Viasat (VSAT) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 was pivotal, with revenue reaching $4.5B, operations in 76 countries, and 23 satellites in service, laying the foundation for multi-year accelerated growth and sustained cash flow through increased earnings and decreasing capital intensity.

• Met or exceeded guidance metrics, achieved record new contract awards, and made significant progress on capital structure and satellite integration.

• Enhanced financial transparency with new reporting segments and disclosures, and advanced open architecture for non-terrestrial networks.

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

• Positioned for growth in fiscal 2026, focusing on reducing capital intensity, generating sustainable cash flow, and reinforcing competitive positions.

Financial highlights

• Q4 revenue: $1.15 billion; GAAP net loss: $246 million; adjusted EBITDA: $375 million (32.7% margin), up 5% year-over-year.

• Fiscal 2025 revenue: $4.5 billion; GAAP net loss: $575 million; adjusted EBITDA: $1.55 billion (34.2% margin), up 4% year-over-year.

• Free cash flow of $50 million in Q4; operating cash flow grew over 30% year-over-year to $900 million; positive free cash flow for the trailing three quarters.

• Capital expenditures decreased 34% year-over-year to $248 million; reduced combined CapEx for 2025 and 2026 by nearly $300 million.

• Awards for the quarter totaled $1,170 million, up 5% year-over-year; backlog declined 4% to $3,553 million, mainly due to divestitures.

Outlook and guidance

• Fiscal 2026 expected to deliver modest (low single-digit) revenue growth and flattish adjusted EBITDA (plus or minus 1% from $1.55 billion).

• Double-digit operating cash flow and free cash flow growth anticipated in fiscal 2026.

• CapEx for 2026 projected at $1.3 billion, including $250 million for Viasat-3 completion.

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

• Growth expected in aviation, government SATCOM, and DAT franchises; maritime revenue to return to growth late in fiscal year.