Third Quarter and Recent Highlights
- Record revenue of $1.17 billion, up 8% y/y
- Net income of $24.6 million; Adjusted net income1 of $43.7 million, up 6% y/y
- Adjusted EBITDA1 of $85.2 million, with a margin of 7.3%
- Diluted EPS of $0.77; Adjusted diluted EPS1 of $1.37, up 6% y/y
- Repurchased $10 million of shares in the quarter
- Closed acquisition of specialized intelligence business, increasing addressable market
Guidance
- Raising mid-point for revenue, adjusted EBITDA1, and adjusted diluted EPS1; lowering adjusted operating cash flow1
RESTON, Va., Nov. 3, 2025 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced third quarter 2025 financial results. “Our third quarter results demonstrate our continued focus on operational and strategic execution,” said Jeremy C. Wensinger, President and Chief Executive Officer. “The trends in our business remain positive and are being driven by continued demand for mission readiness solutions.”
Mr. Wensinger continued, “Our differentiated capabilities and alignment to customer priorities were proven firsthand through several new awards during the quarter. This includes an award to deliver counter-UAS capabilities via our Tempest platform. Tempest is a rugged, commercially based combat vehicle engineered to detect, engage, and defeat various UAS. The platform, which went from idea to fielding in a matter of months, illustrates our unique ability to deliver rapid prototyping solutions that improve mission success on the modern battlefield. We were also awarded a $425 million indefinite-delivery, indefinite-quantity contract to modernize and upgrade F-16 cockpit displays for the U.S. Air Force. This is a great example of how smart modernization can deliver immediate mission enhancement at significantly lower cost than full replacement.”
Mr. Wensinger concluded, “Our results and awards demonstrate the value that V2X brings to our customers. We are further building on that value and during the quarter completed a strategic acquisition that brings new capabilities and access to new opportunities in the intelligence community. We are also accelerating our innovation strategy through new partnerships with top tier technology providers in the areas of AI and smart readiness. This is representative of how we are executing our strategy and advancing V2X to be a leader in data-enabled mission solutions across all domains.”
| ____________________ |
| 1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations. |
Third Quarter 2025 Results
“Revenue grew 8% year-over-year in the third quarter to $1.17 billion,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “The performance in the third quarter reflects both continued demand for our solutions and our focus on execution. I’m proud of what our team has achieved thus far in 2025 and believe it positions us well as we look ahead.”
“For the quarter, the Company reported operating income of $55.7 million, an increase of $5.8 million or 12% from the prior year. Adjusted operating income1 was $79.6 million, an increase of $2.7 million dollars or 4% from the prior year. V2X delivered adjusted EBITDA1 of $85.2 million, with a margin of 7.3%. Net income for the quarter was $24.6 million, an increase of $9.6 million or 63% from the prior year. Adjusted net income1 was $43.7 million, an increase of $2.4 million dollars or 6% year-over-year. Third quarter GAAP diluted EPS was $0.77. Adjusted diluted EPS1 for the quarter was $1.37, an increase of 6% year-over-year.”
“Third quarter net cash provided by operating activities was $39.4 million. Adjusted net cash provided by operating activities1 was $35.8 million.”
Mr. Mural continued, “Last quarter we outlined the key components of our capital allocation strategy, which focused on accelerating value creation. I’m pleased to report that during the third quarter we put that strategy into action by repurchasing $10 million of shares and completing a strategic acquisition. These were great first steps in our capital deployment journey, which we believe will yield strong returns for shareholders.”
2025 Guidance
Mr. Mural concluded, “Given our performance to date and the trends in our business we’re increasing the midpoint of our revenue, adjusted EBITDA1, and adjusted diluted EPS1 guidance. Although we have not seen a material impact from the government shutdown to date, we are proactively lowering the midpoint of adjusted net cash provided by operating activites1 to account for potential temporary delays in collections. I want to emphasize this is merely timing related and not indicative of a change in our underlying business.”
