VVX

V2X, Inc.

Next est. report 2026-11-02 · AMC

Modern Warfare '26: Integrators Modern Warfare '26: Military Connectivity & Tactical Networks Space Supply Chain '26: Ground Systems & Earth Stations

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Overview

V2X, Inc. delivers mission-critical defense services to the U.S. DoD and allies, combining training, aircraft modernization, and logistics support. The company

V2X, Inc. delivers mission-critical defense services to the U.S. DoD and allies, combining training, aircraft modernization, and logistics support. The company also provides rapid prototyping and AI-enabled solutions, enhancing operational efficiency and customer offerings. With robust bookings and a record $13.8 billion backlog, V2X serves diverse national security customers globally.

Search Keywords Brand Product

Tempest counter-UAS
AI-enabled aerospace sustainment platform
carriage equipment
defense services
mission solutions
aerospace and defense
government contractor
military training
aircraft modernization
logistics support
AI solutions defense
national security priorities
global training
mission readiness
platform modernization
counter UAS
space domain awareness
electronic warfare
integrated air and missile defense
C6ISR

Search Keywords Event Phrases

V2X earnings
V2X contract wins
V2X AI strategy
V2X Middle East operations
V2X Asia Pacific growth

Search Keywords Policy Regulatory

National Defense Authorization Act
NDAA
FY2027 US defense budget

What They Do (Plain English & Analogies): V2X, Inc. acts like a comprehensive support crew for the U.S. military and its allies globally. Imagine the military as a highly complex and critical operation; V2X provides all the essential services to keep it running smoothly and effectively. This includes everything from training military personnel and maintaining aircraft like fighter jets and transport planes, to managing supplies and equipment in various locations, and even developing new, smart technologies like AI-powered tools to make operations more efficient and effective. They essentially ensure that military forces are well-prepared, their equipment is operational, and they have the technological edge needed to successfully complete their missions.
Very Brief History: V2X was established in 2022 through the merger of Vectrus and The Vertex Company, aiming to create a larger, more integrated contractor capable of delivering end-to-end mission capabilities. Since its formation, the company has strategically pursued larger, longer-duration, and technology-enabled contracts, while expanding its geographic and capability footprint. Notable developments include a concerted effort to accelerate rapid prototyping and AI-enabled solutions through partnerships.
"Street Stereotype": The prevailing view on the street is that V2X is a classic 'show-me' story. It's seen as a defense contractor actively working to transition from a traditional, lower-margin logistics role to a higher-margin, technology-enabled prime contractor. Investors and analysts are primarily focused on whether the company's large, multi-year contracts, such as the T-6 training program, will consistently translate into sustained margin expansion and robust cash flow. There's also close attention paid to how V2X manages risks associated with government funding cycles, potential contract protests, and the complex execution of its programs.
Subsidiaries On Linked In*: {"subsidiaries":[]}
Customer Sectors & Example Clients: V2X primarily serves national security markets, with its core customer base being the U.S. Department of Defense (DoD) and allied governments. Specific client categories include the U.S. Army, U.S. Navy, U.S. Air Force (e.g., C-12 fleet, strategic bomber fleet), U.S. Marine Corps, and the Intelligence Community. The company also provides services to foreign military customers, such as one in the Middle East.
New Customers / Segments They'Re Targeting: V2X is expanding its AI opportunities across a wide range of customer solutions, integrating AI into new bids to deliver differentiated outcomes. The company is also seeing increased activity and funding in the Asia Pacific region, indicating a target for growth. Previously, V2X gained access to the Intelligence Community through a strategic acquisition.
Supply Chain And Sourcing Geographies: The provided information does not explicitly detail V2X's specific supply chain or sourcing geographies for its products and components. However, given its role in defense services, aircraft modernization, and technology integration, its supply chain likely involves a global network of defense contractors, technology providers (e.g., Google, Tactile, and NVIDIA for AI platforms), and logistics suppliers. The company's global operations and support for various military platforms imply a diversified sourcing strategy, but precise geographic locations for component sourcing are not disclosed.
Sales Geographies And Expansion Plans: V2X currently operates globally, with significant sales and operations across North America and Europe. They maintain a strong presence and support missions in the Middle East (including Kuwait and Israel) and the Asia Pacific (INDOPACOM) region. Management is optimistic about growth prospects in Asia Pacific, noting a step-up in activities and funding there. They are also ramping up support for additional activities in Israel and national security requirements in the U.S. while responding to evolving customer needs in Kuwait.
How Key Themes May Help/Hurt: V2X is well-positioned to benefit from the 'Modern Warfare '26: Integrators' theme, which emphasizes a massive fiscal realignment towards defense spending and urgent demand for AI-driven, multi-domain solutions. V2X's strategic investments in AI, its modernization and training capabilities, and its global presence align directly with these bullish drivers, likely leading to increased contract opportunities and sustained growth. The company's focus on higher-margin, tech-enabled solutions is a direct response to industry trends. However, the theme also presents risks such as budgetary uncertainty, potential program delays, and intense competition from larger primes, which could negatively impact V2X if funding shifts or execution challenges arise on complex new technology integrations.

3 Main Long-Term Bull Details

Robust Backlog and Strategic Shift: V2X boasts a strong backlog, which provides multi-year revenue visibility and reflects a successful strategic shift towards higher-value, technology-enabled defense contracts, moving beyond traditional logistics. Recent awards are expected to improve the composite margin of their backlog.
Accelerating AI-Enabled Solutions and Innovation: The company is actively investing in and deploying AI capabilities across its enterprise and embedding them into new bids. This focus on AI is enhancing internal productivity, creating differentiated customer offerings (e.g., predictive readiness, operational efficiency), and is expected to drive higher-margin, tech-enabled solutions, becoming a 'new norm' for V2X.
Strengthening Financial Position and Capital Allocation Flexibility: V2X is demonstrating strong cash generation and a healthy balance sheet, with an expectation to achieve a net leverage ratio below 2x by year-end 2026. This financial strength provides significant flexibility for strategic organic investments and potential value-accretive M&A, reinforcing its growth trajectory.

