VSE Corporation is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets. The aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services for components and engine accessories to commercial, business, and general aviation operators.3 Its shares trade on Nasdaq under the symbol VSEC.1Wikipedia text CC BY-SA 4.0
VSE Corporation is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets. The aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services for components and engine accessories to commercial, business, and general aviation operators. The fleet segment specializes in part distribution, engineering solutions, and supply chain management services catered to the medium and heavy-duty fleet market.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Capital spendingDividends paid
Capital spending72¢$21.3M
Dividends paid28¢$8.3M
Out of $27.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9
Financial statements
Revenue101112139$1.1B in 2025+48% since 2019Operating income101112139$89.6M in 2025+49% since 2019Net income101112139$11.7M in 2025−68% since 2019
Revenue1415$449.1M in Q2 FY2026+38% since Q1 FY2026Operating income1415$49.0M in Q2 FY2026+49% since Q1 FY2026Net income1415$28.5M in Q2 FY2026−2% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenues
$1.1B
$786.3M
$544.0M
Selling, general and administrative expenses
$13.3M
$13.6M
$7.1M
Earn-out receivable fair value adjustments
$29.2M
$0
$0
Lease abandonment and termination costs
$0
$12.2M
$0
Amortization of intangible assets
$26.0M
$17.6M
$11.7M
Total costs and operating expenses
$1.0B
$727.5M
$493.9M
Operating income
$89.6M
$58.8M
$50.1M
Interest expense, net
$20.6M
$34.9M
$31.1M
Income from continuing operations before income taxes
$69.0M
$23.8M
$19.1M
Provision for income taxes
$15.5M
$4.4M
$4.5M
Net income from continuing operations
$53.5M
$19.4M
$14.6M
(Loss) income from discontinued operations, net of tax
-$41.8M
-$4.1M
$24.6M
Net income
$11.7M
$15.3M
$39.1M
Continuing operations (usd per share)
$3
$1
$1
Discontinued operations (usd per share)
-$2
-$0
$2
Basic earnings (loss) per share (usd per share)
$0.55
$0.86
$2.77
Continuing operations (usd per share)
$3
$1
$1
Discontinued operations (usd per share)
-$2
-$0
$2
Diluted earnings (loss) per share (usd per share)
$0.55
$0.85
$2.76
Basic (in shares)
21.1M shares
17.9M shares
14.1M shares
Diluted (in shares)
21.2M shares
18.0M shares
14.2M shares
No quarter-by-quarter statement was filed.
Total assets16101112139$2.0B in 2025+140% since 2019Total liabilities16101112139$589.8M in 2025+22% since 2019Shareholders’ equity1112139$1.4B in 2025+296% since 2019Cash16101112139$69.4M in 2025+9349% since 2019Long-term debt16101112139$285.3M in 2025+13% since 2019
Total assets1415$4.4B in Q2 FY2026+117% since Q1 FY2025Total liabilities1415$1.5B in Q2 FY2026+148% since Q1 FY2025Shareholders’ equity1415$2.9B in Q2 FY2026+104% since Q1 FY2025Cash1415$75.4M in Q2 FY2026+9% since Q1 FY2025Long-term debt1415$915.0M in Q2 FY2026+221% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$69.4M
$29.5M
Receivables, net
$190.7M
$158.1M
Contract assets
$41.5M
$30.0M
Inventories
$553.8M
$434.1M
Prepaid expenses and other current assets
$37.9M
$30.9M
Current assets held-for-sale
$0
$282.8M
Total current assets
$893.3M
$965.3M
Property and equipment, net
$91.1M
$71.0M
Intangible assets, net
$296.0M
$197.2M
Goodwill
$641.2M
$428.3M
$288.6M
Operating lease right-of-use assets
$50.2M
$43.2M
Note receivable
$27.0M
$0
Other assets
$29.8M
$37.6M
Total assets
$2.0B
$1.7B
Current portion of long-term debt
$7.5M
$30.0M
Accounts payable
$154.5M
$145.5M
Accrued expenses and other current liabilities
$73.2M
$52.7M
Dividends payable
$2.3M
$2.1M
