Vse Corp (VSEC) financials
Vse revenue and earnings by year
Vse's revenue was $1.11 billion in the fiscal year to December 31, 2025, up 41.5% from the year before. Net income was $11.7 million, 1.1% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 5.4% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.11 | 0.79 | 0.54 | 0.67 | 0.48 | 0.66 | 0.75 | 0.70 | 0.76 | 0.69 |
| Revenue growth | 41.5% | 44.5% | -18.7% | 39.1% | -27.2% | -12.1% | 7.9% | -8.3% | 9.9% | — |
| Gross profit | 0.16 | 0.10 | 0.07 | 0.07 | 0.02 | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 |
| Gross margin | 14.2% | 13.0% | 12.7% | 10.9% | 3.4% | 11.4% | 11.1% | 10.4% | 9.6% | 10.7% |
| Operating income | 0.09 | 0.06 | 0.05 | 0.05 | -0.00 | 0.01 | 0.06 | 0.05 | 0.05 | 0.05 |
| Operating margin | 8.1% | 7.5% | 9.2% | 8.0% | -0.6% | 1.9% | 8.0% | 7.8% | 7.1% | 7.4% |
| Net income | 0.01 | 0.02 | 0.04 | 0.03 | 0.01 | -0.01 | 0.04 | 0.04 | 0.04 | 0.03 |
| Net margin | 1.1% | 1.9% | 7.2% | 4.2% | 1.7% | -0.8% | 4.9% | 5.0% | 5.1% | 3.9% |
| Diluted EPS | $0.55 | $0.85 | $2.76 | $2.19 | $0.63 | -$0.48 | $3.34 | $3.21 | $3.59 | $2.47 |
| Free cash flow | 0.01 | -0.05 | -0.04 | -0.00 | -0.03 | 0.03 | 0.01 | 0.02 | 0.05 | 0.04 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open VSEC in Markets.
How Vse makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Services | $246M | 54.7% |
| Product | $203M | 45.3% |
See also: VSEC valuation and P/E history · VSEC returns
No forecast, no recommendation. This page describes Vse Corp from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.