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Dec 31, 2025
V2X Q4 2025 Earnings Report
V2X Q4 2025 Earnings Report
Key Takeaways
V2X delivered a strong fourth quarter with record revenue of $1.22 billion and significant growth in adjusted earnings. The company successfully reduced its net debt by $116 million year-over-year, achieving a net leverage ratio of 2.2x, while maintaining a healthy total backlog of $11.1 billion.
Quarterly revenue increased 5% year-over-year to $1.22 billion.
Adjusted diluted EPS reached a record $1.56, representing a 17% increase over the prior year.
Achieved significant net debt reduction of $116 million, ending the year with a 2.2x net leverage ratio.
Total backlog remains robust at $11.1 billion, with $2.3 billion in funded backlog.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
V2X established full-year 2026 guidance targeting approximately 6% growth in revenue and Adjusted EBITDA at the mid-point.
Positive Outlook
- Revenue guidance mid-point of $4.75 billion
- Adjusted EBITDA guidance mid-point of $343 million
- Adjusted Diluted EPS expected between $5.50 and $5.90
- Strong alignment with National Security priorities
- Momentum from recent contract awards
Challenges Ahead
- Book-to-bill ratio in Q4 was 0.7x
- Year-over-year decline in GAAP net income for Q4
- Revenue declines in Middle East, Asia, and Europe regions for the full year
- Firm-fixed-price contract revenue saw a slight decline for the full year
- MARPA facility activity impacted adjusted operating cash flow calculations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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