Guidance is as follows:
| $ millions, except for per share amounts | Prior 2025 Guidance | Updated 2025 Guidance | ||
| Revenue | $4,375 | $4,500 | $4,425 | $4,500 |
| Adjusted EBITDA1 | $305 | $320 | $312 | $320 |
| Adjusted Diluted Earnings Per Share1 | $4.65 | $4.95 | $4.85 | $5.05 |
| Adjusted Net Cash Provided by Operating Activities1 | $150 | $170 | $120 | $150 |
The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in the SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to mergers and acquisitions (“M&A”), integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Third Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 3, 2025. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/80dR21K5Yr9.
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 17, 2025, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10202916.
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the Company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
| Investor Contact | Media Contact |
| Mike Smith, CFA | Angelica Spanos Deoudes |
| IR@goV2X.com | Communications@goV2X.com |
| 719-637-5773 | 571-338-5195 |
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under “2025 Guidance” above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; product development; capital deployment; statements about the benefits and expectations with respect to the strategic acquisition; and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial opportunities for value creation.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
| V2X, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| September 26, | September 27, | September 26, | September 27, | |||||
| (In thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||
| Revenue | $ 1,167,137 | $ 1,081,656 | $ 3,261,390 | $ 3,164,403 | ||||
| Cost of revenue | 1,072,632 | 990,220 | 2,993,049 | 2,928,858 | ||||
| Selling, general, and administrative expenses | 38,836 | 41,549 | 125,434 | 127,901 | ||||
| Operating income | 55,669 | 49,887 | 142,907 | 107,644 | ||||
| Loss on extinguishment of debt | — | — | (2,527) | (1,998) | ||||
| Interest expense, net | (19,961) | (27,152) | (60,278) | (83,533) | ||||
| Other expense, net | (2,962) | (3,198) | (7,836) | (9,566) | ||||
| Income from operations before income taxes | 32,746 | 19,537 | 72,266 | 12,547 | ||||
| Income tax expense | 8,141 | 4,486 | 17,163 | 2,896 | ||||
| Net income | $ 24,605 | $ 15,051 | $ 55,103 | $ 9,651 | ||||
| Earnings per share | ||||||||
| Basic | $ 0.78 | $ 0.48 | $ 1.74 | $ 0.31 | ||||
| Diluted | $ 0.77 | $ 0.47 | $ 1.73 | $ 0.30 | ||||
| Weighted average common shares outstanding – basic | 31,617 | 31,550 | 31,634 | 31,458 | ||||
| Weighted average common shares outstanding – diluted | 31,856 | 31,973 | 31,881 | 31,921 | ||||
| V2X, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||
| September 26, | December 31, | |||
| (In thousands, except per share data) | 2025 | 2024 | ||
| Assets | ||||
| Current assets | ||||
| Cash, cash equivalents and restricted cash | $ 182,318 | $ 268,321 | ||
| Receivables | 773,287 | 710,068 | ||
| Prepaid expenses and other current assets | 143,022 | 124,081 | ||
| Total current assets | 1,098,627 | 1,102,470 | ||
| Property, plant, and equipment, net | 57,597 | 62,001 | ||
| Goodwill | 1,676,926 | 1,656,926 | ||
| Intangible assets, net | 262,825 | 323,068 | ||
| Right-of-use assets | 38,202 | 37,774 | ||
| Other non-current assets | 43,633 | 46,604 | ||
| Total non-current assets | 2,079,183 | 2,126,373 | ||
| Total Assets | $ 3,177,810 | $ 3,228,843 | ||
| Liabilities and Shareholders’ Equity | ||||
| Current liabilities | ||||
| Accounts payable | $ 487,176 | $ 547,568 | ||
| Compensation and other employee benefits | 156,858 | 166,918 | ||
| Short-term debt | 14,935 | 20,003 | ||
| Other accrued liabilities | 255,295 | 261,735 | ||
