V2X, Inc 8-K, filed Nov 2, 2026
V2X, Inc. (VVX)
8-K
2026-11-02
For: 2026-11-02
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November 02, 2026
About this 8-K
V2X, Inc filed this 8-K on November 2, 2026.
V2X, Inc. reported Third Quarter 2026 revenue of $1.27 billion, up 9% year-over-year, and net income of $32.0 million, up 30%. It increased full-year 2026 guidance across all metrics. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 2, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission | (IRS Employer | ||||
| File Number) | Identification No.) | ||||
(Address of Principal Executive Offices) (Zip Code)
(571 ) 481-2000
(Registrant's Telephone Number, Including Area Code)
Securities Registered Under Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is a press release issued by V2X, Inc. (the “Company”) on November 2, 2026 that includes financial information for the Company for the third quarter and guidance for fiscal 2026. This information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 2, 2026 | V2X, INC. | |||||||
| By: | /s/ Sarita B. Malakar | |||||||
| Sarita B. Malakar | ||||||||
| Corporate Secretary | ||||||||
PRESS RELEASE V2X Reports Third Quarter 2026 Results Third Quarter Financial Highlights Revenue of $1.27 billion, up 9% year-over-year Net income of $32.0 million, up 30% year-over-year; Adjusted net income1 of $51.7 million, up 19% year- over-year Adjusted EBITDA1 of $88.6 million; Adjusted EBITDA margin1 of 7.0% Diluted EPS of $1.01, up 32% year-over-year; Adjusted diluted EPS1 of $1.64, up 19% year-over-year Increasing full-year 2026 guidance across all metrics RESTON, Va., Nov 2, 2026 — V2X, Inc. (NYSE:VVX) today announced third quarter 2026 financial results and increased 2026 guidance. “We delivered another strong quarter, with revenue growth and double-digit increases in net income and diluted EPS. Our results reflect our team’s consistent execution and continued demand for V2X’s mission-critical capabilities,” said Jeremy C. Wensinger, President and Chief Executive Officer. “Recent award activity and on- contract growth reinforce the momentum underway, and we believe our global presence and diverse capabilities position us to scale quickly as customers’ requirements continue to evolve. Based on our year-to-date performance, current backlog position and existing demand signals, we are increasing our full-year 2026 guidance. Looking forward, we expect to continue investing in areas of growth that we believe will enable us to advance our Go Towards Tomorrow strategy, create long-term value for our shareholders and deliver for our customers and their missions.” Third Quarter 2026 Results In the third quarter, V2X reported revenue of $1.27 billion, representing 9% year-over-year growth. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income1 and adjusted EPS1. Net income for the quarter was $32.0 million, an increase of 30% year-over-year. Adjusted net income1 was $51.7 million, an increase of 19%, year-over-year. Third quarter GAAP diluted EPS was $1.01, an increase of 32% year-over-year. Adjusted diluted EPS1 for the quarter increased 19% year-over-year to $1.64. V2X delivered adjusted EBITDA1 of $88.6 million, with an adjusted EBITDA margin1 of 7.0%, representing an increase of 4% year-over-year. 1 See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions and reconciliations. Exhibit 99.1
Third quarter net cash provided by operating activities was $67.3 million. Adjusted net cash provided by operating activities1 was $61.8 million. At the end of the third quarter, net debt for V2X was $811.7 million, representing an improvement of $140.3 million year-over-year and a 2.2x net leverage ratio1. The Company expects to achieve a net leverage ratio1 of approximately 2.0x by the end of 2026. As of October 2, 2026, total backlog1 was $12.8 billion and funded backlog1 was $2.6 billion. Book-to-bill1 in the third quarter was approximately 1.2x. Trailing twelve-month book-to-bill1 was approximately 1.4x. Increasing 2026 Guidance The Company is increasing its 2026 guidance as follows: $ millions, except for per share amounts Prior 2026 Guidance Updated 2026 Guidance Revenue $4,875 $5,025 $4,950 $5,100 Adjusted EBITDA1 $347.5 $362.5 $352.5 $367.5 Adjusted Diluted Earnings Per Share1 $5.90 $6.30 $6.15 $6.55 Adjusted Net Cash Provided by Operating Activities1 $160 $180 $175 $195 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 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 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 Cautionary Note Regarding Forward-Looking Statements below. 1 See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions and reconciliations.
Third Quarter Conference Call Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 2, 2026. U.S.-based participants may dial in to the conference call at 833-862-0305, while international participants may dial 412-634-6017. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/rqDM9X62Bez 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 16, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10212511. 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 16,200 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
Cautionary Note Regarding Forward-Looking Statements 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 "Increasing 2026 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; future net leverage ratio; and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial demand for our services and 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. Important factors that could cause actual results to differ materially include, among others: our ability to submit proposals for and/or win all potential opportunities in our pipeline; our ability to retain and renew our existing contracts; our ability to compete with other companies in our market; security breaches, cyber-attacks or cyber intrusions, including cyber risks associated with the increased frequency and use of sophisticated artificial intelligence technologies, and other disruptions to our information technology and operation; our mix of cost- plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining our reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or international government defense budgets, including potential changes or uncertainty arising from the U.S. president and administration; government regulations and compliance therewith, including changes to the procurement process of the Department of War; changes in technology, including artificial intelligence and/or super intelligence; our ability to protect our intellectual property rights; governmental investigations, reviews, audits and cost adjustments; contingencies related to actual or alleged environmental contamination, claims and concerns; delays in completion of the U.S. government budget; our success in extending, deepening, and enhancing our technical capabilities; our success in expanding our geographic footprint or broadening our customer base; our ability to realize the full amounts reflected in our backlog; impairment of goodwill; misconduct of our employees, subcontractors, agents, prime contractors and business partners; our ability to control costs; our level of indebtedness; terms of our credit agreements; inflation and interest rate risk; geopolitical risk, including as a result of recent global hostilities and
tariffs; our suppliers' performance; economic and capital markets conditions; our ability to maintain safe work sites and equipment; our ability to retain and recruit qualified personnel; our ability to maintain good relationships with our workforce and unions; our teaming relationships with other contractors; changes in our accounting estimates; the adequacy of our insurance coverage; volatility in our stock price; changes in our tax provisions; our expectation with respect to the resolution of certain tax claims or exposure to additional income tax liabilities; risks and uncertainties relating to integrating and refining internal control systems, including enterprise resource planning and business systems; changes in GAAP; and other factors described in Part I. “Item 1A Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Report on Form 10-Q for the quarterly period ended October 2, 2026, and described from time to time in our future reports filed 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 October 2, September 26, October 2, September 26, (In thousands, except per share data) 2026 2025 2026 2025 Revenue $ 1,271,463 $ 1,167,137 $ 3,782,234 $ 3,261,390 Cost of revenue 1,168,031 1,072,632 3,463,480 2,993,049 Selling, general, and administrative expenses 43,951 38,836 161,373 125,434 Operating income 59,481 55,669 157,381 142,907 Loss on extinguishment of debt — — (1,739) (2,527) Interest expense, net (15,534) (19,961) (50,364) (60,278) Other expense, net (2,428) (2,962) (7,011) (7,836) Income from operations before income taxes 41,519 32,746 98,267 72,266 Income tax expense 9,526 8,141 21,809 17,163 Net income $ 31,993 $ 24,605 $ 76,458 $ 55,103 Earnings per share Basic $ 1.02 $ 0.78 $ 2.44 $ 1.74 Diluted $ 1.01 $ 0.77 $ 2.42 $ 1.73 Weighted average common shares outstanding - basic 31,346 31,617 31,295 31,634 Weighted average common shares outstanding - diluted 31,588 31,856 31,563 31,881
