VSE Corporation (VSEC) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	1.4B	1.1B	1.1B	860.5M	669.4M
Cost of Revenue	1.2B	980.1M	971.9M	764.9M	612.2M
Gross Profit	189.7M	132.1M	108.2M	95.6M	57.2M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	19.6M	7.1M	5.5M	3.9M	3.6M
General & Admin Expense	—	—	—	—	—
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	18.4M	—	—	—	—
Total Operating Expenses	38.1M	7.1M	5.5M	3.9M	3.6M
Cost and Expenses	1.2B	987.3M	977.4M	768.8M	615.8M
Operating Income (EBIT)	151.6M	125.0M	102.7M	91.7M	53.6M
Non-Operating
Interest Income	—	—	—	—	—
Interest Expense	9.5M	20.6M	34.9M	31.1M	17.9M
Net Interest Income	(9.5M)	(20.6M)	(34.9M)	(31.1M)	(17.9M)
Other Non-Op Income/Expense	(41.8M)	(56.0M)	(56.2M)	(34.8M)	(17.9M)
Non-Operating Income (excl Interest)	32.3M	35.4M	21.3M	3.7M	—
EBT (Pre-Tax Income)	109.8M	69.0M	46.5M	56.9M	35.7M
Income Tax Expense	26.3M	15.5M	10.0M	13.8M	9.1M
Bottom Line
Net Income	74.9M	53.5M	30.5M	39.1M	28.1M
Earnings from Cont. Ops	83.5M	53.5M	36.5M	43.2M	26.7M
Earnings from Discont. Ops	(8.6M)	—	(6.0M)	(4.0M)	1.4M
Bottom Line Net Income	74.9M	53.5M	30.5M	39.1M	28.1M
Per Share
Basic EPS	$2.75	$2.52	$1.71	$2.77	$2.20
Diluted EPS	$2.72	$2.52	$1.70	$2.76	$2.19
Revenue Per Share	$43.88	$52.40	$60.41	$60.90	$52.38
Shares
Basic Shares Outstanding	30.9M	21.2M	17.9M	14.1M	12.8M
Diluted Shares Outstanding	31.4M	21.2M	18.0M	14.2M	12.8M
Profitability Metrics
EBITDA	177.1M	129.5M	110.2M	111.4M	78.2M
D&A	57.8M	39.9M	28.8M	23.4M	24.6M
EBIT	119.3M	89.6M	81.4M	88.0M	53.6M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026