Filing Flows › VSE (VSEC) › Q3 2026
VSE (VSEC) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
VSE (VSEC) reported revenue of $541M for the third quarter 2026 (Q3 2026), +91% from a year earlier and +20% from the quarter before. Operating margin was 14.3%, net earnings $47.3M (8.7% of revenue).
VSE, Q3 2026: revenue $541M (+91% year over year), operating margin 14.3%, net earnings $47.3M, operating cash flow $56.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $541M | +20% | +91% |
| Operating profit | $77.5M | +58% | +668% |
| Net earnings | $47.3M | +66% | 12× |
| Operating cash flow | $56.0M | +103% | +132% |
| Free cash flow | $46.6M | — | +158% |
What changed
Revenue was $541.0M in Q3 2026, up 91% year over year and up 20% from the previous quarter. Services was the largest line at 59% of revenue. Services added $211.2M year over year (up 198%), 82% of the total change.
Operating profit was $77.5M, a 14.3% margin (up 10.8 points year over year). Of the extra revenue versus Q3 2025, 26% reached operating profit, above the 4% margin then. Total costs grew 70% against revenue growth of 91%. The fastest-growing cost line was SG&A (+692%). Net earnings were $47.3M, up 1108% year over year. The effective tax rate was 25.4%.
Operating cash flow was $56.0M (up 132% year over year), 118% of net earnings. Non-cash charges added back $30.1M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $25.7M. After capital expenditures ($9.4M), free cash flow as the company reports it was $46.6M.
Questions
What was VSE's revenue in the third quarter 2026?
VSE (VSEC) reported revenue of $541M for the third quarter 2026 (Q3 2026), +91% from a year earlier and +20% from the quarter before.
Was VSE profitable in the third quarter 2026?
Operating profit was $77.5M (14.3% of revenue) and net earnings $47.3M.
Source: VSE 10-Q on SEC EDGAR.