Short answer
V2X, Inc. (VVX) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $4.5B (+3.7% year over year) and net income of $78M.
- Top risk flagged: Shareholder Agreement termination risk as Selling Shareholder owned ~18.7% shares post-Nov 2025 offering, ending V2X Shareholders Agreement
FY2025 key financial metrics · XBRL
- Revenue
- $4.5B
- +3.7% YoY
- Net income
- $78M
- +124.5% YoY
- Operating margin
- 4.3%
- +0.7 pp YoY
- EPS (diluted)
- $2.45
- +126.9% YoY
- ROE
- 7.2%
- +3.8 pp YoY
- Operating cash flow
- $182M
- −28.4% YoY
Source: XBRL data from the V2X, Inc. (VVX) FY2025 10-K on SEC EDGAR. USD.
V2X, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business likely aerospace and defense services via subsidiaries like Vertex Aerospace, per referenced merger and credit agreements
- Emphasis on multiple credit agreement amendments in 2024-2025 indicates active financial restructuring or refinancing efforts
- No new product lines or business segments explicitly introduced or detailed this year
- Extensive incorporation by reference to Proxy Statements and Form 8-K exhibits suggests reliance on prior public disclosures for business details
- Noteworthy reliance on legal and financial document exhibits, absence of typical narrative business description in this year’s filing
Management Discussion & Analysis
- Revenue from LOGCAP V - Kuwait Task Order $441.6M in 2025 vs $450.3M in 2024, representing 9.9% and 10.4% of total revenue respectively
- Total backlog $11.1B in 2025 vs $12.5B in 2024, a decline of $1.4B mainly due to timing of new awards
- Funded orders $4.5B in 2025, up $0.7B from 2024, driven by timing of awards
- Defense funding bill FY 2026 at $839B, $8B above Pentagon request; FY 2026 government shutdown caused no material impact
- Key risks: macroeconomic inflation, geopolitical conditions, potential contract cancellations, pressure on profit margins from fixed-price/time-material contracts
Risk Factors
- Shareholder Agreement termination risk as Selling Shareholder owned ~18.7% shares post-Nov 2025 offering, ending V2X Shareholders Agreement
- Macroeconomic risk from $48.1M Middle East revenue decline in 2025 partially offsetting $220.6M U.S. growth
- Supply chain exposure in long-term defense contracts reliant on subcontractor performance and material availability
- Competition risk from integrated defense contractors affecting contract mix and profitability
- Financial risk due to $890.8M First Lien Credit Agreement principal and $233.0M 2025 Term Loans principal outstanding as of Dec 31, 2025
Generated from the filing text; verify against the original. How to read a 10-K
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