3 Main Long-Term Bear Details

Geopolitical Instability and Customer Concentration Risk: Reliance on specific national security customer activities and exposure to geopolitical volatility (e.g., shifts in demand or contract continuity in regions like the Middle East) introduces potential revenue volatility and concentration risks.
Execution Risks and Margin Overhang on New Programs: The early stages of complex, large-scale programs and new technology integration can present execution challenges and an initial 'margin overhang.' Nonrecurring costs related to growth opportunities could affect cash flow predictability and profitability until processes are fully optimized and contracts mature.
Highly Competitive Defense Market: The defense market remains highly competitive, posing ongoing threats from contract protests, recompete losses, or aggressive pricing. While recent book-to-bill ratios are strong, the company must consistently win future large awards and recompetes to sustain its growth trajectory and backlog expansion against established primes and innovative smaller players.

Competitors And Differentiation: V2X competes with a range of defense contractors and service providers. Key competitors include Leidos Holdings, CACI International, Booz Allen Hamilton, Science Applications International Corporation (SAIC), KBR, Parsons Corporation, Amentum, and Kratos Defense & Security Solutions (KTOS). V2X differentiates itself by offering end-to-end mission capabilities, leveraging AI solutions to deliver differentiated customer outcomes, and maintaining a global presence with accessible contract vehicles that allow them to rapidly scale and support customer requirements in real-time. They emphasize their engineering prowess, past performance, readiness rates, and ability to move programs from design through long-term production.
Recent Performance & What The Market'S Focused On: V2X delivered strong second-quarter 2026 financial performance, with revenue increasing 17% year-over-year to $1.26 billion, adjusted net income up 22% to $51.6 million, and adjusted diluted EPS increasing 23% to $1.64. The company increased its full-year 2026 guidance for revenue, adjusted EBITDA, and adjusted diluted EPS, expecting approximately 10% year-over-year growth at the midpoint for revenue and adjusted EBITDA, and 16% for adjusted diluted EPS. The market is focused on V2X's ability to sustain operational execution and margin expansion from new, higher-margin contracts, the continued translation of its robust backlog into strong positive operating cash flow to achieve its target net leverage ratio of less than 2x by year-end 2026, and the successful translation of its AI investments and partnerships into material new AI-enabled program wins and a tangible uplift in overall company margins.

Revenue Segments And Estimated Mix: Total Revenue — Mix: 100%; Source: Q2 2026 Earnings Call; Trend: Increased 17% year-over-year to $1.26 billion in Q2 2026. Expected to be between $4.875 billion and $5.025 billion for FY2026.
U.S. Business Revenue — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Increased 26% year-over-year, driven primarily by new program starts and national security support.
Asia Pacific Revenue — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Increased 13% year-over-year, seeing a step-up in activities and funding.
Middle East Revenue — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Up slightly year-over-year, reflecting contributions from foreign military sales. Expected to be flat to down for the year as support for logistics-related contracts shift within the region.
National Security Activities (discrete) — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Contributed approximately $100 million of revenue in Q2 2026, with these requirements currently seen continuing through 2026 and into the early part of 2027.
Training & Aerospace Programs — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Primary driver of revenue growth in Q2 2026, including the ramp-up of training and aerospace programs.
Modernization — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Recent awards include multiyear production of carriage equipment, enabling next-generation weapons for the strategic bomber fleet.
Global Training — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Captured awards to deliver solutions for enhanced UAS maintenance and operator training.
Aerospace — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Secured a 5-year recompete to continue delivering proven readiness for the U.S. Air Force C-12 fleet.
Mission Readiness — Mix: n/m; Source: Q2 2026 Earnings Call; Trend: Received awards to support operations for U.S. Marine Corps assets and enhanced electronic security capabilities for a foreign military customer in the Middle East.
Product Brands: V2X
Tempest (counter-UAS system)
AI-enabled aerospace sustainment platform

Bull / Bear Details

V2X, Inc. is solidifying its position as a higher-margin defense prime, driven by strong Q2 2026 financial performance, increased full-year guidance, and a robu

Thesis

V2X, Inc. is solidifying its position as a higher-margin defense prime, driven by strong Q2 2026 financial performance, increased full-year guidance, and a robust $12.7 billion backlog with margin-accretive awards. Accelerated AI-enabled solutions and a strengthening balance sheet underscore its strategic shift. While geopolitical volatility, particularly in the Middle East, and gradual margin expansion persist, the company's operational execution and strategic positioning make the bull case more compelling as of 2026-08-10.

Bull case

V2X demonstrated robust Q2 2026 financial performance with 17% revenue growth and 23% adjusted diluted EPS growth year-over-year, leading to increased full-year guidance. Approximately $1 billion in recent awards are expected to improve backlog margins, and 98% of the total year's revenue is already in backlog, providing strong multi-year revenue visibility and validating demand.
The company is successfully executing its "Go Towards Tomorrow" strategy by accelerating AI-enabled solutions. V2X operates three internal AI platforms and has submitted over $8 billion in new bids incorporating AI, enhancing internal productivity and creating differentiated customer offerings. This strategic focus is expected to drive efficiencies and higher-margin, tech-enabled solutions.
V2X maintains a strengthening balance sheet and disciplined capital allocation. Net debt improved by approximately $71.4 million year-over-year, and the company expects to achieve a net leverage ratio of approximately 2x or below by year-end 2026. This financial flexibility, coupled with a re-pricing of its first lien term loan, provides significant optionality for strategic investments.

Bear case

Geopolitical instability and reliance on specific national security customer activities introduce potential revenue volatility. Middle East revenue is expected to be flat to down for the full year, with a significant sequential contraction of approximately $150 million in Kuwait activities in the second half of 2026, highlighting concentration risks and potential shifts in demand.
Execution risks on complex, large-scale programs and new technology integration persist, potentially impacting margin expansion. While recent awards are margin-accretive, management indicated that margin improvements will be incremental and modest as they work through the existing long-lived backlog, implying a gradual rather than immediate uplift in overall company margins.
The defense market remains highly competitive, posing ongoing threats from contract protests, recompete losses, or aggressive pricing. While V2X has a strong recompete win rate and focuses on new growth, the quarterly book-to-bill ratio of 0.5x in Q2 (before recent awards) indicates potential lumpiness in new contract bookings and ongoing competitive pressures.

