Commercial was Vse’s largest revenue line in fiscal 2025, bringing in $1.11B of $1.11B (100%).
| Customer | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Commercial | $507.32M | $539.59M | $779.01M | $1.11B | ||||||
| U.S. Navy | — | — | — | — | ||||||
| Usps | — | — | — | — | ||||||
| U.S. Army | — | — | — | — | ||||||
| Dod | $3.29M | — | — | — | ||||||
| Commercial Aviation | — | — | — | — | ||||||
| Government | — | $4.43M | $7.25M | $4.18M | ||||||
| Other Government | $158.85M | — | — | — | ||||||
| Other Commercial | — | — | — | — | ||||||
| U.S. Air Force | — | — | — | — | ||||||
| Total | $669.45M | $544.02M | $786.26M | $1.11B |
Vse brought in $1.11B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 41.5% from $786.26M in fiscal 2024. Commercial was the largest at $1.11B (99.6%), ahead of Government at $4.18M (0.4%).
Vse began breaking out Government in fiscal 2023, when it brought in $4.43M. Vse stopped reporting Other Government ($158.85M in fiscal 2022) and Dod ($3.29M in fiscal 2022) as separate revenue lines.
Distribution was Vse’s largest revenue line in fiscal 2025, bringing in $703.93M of $1.11B (63%).
| Contract with Customer, Basis of Pricing | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Distribution | $562.05M | $376.57M | $482.80M | $703.93M | ||||
| Repair | $107.40M | $167.45M | $303.46M | $408.35M | ||||
| Cost Plus Contract | — | — | — | — | ||||
| Fixed Price Contract | — | — | — | — | ||||
| Tm Contract | — | — | — | — | ||||
| Total | $669.45M | $544.02M | $786.26M | $1.11B |
Vse brought in $1.11B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 41.5% from $786.26M in fiscal 2024. Distribution was the largest at $703.93M (63.3%), ahead of Repair at $408.35M (36.7%).
Compared with fiscal 2024, Distribution grew 45.8% to $703.93M and Repair grew 34.6% to $408.35M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $669.45M to $1.11B, a compound annual growth rate of 18.4%. Distribution's share of the total fell from 84.0% to 63.3%.
United States was Vse’s largest region in fiscal 2025, bringing in $629.67M of $1.11B (57%).
| Geography | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| United States | $557.62M | $340.92M | $492.30M | $629.67M | ||||||
| Other Countries | $111.83M | $130.66M | $186.65M | $333.58M | ||||||
| Canada | — | $72.45M | $107.31M | $149.03M | ||||||
| Total | $669.45M | $544.02M | $786.26M | $1.11B |
Vse brought in $1.11B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 41.5% from $786.26M in fiscal 2024. United States was the largest at $629.67M (56.6%), ahead of Other Countries at $333.58M (30.0%) and Canada at $149.03M (13.4%).
Compared with fiscal 2024, Other Countries grew fastest, up 78.7% to $333.58M. Every region above 2% of revenue grew.
Vse began breaking out Canada in fiscal 2023, when it brought in $72.45M.
Vse (VSECU) 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 $1.11B (99.6% of the total), followed by Government at $4.18M (0.4%).
Commercial was Vse's largest revenue line in fiscal 2025, bringing in $1.11B, or 99.6% of the $1.11B total across its two revenue lines.
United States was Vse's largest region in fiscal 2025, bringing in $629.67M, or 56.6% of the $1.11B total across its three regions.
Distribution grew faster than Repair in fiscal 2025, up 45.8% from $482.80M to $703.93M. Repair grew 34.6% to $408.35M.
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.