VSE Corporation (VSEC) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 324.58M | 301.18M | 282.91M | 272.14M | 256.05M | 299.02M | 203.64M | 192.83M | 162.38M | 235.32M | 231.35M | 205.22M | 188.59M | 171.99M | 167.38M | 169.76M | 231.24M | 210.18M | 200.58M | 175.11M |
| Revenue Growth % | 26.77% | 0.72% | 38.92% | 41.13% | 57.68% | 27.07% | -11.98% | -6.04% | -13.89% | 36.83% | 38.22% | 20.89% | -18.45% | -18.17% | -16.55% | -3.06% | 40.16% | 40.1% | 21.19% | 3.79% |
| Cost of Goods Sold | 285.63M | 260.94M | 248.85M | 241.11M | 229.23M | 266.75M | 181.68M | 173.59M | 143.81M | 208.51M | 203.53M | 183.07M | 169.76M | 154.18M | 151.68M | 158.75M | 218.42M | 197.71M | 185.88M | 186.78M |
| COGS % of Revenue | 88% | 86.64% | 87.96% | 88.6% | 89.53% | 89.21% | 89.22% | 90.02% | 88.57% | 88.6% | 87.98% | 89.2% | 90.02% | 89.65% | 90.62% | 93.52% | 94.46% | 94.07% | 92.67% | 106.66% |
| Gross Profit | 38.95M | 40.24M | 34.05M | 31.03M | 26.82M | 32.27M | 21.96M | 19.24M | 18.57M | 26.82M | 27.82M | 22.16M | 18.82M | 17.8M | 15.7M | 11.01M | 12.82M | 12.47M | 14.7M | -11.66M |
| Gross Margin % | 12% | 13.36% | 12.04% | 11.4% | 10.47% | 10.79% | 10.78% | 9.98% | 11.43% | 11.4% | 12.02% | 10.8% | 9.98% | 10.35% | 9.38% | 6.48% | 5.54% | 5.93% | 7.33% | -6.66% |
| Gross Profit Growth % | 45.25% | 24.69% | 55.06% | 61.28% | 44.42% | 20.33% | -21.06% | -13.17% | -1.35% | 50.62% | 77.16% | 101.27% | 46.83% | 42.81% | 6.82% | 194.38% | 32.97% | -1.1% | -2.45% | -184.54% |
| Operating Expenses | 6.2M | 3.75M | 667K | 7.52M | 1.11M | -245K | 1.24M | 3.28M | 1.32M | 1.3M | 1.06M | 1.52M | 1.84M | 1.86M | 594K | 473K | 906K | 1.73M | 809K | 1.05M |
| OpEx % of Revenue | 1.91% | 1.24% | 0.24% | 2.76% | 0.43% | -0.08% | 0.61% | 1.7% | 0.82% | 0.55% | 0.46% | 0.74% | 0.98% | 1.08% | 0.35% | 0.28% | 0.39% | 0.82% | 0.4% | 0.6% |
| Selling, General & Admin | 6.2M | 3.75M | 667K | 7.52M | 1.11M | -245K | 1.24M | 3.28M | 1.32M | 1.3M | 1.06M | 1.52M | 1.84M | 1.86M | 594K | 473K | 906K | 1.73M | 809K | 1.05M |
| SG&A % of Revenue | 1.91% | 1.24% | 0.24% | 2.76% | 0.43% | -0.08% | 0.61% | 1.7% | 0.82% | 0.55% | 0.46% | 0.74% | 0.98% | 1.08% | 0.35% | 0.28% | 0.39% | 0.82% | 0.4% | 0.6% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 32.75M | 36.49M | 33.39M | 23.51M | 25.7M | 32.52M | 20.72M | 15.96M | 17.24M | 25.52M | 26.76M | 20.64M | 16.98M | 15.94M | 15.11M | 10.54M | 11.91M | 10.74M | 13.89M | -12.71M |
