VSE reported Q4 FY2025 total revenues of USD 301.2 million (+32.0%), GAAP net income of USD 22.3 million (2.1x), GAAP diluted EPS of USD 0.98 (+92.0%), and adjusted EBITDA of USD 51.8 million (+55.0%). Adjusted net income was USD 26.4 million (2.1x) and adjusted diluted EPS was USD 1.16 (+84.0%). The Aviation segment posted Q4 revenue of USD 301.2 million (+32.0%) and segment adjusted EBITDA of USD 55.2 million (+43.0%), with adjusted EBITDA margin of 18.3% (up about 140 basis points). Q4 operating cash flow was USD 38.0 million and free cash flow was USD 31.0 million. For FY2025, VSE reported total revenues of USD 1.1 billion (+41.0%), GAAP net income of USD 53.5 million (2.8x), and GAAP diluted EPS of USD 2.52 (+133.0%). Adjusted EBITDA was USD 182.9 million (+56.0%), adjusted net income was USD 83.2 million (+121.0%), and adjusted diluted EPS was USD 3.92 (+87.0%). FY2025 operating cash flow was USD 27.0 million and free cash flow was USD 6.0 million. As of Dec. 31, 2025, VSE reported USD 469.0 million in cash and unused revolver availability, net debt of USD 223.0 million, and an adjusted net leverage ratio of about 1.1x. Business updates included an agreement announced Jan. 29, 2026 to acquire Precision Aviation Group (expected to close in Q2 2026; PAG expects about USD 615.0 million of adjusted revenue for FY2025 with an adjusted EBITDA margin greater than 20%, and initial annualized synergies are estimated to exceed USD 15.0 million). VSE also disclosed an exclusive asset purchase and license agreement to manufacture, distribute, and repair certain fuel pumps for Pratt & Whitney Canada PT6 engines, and launched a globally exclusive life-of-program APU components distribution program covering more than 2,500 aftermarket parts, with execution expected to begin in early 2026. For FY2026 (excluding PAG), VSE guided for revenue growth of about 19.0% to 23.0% and adjusted EBITDA margin of 16.8% to 17.3%.

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