Revenue: As of FY2025, the actual value is USD 1.112 B.EPS: As of FY2025, the actual value is USD 2.52.EBIT: As of FY2025, the actual value is USD 89.6 M.<h3>Segment Revenue</h3><ul><li>Total revenues for VSE Corporation, which operates as a single Aviation segment, increased by $326,019 thousand, or 41%, to $1,112,275 thousand in 2025 from $786,256 thousand in 2024.</li><li>Aviation distribution revenue increased by $221.1 million, or 46%, while repair revenue increased by $104.9 million, or 35%, compared to the prior year period.</li><li>Revenues from a group of affiliated customers under common ownership accounted for 20% of consolidated revenues in 2025, compared to 21% in 2024.</li></ul><h3>Operational Metrics</h3><ul><li>Costs and Operating Expenses increased by $295,180 thousand, or 41%, to $1,022,680 thousand in 2025 from $727,500 thousand in 2024.<ul><li>Intangible asset amortization expense increased to $26.0 million in 2025 from $17.6 million in 2024.</li><li>A $29.2 million charge related to the fair value remeasurement of the earn-out receivable associated with the Fleet Sale was recognized in 2025.</li></ul></li><li>Operating Income increased by $30,839 thousand, or 52%, to $89,595 thousand in 2025 from $58,756 thousand in 2024.</li><li>Interest Expense, Net decreased by $14,391 thousand, or 41%, to $20,556 thousand in 2025 from $34,947 thousand in 2024.</li><li>Provision for Income Taxes increased by $11,139 thousand, or 253%, to $15,546 thousand in 2025 from $4,407 thousand in 2024.<ul><li>The effective tax rate for continuing operations was 22.5% in 2025, up from 18.5% in 2024.</li></ul></li><li>Net Income from Continuing Operations increased by $34,091 thousand, or 176%, to $53,493 thousand in 2025 from $19,402 thousand in 2024.</li><li>Net Income was $11,703 thousand in 2025, compared to $15,324 thousand in 2024.</li></ul><h3>Cash Flow</h3><ul><li>Net cash provided by operating activities was $26,990 thousand in 2025, representing a $58.0 million increase from net cash used in operating activities of -$31,037 thousand in 2024.</li><li>Net cash used in investing activities increased by $12.8 million to -$276,452 thousand in 2025 from -$263,669 thousand in 2024.</li><li>Net cash provided by financing activities decreased by $26.0 million to $289,790 thousand in 2025 from $315,806 thousand in 2024.</li><li>Cash paid for interest was $26,849 thousand in 2025, compared to $37,076 thousand in 2024.</li><li>Cash paid for income taxes was $16,114 thousand in 2025, compared to $11,949 thousand in 2024.</li></ul><h3>Unique Metrics</h3><ul><li>Total Debt Outstanding (net of unamortized debt issuance costs) was $293 million as of December 31, 2025.</li><li>Outstanding borrowings under the term loan were $296.3 million, with $0.6 million in outstanding letters of credit and $399.4 million of unused commitments under the credit agreement as of December 31, 2025.</li><li>Goodwill and Intangible Assets, Net of Amortization, accounted for 32% and 15%, respectively, of the Company’s total assets as of December 31, 2025.</li><li>The Company paid cash dividends totaling $8.3 million, or $0.40 per share, in 2025.</li></ul><h3>Outlook / Guidance</h3><ul><li>In January 2026, VSE Corporation agreed to acquire Precision Aviation Group (PAG) for approximately $2.025 billion in cash and equity, with potential additional contingent earn-out consideration.</li><li>The acquisition is projected to close in the second quarter of 2026, partially funded by February 2026 public offerings that generated approximately $1.3 billion in net proceeds.</li><li>Should the PAG acquisition not be completed, these net proceeds will be allocated for general corporate purposes, including debt repayment.</li></ul>

VSE Corp Pref Shares VSECU 5.75 02/01/2029 | 10-K: FY2025 Revenue: USD 1.112 B