The earnings call presented a mixed outlook. While there were significant achievements in revenue and EBITDA growth, particularly in the Defense and Advanced Technologies segment, challenges such as increased net loss and pressures in fixed broadband were notable. Continued progress on the ViaSat-3 project and successful NexusWave product adoption were positive indicators.

Company Guidance

During the first quarter of fiscal year 2026, Viasat experienced a 4% year-over-year revenue growth, driven by double-digit growth in its Defense and Advanced Technologies segment, reflecting the strength and diversity of its technology portfolio. Despite a net loss of $56 million compared to a $33 million loss in the prior year, primarily due to increased depreciation, amortization, and a higher income tax provision, adjusted EBITDA rose by 1%, attributed to double-digit growth in information security and cyber defense. The company achieved $1.17 billion in revenue and $408 million in adjusted EBITDA, with a 35% adjusted EBITDA margin. Viasat also made significant progress on its ViaSat-3 satellite series, with plans to ship Flight 2 to the launch site by the end of September 2025. The company emphasized its commitment to reducing leverage, with a focus on generating sustained free cash flow and reducing capital intensity. It plans to repay its $300 million Inmarsat 2026 term loan B to improve its cost of capital and drive further free cash flow. The guidance for fiscal year 2026 includes low single-digit revenue growth and flattish adjusted EBITDA growth, with an expectation of sustainable positive free cash flow in the second half of the fiscal year, owing to reduced capital expenditures related to the ViaSat-3 constellation.

Revenue and Adjusted EBITDA Growth

Revenue grew 4% year-over-year, driven by double-digit growth in the Defense and Advanced Technologies segment. Adjusted EBITDA increased by 1% year-over-year, primarily from growth in information security and cyber defense.

Defense and Advanced Technologies Performance

Awards in the Defense and Advanced Technologies segment increased by 22% year-over-year. Revenue was up 15%, driven by growth in infosec and cyber defense, space and mission systems.

Progress on ViaSat-3 Flights 2 and 3

Significant progress was made on the ViaSat-3 satellite series with plans to ship Flight 2 to the launch site by September 2025 and preparations for Flight 3 underway.

NexusWave Maritime Product Success

NexusWave surpassed 1,000 orders with 190 vessels installed in Q1, more than double the rate of the prior quarter.

Free Cash Flow Generation

The company generated $60 million of positive free cash flow in Q1, bringing the trailing 12-month tally to $88 million, with a double-digit decline in CapEx.

ViaSat (VSAT) Earnings, Revenues Date & History

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VSAT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2026 (Q2)	-0.48 / -	-1.07	―	―	―
Aug 05, 2025	2026 (Q1)	-0.65 / -0.43	-0.26	-65.38% (-0.17)
May 20, 2025	2025 (Q4)	-0.58 / -1.89	-0.24	-687.50% (-1.65)
Feb 06, 2025	2025 (Q3)	-0.85 / -1.23	0.24	-612.50% (-1.47)
Nov 06, 2024	2025 (Q2)	-0.55 / -1.07	1.19	-189.92% (-2.26)
Aug 07, 2024	2025 (Q1)	-0.08 / -0.26	0	―	―
May 21, 2024	2024 (Q4)	0.47 / -0.24	0.17	-241.18% (-0.41)	―
Feb 06, 2024	2024 (Q3)	0.35 / 0.24	-0.14	271.43% (+0.38)	―
Nov 08, 2023	2024 (Q2)	0.72 / 1.19	-0.18	761.11% (+1.37)	―
Aug 09, 2023	2024 (Q1)	-0.50 / 0.00	0.14	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VSAT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$21.29	$27.82	+30.67%
May 20, 2025	$10.53	$10.01	-4.94%
Feb 06, 2025	$9.52	$11.38	+19.54%
Nov 06, 2024	$10.28	$9.48	-7.78%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.