V2X, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsV2X, Inc. is a provider of critical mission solutions, primarily to U.S. defense customers, operating at 349 locations in 49 countries and territories.
What they do
V2X operates as one segment, delivering high impact readiness, integrated supply chain management, assured communications, mission solutions, and platform renewal and modernization. Its primary customer is the U.S. Department of War (DoW), and it had approximately 16,200 employees and 7,300 subcontract personnel as of December 31, 2025. The substantial majority of revenue comes from U.S. government customers, with the U.S. Army representing about 34% of total revenue in the first half of 2026.
Revenue drivers
- High Impact Readiness — Full life-cycle training solutions, live training systems, augmented and virtual reality, simulators, and simulations for U.S. and foreign government clients.
- Integrated Supply Chain Management — Rapid response and deployment, smart warehouse management and distribution, and integrated and automated logistics.
- Assured Communications — Full lifecycle network management, installation, information assurance, and multi-sensor systems for border security and critical infrastructure.
- Mission Solutions — Logistics, infrastructure sustainment and contingency operations globally, including contracts such as the LOGCAP V - Kuwait Task Order, which was 7.3% of total revenue in the first half of 2026.
Recent performance
Second quarter 2026 revenue was $1.26 billion, up 17% year-over-year, with net income of $25.5 million and adjusted net income of $51.6 million. GAAP diluted EPS was $0.81 and adjusted diluted EPS was $1.64, up 23% year-over-year. Adjusted EBITDA was $89.8 million with a 7.1% margin. For the first half of 2026, revenue was $2.5 billion and operating income was $97.9 million. Net debt at quarter-end was $876.1 million with a 2.4x net leverage ratio.
Strategy
V2X aims to deliver full lifecycle capabilities supporting national security priorities, with key strategies including driving performance excellence in execution, leveraging innovation for differentiated solutions, expanding global presence and markets, and building on its culture of mission success. The company is advancing its 'Go Towards Tomorrow' strategy, prioritizing investments that accelerate innovation and strengthen competitive solutions. Recent awards spanned modernization, global training, aerospace, and mission readiness.
Risks
- Customer Concentration — The substantial majority of revenue is derived from U.S. government customers, with the U.S. Army alone representing 34% of total revenue in the first half of 2026.
- Contract Retention and Renewal — The company's ability to retain and renew existing contracts is a stated risk, and the LOGCAP V - Kuwait Task Order was only exercised through June 30, 2026.
- Indebtedness — As of July 3, 2026, long-term debt was $1.05 billion, and the company is subject to risks related to its level of indebtedness and credit agreement terms.
- Government Budget and Procurement Uncertainty — Changes in U.S. or international government defense budgets, including potential changes arising from the U.S. president and administration, and delays in government budgets are identified risks.
Outlook
Management increased full-year 2026 guidance for revenue to $4.875-$5.025 billion, adjusted EBITDA to $347.5-$362.5 million, and adjusted diluted EPS to $5.90-$6.30. The company expects to achieve a net leverage ratio of approximately 2.0x by the end of 2026. As of July 3, 2026, total backlog was $12.7 billion and funded backlog was $2.5 billion.