VSE Corporation (VSEC) Quarterly Income Statement

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VSE Corporation (VSEC) quarterly income statement — complete revenue, gross profit & net income history

Quarterly statement

VSEC Income Statement

VSE Corporation (VSEC) annual income statement — 30-year revenue, gross profit & net income history

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21

Sales/Revenue	449.14M	324.58M	301.18M	282.91M	272.14M	256.05M	299.02M	203.64M	192.83M	162.38M	235.32M	231.35M	205.22M	188.59M	171.99M	167.38M	169.76M	231.24M	210.18M	200.58M
Revenue Growth %	65.04%	26.77%	0.72%	38.92%	41.13%	57.68%	27.07%	-11.98%	-6.04%	-13.89%	36.83%	38.22%	20.89%	-18.45%	-18.17%	-16.55%	-3.06%	40.16%	40.1%	21.19%
Cost of Goods Sold	372.7M	285.63M	260.94M	248.85M	241.11M	229.23M	266.75M	181.68M	173.59M	143.81M	208.51M	203.53M	183.07M	169.76M	154.18M	151.68M	158.75M	218.42M	197.71M	185.88M
COGS % of Revenue	82.98%	88%	86.64%	87.96%	88.6%	89.53%	89.21%	89.22%	90.02%	88.57%	88.6%	87.98%	89.2%	90.02%	89.65%	90.62%	93.52%	94.46%	94.07%	92.67%
Gross Profit	76.44M	38.95M	40.24M	34.05M	31.03M	26.82M	32.27M	21.96M	19.24M	18.57M	26.82M	27.82M	22.16M	18.82M	17.8M	15.7M	11.01M	12.82M	12.47M	14.7M
Gross Margin %	17.02%	12%	13.36%	12.04%	11.4%	10.47%	10.79%	10.78%	9.98%	11.43%	11.4%	12.02%	10.8%	9.98%	10.35%	9.38%	6.48%	5.54%	5.93%	7.33%
Gross Profit Growth %	146.35%	45.25%	24.69%	55.06%	61.28%	44.42%	20.33%	-21.06%	-13.17%	-1.35%	50.62%	77.16%	101.27%	46.83%	42.81%	6.82%	194.38%	32.97%	-1.1%	-2.45%
Operating Expenses	27.48M	6.2M	3.75M	667K	7.52M	1.11M	-245K	1.24M	3.28M	1.32M	1.3M	1.06M	1.52M	1.84M	1.86M	594K	473K	906K	1.73M	809K
OpEx % of Revenue	6.12%	1.91%	1.24%	0.24%	2.76%	0.43%	-0.08%	0.61%	1.7%	0.82%	0.55%	0.46%	0.74%	0.98%	1.08%	0.35%	0.28%	0.39%	0.82%	0.4%
Selling, General & Admin	9.03M	6.2M	3.75M	667K	7.52M	1.11M	-245K	1.24M	3.28M	1.32M	1.3M	1.06M	1.52M	1.84M	1.86M	594K	473K	906K	1.73M	809K
SG&A % of Revenue	2.01%	1.91%	1.24%	0.24%	2.76%	0.43%	-0.08%	0.61%	1.7%	0.82%	0.55%	0.46%	0.74%	0.98%	1.08%	0.35%	0.28%	0.39%	0.82%	0.4%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1000K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	48.96M	32.75M	36.49M	33.39M	23.51M	25.7M	32.52M	20.72M	15.96M	17.24M	25.52M	26.76M	20.64M	16.98M	15.94M	15.11M	10.54M	11.91M	10.74M	13.89M
Operating Margin %	10.9%	10.09%	12.12%	11.8%	8.64%	10.04%	10.87%	10.17%	8.28%	10.62%	10.84%	11.57%	10.06%	9%	9.27%	9.03%	6.21%	5.15%	5.11%	6.93%
Operating Income Growth %	108.22%	27.4%	12.23%	61.13%	47.33%	49.07%	27.41%	-22.58%	-22.67%	1.56%	60.08%	77.14%	95.89%	42.5%	48.44%	8.76%	182.86%	24.07%	-9.86%	-2.07%
EBITDA	72.93M	45.49M	47.42M	43.58M	33.15M	35.61M	40.87M	27.71M	22.88M	23.19M	31.47M	32.21M	26.4M	23.23M	21.89M	21.33M	16.42M	18.46M	17.34M	20.62M
EBITDA Margin %	16.24%	14.02%	15.74%	15.4%	12.18%	13.91%	13.67%	13.61%	11.87%	14.28%	13.37%	13.92%	12.86%	12.32%	12.73%	12.74%	9.67%	7.98%	8.25%	10.28%
EBITDA Growth %	120.02%	27.76%	16.03%	57.27%	44.87%	53.57%	29.84%	-13.98%	-13.33%	-0.16%	43.75%	51.05%	60.81%	25.81%	26.25%	3.42%	356.89%	18.74%	-2.76%	3.13%
