V2X Reports Fourth Quarter 2025 Results

Rhea-AI Summary

V2X (NYSE:VVX) reported Q4 2025 revenue of $1.22B (up 5% YoY) and full-year 2025 revenue of $4.48B (up 4% YoY). Q4 adjusted EBITDA was $88.7M (7.3% margin); full-year adjusted EBITDA was $323.3M (7.2% margin).

Q4 adjusted net income was $49.3M (+16% YoY) and adjusted diluted EPS was a record $1.56 (+17% YoY). Net debt improved by $116M to a 2.2x net leverage ratio. 2026 guidance mid-point: $4.75B revenue, $343M adjusted EBITDA, $5.70 adjusted diluted EPS.

Positive

• Revenue +5% year-over-year in Q4 to $1.22B
• Record adjusted diluted EPS of $1.56 in Q4, +17% YoY
• Full-year adjusted net income $166.8M, +20% YoY
• Net debt improved by $116M to a 2.2x net leverage ratio
• 2026 guidance midpoint implies ~6% revenue growth

Negative

• Book-to-bill approximately 0.7x in Q4, indicating weaker order intake
• Adjusted EBITDA margin remained low at 7.2% for full-year 2025
• GAAP net income for 2025 was only $77.9M, reflecting thin net margins

News Market Reaction – VVX

-0.95%

2 alerts

-0.95% News Effect

+3.4% Peak Tracked

-$22M Valuation Impact

$2.29B Market Cap

0.6x Rel. Volume

On the day this news was published, VVX declined 0.95%, reflecting a mild negative market reaction. Argus tracked a peak move of +3.4% during that session. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $22M from the company's valuation, bringing the market cap to $2.29B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 Revenue: $1.22 billion Q4 2025 Adjusted Net Income: $49.3 million Q4 2025 Adjusted EBITDA: $88.7 million (7.3% margin) +5 more

8 metrics

Q4 2025 Revenue $1.22 billion Fourth quarter 2025, up 5% year-over-year

Q4 2025 Adjusted Net Income $49.3 million Fourth quarter 2025, up 16% year-over-year

Q4 2025 Adjusted EBITDA $88.7 million (7.3% margin) Fourth quarter 2025 adjusted EBITDA and margin

2025 Revenue $4.48 billion Full-year 2025, up 4% year-over-year

2025 Adjusted Diluted EPS $5.24 Full-year 2025, up 21% year-over-year

Net Debt & Leverage $758 million; 2.2x Net debt at Q4 2025 end after $116 million reduction; net leverage ratio

Total & Funded Backlog $11.1 billion; $2.3 billion Total backlog and funded backlog as of Dec 31, 2025

2026 Revenue Guidance Midpoint $4.75 billion Full-year 2026 guidance midpoint with 6% revenue growth at mid-point

Market Reality Check

Price: $70.00 Vol: Volume 452,289 vs 20-day ...

normal vol

$70.00 Last Close

Volume Volume 452,289 vs 20-day average 388,179 (relative volume 1.17x) indicates slightly elevated trading interest ahead of the report. normal

Technical Shares at $68.59, trading above the 200-day MA at $55.25 and within 4.46% of the 52-week high.

Peers on Argus

VVX was down 3.22% while key peers showed mixed moves (e.g., ATRO -1.25%, RDW -5...

VVX was down 3.22% while key peers showed mixed moves (e.g., ATRO -1.25%, RDW -5.89%, CDRE +2.05%), and no peers appeared in the momentum scanner, indicating stock-specific dynamics rather than a broad Aerospace & Defense move.

Previous Earnings Reports

5 past events · Latest: May 05 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
May 05	Q1 2025 earnings	Positive	-2.1%	Reported strong Q1 2025 results and reaffirmed full-year guidance.
Feb 24	Q4 2024 earnings	Positive	+15.7%	Record Q4 2024 revenue with double-digit growth and strong cash flow.
Nov 04	Q3 2024 earnings	Positive	+1.2%	Record Q3 2024 revenue and adjusted EBITDA with major new awards.
Aug 06	Q2 2024 earnings	Neutral	-2.8%	Record revenue but net loss in Q2 2024 with large new contracts.
May 07	Q1 2024 earnings	Positive	-4.2%	Solid Q1 2024 growth and significant defense contract wins.

