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VSE Corporation (VSEC)
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VSE Corporation Income Statement 2025-2008 | VSEC
Brief overview of revenue and earnings at VSE Corporation
The comparison covers a five-year financial horizon. VSE Corporation reported revenue of $662 million in 2020 and $1.1 billion by 2025. The cumulative result was +68.1%, corresponding to roughly 10.9% per year. The company expanded its sales base at a healthy rate.
EBITDA was 72.3 million dollars at the beginning and 130 million dollars at the end of the period (+79.2%). EBITDA grew faster than revenue, indicating positive operating leverage. The EBITDA share of revenue changed from 10.9% to 11.6%. Operating efficiency did not change materially.
The net financial result changed from −5.2 million dollars to 11.7 million dollars. The trajectory reversed from a loss to positive earnings.
The five-year change in capitalization reached +1142.1%: from 382 million dollars to 4.7 billion dollars. Investor expectations increased faster than reported performance.
Overall conclusion
Most key measures improved without a pronounced weak signal. The constructive conclusion rests on net-income growth, stable operating profitability and sales growth. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement VSE Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
4.75 B | 2.02 B | 1.6 B | 1.44 B | 765 M | 382 M | 355 M | 352 M | 535 M | 390 M | 322 M | 387 M | 239 M | 127 M | 135 M | 96.1 M | 64.8 M | - |
Shares |
21.1 M | 17.9 M | 14.1 M | 12.8 M | 12.6 M | 11 M | 11 M | 10.9 M | 10.8 M | 10.8 M | 10.7 M | 10.7 M | 10.7 M | 10.6 M | 10.5 M | 5.19 M | 5.13 M | - |
Historical Prices |
225 | 113 | 113 | 113 | 60.9 | 38.1 | 37.2 | 28.9 | 46.6 | 37.1 | 29.5 | 31.1 | 22.5 | 11.3 | 11.1 | 18.5 | 12.6 | 17.2 |
Net Income |
11.7 M | 15.3 M | 39.1 M | 28.1 M | 7.97 M | -5.17 M | 37 M | 35.1 M | 39.1 M | 26.8 M | 24.9 M | 19.4 M | 22.9 M | 21.3 M | 20.6 M | 23.7 M | 24 M | - |
Revenue |
1.11 B | 786 M | 544 M | 669 M | 481 M | 662 M | 753 M | 697 M | 760 M | 692 M | 534 M | 424 M | 472 M | 547 M | 619 M | 811 M | - | - |
Gross Profit |
- | - | - | - | - | 75.4 M | 83.8 M | 72.3 M | 72.8 M | 74.2 M | 53.8 M | 41.1 M | 47.4 M | 56.1 M | 41.9 M | - | - | - |
Operating Income |
89.6 M | 58.8 M | 50.1 M | 53.6 M | -2.7 M | 13.9 M | 60.3 M | 54.2 M | 54.3 M | 51.5 M | 50.5 M | 36.9 M | 44.1 M | 51.1 M | 36.1 M | 37.9 M | 38.5 M | - |
Interest Expense |
- | - | -31.1 M | -17.9 M | -12.1 M | -13.5 M | -13.8 M | -8.98 M | -9.24 M | -9.86 M | -9.54 M | 2 M | 3.7 M | 5.2 M | 3.1 M | -199 K | 120 K | - |
EBITDA |
