Earnings Releases·Nov 4, 2026, 4:46 PM ET

VSE Corporation — Third Quarter 2026 Earnings Summary

Total revenues surged 91.2% year-over-year to $541.0 million, driven by a 197.6% increase in repair revenue and a 74 percentage point contribution from acquisitions, while GAAP net income jumped 1,216.2% to $47.3 million and Adjusted EBITDA rose 126.3% to $107.2 million.
Full-year 2026 guidance was raised, with revenue growth expectations increased to 65%–66.5% (from 61%–64%) and Adjusted EBITDA margin guidance lifted to 18.9%–19.1% (from 18.7%–19.0%).
Strategic expansion continued with the August 31, 2026, acquisition of Atech Turbine Components to broaden engine repair capabilities, alongside ongoing integration of Precision Aviation Group (PAG) to capture synergies and bring repair work in-house.
The company generated $56.0 million in operating cash flow and $46.6 million in free cash flow for the quarter, maintaining a net debt position of $894.2 million with an Adjusted net leverage ratio of approximately 2.3x.