Short answer
VERRA MOBILITY Corp (VRRM) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $979M (+11.4% year over year) and net income of $137M.
- Top risk flagged: Government contract risk: NYCDOT contract terms materially changed Jan 1, 2026, with service credits, liquidated damages, cybersecurity, risking $72.9M receivable exposure
FY2025 key financial metrics · XBRL
- Revenue
- $979M
- +11.4% YoY
- Net income
- $137M
- +334.5% YoY
- Operating margin
- 24.4%
- +8.9 pp YoY
- EPS (diluted)
- $0.85
- +347.4% YoY
- ROE
- 46.6%
- +34.8 pp YoY
- Operating cash flow
- $256M
- +14.4% YoY
Source: XBRL data from the VERRA MOBILITY Corp (VRRM) FY2025 10-K on SEC EDGAR. USD.
VERRA MOBILITY Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Integrated smart mobility tech solutions including tolling, violations management, title/registration, automated safety enforcement, and parking management
- No new segments introduced; emphasis on AI integration to enhance offerings and business processes
- Competitive positioning shift: increased focus on AI-driven innovation amid rising competition and emerging self-driving car impacts
- Employees totaled 1,901 as of December 31, 2025, with 1,286 U.S.-based and 602 international, supporting global operations
- Processed approximately 180 million parking transactions and maintained 78 patents and 205 trademark registrations as of year-end 2025
Management Discussion & Analysis
- Revenue $979.1M, up 11.4% YoY from $879.2M; service revenue $918.1M (+9.1%), product sales $60.9M (+62.4%)
- Operating margin 24.4% vs 15.5%, income from operations $238.4M vs $136.0M; net income $136.6M vs $31.4M, effective tax rate 29.9% vs 60.2%
- Best performing segment Government Solutions: service revenue $415.6M (+13.0%), operating expenses up 17.6%; worst Parking Solutions: service revenue flat $66.7M (+0.9%), operating expenses down 5.5%
- Operating cash flow $255.8M vs $223.6M; share repurchases $133.4M for 6.0M shares; capex not explicitly detailed; debt refinanced reducing rates by 0.25%
- Management highlights $998M NYCDOT contract renewal for 2026-2030; risks include changing legislation, inflation impacts, and customer concentration risks with NYCDOT major revenue source
Risk Factors
- Government contract risk: NYCDOT contract terms materially changed Jan 1, 2026, with service credits, liquidated damages, cybersecurity, risking $72.9M receivable exposure
- Geopolitical risk: Ontario ban on automated speed enforcement cameras Nov 2025 forced exit, affecting Government Solutions segment (47% of 2025 revenues)
- Supply chain risk: Reliance on third-party providers for DMV data, hardware manufacturing, and outsourced software development, vulnerable to restriction or termination
- Competitive risk: AI advancements and self-driving vehicles threaten core photo enforcement and tolling solutions, with competitors potentially better resourced and faster moving
- Financial risk: Substantial indebtedness with large customer concentration; three Commercial Services customers accounted for ~35% of revenues in 2025, risking revenue volatility
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