V2X, Inc. reported a total revenue of $4.48 billion for the fiscal year ending December 31, 2025, marking a 3.7% increase from $4.32 billion in 2024. The growth was primarily driven by the ramp-up of several programs, particularly in the U.S. market, which saw an increase of $220.6 million in revenue. However, this was partially offset by declines in revenue from international operations, particularly in the Middle East and Asia. Operating income for the year rose to $194.3 million, a 22% increase from the previous year, attributed to a favorable contract mix, decreased selling, general, and administrative expenses, and the conclusion of a non-recurring contractual commitment.
The company’s financial performance also reflected a significant improvement in net income, which surged by 124.5% to $77.9 million compared to $34.7 million in 2024. This increase was accompanied by a rise in the effective income tax rate to 22.8%, up from 10.7% the previous year, largely due to increased foreign taxes and a decrease in tax credits. V2X's total backlog as of December 31, 2025, was reported at $11.1 billion, down from $12.5 billion in 2024, with funded backlog increasing slightly to $2.3 billion.
Strategically, V2X has focused on expanding its global presence and enhancing its service offerings, which include high-impact readiness, integrated supply chain management, and platform renewal and modernization. The company operates in 349 locations across 49 countries and territories, employing approximately 16,200 individuals and utilizing around 7,300 subcontract personnel. The company has also made significant investments in technology and innovation to maintain its competitive edge in the defense sector.
In terms of operational metrics, V2X reported a decrease in the number of significant contracts contributing to revenue, with the Kuwait Task Order under the Logistics Civil Augmentation Program (LOGCAP) V accounting for 9.9% of total revenue. The company continues to face challenges related to the U.S. government's budgetary processes, which can impact contract awards and funding. Looking ahead, V2X anticipates continued growth driven by its focus on national security priorities and the ongoing demand for its services, despite potential economic and geopolitical uncertainties.
About V2X, Inc.
V2X, Inc. provides critical mission solutions to defense and government clients worldwide, including high-impact readiness, supply chain management, assured communications, mission support, and platform modernization. Operating across 47 countries, it leverages advanced technologies and integrated services to enhance national security, focusing on operational excellence, innovation, and long-term government partnerships. Its business model centers on government contracts, primarily with the U.S. Department of Defense.
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