Research News and Market Data on VVX
November 02, 2026
Third Quarter Financial Highlights
- Revenue of $1.27 billion, up 9% year-over-year
- Net income of $32.0 million, up 30% year-over-year; Adjusted net income1 of $51.7 million, up 19% year-over-year
- Adjusted EBITDA1 of $88.6 million; Adjusted EBITDA margin1 of 7.0%
- Diluted EPS of $1.01, up 32% year-over-year; Adjusted diluted EPS1 of $1.64, up 19% year-over-year
- Increasing full-year 2026 guidance across all metrics
RESTON, Va., Nov. 2, 2026 /PRNewswire/ — V2X, Inc. (NYSE: VVX) today announced third quarter 2026 financial results and increased 2026 guidance.
“We delivered another strong quarter, with revenue growth and double-digit increases in net income and diluted EPS. Our results reflect our team’s consistent execution and continued demand for V2X’s mission-critical capabilities,” said Jeremy C. Wensinger, President and Chief Executive Officer. “Recent award activity and on-contract growth reinforce the momentum underway, and we believe our global presence and diverse capabilities position us to scale quickly as customers’ requirements continue to evolve. Based on our year-to-date performance, current backlog position and existing demand signals, we are increasing our full-year 2026 guidance. Looking forward, we expect to continue investing in areas of growth that we believe will enable us to advance our Go Towards Tomorrow strategy, create long-term value for our shareholders and deliver for our customers and their missions.”
Third Quarter 2026 Results
In the third quarter, V2X reported revenue of $1.27 billion, representing 9% year-over-year growth. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income1 and adjusted EPS1. Net income for the quarter was $32.0 million, an increase of 30% year-over-year. Adjusted net income1 was $51.7 million, an increase of 19%, year-over-year. Third quarter GAAP diluted EPS was $1.01, an increase of 32% year-over-year. Adjusted diluted EPS1 for the quarter increased 19% year-over-year to $1.64.
V2X delivered adjusted EBITDA1 of $88.6 million, with an adjusted EBITDA margin1 of 7.0%, representing an increase of 4% year-over-year.
| 1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations. | |||
Third quarter net cash provided by operating activities was $67.3 million. Adjusted net cash provided by operating activities1 was $61.8 million.
At the end of the third quarter, net debt for V2X was $811.7 million, representing an improvement of $140.3 million year-over-year and a 2.2x net leverage ratio1. The Company expects to achieve a net leverage ratio1 of approximately 2.0x by the end of 2026.
As of October 2, 2026, total backlog1 was $12.8 billion and funded backlog1 was $2.6 billion. Book-to-bill1 in the third quarter was approximately 1.2x. Trailing twelve-month book-to-bill1 was approximately 1.4x.
Increasing 2026 Guidance
The Company is increasing its 2026 guidance as follows:
| $ millions, except for per share amounts | Prior 2026 Guidance | Updated 2026 Guidance | ||
| Revenue | $4,875 | $5,025 | $4,950 | $5,100 |
| Adjusted EBITDA1 | $347.5 | $362.5 | $352.5 | $367.5 |
| Adjusted Diluted Earnings Per Share1 | $5.90 | $6.30 | $6.15 | $6.55 |
| Adjusted Net Cash Provided by Operating Activities1 | $160 | $180 | $175 | $195 |
The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Cautionary Note Regarding Forward-Looking Statements below.
| 1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations. | |||
Third Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 2, 2026. U.S.-based participants may dial in to the conference call at 833-862-0305, while international participants may dial 412-634-6017. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/rqDM9X62Bez
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 16, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10212511.
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,200 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
| Investor Contact | Media Contact |
| Mike Smith, CFA | Angelica Spanos Deoudes |
| [email protected] | [email protected] |
| 719-637-5773 | 571-338-5195 |
Cautionary Note Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under “Increasing 2026 Guidance” above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; product development; capital deployment; future net leverage ratio; and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial demand for our services and opportunities for value creation.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections.
Important factors that could cause actual results to differ materially include, among others: our ability to submit proposals for and/or win all potential opportunities in our pipeline; our ability to retain and renew our existing contracts; our ability to compete with other companies in our market; security breaches, cyber-attacks or cyber intrusions, including cyber risks associated with the increased frequency and use of sophisticated artificial intelligence technologies, and other disruptions to our information technology and operation; our mix of cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining our reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or international government defense budgets, including potential changes or uncertainty arising from the U.S. president and administration; government regulations and compliance therewith, including changes to the procurement process of the Department of War; changes in technology, including artificial intelligence and/or super intelligence; our ability to protect our intellectual property rights; governmental investigations, reviews, audits and cost adjustments; contingencies related to actual or alleged environmental contamination, claims and concerns; delays in completion of the U.S. government budget; our success in extending, deepening, and enhancing our technical capabilities; our success in expanding our geographic footprint or broadening our customer base; our ability to realize the full amounts reflected in our backlog; impairment of goodwill; misconduct of our employees, subcontractors, agents, prime contractors and business partners; our ability to control costs; our level of indebtedness; terms of our credit agreements; inflation and interest rate risk; geopolitical risk, including as a result of recent global hostilities and tariffs; our suppliers’ performance; economic and capital markets conditions; our ability to maintain safe work sites and equipment; our ability to retain and recruit qualified personnel; our ability to maintain good relationships with our workforce and unions; our teaming relationships with other contractors; changes in our accounting estimates; the adequacy of our insurance coverage; volatility in our stock price; changes in our tax provisions; our expectation with respect to the resolution of certain tax claims or exposure to additional income tax liabilities; risks and uncertainties relating to integrating and refining internal control systems, including enterprise resource planning and business systems; changes in GAAP; and other factors described in Part I. “Item 1A Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Report on Form 10-Q for the quarterly period ended October 2, 2026, and described from time to time in our future reports filed with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE V2X, Inc.