Viasat (VSAT)
Viasat (VSAT) is a global satellite communications company that delivers broadband to aircraft, ships, homes, and governments over its ViaSat-3 and Inmarsat fleets, plus defense technologies from encryption to tactical networking. In ETFpedia it anchors the Global Space Technology concept as a profitable operator, with record fiscal 2026 revenue of $4.6 billion and a $4.1 billion backlog.
| Ticker | VSAT |
|---|---|
| Exchange | Nasdaq |
| Sector | Satellite Communications · Broadband & Defense |
| Country | United States |
| Related index | Akros Global Space Technology Index (AGSPCT) |
| Wikidata | Q7924358 |
| Last updated | 2026-06-11 |
Next event:Next earnings · Q1 FY2027, estimated · Calendar-estimated from the Aug 5, 2025 Q1 FY2026 release; not confirmed by Viasat. Last report: Q4 FY2026 on 2026-05-28. (source)
Latest reported quarter:Fiscal Q4 2026 (ended Mar 31, 2026) (reported2026-05-28)
Viasat posted Q4 FY2026 revenue of $1.17 billion, up 2% year over year, and swung to net income of $58.8 million from a $246.1 million loss a year earlier. Full fiscal 2026 delivered record revenue of $4.6 billion, record adjusted EBITDA of $1.6 billion, and a record $4.1 billion backlog.
| Q4 revenue | $1.17B+2%YoY · DAT segment +12%, Communication Services -2% |
|---|---|
| Q4 net income | $58.8MSwung from $(246.1)MYoY · Helped by the Navarino stake sale |
| Q4 adjusted EBITDA | $370M-1%YoY |
| FY2026 revenue | $4.6B · Record; FY2026 net loss narrowed to $34M |
| FY2026 backlog | $4.1B+15%YoY · Record awards of $4.9B |
| FY2026 free cash flow | ~$597M · ~$177M excluding the $420M Ligado lump sum |
Revenue by segment
| Communication Services (Q4 FY2026) | $810M · 69%of revenue-2% YoY |
|---|---|
| Defense and Advanced Technologies (Q4 FY2026) | $361M · 31%of revenue+12% YoY |
Guidance:Full-year FY2027
| Revenue | Mid-single-digit % growth YoY |
|---|---|
| Adjusted EBITDA | Flat to up slightly YoY |
| Free cash flow | ~$180M |
| Capital expenditures | $950M-$1.0B |
FY2027 outlook from the Q4 FY2026 shareholder letter; DAT segment revenue guided to mid-teens growth, Communication Services to low single digits.
Recent & upcoming events
- · Q4 and FY2026 results.Record FY2026 revenue of $4.6B, record adjusted EBITDA of $1.6B, record backlog of $4.1B (+15%), and Q4 net income of $58.8M; net debt fell to $4.8B. (source)
- · PTS-G tactical satellite award disclosed.Named one of two awardees on a combined $438M U.S. Space Force IDIQ contract for the Protected Tactical Satellite-Global (PTS-G) program, disclosed in the Q4 FY2026 letter. (source)
- · ViaSat-3 F3 launched.Third ViaSat-3 satellite launched successfully; planned to cover the Asia-Pacific region with service entry expected in August or September 2026. (source)
All figures are from the Q4 FY2026 shareholder letter (Form 8-K, Exhibit 99.2) filed May 28, 2026; Viasat's fiscal year ended March 31, 2026. The Q1 FY2027 earnings date is calendar-estimated.
Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Viasat do?
Viasat runs two businesses off one vertically integrated space and ground network. Communication Services sells connectivity: in-flight Wi-Fi for 6,550 commercial and business aircraft, the NexusWave multi-orbit service for about 13,200 maritime vessels, fixed broadband, and government satcom. Defense and Advanced Technologies (DAT) sells dual-use technology: encryption, cyber defense, tactical networking, and space and mission systems. The May 2023 Inmarsat acquisition gave it a global L-band and Ka-band fleet, and the company believes its ViaSat-3 satellites are among the most advanced commercial satellites in the world for adaptive beamforming (Viasat Q4 FY2026).
“Record new contract awards and backlog, along with modest growth in revenue, and Adjusted EBITDA, both of which were also at record levels. Cash generation of nearly $600 million in free cash flow, and approximately $180 million excluding the Ligado lump sum payment.”
— Mark Dankberg, Chairman & CEO, Viasat Q4 FY26 Shareholder Letter (SEC 8-K)
Why is Viasat a Global Space Technology company?
The Global Space Technology concept deliberately pairs pre-profit New Space names with operators that already generate cash, and Viasat is the largest of those operators in the basket. It earned record fiscal 2026 revenue of $4.6 billion and record adjusted EBITDA of $1.6 billion, delivered positive free cash flow for five consecutive quarters, and cut net debt to $4.8 billion (Viasat Q4 FY2026). Its DAT segment also ties the theme to the defense-space cycle: segment revenue grew 12% year over year in fiscal Q4 with a record $1.2 billion backlog, and after quarter end Viasat was named one of two awardees on a combined $438 million US Space Force IDIQ contract for the PTS-G tactical satellite program.
What did Viasat report most recently?
