VSE Corporation (VSEC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and VSE Corporation published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. VSE Corporation reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS (Diluted), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• EPS and net income are from continuing operations, as VSE reports them in its release. Including discontinued operations, Q3 2025 diluted EPS was $0.19.
• From Q2 2026 VSE's Adjusted EPS also excludes amortization of intangible assets and stock-based compensation, with prior periods restated. The year-ago Adjusted EPS of $1.35 is the restated figure; VSE first reported $0.99 for Q3 2025.
• VSE acquired Precision Aviation Group on May 5, 2026, so Q3 2026 includes a full quarter of PAG and Q3 2025 includes none.

Source: VSE Corporation Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How VSE Corporation splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• VSE Corporation's Repair revenue was $318 million in Q3 2026, up 197% from $107 million in Q3 2025, 59% of total revenue.
• VSE Corporation's Distribution revenue was $223 million in Q3 2026, up 27% from $176 million in Q3 2025, 41% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

VSE also raised its full year 2026 Adjusted EBITDA margin outlook to 18.9% to 19.1%, from 18.7% to 19.0%. It gives no EPS outlook.

In its Q3 2026 release, VSE Corporation said:

“VSE now expects full year 2026 revenue growth of 65% to 66.5%, up from its prior outlook of 61% to 64%.”

“The increased guidance reflects strong third quarter margins, consistent operating execution, synergies from recent acquisitions, and expectations for continued strong business performance in the fourth quarter.”

Source: VSE Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VSEC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and GAAP diluted EPS from continuing operations, each as first reported in that quarter's release. Quarters from Q2 2026 include Precision Aviation Group.

We do not hold a confirmed date for VSE Corporation's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

VSE Corporation is now a single-segment aviation aftermarket business: parts distribution plus maintenance, repair and overhaul (MRO) of engine components, engine and airframe accessories and avionics. Q3 2026 revenue was $541.0 million, up 91.2% from $282.9 million. Repair revenue was $318.0 million, up 198%, and distribution revenue $223.0 million, up 27%. (VSE Q3 2026 release, Nov 4, 2026; VSE Form 10-Q, Q3 2026, Nov 5, 2026)

VSE put organic growth at about 17%, led by the commercial aviation engine aftermarket, with acquisitions adding the remaining 74 percentage points. Precision Aviation Group, acquired on May 5, 2026 for about $2.02 billion, contributed $173.7 million of revenue in the quarter. (VSE Q3 2026 release, Nov 4, 2026; VSE Form 10-Q, Q3 2026, Nov 5, 2026)

VSE also bought Atech Turbine Components on August 31, 2026. Atech repairs hot-section components for turbine engines, mainly on Pratt & Whitney Canada platforms, and holds repair approvals covering more than 300 part numbers. (VSE Q3 2026 release, Nov 4, 2026)

Nearly all of VSE's revenue is commercial: $535.1 million in Q3 2026, against $5.9 million from government customers. The 10-K lists commercial and regional airlines, air cargo carriers, MRO providers, aviation manufacturers, corporate and private aircraft owners and fixed-base operators as customers, and VSE has sold its former Federal and Defense and Fleet segments. The 10-Q also credits new OEM distribution agreements for part of the growth. (VSE Form 10-Q, Q3 2026, Nov 5, 2026; VSE Form 10-K, 2025, Feb 27, 2026)

VSE Corporation's GAAP diluted EPS from continuing operations was $1.49 in Q3 2026, against $0.17 a year earlier, and Adjusted EPS (Diluted) was $2.01. Adjusted net income adds back $23.1 million of intangible asset amortization, $4.1 million of acquisition, integration and restructuring costs and $4.4 million of stock-based compensation, and removes an $8.9 million earn-out fair value gain, with tax applied at an estimated statutory rate of 24.95%. (VSE Q3 2026 release, Nov 4, 2026)

The year-ago quarter carried a $23.3 million earn-out fair value charge, which held GAAP EPS to $0.17. This quarter's $8.9 million gain relates to the up to $125.0 million earn-out VSE may owe PAG's seller if PAG hits 2026 profitability targets. Interest expense, net rose to $14.1 million from $4.3 million, with principal borrowings of $978.8 million at September 30, 2026 against $296.3 million at the end of 2025, and the effective tax rate on continuing operations was 25.4%, against 37.5% a year earlier. (VSE Q3 2026 release, Nov 4, 2026; VSE Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted weighted average shares rose to 31,790,115 from 20,756,508. In February 2026 VSE sold 4,587,766 shares at $188.00 for net proceeds of $829.0 million and issued 9,200,000 tangible equity units, and it also issued shares to PAG's seller as part of the purchase price. (VSE Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

VSE Corporation gives a full-year outlook for revenue growth and Adjusted EBITDA margin, and no EPS outlook. With Q3 2026 results it raised expected 2026 revenue growth to 65% to 66.5%, from 61% to 64%, and Adjusted EBITDA margin to 18.9% to 19.1%, from 18.7% to 19.0%. The chief financial officer said VSE expects strong fourth quarter free cash flow to support continued deleveraging. (VSE Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover VSE Corporation, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones VSE Corporation's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VSEC is on is VSEC a buy or a sell?, what analysts expect next is on the VSEC forecast, and what the company does is on the VSE Corporation (VSEC) stock page.

Every number on this page can be traced to a document VSE Corporation published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.