V2X, Inc. (NYSE: VVX) has released its financial results for the fourth quarter and full year of 2025, showcasing a robust performance that reflects the company's strategic execution and commitment to growth. The press release, dated February 23, 2026, highlights key financial metrics and sets ambitious guidance for 2026.

Fourth Quarter Highlights

V2X achieved record revenue of $1.22 billion in the fourth quarter of 2025, marking a 5% year-over-year increase. President and CEO Jeremy C. Wensinger expressed confidence in the company's direction, attributing the success to its alignment with national security priorities and ongoing investments in innovative solutions.

Net Income and Earnings: The company reported a net income of $22.8 million for the quarter. Adjusted net income rose to $49.3 million, a 16% increase compared to the previous year. The fourth quarter GAAP diluted earnings per share (EPS) stood at $0.72, while adjusted diluted EPS grew by 17% to $1.56.

Adjusted EBITDA: V2X posted a record adjusted EBITDA of $88.7 million, reflecting a margin of 7.3%, which is a 3% increase from the prior year.

Operating Activities: The company generated $209.5 million in net cash from operating activities, with adjusted cash flow increasing by 3% year-over-year to $172.4 million.

Debt Management: V2X's net debt at the end of the quarter was recorded at $758 million, a notable improvement of $116 million year-over-year, achieving a 2.2x net leverage ratio.

Backlog Status: The total backlog as of December 31, 2025, stood at $11.1 billion, with a funded backlog of $2.3 billion. The book-to-bill ratio for the quarter was approximately 0.7x.

Full-Year 2025 Performance

For the entirety of 2025, V2X reported revenue of $4.48 billion, which is a 4% increase from the previous year. Key metrics include:

Net Income: Full-year net income reached $77.9 million, while adjusted net income grew to $166.8 million, marking a 20% increase year-over-year.

Earnings Per Share: The full-year GAAP diluted EPS was $2.45, with adjusted diluted EPS rising to $5.24, representing a 21% increase year-over-year.

Adjusted EBITDA: The company achieved a full-year adjusted EBITDA of $323.3 million, maintaining a margin of 7.2%.

Cash Flow: Net cash provided by operating activities in 2025 amounted to $182.0 million, with adjusted cash flow of $148.3 million.

Guidance for 2026

Looking ahead, V2X has established optimistic guidance for 2026, projecting:

Revenue: Between $4.675 billion and $4.825 billion, with a midpoint of $4.750 billion.

Adjusted EBITDA: Expected to be in the range of $335 million to $350 million, with a midpoint of $343 million.

Adjusted Diluted EPS: Forecasted between $5.50 and $5.90, with a midpoint of $5.70.

Adjusted Net Cash Provided by Operating Activities: Anticipated to range from $150 million to $170 million, with a midpoint of $160 million.

Conclusion

V2X's fourth quarter and full-year results illustrate the company's solid execution and strategic positioning in the defense and security sectors. With a strong financial foundation and a promising outlook for 2026, V2X appears well-equipped to navigate the upcoming challenges and opportunities in the market. The management team will discuss these results further during a conference call scheduled for later today, February 23, 2026.

Original press release