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VSE (VSEC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · VSE (VSEC) Q3 2026 earnings results →
Q3 2026 Revenue up 91% year over year to $541M · 9¢ of every $1 of revenue kept as net profit · operating margin 14.3%
VSE made $541M in Q3 2026 (+91% Y/Y): Services $318M, Products $223M. Operating margin 14.3%, net earnings $47.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $541.0M in Q3 2026, up 91% year over year and up 20% from the previous quarter. Services was the largest line at 59% of revenue. Services added $211.2M year over year (up 198%), 82% of the total change.
Operating profit was $77.5M, a 14.3% margin (up 10.8 points year over year). Of the extra revenue versus Q3 2025, 26% reached operating profit, above the 4% margin then. Total costs grew 70% against revenue growth of 91%. The fastest-growing cost line was SG&A (+692%). Net earnings were $47.3M, up 1108% year over year. The effective tax rate was 25.4%.
Operating cash flow was $56.0M (up 132% year over year), 118% of net earnings. Non-cash charges added back $30.1M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $25.7M. After capital expenditures ($9.4M), free cash flow as the company reports it was $46.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $541M | +91% | 14.3% | $47.3M | $56.0M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $449M | +65% | 10.9% | $28.5M | $27.6M |
| Q1 2026 | 10-Q | May 8, 2026 | $325M | +27% | 10.1% | $29.1M | −$62.3M |
| Q4 2025 | 10-K | Feb 27, 2026 | $301M | +32% | 10.8% | $13.6M | $37.6M |
| Q3 2025 | 10-Q | Oct 27, 2025 | $283M | +39% | 3.6% | $3.9M | $24.1M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $272M | +41% | 8.3% | $3.2M | $11.9M |
| Q1 2025 | 10-Q | May 7, 2025 | $256M | +58% | 9.6% | −$9.0M | −$46.6M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About VSE
VSE Corporation, through its subsidiaries (collectively, "VSE" or the "Company") is a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air transportation assets for commercial and government markets. VSE was incorporated in Delaware in 1959. The Company is focused on enhancing the productivity and longevity of its customer's high-value, business-critical assets. The Company strives to achieve this through dedication to creating better solutions, anticipating global needs, and building stronger relationships with customers.
In its own words, from its 10-K, filed Feb 27, 2026.
VSE against its Services-Engineering Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +91% against the peers' median +5%. Operating margin: 14.3% against the peers' median 7.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VSEC VSE | Q3 2026 | $541M | +91% | 14.3% |
| ACM AECOM | Q4 FY25 | $4.2B | +2% | 5.7% |
| TTEK Tetra Tech | Q3 FY26 | $1.3B | -4% | 12.1% |
| WLDN Willdan Group | Q3 2026 | $215M | +18% | 7.6% |
| MG Mistras Group | Q3 2026 | $205M | +5% | 7.4% |
| ACFN Acorn Energy | Q3 2026 | $2.6M | +5% | 7.3% |
| HYOR HyOrc | Q2 2026 | $24K | — | 100.0% |
| OFAL OFA | Q1 FY27 | $15K | -22% | n/m |
Source: VSE 10-Q on SEC EDGAR · CIK 102752 · Services-Engineering Services
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More on VSEC
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results