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VSE Corporation VSEC Services — Costs and operating expenses

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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
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
Total costs and operating expenses400,179249,626692,011481,167

Item 1. Financial Statements

FAQ

What is VSE Corporation's services — costs and operating expenses?
VSE Corporation (VSEC) reported services — costs and operating expenses of $205.61M in Q2 2026.
How has VSE Corporation's services — costs and operating expenses changed year-over-year?
VSE Corporation's services — costs and operating expenses increased by 129.0% year-over-year, from $89.8M to $205.61M.
What is the long-term trend for VSE Corporation's services — costs and operating expenses?
Over 3 years (2022 to 2025), VSE Corporation's services — costs and operating expenses has grown at a 29.1% compound annual growth rate (CAGR), from $169.33M to $364.18M.
What does services — costs and operating expenses mean?
This metric captures the total direct and indirect costs incurred to deliver services, including labor, materials, logistics, and overhead associated with the segment's operations. It serves as a primary measure of operational efficiency and cost control within the service-based business model. Monitoring this figure helps assess the segment's ability to maintain profitability while scaling its maintenance and supply chain activities.

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