Every material Form 8-K VSE has filed with the SEC since February 20, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
VSE Corporation's Board of Directors declared a regular quarterly cash dividend of $0.10 per share on November 3, 2026. The dividend is payable to stockholders of record as of January 15, 2027, and the company announced it in a press release attached to the filing as Exhibit 99.1.
Quarterly cash dividend of $0.10 per share of VSE common stock
Record date: close of business on January 15, 2027
VSE Corporation reported third-quarter 2026 revenue of $541.0 million, up 91.2% from a year earlier, and GAAP net income from continuing operations of $47.3 million, compared with $3.6 million in the third quarter of 2025. The company raised its full-year 2026 revenue growth and Adjusted EBITDA margin guidance, though about 74 percentage points of the revenue growth came from acquisitions.
Third-quarter GAAP diluted EPS was $1.49, compared with $0.17 a year earlier; Adjusted EPS was $2.01, compared with $1.35.
Full-year 2026 revenue growth guidance is now 65% to 66.5%, up from 61% to 64%.
Full-year 2026 Adjusted EBITDA margin guidance is now 18.9% to 19.1%, up from 18.7% to 19.0%.
Net debt was $894.2 million at September 30, 2026, with an Adjusted net leverage ratio of about 2.3x; the company acquired Atech Turbine Components on August 31, 2026.
VSE Corporation reported record second-quarter 2026 revenue of $449.1 million, up 65.0%, and GAAP net income of $28.5 million, up 109.1%, after completing the PAG and NorthStar acquisitions. The company raised its full-year 2026 revenue growth and Adjusted EBITDA margin outlook, which signals stronger expected results for shareholders, though total debt rose to $966.7 million at June 30, 2026.
Q2 2026 GAAP diluted EPS was $0.91, up 37.9% from $0.66; Adjusted EPS was $1.75, up 32.6%
Full-year 2026 revenue growth guidance raised to 61% to 64%, from 57% to 61%
Full-year 2026 Adjusted EBITDA margin guidance raised to 18.7% to 19.0%, from 18.1% to 18.5%
On May 5, 2026, VSE completed its acquisition of Precision Aviation Group (PAG) for up-front consideration of $2.025 billion, with up to an additional $125 million contingent on PAG's 2026 profitability. VSE funded part of the deal with a new $900 million term loan and increased its revolving credit facility, so shareholders will see the acquisition add both scale and debt. The filing does not report combined results, so the effect on per-share earnings is not yet quantified.
Closed May 5, 2026: $1.75 billion in cash plus about $275 million in Class B shares exchangeable one-for-one into VSE common stock
Up to $125 million earnout tied to PAG's 2026 profitability, payable in cash, VSE common stock or both at VSE's discretion
New $900 million senior secured term loan B maturing May 5, 2033; revolver increased from $400 million to $500 million, maturing May 2, 2030
Press release says the acquisition increases VSE revenue by about 50% on a pro forma 2025 basis
VSE Corporation reported first-quarter 2026 revenue of $324.6 million, up 26.8% from a year earlier, with GAAP net income of $29.1 million (up 108.0%) and diluted EPS of $1.04 (up 55.2%). The company raised its full-year 2026 revenue and Adjusted EBITDA margin guidance to include Precision Aviation Group, which it acquired on May 5, 2026, and says its underlying business outlook is unchanged.
Q1 2026 revenue $324.6 million, up 26.8%; GAAP net income $29.1 million, up 108.0%; diluted EPS $1.04, up 55.2%
Adjusted EBITDA $55.4 million, up 37.4%; Adjusted EBITDA margin 17.1%
PAG acquired May 5, 2026 from GenNx360 Capital Partners for $2.025 billion in cash and equity
Full-year 2026 revenue growth guidance raised to 57% to 61% from 19% to 23%, driven by PAG
VSE Corporation reported fourth-quarter and full-year 2025 results on February 25, 2026, with revenue, GAAP net income and diluted EPS all higher than in 2024. The company also issued 2026 guidance that excludes the pending Precision Aviation Group acquisition, which is expected to close in the second quarter of 2026. For shareholders, the results show strong growth, though full-year free cash flow was only $6 million.
Q4 2025 revenue was $301.2 million, up 32%, and GAAP diluted EPS was $0.98 versus $0.51 a year earlier.
Full-year 2025 revenue was $1.1 billion, up 41%, with GAAP net income of $53.5 million and GAAP diluted EPS of $2.52.