130 M | 87.5 M | 73.6 M | 78.2 M | 21.9 M | 72.3 M | 79.6 M | 68.5 M | 70.3 M | 67.6 M | 76.1 M | 55.7 M | 64.1 M | 73.3 M | 51.8 M | 46.9 M | 46.1 M | - |
Operating Expenses |
-89.6 M | -58.8 M | -50.1 M | -53.6 M | 2.7 M | 20.6 M | 23.5 M | 19.7 M | 18.4 M | 22.7 M | 3.29 M | 4.14 M | 3.28 M | 3.97 M | 5.27 M | -37.9 M | - | - |
General and Administrative Expenses |
13.3 M | 13.6 M | 7.12 M | 3.64 M | 3.45 M | 3.12 M | - | - | - | - | - | - | - | - | - | 1.99 M | 1.26 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement VSE Corporation
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
31.5 M | 30.9 M | 27.5 M | 482 K | 20.7 M | 20.7 M | 20.6 M | 753 K | 18.4 M | 17.2 M | 15.8 M | 545 K | 15 M | 12.9 M | 12.8 M | 7.39 M | 12.8 M | 12.8 M | 12.7 M | 54.8 K | 12.7 M | 12.7 M | 12.1 M | 11.1 M | 11 M | 11 M | 11 M | 11 M | 11 M | 11 M | 10.9 M | 10.9 M | 10.9 M | 10.9 M | 10.9 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.8 M | 10.7 M | 5.36 M | 5.36 M | 5.36 M | 5.35 M | 5.33 M | 5.33 M | 5.33 M | 5.32 M | 5.24 M | 5.29 M | 5.29 M | 5.27 M | 5.24 M | 5.24 M | 5.24 M | 5.21 M |
Net Income |
47.3 M | 28.5 M | 29.1 M | 13.6 M | 3.91 M | 3.2 M | -8.97 M | 13.1 M | 11.6 M | -2.78 M | -6.61 M | 11.6 M | 9.56 M | 8.86 M | 9.12 M | 4.85 M | 9.42 M | 7.55 M | 6.24 M | 6.2 M | 9.02 M | -12.4 M | 5.11 M | 6.01 M | 8.11 M | -22.6 M | 3.33 M | 10 M | 10.5 M | 9.9 M | 6.6 M | 9.24 M | 10 M | 8.75 M | 7.05 M | 17.4 M | 6.64 M | 7.81 M | 7.29 M | 7.18 M | 7.09 M | 5.97 M | 6.55 M | 7.74 M | 6.47 M | 5.48 M | 5.22 M | 4.16 M | 3.88 M | 5.66 M | 5.65 M | 5.41 M | 5.33 M | 6.86 M | 5.26 M | 2.37 M | 5.96 M | 6.3 M | 6.67 M | 6.05 M | 6.12 M | 4.21 M | 4.17 M |
Revenue |
541 M | 449 M | 325 M | 301 M | 283 M | 272 M | 256 M | 227 M | 204 M | 193 M | 162 M | -81.1 M | 231 M | 205 M | 189 M | 172 M | 167 M | 170 M | 231 M | -59.3 M | 201 M | 175 M | 165 M | 150 M | 166 M | 169 M | 177 M | 195 M | 198 M | 189 M | 170 M | 181 M | 169 M | 170 M | 177 M | 195 M | 174 M | 194 M | 197 M | 215 M | 173 M | 160 M | 144 M | 145 M | 137 M | 131 M | 121 M | 95 M | 102 M | 108 M | 119 M | 122 M | 111 M | 119 M | 119 M | 137 M | 134 M | 136 M | 140 M | 140 M | 160 M | 159 M | 151 M |
Operating Income |
77.5 M | 49 M | 32.7 M | 32.5 M | 10.1 M | 22.5 M | 24.5 M | 20.4 M | 20.1 M | 2.6 M | 15.6 M | -12.5 M | 25.3 M | 20.6 M | 16.8 M | 15.9 M | 15.1 M | 10.5 M | 11.9 M | -13.5 M | 13.9 M | -12.7 M | 9.6 M | 11.9 M | 14.2 M | -21.9 M | 9.73 M | 14.8 M | 17.2 M | 16.4 M | 11.8 M | 13.1 M | 15.7 M | 13.9 M | 11.6 M | 12.9 M | 12.2 M | 15 M | 14.2 M | 13.3 M | 13.6 M | 11.9 M | 12.7 M | 15.1 M | 13.2 M | 11.5 M | 10.7 M | 7.69 M | 7.18 M | 10.7 M | 11.4 M | 12 M | 9.46 M | 12.7 M | 9.94 M | 11.8 M | 14.3 M | 12.6 M | 12.5 M | 11.1 M | 11.2 M | 7.06 M | 6.68 M |
