V2X (VVX) financial statements
V2X reported revenue of $4.5B in fiscal 2025, up 15.9% a year over 9 years.
Net income was $78M and the operating margin 4.3%, against 3.6% in 2016.
Free cash flow was $170M, and the company returned $30M in net buybacks.
The diluted share count rose 190% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from V2X's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.1B | $1.3B | $1.4B | $1.4B | $1.8B | $2.9B | $4.0B | $4.3B | $4.5B |
| Cost of revenue | $1.1B | $1.0B | $1.2B | $1.3B | $1.3B | $1.6B | $2.6B | $3.6B | $4.0B | $4.1B |
| Gross profit | $107M | $102M | $114M | $128M | $124M | $160M | $295M | $335M | $343M | $373M |
| Selling, general and admin | $64M | $61M | $66M | $78M | $81M | $98M | $239M | $210M | $184M | $179M |
| Operating income | $43M | $41M | $48M | $50M | $43M | $62M | $56M | $124M | $159M | $194M |
| Pre-tax income | $37M | $37M | $43M | $43M | $39M | $54M | -$6M | -$25M | $39M | $101M |
| Income tax | $14M | -$23M | $8M | $10M | $2M | $8M | $8M | -$2M | $4M | $23M |
| Net income | $24M | $59M | $35M | $33M | $37M | $46M | -$14M | -$23M | $35M | $78M |
| EPS (diluted) | $2.16 | $5.31 | $3.08 | $2.86 | $3.14 | $3.86 | -$0.68 | -$0.73 | $1.08 | $2.45 |
| Diluted shares | 11M | 11M | 11M | 12M | 12M | 12M | 21M | 31M | 32M | 32M |
| Gross margin | 9.0% | 9.1% | 8.9% | 9.3% | 8.9% | 9.0% | 10.2% | 8.4% | 7.9% | 8.3% |
| Operating margin | 3.6% | 3.7% | 3.8% | 3.6% | 3.1% | 3.5% | 1.9% | 3.1% | 3.7% | 4.3% |
| Net margin | 2.0% | 5.3% | 2.7% | 2.4% | 2.6% | 2.6% | -0.5% | -0.6% | 0.8% | 1.7% |
Balance sheet
Fiscal years, from V2X's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $48M | $77M | $66M | $35M | $67M | $39M | $116M | $73M | $268M | $369M |
| Receivables | $172M | $175M | $232M | $269M | $315M | $349M | $729M | $706M | $710M | $730M |
| Inventory | — | — | — | — | — | — | $45M | $47M | $51M | $46M |
| Total current assets | $244M | $272M | $313M | $321M | $408M | $423M | $932M | $875M | $1.1B | $1.2B |
| Property, plant and equipment | $3M | $4M | $13M | $19M | $23M | $24M | $79M | $85M | $62M | $52M |
| Goodwill | $217M | $217M | $234M | $262M | $340M | $322M | $1.7B | $1.7B | $1.7B | $1.7B |
| Total assets | $465M | $496M | $572M | $636M | $844M | $889M | $3.2B | $3.1B | $3.2B | $3.3B |
| Total current liabilities | $188M | $182M | $225M | $245M | $288M | $358M | $783M | $840M | $996M | $1.0B |
| Long-term debt | $68M | $73M | $69M | $63M | $169M | $94M | $1.3B | $1.1B | $1.1B | $1.1B |
| Total liabilities | $348M | $312M | $351M | $378M | $539M | $539M | $2.2B | $2.1B | $2.2B | $2.2B |
| Shareholders' equity | $117M | $183M | $220M | $259M | $305M | $350M | $997M | $991M | $1.0B | $1.1B |
| Net debt | $36M | -$242,000 | $7M | $34M | $110M | $66M | $1.2B | $1.0B | $839M | $729M |
Cash flow
Fiscal years, from V2X's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $37M | $35M | $40M | $28M | $64M | $61M | $93M | $188M | $254M | $182M |
| Capital spending | $741,000 | $2M | $10M | $16M | $4M | $10M | $12M | $25M | $12M | $12M |
| Free cash flow | $36M | $33M | $30M | $11M | $60M | $52M | $81M | $163M | $242M | $170M |
| Stock-based compensation | $5M | $4M | $4M | $8M | $9M | $8M | $33M | $33M | $16M | $12M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$30M |
| Net borrowing | -$29M | -$6M | -$4M | -$4M | -$6M | -$9M | -$108M | -$183M | -$15M | -$15M |
| Free cash flow margin | 3.0% | 3.0% | 2.3% | 0.8% | 4.3% | 2.9% | 2.8% | 4.1% | 5.6% | 3.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for VVX.
Open VVX in InvestinglyQuestions
What was V2X's revenue in 2025?
$4.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does V2X generate?
$170M in fiscal 2025 (operating cash flow minus capital spending).
From V2X's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.