Bull / Bear Case

Bear Case: V2X, Inc. faces geopolitical instability and customer concentration risks, with Middle East revenue expected to be flat to down for the full year, including a significant sequential contraction of approximately $150 million in Kuwait activities in the second half of 2026. Execution risks on complex programs and new technology integration persist, with management indicating that margin improvements from recent accretive awards will be incremental and modest due to the existing long-lived backlog. The defense market remains highly competitive, and while the trailing 12-month book-to-bill is strong, the Q2 book-to-bill ratio of 0.5x (before recent awards) suggests potential lumpiness in new contract bookings. Despite strong Q2 results and raised guidance, V2X shares fell post-earnings and underperformed the S&P 500, indicating market caution. Valuation concerns have also been raised, with GuruFocus considering the stock 'Modestly Overvalued' and Baird downgrading it due to valuation.
Bull Case: V2X, Inc. demonstrated robust Q2 2026 financial performance with 17% revenue growth and 23% adjusted diluted EPS growth year-over-year, leading to increased full-year guidance for revenue, adjusted EBITDA, and adjusted diluted EPS. The company maintains a strong backlog of $12.7 billion, with 98% of its full-year revenue already secured, providing significant visibility. Recent awards totaling approximately $1 billion are expected to improve backlog margins, reinforcing a strategic shift towards higher-value opportunities. V2X is successfully executing its 'Go Towards Tomorrow' strategy by accelerating AI-enabled solutions, with three internal platforms and over $8 billion in AI-integrated bids, enhancing both internal efficiency and customer offerings. Furthermore, the company is strengthening its balance sheet, with net debt improving and a target net leverage ratio of approximately 2x or below by year-end 2026.
More Compelling & Why: Bear. Despite strong Q2 results and raised guidance, V2X's stock underperformed the S&P 500 post-earnings, and some analysts, like Baird, downgraded it on valuation concerns. The current EV/EBITDA, while lower than some industry medians, is at the higher end or slightly above the 7-10x range for compliant defense contractors. The market appears to be heavily weighing the significant $150 million sequential headwind from Kuwait activities in 2H 2026 and the incremental nature of margin expansion. My view would flip if V2X consistently demonstrates accelerated margin expansion from new contracts, significantly de-risks geopolitical exposures, and achieves a sustained upward re-rating of its EV/EBITDA multiple closer to the higher end of the defense services industry median (e.g., 14-15x).

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Sustained Trailing 12-Month (TTM) Book-to-Bill Ratio	A TTM book-to-bill ratio above 1.0x indicates V2X is winning more new business than it is executing, providing strong multi-year revenue visibility. This metric is vital for assessing demand, contract wins, and the company's ability to sustain future growth.	The TTM book-to-bill ratio reported in subsequent quarters. Management expects a full-year 2026 TTM book-to-bill between 1.3x and 1.5x.	Bullish if TTM book-to-bill remains consistently within or above the 1.3x-1.5x range. Bearish if it persistently falls below 1.0x for multiple quarters.	Company earnings calls and press releases for Q3 and Q4 2026. SEC filings (10-Q, 10-K).	Defense News, Breaking Defense for contract award announcements.	Bloomberg Terminal/Refinitiv Eikon: Company-reported book-to-bill ratios.
T-6 Training Program Revenue Contribution	This significant program's execution and revenue generation are crucial for V2X's top-line growth and overall program execution confidence. Consistent delivery on revised targets validates operational capabilities and demand for key training services, directly impacting investor sentiment and future outlook.	Total annual revenue contribution from the T-6 program for 2026. Management expects approximately $40 million in 1H 2026 and $100 million in 2H 2026, totaling $140 million for the full year.	Bullish if 2H 2026 revenue contribution is at or above $100 million, indicating strong execution. Bearish if 2H 2026 contribution falls below $100 million or operational issues are reported.	Company earnings calls and press releases for Q3 and Q4 2026. SEC filings (10-Q, 10-K).	USASpending.gov: Government contract awards for T-6 related programs.	Thinknum: Government contract award data for V2X and T-6 program.
Net Leverage Ratio Achievement (<2x by Year-End 2026)	Achieving this leverage target demonstrates V2X's strong financial health, disciplined capital allocation, and effective cash flow generation. It provides flexibility for strategic investments, potential M&A, and enhances investor confidence in the company's balance sheet management.	Reported net leverage ratio at the end of Q3 and Q4 2026. The target is approximately 2x or below.	Bullish if the net leverage ratio consistently trends towards or achieves less than 2x by year-end 2026. Bearish if the ratio increases or progress stalls.	Company earnings calls and press releases for Q3 and Q4 2026. SEC filings (10-Q, 10-K).	Moody's/S&P credit rating updates (publicly available summaries).	CreditSights: Debt analysis and leverage ratio tracking.
Discrete National Security Customer Activity Revenue	This activity has been a significant driver of V2X's recent revenue growth. Its continuation or expansion, particularly with the specified second-half contribution, is crucial for maintaining top-line momentum and validating demand for critical national security support missions.	Management commentary on the revenue contribution from discrete national security customer activities in Q3 and Q4 2026. Expected 2H 2026 contribution is approximately $180 million.	Bullish if management confirms continuation or expansion of this activity, contributing at or above $180 million in 2H 2026. Bearish if the activity scales down or concludes earlier than expected, falling below $180 million in 2H 2026.	Company earnings calls and press releases for Q3 and Q4 2026. SEC filings (10-Q, 10-K).	Defense News, Breaking Defense for news on national security operations or funding.	Quid: Sentiment analysis of defense news related to national security activities.
Kuwait Contract Revenue Contraction	The significant sequential contraction in Kuwait activities represents a material revenue headwind for V2X's second-half 2026. Monitoring this closely is essential to assess the actual impact on overall guidance and the company's ability to offset regional shifts.	Actual revenue generated from Kuwait activities in Q3 and Q4 2026. Management expects $20 million to $30 million in 2H 2026, a sequential decline of approximately $150 million from 1H 2026.	Bullish if 2H 2026 revenue from Kuwait exceeds the $20 million to $30 million range, indicating a less severe headwind than anticipated. Bearish if revenue falls below this range or further contraction is announced.	Company earnings calls and press releases for Q3 and Q4 2026. SEC filings (10-Q, 10-K).	Defense News, Breaking Defense for news on U.S. military presence or logistics contracts in Kuwait/Middle East.	Stratfor/Rane: Geopolitical intelligence reports on Middle East military operations and contract shifts.

