V2X Reports Record Revenue in Fourth Quarter 2024, Driving Strong Year-End Performance

Rhea-AI Summary

V2X (NYSE: VVX) reported strong Q4 2024 financial results with record revenue of $1.16 billion, up 11% year-over-year. The company achieved significant growth in the Indo-Pacific region (27% y/y) and maintained a book-to-bill ratio of 1.2x with total backlog reaching $12.5 billion.

Key Q4 metrics include record net income of $25.0 million, adjusted net income of $42.7 million (up 10% y/y), and adjusted EBITDA of $86.2 million with a 7.4% margin. The company reported diluted EPS of $0.78 and adjusted diluted EPS of $1.33 (up 9% y/y).

For full-year 2024, V2X generated revenue of $4.32 billion (up 9% y/y) and achieved strong cash flow from operations of $254.2 million. The company successfully reduced net debt by $210 million, reaching a net leverage ratio of 2.6x. Looking ahead to 2025, V2X projects revenue guidance midpoint at $4.44 billion and adjusted EBITDA at $313 million.

Positive

• Record Q4 revenue of $1.16 billion, up 11% y/y
• Indo-Pacific revenue growth of 27% y/y
• Record net income of $25.0 million in Q4
• Strong cash flow from operations of $254 million
• Net debt reduction of $210 million
• Improved net leverage ratio to 2.6x from 3.3x y/y
• Book-to-bill ratio of 1.2x with $12.5 billion backlog
• Full-year 2024 revenue up 9% to $4.32 billion

Negative

• None.

Insights

Financial Analyst

V2X's Q4 2024 results demonstrate exceptional operational execution and financial discipline. The record revenue of $1.16 billion, representing 11% growth, showcases the company's strong market position in defense services. The standout 27% growth in Indo-Pacific operations is particularly noteworthy, reflecting the strategic pivot to Asia and increased defense spending in the region.

The company's cash flow management deserves special attention. The $223.1 million operating cash flow in Q4 and substantial $210 million net debt reduction highlight superior working capital management and operational efficiency. The improvement in net leverage ratio to 2.6x from 3.3x year-over-year positions V2X with enhanced financial flexibility for future growth initiatives.

The robust $12.5 billion backlog, combined with a healthy 1.2x book-to-bill ratio, provides strong revenue visibility. Notably, the 4% recompete exposure in 2025 guidance suggests high contract retention and stable recurring revenue streams. The projected $4.44 billion revenue guidance for 2025 implies continued organic growth, though the back-half weighted distribution indicates some near-term execution challenges.

The 7.4% adjusted EBITDA margin demonstrates pricing power and operational efficiency, particularly impressive given the scale of operations and competitive market dynamics. The focus on innovation and modernization positions V2X well to capture increased defense modernization spending, especially in critical areas like readiness and deterrence capabilities.

Fourth Quarter Highlights

• Record revenue of $1.16 billion, up 11% y/y
• Indo-Pacific revenue growth of 27% y/y driven by increased demand
• Book-to-bill of 1.2x in the quarter and total backlog of $12.5 billion as of December 31, 2024
• Record net income of $25.0 million; Adjusted net income¹ of $42.7 million, up 10% y/y
• Grew adjusted EBITDA¹ $4.1 million y/y to $86.2 million, with a margin of 7.4%
• Diluted EPS of $0.78; Adjusted diluted EPS¹ of $1.33, up 9% y/y
• Strong year-to-date cash flow from operations of $254 million
• Achieved net debt reduction of $210 million and 2.6x net leverage ratio¹

RESTON, Va., Feb. 24, 2025 /PRNewswire/ -- V2X, Inc. (NYSE: VVX) announced fourth quarter and full-year 2024 financial results.

"Our growth momentum continued into the fourth quarter with revenue increasing 11% year-over-year, driven by solid growth in all geographies and underscored by 27% growth in the Indo-Pacific region, as the DoD continues to focus on enhancing readiness and deterrence," said Jeremy Wensinger, President and Chief Executive Officer. "The combination of our unique mission insight, comprehensive full lifecycle capabilities, and 80-year reputation as a trusted partner is yielding results through expansion in key theaters, exceptional financial performance, and recent awards, which achieved a book-to-bill of 1.2x. The leading indicators in our business remain strong with a $12.5 billion backlog, limited recompetes, and a robust pipeline of new opportunities."

