V2X Lifts 2026 Revenue Outlook To $5.025 Billion-$5.1 Billion As Third-Quarter Profit Rises 30%
The defense contractor raised all four full-year targets and reported $12.8 billion in backlog as net debt fell to $811.7 million.
V2X, which provides training, supply chain, communications, base operations and aircraft maintenance services mainly to defense customers, raised its 2026 guidance on every metric 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, 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 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.
Sources
- 8-K Filing — V2X, Inc. (VVX) — SEC EDGAR
- Exhibit v2xq32026pressreleasefin.htm — V2X, Inc. 8-K exhibit — SEC EDGAR
- V2X Reports Third Quarter 2026 Results — prnewswire.com