Current liabilities held-for-sale
$0
$68.2M
Total current liabilities
$237.5M
$298.5M
Long-term debt, less current portion
$285.3M
$400.2M
Deferred compensation
$5.9M
$7.3M
Long-term operating lease obligations
$43.7M
$39.5M
Deferred tax liabilities
$12.4M
$0
Other long-term liabilities
$5.0M
$9.0M
Total liabilities
$589.8M
$754.4M
Common stock, par value $0.05 per share, authorized 44,000,000 shares; issued and outstanding 23,398,046 and 20,590,496 respectively
$1.2M
$1.0M
Additional paid-in capital
$1.0B
$591.6M
Retained earnings
$395.6M
$392.5M
Accumulated other comprehensive income
$512.0K
$3.1M
Total stockholders' equity
$1.4B
$988.2M
$616.7M
$449.5M
Total liabilities and stockholders' equity
$2.0B
$1.7B
Common stock, par value (in dollars per share)
$0.05
$0.05
Common stock, authorized (in shares)
44.0M shares
44.0M shares
Common stock, issued (in shares)
23.4M shares
20.6M shares
Common stock, outstanding (in shares)
23.4M shares
20.6M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$69.4M
$29.5M
Receivables, net
$190.7M
$158.1M
Contract assets
$41.5M
$30.0M
Inventories
$553.8M
$434.1M
Prepaid expenses and other current assets
$37.9M
$30.9M
Current assets held-for-sale
$0
$282.8M
Total current assets
$893.3M
$965.3M
Property and equipment, net
$91.1M
$71.0M
Intangible assets, net
$296.0M
$197.2M
Goodwill
$641.2M
$428.3M
$288.6M
Operating lease right-of-use assets
$50.2M
$43.2M
Note receivable
$27.0M
$0
Other assets
$29.8M
$37.6M
Total assets
$2.0B
$1.7B
Current portion of long-term debt
$7.5M
$30.0M
Accounts payable
$154.5M
$145.5M
Accrued expenses and other current liabilities
$73.2M
$52.7M
Dividends payable
$2.3M
$2.1M
Current liabilities held-for-sale
$0
$68.2M
Total current liabilities
$237.5M
$298.5M
Long-term debt, less current portion
$285.3M
$400.2M
Deferred compensation
$5.9M
$7.3M
Long-term operating lease obligations
$43.7M
$39.5M
Deferred tax liabilities
$12.4M
$0
Other long-term liabilities
$5.0M
$9.0M
Total liabilities
$589.8M
$754.4M
Common stock, par value $0.05 per share, authorized 44,000,000 shares; issued and outstanding 23,398,046 and 20,590,496 respectively
$1.2M
$1.0M
Additional paid-in capital
$1.0B
$591.6M
Retained earnings
$395.6M
$392.5M
Accumulated other comprehensive income
$512.0K
$3.1M
Total stockholders' equity
$1.4B
$988.2M
$616.7M
$449.5M
Total liabilities and stockholders' equity
$2.0B
$1.7B
Common stock, par value (in dollars per share)
$0.05
$0.05
Common stock, authorized (in shares)
44.0M shares
44.0M shares
Common stock, issued (in shares)
23.4M shares
20.6M shares
Common stock, outstanding (in shares)
23.4M shares
20.6M shares
Cash from operations101112139$27.0M in 2025+50% since 2019Capital spending101112139$21.3M in 2025+121% since 2019Free cash flow101112139$5.7M in 2025−32% since 2019Dividends paid101112139$8.3M in 2025+122% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$11.7M
$15.3M
$39.1M
Depreciation and amortization
$39.9M
$28.8M
$23.4M
Amortization of debt issuance costs
$1.5M
$1.3M
$1.5M
Deferred taxes
-$58.0K
-$10.0M
-$2.0M
Stock-based compensation
$12.8M
$8.3M
$7.7M
Specific provision for inventory
$0
$0
$742.0K
Impairment and loss on sale of business segments
$47.0M
$19.4M
$0
Loss on sale of property and equipment
$45.0K
$479.0K
$0
Lease abandonment and termination costs
$0
$12.2M
$0
Earn-out receivable adjustments
$29.2M
$0
$0
Interest income on note receivable
-$2.0M
$0
$0
Receivables
-$26.5M
-$40.2M
-$25.9M
Contract assets
-$8.6M
$7.8M
$5.1M
Inventories
-$56.9M
-$31.7M
-$87.5M
Prepaid expenses and other current assets and other assets
-$4.5M
-$6.7M
-$3.2M
Operating lease assets and liabilities, net
$2.4M
-$10.2M
-$390.0K
Accounts payable and deferred compensation
-$10.9M
-$31.8M