| Total current liabilities | 914,264 | 996,224 | ||
| Long-term debt, net | 1,089,307 | 1,087,484 | ||
| Deferred tax liabilities | 12,500 | 20,983 | ||
| Operating lease liabilities | 33,163 | 33,811 | ||
| Other non-current liabilities | 48,928 | 64,189 | ||
| Total non-current liabilities | 1,183,898 | 1,206,467 | ||
| Total liabilities | 2,098,162 | 2,202,691 | ||
| Commitments and contingencies (Note 7) | ||||
| Shareholders’ Equity | ||||
| Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding | — | — | ||
| Common stock; $0.01 par value; 100,000,000 shares authorized; 31,731,719 and 31,560,490 shares issued as of September 26, 2025 and December 31, 2024, respectively | 317 | 316 | ||
| Treasury stock, at cost – 200,000 and no shares as of September 26, 2025 and December 31, 2024, respectively | (10,056) | — | ||
| Additional paid in capital | 776,415 | 769,719 | ||
| Retained earnings | 320,638 | 265,535 | ||
| Accumulated other comprehensive loss | (7,666) | (9,418) | ||
| Total shareholders’ equity | 1,079,648 | 1,026,152 | ||
| Total Liabilities and Shareholders’ Equity | $ 3,177,810 | $ 3,228,843 | ||
| V2X, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||
| Nine Months Ended | ||||
| September 26, | September 27, | |||
| (In thousands) | 2025 | 2024 | ||
| Operating activities | ||||
| Net income | $ 55,103 | $ 9,651 | ||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||
| Depreciation expense | 12,468 | 16,442 | ||
| Amortization of intangible assets | 67,726 | 68,252 | ||
| Amortization of cloud computing arrangements | 3,676 | 2,073 | ||
| Impairment of non-operating long-lived asset | — | 2,192 | ||
| Loss on disposal of property, plant, and equipment | 826 | 1,170 | ||
| Stock-based compensation | 9,121 | 12,874 | ||
| Deferred taxes | (9,077) | 72 | ||
| Amortization of debt issuance costs | 4,588 | 5,717 | ||
| Loss on extinguishment of debt | 2,527 | 1,998 | ||
| Changes in assets and liabilities: | ||||
| Receivables | (58,473) | (25,614) | ||
| Other assets | (15,473) | (70,827) | ||
| Accounts payable | (63,230) | 66,101 | ||
| Compensation and other employee benefits | (10,583) | (42,417) | ||
| Other liabilities | (26,683) | (16,581) | ||
| Net cash (used in) provided by operating activities | (27,484) | 31,103 | ||
| Investing activities | ||||
| Purchases of capital assets | (9,660) | (10,700) | ||
| Proceeds from the disposition of assets | 2,285 | 14 | ||
| Acquisitions of businesses | (27,500) | (16,939) | ||
| Net cash used in investing activities | (34,875) | (27,625) | ||
| Financing activities | ||||
| Repayments of long-term debt | (7,546) | (7,669) | ||
| Proceeds from revolver | 459,000 | 1,009,250 | ||
| Repayments of revolver | (459,000) | (1,009,250) | ||
| Proceeds from stock awards and stock options | 558 | 154 | ||
| Purchase of treasury stock | (10,000) | — | ||
| Payment of debt issuance costs | (3,909) | (1,188) | ||
| Payments of employee withholding taxes on stock-based compensation | (2,982) | (8,036) | ||
| Net cash used in financing activities | (23,879) | (16,739) | ||
| Exchange rate effect on cash | 235 | 467 | ||
| Net change in cash, cash equivalents and restricted cash | (86,003) | (12,794) | ||
| Cash, cash equivalents and restricted cash – beginning of period | 268,321 | 72,651 | ||
| Cash, cash equivalents and restricted cash – end of period | $ 182,318 | $ 59,857 | ||
| Supplemental disclosure of cash flow information: | ||||
| Interest paid | $ 52,587 | $ 74,774 | ||
| Income taxes paid | $ 6,435 | $ 9,167 | ||
| Purchase of capital assets on account | $ 768 | $ 90 | ||
| Purchase of treasury stock on account | $ 56 | $ — | ||
Key Performance Indicators and Non-GAAP Measures
The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue. Backlog is the estimated amount of future revenues to be recognized under negotiated contracts.
