Filing Flows › VSE (VSEC) › Q2 2026 › vs Q2 2025
VSE (VSEC) Q2 2026 vs Q2 2025 (year over year)
VSE's revenue rose $177M (+65%) from $272M in Q2 2025 to $449M in Q2 2026. The biggest changes: Services +$147M (+149%); Products +$29.8M (+17%). Operating margin 10.9% against 8.3% (+2.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.9% | 8.3% | +2.6 pts |
| Net margin | 6.4% | 1.2% | +5.2 pts |
| Free cash flow margin | 4.2% | 2.3% | +1.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Services | $246M | $98.5M | $147M | +149% |
| Products | $203M | $174M | $29.8M | +17% |
| Revenue | $449M | $272M | $177M | +65% |
| Operating profit | $49.0M | $22.5M | $26.4M | +117% |
| Costs & expenses | $400M | $250M | $151M | +60% |
| Pre-tax earnings | $39.3M | $5.6M | $33.6M | +598% |
| Other expense, net | $9.7M | $16.9M | −$7.2M | -43% |
| SG&A | $9.0M | $2.6M | $6.4M | +245% |
| Other operating costs | $391M | $247M | $144M | +58% |
| Net earnings | $28.5M | $3.2M | $25.3M | +792% |
| Income tax | $10.7M | $2.4M | $8.3M | +342% |
| Operating cash sources | $56.6M | $16.0M | $40.6M | +254% |
| Depreciation & amortization | $24.0M | $9.6M | $14.3M | +149% |
| Share-based compensation | $4.1M | $3.1M | $942K | +30% |
| Working capital & other | $29.0M | $4.1M | $24.9M | +611% |
| Operating cash flow | $27.6M | $11.9M | $15.7M | +132% |
| Free cash flow (company-reported) | $18.7M | $6.3M | $12.4M | +197% |
| Capital expenditures | $8.9M | $5.6M | $3.3M | +59% |
Questions
How much did VSE's revenue grow year over year in Q2 2026?
VSE's revenue rose $177M (+65%) from $272M in Q2 2025 to $449M in Q2 2026.
What drove VSE's revenue change in Q2 2026?
Services +$147M (+149%); Products +$29.8M (+17%).