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VSE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Oct, 2025
Executive summary
Achieved record Q3 2025 revenue of $283 million, up 39% year-over-year, driven by strong aviation aftermarket demand, acquisitions, and new distribution contracts.
Adjusted EBITDA rose 58% to $47 million (16.7% margin), and adjusted net income more than doubled to $20 million; adjusted EPS up 87% to $0.99.
GAAP net income fell to $3.6 million due to a $23 million non-cash fair value adjustment related to the Fleet segment earn-out.
Announced and completed major acquisitions, including Aero3 for $350 million and Turbine Weld for $49.9 million, enhancing MRO and distribution capabilities.
Integration of acquisitions and OEM-licensed program implementation are progressing ahead of schedule, with synergy capture targeted for mid-2026.
Financial highlights
Q3 2025 consolidated revenue rose 39% year-over-year to $283 million; nine-month revenue reached $811.1 million, up 45%.
Adjusted EBITDA margin improved from 14.7% to 16.7% year-over-year; aviation segment margin at 17.8%.
Adjusted Net Income reached $20 million and Adjusted Diluted EPS was $0.99, up 111% and 87% year-over-year, respectively.
Free cash flow for the quarter was $18 million, a $14 million improvement over Q3 2024.
Q3 2025 operating income was $10.1 million, down 50% year-over-year due to the Fleet earn-out write-down.
Outlook and guidance
Raised full-year 2025 revenue growth guidance to 38–40% and aviation segment adjusted EBITDA margin guidance to 17.0–17.25%.
Q4 revenue expected to be flat or slightly down sequentially due to seasonality; strong free cash flow anticipated.
Guidance assumes stable market conditions and no major macroeconomic or tariff changes.
Management expects continued growth from recent acquisitions and new distribution agreements, focusing on expanding MRO and distribution capabilities.
Sufficient liquidity is anticipated for ongoing operations, capital expenditures, and dividends.
Reconcile GAAP net income decline with adjusted growth.
What drove 9M negative operating cash flow?
Which Aviation segment margin drivers are most sustainable?
Aero 3 acquisition: key synergy drivers?
What is the outlook for 2026 organic growth?
Key operational priorities for 2026?
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Frequently asked questions
VSE Corporation provides aftermarket distribution and maintenance, repair, and overhaul services for land, sea, and air transportation assets. The company serves government, defense, and commercial clients with supply chain support and engineering solutions. Its segments include aviation, fleet, and federal and defense services. The company is headquartered in Alexandria, Virginia, and its shares are listed on the NASDAQ.
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