We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management’s assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.
In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.
Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP. Definitions and reconciliations of these items are provided below.
- Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.
- Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.
- Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.
- Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.
- Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.
- Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.
- Adjusted net cash provided by ( used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.
| Non-GAAP Tables | |||||||
| ($K, except per share data) | Three Months Ended | Nine Months Ended | |||||
| September 26, 2025 | September 27, 2024 | September 26, 2025 | September 27, 2024 | ||||
| Revenue | $ 1,167,137 | $ 1,081,656 | $ 3,261,390 | $ 3,164,403 | |||
| Net income | $ 24,605 | $ 15,051 | $ 55,103 | $ 9,651 | |||
| Plus: | |||||||
| Income tax expense | 8,141 | 4,486 | 17,163 | 2,896 | |||
| Other expense, net | 2,962 | 3,198 | 7,836 | 9,566 | |||
| Interest expense, net | 19,961 | 27,152 | 60,278 | 83,533 | |||
| Loss on extinguishment of debt | — | — | 2,527 | 1,998 | |||
| Operating income | $ 55,669 | $ 49,887 | $ 142,907 | $ 107,644 | |||
| Plus: | |||||||
| Amortization of intangible assets | 22,601 | 22,727 | 67,726 | 68,252 | |||
| M&A, integration and related costs | 1,370 | 4,319 | 7,775 | 29,644 | |||
| Adjusted operating income | $ 79,640 | $ 76,933 | $ 218,407 | $ 205,540 | |||
| Plus: | |||||||
| Depreciation and CCA amortization | 5,517 | 5,759 | 16,144 | 18,515 | |||
| Adjusted EBITDA | $ 85,156 | $ 82,692 | $ 234,552 | $ 224,055 | |||
| Adjusted EBITDA margin | 7.3 % | 7.6 % | 7.2 % | 7.1 % | |||
| Minus: | |||||||
| Cash interest expense, net | 18,405 | 25,598 | 55,690 | 77,816 | |||
| Income tax expense, as adjusted | 14,620 | 6,887 | 37,169 | 24,187 | |||
| Depreciation and CCA amortization | 5,517 | 5,759 | 16,144 | 18,515 | |||
| Other expense, net, as adjusted | 2,962 | 3,198 | 8,086 | 7,373 | |||
| Adjusted net income | $ 43,653 | $ 41,250 | $ 117,463 | $ 96,163 | |||
| ($K, except per share data) | Three Months Ended | Nine Months Ended | |||||
| September 26, 2025 | September 27, 2024 | September 26, 2025 | September 27, 2024 | ||||
| Diluted earnings per share | $ 0.77 | $ 0.47 | $ 1.73 | $ 0.30 | |||
| Plus: | |||||||
| M&A, integration and related costs | 0.03 | 0.14 | 0.18 | 0.75 | |||
| Amortization of intangible assets | 0.53 | 0.63 | 1.61 | 1.72 | |||
| Amortization of debt issuance costs and Loss on extinguishment of debt | 0.04 | 0.05 | 0.17 | 0.19 | |||
| FMV land impairment | $ — | 0.00 | $ — | 0.06 | |||
| Gain on acquisition, net | 0.00 | $ — | $ (0.01) | $ — | |||
| Adjusted diluted earnings per share | $ 1.37 | $ 1.29 | $ 3.68 | $ 3.01 | |||
| Average shares outstanding: | |||||||
| Basic, as reported | 31,617 | 31,550 | 31,634 | 31,458 | |||
| Diluted, as reported | 31,856 | 31,973 | 31,881 | 31,921 | |||
