VSE Corporation (VSEC) Income Statement
VSEC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVSEC revenue and net income
Where VSEC's revenue goes
2025Each bar shows an amount and its share of revenue. VSEC kept 4.8% of revenue as net income.
VSEC profit margins
VSEC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.0% | +18.4% | +10.9% | +7.6% |
| Gross profit | +22.1% | +32.2% | +17.9% | +9.4% |
| Operating income | +21.7% | +32.6% | +17.2% | +9.5% |
| Net income | +75.3% | +24.0% | — | +7.9% |
| EPS (diluted) | +25.0% | +10.3% | +13.8% | +5.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VSEC quarterly EPS vs estimates
VSE beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.57).
VSEC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.08B | $860.5M | $669.4M | $750.9M | $661.7M | $752.6M | $697.2M | $760.1M | $691.8M |
| Cost of revenue | $980.1M | $971.9M | $764.9M | $612.2M | $725.7M | $603.8M | $688.2M | $641.0M | $703.4M | $633.7M |
| Gross profit | $132.1M | $108.2M | $95.6M | $57.2M | $25.1M | $57.9M | $64.4M | $56.2M | $56.8M | $58.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $13.3M | $14.6M | $9.5M | $5.2M | $3.6M | $3.1M | $4.2M | $3.7M | $2.4M | $6.6M |
| Total operating expenses | $7.1M | $5.5M | $3.9M | $3.6M | $3.6M | $1.4M | $1.9M | $3.1M | $2.4M | $6.6M |
| Operating income | $125.0M | $102.7M | $91.7M | $53.6M | $21.5M | $56.5M | $62.6M | $53.1M | $54.3M | $51.5M |
| Interest income | — | — | — | — | — | — | $13.8M | $9.0M | $9.2M | $9.9M |
| Interest expense | $20.6M | $34.9M | $31.1M | $17.9M | $12.1M | $13.5M | $13.8M | $9.0M | $9.2M | $9.9M |
| Income before taxes | $69.0M | $46.5M | $56.9M | $35.7M | $9.5M | $427,000 | $46.4M | $45.2M | $45.1M | $41.7M |
| Income taxes | $15.5M | $10.0M | $13.8M | $9.1M | $1.5M | $5.6M | $9.4M | $10.2M | $6.0M | $14.9M |
| Net income | $53.5M | $30.5M | $39.1M | $28.1M | $8.0M | −$5.2M | $37.0M | $35.1M | $39.1M | $26.8M |
| EBITDA | $129.5M | $110.2M | $111.4M | $78.2M | $47.1M | $38.1M | $87.2M | $79.5M | $80.2M | $77.6M |
| EPS (diluted) | $3.90 | $3.12 | $3.42 | $2.91 | $2.33 | $2.04 | $3.34 | $3.14 | $2.62 | $2.47 |
| Gross margin | 11.9% | 10.0% | 11.1% | 8.6% | 3.3% | 8.7% | 8.6% | 8.1% | 7.5% | 8.4% |
| Operating margin | 11.2% | 9.5% | 10.7% | 8.0% | 2.9% | 8.5% | 8.3% | 7.6% | 7.1% | 7.4% |
| Net margin | 4.8% | 2.8% | 4.5% | 4.2% | 1.1% | −0.8% | 4.9% | 5.0% | 5.1% | 3.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $449.1M | $324.6M | $301.2M | $282.9M | $272.1M | $256.0M | $299.0M | $203.6M | $192.8M | $162.4M | $235.3M | $231.4M |
| Cost of revenue | $372.7M | $285.6M | $260.9M | $248.9M | $241.1M | $229.2M | $266.8M | $181.7M | $173.6M | $143.8M | $208.5M | $203.5M |
| Gross profit | $76.4M | $38.9M | $40.2M | $34.1M | $31.0M | $26.8M | $32.3M | $22.0M | $19.2M | $18.6M | $26.8M | $27.8M |
| Sales, general & admin | $9.0M | $6.2M | $7.7M | $667,000 | $8.5M | $2.3M | $4.9M | $2.6M | $4.1M | $3.0M | $1.5M | $2.6M |
| Total operating expenses | $27.5M | $6.2M | $3.7M | $667,000 | $7.5M | $1.1M | −$245,000 | $1.2M | $3.3M | $1.3M | $1.3M | $1.1M |
| Operating income | $49.0M | $32.7M | $36.5M | $33.4M | $23.5M | $25.7M | $32.5M | $20.7M | $16.0M | $17.2M | $25.5M | $26.8M |
| Interest expense | $5.2M | $1.4M | $833,000 | $4.8M | $6.9M | $7.9M | $6.9M | $9.0M | $9.8M | $9.2M | $9.3M | $8.5M |
| Income before taxes | $39.3M | $34.1M | $30.7M | $5.7M | $16.1M | $16.6M | $20.5M | $11.1M | −$7.2M | $6.5M | $16.0M | $16.8M |
| Income taxes | $10.7M | $5.1M | $8.4M | $2.2M | $2.4M | $2.6M | $4.9M | $2.3M | −$1.9M | $911,000 | $3.2M | $4.7M |
| Net income | $28.5M | $29.1M | $13.6M | $3.8M | $16.4M | −$9.2M | $15.6M | $11.7M | −$2.8M | −$19.3M | $11.6M | $9.6M |
| EBITDA | $68.5M | $45.5M | $42.4M | $20.8M | $32.6M | $34.4M | $35.8M | $27.6M | $9.5M | $21.6M | $31.3M | $30.7M |
| EPS (diluted) | $1.75 | $1.17 | $1.16 | $0.99 | $0.97 | $0.78 | $0.90 | $0.71 | $0.64 | $0.87 | $0.85 | $0.92 |
| Gross margin | 17.0% | 12.0% | 13.4% | 12.0% | 11.4% | 10.5% | 10.8% | 10.8% | 10.0% | 11.4% | 11.4% | 12.0% |
| Operating margin | 10.9% | 10.1% | 12.1% | 11.8% | 8.6% | 10.0% | 10.9% | 10.2% | 8.3% | 10.6% | 10.8% | 11.6% |
| Net margin | 6.4% | 9.0% | 4.5% | 1.3% | 6.0% | −3.6% | 5.2% | 5.7% | −1.4% | −11.9% | 4.9% | 4.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VSEC's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VSEC financial results
In fiscal year 2025 (ended December 31, 2025), VSE reported revenue of $1.1 billion, up 3.0% from the year before. It had net income of $53.5 million (up 75.3%), a net profit margin of 4.8%. Diluted earnings per share came to $3.90. Over five years revenue grew at an average rate of 10.9% a year.
See the VSEC stock overview for the latest quote and news, or the VSEC chart for price history and technical indicators.
VSEC income statement FAQ
What is VSE's annual revenue?
VSE reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.0% from $1.1 billion the previous year.
Is VSE profitable?
Yes. VSE reported net income of $53.5 million in fiscal 2025, a net profit margin of 4.8%; its operating margin was 11.2%.
What is VSE's gross margin?
VSE's gross margin was 11.9% in fiscal 2025: for every $100 of revenue, VSE kept $12 after the direct cost of its products and services.
How fast is VSE growing?
Revenue grew 10.9% a year on average over the last five fiscal years, from $661.7 million to $1.1 billion.
What are VSE's earnings per share?
VSE earned $3.90 per diluted share in fiscal 2025, compared with $3.12 a year earlier.
When will VSE report its next earnings?
VSE is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does VSE's fiscal year end?
VSE's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.