| Operating Margin % | 10.09% | 12.12% | 11.8% | 8.64% | 10.04% | 10.87% | 10.17% | 8.28% | 10.62% | 10.84% | 11.57% | 10.06% | 9% | 9.27% | 9.03% | 6.21% | 5.15% | 5.11% | 6.93% | -7.26% |
| Operating Income Growth % | 27.4% | 12.23% | 61.13% | 47.33% | 49.07% | 27.41% | -22.58% | -22.67% | 1.56% | 60.08% | 77.14% | 95.89% | 42.5% | 48.44% | 8.76% | 182.86% | 24.07% | -9.86% | -2.07% | -201.7% |
| EBITDA | 45.49M | 47.42M | 43.58M | 33.15M | 35.61M | 40.87M | 27.71M | 22.88M | 23.19M | 31.47M | 32.21M | 26.4M | 23.23M | 21.89M | 21.33M | 16.42M | 18.46M | 17.34M | 20.62M | -6.39M |
| EBITDA Margin % | 14.02% | 15.74% | 15.4% | 12.18% | 13.91% | 13.67% | 13.61% | 11.87% | 14.28% | 13.37% | 13.92% | 12.86% | 12.32% | 12.73% | 12.74% | 9.67% | 7.98% | 8.25% | 10.28% | -3.65% |
| EBITDA Growth % | 27.76% | 16.03% | 57.27% | 44.87% | 53.57% | 29.84% | -13.98% | -13.33% | -0.16% | 43.75% | 51.05% | 60.81% | 25.81% | 26.25% | 3.42% | 356.89% | 18.74% | -2.76% | 3.13% | -134.68% |
| D&A (Non-Cash Add-back) | 12.75M | 10.93M | 10.19M | 9.63M | 9.9M | 8.35M | 6.99M | 6.92M | 5.95M | 5.96M | 5.45M | 5.76M | 6.25M | 5.95M | 6.22M | 5.88M | 6.55M | 6.6M | 6.73M | 6.32M |
| EBIT | 32.75M | 31.49M | 10.59M | 23.01M | 24.5M | 27.41M | 20.07M | 2.6M | 15.64M | 25.32M | 25.26M | 20.64M | 16.78M | 15.94M | 15.11M | 10.54M | 11.91M | 10.74M | 13.89M | -12.71M |
| Net Interest Income | 1.4M | -833K | -4.84M | -6.95M | -7.94M | -6.94M | -8.99M | -9.83M | -9.19M | -9.28M | -8.46M | -7.37M | -5.98M | -5.59M | -4.82M | -3.87M | -3.61M | -3.59M | -2.78M | -2.67M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -1.4M | 833K | 4.84M | 6.95M | 7.94M | 6.94M | 8.99M | 9.83M | 9.19M | 9.28M | 8.46M | 7.37M | 5.98M | 5.59M | 4.82M | 3.87M | 3.61M | 3.59M | 2.78M | 2.67M |
| Other Income/Expense | 1.4M | -5.83M | -27.64M | -7.44M | -9.14M | -12.04M | -9.63M | -23.18M | -10.79M | -9.48M | -9.96M | -7.37M | -6.18M | -5.59M | -4.82M | -3.87M | -3.61M | -3.59M | -2.78M | -2.67M |
| Pretax Income | 34.15M | 30.66M | 5.75M | 16.07M | 16.57M | 20.47M | 11.09M | -7.22M | 6.45M | 16.04M | 16.8M | 13.27M | 10.8M | 10.35M | 10.29M | 6.66M | 8.3M | 7.15M | 11.11M | -15.38M |
| Pretax Margin % | 10.52% | 10.18% | 2.03% | 5.9% | 6.47% | 6.85% | 5.44% | -3.75% | 3.97% | 6.82% | 7.26% | 6.47% | 5.73% | 6.02% | 6.15% | 3.92% | 3.59% | 3.4% | 5.54% | -8.78% |
