# VSE Corp: financial statements, quarterly

VSEC · Nasdaq · CIK 102752 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/vsec.md) · [Financials](/companies/vsec/financials.md) · [Filings](/companies/vsec/filings.md) · [Insiders](/companies/vsec/insiders.md)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/vsec/financials.md?period=annual).

## Income statement

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [231](/filings/0000102752-24-000092.md) | [(81.1) d](/filings/0000102752-26-000015.md) | [162](/filings/0000102752-25-000049.md) | [193](/filings/0000102752-25-000075.md) | [204](/filings/0000102752-25-000085.md) | [227 d](/filings/0000102752-26-000015.md) | [256](/filings/0000102752-26-000049.md) | [272](/filings/0000102752-26-000064.md) | [283](/filings/0000102752-25-000085.md) | [301 d](/filings/0000102752-26-000015.md) | [325](/filings/0000102752-26-000049.md) | [449](/filings/0000102752-26-000064.md) |
| Cost of revenue | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Selling, general and administrative | $m | [2.6](/filings/0000102752-24-000092.md) | [1.0 d](/filings/0000102752-26-000015.md) | [2.9](/filings/0000102752-25-000049.md) | [3.8](/filings/0000102752-25-000075.md) | [2.5](/filings/0000102752-25-000085.md) | [4.4 d](/filings/0000102752-26-000015.md) | [2.3](/filings/0000102752-26-000049.md) | [2.6](/filings/0000102752-26-000064.md) | [0.7](/filings/0000102752-25-000085.md) | [7.7 d](/filings/0000102752-26-000015.md) | [6.2](/filings/0000102752-26-000049.md) | [9.0](/filings/0000102752-26-000064.md) |
| Operating income | $m | [25.3](/filings/0000102752-24-000092.md) | [(12.5) d](/filings/0000102752-26-000015.md) | [15.6](/filings/0000102752-25-000049.md) | [2.6](/filings/0000102752-25-000075.md) | [20.1](/filings/0000102752-25-000085.md) | [20.4 d](/filings/0000102752-26-000015.md) | [24.5](/filings/0000102752-26-000049.md) | [22.5](/filings/0000102752-26-000064.md) | [10.1](/filings/0000102752-25-000085.md) | [32.5 d](/filings/0000102752-26-000015.md) | [32.7](/filings/0000102752-26-000049.md) | [49.0](/filings/0000102752-26-000064.md) |
| Interest expense | $m | not reported | not reported | not reported | [9.8](/filings/0000102752-25-000075.md) | [9.0](/filings/0000102752-25-000085.md) | [6.9 d](/filings/0000102752-26-000015.md) | not reported | [6.4](/filings/0000102752-26-000064.md) | [4.3](/filings/0000102752-25-000085.md) | [1.8 d](/filings/0000102752-26-000015.md) | not reported | [5.2](/filings/0000102752-26-000064.md) |
| Income tax | $m | [4.7](/filings/0000102752-24-000092.md) | [(6.1) d](/filings/0000102752-26-000015.md) | [0.9](/filings/0000102752-25-000049.md) | [(1.9)](/filings/0000102752-25-000075.md) | [2.3](/filings/0000102752-25-000085.md) | [3.1 d](/filings/0000102752-26-000015.md) | [2.6](/filings/0000102752-26-000049.md) | [2.4](/filings/0000102752-26-000064.md) | [2.2](/filings/0000102752-25-000085.md) | [8.4 d](/filings/0000102752-26-000015.md) | [5.1](/filings/0000102752-26-000049.md) | [10.7](/filings/0000102752-26-000064.md) |
| Net income | $m | [9.6](/filings/0000102752-24-000092.md) | [11.6 d](/filings/0000102752-26-000015.md) | [(6.6)](/filings/0000102752-25-000049.md) | [(2.8)](/filings/0000102752-25-000075.md) | [11.7](/filings/0000102752-25-000085.md) | [13.1 d](/filings/0000102752-26-000015.md) | [(9.0)](/filings/0000102752-26-000049.md) | [3.2](/filings/0000102752-26-000064.md) | [3.9](/filings/0000102752-25-000085.md) | [13.6 d](/filings/0000102752-26-000015.md) | [29.1](/filings/0000102752-26-000049.md) | [28.5](/filings/0000102752-26-000064.md) |
| Diluted EPS | $ per share | [0.63](/filings/0000102752-24-000092.md) | not reported | [(0.41)](/filings/0000102752-25-000049.md) | [(0.16)](/filings/0000102752-25-000075.md) | [0.63](/filings/0000102752-25-000085.md) | not reported | [(0.44)](/filings/0000102752-26-000049.md) | [0.16](/filings/0000102752-26-000064.md) | [0.19](/filings/0000102752-25-000085.md) | not reported | [1.04](/filings/0000102752-26-000049.md) | [0.91](/filings/0000102752-26-000064.md) |
| Basic EPS | $ per share | [0.64](/filings/0000102752-24-000092.md) | not reported | [(0.42)](/filings/0000102752-25-000049.md) | [(0.16)](/filings/0000102752-25-000075.md) | [0.63](/filings/0000102752-25-000085.md) | not reported | [(0.43)](/filings/0000102752-26-000049.md) | [0.15](/filings/0000102752-26-000064.md) | [0.19](/filings/0000102752-25-000085.md) | not reported | [1.06](/filings/0000102752-26-000049.md) | [0.92](/filings/0000102752-26-000064.md) |

- Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Cost of revenue: not reported
- Selling, general and administrative: us-gaap:SellingGeneralAndAdministrativeExpense
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpenseNonoperating
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | Q3 FY2023 (2023-09-30) | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [20.7](/filings/0000102752-23-000094.md) | [7.8](/filings/0000102752-25-000014.md) | [10.6](/filings/0000102752-24-000052.md) | [19.0](/filings/0000102752-24-000072.md) | [7.9](/filings/0000102752-24-000092.md) | [29.5](/filings/0000102752-26-000015.md) | [5.7](/filings/0000102752-25-000049.md) | [16.9](/filings/0000102752-25-000075.md) | [8.8](/filings/0000102752-25-000085.md) | [69.4](/filings/0000102752-26-000064.md) | [1,239](/filings/0000102752-26-000049.md) | [75.4](/filings/0000102752-26-000064.md) |
| Current assets | $m | [770](/filings/0000102752-23-000094.md) | [774](/filings/0000102752-25-000014.md) | [743](/filings/0000102752-24-000052.md) | [796](/filings/0000102752-24-000072.md) | [775](/filings/0000102752-24-000092.md) | [965](/filings/0000102752-26-000015.md) | [969](/filings/0000102752-25-000049.md) | [754](/filings/0000102752-25-000075.md) | [722](/filings/0000102752-25-000085.md) | [893](/filings/0000102752-26-000064.md) | [2,161](/filings/0000102752-26-000049.md) | [1,325](/filings/0000102752-26-000064.md) |
| Total assets | $m | [1,343](/filings/0000102752-23-000094.md) | [1,350](/filings/0000102752-25-000014.md) | [1,337](/filings/0000102752-24-000052.md) | [1,494](/filings/0000102752-24-000072.md) | [1,464](/filings/0000102752-24-000092.md) | [1,743](/filings/0000102752-26-000015.md) | [1,733](/filings/0000102752-25-000049.md) | [1,602](/filings/0000102752-25-000075.md) | [1,560](/filings/0000102752-25-000085.md) | [2,029](/filings/0000102752-26-000064.md) | [3,311](/filings/0000102752-26-000049.md) | [4,397](/filings/0000102752-26-000064.md) |
| Current liabilities | $m | [252](/filings/0000102752-23-000094.md) | [287](/filings/0000102752-25-000014.md) | [223](/filings/0000102752-24-000052.md) | [226](/filings/0000102752-24-000072.md) | [210](/filings/0000102752-24-000092.md) | [299](/filings/0000102752-26-000015.md) | [248](/filings/0000102752-25-000049.md) | [202](/filings/0000102752-25-000075.md) | [183](/filings/0000102752-25-000085.md) | [238](/filings/0000102752-26-000064.md) | [246](/filings/0000102752-26-000049.md) | [352](/filings/0000102752-26-000064.md) |
| Total liabilities | $m | [733](/filings/0000102752-23-000094.md) | [734](/filings/0000102752-25-000014.md) | [724](/filings/0000102752-24-000052.md) | [713](/filings/0000102752-24-000072.md) | [676](/filings/0000102752-24-000092.md) | [754](/filings/0000102752-26-000015.md) | [757](/filings/0000102752-25-000049.md) | [623](/filings/0000102752-25-000075.md) | [577](/filings/0000102752-25-000085.md) | [590](/filings/0000102752-26-000064.md) | [644](/filings/0000102752-26-000049.md) | [1,464](/filings/0000102752-26-000064.md) |
| Long-term debt | $m | [442](/filings/0000102752-23-000094.md) | [407](/filings/0000102752-25-000014.md) | [452](/filings/0000102752-24-000052.md) | [434](/filings/0000102752-24-000072.md) | [420](/filings/0000102752-24-000092.md) | [400](/filings/0000102752-26-000015.md) | [459](/filings/0000102752-25-000049.md) | [372](/filings/0000102752-25-000075.md) | [349](/filings/0000102752-25-000085.md) | [285](/filings/0000102752-26-000064.md) | [331](/filings/0000102752-26-000049.md) | [915](/filings/0000102752-26-000064.md) |
