--- title: "VSE Corp Pref Shares VSECU 5.75 02/01/2029 | 8-K: FY2026 Q1 Revenue: USD 324.58 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285266353.md" datetime: "2026-05-05T20:52:58.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285266353.md) - [en](https://longbridge.com/en/news/285266353.md) - [zh-HK](https://longbridge.com/zh-HK/news/285266353.md) --- # VSE Corp Pref Shares VSECU 5.75 02/01/2029 | 8-K: FY2026 Q1 Revenue: USD 324.58 M Revenue: As of FY2026 Q1, the actual value is USD 324.58 M. EPS: As of FY2026 Q1, the actual value is USD 1.04. EBIT: As of FY2026 Q1, the actual value is USD 32.75 M. ### First Quarter 2026 Financial Highlights #### Revenue - Total Revenues were $324.6 million, an increase of 26.8% compared to the first quarter of 2025. - Organic revenue growth was 15% in the quarter. - Distribution revenue increased 26% year-over-year. - Repair revenue increased 28% year-over-year. - Products revenue was $202,350 thousand in Q1 2026, up from $160,551 thousand in Q1 2025. - Services revenue was $122,230 thousand in Q1 2026, up from $95,494 thousand in Q1 2025. #### Profitability - GAAP Net Income was $29.1 million, an increase of 108.0%. - Adjusted Net Income was $32.6 million, an increase of 101.6%. - Operating income was $32,748 thousand in Q1 2026, a 33.6% increase from $24,504 thousand in Q1 2025. - Adjusted EBITDA was $55.4 million, an increase of 37.4%. - Adjusted EBITDA margin was 17.1%, an increase of approximately 130 basis points versus the prior-year period. - Net income from continuing operations was $29,055 thousand in Q1 2026, compared to $13,968 thousand in Q1 2025, representing a 108.0% increase. - EBITDA was $45,495 thousand in Q1 2026, up 35.1% from $33,678 thousand in Q1 2025. #### Operating Costs and Expenses - Total costs and operating expenses were $291,832 thousand in Q1 2026, compared to $231,541 thousand in Q1 2025. - Costs of products were $164,292 thousand in Q1 2026, versus $136,867 thousand in Q1 2025. - Costs of services were $112,289 thousand in Q1 2026, versus $86,229 thousand in Q1 2025. - Selling, general and administrative expenses were $6,201 thousand in Q1 2026, compared to $2,311 thousand in Q1 2025. - Amortization of intangible assets was $9,050 thousand in Q1 2026, up from $6,134 thousand in Q1 2025. - Depreciation and other amortization was $3,697 thousand in Q1 2026, compared to $3,040 thousand in Q1 2025. - Acquisition, integration and restructuring costs were $5,325 thousand in Q1 2026, an 85.9% increase from $2,865 thousand in Q1 2025. - Divestiture-related restructuring costs were $68 thousand in Q1 2026, compared to $63 thousand in Q1 2025. - Stock-based compensation was $4,542 thousand in Q1 2026, up from $3,747 thousand in Q1 2025. #### Cash Flow - Net cash used in operating activities was - $62,264 thousand in Q1 2026, compared to - $46,632 thousand in Q1 2025. - Capital expenditures were - $6,457 thousand in Q1 2026, versus - $2,875 thousand in Q1 2025. - Free cash flow was - $68,721 thousand in Q1 2026, compared to - $49,507 thousand in Q1 2025. - Net cash used in investing activities was - $27,088 thousand in Q1 2026, compared to - $129 thousand in Q1 2025. - Net cash provided by financing activities was $1,259,401 thousand in Q1 2026, compared to $28,239 thousand in Q1 2025. #### Financial Position (as of March 31, 2026) - Total debt outstanding was $366.3 million. - The $400.0 million revolving credit facility was undrawn. - Cash and cash equivalents were approximately $1.2 billion. - Net Debt was - $878,432 thousand. - TTM Adjusted EBITDA was $198,001 thousand. - TTM Acquisition Adjusted EBITDA was $217,995 thousand. - Net Leverage Ratio and Adjusted Net Leverage Ratio were not meaningful due to cash and cash equivalents exceeding debt. #### Outlook / Guidance - VSE Corporation updated its full year 2026 revenue guidance to a range of 57% to 61% growth, an increase from the prior outlook of 19% to 23%, primarily reflecting the inclusion of the Precision Aviation Group (PAG) acquisition. The company also revised its full year 2026 Adjusted EBITDA margin outlook to 18.1% to 18.5%, up from 16.8% to 17.3%, also driven by the PAG acquisition. These updates do not reflect any change in expectations for the underlying business. ### Related Stocks - [VSECU.US](https://longbridge.com/en/quote/VSECU.US.md) ## Related News & Research - [10:01 ETAutomotive Software Market worth $83.26 Billion by 2033 | MarketsandMarkets™](https://longbridge.com/en/news/295811766.md) - [16:01 ETCo-Diagnostics Reports Second Quarter 2026 Financial Results](https://longbridge.com/en/news/295838257.md) - [Jensen Huang Says Nvidia’s 2020 A100 GPUs Can Stay ‘Mission-Capable’ Through 2029—Here’s Why It Matters for the AI Boom](https://longbridge.com/en/news/295775497.md) - [10:01 ETCancer Tumor Profiling Market worth $19.87 billion by 2031 - Exclusive Report by MarketsandMarkets™](https://longbridge.com/en/news/295676360.md) - [Illumina prices $300 million notes offering due 2029](https://longbridge.com/en/news/295662009.md)