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VSE cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$46.6M in Q3 2026 · $27.5M over twelve months

Operating cash flow$56.0M
Capital spending−$9.4M
Free cash flow+$46.6M
Cash / net income1.2×

Analysis

In Q3 2026, VSE generated $56.0M of operating cash flow and spent $9.4M on capital projects, leaving free cash flow of $46.6M. That is $28.6M more than in Q3 2025 ($18.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $58.9M; the largest uses were acquisitions ($2.2B), capital spending ($31.5M), other investing ($14.3M); besides operations, cash came from shares issued ($1.3B), net borrowing (+) / repaid (−) ($545M); the cash balance rose by $57.0M.

Operating cash flow was $56.0M against net income of $47.3M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: inventory −$32.8M, depreciation & amortization +$30.1M, payables +$23.2M.

Free cash flow

VSE: free cash flow by quarterVSE: free cash flow by quarter$52.1MQ4 2024−$49.5MQ1 2025$6.3MQ2 2025$18.0MQ3 2025$30.9MQ4 2025−$68.7MQ1 2026$18.7MQ2 2026$46.6MQ3 2026
Operating cash flow less capital spending.
VSE: operating cash flow against capital spendingVSE: operating cash flow against capital spendingOperating cash flowCapital spending$55.4M$3.3MQ4 2024−$46.6M$2.9MQ1 2025$11.9M$5.6MQ2 2025$24.1M$6.0MQ3 2025$37.6M$6.8MQ4 2025−$62.3M$6.5MQ1 2026$27.6M$8.9MQ2 2026$56.0M$9.4MQ3 2026
Latest (Q3 2026): Operating cash flow $56.0M, Capital spending $9.4M.

Capital allocation, year by year

VSE: where the cash came from (up) and went (down), by fiscal yearVSE: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow −$17.6MFY2021: Net borrowing $33.3MFY2021: Shares issued $52.0MFY2021: Asset sales $68KFY2021: Capital spending −$10.5MFY2021: Acquisitions −$53.3MFY2021: Dividends −$4.4M$85.4MFY2021FY2022: Operating cash flow $8.1MFY2022: Shares issued $899KFY2022: Capital spending −$12.3MFY2022: Dividends −$5.1M$8.9MFY2022FY2023: Operating cash flow −$21.8MFY2023: Net borrowing $144MFY2023: Shares issued $130MFY2023: Capital spending −$18.9MFY2023: Acquisitions −$219MFY2023: Dividends −$5.4M$274MFY2023FY2024: Operating cash flow −$31.0MFY2024: Net borrowing −$500KFY2024: Shares issued $326MFY2024: Asset sales $40.2MFY2024: Capital spending −$21.6MFY2024: Acquisitions −$283MFY2024: Dividends −$7.1M$366MFY2024FY2025: Operating cash flow $27.0MFY2025: Net borrowing −$136MFY2025: Shares issued $442MFY2025: Asset sales $139MFY2025: Capital spending −$21.3MFY2025: Acquisitions −$394MFY2025: Dividends −$8.3M$608MFY2025
Over these 5 years operating cash flow totalled −$35.4M; the largest uses were acquisitions ($949M) and net borrowing ($137M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$65.8M
Debt$960M
Net debt$894M
Due within a year$7.5M

VSE funds itself: free cash flow was $27.5M over the last twelve months, and $65.8M of cash and investments stands against $960M of debt ($7.5M due within a year, 8.8× covered by cash).

VSE: debt maturities by year (FY2025)VSE: debt maturities by year (FY2025)$7.5MYear 1$11.2MYear 2$20.6MYear 3$22.5MYear 4$234MYear 5
Principal due in each year as disclosed in the annual report, against $65.8M of cash and investments now.

Where the cash came from and went

VSE: sources (+) and uses (−) of cash, Q3 2026VSE: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$63.9MOperating cash flow$56.0MNet borrowing (+) / repaid (−)$17.8MCash drawn (+) / kept (−)$9.6MCapital spending−$9.4MOther financing−$5.6MDividends−$2.8MTaxes on employees’ shares−$1.2MOther investing−$375KExchange rates$23K
VSE: sources (+) and uses (−) of cash, TTM to Q3 2026VSE: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$2.2BShares issued$1.3BNet borrowing (+) / repaid (−)$545MOther financing$425MOperating cash flow$58.9MCash drawn (+) / kept (−)−$57.0MCapital spending−$31.5MOther investing−$14.3MTaxes on employees’ shares−$10.4MDividends−$10.0MAsset & business sales$157KNot reconciled−$111K

From profit to cash

VSE: net income to operating cash flow, Q3 2026VSE: net income to operating cash flow, Q3 2026Net income$47.3MDepreciation & amortization$30.1MStock-based pay$4.3MDeferred taxes$3.5MGains on disposals−$4KReceivables−$9.4MInventory−$32.8MPayables$23.2MContract assets−$7.8MPrepaid and other assets$3.8MOther operating capital$808KOperating cash flow$56.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$56.0M−$9.4M−$63.9M−$2.8M$17.8M—$9.6M$46.6M
Q2 2026$27.6M−$8.9M−$1.8B−$2.8M$593M$219K$1.2B$18.7M
Q1 2026−$62.3M−$6.5M−$5.4M−$2.3M−$1.9M$829M−$1.2B−$68.7M
Q4 2025$37.6M−$6.8M−$346M−$2.1M−$63.5M$442M−$60.6M$30.9M
Q3 2025$24.1M−$6.0M−$6K−$2.1M−$23.3M—$8.1M$18.0M
Q2 2025$11.9M−$5.6M−$47.7M−$2.1M−$84.0M$463K−$6.4M$6.3M
Q1 2025−$46.6M−$2.9M—−$2.1M$34.5M—$18.5M−$49.5M
Q4 2024$55.4M−$3.3M−$171M−$2.0M−$20.5M$164M−$21.1M$52.1M

VSE: income statement and cash flow

VSE, Q3 2026: revenue $541M (+91% year over year), operating margin 14.3%. The chart follows the revenue to costs, profit and cash.

VSE: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.