Revenue of $1.22 billion, up 5% year-over-year
Net income of $22.8 million; adjusted net income1 of $49.3 million, up 16% year-over-year
Adjusted EBITDA1 of $88.7 million; adjusted EBITDA1 margin of 7.3%
Diluted EPS of $0.72; record adjusted diluted EPS1 of $1.56, up 17% year-over-year
Cash flow from operations of $209.5 million
Full-Year Highlights
Revenue of $4.48 billion, up 4% year-over-year
Net income of $77.9 million; adjusted net income1 of $166.8 million, up 20% year-over-year
Adjusted EBITDA1 of $323.3 million, with a margin of 7.2%
Diluted EPS of $2.45; adjusted diluted EPS1 of $5.24, up 21% year-over-year
Cash flow from operations of $182.0 million
Achieved net debt reduction of $116 million and 2.2x net leverage ratio1
2026 Guidance
Establishing full-year 2026 guidance with 6% revenue and adjusted EBITDA1 growth at mid-point
RESTON, Va., Feb. 23, 2026 /PRNewswire/ -- V2X, Inc. (NYSE:VVX) today announced financial results for the fourth quarter and full-year 2025 ended December 31, 2025, and established guidance for full-year 2026.
"V2X ended 2025 with another quarter of strong performance, underscoring our team's successful execution of our strategy," said Jeremy C. Wensinger, President and Chief Executive Officer. "We are entering 2026 with significant momentum. Our recent awards and alignment to National Security priorities for readiness and modernization are creating tailwinds for continued growth. Additionally, we are continuing to prioritize investments and expand partnerships to deliver innovative solutions that anticipate and fulfill our customers' requirements. These growth priorities are further supported by the strength of our capital structure. As we look ahead, V2X is well positioned to continue to deliver readiness enabling solutions to support our customers' evolving requirements, while generating enhanced value for our shareholders."
Fourth Quarter 2025 Results
In the fourth quarter, V2X reported record revenue of $1.22 billion, which represents 5% year-over-year growth. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income1 and adjusted EPS1. Net income for the quarter was $22.8 million. Adjusted net income1 was $49.3 million, an increase of $6.6 million dollars, or 16%, year-over-year. Fourth quarter GAAP diluted EPS was $0.72. Adjusted diluted EPS1 for the quarter increased 17% year-over-year to $1.56.
V2X delivered record adjusted EBITDA1 of $88.7 million, with a margin of 7.3%, representing an increase of $2.6 million dollars, or 3%, from the prior year.
Fourth quarter net cash provided by operating activities was $209.5 million. Adjusted net cash provided by operating activities1 increased 3% year-over-year to $172.4 million.
At the end of the fourth quarter, net debt for V2X was $758 million, representing an improvement of $116 million year-over-year and achieving its 2.2x net leverage ratio1.
Total backlog as of December 31, 2025 was $11.1 billion. Funded backlog1 was $2.3 billion. Book-to-bill1 in the quarter was approximately 0.7x.
Full-Year 2025 Results
Full-year revenue was $4.48 billion, representing a 4% increase compared to the previous year.
Net income for the year was $77.9 million. Adjusted net income1 was $166.8 million, an increase of $27.9 million dollars, or 20%, year-over-year. Full-year GAAP diluted EPS was $2.45. Adjusted diluted EPS1 for 2025 was $5.24, increasing 21% year-over-year. Full-year adjusted EBITDA1 was $323.3 million with a margin of 7.2%.
Net cash provided by operating activities in 2025 was $182.0 million. Adjusted net cash provided by operating activities1 was $148.3 million.
2026 Guidance
Expectations for the Company's full year 2026 financial results are as follows:
$ millions, except for per share amounts
2026 Guidance
2026 Mid-Point
Revenue
$4,675
$4,825
$4,750
Adjusted EBITDA1
$335
$350
$343
Adjusted Diluted Earnings Per Share1
$5.50
$5.90
$5.70
Adjusted Net Cash Provided by Operating Activities1
$150
$170
$160
The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the "unreasonable efforts" exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Fourth Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, February 23, 2026. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/3do4py9pnRx
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 9, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666.
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the "investors" section of the company's website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission ("SEC") Regulation FD.
___________________________
1 See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions and reconciliations.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission's lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,200 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today's toughest challenges across all operational domains.
Investor Contact
Media Contact
Mike Smith, CFA
Angelica Spanos Deoudes
[email protected]
[email protected]
719-637-5773
571-338-5195
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "could," "potential," "continue" or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under "2026 Guidance" above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; product development; capital deployment; statements about the benefits and expectations with respect to the strategic acquisition; and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial opportunities for value creation.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
V2X, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Year Ended December 31,
(In thousands, except per share data)
2025
2024
2023
Revenue
$ 4,480,038
$ 4,322,155
$ 3,963,126
Cost of revenue
4,106,656
3,979,193
3,628,271
Selling, general and administrative expenses
179,112
183,758
210,439
Operating income
194,270
159,204
124,416
Loss on extinguishment of debt
(2,527)
(1,998)
(22,298)
Interest expense, net
(79,909)
(107,900)
(122,442)
Other expense, net
(10,931)
(10,465)
(4,194)
Income (loss) from operations before income taxes
100,903
38,841
(24,518)
Income tax expense (benefit)
23,021
4,157
(1,945)
Net income (loss)
$ 77,882
$ 34,684
$ (22,573)
Earnings (loss) per share
Basic
$ 2.47
$ 1.10
$ (0.73)
Diluted
$ 2.45
$ 1.08
$ (0.73)
Weighted average common shares outstanding, basic
31,559
31,485
31,084
Weighted average common shares outstanding, diluted
31,820
31,967
31,084
V2X, INC.
CONSOLIDATED BALANCE SHEETS
December 31,
(In thousands, except shares and per share data)
2025
2024
Assets
Current assets
Cash, cash equivalents and restricted cash
$ 368,994
$ 268,321
Receivables
738,922
710,068
Prepaid expenses and other current assets
127,102
124,081
Total current assets
1,235,018
1,102,470
Property, plant, and equipment, net
52,383
62,001
Goodwill
1,677,154
1,656,926
Intangible assets, net
239,760
323,068
Other non-current assets
76,525
84,378
Total non-current assets
2,045,822
2,126,373
Total Assets
$ 3,280,840
$ 3,228,843
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable
$ 557,042
$ 547,568
Compensation and other employee benefits
176,530
166,918
Short-term debt
14,935
20,003
Other accrued liabilities
267,039
261,735
Total current liabilities
1,015,546
996,224
Long-term debt, net
1,083,234
1,087,484
Deferred tax liabilities
28,357
20,983
Other non-current liabilities
69,067
98,000
Total non-current liabilities
1,180,658
1,206,467
Total liabilities
2,196,204
2,202,691
Commitments and contingencies
Shareholders' Equity