| Adjusted diluted | 31,856 | 31,973 | 31,881 | 31,921 | |||
| Non-GAAP Tables | |||||||
| ($K) | Three Months Ended | Nine Months Ended | |||||
| September 26, 2025 | September 27, 2024 | September 26, 2025 | September 27, 2024 | ||||
| Net cash provided (used) by operating activities | 39,448 | 62,654 | (27,484) | 31,103 | |||
| Plus: | |||||||
| M&A, integration, and related payments | 1,298 | 13,009 | 12,060 | 25,044 | |||
| MARPA facility activity | (4,991) | 54,471 | (8,641) | (63,348) | |||
| Adjusted operating cash flow | 35,755 | 130,134 | (24,064) | (7,201) | |||
SUPPLEMENTAL INFORMATION
Revenue by customer, contract type, contract relationship, and geographic region for the periods presented below was as follows:
| Revenue by Customer | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 26, | September 27, | % | September 26, | September 27, | % | |||||||
| (In thousands) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
| Army | $ 449,031 | $ 455,877 | (1.5) % | $ 1,348,610 | $ 1,345,997 | 0.2 % | ||||||
| Navy | 390,542 | 366,217 | 6.6 % | 1,090,936 | 1,037,425 | 5.2 % | ||||||
| Air Force | 167,571 | 121,863 | 37.5 % | 374,519 | 367,899 | 1.8 % | ||||||
| Other | 159,993 | 137,699 | 16.2 % | 447,325 | 413,082 | 8.3 % | ||||||
| Total revenue | $ 1,167,137 | $ 1,081,656 | $ 3,261,390 | $ 3,164,403 | ||||||||
| Revenue by Contract Type | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 26, | September 27, | % | September 26, | September 27, | % | |||||||
| (In thousands) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
| Cost-plus and cost-reimbursable | $ 702,557 | $ 649,925 | 8.1 % | $ 1,973,210 | $ 1,850,584 | 6.6 % | ||||||
| Firm-fixed-price | 436,528 | 403,132 | 8.3 % | 1,205,705 | 1,229,565 | (1.9) % | ||||||
| Time-and-materials | 28,052 | 28,599 | (1.9) % | 82,475 | 84,254 | (2.1) % | ||||||
| Total revenue | $ 1,167,137 | $ 1,081,656 | $ 3,261,390 | $ 3,164,403 | ||||||||
| Revenue by Contract Relationship | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 26, | September 27, | % | September 26, | September 27, | % | |||||||
| (In thousands) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
| Prime contractor | $ 1,109,660 | $ 1,021,497 | 8.6 % | $ 3,081,746 | $ 2,972,773 | 3.7 % | ||||||
| Subcontractor | 57,477 | 60,159 | (4.5) % | 179,644 | 191,630 | (6.3) % | ||||||
| Total revenue | $ 1,167,137 | $ 1,081,656 | $ 3,261,390 | $ 3,164,403 | ||||||||
| Revenue by Geographic Region | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 26, | September 27, | % | September 26, | September 27, | % | |||||||
| (In thousands) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
| United States | $ 684,659 | $ 604,872 | 13.2 % | $ 1,894,474 | $ 1,728,480 | 9.6 % | ||||||
| Middle East | 344,605 | 346,527 | (0.6) % | 983,267 | 1,050,888 | (6.4) % | ||||||
| Asia | 81,417 | 82,907 | (1.8) % | 234,188 | 236,371 | (0.9) % | ||||||
| Europe | 56,456 | 47,350 | 19.2 % | 149,461 | 148,664 | 0.5 % | ||||||
| Total revenue | $ 1,167,137 | $ 1,081,656 | $ 3,261,390 | $ 3,164,403 | ||||||||
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SOURCE V2X, Inc.