Viasat (VSAT) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 marked a pivotal year with $4.5B in revenue, foundational progress for multi-year growth, and record new contract awards, operating in 76 countries with 23 satellites in service.

• Integrated Viasat-3.1 into the global network, advanced satellite roadmap milestones, and launched NexusWave maritime broadband service.

• Enhanced financial transparency with new reporting segments and disclosures, and made organizational changes to improve agility and optionality.

• Continued innovation in multi-orbit connectivity, with new offerings and agreements to expand LEO Ka-band capacity.

• Focused on reducing capital and operating costs, supporting critical government and safety services, and transitioning to next-gen direct-to-device NTN business.

Financial highlights

• Q4 revenue was $1.15B, GAAP net loss $246M, adjusted EBITDA $375M (32.7% margin); FY25 revenue $4.5B, GAAP net loss $575M, adjusted EBITDA $1.55B (34.2% margin).

• Adjusted EBITDA grew 4–5% year-over-year despite $200M revenue declines in fixed services and other areas.

• Free cash flow for Q4 was $50M, with double-digit growth in operating cash flow and lower CapEx than guidance.

• Operating cash flow increased to $298M in Q4, up $66M from Q4 FY2024; FY25 operating cash flow exceeded $900M, up over 30% from FY24.

• Capital expenditures decreased 34% year-over-year to $248M, reflecting lower satellite and infrastructure spending.

Outlook and guidance

• Fiscal 2026 expected to deliver modest/low single-digit revenue growth, flattish adjusted EBITDA (±1% of FY25), and free cash flow inflection in the second half.

• Additional $60M third-party bandwidth expense and $30M operating cost for Viasat-3 ground network in FY26.

• CapEx for FY26 projected at $1.3B, including $250M for Viasat-3 completion.

• Sustained free cash flow generation expected by year-end, with rising free cash flow in years beyond FY26.

• Net debt to LTM Adjusted EBITDA expected to increase modestly in 2H FY2026.