Mr. Wensinger continued, "Looking ahead, we are excited about the future. We believe our track record of enhancing outcomes and increasing value for customers through innovation, modernization, and improved operational performance can enable the DoD to solve its very real challenge of having to be prepared for today while planning for the threats of tomorrow."

Mr. Wensinger concluded, "I'd like to recognize the 16,000 plus V2X employees for all their contributions and performance throughout the year and in particular during the fourth quarter. We thank you for all you have done and continue to do for our nation and our company."

Fourth Quarter 2024 Results 

"V2X reported record revenue of $1.16 billion in the quarter, which represents 11% year-over-year growth," said Shawn Mural, Senior Vice President and Chief Financial Officer. "We closed the year with strong performance across all financial metrics, driven by double digit topline growth and excellent cash generation."   

"For the quarter, the Company reported operating income of $51.6 million and adjusted operating income¹ of $80.6 million. V2X delivered record adjusted EBITDA¹ of $86.2 million, with a margin of 7.4%. Fourth quarter GAAP diluted EPS was $0.78. Adjusted diluted EPS¹ for the quarter increased 9% year-over-year to $1.33."

"Fourth quarter net cash provided by operating activities was $223.1 million. Adjusted net cash provided by operating activities¹ increased 122% year-over-year to $168.2 million."

"Our continued focus on cash generation and debt reduction yielded notable results with net debt improving $210 million dollars year-over-year.  At the end of the fourth quarter, net debt for V2X was $874 million.  Our commitment to achieve a net leverage ratio at or below 3.0x was a company-wide priority. I'm pleased to report that we demonstrated excellent performance on this front, delivering a net leverage ratio¹ of 2.6x at the end of the fourth quarter, which represents a 0.7x improvement year-over-year."  

"Total backlog as of December 31, 2024, was $12.5 billion. Funded backlog was $2.3 billion. Book-to-bill in the quarter was approximately 1.2x."

Full-Year 2024 Results

"Full-year revenue was $4.32 billion, up 9% year-over-year. The Company reported full-year operating income of $159.2 million and adjusted operating income¹ of $286.2 million. Full-year adjusted EBITDA¹ was $310.2 million with a margin of 7.2%. Full-year GAAP diluted EPS was $1.08. Adjusted diluted EPS¹ for 2024 was $4.34, increasing 16% year-over-year. On a year-to-date basis, net cash provided by operating activities was $254.2 million. Adjusted net cash provided by operating activities¹ was $161.0 million."

2025 Guidance

Mr. Mural concluded, "The trends in our business remain positive and we believe our strategy to deliver full lifecycle solutions that increase efficiency, reduce costs, modernize capabilities, improve readiness, and strengthen national security provides substantial opportunities for future growth and value creation. For 2025 we are setting the mid-point of our guidance for revenue and Adjusted EBITDA¹ at $4.44 billion and $313 million, respectively. This assumes revenue and adjusted EBITDA to be weighted more heavily in the second half of the year. Revenue guidance at the mid-point assumes approximately 4% contribution from recompetes."

Guidance for 2025 is as follows:           

$ millions, except for per share amounts	2025 Guidance			2025 Mid-Point
Revenue	$4,375		$4,500	$4,438
Adjusted EBITDA1	$305		$320	$313
Adjusted Diluted Earnings Per Share1	$4.45		$4.85	$4.65
Adjusted Net Cash Provided by Operating Activities1	$150		$170	$160

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 Safe Harbor Statement below. 

Fourth Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, February 24, 2025. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/W6kmnm4z8V9

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 March 10, 2025, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666. 

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.

1	See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions and reconciliations.

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 16,000 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

Safe Harbor Statement
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. These forward-looking statements include, but are not limited to, all the statements and items listed under "2025 Guidance" above and other assumptions contained therein for purposes of such guidance, other statements about our 2025 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.

