VSE Corporation Announces Third Quarter 2026 Results
VSE Corporation posted record Q3 2026 results, with revenue up 91.2% year-over-year to $541.0 million and GAAP net income surging 1,216.2% to $47.3 million. Organic revenue growth was approximately 17%, with the remainder driven by acquisitions including a full quarter from Precision Aviation Group and the newly acquired Atech Turbine Components. Adjusted EBITDA rose 126.3% to a record $107.2 million with margin expanding roughly 310 basis points to 19.8%. Free cash flow reached $46.6 million in the quarter, and the company ended with an adjusted net leverage ratio of approximately 2.3x on $894.2 million of net debt.
Key figures
- Eps
- 1.49
- Revenue
- $541.0 million
- Guidance
- FY2026 revenue growth raised to 65%-66.5% (from 61%-64%); Adjusted EBITDA margin raised to 18.9%-19.1% (from 18.7%-19.0%)
- Revenue Yoy
- 91.2%
- Net debt
- $894.2 million
- Free cash flow
- $46.6 million
- Adjusted ebitda
- $107.2 million (up 126.3%)
- Gaap net income
- $47.3 million (up 1,216.2%)
- Adjusted net income
- $63.8 million (up 128.4%)
- Operating cash flow
- $56.0 million
- Adjusted eps diluted
- 2.01
- Cash and equivalents
- $65.8 million
- Adjusted ebitda margin
- 19.8%
- Organic revenue growth
- ~17%
- Adjusted net leverage ratio
- ~2.3x
AI analysis
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