---
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"
datetime: "2026-02-27T21:50:26.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/277252691.md)
  - [en](https://longbridge.com/en/news/277252691.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/277252691.md)
generator: "portal-rs"
---

# 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](https://longbridge.com/en/quote/VSECU.US.md)

## Related News & Research

- [Why is your gold waiting on a speech?](https://longbridge.com/en/news/296733808.md)
- [There’s More to Consider, Says Investor About Sandisk Stock](https://longbridge.com/en/news/296795615.md)
- [AMD or Nvidia: Load Up on One AI Chip Stock, but Avoid the Other, Says Investor](https://longbridge.com/en/news/296792383.md)
- [Michael Burry Says He 'Flipped' His Alibaba Stock into JD and Won't Be Flipping Back — Hong Kong-Listed Stock Falls Nearly 10% on $10B Raise](https://longbridge.com/en/news/296735167.md)
- [Balanced Risk/Reward Keeps Workday at Hold as Brent Thill Raises Price Target from $205 to $225 on Potential Silver Lake Takeout Upside](https://longbridge.com/en/news/296711228.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**