Pattern Detected

Earnings releases are generally positive, but share reactions have been mixed, with both strong rallies and selloffs following upbeat results.

Recent Company History

Over the past year, VVX has repeatedly reported record quarterly revenue, expanding adjusted EBITDA and raising or reaffirming guidance. Prior earnings on Feb 24, 2024 and Nov 04, 2024 coincided with revenue above $1.0 billion and improving margins, while guidance for full-year revenue and EBITDA was maintained or increased. Today’s Q4 2025 and full-year 2025 results continue this pattern of steady top-line growth, margin stability, and balance sheet strengthening, including net debt reduction and a sizeable contracted backlog.

Historical Comparison

+1.6% avg move · In the past year, VVX posted 5 earnings releases with an average move of 1.58%. Results often showed...

earnings

+1.6%

Average Historical Move earnings

In the past year, VVX posted 5 earnings releases with an average move of 1.58%. Results often showed record revenue and improving margins, but share reactions alternated between strong gains and notable pullbacks.

Earnings events show a steady progression from strong Q1–Q3 2024 results into record Q4 2024 and continued growth in Q1 2025, with revenue consistently above $1.0 billion and recurring guidance reaffirmations or increases.

Market Pulse Summary

This announcement highlights steady execution with Q4 2025 revenue of $1.22 billion, full-year reven...

Analysis

This announcement highlights steady execution with Q4 2025 revenue of $1.22 billion, full-year revenue of $4.48 billion, and adjusted diluted EPS of $5.24, all growing year-over-year. Management also guided to 2026 revenue of about $4.75 billion and adjusted EBITDA of $343 million. A sizeable $11.1 billion backlog and lower net leverage at 2.2x frame the balance between growth opportunities and balance sheet discipline that investors may monitor in future quarters.

Key Terms

adjusted ebitda, diluted eps, non-gaap, book-to-bill, +3 more

7 terms

adjusted ebitda financial

"Adjusted EBITDA1 of $88.7 million; adjusted EBITDA1 margin of 7.3%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

diluted eps financial

"Diluted EPS of $0.72; record adjusted diluted EPS1 of $1.56"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

non-gaap financial

"forward-looking non-GAAP measures in reliance on the "unreasonable efforts""

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

book-to-bill financial

"Book-to-bill1 in the quarter was approximately 0.7x."

The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.

backlog financial

"Total backlog as of December 31, 2025 was $11.1 billion."

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

net leverage ratio financial

"achieving its 2.2x net leverage ratio1."

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

regulation fd regulatory

"to comply with its obligations under the U.S. Securities and Exchange Commission ("SEC") Regulation FD."

Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.

AI-generated analysis. Not financial advice.

Fourth Quarter Financial Highlights

• Revenue of $1.22 billion, up 5% year-over-year
• Net income of $22.8 million; adjusted net income¹ of $49.3 million, up 16% year-over-year
• Adjusted EBITDA¹ of $88.7 million; adjusted EBITDA¹ margin of 7.3%
• Diluted EPS of $0.72; record adjusted diluted EPS¹ of $1.56, up 17% year-over-year
• Cash flow from operations of $209.5 million

Full-Year Highlights

• Revenue of $4.48 billion, up 4% year-over-year
• Net income of $77.9 million; adjusted net income¹ of $166.8 million, up 20% year-over-year
• Adjusted EBITDA¹ of $323.3 million, with a margin of 7.2%
• Diluted EPS of $2.45; adjusted diluted EPS¹ of $5.24, up 21% year-over-year
• Cash flow from operations of $182.0 million
• Achieved net debt reduction of $116 million and 2.2x net leverage ratio¹

2026 Guidance

• Establishing full-year 2026 guidance with 6% revenue and adjusted EBITDA¹ growth at mid-point

RESTON, Va., Feb. 23, 2026 /PRNewswire/ -- V2X, Inc. (NYSE:VVX) today announced financial results for the fourth quarter and full-year 2025 ended December 31, 2025, and established guidance for full-year 2026.

