V2X (VVX) Raises Full-Year 2026 Guidance to ~9% Revenue and EBITDA Growth After 23% Q1 Surge

V2X, Inc. (NYSE: VVX), the defense and government services contractor, raised its full-year 2026 financial guidance on the back of a robust first quarter, signaling growing confidence in its bookings momentum and operational execution. The company now expects 2026 revenue of $4.83 billion to $4.98 billion, up from a prior range of $4.68 billion to $4.83 billion. Adjusted EBITDA guidance was lifted to $345 million to $360 million, versus $335 million to $350 million previously. At the midpoint, both revenue and adjusted EBITDA are now projected to grow roughly 9% year over year. V2X also raised its adjusted diluted EPS outlook to $5.75 to $6.15 from $5.50 to $5.90, implying about 14% growth at the midpoint, and guided to adjusted operating cash flow of $160 million to $180 million. The upgrade followed a standout first quarter. V2X reported Q1 2026 revenue of $1.25 billion, a 23% jump from a year earlier, with net income rising to $18.9 million and adjusted net income of $48.1 million. Adjusted EBITDA came in at $85.6 million, a 6.8% margin, and adjusted diluted EPS was $1.53. The results underscored a powerful demand backdrop. V2X reported record total backlog of $13.8 billion and funded backlog of $2.3 billion as of early April, supported by roughly 50 awards totaling about $4.1 billion in the quarter. That translated into a book-to-bill ratio of approximately 3.2x, a metric well above the 1.0x threshold that signals future revenue growth. Management highlighted investments in artificial intelligence and technology-enabled services as part of the engine driving the raised outlook. The quarter was not without capital-markets activity. V2X completed a follow-on equity offering around the same period, a move that can dilute existing shareholders but also strengthen the balance sheet and provide flexibility to pursue further growth and pay down debt. Shares responded positively to the combination of stronger fundamentals and the raised revenue guidance, with the stock rising more than 11% in the days following the news. For investors, the upgraded guidance reinforces V2X's positioning as a beneficiary of sustained U.S. and allied government spending on operational support, logistics, training and mission-critical services. The elevated backlog provides multi-year revenue visibility, while the margin trajectory and double-digit EPS growth signal improving profitability. Key items to watch in coming quarters include conversion of the record backlog into recognized revenue, margin expansion progress, and continued strength in book-to-bill. With guidance moving higher and bookings outpacing revenue, V2X enters the balance of 2026 with notable operating momentum.