Key Reported Metrics, Reratings Triggers & Results3 rows

Adjusted EBITDA captures profitability after adjustments and reflects scaling of high-margin programs. A robust result would validate operating leverage and sup

Last reported · 2026-08-03

Key reported metrics			Rerating thresholds			Earnings results
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date	Actual reported	Hit target?	Notes
Adjusted EBITDA	28%	Adjusted EBITDA captures profitability after adjustments and reflects scaling of high-margin programs. A robust result would validate operating leverage and support the 2026 earnings trajectory, demonstrating effective cost management.
Adjusted Diluted EPS	55%	Adjusted diluted earnings per share shows per-share profitability and aligns with the 2026 EPS guide. A beat validates execution and increases confidence in capital allocation and growth of the high-value contract base.	For V2X, Inc. (VVX) to rerate higher, its Adjusted Diluted EPS needs to demonstrate a clear trajectory towards exceeding the high end of its updated full-year 2026 guidance of $6.15. This would likely be signaled by a significant beat on the upcoming Q2 2026 Adjusted Diluted EPS consensus estimate of $1.45, coupled with a further upward revision of the full-year 2026 guidance beyond $6.15.	Hitting this threshold matters as it validates V2X's strong operational execution and its strategic pivot towards higher-margin, technology-enabled defense contracts. Exceeding guidance and analyst consensus demonstrates enhanced profitability, supports faster deleveraging, and increases investor confidence in the company's ability to convert its record backlog into sustained earnings growth, thereby closing the valuation gap with higher-multiple peers.	2026-08-03	$1.64 (23% y/y growth)	Yes	V2X reported Adjusted Diluted EPS of $1.64 for Q2 2026, which significantly beat the consensus estimate of $1.45. The company also raised its full-year 2026 Adjusted Diluted EPS guidance to a range of $5.90 to $6.30, with the new high end of $6.30 surpassing the previous high end of $6.15, indicating a clear trajectory towards exceeding prior guidance.
Total Revenue	23%	Total Revenue shows top-line momentum for V2X as it transitions toward higher-value, tech-enabled defense contracts. A stronger quarter would reinforce the increased 2026 revenue guide and support margin expansion expectations.	V2X needs to achieve sustained double-digit revenue growth of 10% to 12% year-over-year. While Q1 2026 revenue grew 23% year-over-year, and the company's increased full-year 2026 guidance of $4.825 billion to $4.975 billion already surpasses the $4.5 billion annual revenue target, investors are looking for consistent performance within the 10-12% range. This must be supported by a book-to-bill ratio consistently above 1.1x (which was 3.2x in Q1 2026) and successful conversion of its record $13.8 billion backlog.	Achieving sustained double-digit growth signals that V2X is successfully capturing higher-value, tech-enabled defense contracts. This performance facilitates faster deleveraging and justifies a valuation multiple expansion toward peers like Leidos or Parsons, shifting the narrative from a merger-integration story to a high-growth defense services platform.	2026-08-03	$1.257 billion (17% y/y growth)	Yes	V2X reported strong Q2 2026 revenue of $1.257 billion, representing 17% year-over-year growth, which is within the sustained double-digit growth range targeted for rerating. The trailing 12-month book-to-bill ratio was 1.4x, well above the 1.1x threshold. Additionally, the company increased its full-year 2026 revenue guidance to a range of $4.875 billion to $5.025 billion, further reinforcing top-line momentum.

Key Questions

Will V2X's operational execution and margin expansion from key programs, including the ramp-up of T-6 (expected $100M in 2H 2026) and discrete national security

Will V2X's operational execution and margin expansion from key programs, including the ramp-up of T-6 (expected $100M in 2H 2026) and discrete national security customer activity (expected $180M in 2H 2026), successfully offset the significant $150M sequential headwind from contracting Kuwait activities in the second half of 2026, leading to sustained overall margin improvement?

Question 2: Can V2X successfully convert its more than $8 billion in submitted AI-enabled bids into material new program wins in the coming quarters, and will these wins, along with recent margin-accretive awards, begin to tangibly uplift overall company margins, validating its strategic shift towards higher-value, tech-enabled solutions?
Question 3: With strong Q2 adjusted operating cash flow and 98% of full-year revenue in backlog, can V2X consistently generate robust positive operating cash flow in the second half of 2026 to achieve its target net leverage ratio of approximately 2x or below by year-end 2026, further strengthening its financial position and capital allocation flexibility?

Earnings Transcript Summary4 rows

2026-08-03 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Driving profitable growth and improving backlog margin: Management highlighted approximately $1 billion in recent awards across modernization, global training, aerospace, and mission readiness, which are expected to improve the composite margin of their backlog. They are prioritizing margin-accretive opportunities. 2. Advancing AI capabilities: V2X is operating three AI platforms internally to enhance employee education, productivity, and operational efficiency, and is embedding AI capabilities into new bids, with over $8 billion in submitted bids incorporating AI solutions. 3. Strengthening the balance sheet and disciplined capital allocation: The company is focused on generating strong predictable cash flow, maintaining a low CapEx profile, and strategically deploying capital for organic and inorganic growth opportunities, aiming for a net leverage ratio of approximately 2x or below by year-end 2026.	Call Takeaway & ToneThe call conveyed a confident and positive tone, highlighting V2X's strong second-quarter 2026 financial performance with double-digit revenue and earnings growth. Key takeaways included the successful execution of their 'Go Towards Tomorrow' strategy, particularly in advancing AI capabilities for both internal operations and customer solutions, and significant recent contract wins (approximately $1 billion) that are expected to be margin-accretive. Management also emphasized a strengthening balance sheet, robust cash generation, and increased full-year guidance, underscoring their optimism for continued momentum and disciplined capital allocation for future growth.	Prior Quarter'S Y/Y Growth By SegmentTotal Revenue (Q1 2026): +23% year-over-year (decelerated from Q1). U.S. business revenue (Q1 2026): +40% year-over-year (decelerated from Q1). Specific year-over-year growth for Asia Pacific and Middle East segments were not explicitly broken out in the Q1 2026 earnings call, though 'Revenue from customers outside of the U.S. Army, Navy, and Air Force' increased +105% year-over-year in Q1 2026.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Recompete outlook for 2027: Analysts inquired about the recompete landscape beyond the C-12 win and into 2027. Management responded that they are in a 'nice recompete holiday,' are thrilled with their recompete win rate, and are primarily focusing capital allocation on new growth opportunities outside the current portfolio. 2. Impact of high tempo for warfighters and Middle East revenue outlook: Analysts asked about the effect of increased warfighter tempo and the guidance for Middle East revenues being flat to down. Management explained that V2X's global business allows for flexible scaling of capabilities. Shawn Mural clarified that the guidance incorporates a significant sequential contraction of approximately $150 million in Kuwait activities in the second half of 2026, with modest ramp-ups elsewhere, leading to the flat to down outlook for the region. 3. M&A market and margin accretion from new wins: Analysts questioned the M&A market and how recent higher-margin awards would impact overall company margins. Management stated they have a disciplined capital allocation strategy, focusing on M&A that strategically complements their business. Regarding margins, they emphasized that differentiation through AI, past performance, and readiness rates is leading to better mission outcomes and allowing for margin expansion. Shawn added that the recent multi-year awards, booked post-Q2, will lead to incremental, modest margin improvements as they work through the existing long-lived backlog.	Revenue SegmentsTotal Revenue: +17% year-over-year to $1.257 billion. Asia Pacific revenue: +13% year-over-year. U.S. revenue: +26% year-over-year. Middle East revenue: up slightly year-over-year (expected to be flat to down for the full year). National security activities contributed approximately $100 million in Q2.

