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- **Q3 Growth Milestones**: 8% revenue growth, $1.37 EPS beat, and $1.4B bookings highlight strong execution despite government shutdown.
- **Strategic Wins**: Secured $9B+ in major contracts, including T6 and F16 Iraq, with $11.6B backlog supporting 2026 growth.
- **Cash Flow Management**: Proactive $25M cash flow adjustment for shutdown timing, but 2026 cash recovery expected.
- **Future Drivers**: WTRS, F16 Iraq, and rapid prototyping wins position for 2026 growth, with T6 protest as upside.

**【CEO Summary Section】**
- **Record Q3 Performance**: Revenue of $1.17 billion (+8% YoY), adjusted EPS of $1.37, and $85 million adjusted EBITDA (7.3% margin). No material impact from government shutdown, reinforcing mission-critical role.
- **Strategic Wins**: Secured two major $1+ billion programs (T6 and F16 Iraq), adding to $9 billion+ pipeline. Completed acquisition for customer access in intelligence community, repurchased $10M shares.
- **Growth Drivers**: 1.2x book-to-bill ratio, $1.4B net bookings, and $11.6B total backlog. 2026 outlook includes WTRS, F16 Iraq, and rapid prototyping wins, with T6 protest as upside.

**【CFO Financial Commentary】**
- **Q3 Financials**: Revenue $1.17B (+8%), adjusted EBITDA $85.2M, net income $24.6M. Year-to-date adjusted EBITDA up 5% to $234.6M (7.2% margin). Operating cash flow $35.8M, with $10M share buybacks.
- **Guidance Adjustments**: Midpoint raised for 2025 revenue ($4.5B), EBITDA ($316M), EPS ($4.95). Proactively lowered cash flow guidance due to potential delays from shutdown, but no fundamental risk.
- **Long-Term Outlook**: 2026 growth driven by WTRS, F16 Iraq, and minimal recompete exposure (7%). Focus on cost-type revenue and U.S. market expansion.

**【Q&A Highlights】**
- **Government Shutdown Impact**: 7-day elongation in DSO, $25M cash flow adjustment. No risk to receipts, just timing. 2026 cash flow expected to recover fully.
- **Foreign Military Sales**: F16 Iraq program ($1B+) and Tempest counter-UAS system show strong demand. Emerging opportunities in INDOPACOM and Middle East.
- **T6 Protest**: Transition work ($low millions) ongoing, but $4B award excluded from backlog. Potential 2026 upside if protest resolved.
- **Pipeline Strength**: Over $50B pipeline, with 50%+ in franchise programs. New capabilities (e.g., AI, data analytics) driving differentiation.


V2X, Inc. (VVX) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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VVX

VVX fundamentals

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