Adjusted net income was $20 million, up 149%, and adjusted net income per diluted share was $0.97, up 106% compared to the prior year period.
Aviation adjusted EBITDA increased 48% to a record $47 million or 17.1% of revenue, while consolidated adjusted EBITDA rose 52% to $43 million or 16% of revenue.
Free cash flow improved by approximately $28 million versus Q2 2024, generating about $6 million in the quarter, supported by disciplined working capital management and record operating results.
The adjusted net leverage ratio was 2.2x following the sale of the fleet business and acquisition of Turbine Weld, providing significant financial flexibility.
VSE Corporation reported record revenue of $272 million in Q2 2025, a 41% increase year-over-year, driven by strong performance in aviation distribution and MRO businesses and contributions from recent acquisitions.
Copa reported a 21% operating margin and a 17.7% net margin, both among the best in the airline industry, highlighting its strong profitability.
Management emphasized the resilience of their business model, disciplined execution, and cost leadership as key drivers of these margins.
The company’s focus on efficiency and cost control has enabled it to maintain industry-leading margins despite industry capacity growth and yield pressures.
Dafinchi