2026-05-04 · 2026Q1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Strategic execution and alignment with national security priorities: Management emphasized consistent strategic execution, resulting in double-digit growth in revenue and earnings, and robust bookings of $4.1 billion, leading to a record backlog of $13.8 billion. 2. Innovation and advanced capabilities, particularly in AI: The company is making solid progress on its 'Go Towards Tomorrow' strategy, introducing three AI platforms operating on enterprise IT infrastructure and seeing significant expansion in AI-enabled productivity. They are also building an AI-enabled aerospace sustainment platform with Google, Tactile, and NVIDIA. 3. Strengthening the balance sheet and disciplined capital allocation: V2X is operating from a position of strength with approximately $200 million of cash and a $500 million undrawn revolver, expecting to drive its net leverage ratio to less than 2x by the end of 2026, providing flexibility to invest for growth.	Call Takeaway & ToneThe call conveyed a confident and positive tone, highlighting V2X's strong start to fiscal year 2026 with record-breaking financial performance. Key takeaways included robust double-digit revenue and earnings growth, record bookings of $4.1 billion, and a substantial backlog of $13.8 billion, which provides strong revenue visibility. Management emphasized the successful execution of their 'Go Towards Tomorrow' strategy, particularly in advancing AI capabilities through strategic partnerships and internal adoption. The company also raised its full-year 2026 guidance for revenue, adjusted EBITDA, and adjusted diluted EPS, underscoring management's optimism about continued momentum and disciplined capital allocation for future growth.	Prior Quarter'S Y/Y Growth By SegmentSpecific segment revenue year-over-year growth rates for Q4 2025 were not disclosed. Total revenue for Q4 2025 increased +5% year-over-year.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Regional outlook and potential impacts of troop movements/contract changes (e.g., Germany, Kuwait): Analysts inquired about the implications of troop withdrawals and potential work scope changes. Management responded that V2X is well-positioned in Europe and the Middle East due to the missions and contracts they support. Regarding Kuwait, management clarified that while there was a disclosure about a subsequent event, their guidance assumes continued support at Q1 levels, with $500 million in backlog for the region. 2. Sources of the guidance increase and acceleration of programs like T-6: Analysts asked if the increased guidance was solely from new wins or accelerating existing programs. Management stated it was a mix, with the T-6 program ramping up and a new Middle East job accelerating. They specified that T-6 is now expected to contribute between $175 million and $180 million for the year, an increase from the previously estimated $140 million to $160 million. 3. Long-term margin opportunities and the impact of new contract types (e.g., time and materials): Analysts questioned the long-term margin potential, particularly with an increase in time and materials contracts. Management explained that the increase in time and materials was due to a discrete national security customer activity set, which is expected to continue throughout the year and accounts for about $70 million to $80 million of the guide increase. They also noted that margins tend to mature as contracts move past early start-up phases, indicating future margin expansion.	Revenue SegmentsTotal Revenue: +23% year-over-year. U.S. business revenue: +40% year-over-year. Revenue from customers outside of the U.S. Army, Navy, and Air Force (other category): +105% year-over-year.

2026-02-23 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1) Technology-first foundation with partnerships (AI, cloud) to accelerate mission-ready solutions and expand capabilities (e.g., AWS, Google) 2) Increasing bid velocity and expanding the qualified pipeline/backlog to drive 2026 growth, including large awards like T-6 and Iraq F-16 3) Strengthening balance sheet and capital allocation to fund investments, deleveraging, and future optionality (M&A, internal investments)	Call Takeaway & TonePositive and confident. The call underscored V2X's progression toward a high-margin, tech-enabled defense prime with significant backlog and a growing pipeline. Management emphasized AI partnerships, rapid prototyping capabilities, and disciplined capital allocation. Tone was assured, with a focus on execution, risk management, and future growth.	Prior Quarter'S Y/Y Growth By SegmentTraining: not disclosed publicly; Foreign Military Sales (FMS): not disclosed publicly; Rapid Prototyping: not disclosed publicly	3 Things Analysts Most Pressed On (And Mgmt Responses)1) T-6 award timing, funding status, and impact on backlog: management outlined start March 1, 90–120 day transition lag, ~$140–$160 million of 2026 revenue, and that some funding is contingent on options/protests; backlog to reflect when booked. 2) Book-to-bill trajectory and whether T-6 is essential to surpass 1x: management indicated that with T-6 booked, they expect to be above 1x in 2026 and that the pace of awards (and recompetes) will influence whether the ratio sits around or above 1x. 3) Cash flow conversion and near-term cash needs: management noted 2026 includes an additional payroll (~$50 million), cash flow could be negative in 1H 2026, and expects about 115% net income cash conversion at the guide midpoint.	Revenue SegmentsTraining: not disclosed; Foreign Military Sales (FMS): not disclosed; Rapid Prototyping: not disclosed

