--- title: "VSE Corp Pref Shares VSECU 5.75 02/01/2029 | 10-K: FY2025 Revenue: USD 1.112 B" type: "news" locale: "en" url: "https://longbridge.com/en/news/277252691.md" published_at: "2026-02-27T21:50:26.000Z" --- # VSE Corp Pref Shares VSECU 5.75 02/01/2029 | 10-K: FY2025 Revenue: USD 1.112 B 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. ### Segment Revenue - 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. - 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. - Revenues from a group of affiliated customers under common ownership accounted for 20% of consolidated revenues in 2025, compared to 21% in 2024. ### Operational Metrics - **Costs and Operating Expenses** increased by $295,180 thousand, or 41%, to $1,022,680 thousand in 2025 from $727,500 thousand in 2024. - Intangible asset amortization expense increased to $26.0 million in 2025 from $17.6 million in 2024. - 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. - **Operating Income** increased by $30,839 thousand, or 52%, to $89,595 thousand in 2025 from $58,756 thousand in 2024. - **Interest Expense, Net** decreased by $14,391 thousand, or 41%, to $20,556 thousand in 2025 from $34,947 thousand in 2024. - **Provision for Income Taxes** increased by $11,139 thousand, or 253%, to $15,546 thousand in 2025 from $4,407 thousand in 2024. - The effective tax rate for continuing operations was 22.5% in 2025, up from 18.5% in 2024. - **Net Income from Continuing Operations** increased by $34,091 thousand, or 176%, to $53,493 thousand in 2025 from $19,402 thousand in 2024. - **Net Income** was $11,703 thousand in 2025, compared to $15,324 thousand in 2024. ### Cash Flow - **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. - **Net cash used in investing activities** increased by $12.8 million to -$276,452 thousand in 2025 from -$263,669 thousand in 2024. - **Net cash provided by financing activities** decreased by $26.0 million to $289,790 thousand in 2025 from $315,806 thousand in 2024. - **Cash paid for interest** was $26,849 thousand in 2025, compared to $37,076 thousand in 2024. - **Cash paid for income taxes** was $16,114 thousand in 2025, compared to $11,949 thousand in 2024. ### Unique Metrics - **Total Debt Outstanding** (net of unamortized debt issuance costs) was $293 million as of December 31, 2025. - 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. - **Goodwill and Intangible Assets, Net of Amortization**, accounted for 32% and 15%, respectively, of the Company’s total assets as of December 31, 2025. - The Company paid cash dividends totaling $8.3 million, or $0.40 per share, in 2025. ### Outlook / Guidance - 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. - 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. - Should the PAG acquisition not be completed, these net proceeds will be allocated for general corporate purposes, including debt repayment. ### Related Stocks - [VSECU.US - VSE Corp Pref Shares VSECU 5.75 02/01/2029](https://longbridge.com/en/quote/VSECU.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 雲白國際 (0030) 發盈警，2025 財年純利預期按年大減 65% 至 85% | 雲白國際發出盈利預警，預計截至 2025 年 12 月 31 日的財年，股東應佔純利將介乎 250 萬至 650 萬港元，較 2024 財年的約 1,800 萬港元減少 65% 至 85%。主要原因是毛利率較高的產品銷量顯著下跌，導致整體毛 | [Link](https://longbridge.com/en/news/276566862.md) | | Flywire｜8-K：2025 財年 Q4 營收 1.58 億美元 | | [Link](https://longbridge.com/en/news/276788090.md) | | Piper Sandler Cos｜10-K：2025 財年營收 19.04 億美元 | | [Link](https://longbridge.com/en/news/277086228.md) | | VSE 技術服務｜10-K：2025 財年營收 11.12 億美元超過預期 | | [Link](https://longbridge.com/en/news/277252692.md) | | Alight｜10-K：2025 財年營收 22.62 億美元不及預期 | | [Link](https://longbridge.com/en/news/276788496.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.