Filing Flows › VSE (VSEC) › Q2 2026 › vs Q1 2026
VSE (VSEC) Q2 2026 vs Q1 2026 (quarter over quarter)
VSE's revenue rose $125M (+38%) from $325M in Q1 2026 to $449M in Q2 2026. The biggest changes: Services +$124M (+101%); Products +$1.1M (+0.5%). Operating margin 10.9% against 10.1% (+0.8 pts).
VSE, Q2 2026: revenue $449M (+65% year over year), operating margin 10.9%, net earnings $28.5M, operating cash flow $27.6M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 10.9% | 10.1% | +0.8 pts |
| Net margin | 6.4% | 9.0% | -2.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Services | $246M | $122M | $124M | +101% |
| Products | $203M | $202M | $1.1M | +0.5% |
| Revenue | $449M | $325M | $125M | +38% |
| Operating profit | $49.0M | $32.7M | $16.2M | +49% |
| Costs & expenses | $400M | $292M | $108M | +37% |
| Pre-tax earnings | $39.3M | $34.1M | $5.1M | +15% |
| Other expense, net | $9.7M | −$1.4M | $11.1M | — |
| SG&A | $9.0M | $6.2M | $2.8M | +46% |
| Other operating costs | $391M | $286M | $106M | +37% |
| Net earnings | $28.5M | $29.1M | −$532K | -2% |
| Income tax | $10.7M | $5.1M | $5.6M | +111% |
| Operating cash sources | $56.6M | $46.4M | $10.2M | +22% |
| Depreciation & amortization | $24.0M | $12.7M | $11.2M | +88% |
| Share-based compensation | $4.1M | $4.6M | −$498K | -11% |
| Working capital & other | $29.0M | $109M | −$79.6M | -73% |
| Operating cash flow | $27.6M | −$62.3M | $89.8M | — |
Questions
How much did VSE's revenue grow quarter over quarter in Q2 2026?
VSE's revenue rose $125M (+38%) from $325M in Q1 2026 to $449M in Q2 2026.
What drove VSE's revenue change in Q2 2026?
Services +$124M (+101%); Products +$1.1M (+0.5%).