| Income Tax | 5.09M | 8.36M | 2.16M | 2.43M | 2.6M | 4.95M | 2.34M | -1.94M | 911K | 3.21M | 4.69M | 3.18M | 2.68M | 2.44M | 2.59M | 1.91M | 2.06M | 946K | 2.09M | -3.01M |
| Effective Tax Rate % | 14.92% | 27.28% | 37.53% | 15.12% | 15.68% | 24.16% | 21.14% | 26.8% | 14.12% | 19.99% | 27.93% | 23.98% | 24.8% | 23.54% | 25.17% | 28.64% | 24.82% | 13.24% | 18.82% | 19.6% |
| Net Income | 29.05M | 13.57M | 3.75M | 16.45M | -9.22M | 15.6M | 11.65M | -2.78M | -19.27M | 11.61M | 9.56M | 8.86M | 9.12M | 4.85M | 9.42M | 7.55M | 6.24M | 6.2M | 9.02M | -12.37M |
| Net Margin % | 8.95% | 4.5% | 1.33% | 6.04% | -3.6% | 5.22% | 5.72% | -1.44% | -11.87% | 4.93% | 4.13% | 4.31% | 4.83% | 2.82% | 5.63% | 4.45% | 2.7% | 2.95% | 4.5% | -7.06% |
| Net Income Growth % | 415.23% | -13.02% | -67.77% | 692.29% | 52.18% | 34.41% | 21.9% | -131.36% | -311.41% | 139.38% | 1.47% | 17.32% | 46.01% | -21.81% | 4.41% | 161.04% | 22.17% | 3.11% | 11.26% | 45.34% |
| Net Income (Continuing) | 29.05M | 22.3M | 3.59M | 13.64M | 13.97M | 15.53M | 8.74M | -5.29M | 5.54M | 12.83M | 12.11M | 10.09M | 8.12M | 7.92M | 7.7M | 4.75M | 6.24M | 6.2M | 9.02M | -12.37M |
| Discontinued Operations | 0 | -1000K | 164K | 1000K | -1000K | 73K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 997K | -1000K | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.04 | 0.58 | 0.19 | 0.66 | -0.43 | 0.76 | 0.63 | -0.16 | -1.22 | 0.73 | 0.64 | 0.69 | 0.71 | 0.38 | 0.73 | 0.59 | 0.49 | 0.49 | 0.71 | -0.97 |
| EPS Growth % | 341.86% | -23.68% | -69.84% | 512.5% | 64.75% | 4.11% | -1.56% | -123.19% | -271.83% | 92.11% | -12.33% | 16.95% | 44.9% | -22.45% | 2.82% | 160.82% | 16.67% | 0% | -2.74% | 52.68% |
| EPS (Basic) | 1.06 | 0.58 | 0.19 | 0.66 | -0.44 | 0.75 | 0.63 | -0.16 | -1.22 | 0.74 | 0.64 | 0.69 | 0.71 | 0.38 | 0.74 | 0.59 | 0.49 | 0.49 | 0.71 | -0.97 |
| Diluted Shares Outstanding | 27.83M | 22.75M | 20.76M | 20.74M | 20.74M | 20.59M | 18.48M | 17.15M | 15.78M | 15.8M | 15.05M | 12.92M | 12.93M | 12.83M | 12.83M | 12.81M | 12.8M | 12.77M | 12.77M | 12.7M |
| Basic Shares Outstanding | 27.5M | 22.75M | 20.68M | 20.64M | 20.62M | 20.59M | 18.43M | 17.15M | 15.78M | 15.76M | 15M | 12.89M | 12.84M | 12.79M | 12.8M | 12.78M | 12.74M | 12.7M | 12.7M | 12.7M |
| Dividend Payout Ratio | 8.05% | 15.24% | 55.07% | 12.57% | - | 13.08% | 15.82% | - | - | 13.57% | 13.5% | 14.55% | 14.07% | 26.38% | 13.59% | 16.92% | 20.42% | 18.44% | 12.69% | - |