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# V2X Lifts 2026 Revenue Outlook To $5.025 Billion-$5.1 Billion As Third-Quarter Profit Rises 30%
- URL: https://www.bullished.co/v2x-lifts-2026-revenue-outlook-to-5-025-billion-5-1-billion-as-third-quarter-profit-rises-2623e1f8/
- Published: 2026-11-02T22:07:27.000Z
- Updated: 2026-11-02T22:07:27.000Z
- Description: The defense contractor raised all four full-year targets and reported $12.8 billion in backlog as net debt fell to $811.7 million.
- Author: Matteo Parrino
- Tags: Earnings, VVX, Industry: Industrials

[V2X](https://www.bullished.co/tag/vvx/), which provides training, supply chain, communications, base operations and aircraft maintenance services mainly to defense customers, [raised its 2026 guidance on every metric](https://www.prnewswire.com/news-releases/v2x-reports-third-quarter-2026-results-302926699.html?ref=bullished.co) on Monday after third-quarter net income climbed 30% to $32.0 million. Revenue rose 9% to $1.27 billion.

## The raised targets

The new full-year revenue range is [$5,025 million to $5,100 million](https://www.sec.gov/Archives/edgar/data/0001601548/000160154826000050/v2xq32026pressreleasefin.htm?ref=bullished.co), up from $4,875 million to $4,950 million. Adjusted earnings per share guidance moved to $6.30-$6.55 from $5.90-$6.15.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with company adjustments) is now expected at [$362.5 million](https://www.prnewswire.com/news-releases/v2x-reports-third-quarter-2026-results-302926699.html?ref=bullished.co) to $367.5 million, from $347.5 million to $352.5 million. Adjusted operating cash flow guidance rose to $180 million-$195 million from $160 million-$175 million.

CEO Jeremy C. Wensinger said the increase rests on year-to-date performance, "current backlog position and existing demand signals."

## Quarter: profit up, margin slips

Diluted earnings per share were $1.01, up 32%. Adjusted net income was $51.7 million and adjusted earnings per share $1.64, both up 19%.

Adjusted EBITDA was $88.6 million, a 7.0% margin, compared with 7.3% a year earlier. Operating cash flow for the quarter was $67.3 million.

The mix shifted. US revenue rose 30.6% to $894.1 million, while Middle East revenue fell 30.2% to $240.5 million. Army revenue dropped 24.8% to $337.7 million, as Air Force revenue rose 50.0% to $251.3 million.

## Backlog and debt

Total backlog stood at $12.8 billion as of October 2, with $2.6 billion of it funded. Book-to-bill, the ratio of new awards to revenue, was about 1.2x in the quarter.

Net debt ended the quarter at $811.7 million, $140.3 million better than a year earlier, for a net leverage ratio of 2.2x. The company expects about 2.0x by the end of 2026.

V2X scheduled a call with analysts for 4:30 p.m. ET Monday.

V2X had about 16,200 employees at the end of 2025, and its nine-month adjusted earnings per share stands at $4.80 against a full-year target of $6.30 to $6.55.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — V2X, Inc. (VVX)](https://www.sec.gov/Archives/edgar/data/0001601548/000160154826000050/vec-20261102.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit v2xq32026pressreleasefin.htm — V2X, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001601548/000160154826000050/v2xq32026pressreleasefin.htm?ref=bullished.co) — SEC EDGAR
- [V2X Reports Third Quarter 2026 Results](https://www.prnewswire.com/news-releases/v2x-reports-third-quarter-2026-results-302926699.html?ref=bullished.co) — prnewswire.com

### More on V2X

- [Army Adds $104.6 Million To V2X Communications Contract, With $16.2 Million Obligated Now](https://www.bullished.co/army-adds-104-6-million-to-v2x-communications-contract-with-16-2-million-obligated-now-a6ce497c/)
- [Vanguard Capital Management Reports 5.17% Passive Stake In V2X](https://www.bullished.co/vanguard-capital-management-reports-5-17-passive-stake-in-v2x-93522d65/)

[All V2X (VVX) coverage →](https://www.bullished.co/tag/vvx/)