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; our expectations regarding the pipeline of new opportunities; our belief in our ability to achieve budget efficiencies; future net leverage ratio; and our belief in our ability to achieve our total year guidance.

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. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings 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 law.

V2X, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS)
		Year Ended December 31,
(In thousands, except per share data)		2024		2023		2022
Revenue		$   4,322,155		$   3,963,126		$   2,890,860
Cost of revenue		3,979,193		3,628,271		2,595,848
Selling, general and administrative expenses		183,758		210,439		239,241
Operating income		159,204		124,416		55,771
Loss on extinguishment of debt		(1,998)		(22,298)		—
Interest expense, net		(107,900)		(122,442)		(61,879)
Other expense, net		(10,465)		(4,194)		—
Income (loss) from operations before income taxes		38,841		(24,518)		(6,108)
Income tax expense (benefit)		4,157		(1,945)		8,222
Net income (loss)		$        34,684		$       (22,573)		$       (14,330)
Earnings (loss) per share
Basic		$           1.10		$          (0.73)		$          (0.68)
Diluted		$           1.08		$          (0.73)		$          (0.68)
Weighted average common shares outstanding – basic		31,485		31,084		20,996
Weighted average common shares outstanding – diluted		31,967		31,084		20,996

 

V2X, INC. CONSOLIDATED BALANCE SHEETS
		December 31,
(In thousands, except shares and per share data)		2024		2023
Assets
Current assets
Cash, cash equivalents and restricted cash		$         268,321		$           72,651
Receivables		710,068		705,995
Inventory, net		50,894		46,981
Prepaid expenses and other current assets		70,937		49,242
Total current assets		1,100,220		874,869
Property, plant, and equipment, net		62,001		85,429
Goodwill		1,656,926		1,656,926
Intangible assets, net		323,068		407,530
Right-of-use assets		37,774		41,215
Other non-current assets		48,854		15,931
Total non-current assets		2,128,623		2,207,031
Total Assets		$      3,228,843		$      3,081,900
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable		$         547,568		$         453,052
Compensation and other employee benefits		166,918		158,088
Short-term debt		20,003		15,361
Other accrued liabilities		261,735		213,700
Total current liabilities		996,224		840,201
Long-term debt, net		1,087,484		1,100,269
Deferred tax liabilities		20,983		11,763
Operating lease liabilities		33,811		34,691
Other non-current liabilities		64,189		104,176
Total non-current liabilities		1,206,467		1,250,899
Total liabilities		2,202,691		2,091,100
Commitments and contingencies (Note 15)
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; 31,560,490 and 31,191,628 shares issued and outstanding as of December 31, 2024 and 2023, respectively		316		312
Additional paid in capital		769,719		762,324
Retained earnings		265,535		230,851
Accumulated other comprehensive loss		(9,418)		(2,687)
Total shareholders' equity		1,026,152		990,800
Total Liabilities and Shareholders' Equity		$      3,228,843		$      3,081,900

 

