VSE CORP (VSEC) Form 10-Q — Aug 6, 2026
VSE Corporation reported record second-quarter 2026 results, with revenue of $449.1 million up 65% year-over-year and diluted EPS from continuing operations of $0.91 versus $0.66 in the prior-year quarter. Net income was $28.5 million versus $3.2 million a year ago. Growth was driven primarily by the $2.02 billion acquisition of Precision Aviation Group completed May 5, 2026, which contributed $104.5 million of revenue in the quarter. The deal was funded with roughly $1.3 billion of net proceeds from February 2026 concurrent common stock and 5.750% tangible equity unit offerings plus a new $900 million term loan B facility.
Key figures
- Eps
- 0.91
- Revenue
- 449137000
- Net Income
- 28523000
- Total Debt
- 966668000
- Revenue Yoy
- 65%
- Total Assets
- 4397406000
- Cash Position
- 75360000
- Shares Outstanding
- 28064972
- Goodwill
- 1810424000
- Six month revenue
- 773717000
- Pag earnout maximum
- 125000000
- Q2 operating income
- 48958000
- Revolver upsized to
- 500000000
- Operating income yoy
- 117%
- Effective tax rate q2
- 27.3%
- Six month diluted eps
- 1.94
- Six month revenue yoy
- 46%
- Term loan b principal
- 900000000
- Pag earnout fair value
- 33850000
- Pag total consideration
- 2020007000
- Dividend declared per share
- $0.10 quarterly
- Loss on debt extinguishment
- 4473000
- Pag q2 revenue contribution
- 104500000
- Acquisition related expenses q2
- 8000000
- Common stock offering net proceeds
- $829.0 million (4,587,766 shares at $188.00)
- Tangible equity units offering net proceeds
- $444.9 million (9,200,000 units at $50.00)
- Six month net income from continuing operations
- 57578000
Price after filing
Close on the filing date to close N calendar days later (from $214.23). Historical, not a forecast.
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