Interest Expense |
- | - | - | - | - | - | - | - | - | -9.83 M | -9.19 M | -9.28 M | -8.46 M | -7.37 M | -5.98 M | -5.59 M | -4.82 M | -3.87 M | -3.61 M | -3.59 M | -2.78 M | -2.67 M | -3.03 M | -3.41 M | -3.53 M | -3.07 M | -3.49 M | -3.57 M | -3.71 M | -3.4 M | -3.16 M | -2.28 M | -2.34 M | -2.18 M | -2.18 M | -2.08 M | -2.35 M | -2.38 M | -2.44 M | -2.45 M | -2.51 M | -2.4 M | -2.5 M | -2.54 M | -2.44 M | -2.42 M | -2.14 M | -825 K | -871 K | -1.09 M | -1.2 M | -1.34 M | -1.4 M | -1.48 M | -1.58 M | -1.84 M | -2.03 M | -1.83 M | -1.52 M | -1.72 M | -1.38 M | -440 K | -144 K |
EBITDA |
101 M | 67.4 M | 41.8 M | 39.2 M | 16.8 M | 29 M | 30.6 M | 25.6 M | 24.8 M | 6.93 M | 19 M | -11.5 M | 28.5 M | 24.2 M | 23 M | 19.8 M | 18.9 M | 14.6 M | 16.6 M | -11.5 M | 18.8 M | -8.11 M | 13.9 M | 16.1 M | 18.3 M | -17.4 M | 14.5 M | 19.1 M | 22.2 M | 21.4 M | 16.8 M | 17.1 M | 19.7 M | 17.9 M | 15.6 M | 9.32 M | 18.6 M | 21.5 M | 20.9 M | 9.84 M | 25.1 M | 15.9 M | 16.8 M | 11.5 M | 24.7 M | 15.6 M | 14.3 M | 10.1 M | 9.68 M | 13.3 M | 13.9 M | 14.6 M | 12 M | 15.3 M | 12.4 M | 14.6 M | 17.1 M | 15.4 M | 15.3 M | 11.1 M | 21.2 M | 8.46 M | 9.06 M |
Operating Expenses |
- | -49 M | -32.7 M | - | -10.1 M | -22.5 M | -24.5 M | -20.4 M | -20.1 M | -2.6 M | -15.6 M | 12.5 M | -25.3 M | -20.6 M | - | -15.9 M | -15.1 M | - | -11.9 M | 13.5 M | -13.9 M | 12.7 M | -9.6 M | -11.9 M | -14.2 M | 21.9 M | -9.73 M | -14.8 M | -17.2 M | -16.4 M | -11.8 M | -13.1 M | -15.7 M | -13.9 M | -11.6 M | -12.9 M | -12.2 M | -15 M | -14.2 M | -13.3 M | -13.6 M | -11.9 M | -12.7 M | -15.1 M | -13.2 M | -11.5 M | -10.7 M | -7.69 M | -7.18 M | -10.7 M | -11.4 M | -12 M | -9.46 M | -12.7 M | -9.94 M | -11.8 M | -14.3 M | -12.6 M | -12.5 M | -11.1 M | -11.2 M | -7.06 M | - |
General and Administrative Expenses |
5.28 M | 9.03 M | 6.2 M | 7.75 M | 667 K | 2.62 M | 2.31 M | 4.38 M | 2.54 M | 3.78 M | 2.92 M | 1 M | 2.56 M | 1.52 M | 2.04 M | 1.86 M | 594 K | 473 K | 906 K | 1.56 M | 809 K | 1.05 M | 38 K | 692 K | 885 K | 1.3 M | 248 K | 1.28 M | 541 K | 988 K | 1.38 M | 1.3 M | 863 K | 730 K | 819 K | 1.25 M | 255 K | 479 K | 444 K | 2.44 M | 652 K | 2.14 M | 1.38 M | 670 K | 501 K | 958 K | 1.16 M | 1.74 M | 1.18 M | 778 K | 441 K | 1.46 M | 583 K | 806 K | 432 K | 895 K | 1.15 M | 1.38 M | 548 K | 1.24 M | 1.22 M | 1.93 M | 821 K |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company VSE Corporation (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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