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Get filing alertsV2X reports Q2 revenue up 17% to $1.26B, raises full-year guidance on strong demand
Filed August 3, 2026 · Period ending August 3, 2026 · ~1 min read
Key Changes
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Q2 2026 revenue of $1.26B (up 17% YoY) and adjusted EPS of $1.64 (up 23% YoY) driven by Air Force revenue growth of 99.6% and Other customer revenue up 53.8%.
Exhibit 99.1 view on EDGAR → -
high
Raised full-year 2026 revenue guidance to $4.875B–$5.025B (from $4.825B–$4.975B), adjusted EBITDA to $347.5M–$362.5M (from $345M–$360M), and adjusted EPS to $5.90–$6.30 (from $5.75–$6.15).
Exhibit 99.1 view on EDGAR → -
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Net debt declined $71.4M YoY to $876.1M, yielding a 2.4x net leverage ratio; company expects to reach approximately 2.0x by year-end 2026.
Exhibit 99.1 view on EDGAR → -
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Total backlog of $12.7B and funded backlog of $2.5B as of July 3, 2026; trailing twelve-month book-to-bill of 1.4x indicates healthy demand despite Q2 book-to-bill of 0.5x.
Exhibit 99.1 view on EDGAR → -
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Army revenue declined 7.7% YoY to $422.1M, offset by Navy revenue up 5.9% to $375.2M and strong growth in Air Force and Other customer categories.
Exhibit 99.1 view on EDGAR →
Summary
V2X reported strong second quarter 2026 results and raised its full-year guidance, reflecting robust demand for its national security capabilities. Revenue of $1.26 billion grew 17% year-over-year, driven by Air Force revenue nearly doubling and Other customer revenue up 54%, offsetting a 7.7% decline in Army revenue. Adjusted EPS of $1.64 rose 23% year-over-year, and adjusted EBITDA margin reached 7.1%.
The company raised its full-year revenue guidance by $50 million at the midpoint, adjusted EBITDA guidance by $2.5 million, and adjusted EPS guidance by $0.15, signaling confidence in sustained momentum. V2X continued to deleverage, reducing net debt by $71.4 million year-over-year to $876.1 million and achieving a 2.4x net leverage ratio. Management expects to reach approximately 2.0x by year-end 2026.
The company's $12.7 billion total backlog and trailing twelve-month book-to-bill of 1.4x support the raised guidance, though the 0.5x quarterly book-to-bill reflects timing of awards. The combination of accelerating revenue growth, margin expansion, and balance sheet improvement positions V2X well for the remainder of 2026.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
V2X disclosed Q2 2026 financial results and updated fiscal 2026 guidance via press release.
Added in current filing · verify on EDGAR →
Attached hereto as Exhibit 99.1 and incorporated by reference herein is a press release issued by V2X, Inc. (the “Company”) on August 3, 2026 that includes financial information for the Company for the second quarter and guidance for fiscal 2026.
V2X announced second quarter 2026 financial results and provided updated guidance for fiscal year 2026. The specific financial metrics are contained in the press release attached as Exhibit 99.1, which is incorporated by reference but not included in the 8-K body text.
Event · Exhibit 99.1
Added in current filing · view on EDGAR → · paraphrased
Revenue of $1.26 billion, up 17% year-over-year Net income of $25.5 million; Adjusted net income1 of $51.6 million, up 22% year-over-year Adjusted EBITDA1 of $89.8 million; Adjusted EBITDA1 margin of 7.1% Diluted EPS of $0.81; Adjusted diluted EPS1 of $1.64, up 23% year-over-year
V2X reported second quarter 2026 revenue of $1.26 billion, a 17% increase year-over-year. Net income was $25.5 million; adjusted net income was $51.6 million, up 22% year-over-year. Adjusted EBITDA was $89.8 million with a 7.1% margin. Diluted EPS was $0.81; adjusted diluted EPS was $1.64, up 23% year-over-year. The company attributed the strong performance to strategic execution, robust demand for its capabilities, and alignment to national security priorities.
Added in current filing · view on EDGAR →
$ millions, except for per share amounts Prior 2026 Guidance Updated 2026 Guidance Revenue $4,825 $4,975 $4,875 $5,025 Adjusted EBITDA1 $345 $360 $347.5 $362.5 Adjusted Diluted Earnings Per Share1 $5.75 $6.15 $5.90 $6.30 Adjusted Net Cash Provided by Operating Activities1 $160 $180 $160 $180
V2X increased its full-year 2026 guidance. Revenue guidance was raised from a range of $4,825 million to $4,975 million to a new range of $4,875 million to $5,025 million. Adjusted EBITDA guidance was raised from $345 million to $360 million to $347.5 million to $362.5 million. Adjusted diluted EPS guidance was raised from $5.75 to $6.15 to $5.90 to $6.30. Adjusted net cash provided by operating activities guidance remained unchanged at $160 million to $180 million.
Added in current filing · view on EDGAR →
Second quarter net cash provided by operating activities was $21.6 million. Adjusted net cash provided by operating activities1 was $71.8 million. At the end of the second quarter, net debt for V2X was $876.1 million, representing an improvement of $71.4 million year-over-year and a 2.4x net leverage ratio1. The Company expects to achieve a net leverage ratio1 of approximately 2.0x by the end of 2026.
V2X generated $21.6 million in net cash from operating activities in Q2 2026, or $71.8 million on an adjusted basis. Net debt at quarter-end was $876.1 million, down $71.4 million year-over-year, resulting in a 2.4x net leverage ratio. The company expects to reduce its net leverage ratio to approximately 2.0x by year-end 2026, indicating continued deleveraging.
Added in current filing · view on EDGAR → · paraphrased
Revenue by Customer: Three Months Ended July 3, June 27, % (In thousands) 2026 2025 Change Army $ 422,112 $ 457,443 (7.7) % Navy 375,172 354,282 5.9 % Air Force 215,190 107,822 99.6 % Other 244,169 158,783 53.8 % Total revenue $ 1,256,643 $ 1,078,330
V2X's Q2 2026 revenue by customer showed Army revenue of $422.1 million (down 7.7% year-over-year), Navy revenue of $375.2 million (up 5.9%), Air Force revenue of $215.2 million (up 99.6%), and Other revenue of $244.2 million (up 53.8%). The strong growth in Air Force and Other categories drove the overall 17% revenue increase, offsetting the Army decline.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 4, 2026 · How we verify