Release – V2X Reports Fourth Quarter 2025 Results

Research News and Market Data on VVX

February 23, 2026

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Fourth Quarter Financial Highlights

• Revenue of $1.22 billion, up 5% year-over-year
• Net income of $22.8 million; adjusted net income¹ of $49.3 million, up 16% year-over-year
• Adjusted EBITDA¹ of $88.7 million; adjusted EBITDA¹ margin of 7.3%
• Diluted EPS of $0.72; record adjusted diluted EPS¹ of $1.56, up 17% year-over-year
• Cash flow from operations of $209.5 million

Full-Year Highlights

• Revenue of $4.48 billion, up 4% year-over-year
• Net income of $77.9 million; adjusted net income¹ of $166.8 million, up 20% year-over-year
• Adjusted EBITDA¹ of $323.3 million, with a margin of 7.2%
• Diluted EPS of $2.45; adjusted diluted EPS¹ of $5.24, up 21% year-over-year
• Cash flow from operations of $182.0 million
• Achieved net debt reduction of $116 million and 2.2x net leverage ratio¹

2026 Guidance

• Establishing full-year 2026 guidance with 6% revenue and adjusted EBITDA¹ growth at mid-point

RESTON, Va., Feb. 23, 2026 /PRNewswire/ — V2X, Inc. (NYSE:VVX) today announced financial results for the fourth quarter and full-year 2025 ended December 31, 2025, and established guidance for full-year 2026.

“V2X ended 2025 with another quarter of strong performance, underscoring our team’s successful execution of our strategy,” said Jeremy C. Wensinger, President and Chief Executive Officer. “We are entering 2026 with significant momentum. Our recent awards and alignment to National Security priorities for readiness and modernization are creating tailwinds for continued growth. Additionally, we are continuing to prioritize investments and expand partnerships to deliver innovative solutions that anticipate and fulfill our customers’ requirements. These growth priorities are further supported by the strength of our capital structure. As we look ahead, V2X is well positioned to continue to deliver readiness enabling solutions to support our customers’ evolving requirements, while generating enhanced value for our shareholders.”

Fourth Quarter 2025 Results

In the fourth quarter, V2X reported record revenue of $1.22 billion, which represents 5% year-over-year growth. 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 $22.8 million. Adjusted net income¹ was $49.3 million, an increase of $6.6 million dollars, or 16%, year-over-year. Fourth quarter GAAP diluted EPS was $0.72. Adjusted diluted EPS¹ for the quarter increased 17% year-over-year to $1.56.

V2X delivered record adjusted EBITDA¹ of $88.7 million, with a margin of 7.3%, representing an increase of $2.6 million dollars, or 3%, from the prior year.

Fourth quarter net cash provided by operating activities was $209.5 million. Adjusted net cash provided by operating activities¹ increased 3% year-over-year to $172.4 million.

At the end of the fourth quarter, net debt for V2X was $758 million, representing an improvement of $116 million year-over-year and achieving its 2.2x net leverage ratio¹.

Total backlog as of December 31, 2025 was $11.1 billion. Funded backlog¹ was $2.3 billion. Book-to-bill¹ in the quarter was approximately 0.7x.

Full-Year 2025 Results

Full-year revenue was $4.48 billion, representing a 4% increase compared to the previous year.

Net income for the year was $77.9 million. Adjusted net income¹ was $166.8 million, an increase of $27.9 million dollars, or 20%, year-over-year. Full-year GAAP diluted EPS was $2.45. Adjusted diluted EPS¹ for 2025 was $5.24, increasing 21% year-over-year. Full-year adjusted EBITDA¹ was $323.3 million with a margin of 7.2%.

Net cash provided by operating activities in 2025 was $182.0 million. Adjusted net cash provided by operating activities¹ was $148.3 million.

2026 Guidance

Expectations for the Company’s full year 2026 financial results are 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. 

Fourth Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, February 23, 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/3do4py9pnRx

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 March 9, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666. 

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 “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; statements about the benefits and expectations with respect to the strategic acquisition;  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.