Gogo (GOGO) Q4 2025 earnings summary

Executive summary

• Achieved strong product execution in 2025, transforming into a global multi-orbit in-flight connectivity provider for business and military aviation markets.

• Q4 2025 revenue reached $230.6 million, up 67% year-over-year and 3% sequentially; full-year revenue was $910.5 million, up 105% year-over-year, at the high end of guidance.

• Significant progress in new product portfolio, including Gogo 5G and Galileo (HDX and FDX), driving capacity, speed, and consistency improvements.

• Military and government aviation revenue grew 34% year-over-year, with international growth at 94%.

• Major fleet wins and line fit options with global OEMs, including VistaJet and NetJets, underpin long-term growth.

Financial highlights

• Q4 2025 total revenue was $231 million, up 3% year-over-year and sequentially; full-year revenue was $910.5 million, up 105% year-over-year.

• Total service revenue of $192 million increased 61% year-over-year and 1% sequentially; full-year service revenue was $774.4 million, up 113% year-over-year.

• Adjusted EBITDA for Q4 was $37.8 million, up 11% year-over-year; full-year Adjusted EBITDA was $217.8 million, up 53% year-over-year.

• Q4 free cash flow was $(4.9) million, a significant improvement from $(39.6) million in Q4 2024; full-year free cash flow was $89.2 million, up from $41.9 million in 2024.

• Net income for Q4 was negative $10 million, impacted by a $10 million litigation accrual and $4 million supplier investment charge; full-year net income was $12.9 million.

Outlook and guidance

• 2026 revenue guidance: $905–$945 million, with ~80% from service revenue and ~20% from equipment.

• Adjusted EBITDA expected at $198–$218 million; free cash flow $90–$110 million, implying 12% growth at midpoint.

• Strategic investments in 2026 to be ~$30 million, down 45% from 2025.

• Expect to ship over 500 5G boxes and nearly 900 Galileo antennas in 2026.

• Net capital expenditures for 2026 are projected at $20 million, assuming $45 million in FCC reimbursements.