VSE Corporation (VSEC) — Financial statements
Income statement, balance sheet, and cash flow for VSE Corporation — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 1,112↑3.0% | 1,080↑25.5% | 860↑28.5% | 669↓10.8% | 751 | |
| Cost of Revenue | 980↑0.8% | 972↑27.1% | 765↑24.9% | 612↓15.6% | 726 | |
| Gross Profit | 132↑22.1% | 108↑13.2% | 96↑67.0% | 57↑127.6% | 25 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Selling & Marketing Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 7↑30.4% | 5↑39.7% | 4↑7.8% | 4↑0.3% | 4 | |
| Other Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Operating Expenses | 7↑30.4% | 5↑39.7% | 4↑7.8% | 4↑0.3% | 4 | |
| Total Costs & Expenses | 987↑1.0% | 977↑27.1% | 769↑24.8% | 616↓15.6% | 729 | |
| Operating Results | ||||||
| Operating Income | 125↑21.7% | 103↑12.0% | 92↑71.1% | 54↑149.1% | 22 | |
| Depreciation & Amortization | 40↑38.8% | 29↑22.8% | 23↓4.8% | 25↓3.9% | 26 | |
| EBITDA | 130↑17.6% | 110↓1.1% | 111↑42.5% | 78↑66.0% | 47 | |
| EBIT | 90↑10.0% | 81↓7.5% | 88↑64.2% | 54↑149.1% | 22 | |
| Interest & Other Income | ||||||
| Net Interest Income | -21↑41.2% | -35↓12.4% | -31↓73.7% | -18↓48.3% | -12 | |
| Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest Expense | 21↓41.2% | 35↑12.4% | 31↑73.7% | 18↑48.3% | 12 | |
| Non-Operating Income | 35↑66.2% | 21↑475.8% | 4 | 0.00 | 0.00 | |
| Other Income / Expenses | -56↑0.5% | -56↓61.7% | -35↓94.4% | -18↓48.3% | -12 | |
| Income Before Tax | 69↑48.5% | 46↓18.3% | 57↑59.4% | 36↑277.9% | 9 | |
| Income Tax Expense | 16↑55.7% | 10↓27.5% | 14↑52.0% | 9↑509.6% | 1 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 53↑46.6% | 36↓15.4% | 43↑61.9% | 27↑234.7% | 8 | |
| Net Income from Discontinued Operations | 0.00↑100.0% | -6↓48.7% | -4↓387.0% | 1 | 0.00 | |
| Net Income | 53↑75.3% | 31↓22.0% | 39↑39.5% | 28↑252.2% | 8 | |
| Bottom-Line Net Income | 53↑75.3% | 31↓22.0% | 39↑39.5% | 28↑252.2% | 8 | |
| EPS (Basic) | 2.52↑47.4% | 1.71↓38.3% | 2.77↑25.9% | 2.20↑249.2% | 0.63 | |
| EPS (Diluted) | 2.52↑48.2% | 1.70↓38.4% | 2.76↑26.0% | 2.19↑247.6% | 0.63 | |
| Weighted Average Shares | 21↑18.7% | 18↑26.5% | 14↑10.6% | 13↑1.8% | 13 | |
| Weighted Average Diluted Shares | 21↑18.1% | 18↑26.7% | 14↑10.6% | 13↑1.5% | 13 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.