In fiscal Q4 2026 (the quarter ended March 31, 2026, reported May 28, 2026), revenue rose 2% year over year to $1.17 billion, and the company swung to net income of $58.8 million from a $246.1 million loss a year earlier, helped by the sale of its Navarino stake for $203 million (Viasat Q4 FY2026). Q4 adjusted EBITDA was $370 million, down 1%. For the full fiscal year, revenue reached a record $4.6 billion, adjusted EBITDA a record $1.6 billion, awards a record $4.9 billion, and backlog a record $4.1 billion, up 15%, while the net loss narrowed to $34 million from $575 million. Free cash flow was nearly $597 million including a one-time $420 million Ligado payment, or about $177 million excluding it.
What is Viasat’s guidance?
For fiscal 2027, Viasat guides to mid-single-digit revenue growth and adjusted EBITDA flat to up slightly year over year, with stronger growth expected in the second half. Segment-wise, Communication Services is guided to low-single-digit growth and DAT to mid-teens growth. Capital expenditures are expected at $950 million to $1.0 billion, and free cash flow at approximately $180 million excluding non-recurring Ligado payments (Viasat Q4 FY2026). ViaSat-3 F3, launched April 29, 2026, is expected to enter Asia-Pacific service in August or September 2026.
What are the risks for Viasat?
- Competitive broadband market. LEO constellations have pressured fixed residential and maritime; Viasat’s US fixed broadband base has shrunk to about 130,000 subscribers, and FS&O service revenue fell 24% year over year in fiscal Q4.
- Leverage. Net debt was $4.8 billion at fiscal year end against $1.6 billion of adjusted EBITDA; deleveraging below 3x remains a stated goal, not a finished job.
- Satellite execution. The ViaSat-3 program has a history of deployment anomalies, and F3’s service entry timing still depends on in-orbit testing.
- Government dependence. A growing share of awards comes from US and allied defense budgets, which shift with appropriations; the fiscal 2026 letter flagged headwinds from the US government shutdown.
Related securities, concepts & terms
- Global Space Technologyparent
- Iridium Communications (IRDM)sibling
- EchoStar (SATS)sibling
- Satellite Communicationsrelated
Related indices & ETFs
- Akros Global Space Technology Index (AGSPCT) · Akros Technologies, Inc.Viasat is a representative constituent of the Global Space Technology concept index.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Viasat
What does Viasat do?
Viasat is a global satellite communications company. Its Communication Services segment sells broadband to commercial airlines, business jets, ships, homes, and governments over the ViaSat-3 and Inmarsat fleets, while its Defense and Advanced Technologies segment supplies encryption, tactical networking, and government satcom. It ended fiscal 2026 with 6,550 commercial and business aircraft in service and about 13,200 maritime vessels (Viasat Q4 FY2026).
Why is Viasat part of the Global Space Technology theme?
Viasat is one of the theme's profitable, at-scale anchors. While many space names are pre-revenue, Viasat generated record fiscal 2026 revenue of $4.6 billion, record adjusted EBITDA of $1.6 billion, and positive free cash flow in five consecutive quarters (Viasat Q4 FY2026). It pairs a global satellite services franchise with dual-use defense technology, the two demand engines of the global space economy.
What was Viasat's latest quarterly revenue?
Viasat reported fiscal Q4 2026 revenue (quarter ended March 31, 2026) of $1.17 billion, up 2% year over year, with net income of $58.8 million versus a $246.1 million loss a year earlier, and adjusted EBITDA of $370 million. Full fiscal 2026 revenue was a record $4.6 billion with a net loss narrowed to $34 million from $575 million (Viasat Q4 FY2026).
What is Viasat's guidance for fiscal 2027?
For fiscal 2027, Viasat guides to mid-single-digit revenue growth year over year, adjusted EBITDA flat to up slightly, capital expenditures of $950 million to $1.0 billion, and free cash flow of approximately $180 million excluding non-recurring Ligado payments. The Defense and Advanced Technologies segment is guided to mid-teens revenue growth (Viasat Q4 FY2026).
When does Viasat report its next earnings?
Viasat is expected to report fiscal Q1 2027 results (quarter ending June 30, 2026) in early August 2026. That timing is calendar-estimated from the August 5, 2025 release of Q1 FY2026 results and is not yet confirmed, so check Viasat's news room (Viasat). It last reported Q4 and full-year FY2026 results on May 28, 2026.
What is ViaSat-3 and why does it matter?
ViaSat-3 is Viasat's trio of high-capacity broadband satellites. The third, ViaSat-3 F3, launched successfully on April 29, 2026 and is planned to cover the Asia-Pacific region with service entry expected in August or September 2026; F2's deployments completed after quarter end. The full fleet is expected to roughly triple Viasat's bandwidth inventory, supporting growth in aviation, maritime, and government satcom (Viasat Q4 FY2026).
Sources & references
- Viasat Q4 FY26 Shareholder Letter (Form 8-K, Exhibit 99.2) · Viasat, Inc. / SEC EDGAR, 2026-05-28
- Viasat Releases Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K, Exhibit 99.1) · Viasat, Inc. / SEC EDGAR, 2026-05-28
- Viasat News Room (results announcements and earnings dates) · Viasat, Inc., 2026-06-11
- Viasat Sets August 5, 2025 for First Quarter Fiscal Year 2026 Financial Results Conference Call · Viasat, Inc., 2025-07-22