V2X, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) October 2, December 31, (In thousands, except per share data) 2026 2025 Assets Current assets Cash, cash equivalents and restricted cash $ 265,070 $ 368,994 Receivables 809,786 730,256 Prepaid expenses and other current assets 172,700 127,102 Total current assets 1,247,556 1,226,352 Property, plant, and equipment, net 48,169 52,383 Goodwill 1,676,954 1,677,154 Intangible assets, net 171,267 239,760 Other non-current assets 73,912 76,525 Total non-current assets 1,970,302 2,045,822 Total Assets $ 3,217,858 $ 3,272,174 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 467,959 $ 557,042 Compensation and other employee benefits 161,794 176,530 Short-term debt 17,591 14,935 Other accrued liabilities 270,222 258,373 Total current liabilities 917,566 1,006,880 Long-term debt, net 1,034,151 1,083,234 Deferred tax liabilities 38,004 28,357 Other non-current liabilities 57,342 69,067 Total non-current liabilities 1,129,497 1,180,658 Total liabilities 2,047,063 2,187,538 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; 31,911,630 shares issued and 31,347,992 shares outstanding as of October 2, 2026; 31,735,083 shares issued and 31,171,445 shares outstanding as of December 31, 2025 319 317 Treasury stock, at cost - (563,638) shares as of both October 2, 2026 and December 31, 2025 (30,274) (30,274) Additional paid-in capital 785,645 779,084 Retained earnings 419,875 343,417 Accumulated other comprehensive loss (4,770) (7,908) Total shareholders' equity 1,170,795 1,084,636 Total Liabilities and Shareholders' Equity $ 3,217,858 $ 3,272,174
V2X, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended October 2, September 26, (In thousands) 2026 2025 Operating activities Net income $ 76,458 $ 55,103 Adjustments to reconcile net income to net cash used in operating activities: Depreciation expense 11,817 12,468 Amortization of intangible assets 68,693 67,726 Amortization of cloud computing arrangements 3,763 3,676 Loss on disposal of property, plant, and equipment 6 826 Stock-based compensation 11,838 9,121 Deferred taxes 8,717 (9,077) Amortization of debt issuance costs 4,787 4,588 Loss on extinguishment of debt 1,739 2,527 Changes in assets and liabilities: Receivables (72,718) (58,473) Other assets (44,918) (15,473) Accounts payable (89,640) (63,230) Compensation and other employee benefits (14,509) (10,583) Other liabilities (7,074) (26,683) Net cash used in operating activities (41,041) (27,484) Investing activities Purchases of capital assets (6,737) (9,660) Proceeds from the disposition of assets 18 2,285 Acquisitions of businesses — (27,500) Net cash used in investing activities (6,719) (34,875) Financing activities Repayments of long-term debt (51,045) (7,546) Proceeds from revolver — 459,000 Repayments of revolver — (459,000) Proceeds from stock awards and stock options 141 558 Purchase of treasury stock — (10,000) Payment of debt issuance costs (1,194) (3,909) Payments of employee withholding taxes on stock-based compensation (5,417) (2,982) Net cash used in financing activities (57,515) (23,879) Exchange rate effect on cash 1,351 235 Net change in cash, cash equivalents and restricted cash (103,924) (86,003) Cash, cash equivalents and restricted cash - beginning of period 368,994 268,321 Cash, cash equivalents and restricted cash - end of period $ 265,070 $ 182,318 Supplemental disclosure of cash flow information: Interest paid $ 50,181 $ 52,587 Income taxes paid, net of refunds $ 10,185 $ 6,435 Purchase of capital assets on account $ 1,130 $ 768 Purchase of treasury stock on account $ — $ 56
9 Key Performance Indicators and Non-GAAP Financial Measures The primary financial performance measures we use to monitor results of operations are revenue and operating income. 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 includes funded amounts (funding is contractually authorized and appropriated by the customer) and unfunded amounts (amounts not currently contractually obligated by the customer, including unexercised options when the exercise of those options is considered probable). Total backlog excludes potential orders under IDIQ contracts and contracts awarded to us that are being protested by competitors with the GAO or in the COFC for which a stop work order has been received by the Company. Bookings includes approved values formally booked into V2X’s backlog for new business contract awards including unexercised options, contract modifications, recompetes, contract extensions and add-on work to existing contracts. Book-to-bill is derived by dividing bookings by revenue. 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 EBITDA, adjusted EBITDA margin, net leverage ratio, cash interest expense, net, 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 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
10 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 non-operating items, such as M&A payments and related costs, and MARPA facility activity. • Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve- month (TTM) bank EBITDA.
