V2X, Inc. (VVX) FY2025 10-K Annual Report
V2X, Inc. (VVX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
V2X, Inc. FY2025 10-K Analysis
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
V2X, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$4.5B
▲ +3.7% YoY
Net Income
$78M
▲ +124.5% YoY
Operating Margin
4.3%
▲ +65bp YoY
Net Margin
1.7%
▲ +94bp YoY
ROE
7.2%
▲ +380bp YoY
Total Assets
$3.3B
▲ +1.6% YoY
EPS (Diluted)
$2.45
▲ +126.9% YoY
Operating Cash Flow
$182M
▼ -28.4% YoY
Source: XBRL data from V2X, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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