V2X Q2 earnings call highlights. August 3, 2026 Key points. * V2X raised its 2026 outlook after second-quarter revenue rose 17% year over year to $1.26 billion. The company now expects $4.875 billion-$5.025 billion in revenue, $347.5 million-$362.5 million in adjusted EBITDA, and adjusted diluted EPS of $5.90-$6.30. * The company reported a $12.7 billion backlog and received approximately $1 billion in awards after quarter-end, spanning weapons production, unmanned aircraft training, Air Force fleet readiness, and electronic security. Recent awards are expected to improve portfolio margins. * V2X is managing lower expected Kuwait activity while expanding national security, aerospace, training, and international programs. Management is also embedding AI in internal operations and customer bids, while targeting net leverage of approximately 2x or below by the end of 2026. * Five stocks we like better than V2X. V2X NYSE: VVX reported second-quarter 2026 revenue of $1.26 billion, up 17% from a year earlier, as training and aerospace program ramp-ups and national security activity supported growth. The company raised its full-year outlook for revenue, adjusted EBITDA and adjusted diluted earnings per share. Adjusted EBITDA increased 9% year over year to $89.8 million, while adjusted EBITDA margin was 7.1%. Adjusted net income rose 22% to $51.6 million, and adjusted diluted EPS increased 23% to $1.64. Net income for the quarter was $25.5 million, or $0.81 per diluted share. "In the second quarter and first half, our consistent execution, recent contract wins, and continued alignment to national security priorities drove double-digit revenue growth," President and Chief Executive Officer Jeremy Wensinger said on the company's earnings call. Full-Year guidance raised. V2X increased its 2026 revenue forecast to a range of $4.875 billion to $5.025 billion. The company now expects adjusted EBITDA of $347.5 million to $362.5 million and adjusted diluted EPS of $5.90 to $6.30. It maintained expected adjusted net cash from operating activities of $160 million to $180 million. At the midpoint of its updated guidance, V2X expects revenue and adjusted EBITDA to rise about 10% year over year, while adjusted diluted EPS is expected to increase 16%, according to Wensinger. For the first half, revenue increased 20% to $2.51 billion, driven by new programs and growth on existing contracts, partially offset by lower volume on certain logistics programs. First-half adjusted EBITDA rose about 17% to $175.4 million, with a 7% margin. Adjusted net income increased 35% to $99.7 million, while adjusted diluted EPS rose 37% to $3.16. Senior Vice President and Chief Financial Officer Shawn Mural said the company's guidance assumes a significant reduction in Kuwait activity during the second half. Kuwait activities generated about $180 million in first-half revenue, while the company expects $20 million to $30 million in second-half revenue from those activities. National security support missions generated about $200 million of revenue during the first half, and V2X expects about $180 million in the second half. Mural said the company currently expects these customer requirements to continue through 2026 and into the early part of 2027, though he described the operating environment as dynamic. Backlog, recent awards and geographic activity. V2X reported $600 million of quarterly bookings, representing a 0.5x book-to-bill ratio for the quarter and a trailing 12-month book-to-bill ratio of 1.4x. Total backlog stood at $12.7 billion, including the modified scope of the company's LOGCAP work in Kuwait. Funded backlog rose 10% sequentially and 8% year over year to $2.5 billion. Discover more ETF Screener Tool Company News Stock Profit Calculator Management noted that bookings did not include about $1 billion of recent awards received shortly after the end of the second quarter. Those awards span modernization, global training, aerospace and mission readiness and are expected to be margin-accretive to the company's existing portfolio. * A multi-year production award for carriage equipment supporting next-generation weapons for the strategic bomber fleet. * Training awards for unmanned aircraft system maintenance and operator training. * A five-year recompete to support U.S. Air Force C-12 fleet readiness. * Work supporting U.S. Marine Corps assets and electronic security capabilities for a foreign military customer in the Middle East. Wensinger said the strategic bomber program had progressed from development into full-rate production and is expected to continue until the fleet is built out. He also described the C-12 recompete as evidence of the company's strategy and cited the company's focus on pursuing new work outside its current portfolio. Revenue from the Asia-Pacific region increased 13% year over year in the second quarter, while U.S. revenue rose 26%, primarily due to new program starts and national security support. Middle East revenue was slightly higher year over year due to foreign military sales, though V2X expects full-year revenue in the region to be flat to down as logistics-related support shifts within the region. Mural said the company is ramping additional work in Israel while responding to changing customer needs in Kuwait. Management also cited demand signals in the Asia-Pacific region, though Mural said those signals must still translate into funded activity. AI investments and capital allocation. V2X said it is operating three artificial intelligence platforms across its enterprise IT infrastructure and is expanding internal AI use cases focused on employee education, productivity and operational efficiency. The company has also introduced customer-facing applications for predictive readiness and operational efficiency. Management said more than $8 billion of recently submitted, margin-accretive bids include V2X AI solutions. Wensinger said the company is using AI both internally and in customer proposals, including for predictive analytics, training platforms and readiness-related applications. "We wouldn't bid something if we didn't feel like we had a better-than-most chance of winning it," Wensinger said, adding that the company seeks to differentiate its offers through technology, customer relationships, global capabilities and past performance. V2X generated $71.8 million in adjusted operating cash flow in the second quarter, a 23% year-over-year improvement. For the first half, adjusted net cash from operating activities was $49.7 million, representing a $109.5 million improvement from the prior-year period. The company said net debt improved by approximately $71.4 million year over year. It also repriced its first-lien term loan to lower borrowing costs, while Moody's revised its credit ratings outlook to positive. Mural said V2X expects its net leverage ratio to reach approximately 2x or below by the end of 2026. Management said its capital allocation priorities remain generating predictable cash flow, maintaining a low-capital-expenditure profile, investing in organic innovation and evaluating strategically complementary acquisitions. The company said it is assessing M&A opportunities that could expand capabilities and customer access in areas including platform modernization, counter-unmanned aircraft systems, electronic warfare, integrated air and missile defense, and C6ISR. About V2X (NYSE:VVX). V2X, Inc provides critical mission solutions and support services to defense clients worldwide. It offers a suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian, and international clients. The company was incorporated in 2014 and is headquartered in Mclean, Virginia. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider V2X, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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Pratt & Whitney Canada has secured a nine-year, $1 billion contract from V2X Inc. to overhaul more than 750 PT6A-68 engines powering the US Joint Primary Aircraft Training System T-6 trainer fleet. The work will be performed at the company's Bridgeport, West Virginia facility. The contract, issued under V2X's T-6 Contractor Operated and Maintained Base Supply agreement, marks the second time the Bridgeport site has been awarded this engine refurbishment contract for the US government. The facility has been performing PT6A-68 maintenance, repair and overhaul work for over four decades. The Bridgeport operation employs 500 people providing engine sustainment for operators worldwide. Pratt & Whitney is part of RTX, which reported 2025 sales exceeding $88 billion.

V2X, Inc. was downgraded to Market Perform from Outperform by Raymond James on Wednesday due to valuation concerns. The analyst cited robust share price gains in 2026 and limited potential for multiple expansion, noting the stock offers balanced risk/reward. The downgrade was not related to upcoming quarterly results. The company reported strong Q1 fiscal 2026 results, with revenue rising 23% year-over-year to $1.25 billion and adjusted diluted earnings per share up 55% to $1.53. Total backlog reached a record $13.8 billion. BofA previously lifted its price target to $93 from $78, maintaining a Buy rating. According to TipRanks, VVX has an average share price upside potential of 8%, with 34 hedge funds holding stakes in Q1 2026.