2026 guidance excluding PAG calls for revenue growth of about 19% to 23% and Adjusted EBITDA margin of 16.8% to 17.3%.
Full-year 2025 operating cash flow was $27 million and free cash flow was $6 million; net debt was $223 million.
VSE Corporation agreed on February 2, 2026 to sell 3,989,362 shares of common stock at $188.00 each, and underwriters exercised their option in full for 598,404 more shares. The company estimates net proceeds of about $830.2 million, which it plans to use mainly to fund part of the cash price for its pending PAG Acquisition.
Firm shares: 3,989,362 at $188.00 per share; option for 598,404 additional shares exercised in full on February 3, 2026
Estimated net proceeds of approximately $830.2 million after underwriting discounts and before offering expenses
Proceeds intended to help fund cash consideration for the PAG Acquisition of PAG HoldCo, parent of Precision Aviation Group; closing expected February 4, 2026
Executive officers and directors agreed to a 60-day lock-up on sales of common stock, subject to exceptions
On January 29, 2026, VSE Corporation agreed to acquire Precision Aviation Group for up to $2.025 billion, made up of $1.75 billion in cash and $275 million in newly issued shares, plus up to $125 million in contingent payments tied to PAG's 2026 profitability. The deal is expected to close in the second quarter of 2026, subject to U.S. antitrust and Australian and UK foreign investment approvals, and lenders have committed up to $1.95 billion of new financing. VSE also released preliminary, unaudited 2025 results, with full-year revenue of about $1,101 million to $1,115 million, though the filing gives no prior-year comparison.
Upfront price of $2.025 billion: $1.75 billion cash plus $275 million in VSE stock, with up to $125 million more in earnout payments tied to 2026 profitability targets
Debt commitment letter for up to $1.95 billion of new financing, plus backstop commitments for VSE's existing revolving credit facility and term loan A
Expected closing in the second quarter of 2026; agreement can be terminated if closing has not occurred by July 29, 2026, with a possible three-month extension
Preliminary full-year 2025 revenue of about $1,101 million to $1,115 million and adjusted EBITDA of about $176 million to $184 million; full results and 2026 outlook due next month
VSE Corporation agreed on October 27, 2025 to sell 2,352,941 shares of common stock at $170.00 per share, and the underwriters fully exercised their option to buy 352,941 more shares, with the offering closing on October 29, 2025. The company estimates net proceeds of about $441.6 million, which it plans to use mainly to fund cash consideration for its previously announced acquisition of GenNx/AeroRepair IntermediateCo Inc., with the rest for future acquisitions and general corporate purposes. Shareholders will face more shares outstanding, and the company's executive officers and directors agreed to a 45-day lock-up on sales of common stock.
Firm shares: 2,352,941 at $170.00 per share, plus 352,941 optional shares exercised in full on October 28, 2025
Estimated net proceeds: about $441.6 million, after underwriting discounts and before offering expenses
Proceeds intended for the GenNx/AeroRepair IntermediateCo Inc. acquisition cash consideration, future acquisitions and general corporate purposes
Executive officers and directors agreed to a 45-day lock-up on sales of common stock
VSE Corporation reported third-quarter 2025 revenue of $282.9 million, up 38.9% from a year earlier, while GAAP net income fell 58.9% to $3.6 million, partly due to a $23.3 million earn-out receivable fair value adjustment. The company raised its full-year 2025 revenue growth and Aviation Adjusted EBITDA margin guidance and said it signed a definitive agreement to acquire Aero 3.
Q3 2025 revenue of $282.9 million, up 38.9%; GAAP diluted EPS of $0.17, down 63.8%
Adjusted diluted EPS of $0.99, up 86.8%; Adjusted EBITDA of $47.4 million, up 58.4%
Full-year 2025 revenue growth guidance raised to 38% to 40%, from 35% to 40%; Aviation Adjusted EBITDA margin guidance raised to 17.0% to 17.25%, from 16.5% to 17%
Definitive agreement to acquire GenNx/AeroRepair IntermediateCo Inc., parent of Aero 3; the filing does not state a purchase price
VSE Corporation's Chief Accounting Officer, Tarang Sharma, notified the company on October 8, 2025 that he will resign effective October 31, 2025 to pursue an opportunity outside the Aviation industry. He is expected to provide transitional consulting services through March 2026 under a planned consulting agreement, and the filing says the departure is not due to any disagreement over operations, policies, practices, or financial reporting.
