Commercial was Vse’s largest revenue line in fiscal 2025, bringing in $2.22B of $2.22B (100%).
| Customer | FY 2016 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Commercial | $806.31M | $2.22B | |||||
| U.S. Navy | — | — | |||||
| Usps | — | — | |||||
| Government | — | $8.37M | |||||
| Other Government | $307.78M | — | |||||
| U.S. Army | — | — | |||||
| Dod | $6.57M | — | |||||
| Commercial Aviation | — | — | |||||
| Other Commercial | — | — | |||||
| U.S. Air Force | — | — | |||||
| Total | $1.12B | $2.22B |
Vse brought in $2.22B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. Vse regrouped these revenue lines after fiscal 2022, so the total does not compare directly with that year's $1.12B. Commercial was the largest at $2.22B (99.6%), ahead of Government at $8.37M (0.4%).
Vse began breaking out Government in fiscal 2025, when it brought in $8.37M. Vse stopped reporting Other Government ($307.78M in fiscal 2022) and Dod ($6.57M in fiscal 2022) as separate revenue lines.
Distribution was Vse’s largest revenue line in fiscal 2025, bringing in $1.41B of $2.22B (63%).
| Contract with Customer, Basis of Pricing | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2025 |
|---|---|---|---|---|---|---|
| Distribution | $601.43M | $1.41B | ||||
| Repair | $214.80M | $816.70M | ||||
| Cost Plus Contract | — | — | ||||
| Fixed Price Contract | — | — | ||||
| Tm Contract | — | — | ||||
| Total | $816.22M | $2.22B |
Vse brought in $2.22B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 172.5% from $816.22M in fiscal 2022, the previous year with figures. Distribution was the largest at $1.41B (63.3%), ahead of Repair at $816.70M (36.7%).
Compared with fiscal 2022, the previous year with figures, Repair grew 280.2% to $816.70M and Distribution grew 134.1% to $1.41B. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $816.22M to $2.22B, a compound annual growth rate of 39.7%. Distribution's share of the total fell from 73.7% to 63.3%.
United States was Vse’s largest region in fiscal 2025, bringing in $1.26B of $2.22B (57%).
| Geography | FY 2016 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2025 |
|---|---|---|---|---|---|---|---|
| United States | $1.12B | $1.26B | |||||
| Other Countries | $223.67M | $667.15M | |||||
| Canada | — | $298.07M | |||||
| Total | $1.34B | $2.22B |
Vse brought in $2.22B from its three regions in fiscal 2025, the year ended December 31, 2025. Vse regrouped these regions after fiscal 2022, so the total does not compare directly with that year's $1.34B. United States was the largest at $1.26B (56.6%), ahead of Other Countries at $667.15M (30.0%) and Canada at $298.07M (13.4%).
Compared with fiscal 2022, the previous year with figures, Other Countries grew 198.3% to $667.15M and United States grew 12.9% to $1.26B.
Vse began breaking out Canada in fiscal 2025, when it brought in $298.07M.
Vse (VSEC) reports its revenue by customer, by contract with customer, basis of pricing and by geography. In fiscal 2025, Commercial was its largest revenue line, bringing in $2.22B (99.6% of the total), followed by Government at $8.37M (0.4%).
Commercial was Vse's largest revenue line in fiscal 2025, bringing in $2.22B, or 99.6% of the $2.22B total across its two revenue lines.
United States was Vse's largest region in fiscal 2025, bringing in $1.26B, or 56.6% of the $2.22B total across its three regions.
Every figure comes from Vse's annual financial filings, as reported. Each line keeps the name Vse gives it, and years follow its fiscal calendar.
Vse's revenue by customer goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.