VSE Corp

vsecorp.com

What Do They Do?

Distributes aftermarket aircraft parts and provides maintenance, repair and overhaul services for commercial airlines, business and general aviation operators, and aviation service providers.

How Do They Make Money?

Commercial and government customers generate revenue through delivered products and services performed. VSE supplies aircraft parts and provides maintenance, repair and overhaul services.

revenue

Segment	Share	Revenue	How money arrives
Products Sold outright	63% FY2022: 83%		Sold outright
Services	37% FY2022: 17%

Who Are Their Customers?

Customers include commercial airlines and cargo carriers, business and general aviation operators and owners, and aviation service providers and manufacturers. Sales representatives and business-development staff contact customers through calls and visits.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 14% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 1 cent into free cash flow.

Operating income, FY2025

8% of revenue

▲ +52% vs FY2024 ($58.8M, 7%)

Net income, FY2025

1% of revenue

▼ −24% vs FY2024 ($15.3M, 2%)

Free cash flow, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$51.7M, −7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +65%; vs $272.1M in Q2 FY2025
Net income: ▲ +792%; vs $3.2M in Q2 FY2025

Products share of revenue vs 63.8% in Q2 FY2025

Aug 5, 2026 Raises revenue and adjusted EBITDA margin guidance The company said first-half performance and visibility into the rest of the year supported the higher outlook.
May 7, 2026 Completes acquisition of Precision Aviation Group PAG adds distribution, supply-chain and repair services across commercial, business aviation, rotorcraft and defense markets.

Growing. Revenue grew 2.3x in 4 years, from $481.4M in FY2021 to $1.1B in FY2025, about 23% a year.

From diversified services to aviation The older report described businesses serving land, sea and air transportation, as well as government services, IT solutions and energy consulting. The latest report centers on aircraft parts distribution and repair after the Fleet and Federal and Defense sales.

Revenue over time

Products Services

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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