"V2X ended 2025 with another quarter of strong performance, underscoring our team's successful execution of our strategy," said Jeremy C. Wensinger, President and Chief Executive Officer. "We are entering 2026 with significant momentum. Our recent awards and alignment to National Security priorities for readiness and modernization are creating tailwinds for continued growth. Additionally, we are continuing to prioritize investments and expand partnerships to deliver innovative solutions that anticipate and fulfill our customers' requirements. These growth priorities are further supported by the strength of our capital structure. As we look ahead, V2X is well positioned to continue to deliver readiness enabling solutions to support our customers' evolving requirements, while generating enhanced value for our shareholders."

Fourth Quarter 2025 Results

In the fourth quarter, V2X reported record revenue of $1.22 billion, which represents 5% year-over-year growth. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income¹ and adjusted EPS¹. Net income for the quarter was $22.8 million. Adjusted net income¹ was $49.3 million, an increase of $6.6 million dollars, or 16%, year-over-year. Fourth quarter GAAP diluted EPS was $0.72. Adjusted diluted EPS¹ for the quarter increased 17% year-over-year to $1.56.

V2X delivered record adjusted EBITDA¹ of $88.7 million, with a margin of 7.3%, representing an increase of $2.6 million dollars, or 3%, from the prior year.

Fourth quarter net cash provided by operating activities was $209.5 million. Adjusted net cash provided by operating activities¹ increased 3% year-over-year to $172.4 million.

At the end of the fourth quarter, net debt for V2X was $758 million, representing an improvement of $116 million year-over-year and achieving its 2.2x net leverage ratio¹.

Total backlog as of December 31, 2025 was $11.1 billion. Funded backlog¹ was $2.3 billion. Book-to-bill¹ in the quarter was approximately 0.7x.

Full-Year 2025 Results

Full-year revenue was $4.48 billion, representing a 4% increase compared to the previous year.

Net income for the year was $77.9 million. Adjusted net income¹ was $166.8 million, an increase of $27.9 million dollars, or 20%, year-over-year. Full-year GAAP diluted EPS was $2.45. Adjusted diluted EPS¹ for 2025 was $5.24, increasing 21% year-over-year. Full-year adjusted EBITDA¹ was $323.3 million with a margin of 7.2%.

Net cash provided by operating activities in 2025 was $182.0 million. Adjusted net cash provided by operating activities¹ was $148.3 million.

2026 Guidance

Expectations for the Company's full year 2026 financial results are as follows:

$ millions, except for per share amounts	2026 Guidance			2026 Mid-Point
Revenue	$4,675		$4,825	$4,750
Adjusted EBITDA1	$335		$350	$343
Adjusted Diluted Earnings Per Share1	$5.50		$5.90	$5.70
Adjusted Net Cash Provided by Operating Activities1	$150		$170	$160

The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the "unreasonable efforts" exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below. 

Fourth Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, February 23, 2026. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/3do4py9pnRx

A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 9, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666. 

Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the "investors" section of the company's website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission ("SEC") Regulation FD.

___________________________

1     See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions and reconciliations.

About V2X

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission's lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,200 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today's toughest challenges across all operational domains.

Investor Contact	Media Contact
Mike Smith, CFA	Angelica Spanos Deoudes
IR@goV2X.com	Communications@goV2X.com
719-637-5773	571-338-5195

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "could," "potential," "continue" or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under "2026 Guidance" above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; product development; capital deployment; statements about the benefits and expectations with respect to the strategic acquisition;  and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial opportunities for value creation.

These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.  In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

V2X, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS)
		Year Ended December 31,
(In thousands, except per share data)		2025		2024		2023
Revenue		$   4,480,038		$   4,322,155		$   3,963,126
Cost of revenue		4,106,656		3,979,193		3,628,271
Selling, general and administrative expenses		179,112		183,758		210,439
Operating income		194,270		159,204		124,416
Loss on extinguishment of debt		(2,527)		(1,998)		(22,298)
Interest expense, net		(79,909)		(107,900)		(122,442)
Other expense, net		(10,931)		(10,465)		(4,194)
Income (loss) from operations before income taxes		100,903		38,841		(24,518)
Income tax expense (benefit)		23,021		4,157		(1,945)
Net income (loss)		$        77,882		$        34,684		$      (22,573)
Earnings (loss) per share
Basic		$           2.47		$           1.10		$          (0.73)
Diluted		$           2.45		$           1.08		$          (0.73)
Weighted average common shares outstanding – basic		31,559		31,485		31,084
Weighted average common shares outstanding – diluted		31,820		31,967		31,084

