Jun 2026 (Q2 FY26) — Aug 6, 2026
VSE Corporation Q2 FY26 — Record Revenue and Profitability Driven by Strong Organic Growth and Acquisitions
Read the full callVSE (VSEC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
VSE earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 449 | +65.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.9 | +2.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 28.5 | +792.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated full-year adjusted EBITDA margin | 16.8% to 17.3% | Dec 2025 | We now expect full year adjusted EBITDA margin of 18.7% to 19% compared with prior outlook of 18.1% to 18.5%. | Revised Up |
| Adjusted net leverage ratio (year-end 2026 target) | below 2.5x by year-end | Mar 2026 | At quarter end, our adjusted net leverage ratio was 2.4x, stronger than the pro forma guidance we outlined at the time of the PAG closing. | On Track |
| Adjusted net leverage ratio post-PAG close | below 3x | Dec 2025 | Pro forma for the acquisition, adjusted net leverage is estimated to be below 3x with a clear path to below 2.5x by year-end, driven by EBITDA growth and free cash flow generation. | Achieved |
14 of VSE CORP's 30 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Achieved record revenue of $449 million, representing a 65% year-over-year increase, including 14% organic growth.
- Delivered record adjusted EBITDA of $86 million, nearly doubling year-over-year (up 98%), with a record margin of 19.2% (up 320 basis points).
- Adjusted net income increased 101% to $55 million, and adjusted diluted EPS grew 33% to $1.75.
- Generated $19 million in free cash flow, a significant improvement, with a conversion rate of 34% of adjusted EBITDA (excluding transaction costs).
- Raised full-year 2026 revenue guidance to 61-64% growth (from 57-61%) and adjusted EBITDA margin guidance to 18.7-19% (from 18.1-18.5%).
Qualified
Price
$158.08 −3.66% · −$6
Performance −0.9% 1Y
1Y: $159.46 on 17 Oct 2025 → $158.08. High $243.48 (17 Aug 2026), low $158.08 (19 Oct 2026).
- Previous close
- $164.08
- 52-week range
- $158.08 – $243.48
- One year
- −4.93%
Overview
- Symbol
- VSEC
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated full-year adjusted EBITDA margin | 16.8% to 17.3% | Dec 2025 | We now expect full year adjusted EBITDA margin of 18.7% to 19% compared with prior outlook of 18.1% to 18.5%. | Revised Up |
| Adjusted net leverage ratio (year-end 2026 target) | below 2.5x by year-end | Mar 2026 | At quarter end, our adjusted net leverage ratio was 2.4x, stronger than the pro forma guidance we outlined at the time of the PAG closing. | On Track |
| Adjusted net leverage ratio post-PAG close | below 3x | Dec 2025 | Pro forma for the acquisition, adjusted net leverage is estimated to be below 3x with a clear path to below 2.5x by year-end, driven by EBITDA growth and free cash flow generation. | Achieved |
Claimed
- Achieved record revenue of $449 million, representing a 65% year-over-year increase, including 14% organic growth.
- Delivered record adjusted EBITDA of $86 million, nearly doubling year-over-year (up 98%), with a record margin of 19.2% (up 320 basis points).
- Adjusted net income increased 101% to $55 million, and adjusted diluted EPS grew 33% to $1.75.
- Generated $19 million in free cash flow, a significant improvement, with a conversion rate of 34% of adjusted EBITDA (excluding transaction costs).
- Raised full-year 2026 revenue guidance to 61-64% growth (from 57-61%) and adjusted EBITDA margin guidance to 18.7-19% (from 18.1-18.5%).
