VVXMEDIUM SIGNALFINANCIAL10-K

V2X achieved improved profitability while reducing debt substantially, though operating cash flow declined meaningfully year-over-year.

The company demonstrates strong operational execution with operating income growing 22% while simultaneously reducing total debt by 41%, indicating effective capital allocation and deleveraging efforts. However, the 28% decline in operating cash flow warrants monitoring, as it suggests potential working capital pressures or timing differences that could impact liquidity management.

Comparing 2026-02-23 vs 2025-02-24View on EDGAR →
FINANCIAL ANALYSIS

V2X shows a mixed but generally positive financial picture, with operating income growing solidly to $194.3M while the company successfully reduced total debt from $179.0M to $105.4M, demonstrating strong balance sheet management. Current assets expanded modestly by 12.3% to $1.2B, providing adequate liquidity support. The notable decline in operating cash flow to $182.0M, however, creates some concern about cash generation efficiency despite improved profitability, suggesting investors should monitor working capital trends closely.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-41.1%
$179.0M→$105.4M

Debt reduced 41.1% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
-28.4%
$254.2M→$182.0M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Operating Income
P&L
+22%
$159.2M→$194.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Assets
Balance Sheet
+12.3%
$1.1B→$1.2B

Current assets grew 12.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-24
ADDED
As of February 18, 2026, there were 31,173,445 shares of common stock ($0.01 par value per share) outstanding.
(V2X or the Company) is a leading provider of critical mission solutions primarily to defense customers in 349 locations and 49 countries and territories worldwide.
As of December 31, 2025, we had approximately 16,200 employees and 7,300 subcontract personnel.
Key to enabling this strategy is to: Drive performance excellence in execution: V2X delivers operational excellence by maintaining high standards of quality, efficiency, and reliability.
Expand global presence and markets: With a footprint spanning seven continents, V2X is focused on growing our reach in emerging markets, expanding partnerships, and extending our expertise into new domains.
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REMOVED
As of February 19, 2025, there were 31,568,332 shares of common stock ($0.01 par value per share) outstanding.
(V2X or the Company), an Indiana Corporation formed in February 2014, formerly known as Vectrus, Inc.
(Vectrus), is a leading provider of critical mission solutions primarily to defense customers in 329 locations and 47 countries and territories worldwide.
As of December 31, 2024, we had approximately 16,100 employees and 6,200 subcontract personnel.
On July 5, 2022 (the Closing Date), Vectrus completed its merger (Merger) with Vertex Aerospace Services Holding Corp., a Delaware corporation (Vertex), thereby forming V2X .
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