VSE Financial Statements
NASDAQ: VSECConsumer DiscretionaryMilitary/Government/TechnicalUSD
Market open · Delayed 15 min · as of Oct 9, 1:45 PM ET
VSE revenue and earnings
In fiscal 2025, VSE generated $1.11 billion in revenue, up 41.5% from fiscal 2024, its 2nd consecutive year of revenue growth. Net income was $11.7 million (-23.6% year over year), for a net margin of 1.1% versus a median of 1.9% in the prior 5 years. Operating margin was 8.1%.
Diluted earnings per share came in at $0.55, down from $0.85. Over the last 5 fiscal years, VSEC's revenue has grown at a 10.9% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
VSE income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.11B | 786.26M | 544.02M | 669.45M | 481.38M | 661.66M | 752.63M | 697.22M | 760.11M | 691.79M |
| Revenue growth (YoY) | +41.46% | +44.53% | -18.74% | +39.07% | -27.25% | -12.09% | +7.95% | -8.27% | +9.88% | +29.55% |
| Cost of Revenue | — | — | — | — | — | — | — | — | 291.77M | 279.63M |
| Gross Profit | — | — | — | — | — | — | — | — | 468.34M | 412.16M |
| Operating Expenses | — | — | — | — | — | — | — | — | 414.02M | 360.63M |
| Selling, General & Admin | 13.34M | 13.63M | 7.12M | 3.63M | 3.45M | 3.12M | 4.19M | 3.71M | 2.43M | 6.61M |
| Operating Income | 89.59M | 58.76M | 50.15M | 53.60M | -2.71M | 13.92M | 60.26M | 54.23M | 54.33M | 51.53M |
| Interest Expense | 20.56M | 34.95M | 31.09M | — | — | — | — | — | — | — |
| Pretax Income | 69.04M | 23.81M | 19.06M | 35.71M | -14.77M | 427.00K | 46.43M | 45.25M | 45.09M | 41.67M |
| Income Tax | 15.55M | 4.41M | 4.50M | 9.05M | -3.77M | 5.60M | 9.40M | 10.17M | 5.99M | 14.88M |
| Net Income | 11.70M | 15.32M | 39.13M | 28.06M | 7.97M | -5.17M | 37.02M | 35.08M | 39.10M | 26.79M |
| Net Income growth (YoY) | -23.63% | -60.84% | +39.47% | +252.23% | — | -113.97% | +5.54% | -10.27% | +45.92% | +7.52% |
| EPS (Basic) | 0.55 | 0.86 | 2.77 | 2.20 | 0.63 | -0.47 | 3.38 | 3.23 | 3.61 | 2.48 |
| EPS (Diluted) | 0.55 | 0.85 | 2.76 | 2.19 | 0.63 | -0.47 | 3.35 | 3.21 | 3.60 | 2.47 |
| Shares Outstanding (Basic) | 21.14M | 17.88M | 14.13M | 12.78M | 12.55M | 11.03M | 10.96M | 10.88M | 10.83M | 10.79M |
| Shares Outstanding (Diluted) | 21.24M | 17.98M | 14.18M | 12.83M | 12.63M | 11.03M | 11.04M | 10.94M | 10.87M | 10.83M |
| EBITDA | 129.52M | 87.52M | 73.56M | 78.21M | 21.88M | 38.06M | 87.18M | 79.45M | 80.21M | 77.58M |
| Gross Margin | — | — | — | — | — | — | — | — | 61.62% | 59.58% |
| Operating Margin | 8.06% | 7.47% | 9.22% | 8.01% | -56.00% | 2.10% | 8.01% | 7.78% | 7.15% | 7.45% |
| Net Margin | 105.00% | 1.95% | 7.19% | 4.19% | 1.65% | -78.00% | 4.92% | 5.03% | 5.14% | 3.87% |
This table shows 10 annual periods of VSE's income statement, from FY 2025 back to FY 2016, across 18 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow VSEC's reporting calendar. What is a income statement?