 

V2X, INC. CONSOLIDATED BALANCE SHEETS
		December 31,
(In thousands, except shares and per share data)		2025		2024
Assets
Current assets
Cash, cash equivalents and restricted cash		$         368,994		$         268,321
Receivables		738,922		710,068
Prepaid expenses and other current assets		127,102		124,081
Total current assets		1,235,018		1,102,470
Property, plant, and equipment, net		52,383		62,001
Goodwill		1,677,154		1,656,926
Intangible assets, net		239,760		323,068
Other non-current assets		76,525		84,378
Total non-current assets		2,045,822		2,126,373
Total Assets		$      3,280,840		$      3,228,843
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable		$         557,042		$         547,568
Compensation and other employee benefits		176,530		166,918
Short-term debt		14,935		20,003
Other accrued liabilities		267,039		261,735
Total current liabilities		1,015,546		996,224
Long-term debt, net		1,083,234		1,087,484
Deferred tax liabilities		28,357		20,983
Other non-current liabilities		69,067		98,000
Total non-current liabilities		1,180,658		1,206,467
Total liabilities		2,196,204		2,202,691
Commitments and contingencies
Shareholders' Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding		—		—
Common stock; $0.01 par value; 100,000,000 shares authorized; 31,735,083 shares issued and 31,171,445 shares outstanding as of December 31, 2025; 31,560,490 shares issued and outstanding as of December 31, 2024		317		316
Treasury stock, at cost - 563,638 and no shares as of December 31, 2025 and 2024, respectively		(30,274)		—
Additional paid in capital		779,084		769,719
Retained earnings		343,417		265,535
Accumulated other comprehensive loss		(7,908)		(9,418)
Total shareholders' equity		1,084,636		1,026,152
Total Liabilities and Shareholders' Equity		$      3,280,840		$      3,228,843

 

V2X, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
		Year Ended December 31,
(In thousands)		2025		2024		2023
Operating activities
Net income (loss)		$        77,882		$        34,684		$      (22,573)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense		16,984		20,747		22,408
Amortization of intangible assets		90,621		90,821		90,423
Amortization of cloud computing arrangements		4,919		3,314		480
Gain from acquisitions, net		—		(2,193)		—
Impairment of non-operating long-lived asset		—		2,192		—
(Gain) loss on disposal of property, plant, and equipment		(3,024)		1,450		683
Stock-based compensation		11,924		15,969		32,843
Deferred taxes		9,334		7,730		(7,509)
Amortization of debt issuance costs		6,231		7,380		9,067
Loss on extinguishment of debt		2,527		1,998		22,298
Gain on disposition of business		—		—		(450)
Changes in assets and liabilities:
Receivables		(23,485)		25,181		19,064
Other assets		9,315		(42,334)		11,285
Accounts payable		5,460		75,335		43,153
Compensation and other employee benefits		9,122		9,128		(9,901)
Other liabilities		(35,818)		2,835		(23,303)
Net cash provided by operating activities		181,992		254,237		187,968
Investing activities
Purchases of capital assets and intangibles		(11,923)		(11,787)		(25,021)
Proceeds from the disposition of assets		9,839		76		16
Acquisition of businesses, net of cash acquired		(27,500)		(16,939)		—
Disposition of business		—		—		1,349
Distributions from joint venture		—		—		1,007
Net cash used in investing activities		(29,584)		(28,650)		(22,649)
Financing activities
Proceeds from issuance of long-term debt		—		—		250,000
Repayments of long-term debt		(15,013)		(15,327)		(432,603)
Proceeds from revolver		662,500		1,266,250		922,750
Repayments of revolver		(662,500)		(1,266,250)		(922,750)
Proceeds from exercise of stock options		557		154		34
Purchase of treasury stock		(30,000)		—		—
Payment of debt issuance costs		(3,909)		(1,188)		(8,818)
Prepayment premium on early redemption of debt		—		—		(1,600)
Payments of employee withholding taxes on share-based compensation		(3,115)		(8,138)		(18,036)
Net cash used in financing activities		(51,480)		(24,499)		(211,023)
Exchange rate effect on cash		(255)		(5,418)		2,288
Net change in cash, cash equivalents and restricted cash		100,673		195,670		(43,416)
Cash, cash equivalents and restricted cash – beginning of year		268,321		72,651		116,067
Cash, cash equivalents and restricted cash – end of year		$      368,994		$      268,321		$        72,651
Supplemental Disclosure of Cash Flow Information:
Interest paid		$        78,336		$      107,607		$      117,482
Income taxes paid, net of amounts refunded		$          9,632		$          8,819		$          8,356
Non-cash investing activities:
Purchase of capital assets on account		$          1,446		$              22		$          3,043
Purchase of treasury stock on account		$            274		$               —		$               —

