Viasat, Inc. Earnings Recaps
Q1 2027
Aug 7, 2026
Viasat’s shares declined modestly by 0.3% following the first quarter fiscal 2027 earnings release, reflecting investor caution despite record backlog in Defense and steady cash flow, as lingering competitive pressures and mixed portfolio performance temper enthusiasm.
Key takeaways
- Defense and Advanced Technology (DAT) segment secured record new awards and backlog, including the next phase of the Protected Tactical SATCOM-Global (PTS-G) program.
- Government SATCOM services revenue grew 10% year-over-year, driven by integrated multi-orbit and dual-use satellite solutions.
- Free cash flow increased 19% to $72 million, supported by operating cash flow of $291 million.
- Ongoing headwinds in certain portfolio segments impacted overall results, highlighting increased competition in parts of the market.
- Operational priorities include leveraging new technology to reduce airtime costs, integrating AI and machine learning for network optimization, and focusing on mobile satellite service frequency bands, particularly direct-to-device capabilities.
Q4 2026
May 30, 2026
Viasat’s shares fell 5.8% following the earnings release, reflecting investor disappointment with cautious fiscal year '27 outlook and margin pressures despite stable year-over-year performance.
Key takeaways
- Fiscal year '26 results were largely in line with prior expectations, with modest revenue and adjusted EBITDA growth, both reaching record levels.
- Free cash flow generation remained strong at nearly $600 million, marking five consecutive quarters of positive cash flow.
- Progress continued on ViaSat-3 satellite deployments, with Flight 2 completed and Flight 3 expected to enter service by late summer.
- Despite operational achievements, management flagged ongoing challenges, including headwinds from a U.S. government shutdown and competitive broadband satellite markets.
- The near-term outlook was cautious, emphasizing fleet expansion and new technology investments but lacking clear guidance uplift, which likely contributed to negative market reaction.
Q3 2026
Feb 6, 2026
Viasat's Q3 FY2026 results reflect solid revenue and EBITDA performance aligned with expectations, driven by efficient cash generation and strategic initiatives aimed at reducing leverage.
Key takeaways
- Revenue and EBITDA performance met forecasts, with better-than-expected cash generation improving leverage ratios.
- Successful deployment of Flight 2 of the ViaSat-3 satellite series is advancing, with service expected to commence by May 2027.
- Continued investment in multi-orbit broadband technology and new defense capabilities is enhancing competitive positioning in key markets.
- Free cash flow positive over the trailing 12 months, with further reductions in capital intensity planned to bolster financial health.
- Strategic focus on unlocking shareholder value through proactive capital allocation and operational efficiencies, including additional divestitures.