Viasat, Inc. Q4 2026 Earnings Recap

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.