Key Highlights

  • VSE's $0.10 quarterly dividend has an October 15, 2026 ex-dividend date and is payable October 29 to stockholders of record.
  • Second-quarter revenue was a record $449.1 million versus $272.1 million, up 65.0%, with approximately 14% organic growth.
  • Net income from continuing operations was $28.5 million, and GAAP diluted EPS was $0.91 versus $0.66.
  • Adjusted EBITDA, a non-GAAP measure, was a record $86.0 million at a 19.2% margin, and 2026 guidance was raised.

VSE Corporation's (NASDAQ:VSEC) $0.10 quarterly dividend yields 0.24% and sits beside second-quarter GAAP diluted EPS of $0.91 and adjusted EPS of $1.75. The board approved it on August 4, 2026, and the company announced it on August 6. The company reported dividends declared of $0.10 per share in the second quarter of both 2026 and 2025.

Dividend Program and Shareholder Returns

VSE's board approved a regular quarterly cash dividend of $0.10 per share on August 4, 2026, announced on August 6. It is payable October 29 to stockholders of record at the close of business on October 15.

Dividends declared per share were $0.10 in the second quarter of 2026 and $0.10 in the second quarter of 2025, and $0.20 in each of the first six months of 2026 and 2025. The company paid $5.1 million in dividends in the first half of 2026, and dividends payable were $2.8 million at June 30.

About the Company

VSE is a leading provider of aviation distribution and repair services for the commercial and business and general aviation aftermarkets. Headquartered in Miramar, Florida, its aftermarket parts distribution and maintenance, repair and overhaul services support engine component and engine and airframe accessory part distribution and repair for commercial and business and general aviation operators.

Financial Performance Behind the Payout

Second-quarter revenue was a record $449.1 million versus $272.1 million, up 65.0%. Organic revenue growth was approximately 14%, and the Precision Aviation Group, Aero 3 and NorthStar acquisitions also contributed. Repair revenue increased 149.4% and distribution revenue increased 17.2%.

Operating income was $49.0 million versus $22.5 million. Net income from continuing operations was $28.5 million versus $13.6 million, a net income margin of 6.4%, and GAAP diluted EPS was $0.91 versus $0.66. First-half diluted EPS was $1.94 versus $1.33.

Adjusted EBITDA from continuing operations, a non-GAAP measure, was a record $86.0 million versus $43.5 million, up 98.0%, with a margin of 19.2%, up approximately 320 basis points. Adjusted net income was $55.0 million, and adjusted diluted EPS was $1.75 versus $1.32, calculated under a revised definition that now adds back amortization of intangible assets and stock-based compensation.

Acquisitions, Capital Raising and Leverage

VSE completed its acquisition of Precision Aviation Group on May 5, 2026 in a transaction valued at approximately $2.025 billion in cash and equity, which the company describes as the largest acquisition in its history. It closed the NorthStar acquisition on April 1, 2026 and rebranded it VSE Aviation Services.

In the first half of 2026 the company received $829.7 million of net proceeds from issuing common stock and $444.9 million from issuing tangible equity units. At June 30 it had $75.4 million in cash and approximately $500.0 million available under its revolving credit facility. Total debt outstanding was $966.7 million, net debt was $871.6 million, and adjusted net leverage was approximately 2.4x. Operating cash flow was $27.6 million, and free cash flow was $18.7 million.

Outlook

VSE's 2026 guidance is revenue growth of 61% to 64%, raised from 57% to 61%, and an adjusted EBITDA margin of 18.7% to 19.0%, raised from 18.1% to 18.5%. The company states that it anticipates stronger free cash flow in the second half of 2026.