Qualified
The full ledger
Open VSE CORP’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
VSE Corporation Q1 FY26 — Record Revenue and Profitability, Strategic Acquisitions Closed
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
VSE Corporation Q4 FY25 — Record Aviation Revenue and Strategic Acquisitions Drive Growth
Read the full callEvery analysed call
VSE earnings calls (VSEC)
Financials
What the filings say
Net profit, year on year: +792% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 204 | 299 | 256 | 272 | 283 | 301 | 325 | 449 |
| Operating profit | 20 | 27 | 25 | 23 | 10 | 32 | 33 | 49 |
| Operating margin | 9.9% | 9.2% | 9.6% | 8.3% | 3.6% | 10.8% | 10.1% | 10.9% |
| Interest | 9 | 7 | — | 6 | 4 | 2 | — | 5 |
| Profit before tax | 11 | 20 | 17 | 16 | 6 | 31 | 34 | 39 |
| Tax rate | 21.1% | 24.2% | 15.7% | 15.1% | 37.5% | 27.3% | 14.9% | 27.3% |
| Net profit | 12 | 13 | -9 | 3 | 4 | 14 | 29 | 29 |
| EPS ($ per share) | 0.63 | — | -0.43 | 0.15 | 0.19 | — | 1.06 | 0.92 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 301 | 334 | 325 | 328 | 351 | 385 | 392 | 396 |
| Total liabilities | 310 | 483 | 424 | 501 | 550 | 734 | 754 | 590 |
| Fixed assets | 50 | 43 | 36 | 42 | 41 | 58 | 71 | 91 |
| Total assets | 639 | 846 | 780 | 919 | 1,000 | 1,350 | 1,743 | 2,029 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 19 | 18 | 36 | -18 | 8 | -22 | -31 | 27 |
| Cash from investing | -1 | -123 | 20 | -62 | -2 | -236 | -264 | -276 |
| Cash from financing | -18 | 105 | -56 | 79 | -6 | 265 | 316 | 290 |
| Net cash flow | -0 | 1 | -0 | 0 | -0 | 7 | 21 | 40 |
| Capital expenditure | -3 | -10 | -4 | -11 | -11 | -19 | -21 | -21 |
| Free cash flow | 16 | 8 | 31 | -28 | -3 | -40 | -52 | 6 |
VSEC revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Service | — | — | — | — | — | — | 38% | 55% | — |
| Product | — | — | — | — | — | — | 62% | 45% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
65 filings between Dec 15, 2025 and Sep 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$5.82M
13 sales by 2 insiders
92% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 26
- Award — granted as compensation
- 9
- Option exercise — converted options into shares
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CUOMO JOHN A | — | $4.54M | Sep 14, 2026 |
| Thomas Benjamin E. | — | $1.28M | Jun 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 15, 2026 | FERGUSON III MARK E Director | Award 10b5-1 plan | 148 | $26.4K |
| Sep 15, 2026 | EBERHART RALPH E Director | Award 10b5-1 plan | 67 | $11.9K |
| Sep 14, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 912 | $170.9K |
| Sep 14, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 402 | $75.7K |
| Sep 14, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 234 | $43.6K |
| Sep 14, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 18 | $3.4K |
| Sep 11, 2026 | Cohn Adam Robert Chief Financial Officer | Tax withheld 10b5-1 plan | 2,624 | $511.6K |
| Sep 11, 2026 | Cohn Adam Robert Chief Financial Officer | Option exercise 10b5-1 plan | 5,998 | — |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 2,794 | $682.9K |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 905 | $217.7K |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 5,492 | $1.34M |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 1,492 | $356.1K |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 4,215 | $1.02M |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 2,147 | $518.7K |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 454 | $108.7K |
