VSE Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Business Segment and Customer Information (Tables)

12 Months Ended

Dec. 31, 2025

The Company's segment information is as follows (in thousands):


	For the years ended December 31,
	2025		2024		2023
Revenues	$	1,112,275	$	786,256	$	544,020
Costs and operating expenses:
Segment costs (a)	900,759		641,298		431,412
Depreciation and amortization (b)	39,160		25,500		16,080
Allocated corporate cost (c)	24,020		18,071		12,411
Unallocated corporate costs (d)	58,741		42,631		33,972
Total costs and operating expenses	1,022,680		727,500		493,875
Operating income	89,595		58,756		50,145
Interest expense, net	20,556		34,947		31,085
Provision for income taxes	15,546		4,407		4,495
(Loss) income from discontinued operations, net of tax	(41,790)		(4,078)		24,569
Net income	$	11,703	$	15,324	$	39,134

(a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs attributable to the Aviation segment.

(b) This line item includes only depreciation and amortization attributable to the Aviation segment.

(c) Primarily includes costs for information technology, human resources, accounting, and legal support services allocated to the Aviation segment.

(d) Primarily includes earn-out receivable fair value adjustments and corporate costs for acquisition, integration and restructuring activities.

Revenue by geography is based on the billing address of the customer. Revenue by geographic area is as follows (in thousands):

(a) No individual country, other than disclosed above, exceeded 10% of the Company's total revenue for any period presented.