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VSE Corporation VSEC Products — Costs and operating expenses

Other product segments

Services
$205.61M+129%

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Other financials

Income statement

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Revenue$449.1M+65.0%
Operating income$49.0M+117%
Net income$28.5M+792%
EPS (diluted)$0.91+469%

Balance sheet

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Cash & equivalents$75.4M+346%
Total debt$1.0B+146%
Total equity$2.9B+199%
Total assets$4.4B+174%

Cash flow

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Operating cash flow-$62.3M-33.5%
CapEx$8.9M+58.7%
Free cash flow-$68.7M-38.8%

Valuation

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Market cap$6.33B+95.9%
Enterprise value$7.28B+100%
P/E84.3×-86.3×
P/S4.7×+1.3×

Profitability

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Gross margin60.6%
Operating margin9.2%0.0pp
Net margin5.5%+3.6pp
FCF margin-9.9%

Returns & leverage

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Return on equity3.8%+1.7pp
Debt / equity0.3×-0.1×
Current ratio3.8×0.0×

Where this comes from

Reported directly by VSE Corporation in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServicesSold.

The source filing: VSE Corporation’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 4:34 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000102752-26-000064
(in thousands, except share and per share amounts)Three months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Services245,73098,536367,960194,030
Total revenues449,137272,139773,717528,184
Costs and operating expenses:
Products167,093144,828331,385281,695
Services205,60589,795317,894176,024
Selling, general and administrative expenses9,0312,61615,2324,927
Earn-out receivable fair value adjustments5,9005,900
Amortization of intangible assets18,4506,48727,50012,621

Item 1. Financial Statements

FAQ

What is VSE Corporation's products — costs and operating expenses?
VSE Corporation (VSEC) reported products — costs and operating expenses of $167.09M in Q2 2026.
How has VSE Corporation's products — costs and operating expenses changed year-over-year?
VSE Corporation's products — costs and operating expenses increased by 15.4% year-over-year, from $144.83M to $167.09M.
What is the long-term trend for VSE Corporation's products — costs and operating expenses?
Over 3 years (2021 to 2025), VSE Corporation's products — costs and operating expenses has grown at a 15.6% compound annual growth rate (CAGR), from $382.06M to $589.96M.
What does products — costs and operating expenses mean?
This metric captures the aggregate costs of goods sold and the operating expenditures directly attributable to the products segment, including logistics, procurement, and maintenance overhead. It serves as a primary indicator of the segment's operational efficiency and cost management discipline. Monitoring these expenses relative to segment revenue allows stakeholders to evaluate the profitability and margin sustainability of the company's product-based business activities.

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