.0M | — | — | — |
| Cash paid for interest | $26.8M | $37.1M | $35.0M | $16.4M |
| Federal | $11.9M | — | — | — |
| State | $2.9M | — | — | — |
| Total cash paid for income taxes | $16.1M | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $57.6M | $29.1M | ($1.9M) | ($5.8M) |
| Depreciation and amortization | $36.7M | $12.7M | $29.7M | $19.5M |
| Amortization of debt issuance cost | $1.3M | $440.0K | $1.3M | $1.1M |
| Deferred taxes | $9.4M | $5.4M | ($19.1M) | ($3.5M) |
| Stock-based compensation | $8.7M | $4.6M | $9.9M | $6.7M |
| Impairment and loss on sale of business segments | $0 | $0 | $47.0M | $47.2M |
| Loss on sale of property and equipment | $223.0K | $3.0K | $10.0K | $10.0K |
| Gain on settlement of corporate-owned life insurance | ($357.0K) | ($357.0K) | — | — |
| Interest income on note receivable | ($1.4M) | ($694.0K) | ($1.3M) | — |
| Earn-out receivable fair value adjustment | $0 | — | — | $5.9M |
| Loss on debt extinguishment | $4.5M | — | — | — |
| Receivables | ($9.5M) | ($25.8M) | ($23.2M) | ($30.1M) |
| Contract assets | ($3.8M) | ($4.8M) | ($3.0M) | ($3.0M) |
| Inventories | ($115.6M) | ($71.5M) | ($26.5M) | ($25.5M) |
| Prepaid expenses and other current assets and other assets | ($5.4M) | $515.0K | ($9.0M) | ($26.1M) |
| Operating lease assets and liabilities, net | $1.9M | $396.0K | $837.0K | ($1.6M) |
| Accounts payable and deferred compensation | ($21.8M) | ($10.8M) | ($42.1M) | ($13.7M) |
| Accrued expenses and other liabilities | $3.0M | ($1.4M) | ($2.5M) | ($5.9M) |
| Net cash used in operating activities | ($34.7M) | ($62.3M) | ($10.7M) | ($34.7M) |
| Purchases of property and equipment | ($15.3M) | ($6.5M) | ($14.5M) | ($8.5M) |
| Proceeds from the sale of business segments, net of cash divested | $0 | $0 | $138.8M | $138.8M |
| Cash paid for acquisitions, net of cash acquired | ($1.8B) | ($5.4M) | ($47.7M) | ($47.7M) |
| Purchases of intangible assets | ($14.7M) | ($16.0M) | — | — |
| Proceeds from corporate-owned life insurance settlements | $760.0K | — | — | — |
| Net cash (used in) provided by investing activities | ($1.8B) | ($27.1M) | $76.6M | $82.6M |
| Borrowings on bank credit facilities, net of creditor fees | $934.4M | $47.3M | $648.1M | $624.9M |
| Repayments on bank credit facilities | ($343.5M) | ($49.1M) | ($720.8M) | ($674.4M) |
| Repayments on amortizing notes | ($5.3M) | — | — | — |
| Proceeds from issuance of common stock, net | $829.7M | $829.5M | $463.0K | $463.0K |
| Proceeds from issuance of tangible equity units, net | $444.9M | $445.4M | — | — |
| Payment of debt financing costs | ($7.9M) | ($1.3M) | ($2.6M) | ($2.6M) |
| Payment of taxes for equity transactions | ($9.1M) | ($8.9M) | ($5.1M) | ($4.2M) |
| Dividends paid | ($5.1M) | ($2.3M) | ($6.2M) | ($4.1M) |
| Other | ($984.0K) | ($984.0K) | — | — |
| Net cash provided by (used in) financing activities | $1.8B | $1.3B | ($86.2M) | ($60.0M) |
| Effect of exchange rate changes on cash and cash equivalents | ($134.0K) | — | — | — |
| Net increase (decrease) in cash and cash equivalents | $6.0M | $1.2B | ($20.2M) | ($12.1M) |
| Cash and cash equivalents, beginning of period | $69.4M | $69.4M | $29.0M | $29.0M |
| Cash and cash equivalents, end of period | $75.4M | $1.2B | $8.8M | $16.9M |
| In-kind equity purchase consideration from acquisition | $238.0M | — | — | — |
| Earn-out obligation purchase consideration from acquisition | $33.9M | — | — | — |
| Note receivable from the sale of business segment | $0 | — | $25.0M | $25.0M |
| Earn-out receivable from the sale of business segment | $0 | — | — | $29.2M |
VSE Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.