What VSE Corporation told the SEC could break it.

VSE has material customer concentration: a group of affiliated customers under common ownership (the 'Customer Group') collectively accounted for approximately 20% of revenue in 2025; a prolonged disruption, financial difficulty or loss of that single commonly-controlled group would materially reduce its aviation aftermarket revenue.

“A group of affiliated customers under common ownership (the “Customer Group”) collectively accounted for approximately 20% of the Company's revenue for the year ended December 31, 2025.”

As an aviation aftermarket parts distributor and MRO provider that sources and sells parts globally, VSE is exposed to U.S. and foreign trade policy: newly announced/increased tariffs raise the cost of obtaining parts from suppliers and of selling to customers, while export-control laws, sanctions and licensing changes (amid China and Russia-related trade tensions) could restrict the markets and counterparties it can transact with.

“U.S. and foreign trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse impact on the Company's business. The U.S. and certain foreign countries have recently announced new or increased tariffs on imported goods, and additional tariffs or increases in tariffs could be assessed in the future.”