Filing Flows › VSE (VSEC) › Q2 2026
VSE (VSEC) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
VSE (VSEC) reported revenue of $449M for the second quarter 2026 (Q2 2026), +65% from a year earlier and +38% from the quarter before. Operating margin was 10.9%, net earnings $28.5M (6.4% of revenue).
VSE, Q2 2026: revenue $449M (+65% year over year), operating margin 10.9%, net earnings $28.5M, operating cash flow $27.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $449M | +38% | +65% |
| Operating profit | $49.0M | +49% | +117% |
| Net earnings | $28.5M | -2% | +792% |
| Operating cash flow | $27.6M | — | +132% |
| Free cash flow | $18.7M | — | +197% |
What changed
Revenue was $449.1M in Q2 2026, up 65% year over year and up 38% from the previous quarter. Services was the largest line at 55% of revenue. Services added $147.2M year over year (up 149%), 83% of the total change.
Operating profit was $49.0M, a 10.9% margin (up 2.6 points year over year). Of the extra revenue versus Q2 2025, 15% reached operating profit, above the 8% margin then. Total costs grew 60% against revenue growth of 65%. The fastest-growing cost line was SG&A (+245%). Net earnings were $28.5M, up 792% year over year. The effective tax rate was 27.3%.
Operating cash flow was $27.6M (up 132% year over year), 97% of net earnings. Non-cash charges added back $24.0M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items used $29.0M. After capital expenditures ($8.9M), free cash flow as the company reports it was $18.7M.
Questions
What was VSE's revenue in the second quarter 2026?
VSE (VSEC) reported revenue of $449M for the second quarter 2026 (Q2 2026), +65% from a year earlier and +38% from the quarter before.
Was VSE profitable in the second quarter 2026?
Operating profit was $49.0M (10.9% of revenue) and net earnings $28.5M.
Source: VSE 10-Q on SEC EDGAR.