V2X Inc

V2X Inc. announced on August 4 that it has been awarded an indefinite-delivery/indefinite-quantity contract worth up to $500 million from the US Air Force to continue servicing the C-12 Huron fleet through June 2031. The award follows the company's second-quarter results, which showed revenue of $1.26 billion, up 17% year over year, and adjusted diluted earnings per share of $1.64, up 23%. Management raised its full-year 2026 outlook on revenue, adjusted EBITDA, and adjusted EPS, while net debt fell to $876.1 million, an improvement of $71.4 million from a year earlier. Total backlog stood at $12.7 billion as of July 3, 2026, with $2.5 billion funded. However, the company's adjusted EBITDA margin was only 7.1%, and book-to-bill for the quarter was about 0.5x, though the trailing twelve-month figure was roughly 1.4x. The C-12 contract is a firm fixed price agreement, meaning V2X absorbs cost overruns over its six-year term. The stock trades at a forward P/E of 11.51 as of September 2, with short interest at 8.09% of float.

V2X raised its full-year 2026 guidance for revenue, adjusted EBITDA, and adjusted diluted earnings per share following a 17% year-over-year revenue increase to $1.26 billion in the second quarter. The company now expects revenue between $4.875 billion and $5.025 billion, up from the prior range of $4.825 billion to $4.975 billion, with adjusted EBITDA of $347.5 million to $362.5 million and adjusted diluted EPS of $5.90 to $6.30. Adjusted net income rose 22% to $51.6 million, and adjusted diluted EPS reached $1.64, a 23% increase from the prior year. Growth was driven by training and aerospace program ramp-ups, national security support contributing $100 million in the quarter, and a 26% surge in U.S. revenue to $797.5 million. The company highlighted a $12.7 billion total backlog, with funded backlog up 10% sequentially to $2.5 billion, and noted that 98% of full-year revenue is already secured. Management also pointed to an $8 billion AI bid pipeline and a planned reduction in net leverage to approximately 2.0x by year-end.

V2X Inc reported record second-quarter revenue of $1.257 billion, a 17% year-over-year increase, and raised its full-year guidance for revenue, adjusted EBITDA, and adjusted diluted EPS. Adjusted net income rose 22% to $51.6 million, with adjusted diluted EPS of $1.64, up 23%. The company cited strong demand across modernization, global training, aerospace, and mission readiness, securing approximately $1 billion in recent awards that are expected to improve the composite margin of its backlog. Full-year revenue is now projected between $4.875 billion and $5.025 billion, with adjusted EBITDA of $347.5 million to $362.5 million and adjusted diluted EPS of $5.90 to $6.30. Funded backlog grew 10% sequentially to $2.5 billion, while total backlog stood at $12.7 billion, and adjusted operating cash flow increased 23% to $71.8 million in the quarter.

V2X has joined the S&P SmallCap 600 Index following a rebalancing by S&P Dow Jones Indices. President and CEO Jeremy C. Wensinger called the inclusion an important milestone reflecting the company's strategy execution and long-term value delivery. The S&P SmallCap 600 is a leading benchmark for the U.S. small-cap equity market, and inclusion may increase visibility among institutional investors and funds tracking the index. V2X provides global mission solutions for national security, defense, and civilian customers, with approximately 16,000 professionals worldwide.

S&P Dow Jones Indices announced that Krystal Biotech will move from the S&P SmallCap 600 to the S&P MidCap 400, replacing Taylor Morrison Home effective prior to the opening of trading on Friday, July 24. Tutor Perini will take Krystal Biotech's place in the S&P SmallCap 600 on the same date. The changes are driven by Berkshire Hathaway's acquisition of Taylor Morrison Home, which is expected to close on or about July 24. Additionally, V2X will replace Avanos Medical in the S&P SmallCap 600 effective prior to the opening of trading on Monday, July 27, as American Industrial Partners acquires Avanos Medical in a deal expected to close soon.

Pratt & Whitney Canada, a unit of RTX, has been awarded a nine-year contract valued at about $1 billion to overhaul more than 750 PT6A-68 turboprop engines used in the U.S. military's T-6 trainer aircraft fleet. The contract was awarded by V2X Inc. under its T-6 Contractor Operated and Maintained Base Supply program, which provides maintenance and sustainment support for the Joint Primary Aircraft Training System. The overhauls will be performed at Pratt & Whitney Canada's Bridgeport, West Virginia, facility, which has carried out maintenance, repair and overhaul work on PT6A-68 engines for more than 40 years. This marks the second time the Bridgeport site has received the U.S. government contract to refurbish the engines. Neither company disclosed additional financial terms beyond the contract value or provided a schedule for the engine overhaul work.

Citi raised its price target on V2X to $75 from $72 while maintaining a Neutral rating. The adjustment came as part of a broader update to estimates and price targets in the aerospace and defense group ahead of second-quarter reports. Citi expects aerospace companies to post significant beats with moderate guidance raises, but sees less potential for big beats in defense names, though compressed multiples in the group could offer more share upside. Separately, V2X was awarded a ceiling $500 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract for contractor logistic support services for the Air Force C-12 aircraft fleet, with work expected to be completed by June 30, 2031.