| Current portion of debt | $m | [19.0](/filings/0000102752-23-000094.md) | [22.5](/filings/0000102752-25-000014.md) | [30.0](/filings/0000102752-24-000052.md) | [30.0](/filings/0000102752-24-000072.md) | [30.0](/filings/0000102752-24-000092.md) | [30.0](/filings/0000102752-26-000015.md) | [5.6](/filings/0000102752-25-000049.md) | [7.5](/filings/0000102752-25-000075.md) | [7.5](/filings/0000102752-25-000085.md) | [7.5](/filings/0000102752-26-000064.md) | [29.9](/filings/0000102752-26-000049.md) | [32.0](/filings/0000102752-26-000064.md) |
| Shareholders' equity | $m | [610](/filings/0000102752-24-000092.md) | [617](/filings/0000102752-26-000015.md) | [613](/filings/0000102752-25-000075.md) | [781](/filings/0000102752-25-000085.md) | [788](/filings/0000102752-25-000085.md) | [988](/filings/0000102752-26-000064.md) | [976](/filings/0000102752-26-000064.md) | [980](/filings/0000102752-26-000064.md) | [983](/filings/0000102752-25-000085.md) | [1,439](/filings/0000102752-26-000064.md) | [2,666](/filings/0000102752-26-000064.md) | [2,933](/filings/0000102752-26-000064.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Long-term debt: us-gaap:LongTermDebtNoncurrent
- Current portion of debt: us-gaap:LongTermDebtCurrent
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [15.3 d](/filings/0000102752-24-000092.md) | [27.9 d](/filings/0000102752-26-000015.md) | [(79.1)](/filings/0000102752-25-000049.md) | [(17.5) d](/filings/0000102752-25-000075.md) | [10.2 d](/filings/0000102752-25-000085.md) | [55.4 d](/filings/0000102752-26-000015.md) | [(46.6)](/filings/0000102752-26-000049.md) | [11.9 d](/filings/0000102752-26-000064.md) | [24.1 d](/filings/0000102752-25-000085.md) | [37.6 d](/filings/0000102752-26-000015.md) | [(62.3)](/filings/0000102752-26-000049.md) | [27.6 d](/filings/0000102752-26-000064.md) |
| Capital expenditure | $m | [4.7 d](/filings/0000102752-24-000092.md) | [7.9 d](/filings/0000102752-26-000015.md) | [7.7](/filings/0000102752-25-000049.md) | [3.9 d](/filings/0000102752-25-000075.md) | [5.8 d](/filings/0000102752-25-000085.md) | [3.3 d](/filings/0000102752-26-000015.md) | [2.9](/filings/0000102752-26-000049.md) | [5.6 d](/filings/0000102752-26-000064.md) | [6.0 d](/filings/0000102752-25-000085.md) | [6.8 d](/filings/0000102752-26-000015.md) | [6.5](/filings/0000102752-26-000049.md) | [8.9 d](/filings/0000102752-26-000064.md) |
| Dividends paid | $m | [1.3 d](/filings/0000102752-24-000092.md) | [1.6 d](/filings/0000102752-26-000015.md) | [1.6](/filings/0000102752-25-000049.md) | [1.6 d](/filings/0000102752-25-000075.md) | [1.8 d](/filings/0000102752-25-000085.md) | [2.0 d](/filings/0000102752-26-000015.md) | [2.1](/filings/0000102752-26-000049.md) | [2.1 d](/filings/0000102752-26-000064.md) | [2.1 d](/filings/0000102752-25-000085.md) | [2.1 d](/filings/0000102752-26-000015.md) | [2.3](/filings/0000102752-26-000049.md) | [2.8 d](/filings/0000102752-26-000064.md) |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
- Dividends paid: us-gaap:PaymentsOfDividendsCommonStock

## Shares

| Line item | Unit | Q3 FY2022 (2022-09-30) | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [12.8](/filings/0000102752-23-000094.md) | [12.9](/filings/0000102752-24-000052.md) | [12.9](/filings/0000102752-24-000072.md) | [15.1](/filings/0000102752-24-000092.md) | [15.9](/filings/0000102752-25-000049.md) | [17.2](/filings/0000102752-25-000075.md) | [18.5](/filings/0000102752-25-000085.md) | [20.7](/filings/0000102752-26-000049.md) | [20.7](/filings/0000102752-26-000064.md) | [20.8](/filings/0000102752-25-000085.md) | [27.8](/filings/0000102752-26-000049.md) | [31.4](/filings/0000102752-26-000064.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 28,064,972 at 2026-07-31, from the cover of the [10-Q filed 2026-08-06](/filings/0000102752-26-000064.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:21 ET. No prices; not investment advice.