V2X, Inc.

Second-quarter revenue increased 17% year over year to $1.257 billion. Adjusted EBITDA was $89.8 million, up 9% year over year, with a 7.1% margin. Adjusted diluted EPS was $1.64, up about 23% year over year; adjusted net income was $51.6 million, up 22%. For the first half, revenue was $2.511 billion, up 20% year over year; adjusted EBITDA was $175.4 million, up about 17%, with a 7% margin; and adjusted diluted EPS was $3.16, up 37%. The company raised full-year 2026 guidance to revenue of $4.875 billion-$5.025 billion, adjusted EBITDA of $347.5 million-$362.5 million, adjusted diluted EPS of $5.90-$6.30, and adjusted net cash from operating activities of $160 million-$180 million. Management also said it expects revenue and adjusted EBITDA to grow about 10% year over year at the midpoint and adjusted diluted EPS to grow 16% at the midpoint.

Jeremy Wensinger framed the quarter as evidence that V2X’s strategy is working: execution, contract wins, and alignment to national security priorities are driving growth. He emphasized that the company is using AI, a disciplined bidding process, and targeted M&A screening to build a more differentiated and higher-quality backlog. His tone was confident and upbeat, especially on the company’s market position, backlog quality, and ability to support customers across geographies.

Shawn Mural highlighted that revenue growth was driven by ramping training and aerospace programs plus continued national security work, including about $100 million of discrete national security revenue in Q2. He noted adjusted operating cash flow of $71.8 million in the quarter, year-to-date net cash used by operating activities of $108.4 million, and adjusted net cash from operating activities of $49.7 million, a $109.5 million improvement year over year. He also pointed to $16.7 million of interest expense in Q2, $15.1 million of cash interest expense, lower borrowing costs after repricing the first-lien term loan, net debt improving about $71.4 million year over year, and a target of net leverage at approximately 2x or below by year-end 2026. Capex remains very low, averaging about 0.4% of revenue over the past 3 years.

Analysts focused on recompetes, the Middle East, bookings, AI, and the path to margin accretion from recent awards. Management said the business is in a “recompete holiday,” that mission-critical work and contract vehicles limit the impact of continuing resolutions, and that Kuwait is the main second-half headwind, with roughly $180 million of first-half revenue expected to drop to $20 million-$30 million in the second half. On AI, management said it is being used both internally and in bids to improve readiness, training, predictive analytics, and operational efficiency; on bookings, Shawn said the full-year book-to-bill should be about 1.3x-1.5x, with lumpiness possible from timing.