V2X, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
		Year Ended December 31,
(In thousands)		2024		2023		2022
Operating activities
Net income (loss)		$    34,684		$   (22,573)		$   (14,330)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense		20,747		22,408		13,472
Amortization of intangible assets		90,821		90,423		48,643
Amortization of cloud computing arrangements		3,314		480		514
Gain from acquisitions, net		(2,193)		—		—
Impairment of non-operating long-lived asset		2,192		—		—
Loss on disposal of property, plant, and equipment		1,450		683		59
Stock-based compensation		15,969		32,843		32,736
Deferred taxes		7,730		(7,509)		(15,554)
Amortization of debt issuance costs		7,380		9,067		7,805
Loss on extinguishment of debt		1,998		22,298		—
Gain on disposition of business		—		(450)		(2,082)
Changes in assets and liabilities:
Receivables		25,181		19,064		(52,311)
Inventory, net		(3,976)		(311)		(3,600)
Other assets		(38,358)		11,596		14,448
Accounts payable		75,335		43,153		71,837
Compensation and other employee benefits		9,128		(9,901)		42,878
Other liabilities		2,835		(23,303)		(51,020)
Net cash provided by operating activities		254,237		187,968		93,495
Investing activities
Purchases of capital assets and intangibles		(11,787)		(25,021)		(12,425)
Proceeds from the disposition of assets		76		16		9
Acquisition of businesses, net of cash acquired		(16,939)		—		193,677
Disposition of business		—		1,349		(5,303)
Distributions from (contributions to) joint venture		—		1,007		—
Net cash (used in) provided by investing activities		(28,650)		(22,649)		175,958
Financing activities
Proceeds from issuance of long-term debt		—		250,000		—
Repayments of long-term debt		(15,327)		(432,603)		(108,400)
Proceeds from revolver		1,266,250		922,750		392,000
Repayments of revolver		(1,266,250)		(922,750)		(472,925)
Proceeds from exercise of stock options		154		34		408
Payment of debt issuance costs		(1,188)		(8,818)		(2,325)
Prepayment premium on early redemption of debt		—		(1,600)		—
Payments of employee withholding taxes on share-based compensation		(8,138)		(18,036)		(1,994)
Net cash used in financing activities		(24,499)		(211,023)		(193,236)
Exchange rate effect on cash		(5,418)		2,288		1,337
Net change in cash, cash equivalents and restricted cash		195,670		(43,416)		77,554
Cash, cash equivalents and restricted cash – beginning of year		72,651		116,067		38,513
Cash, cash equivalents and restricted cash – end of year		$  268,321		$    72,651		$  116,067
Supplemental Disclosure of Cash Flow Information:
Interest paid		$  107,607		$  117,482		$    54,267
Income taxes paid		$      8,819		$      8,356		$    13,416
Non-cash investing activities:
Purchase of capital assets on account		$           22		$      3,043		$      2,716
Common stock issued for business acquisition		$           —		$           —		$  630,636

 

Key Performance Indicators and Non-GAAP Measures

The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. 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 is the estimated amount of future revenues to be recognized under negotiated contracts.

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 operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio, 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 operating income is defined as operating 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.
• 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 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 infrequent non-operating items, such as M&A payments and related costs.
• Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.

Non-GAAP Tables

	($K, except per share data)	Three Months Ended				Twelve Months Ended
		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	Revenue	$                      1,157,752		$                   1,040,307		$                       4,322,155		$                        3,963,126
	Net income (loss)	$                           25,033		$                            (492)		$                            34,684		$                            (22,573)
	Plus:
	Income tax expense (benefit)	1,261		8,420		4,157		(1,945)
	Other expense, net	899		1,859		10,465		4,194
	Interest expense, net	24,367		28,497		107,900		122,442
	Loss on extinguishment of debt	—		246		1,998		22,298
	Operating income	$                            51,560		$                        38,530		$                           159,204		$                            124,416
	Plus:
	Amortization of intangible assets	22,569		22,606		90,821		90,423
	M&A, integration and related costs	6,480		15,055		36,124		56,610
	Adjusted operating income	$                            80,610		$                        76,191		$                           286,150		$                           271,449
	Plus:
	Depreciation and CCA amortization	5,546		5,875		24,061		22,408
	Adjusted EBITDA	$                            86,156		$                        82,066		$                            310,211		$                           293,857
	Adjusted EBITDA margin	7.4 %		7.9 %		7.2 %		7.4 %
	Minus:
	Cash interest expense, net	22,704		26,305		100,519		113,375
	Income tax expense, as adjusted	12,147		9,101		36,334		35,430
	Depreciation and CCA amortization	5,546		5,875		24,061		22,408
	Other expense, net, as adjusted	3,092		1,859		10,465		4,194
	Adjusted net income	$                            42,667		$                        38,926		$                            138,831		$                            118,450
	($K, except per share data)	Three Months Ended				Twelve Months Ended
		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	Diluted earnings (loss) per share	$                                0.78		$                         (0.02)		$                                  1.08		$                                (0.73)
	Plus:
	M&A, integration and related costs	0.12		0.45		0.87		1.42
	Amortization of intangible assets	0.47		0.68		2.18		2.26
	Amortization of debt issuance costs and Loss on extinguishment of debt	0.03		0.11		0.23		0.79
	FMV land impairment	$                               (0.00)		-		0.05		-
	Gain on acquisiton, net	$                               (0.07)		-		$                               (0.07)		-
	Adjusted diluted earnings per share	$                                1.33		$                            1.22		$                                 4.34		$                                 3.74
	Average shares outstanding:
	Basic, as reported	31,558		31,192		31,485		31,084
	Diluted, as reported	32,043		31,192		31,967		31,084
	Adjusted diluted	32,043		31,822		31,967		31,567

