V2X, Inc.

gov2x.com

What Do They Do?

Provides mission-support services and equipment maintenance and modernization to defense and other government customers worldwide.

How Do They Make Money?

FY2025 revenue

Who Are Their Customers?

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 41% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

4% of revenue

▲ +22% vs FY2024 ($159.2M, 4%)

Net income, FY2025

2% of revenue

▲ +125% vs FY2024 ($34.7M, 1%)

Free cash flow, FY2025

4% of revenue

▼ −30% vs FY2024 ($242.5M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jul 3, 2026

Revenue: ▲ +17%; vs $1.1B in Q2 FY2025
Net income: ▲ +14%; vs $22.4M in Q2 FY2025

Aug 3, 2026 V2X raised its full-year revenue and earnings guidance Updated ranges covered revenue, adjusted EBITDA and adjusted diluted earnings per share.

Growing. Revenue grew 2.5x in 4 years, from $1.8B in FY2021 to $4.5B in FY2025, about 26% a year.

Who Do They Compete With?

Competes with Amentum Holdings, Valiant Integrated Services, Leidos Holdings, Science Applications International, General Dynamics, KBR, Fluor, Intrepid Global Solutions, AAR, M1 Support Services, Marvin Engineering, and Northrop Grumman

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