VSE CORP Revenue Disclosure
Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Commercial | $ | 1,108,091 | $ | 779,008 | $ | 539,592 | |||||||||||
Government | 4,184 | 7,248 | $ | 4,428 | |||||||||||||
| Total | $ | 1,112,275 | $ | 786,256 | $ | 544,020 | |||||||||||
Year ended December 31, | |||||||||||||||||
| 2025 | 2024(a) | 2023(a) | |||||||||||||||
| Repair | $ | 408,350 | $ | 303,456 | $ | 167,453 | |||||||||||
| Distribution | 703,925 | 482,800 | 376,567 | ||||||||||||||
| Total | $ | 1,112,275 | $ | 786,256 | $ | 544,020 | |||||||||||
(a) Certain revenue amounts in the prior year have been reclassified to conform to current presentation of revenue type categories. | |||||||||||||||||
| As of December 31, | ||||||||||||||||||||
| Financial Statement Classification | 2025 | 2024 | ||||||||||||||||||
Billed and billable receivables | Receivables, net (a) | $ | 190,732 | $ | 158,104 | |||||||||||||||
Contract assets - unbilled receivables | Contract assets | $ | 41,468 | $ | 29,960 | |||||||||||||||
| Contract liabilities | Accrued expenses and other current liabilities | $ | 6,891 | $ | 4,479 | |||||||||||||||
(a) Net of allowance of $7.2 million and $4.1 million as of December 31, 2025 and 2024, respectively. | ||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 8, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 5, 2021 | |
| 2019 | Mar 9, 2020 | |
| 2018 | Mar 7, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.