Here are the 10-K annual reports from VSE Corporation Tangible Equity Units (VSECU) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow VSECU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VSECU filings page.
VSE Corporation reports strong 2025 growth as a focused aviation aftermarket company and outlines a large pending acquisition. Revenue reached $1.1 billion, up 41%, driven by distribution and MRO services, while operating income rose 52% to $89.6 million and net income from continuing operations increased to $53.5 million.
In 2025 VSE sold its Fleet segment and previously exited Federal and Defense, sharpening its focus on aviation. It completed acquisitions including Turbine Weld and Aero 3 and agreed to an exclusive fuel pump arrangement. As of December 31 2025, debt totaled $293 million and shares outstanding were 27,991,027 as of February 20 2026.
In January 2026, VSE agreed to acquire Precision Aviation Group for approximately $2.025 billion in upfront cash and equity plus up to $125 million in earn-out, funded in part by $1.3 billion of February 2026 equity and tangible equity unit offerings. 2025 cash from operations was $27.0 million, and management expects existing cash, cash flow and credit capacity to support near-term needs.