Release – V2X Reports First Quarter 2026 Results

Research News and Market Data on VVX

May 04, 2026

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First Quarter Financial Highlights

• Revenue of $1.25 billion, up 23% year-over-year
• Net income of $18.9 million; Adjusted net income¹ of $48.1 million, up 53% year-over-year
• Adjusted EBITDA¹ of $85.6 million; Adjusted EBITDA¹ margin of 6.8%
• Diluted EPS of $0.60; Adjusted diluted EPS¹ of $1.53, up 55% year-over-year
• Record backlog¹ of $13.8 billion, driven by 3.2x book-to-bill¹ in the quarter

Increasing 2026 Guidance

• Increasing full-year 2026 guidance with 9% revenue and adjusted EBITDA¹ growth at the midpoint

RESTON, Va., May 4, 2026 /PRNewswire/ — V2X, Inc. (NYSE:VVX) today announced first quarter 2026 financial results, and increased guidance for full-year 2026.

“V2X delivered a strong start to 2026, with double-digit growth on both the top and bottom lines, underscoring our team’s disciplined execution and our organization’s alignment to national security priorities,” said Jeremy C. Wensinger, President and Chief Executive Officer. “We secured approximately 50 awards in the quarter totaling approximately $4.1 billion, driving total backlog¹ to a record $13.8 billion and reinforcing our position as a leading provider of mission capabilities. We are increasing our full-year outlook given the momentum underway. Supported by our strong balance sheet, we will continue to prioritize investments that accelerate innovation across the enterprise and enhance global operations, to deliver differentiated outcomes for customers and greater value for shareholders.”

First Quarter 2026 Results

In the first quarter, V2X reported revenue of $1.25 billion, representing year-over-year growth of 23%. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income¹ and adjusted EPS¹. Net income for the quarter was $18.9 million. Adjusted net income¹ was $48.1 million, an increase of 53%, year-over-year. First quarter GAAP diluted EPS was $0.60. Adjusted diluted EPS¹ for the quarter increased 55% year-over-year to $1.53.

V2X delivered adjusted EBITDA¹ of $85.6 million, with a margin¹ of 6.8%, representing an increase of 28%, from the prior year.

First quarter net cash used by operating activities was $129.9 million. Adjusted net cash used by operating activities¹ was $22.1 million.

At the end of the first quarter, net debt for V2X was $895.4 million, representing an improvement of $77 million year-over-year and a 2.5x net leverage ratio¹. The Company expects to achieve a net leverage ratio¹ less than 2.0x by the end of 2026.

As of April 3, 2026, total backlog¹ was $13.8 billion and funded backlog¹ was $2.3 billion. Book-to-bill¹ in the first quarter was approximately 3.2x. Trailing twelve-month book-to-bill¹ was approximately 1.5x.

Increasing 2026 Guidance

The Company is increasing its 2026 guidance ranges as follows:

The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below. 

First Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, May 4, 2026. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/Q291YZzYJpN

A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through May 18, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10208314. 

Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.

About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,200 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under “Increasing 2026 Guidance” above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; product development; capital deployment; future net leverage ratio; and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial opportunities for value creation.

These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.  In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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SOURCE V2X, Inc.