VSE CORPORATION
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $786.3M | $544.0M | $669.4M | $481.4M | $661.7M | $752.6M | $697.2M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $13.3M | $13.6M | $7.1M | $3.6M | $3.5M | $3.1M | $4.2M | $3.7M |
| Operating Income | $89.6M | $58.8M | $50.1M | $53.6M | $-2.7M | $13.9M | $60.3M | $54.2M |
| Operating Margin | 8.1% | 7.5% | 9.2% | 8.0% | -0.6% | 2.1% | 8.0% | 7.8% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $69.0M | $23.8M | $19.1M | $35.7M | $-14.8M | $427.0K | $46.4M | $45.2M |
| Income Tax Expense | $15.5M | $4.4M | $4.5M | $9.1M | $-3.8M | $5.6M | $9.4M | $10.2M |
| Net Income | $11.7M | $15.3M | $39.1M | $28.1M | $8.0M | $-5.2M | $37.0M | $35.1M |
| Net Margin | 1.1% | 1.9% | 7.2% | 4.2% | 1.7% | -0.8% | 4.9% | 5.0% |
| EPS (Basic) | $0.55 | $0.86 | $2.77 | $2.20 | $0.63 | $-0.47 | $3.38 | $3.23 |
| EPS (Diluted) | $0.55 | $0.85 | $2.76 | $2.19 | $0.63 | $-0.47 | $3.35 | $3.21 |
| Shares Outstanding (Basic) | 21.1M | 17.9M | 14.1M | 12.8M | 12.6M | 11.0M | 11.0M | 10.9M |
| Shares Outstanding (Diluted) | 21.2M | 18.0M | 14.2M | 12.8M | 12.6M | 11.0M | 11.0M | 10.9M |
| Dividends Per Share | $0.40 | $0.40 | $0.40 | $0.40 | $0.37 | $0.36 | $0.35 | $0.31 |