Filing Flows › VSE (VSEC) › Q1 2026
VSE (VSEC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
VSE (VSEC) reported revenue of $325M for the first quarter 2026 (Q1 2026), +27% from a year earlier and +8% from the quarter before. Operating margin was 10.1%, net earnings $29.1M (9.0% of revenue).
VSE, Q1 2026: revenue $325M (+27% year over year), operating margin 10.1%, net earnings $29.1M, operating cash flow −$62.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $325M | +8% | +27% |
| Operating profit | $32.7M | +0.8% | +34% |
| Net earnings | $29.1M | +114% | — |
| Operating cash flow | −$62.3M | -265% | — |
What changed
Revenue was $324.6M in Q1 2026, up 27% year over year and up 8% from the previous quarter. Products was the largest line at 62% of revenue. Products added $41.8M year over year (up 26%), 61% of the total change.
Operating profit was $32.7M, a 10.1% margin (up 0.5 points year over year). Of the extra revenue versus Q1 2025, 12% reached operating profit, above the 10% margin then. Total costs grew 26% against revenue growth of 27%. The fastest-growing cost line was SG&A (+168%). Net earnings were $29.1M. The effective tax rate was 14.9%.
Operating cash flow was −$62.3M. Non-cash charges added back $12.7M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $108.6M. Capital expenditures of $6.5M exceeded it, leaving free cash flow of −$68.7M.
Questions
What was VSE's revenue in the first quarter 2026?
VSE (VSEC) reported revenue of $325M for the first quarter 2026 (Q1 2026), +27% from a year earlier and +8% from the quarter before.
Was VSE profitable in the first quarter 2026?
Operating profit was $32.7M (10.1% of revenue) and net earnings $29.1M.
Source: VSE 10-Q on SEC EDGAR.