 

	($K)	Three Months Ended				Twelve Months Ended
		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	Net cash provided by operating activities	223,134		52,793		254,237		187,968
	Plus:
	M&A, integration, CARES Act, and related payments	17,490		6,009		42,534		40,257
	MARPA facility activity	(72,440)		17,066		(135,788)		(68,766)
	Adjusted operating cash flow	168,183		75,868		160,982		159,459

 

($K)	TTM
	December 31, 2024
Net income (loss)	$                                   34,684
Plus:
Interest expense, net	107,900
Income tax expense	4,157
Depreciation and amortization	114,882
Additional permitted add-backs1	71,284
TTM Bank EBITDA	$                                 332,908
($K, except ratio)	Period Ending
	December 31, 2024
Total debt	$                              1,138,833
Cash, cash equivalents and restricted cash	$                                 268,321
Less:
Restricted cash	(3,148)
Cash and cash equivalents	$                                 265,173
Net debt	$                                 873,660
TTM bank EBITDA	$                                 332,908
Net leverage ratio	2.62x

1Additional permitted add-backs includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation, transaction and integration related costs, and pro forma cost savings.

 

SUPPLEMENTAL INFORMATION

Revenue by customer, contract type, contract relationship, and geographic region for the periods presented below was as follows: 

Revenue by Customer
		Year Ended December 31,
(In thousands)		2024		2023		2022
Army		$     1,837,843		$     1,633,525		$     1,342,406
Navy		1,441,355		1,233,463		713,732
Air Force		481,265		538,698		459,849
Other		561,692		557,440		374,873
Total revenue		$     4,322,155		$     3,963,126		$     2,890,860
Revenue by Contract Type
		Year Ended December 31,
(In thousands)		2024		2023		2022
Cost-plus and cost-reimbursable		$    2,531,792		$     2,209,241		$     1,625,196
Firm-fixed-price		1,675,603		1,626,262		1,159,743
Time-and-materials		114,760		127,623		105,921
Total revenue		$    4,322,155		$     3,963,126		$     2,890,860
Revenue by Contract Relationship
		Year Ended December 31,
(In thousands)		2024		2023		2022
Prime contractor		$     4,049,543		$     3,726,199		$     2,695,067
Subcontractor		272,612		236,927		195,793
Total revenue		$     4,322,155		$     3,963,126		$     2,890,860
Revenue by Geographic Region
		Year Ended December 31,
(In thousands)		2024		2023		2022
United States		$    2,388,598		$     2,286,052		$     1,494,255
Middle East		1,399,436		1,193,598		1,024,674
Asia		326,961		264,346		167,629
Europe		207,160		219,130		204,302
Total revenue		$    4,322,155		$     3,963,126		$     2,890,860

 

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SOURCE V2X, Inc.

FAQ

What was V2X's Q4 2024 revenue growth rate?

V2X reported 11% year-over-year revenue growth in Q4 2024, reaching a record $1.16 billion.

How much did V2X reduce its net debt in 2024?

V2X reduced its net debt by $210 million in 2024, achieving a net leverage ratio of 2.6x.

What is V2X's revenue guidance for 2025?

V2X set its 2025 revenue guidance midpoint at $4.44 billion.

What was V2X's book-to-bill ratio and total backlog in Q4 2024?

V2X achieved a book-to-bill ratio of 1.2x in Q4 2024 with a total backlog of $12.5 billion.

What was V2X's Indo-Pacific revenue growth in Q4 2024?

V2X reported 27% year-over-year revenue growth in the Indo-Pacific region during Q4 2024.