Filing Flows › VSE (VSEC) › Q3 2025
VSE (VSEC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 27, 2025
VSE (VSEC) reported revenue of $283M for the third quarter 2025 (Q3 2025), +39% from a year earlier and +4% from the quarter before. Operating margin was 3.6%, net earnings $3.9M (1.4% of revenue).
VSE, Q3 2025: revenue $283M (+39% year over year), operating margin 3.6%, net earnings $3.9M, operating cash flow $24.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $283M | +4% | +39% |
| Operating profit | $10.1M | -55% | -50% |
| Net earnings | $3.9M | +22% | -66% |
| Operating cash flow | $24.1M | +103% | +137% |
| Free cash flow | $18.0M | — | +309% |
What changed
Revenue was $282.9M in Q3 2025, up 39% year over year and up 4% from the previous quarter. Products was the largest line at 62% of revenue. Products added $57.7M year over year (up 49%), 73% of the total change.
Operating profit was $10.1M, a 3.6% margin (down 6.3 points year over year). Operating profit fell $10.0M even though revenue rose $79.3M versus a year earlier, so costs grew faster than sales. Total costs grew 49% against revenue growth of 39%. The fastest-growing cost line was Other operating costs (+50%). Net earnings were $3.9M, down 66% year over year. The effective tax rate was 35.5%.
Operating cash flow was $24.1M (up 137% year over year), 616% of net earnings. Non-cash charges added back $10.2M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items added $6.7M. After capital expenditures ($6.0M), free cash flow as the company reports it was $18.0M.
Questions
What was VSE's revenue in the third quarter 2025?
VSE (VSEC) reported revenue of $283M for the third quarter 2025 (Q3 2025), +39% from a year earlier and +4% from the quarter before.
Was VSE profitable in the third quarter 2025?
Operating profit was $10.1M (3.6% of revenue) and net earnings $3.9M.
Source: VSE 10-Q on SEC EDGAR.