2025-11-03 · 2025Q3 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Large-Scale Contract Captures: Management is prioritizing the transition and execution of 'elephant' contracts, specifically the $4B T-6 training award and the $1B Iraq F-16 program, which are critical for long-term revenue visibility. 2. Strategic Capital Allocation: Executing a balanced strategy of inorganic growth (acquiring a firm for Intelligence Community access) and shareholder returns ($10M in share repurchases) while managing debt. 3. Technology and AI Integration: Shifting the business model toward high-value, tech-enabled solutions like the 'Tempest' counter-UAS platform and AI-driven readiness tools to differentiate from traditional logistics competitors.	Call Takeaway & ToneThe takeaway is that V2X is successfully maturing into a high-tier defense prime capable of winning multi-billion dollar franchise programs, effectively moving past the initial merger integration phase. The tone was confident and resilient; management raised the midpoint for revenue and EPS despite the macro-headwind of a government shutdown. The pivot toward rapid prototyping and intelligence community access suggests a strategic shift toward higher-margin, more 'sticky' technical work.	Prior Quarter'S Y/Y Growth By SegmentTotal Revenue: +10% y/y (Q2 2025). Compared to the prior quarter, year-over-year revenue growth decelerated slightly from 10% in Q2 to 8% in Q3, though it remains within the company's increased full-year guidance range.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Cash Flow and Government Shutdown: Analysts were concerned about the lowered cash flow guidance. Management responded that the reduction is purely a timing issue caused by a ~7-day elongation in government payment cycles and delayed contract adjudications due to the shutdown, not a loss of funds. 2. T-6 Protest and Backlog Accounting: Analysts questioned the exclusion of the $4B T-6 award from the backlog. Management clarified that their standard policy is to exclude any award under protest, though they are currently performing funded transition work. 3. 2026 Growth Outlook: Analysts pressed for details on 2026 headwinds. Management explained that while the ramp-down of Middle East contingency task orders is a headwind, it will be more than offset by the ramp-up of WTRS and the Iraq F-16 program, ensuring net growth.	Revenue SegmentsTotal Revenue: +8% y/y. Growth was primarily driven by the Worldwide Training Range Systems (WTRS), F-5, and Iraq F-16 programs. Management noted that while specific segment percentages weren't broken out, these core programs are the primary engines of the current top-line expansion.

Transcript Tidbits4 rows

2026-08-03

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketV2X secured approximately $1 billion in recent awards across modernization, global training, aerospace, and mission readiness, including multiyear production of carriage equipment for the strategic bomber fleet and solutions for enhanced UAS maintenance and operator training. The company also won a 5-year recompete for the U.S. Air Force C-12 fleet and received awards to support U.S. Marine Corps assets and electronic security for a foreign military customer in the Middle East. V2X is seeing increased activity and funding in the Asia Pacific region, expressing optimism about growth prospects there, and is ramping up support for activities in Israel and national security requirements in the U.S.	About CompetitionV2X's ability to rapidly scale and support customer requirements by leveraging its capabilities, contracts, and global presence is a key differentiator. The company emphasizes a disciplined bid process, only submitting bids where it feels it has a 'better than most chance of winning it'. V2X believes its differentiation, whether through AI tools, past performance, or readiness rates, is recognized by customers as providing better mission outcomes. The diversity of its portfolio and its ability to be present in various regions with accessible contracts further differentiates V2X from many other companies.	About The Broader IndustryThe industry is characterized by continued alignment with national security priorities, driving double-digit revenue growth for V2X. There is a strong funding environment for the solutions V2X provides, with increased activity and funding noted in the Asia Pacific region. Customer demand signals indicate that current national security requirements are expected to continue through 2026 and into early 2027. V2X views its work as mission-critical, suggesting that the need for global readiness is an imperative for U.S. national security, irrespective of political changes. Global military expenditure is experiencing a generational surge, projected to exceed $2.6 trillion in 2026 and reach $2.9 trillion by the end of the decade, with the FY2026 US defense budget confirmed at over $1 trillion and the FY2027 request proposing a historic $1.5 trillion.	Where Things Are HeadedV2X is increasing its full-year 2026 guidance, expecting revenue and adjusted EBITDA to increase approximately 10% year-over-year at the midpoint, and adjusted diluted EPS to increase 16% at the midpoint. The company projects full-year revenue between $4.875 billion and $5.025 billion, adjusted EBITDA between $347.5 million and $362.5 million, adjusted diluted EPS between $5.90 and $6.30, and adjusted net cash from operating activities between $160 million and $180 million. V2X anticipates a trailing 12-month book-to-bill ratio for the total year between 1.3x and 1.5x. Approximately 98% of the company's total year revenue is already in backlog. The T-6 program is expected to contribute about $100 million in revenue in the second half of 2026, while Kuwait activities are projected to decline significantly to $20 million to $30 million in the second half, representing a $150 million headwind. The company expects to drive its net leverage ratio to approximately 2x or below by the end of 2026, with a capital allocation strategy focused on generating strong predictable cash flow, maintaining low CapEx, and strategically deploying capital for organic and inorganic growth.	Updates On ThemeIntegrators,	Broader Themes EmergingWar from Home, asymmetric threats like cheap drones and long-range attacks, re-industrialization of defense, AI now central to operational platforms and defense capabilities, urgent demand for integrated AI-driven solutions, and the increasing emphasis on fixed-price contracts in government procurement.	Bullish-Leaning Quotes (Short)Our consistent execution, recent contract wins and continued alignment to national security priorities drove double-digit revenue growth. We are confident in our market position and are increasing our full year guidance for revenue, adjusted EBITDA and adjusted diluted EPS. Revenue increased 17% year-over-year to $1.26 billion. Adjusted diluted EPS was $1.64, representing an increase of 23% compared to the same period last year. Our robust backlog, funding and pipeline of high-quality awards support our positioning and outlook for the remainder of this year. Our trailing 12-month book-to-bill of 1.4x. Funded backlog increased 10% sequentially and 8% year-over-year, $2.5 billion. We are optimistic about the growth prospects [in Asia Pacific]. We expect 2026 to be a year of solid adjusted operating cash flow generation, which we anticipate will drive our net leverage ratio to approximately 2x or below by the end of 2026. I'm thrilled with our recompete win rate. I'm excited about this strategy coming together and actually starting to see benefits of it. 98% of our revenue for the total year is in backlog.	Bearish-Leaning Quotes (Short)Our bookings do not reflect approximately $1 billion in recent awards as they came in shortly after the quarter. For the year, we expect revenue in the region [Middle East] to be flat to down as support for logistics-related contracts shift within the region. Kuwait activities delivered approximately $180 million in revenue. In the second half, we see that as $20 million to $30 million in revenue. So very modest. Think of that as a, call it, $150-ish million type headwind. CRs always can potentially impact it.

