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How VSE (VSEC) makes money
VSE (VSEC) made $541M of revenue in the third quarter 2026 (Q3 2026), +91% from a year earlier. Services brought in $318M (59%); Products brought in $223M (41%). Of every dollar of revenue, 14¢ was left as operating profit, 9¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Services | $318M | 58.8% | +29% | +198% |
| Products | $223M | 41.2% | +10% | +27% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $541M | 100.0% |
| Operating profit | $77.5M | 14.3% |
| Income tax | $16.1M | 3.0% |
| Net earnings | $47.3M | 8.7% |
| Operating cash flow | $56.0M | 10.3% |
| Free cash flow | $46.6M | 8.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $541M | +91% |
| Q2 2026 | $449M | +65% |
| Q1 2026 | $325M | +27% |
| Q4 2025 | $301M | +32% |
| Q3 2025 | $283M | +39% |
| Q2 2025 | $272M | +41% |
| Q1 2025 | $256M | +58% |
From VSE's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does VSE make money?
VSE (VSEC) made $541M of revenue in the third quarter 2026 (Q3 2026), +91% from a year earlier. Services brought in $318M (59%); Products brought in $223M (41%). Of every dollar of revenue, 14¢ was left as operating profit, 9¢ was left as net earnings.
What is VSE's biggest business?
Services: $318M in the third quarter 2026, 59% of revenue, +198% from a year earlier.
What is VSE's profit margin?
Net earnings were $47.3M, 8.7% of revenue, in the third quarter 2026; the operating margin was 14.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.