V2X Reports 23% Q1 Revenue Growth, Boosts 2026 Guidance
VVX•V2X reported Q1 revenue of $1.25 billion, a 23% year-over-year increase, with adjusted EBITDA of $85.6 million and adjusted EPS rising 55% to $1.53. It raised full-year 2026 guidance to $4.825–$4.975 billion in revenue and $345–$360 million in adjusted EBITDA.
1. First Quarter 2026 Financial Performance
V2X reported Q1 revenue of $1.25 billion, up 23% year-over-year. Net income was $18.9 million, while adjusted net income rose 53% to $48.1 million. GAAP diluted EPS was $0.60; adjusted EPS climbed 55% to $1.53. Adjusted EBITDA reached $85.6 million with a 6.8% margin.
2. Record Backlog and Order Intake
The company secured approximately $4.1 billion in awards during the quarter, driving total backlog to a record $13.8 billion. Funded backlog stood at $2.3 billion, with a quarterly book-to-bill ratio of 3.2x and a trailing twelve-month ratio of 1.5x.
3. Increased Full-Year 2026 Guidance
V2X raised its 2026 revenue forecast to a range of $4.825–$4.975 billion and adjusted EBITDA to $345–$360 million. Adjusted diluted EPS guidance was lifted to $5.75–$6.15, and the company expects net leverage to fall below 2.0x by year-end.