2026-05-04

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketV2X reported that approximately 21% of its first-quarter revenue came from customers outside the U.S. Army, Navy, and Air Force, an increase from 13% in the prior year, reflecting expansion with national security customers. The company secured awards to modernize F/A-18 components and integrate advanced infrared countermeasures for the KC-130J, supporting long-term platform readiness. Global training awards were captured across North America and Europe, demonstrating the reach and demand for V2X's capabilities. V2X also supported the Artemis II mission with training, simulation, and recovery operations, showcasing its technical expertise in complex national initiatives. Investments in innovation are creating new offerings, such as an AI-enabled aerospace sustainment platform built with Google, Tactile, and NVIDIA, aimed at improving aircraft availability and streamlining sustainment operations. The company is seeing positive results from its efforts in the INDOPACOM region due to its presence and understanding of mission requirements. V2X welcomes the opportunity for fixed-price work, viewing it as a way to create value for customers and align with recent executive orders in the sustainment and modernization market. The company also highlighted its rapid prototyping capabilities, taking concepts to delivery in short timeframes for 'programs of need'.	About CompetitionV2X believes its financial performance reinforces its position as a leading provider of mission capabilities and expressed confidence in its market standing. The company has partnered with industry leaders like Google, Amazon, and NVIDIA, integrating their products into bids to create differentiated solutions for customers. V2X emphasized its proximity and on-location support for critical missions, such as COBRA DANE modernization, stating that 'there's nobody better than someone who's at the location to help support that'. Management described the company as 'scrappy' and highly responsive to customer requirements, capable of quick reactions to operational tempo increases, such as deploying support to the Air Force in Israel within days. The executive order maximizing fixed-price contracts is seen as a positive for the sustainment and modernization market, where V2X believes it can create significant value.	About The Broader IndustryThe company noted its close alignment with national security priorities, which is driving enhanced financial performance, especially as customers operate in increasingly complex environments. V2X is well-positioned due to its contracts and support in macro environments like Europe and the Middle East. The current budget landscape, including a recent request for a $1.5 trillion budget, is seen as favorable, particularly for modernization and sustainment, which aligns directly with V2X's core capabilities. The Trump administration's executive order on maximizing fixed-price contracts is viewed as a significant industry development, welcomed by V2X as an opportunity to create value and save money for the government. The broader defense industry is undergoing a massive fiscal realignment, with the FY2026 US defense budget blueprint exceeding $1 trillion, driven by asymmetric threats like drones and a focus on electronic warfare, directed energy weapons, subsea defense, and AI/ML for ISR.	Where Things Are HeadedV2X is increasing its 2026 guidance, now expecting revenue and adjusted EBITDA to grow approximately 9% year-over-year at the midpoint, and adjusted diluted EPS to increase by about 14%. The company anticipates revenue between $4.825 billion and $4.975 billion, adjusted EBITDA between $345 million and $360 million, adjusted diluted EPS between $5.75 and $6.15, and adjusted net cash from operations between $160 million and $180 million. V2X expects a 50-50 revenue split between the first and second halves of 2026. The T-6 program is now expected to contribute $175 million to $180 million in revenue for the year, higher than previous estimates. The guide increase includes $40 million to $50 million for additional Middle East support, approximately $80 million from a discrete national security customer, and $20 million to $25 million from T-6. The company projects its net leverage ratio to be less than 2x by the end of 2026, providing flexibility for capital deployment, including organic investments and potential M&A. V2X is investing in AI platforms, expecting significant expansion in AI-enabled productivity to enhance operational efficiency and drive lower costs over time, which is anticipated to become the 'new norm' for the company. While early-stage contracts may create a 'margin overhang' initially, margins are expected to mature across the business in the future.	Updates On ThemeIntegrators:	Broader Themes EmergingWar from Home, asymmetric threats like cheap drones and long-range attacks, re-industrialization of defense, AI now central to operational platforms and defense capabilities, urgent demand for integrated AI-driven solutions, and the increasing emphasis on fixed-price contracts in government procurement.	Bullish-Leaning Quotes (Short)With double-digit growth in revenue and earnings, we demonstrated how consistent strategic execution, paired with the close alignment with national security priorities results in enhanced financial performance. With robust bookings of $4.1 billion in the quarter across all business areas, we achieved record backlog of $13.8 billion. Looking forward, we are confident in our position in the market and are increasing our guidance for 2026. Revenue increased 23% year-over-year to $1.25 billion, marking a record year-over-year organic growth rate for V2X. Adjusted diluted EPS was $1.53, representing a significant increase of 55% compared to the same period last year. Our recent contract success is yielding record backlog, strengthening the foundation from which we are executing. This drove quarterly book-to-bill ratio of 3.2x and trailing 12 months book-to-bill ratio of 1.5x. Overall, the expansion in backlog and robust pipeline and opportunities underscore the demand for our capabilities and reinforce our confidence in long-term growth outlook for the business. We expect another year of solid operating cash flow generation, which we anticipate will drive our net leverage ratio to less than 2x by the end of 2026. Overall, our strategy is yielding positive results as demonstrated by our strong financial performance this quarter. Our fiscal year 2026 is off to a really strong start. I think we're in a really, really good position, both in Europe and in the Middle East to support our customer long term. The team went IOC in Q1. I'm excited about the INDOPACOM region. We are very responsive to the customer. This is not vaporware. I'm excited about the budget. We welcome the opportunity to do fixed price work. We've seen excellent growth in that part of the portfolio with its offerings.	Bearish-Leaning Quotes (Short)I think that is one that's going to be a TBD, but I don't see us changing our posture in the Middle East, at least that's not what we're hearing. Adjusted operating cash flow improved significantly year-over-year and was a $22.1 million use in the quarter. Yes, we had some nonrecurring costs related to potential growth opportunities that the business undertook in the first quarter. I can appreciate the T-6 creates a bit of a margin overhang to kind of start the year. One of the things to keep in mind, we've got a lot of contracts that are in the early stages of start-up. Yes, Sebastian, it would be speculation a bit, obviously. We're trying not to get ahead of our skis here.	HiringV2X acknowledged the 'talent of our team' and 'more than 16,000 employees around the globe' for their hard work and dedication. The company noted that 'significant expansion in AI-enabled productivity' is 'enhancing operational efficiency in our support functions across the organization and will drive lower cost over time', implying potential for AI to streamline operations and potentially impact headcount in support roles.

