V2X (VVX) Earnings: Q3 2026 Results

The quarter ended October 2, 2026 and V2X published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. V2X reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• V2X reports in thousands of dollars; figures here are rounded to the nearest $0.1 million. V2X operates as a single reportable segment, so the breakdown shown is its revenue by customer from the release's supplemental tables.
• V2X's fiscal third quarter ended October 2, 2026; the year-ago quarter ended September 26, 2025.

Source: V2X Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended October 2, 2026. Figures as reported; checked against the release on November 10, 2026.

How V2X 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.

• V2X's Army revenue was $338 million in Q3 2026, down 25% from $449 million in Q3 2025, 27% of total revenue.
• V2X's Navy revenue was $390 million in Q3 2026, flat on $391 million in Q3 2025, 31% of total revenue.
• V2X's Air Force revenue was $251 million in Q3 2026, up 50% from $168 million in Q3 2025, 20% of total revenue.
• V2X's Other revenue was $293 million in Q3 2026, up 83% from $160 million in Q3 2025, 23% 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

V2X sets out its 2026 guidance as a table in the release. The updated ranges are revenue of $4,950 million to $5,100 million (prior $4,875 million to $5,025 million), adjusted EBITDA of $352.5 million to $367.5 million, adjusted diluted EPS of $6.15 to $6.55 (prior $5.90 to $6.30) and adjusted net cash provided by operating activities of $175 million to $195 million. V2X does not reconcile the non-GAAP ranges to GAAP.

In its Q3 2026 release, V2X said:

“Based on our year-to-date performance, current backlog position and existing demand signals, we are increasing our full-year 2026 guidance.”

Source: V2X Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VVX forecast page.

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

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for V2X'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 2, 2026

V2X reported Q3 2026 revenue of $1,271.5 million, up 9% from $1,167.1 million a year earlier. V2X operates as one segment and breaks revenue out by customer: Navy $389.7 million, Army $337.7 million, Air Force $251.3 million and Other $292.8 million. Air Force revenue rose 50.0% and Other rose 83.0%, while Army revenue fell 24.8%. (V2X Q3 2026 release, Nov 2, 2026)

V2X describes itself as a provider of critical mission solutions, primarily to defense customers, in 349 locations and 49 countries and territories. Its capabilities include readiness, integrated supply chain management, assured communications, mission solutions, and platform renewal and modernization. V2X derives 96% of its revenue from work under U.S. government contracts, and the U.S. Army supplied about 41% of total revenue in 2025. (V2X Form 10-K, 2025, Feb 23, 2026)

According to the 10-Q, the $104.3 million rise in revenue came from program increases in aerospace and modernization and a $128.9 million increase from discrete activities to support a national security mission, partly offset by reduced scope of work on Middle East programs. Revenue from U.S. programs rose $209.4 million, while Middle East programs fell $104.1 million and Europe $7.8 million. (V2X Form 10-Q, Q3 2026, Nov 2, 2026)

By geography, United States revenue was $894.1 million, up 30.6%, and Middle East revenue was $240.5 million, down 30.2%. Asia contributed $88.2 million and Europe $48.6 million. V2X acted as prime contractor on $1,219.7 million of the quarter's revenue. (V2X Q3 2026 release, Nov 2, 2026)

The contract mix shifted. Cost-plus and cost-reimbursable work brought in $692.5 million and firm-fixed-price work $419.1 million, both lower than a year earlier, while time-and-materials revenue rose to $159.9 million from $28.1 million. For the first nine months of 2026, the Army's share of V2X revenue was about 32%, against 41% a year earlier. (V2X Q3 2026 release, Nov 2, 2026; V2X Form 10-Q, Q3 2026, Nov 2, 2026)

V2X's GAAP diluted EPS was $1.01 in Q3 2026, up 32% from $0.77, and adjusted diluted EPS was $1.64, up 19% from $1.37. The largest item between them is amortization of acquired intangible assets, worth $0.56 per share; V2X also adds back M&A, integration and related costs ($0.03) and amortization of debt issuance costs ($0.04). (V2X Q3 2026 release, Nov 2, 2026)

Lower interest helped V2X's GAAP result. Interest expense, net fell to $15.5 million from $20.0 million, and the effective tax rate was 22.9%, against 24.9% a year earlier. Operating margin was 4.7%, against 4.8%, as SG&A expenses rose 13.2% on higher operating costs tied to revenue growth. (V2X Q3 2026 release, Nov 2, 2026; V2X Form 10-Q, Q3 2026, Nov 2, 2026)

V2X's share count changed little. Diluted weighted average shares were 31,588 thousand, against 31,856 thousand a year earlier, and V2X bought back no stock in the first nine months of 2026, after $10.0 million of treasury stock purchases in the same period of 2025. (V2X Q3 2026 release, Nov 2, 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.

V2X gives a full-year outlook in its release and raised it in Q3 2026. Revenue guidance moved to $4,950 million to $5,100 million from $4,875 million to $5,025 million, and adjusted diluted EPS guidance to $6.15 to $6.55 from $5.90 to $6.30. Adjusted EBITDA guidance is now $352.5 million to $367.5 million and adjusted net cash provided by operating activities $175 million to $195 million. (V2X Q3 2026 release, Nov 2, 2026)

V2X also said it expects a net leverage ratio of about 2.0x by the end of 2026, down from 2.2x at the end of Q3. It does not reconcile its non-GAAP guidance to GAAP, citing the unreasonable efforts exception in SEC rules. (V2X Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover V2X, 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 V2X'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 VVX is on is VVX a buy or a sell?, what analysts expect next is on the VVX forecast, and what the company does is on the V2X (VVX) stock page.

Every number on this page can be traced to a document V2X 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.