Filing Flows › VSE (VSEC) › Q4 2025
VSE (VSEC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
VSE (VSEC) reported revenue of $301M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +6% from the quarter before. Operating margin was 10.8%, net earnings $13.6M (4.5% of revenue).
VSE, Q4 2025: revenue $301M (+32% year over year), operating margin 10.8%, net earnings $13.6M, operating cash flow $37.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $301M | +6% | +32% |
| Operating profit | $32.5M | +222% | +59% |
| Net earnings | $13.6M | +247% | +4% |
| Operating cash flow | $37.6M | +56% | -32% |
| Free cash flow | $30.9M | — | -41% |
What changed
Revenue was $301.2M in Q4 2025, up 32% year over year and up 6% from the previous quarter. Products was the largest line at 64% of revenue.
Operating profit was $32.5M, a 10.8% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, above the 9% margin then. Total costs grew 30% against revenue growth of 32%. The fastest-growing cost line was SG&A (+77%). Net earnings were $13.6M, up 4% year over year. The effective tax rate was 38.1%.
Operating cash flow was $37.6M (down 32% year over year), 277% of net earnings. Non-cash charges added back $10.2M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $11.0M. After capital expenditures ($6.8M), free cash flow as the company reports it was $30.9M.
Questions
What was VSE's revenue in the fourth quarter 2025?
VSE (VSEC) reported revenue of $301M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +6% from the quarter before.
Was VSE profitable in the fourth quarter 2025?
Operating profit was $32.5M (10.8% of revenue) and net earnings $13.6M.
Source: VSE 10-K on SEC EDGAR.