2026-02-23

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketExpansion drivers include gaining access to the Intelligence Community via a strategic acquisition, expanded Foreign Military Sales (FMS) including a $1 billion Iraq F-16 program, broader training capabilities (e.g., Saber Junction), and growing demand for the Tempest counter-UAS solution. The company also highlighted partnerships with AWS and Google to deploy secure, scalable AI solutions and emphasized global presence (Indo-Pacific and Middle East) to support mission readiness and modernization.	About CompetitionManagement notes the company is now mature enough to pursue multi-billion award 'elephant' contracts and has secured several such awards (>$1B each, totaling over $9B in the last 18 months), but faces competition tied to a protest on the $4B T-6 cornerstone award. There is emphasis on higher bid velocity (targeting roughly a 30% increase in 2026) and an increasing share of fixed-price opportunities, though timing and protest activity remain key near-term risks.	About The Broader IndustryIndustry headwinds include government shutdown-related payment delays and adjudication lags; a shift toward more cost-type revenue; strong demand for rapid prototyping and hardware integration (including unmanned systems and counter-UAS); growth in training, modernization, and FMS programs; increasing emphasis on AI-enabled capabilities and secure data platforms, with a push toward longer-duration, higher-margin programs.	Where Things Are Headed2026 outlook features revenue guidance of $4.675–$4.825 billion (midpoint ~$4.75B), ~6% growth; backlog of $11.1B with funded backlog around $2.3B; T-6 award booked in Q1; book-to-bill expected to be above 1 in 2026; Adjusted EBITDA guidance of $335–$350M; Adjusted EPS $5.50–$5.90; net debt ~2.2x; cash flow generation remains robust, with guidance implying continued deleveraging and capital deployment opportunities including internal investments and potential M&A; leadership emphasizes technology-first, rapid deployment, and AI partnerships to sustain growth.	Updates On ThemeAI	Broader Themes EmergingRapid prototyping and AI-enabled decision advantage in mission readiness; increased use of FMS and fixed-price contracting; expansion of global footprint and partnerships to accelerate deployment of technology-enabled solutions.	Bullish-Leaning Quotes (Short)No one is better positioned than V2X to meet the mission needs of our customers today and tomorrow. We are uniquely positioned to extend that momentum, delivering greater value for our customers and creating sustainable long-term value for our shareholders. We are winning. V2X excels in mission-critical work with long-term customers and areas aligned with national security priorities. The qualified pipeline stands at more than $60 billion.	Bearish-Leaning Quotes (Short)The 4 billion T-6 cornerstone award remains under protest. Government shutdown headwinds elongated payment cycles. Ramp-down of Middle East contingency task orders creates a headwind. Timing of awards could sway the guidance.	HiringOver 16,000 employees worldwide; no specific hiring initiatives announced in this call.

2025-11-03

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketV2X completed an acquisition to gain access to the intelligence community, a move described as providing 'customer access [that] cannot be understated.' The company is also expanding via Foreign Military Sales (FMS), specifically a $1 billion program for Iraq's F-16 fleet. Additionally, they are broadening their training portfolio into specialized areas like chemical attack simulations (Saber Junction) and seeing global demand pull for their 'Tempest' counter-UAS solution.	About CompetitionThe company is currently navigating a protest on the $4 billion T-6 cornerstone award, though management expresses confidence in their solution. Jeremy Wensinger noted that the 'maturity of the company' is now allowing them to compete for and win 'elephant' contracts (strategic awards >$1 billion), having secured three such awards totaling over $9 billion in the last 18 months.	About The Broader IndustryThe industry is facing headwinds from a government shutdown, which has elongated payment cycles by approximately 7 days and delayed contract adjudications. There is a notable shift toward 'cost type revenue' growing faster within portfolios. The threat landscape is driving high demand for rapid prototyping and hardware integration, particularly in unmanned systems and counter-UAS theaters.	Where Things Are HeadedManagement increased 2025 guidance for revenue ($4.5B midpoint), EBITDA, and EPS, signaling strong momentum. While 2025 book-to-bill is expected to be below 1.0x due to award slippage from the shutdown, it is projected to accelerate above 1.0x in 2026. The company is positioning for multi-year margin expansion as new long-term franchise programs (T-6, F-16 Iraq, WTRS) ramp up.	Updates On ThemeAerospace	Broader Themes EmergingRapid prototyping for counter-UAS; AI-driven decision advantage in mission readiness; Foreign Military Sales (FMS) as a 'demand pull' from global allies seeking U.S.-standard modernization.	Bullish-Leaning Quotes (Short)Performance was strong, yielding both record revenue and adjusted EPS.	Bearish-Leaning Quotes (Short)Proactively lowering the midpoint of our cash flow guidance to account for possible temporary delays in collections.

Notes2 rows

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2026-02-23	V2X delivered a solid Q4 with revenue of $1.219B (+5% y/y), full-year $4.48B, and record Q4 adjusted EBITDA of $88.7M, backed by backlog of $11.1B. 2026 guidance calls for $4.675–$4.825B revenue and $5.50–$5.90 EPS with book-to-bill above 1.0, plus T-6 ramp and AI-enabled growth. The stock rose about 3% from earnings to post-earnings and remained roughly flat since, outperforming SPY in the initial reaction.	Other	Neutral	https://www.reuters.com/markets/us/v2x-earnings-2026-02-24/	+3.03% (vs SPY: +2.30%)
2026-08-03	V2X reported strong Q2 2026 results with double-digit revenue and EPS growth, raising full-year guidance. They secured $1 billion in margin-accretive awards and submitted $8 billion in AI-enabled bids, while strengthening their balance sheet. However, the stock significantly underperformed the SPY (-12.72% vs. +1.44% t+2 days), indicating market skepticism despite the positive messaging, possibly due to the substantial Kuwait revenue headwind.	Earnings Transcript	Negative		-12.72% (vs SPY: -14.16%)

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VVX_ccd8c1d3	ongoing in 2026	2026-09-10	2026-09-10	AI partnerships with AWS and Google Public Sector to deploy AI-enabled capabilities (smart warehousing, secure AI) across the global footprint.	Potential acceleration of decision cycles, improved outcomes, and higher-margin offerings if integration delivers; positive for sentiment if executed well.	Ticker	2026-02-23	earnings_transcript