V2X Inc 2025年度报告

LETTER TO OURSHAREHOLDERS Dear Shareholders: Wedelivered a successful year across the business,supporting ourcustomers’ missions while meeting our commitments to shareholdersand employees. Ourfinancial performance in 2025 underscores the strength of ourstrategy and alignment with national security priorities for readiness andmodernization. In 2025, revenue grew $157.9 million dollars or 4% year-over-year to $4.48 billion dollars. Earnings per share increased to $2.45 in2025 from $1.08 in the prior year and our solid cash flow generation drove a$116 million year-over-year improvement in net debt. I’d like to thank our more than 16,000 employees across the globe fortheir contributions throughout the year. Their execution excellence anddedication in support of our customers’ priorities continue to propel V2X forward and positions us to take on the missions of tomorrow. Looking to the future, we are focused on leading with innovation. We are continuing to build on our technologyfirst foundation, including targeted investments and best-in-class partnerships to deliver innovative solutionsthat anticipate and fulfill our customers’ requirements. These growth priorities are further supported by thestrength of our capital structure. Our investments are focused on high growth opportunities where technology can accelerate modernizationand strengthen our technical depth for customers. These investments are designed to use data to move usfaster from concept to deployment while remaining tightly aligned with mission needs. We also recognize that innovation at scale requires access to world-class platforms and capabilities. That’swhy we’ve established partnerships with leading technology companies that bring AI, data automation, andadvanced robotics capabilities to deliver mission outcomes. As we continue to execute our strategy, we are doing so from a position of strength. We see continuedmomentum across the business supported by our large pipeline of opportunities and limited recompetesand are encouraged by the ongoing demand for our mission solutions. In summary, our progress in 2025 reflects the strength of our strategy. As we continue to invest, partner, andinnovate with discipline, we believe V2X is uniquely positioned to extend this momentum, delivering greatervalue for our customers and long-term value for our shareholders. I would like to once again thank our employees for their commitment to our company and to our customers’missions. I also want to thank our customers for choosing V2X as a trusted partner and our shareholders, foryour continued support. Jeremy C. Wensinger President and Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or V2X, Inc. (Exact name of registrant as specified in its charter) Securities Registered Under Section 12(b) of the Act: Yes¨Noþ Yes¨Noþ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports) and (2) has been subject to such filing requirements for the past 90 days.YesþNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).YesþNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “acceleratedfiler”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.¨ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment ofthe effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.þ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincen