VVXMEDIUM SIGNALOPPORTUNITY10-K

V2X expanded its global defense footprint to 349 locations across 49 countries while meaningfully improving operating income and reducing total debt, though operating cash flow declined year-over-year.

The combination of geographic expansion (from 329 to 349 locations, 47 to 49 countries) and headcount growth in subcontract personnel (from approximately 6,200 to 7,300) signals active contract wins and broader mission scope, which could support future revenue growth. The removal of legacy Vectrus/Merger disclosure language suggests management views the post-merger integration as sufficiently mature to no longer require prominent explanation, a quiet marker of organizational consolidation. Investors should monitor whether the expanded operational footprint translates into sustained earnings improvement or introduces execution and cost risk across new geographies.

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

V2X delivered a meaningful improvement in operating income, rising 22% year-over-year to $194.3M, reflecting stronger underlying profitability. On the balance sheet, total debt declined by approximately 41% to $105.4M and current assets grew 12.3% to $1.2B, collectively pointing to a materially stronger financial position and improved balance sheet flexibility. The one area of caution is operating cash flow, which declined 28.4% to $182.0M — while still comfortably positive, the gap between rising operating income and falling cash generation warrants scrutiny around working capital dynamics, particularly given the company's expanding contract base and subcontractor workforce.

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.
V2X operates across 349 locations in 49 countries and territories, and our key service offerings include: High Impact Readiness: We deliver full life-cycle, innovative training solutions to government clients worldwide, improving outcomes through an approach that ensures readiness.
At the same facilities where we provide these operational solutions, we offer cutting-edge training to prepare the Warfighter for missions.
Assured Communications : Our Assured Communications capabilities include full lifecycle network management, network systems installation and activation, and information assurance.
Our services include system upgrades, obsolescence management, and development, security and operations to extend service life and enhance performance.
Additionally, we provide expertise in spectrum deconfliction, digital integration, and Smart X engineering.
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 .
For a description of the Merger, see Note 3, Merger in the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K .
The Merger created a larger and more diversified company with the ability to compete for more integrated business opportunities and generate revenue across geographies, clients, and contract-types.
We continue to operate under one reportable business segment post-Merger.
Our k ey to enabling this strategy are: 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 six continents , V2X is focused on growing our reach in emerging markets, expanding partnerships, and extending our expertise into new domains.
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