V2X Inc (VVX) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic Growth Plans

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Tue, February 24, 2026 at 2:02 PM GMT+9 4 min read

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**Quarterly Revenue:** $1.22 billion, a 5% increase year over year.

**Full Year Revenue:** $4.48 billion, a 4% increase year over year.

**Adjusted EBITDA (Q4):** $88.7 million, a record for the company.

**Full Year Adjusted EBITDA:** $323.3 million with a margin of 7.2%.

**Adjusted Net Income (Q4):** $49.3 million, up 16% year over year.

**Full Year Adjusted Net Income:** $166.8 million, a 20% increase year over year.

**Adjusted Diluted EPS (Q4):** $1.56, a 17% increase year over year.

**Full Year Adjusted Diluted EPS:** $5.24, a 21% increase year over year.

**Net Debt Improvement:** $116 million reduction year over year, net leverage ratio at 2.2 times.

**Backlog:** $11.1 billion at year-end, with funded backlog at $2.3 billion.

**Book-to-Bill Ratio:** 0.9 for the trailing 12 months.

**2026 Revenue Guidance:** $4.675 to $4.825 billion, with expected growth of 6% at the midpoint.

**2026 Adjusted EBITDA Guidance:** $335 to $350 million.

**2026 Adjusted Diluted EPS Guidance:** $5.50 to $5.90, representing 9% growth at the midpoint.

**2026 Cash Flow Guidance:** Adjusted net cash provided by operating activities expected to be $150 to $170 million.

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Release Date: February 23, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

V2X Inc (NYSE:VVX) reported record quarterly revenue of $1.22 billion in Q4 2025, marking a 5% year-over-year increase.

The company achieved a full-year revenue growth of 4% to $4.48 billion, hitting the upper end of their 2025 guidance range.

Adjusted EBITDA for Q4 2025 was a record $88.7 million, contributing to a full-year adjusted EBITDA of $323.3 million with a margin of 7.2%.

V2X Inc (NYSE:VVX) secured significant contract wins, including two contracts valued at over $1 billion each and ten awards exceeding $100 million.

The company has a strong capital structure, with a net leverage ratio improved to 2.2 times, and a qualified pipeline of more than $60 billion, indicating robust future growth potential.

Negative Points

The company faces potential risks in the Middle East due to geopolitical tensions, which could impact operations and employee safety.

There is uncertainty regarding the legal hurdles related to the T6 contract, which could affect revenue projections.

The Indo-Pacific region's growth was flat to slightly down, with no immediate significant opportunities materializing.

The company's cash flow conversion from adjusted EBITDA was lower than expected, partly due to an additional payroll period in 2026.

V2X Inc (NYSE:VVX) relies heavily on large contract wins like the T6 award to achieve a book-to-bill ratio above 1, indicating potential vulnerability if such contracts face delays or issues.

 






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Q & A Highlights

Q: Can you comment on the company’s revenue and activity in the Middle East region, especially with the shifting of resources towards Iran? A: Shawn Mural, CFO, stated that the situation is fluid, and the priority is ensuring the safety of employees in the region. Jeremy Wensinger, CEO, added that presence in the region is important, and they are focused on supporting their customers while prioritizing employee safety.

Q: What contribution do you expect from the T6 contract, and are there any potential legal hurdles? A: Shawn Mural, CFO, mentioned that they plan to start the program on March 1st, with an expected revenue contribution of $140 to $160 million for the year. He did not speculate on legal hurdles but noted the transition would be complete by then.

Q: How is the Intel business performing, and is it a source of growth? A: Jeremy Wensinger, CEO, expressed excitement about the Intel business, particularly following the Kinetic acquisition, which positions them well for growth. He emphasized the potential for pipeline expansion and growth in this area.

Q: Can you provide an update on the Indo-Pacific market as a growth area? A: Shawn Mural, CFO, noted that the Indo-Pacific market was flat to slightly down, with no significant materialization of training years. However, they are optimistic about opportunities and are well-positioned for growth in the region.

Q: How should we think about the pipeline and bidding opportunities, especially regarding large contracts like T6? A: Jeremy Wensinger, CEO, explained that they are balancing large opportunities with smaller ones, emphasizing bid velocity as a key metric. They are focused on both large and small contracts to add value to the company.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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