Filing Flows › VSE (VSEC) › Q2 2025
VSE (VSEC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
VSE (VSEC) reported revenue of $272M for the second quarter 2025 (Q2 2025), +41% from a year earlier and +6% from the quarter before. Operating margin was 8.3%, net earnings $3.2M (1.2% of revenue).
VSE, Q2 2025: revenue $272M (+41% year over year), operating margin 8.3%, net earnings $3.2M, operating cash flow $11.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $272M | +6% | +41% |
| Operating profit | $22.5M | -8% | +765% |
| Net earnings | $3.2M | — | — |
| Operating cash flow | $11.9M | — | — |
| Free cash flow | $6.3M | — | — |
What changed
Revenue was $272.1M in Q2 2025, up 41% year over year and up 6% from the previous quarter. Products was the largest line at 64% of revenue. Products added $58.2M year over year (up 50%), 73% of the total change.
Operating profit was $22.5M, a 8.3% margin (up 6.9 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 1% margin then. Total costs grew 31% against revenue growth of 41%. The fastest-growing cost line was SG&A (+125%). Net earnings were $3.2M. The effective tax rate was 43.2%.
Operating cash flow was $11.9M, 372% of net earnings. Non-cash charges added back $9.6M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items used $4.1M. After capital expenditures ($5.6M), free cash flow as the company reports it was $6.3M.
Questions
What was VSE's revenue in the second quarter 2025?
VSE (VSEC) reported revenue of $272M for the second quarter 2025 (Q2 2025), +41% from a year earlier and +6% from the quarter before.
Was VSE profitable in the second quarter 2025?
Operating profit was $22.5M (8.3% of revenue) and net earnings $3.2M.
Source: VSE 10-Q on SEC EDGAR.