Resignation notice given October 8, 2025; effective date October 31, 2025
Sharma expected to serve in a transitional consulting capacity through March 2026
Company and Sharma intend to enter a consulting agreement; terms not disclosed in the filing
Filing states the resignation is not due to any disagreement on operations, policies, practices, or financial reporting
VSE reported second-quarter 2025 revenue of $272.1 million, up 41.1%, and adjusted EBITDA of $43.5 million, up 51.9%, with net income from continuing operations of $13.6 million. The company reaffirmed its 2025 revenue growth outlook of 35% to 40% and narrowed its Aviation adjusted EBITDA margin guidance to 16.5% to 17%, while a $10.4 million loss from discontinued operations left total quarterly net income at $3.2 million.
Revenue of $272.1 million, up 41.1% from $192.8 million in the second quarter of 2024.
Net income from continuing operations of $13.6 million, or $0.66 diluted EPS, versus a loss of $5.3 million, or $0.31 per share, a year earlier.
Full-year 2025 revenue growth guidance of 35% to 40% reaffirmed; Aviation adjusted EBITDA margin guidance raised to 16.5% to 17% from 16% to 17%.
Total net income of $3.2 million after a $10.4 million loss from discontinued operations; six-month net loss of $5.8 million.
VSE Corporation reported first-quarter 2025 revenue of $256.0 million, up 57.7%, and net income from continuing operations of $14.0 million, up 152.0%. The company still posted a net loss of $9.0 million, or $0.44 per diluted share, because of a $22.9 million loss from discontinued operations, and it reaffirmed its full-year 2025 Aviation revenue and Adjusted EBITDA margin guidance.
Revenue of $256.0 million, up 57.7%; diluted EPS from continuing operations of $0.67, up 91.4%
Net loss of $9.0 million, or $0.44 per diluted share, including a $22.9 million loss from discontinued operations
Full-year 2025 Aviation revenue growth guidance of 35% to 40% and Adjusted EBITDA margin of 16% to 17% reaffirmed
Net debt of $459 million at March 31, 2025; Fleet segment sale completed April 1, 2025 for up to $230 million
VSE Corporation entered a new five-year senior secured credit agreement with Citizens Bank, N.A. and other lenders, including a $300 million term loan and a $400 million revolving facility, both maturing May 2, 2030. Proceeds of the term loan repaid the company's 2018 credit agreement, which was then terminated, and the company says the new terms are about 60 basis points lower than the prior facilities. The facilities are secured by substantially all assets of the loan parties and include covenants that limit dividends, share purchases, debt and acquisitions.
$300 million term loan and $400 million revolving credit facility, both maturing May 2, 2030
Initial pricing is Term SOFR plus 1.75% or ABR plus 0.75%, per the filing; the company says this is about 60 basis points below prior terms
Covenants restrict dividends, purchases of VSE common stock, indebtedness, investments and acquisitions; term loan amortizes $7.5 million a year in years one and two
VSE reported fourth-quarter and full-year 2024 results, with revenue up 27% in the quarter and 26% for the year, while full-year GAAP diluted EPS fell 33% to $2.03. The company gave 2025 guidance only for its Aviation segment, withholding Fleet guidance because of the pending sale of that segment to One Equity Partners for up to $230 million. The filing also names Ben Thomas as chief operating officer and says Chief Legal Officer Farinaz Tehrani will resign effective March 28, 2025.
Q4 2024 revenue was $299.0 million, up 27%; GAAP diluted EPS was $0.77, down 6%; adjusted diluted EPS was $0.90, up 6%.
Full-year 2024 revenue was $1,080.1 million, up 26%; GAAP diluted EPS was $2.03, down 33%; adjusted diluted EPS was $3.13, down 5%.
2025 Aviation guidance: revenue growth of 35% to 40% and Adjusted EBITDA margin of 15.5% to 16.5%; no Fleet guidance due to the pending sale.
Ben Thomas appointed Chief Operating Officer effective immediately; Farinaz Tehrani to resign as Chief Legal Officer effective March 28, 2025.
VSE Corporation agreed on February 17, 2025 to sell its Fleet segment, including Wheeler Fleet Solutions, Co. and certain real estate, to One Equity Partners for up to $230 million in cash. The deal includes a $165 million payment at closing and an earn-out of up to $65 million tied to milestones, and the company intends to use the net proceeds to reduce borrowings under its credit agreement.
Total consideration of up to $230 million, including a $165 million closing payment ($140 million cash and $25 million seller note)
Earn-out payment of up to $65 million, subject to achieving certain milestones
Transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and approvals
Company intends to use net proceeds to reduce existing borrowings under its credit agreement
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