Key Performance Indicators and Non-GAAP Measures

The primary financial performance measures we use to monitor results of operations are revenue and operating income. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue. Backlog is the estimated amount of future revenues to be recognized under negotiated contracts. Funded backlog is contractually authorized and appropriated by the customer. Bookings includes approved values formally booked into V2X's backlog for new business contract awards including unexercised options, contract modifications, recompetes, contract extensions and add-on work to existing contracts. Book-to-bill is derived by dividing bookings by revenue.

We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management's assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.

In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.

Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio, cash interest expense, net, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP.  Definitions and reconciliations of these items are provided below.

• Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.
• Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.
• Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.
• Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.
• Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.
• Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.
• Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.

Non-GAAP Tables
($K, except per share data)	Three Months Ended						Twelve Months Ended
	December 31, 2025				December 31, 2024		December 31, 2025		December 31, 2024
Revenue		$       1,218,648			$          1,157,752		$           4,480,038		$        4,322,155
Net income		$            22,779			$               25,033		$                77,882		$             34,684
Plus:
Income tax expense		5,858			1,261		23,021		4,157
Other expense, net		3,096			899		10,931		10,465
Interest expense, net		19,632			24,367		79,909		107,900
Loss on extinguishment of debt		—			—		2,527		1,998
Operating income		$           51,363			$              51,560		$              194,270		$         159,204
Plus:
Amortization of intangible assets		22,896			22,569		90,621		90,821
M&A, integration and related costs		8,717			6,480		16,492		36,124
Adjusted operating income		$         82,976			$              80,610		$              301,383		$         286,150
Plus:
Depreciation and CCA amortization		5,759			5,546		21,904		24,061
Adjusted EBITDA		$         88,735			$              86,156		$              323,287		$           310,211
Adjusted EBITDA margin		7.3 %			7.4 %		7.2 %		7.2 %
Minus:
Cash interest expense, net		17,988			22,704		73,678		100,519
Income tax expense, as adjusted		12,583			12,147		49,752		36,334
Depreciation and CCA amortization		5,759			5,546		21,904		24,061
Other expense, net, as adjusted		3,096			3,092		11,181		10,465
Adjusted net income	$         49,309				$            42,667		$              166,772		$          138,831
($K, except per share data)	Three Months Ended						Twelve Months Ended
	December 31, 2025				December 31, 2024		December 31, 2025		December 31, 2024
Diluted earnings per share			$            0.72		$                0.78		$                    2.45		$               1.08
Plus:
M&A, integration and related costs			0.21		0.12		0.40		0.87
Amortization of intangible assets			0.58		0.47		2.19		2.18
Amortization of debt issuance costs and Loss on extinguishment of debt			0.04		0.03		0.21		0.23
FMV land impairment			$                —		(0.00)		$                        —		0.05
Gain on acquisition, net			(0.00)		(0.07)		(0.01)		(0.07)
Adjusted diluted earnings per share			$            1.56		$                 1.33		$                    5.24		$              4.34
Average shares outstanding:
Basic, as reported	31,349				31,558		31,559		31,485
Diluted, as reported	31,631				32,043		31,820		31,967
Adjusted diluted	31,631				32,043		31,820		31,967