| Aug 17, 2026 | CUOMO JOHN A CEO and President | Sale 10b5-1 plan | 1 | $245 |
| Aug 11, 2026 | FERGUSON III MARK E Director | Gift 10b5-1 plan | 350 | $0 |
| Aug 11, 2026 | FERGUSON III MARK E Director | Gift 10b5-1 plan | 350 | $0 |
| Jul 20, 2026 | FERGUSON III MARK E Director | Gift 10b5-1 plan | 133 | $0 |
| Jul 20, 2026 | FERGUSON III MARK E Director | Gift 10b5-1 plan | 133 | $0 |
| Jun 30, 2026 | Thomas Benjamin E. Chief Operating Officer | Award 10b5-1 plan | 69 | $11.0K |
| Jun 15, 2026 | EBERHART RALPH E Director | Award 10b5-1 plan | 60 | $11.9K |
| Jun 15, 2026 | FERGUSON III MARK E Director | Award 10b5-1 plan | 133 | $26.4K |
| Jun 12, 2026 | Thomas Benjamin E. Chief Operating Officer | Sale | 6,500 | $1.28M |
| May 20, 2026 | FERGUSON III MARK E Director | Gift 10b5-1 plan | 136 | $0 |
| May 20, 2026 | FERGUSON III MARK E Director | Gift 10b5-1 plan | 136 | $0 |
| Mar 16, 2026 | EBERHART RALPH E Director | Award 10b5-1 plan | 62 | $12.0K |
| Mar 16, 2026 | FERGUSON III MARK E Director | Award 10b5-1 plan | 136 | $26.4K |
| Mar 10, 2026 | CUOMO JOHN A CEO and President | Option exercise 10b5-1 plan | 6,694 | — |
| Mar 10, 2026 | Thomas Benjamin E. Chief Operating Officer | Tax withheld 10b5-1 plan | 1,948 | $421.7K |
| Mar 10, 2026 | Thomas Benjamin E. Chief Operating Officer | Award 10b5-1 plan | 3,640 | $0 |
| Mar 10, 2026 | Thomas Benjamin E. Chief Operating Officer | Option exercise 10b5-1 plan | 1,311 | — |
| Mar 10, 2026 | CUOMO JOHN A CEO and President | Tax withheld 10b5-1 plan | 10,536 | $2.28M |
| Mar 10, 2026 | CUOMO JOHN A CEO and President | Award 10b5-1 plan | 20,081 | $0 |
| Mar 9, 2026 | CUOMO JOHN A CEO and President | Tax withheld 10b5-1 plan | 7,469 | $1.63M |
| Mar 9, 2026 | Cohn Adam Robert Chief Financial Officer | Tax withheld 10b5-1 plan | 2,237 | $487.1K |
| Mar 9, 2026 | Thomas Benjamin E. Chief Operating Officer | Tax withheld 10b5-1 plan | 1,518 | $330.5K |
| Mar 8, 2026 | Thomas Benjamin E. Chief Operating Officer | Award 10b5-1 plan | 2,879 | $0 |
| Mar 8, 2026 | Thomas Benjamin E. Chief Operating Officer | Option exercise 10b5-1 plan | 978 | — |
| Mar 8, 2026 | CUOMO JOHN A CEO and President | Award 10b5-1 plan | 14,289 | $0 |
| Mar 8, 2026 | Cohn Adam Robert Chief Financial Officer | Option exercise 10b5-1 plan | 1,320 | — |
| Mar 8, 2026 | CUOMO JOHN A CEO and President | Option exercise 10b5-1 plan | 4,692 | — |
| Mar 8, 2026 | Cohn Adam Robert Chief Financial Officer | Award 10b5-1 plan | 3,795 | $0 |
| Mar 2, 2026 | Cohn Adam Robert Chief Financial Officer | Tax withheld 10b5-1 plan | 1,587 | $352.2K |
| Mar 2, 2026 | Thomas Benjamin E. Chief Operating Officer | Tax withheld 10b5-1 plan | 1,429 | $317.2K |
| Mar 2, 2026 | CUOMO JOHN A CEO and President | Tax withheld 10b5-1 plan | 7,083 | $1.57M |
| Feb 28, 2026 | Thomas Benjamin E. Chief Operating Officer | Award 10b5-1 plan | 2,692 | $0 |
| Feb 28, 2026 | CUOMO JOHN A CEO and President | Award 10b5-1 plan | 13,502 | $0 |
| Feb 28, 2026 | CUOMO JOHN A CEO and President | Option exercise 10b5-1 plan | 4,500 | — |
| Feb 28, 2026 | Cohn Adam Robert Chief Financial Officer | Award 10b5-1 plan | 2,692 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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