D&A (Non-Cash Add-back)	23.97M	12.75M	10.93M	10.19M	9.63M	9.9M	8.35M	6.99M	6.92M	5.95M	5.96M	5.45M	5.76M	6.25M	5.95M	6.22M	5.88M	6.55M	6.6M	6.73M
EBIT	44.48M	32.75M	31.49M	10.59M	23.01M	24.5M	27.41M	20.07M	2.6M	15.64M	25.32M	25.26M	20.64M	16.78M	15.94M	15.11M	10.54M	11.91M	10.74M	13.89M
Net Interest Income	-5.23M	1.4M	-833K	-4.84M	-6.95M	-7.94M	-6.94M	-8.99M	-9.83M	-9.19M	-9.28M	-8.46M	-7.37M	-5.98M	-5.59M	-4.82M	-3.87M	-3.61M	-3.59M	-2.78M
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.23M	-1.4M	833K	4.84M	6.95M	7.94M	6.94M	8.99M	9.83M	9.19M	9.28M	8.46M	7.37M	5.98M	5.59M	4.82M	3.87M	3.61M	3.59M	2.78M
Other Income/Expense	-9.7M	1.4M	-5.83M	-27.64M	-7.44M	-9.14M	-12.04M	-9.63M	-23.18M	-10.79M	-9.48M	-9.96M	-7.37M	-6.18M	-5.59M	-4.82M	-3.87M	-3.61M	-3.59M	-2.78M
Pretax Income	39.26M	34.15M	30.66M	5.75M	16.07M	16.57M	20.47M	11.09M	-7.22M	6.45M	16.04M	16.8M	13.27M	10.8M	10.35M	10.29M	6.66M	8.3M	7.15M	11.11M
Pretax Margin %	8.74%	10.52%	10.18%	2.03%	5.9%	6.47%	6.85%	5.44%	-3.75%	3.97%	6.82%	7.26%	6.47%	5.73%	6.02%	6.15%	3.92%	3.59%	3.4%	5.54%
Income Tax	10.73M	5.09M	8.36M	2.16M	2.43M	2.6M	4.95M	2.34M	-1.94M	911K	3.21M	4.69M	3.18M	2.68M	2.44M	2.59M	1.91M	2.06M	946K	2.09M
Effective Tax Rate %	27.34%	14.92%	27.28%	37.53%	15.12%	15.68%	24.16%	21.14%	26.8%	14.12%	19.99%	27.93%	23.98%	24.8%	23.54%	25.17%	28.64%	24.82%	13.24%	18.82%
Net Income	28.52M	29.05M	13.57M	3.75M	16.45M	-9.22M	15.6M	11.65M	-2.78M	-19.27M	11.61M	9.56M	8.86M	9.12M	4.85M	9.42M	7.55M	6.24M	6.2M	9.02M
Net Margin %	6.35%	8.95%	4.5%	1.33%	6.04%	-3.6%	5.22%	5.72%	-1.44%	-11.87%	4.93%	4.13%	4.31%	4.83%	2.82%	5.63%	4.45%	2.7%	2.95%	4.5%
Net Income Growth %	73.41%	415.23%	-13.02%	-67.77%	692.29%	52.18%	34.41%	21.9%	-131.36%	-311.41%	139.38%	1.47%	17.32%	46.01%	-21.81%	4.41%	161.04%	22.17%	3.11%	11.26%
Net Income (Continuing)	28.52M	29.05M	22.3M	3.59M	13.64M	13.97M	15.53M	8.74M	-5.29M	5.54M	12.83M	12.11M	10.09M	8.12M	7.92M	7.7M	4.75M	6.24M	6.2M	9.02M
Discontinued Operations	0	0	-1000K	164K	1000K	-1000K	73K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	997K	-1000K	1000K	1000K	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.91	1.04	0.58	0.19	0.66	-0.43	0.76	0.63	-0.16	-1.22	0.73	0.64	0.69	0.71	0.38	0.73	0.59	0.49	0.49	0.71
EPS Growth %	37.88%	341.86%	-23.68%	-69.84%	512.5%	64.75%	4.11%	-1.56%	-123.19%	-271.83%	92.11%	-12.33%	16.95%	44.9%	-22.45%	2.82%	160.82%	16.67%	0%	-2.74%
EPS (Basic)	0.92	1.06	0.58	0.19	0.66	-0.44	0.75	0.63	-0.16	-1.22	0.74	0.64	0.69	0.71	0.38	0.74	0.59	0.49	0.49	0.71
Diluted Shares Outstanding	31.39M	27.83M	22.75M	20.76M	20.74M	20.74M	20.59M	18.48M	17.15M	15.78M	15.8M	15.05M	12.92M	12.93M	12.83M	12.83M	12.81M	12.8M	12.77M	12.77M
Basic Shares Outstanding	30.94M	27.5M	22.75M	20.68M	20.64M	20.62M	20.59M	18.43M	17.15M	15.78M	15.76M	15M	12.89M	12.84M	12.79M	12.8M	12.78M	12.74M	12.7M	12.7M
Dividend Payout Ratio	9.84%	8.05%	15.24%	55.07%	12.57%	-	13.08%	15.82%	-	-	13.57%	13.5%	14.55%	14.07%	26.38%	13.59%	16.92%	20.42%	18.44%	12.69%