 

Non-GAAP Tables
($K)	Three Months Ended				Twelve Months Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Net cash provided by operating activities	$        209,476		$        223,134		$        181,992		$         254,237
Plus:
M&A, integration, and related payments	839		17,490		12,899		42,534
MARPA facility activity	(37,911)		(72,440)		(46,552)		(135,788)
Adjusted operating cash flow	$         172,404		$         168,183		$         148,340		$         160,982

 

($K)	TTM
	December 31, 2025
Net income	$                          77,882
Plus:
Interest expense, net	79,909
Income tax expense	23,021
Depreciation and amortization	112,525
Additional permitted add-backs1	44,307
TTM Bank EBITDA	$                        337,644

 

($K, except ratio)	Period Ending
	December 31, 2025
Total debt	$                   1,123,819
Cash, cash equivalents and restricted cash	$                      368,994
Less:
Restricted cash	(3,014)
Cash and cash equivalents	$                      365,980
Net debt	$                      757,839
TTM bank EBITDA	$                      337,644
Net leverage ratio	2.24x

____________________________

1 Includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation, transaction and integration related costs

SUPPLEMENTAL INFORMATION

Revenue by contract type, geographic region, contract relationship, and customer for the periods presented below was as follows: 

Revenue by Contract Type
		Year Ended December 31,
(In thousands)		2025		2024		2023
Cost-plus and cost-reimbursable		$    2,744,753		$     2,531,792		$     2,209,241
Firm-fixed-price		1,609,027		1,675,603		1,626,262
Time-and-materials		126,258		114,760		127,623
Total revenue		$    4,480,038		$     4,322,155		$     3,963,126

 

Revenue by Geographic Region
		Year Ended December 31,
(In thousands)		2025		2024		2023
United States		$    2,609,257		$     2,388,598		$     2,286,052
Middle East		1,351,318		1,399,436		1,193,598
Asia		313,024		326,961		264,346
Europe		206,439		207,160		219,130
Total revenue		$    4,480,038		$     4,322,155		$     3,963,126

 

Revenue by Contract Relationship
		Year Ended December 31,
(In thousands)		2025		2024		2023
Prime contractor		$     4,239,080		$     4,049,543		$     3,726,199
Subcontractor		240,958		272,612		236,927
Total revenue		$     4,480,038		$     4,322,155		$     3,963,126

 

Revenue by Customer
		Year Ended December 31,
(In thousands)		2025		2024		2023
Army		$     1,828,977		$     1,837,843		$     1,633,525
Navy		1,479,815		1,441,355		1,233,463
Air Force		570,663		481,265		538,698
Other		600,583		561,692		557,440
Total revenue		$     4,480,038		$     4,322,155		$     3,963,126

 

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SOURCE V2X, Inc.

FAQ

What were V2X (VVX) fourth quarter 2025 revenue and adjusted EBITDA?

V2X reported Q4 2025 revenue of $1.22 billion and adjusted EBITDA of $88.7 million. According to the company, Q4 adjusted EBITDA margin was 7.3%, up modestly year-over-year and supporting adjusted EPS growth.

How did V2X (VVX) perform across full-year 2025 and what were key metrics?

For full-year 2025 V2X reported $4.48 billion revenue and adjusted EBITDA of $323.3 million. According to the company, adjusted diluted EPS was $5.24, a 21% increase versus the prior year.

What guidance did V2X (VVX) give for full-year 2026 at the mid-point?

V2X gave 2026 mid-point guidance of $4.75 billion revenue and $343 million adjusted EBITDA. According to the company, adjusted diluted EPS midpoint is $5.70, implying modest year-over-year growth.

How much did V2X (VVX) reduce net debt and what is its leverage?

V2X reduced net debt by $116 million and reported a 2.2x net leverage ratio at year-end. According to the company, this improvement reflects stronger cash generation and balance sheet management in 2025.

What does V2X's Q4 2025 book-to-bill of 0.7x mean for orders and backlog?

A book-to-bill of 0.7x indicates new orders trailed quarterly revenue, which can signal near-term revenue pressure. According to the company, total backlog was $11.1 billion with funded backlog of $2.3 billion.