$23.9M
Accrued expenses and other current and noncurrent liabilities
-$8.1M
$6.0M
-$4.5M
Net cash provided by (used in) operating activities
$27.0M
-$31.0M
-$21.8M
Purchases of property and equipment
-$21.3M
-$20.7M
-$18.7M
Proceeds from the sale of business segments, net of cash divested
VSE Corporation sits at the top of its group. 31 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of VSE Corporation
Durable Capital Partners LPFiled SCHEDULE 13G/A on VSE Corporation, latest Aug 14, 2026 (2 filings since Feb 10, 2026)
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What VSE Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, the Company occupied approximately 1.3 million square feet of building space (including offices, warehouses, shops, and other facilities), substantially all of which is leased, at more than 30 locations throughout the U.S. and internationally. The Company's corporate headquarters is located in Miramar, Florida. The Company considers its facilities to be in good operating condition and sufficient to meet operational needs for the foreseeable future.
VSE Corporation was established in 1959 to provide engineering and technical services to the owners and operators of transportation and equipment assets and large, mission critical fleets (ships, vehicles and aircraft.)
VSE is a publicly traded (NASDAQ: VSEC), ISO 9001:2015-registered SCM, MRO, and professional services company. VSE's subsidiary, Wheeler Fleet Solutions received its seventh U.S. Postal Service Supplier Performance Award for 2013. VSE Aviation, Inc. is an FAA and EASA certified independent provider of MRO and SCM services for aircraft engines and engine accessories.
VSE was incorporated in Delaware in 1959 and the parent company serves as a centralized managing and consolidating entity for three operating groups, each of which consists of one or more wholly owned subsidiaries or unincorporated divisions. VSE's operating segments include:
Aviation Distribution & Repair
VSE Aviation Services, including the former:
1st Choice Aerospace
Read the full text
Kansas Aviation
GlobalParts Aero Services
Precision Fuel Components
VSE Aviation Distribution, including the former:
Air Parts & Supply Co "APSCO"
GlobalParts.aero
Wheeler Fleet Solutions
Company segments
Aviation distribution and repair
VSE's aviation segment provides aftermarket repair and distribution services to commercial, cargo, business and general aviation, military/defense and rotorcraft customers globally. Core services include parts distribution, component and engine accessory maintenance, repair and overhaul (MRO) services, rotable exchange, and supply chain services.
Fleet services
VSE's fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service (USPS), and the United States Department of Defense. Core services include parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, engineering and technical support.
Feb 27, 2025Reported quarterly or annual results82
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
413 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 75 major events, 217 insider forms, 39 large holders, 62 other. The latest 20:
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks VSE Corporation names in Item 1A of its 10-K filed Feb 27, 2026: 29 risks under these headings, as written.17
The Company's future results may differ materially from past results and from those projected in the forward-looking statements contained in this Form 10-K due to various uncertainties and risks, including those risks set forth below, nonrecurring events and other important factors disclosed previously and from time to time in the Company's other reports filed with the SEC.
