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Viasat (VSAT) investor relations material
Viasat Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Nov, 2025
Executive summary
Net loss improved to $61.4 million from $137.6 million year-over-year, driven by favorable service mix, lower depreciation/amortization, and reduced SG&A expenses.
Revenue grew 2% year-over-year to $1.14 billion, with growth in both Defense and Advanced Technology (DAT) and Communication Services segments, and strong performance in aviation, government satcom, and information security/cyber.
Adjusted EBITDA increased 3% to $385 million, with a 34% margin, supported by strong segment performance.
Free cash flow was $69 million for the quarter and $147 million for the trailing twelve months, with positive free cash flow for three consecutive quarters.
Backlog reached $3.9 billion, up $140 million year-over-year, underpinned by strong awards growth, especially in Communication Services.
Financial highlights
Revenue: $1.14 billion, up 2% year-over-year.
Net loss: $61.4 million, improved by $76 million year-over-year.
Adjusted EBITDA: $385 million, up 3% year-over-year.
Free cash flow: $69 million in Q2, $147 million trailing twelve months.
Operating cash flow: $282 million, up 18% year-over-year.
Awards: $1.5 billion, up 17% year-over-year.
Capital expenditures for the first six months were $411.7 million, down 7% year-over-year.
Outlook and guidance
Fiscal 2026 revenue expected to be flat to up low single digits year-over-year, with Communications Services flat to low growth and DAT to grow mid-teens.
Adjusted EBITDA expected to be flattish year-over-year, with continued quarter-to-quarter variability.
Capital expenditures for the year projected at $1.2 billion, with $250 million related to ViaSat-3 completion.
Negative free cash flow expected in the second half due to CapEx timing, with a return to positive free cash flow in fiscal 2027.
Cash from operations expected to grow double digits for the year.
Approximately half of the $3.9 billion firm backlog is expected to be delivered in the next 12 months.
The company anticipates receiving $568 million from a Ligado settlement in FY2026, including a $420 million lump sum received after quarter-end.
Update on Inmarsat integration progress
Progress on ultimate global network development
Viasat's initiatives for sustainable space future
Trade-offs for gov/comm business separation?
Equitus value proposition for regional operators?
ViaSat-3 capacity allocation strategy?
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Q3 20265 Feb, 2026
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Frequently asked questions
Viasat Inc offers broadband and communications products and services worldwide. Viasat Inc primarily provides high-speed broadband and secure networking systems covering military and commercial markets in the U.S. and internationally, including remote business enterprise, air transport, maritime, ground vehicles, and the U.S. Government and its associated contractors. Viasat also develops high throughput satellite (HTS) technologies including Flexible Payload Architecture (FPA).
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