11 Non-GAAP Tables ($K, except per share data) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Revenue $1,271,463 $1,167,137 $3,782,234 $3,261,390 Net income $31,993 $24,605 $76,458 $55,103 Plus: Income tax expense 9,526 8,141 21,809 17,163 Other expense, net 2,428 2,962 7,011 7,836 Interest expense, net 15,534 19,961 50,364 60,278 Loss on extinguishment of debt - - 1,739 2,527 Operating income $59,481 $55,669 $157,381 $142,907 Plus: Amortization of intangible assets 22,897 22,601 68,693 67,726 M&A, integration and related costs 1,236 1,370 22,313 7,775 Adjusted operating income $83,614 $79,640 $248,388 $218,407 Plus: Depreciation and CCA amortization 4,982 5,517 15,581 16,144 Adjusted EBITDA $88,596 $85,156 $263,968 $234,552 Adjusted EBITDA margin 7.0 % 7.3 % 7.0 % 7.2 % Minus: Cash interest expense, net 13,987 18,405 45,577 55,690 Income tax expense, as adjusted 15,464 14,620 44,359 37,169 Depreciation and CCA amortization 4,982 5,517 15,581 16,144 Other expense, net, as adjusted 2,428 2,962 7,011 8,086 Adjusted net income $51,736 $43,653 $151,441 $117,463 ($K, except per share data) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Diluted earnings per share $1.01 $0.77 $2.42 $1.73 Plus: M&A, integration and related costs 0.03 0.03 0.54 0.18 Amortization of intangible assets 0.56 0.53 1.67 1.61 Amortization of debt issuance costs and loss on extinguishment of debt 0.04 0.04 0.16 0.17 FMV land impairment — — — — Gain on acquisition, net — 0.00 — (0.01) Adjusted diluted earnings per share $1.64 $1.37 $4.80 $3.68 Average shares outstanding: Basic, as reported 31,346 31,617 31,295 31,634 Diluted, as reported 31,588 31,856 31,563 31,881 Adjusted diluted 31,588 31,856 31,563 31,881
12 Non-GAAP Tables ($K) Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net cash provided by/(used in) by operating activities $67,319 $39,448 $(41,040) $(27,484) Plus: M&A, integration, and related payments 2,033 1,298 11,475 12,060 MARPA facility activity (7,505) (4,991) 141,103 (8,641) Adjusted operating cash flow $61,847 $35,755 $111,538 $(24,064) ($K, except ratio) Period Ending October 2, 2026 Total debt $1,072,774 Cash, cash equivalents and restricted cash 265,070 Less: Restricted cash (4,014) Cash and cash equivalents $261,057 Net debt $811,718 TTM bank EBITDA $369,412 Net leverage ratio 2.2x ($K) TTM October 2, 2026 Net income $99,237 Plus: Interest expense, net 69,996 Income tax expense 27,667 Depreciation and amortization 112,928 Additional permitted add-backs1 59,584 TTM Bank EBITDA $369,412
13 SUPPLEMENTAL INFORMATION Revenue by contract type, geographic region, contract relationship, and customer for the periods presented below was as follows: Revenue by Contract Type: Three Months Ended Nine Months Ended October 2, September 26, % October 2, September 26, % (In thousands) 2026 2025 Change 2026 2025 Change Cost-plus and cost-reimbursable $ 692,452 $ 702,557 (1.4) % $ 2,180,075 $ 1,973,210 10.5 % Firm-fixed-price 419,111 436,528 (4.0) % 1,181,520 1,205,705 (2.0) % Time-and-materials 159,900 28,052 470.0 % 420,639 82,475 410.0 % Total revenue $ 1,271,463 $ 1,167,137 $ 3,782,234 $ 3,261,390 Revenue by Geographic Region: Three Months Ended Nine Months Ended October 2, September 26, % October 2, September 26, % (In thousands) 2026 2025 Change 2026 2025 Change United States $ 894,067 $ 684,659 30.6 % $ 2,502,133 $ 1,894,474 32.1 % Middle East 240,547 344,605 (30.2) % 879,430 983,267 (10.6) % Asia 88,213 81,417 8.3 % 250,916 234,188 7.1 % Europe 48,636 56,456 (13.9) % 149,755 149,461 0.2 % Total revenue $ 1,271,463 $ 1,167,137 $ 3,782,234 $ 3,261,390 Revenue by Contract Relationship: Three Months Ended Nine Months Ended October 2, September 26, % October 2, September 26, % (In thousands) 2026 2025 Change 2026 2025 Change Prime contractor $ 1,219,666 $ 1,109,660 9.9 % $ 3,623,728 $ 3,081,746 17.6 % Subcontractor 51,797 57,477 (9.9) % 158,506 179,644 (11.8) % Total revenue $ 1,271,463 $ 1,167,137 $ 3,782,234 $ 3,261,390 Revenue by Customer: Three Months Ended Nine Months Ended October 2, September 26, % October 2, September 26, % (In thousands) 2026 2025 Change 2026 2025 Change Army $ 337,688 $ 449,031 (24.8) % $ 1,199,914 $ 1,348,610 (11.0) % Navy 389,726 390,542 (0.2) % 1,147,819 1,090,936 5.2 % Air Force 251,275 167,571 50.0 % 634,298 374,519 69.4 % Other 292,774 159,993 83.0 % 800,203 447,325 78.9 % Total revenue $ 1,271,463 $ 1,167,137 $ 3,782,234 $ 3,261,390 Source: V2X, Inc.