Operational Risks
The Company's success is highly dependent on the performance of the aviation aftermarket, which could be impacted by lower demand for business aviation and commercial air travel or airline fleet changes causing lower demand for the Company's goods and services.
Acquisitions, which are a part of the Company's business strategy, present certain risks.
Global economic conditions and political factors could adversely affect the Company's revenues.
U.S. and foreign trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse impact on the Company’s business.
Supply chain delays, disruptions, and potential geopolitical uncertainty could adversely affect the Company's business operations and expenses.
Competition from existing and new competitors may harm the Company's business.
Investments in inventory and facilities could cause losses if certain work is disrupted or discontinued.
The Company's business could be adversely affected by incidents that could cause an interruption in operations or impose a significant financial liability.
The Company has material customer concentration within its business operations with a single customer group accounting for a material portion of its revenues.
The nature of the Company's operations and work performed by employees presents certain challenges related to workforce management.
The other 18 risks
The Company is dependent on access to and the performance of third-party package delivery companies.
Prolonged periods of inflation where the Company does not have adequate inflation protections in customer contracts may adversely affect the Company by increasing costs beyond what it can recover through price increases.
Changes in future business conditions could cause business investments, recorded goodwill, and/or purchased intangible assets to become impaired, resulting in substantial losses and write-downs that would reduce the Company's operating income.
Circumstances associated with divestitures could adversely affect the Company's results of operations and financial condition.
Intellectual property risks could affect the Company’s commercial relationships.
Risks Related to the PAG Acquisition
The PAG Acquisition may not occur at all or may not occur in the expected time frame, which may negatively affect the trading price of the Company's common stock and the Company's future business and financial results.
The Company may not realize the strategic benefits and cost synergies that are anticipated from the planned PAG Acquisition.
PAG may have liabilities that are not known to the Company.
The Company has made certain assumptions relating to the PAG Acquisition, which may prove to be materially inaccurate.
The Company has incurred and will continue to incur significant expenses in connection with the PAG Acquisition, regardless of whether the PAG Acquisition is completed.
If the Company's due diligence investigation of PAG was inadequate or if risks related to PAG’s business materialize, it could have a material adverse effect on the Company's future business and financial results and may negatively affect the trading price of the Company's common stock.
Legal and Regulatory Risks
The Company is subject to numerous government rules and regulations that could expose the Company to potential liabilities or work loss.
Due to the nature of the Company's work, the Company could potentially be exposed to legal actions arising from operations.
Environmental and pollution risks could potentially impact the Company's financial results.
Technology Risks
Technology and cybersecurity threats, risks, and incidents could potentially impact the Company's financial results.
Financial Risks
The Company's debt exposes the Company to certain risks.
Market volatility and adverse capital market conditions may affect the Company's ability to access cost-effective sources of funding and may expose the Company to risks associated with the financial viability of suppliers.
There can be no assurance the Company will continue to pay dividends at current levels or in the future.
Legal proceedings
The Company may have certain claims in the normal course of business, including legal proceedings against the Company and against other parties. In the Company's opinion, the resolution of these claims will not have a material adverse effect on the
Company's results of operations, financial position or cash flows. However, because the results of any legal proceedings cannot be predicted with certainty, the amount of loss, if any, cannot be reasonably estimated.
Further, from time-to-time, government agencies investigate whether the Company's operations are being conducted in accordance with applicable contractual and regulatory requirements. Government investigations of the Company, whether relating to government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties being imposed upon the Company, or could lead to suspension or debarment from future government contracting. Government investigations often take years to complete and many result in no adverse action against the Company. The Company believes, based upon current information, that the outcome of any such government disputes and investigations will not have a material adverse effect on the Company's results of operations, financial condition or cash flows.
