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VSAT

Viasat, Inc.

VSAT

Viasat, Inc. • NASDAQ
$34.28 ▼ -1.69% (-0.59)
Market Cap $4.64 B
52w High $43.59
52w Low $7.36
Dividend Yield 0%
P/E -8.53
Volume 782.45K
Outstanding Shares 135.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.141B ▼ $349.117M ▼ $-61.444M ▼ -5.386% ▼ $-0.47 ▼ $364.163M ▼
Q1-2025 $1.171B ▲ $362.766M ▼ $-56.434M ▲ -4.819% ▲ $-0.43 ▲ $397.176M ▲
Q4-2024 $1.147B ▲ $519.084M ▲ $-246.053M ▼ -21.45% ▼ $-1.89 ▼ $341.197M ▲
Q3-2024 $1.124B ▲ $340.572M ▼ $-158.413M ▼ -14.097% ▼ $-1.23 ▼ $270.121M ▼
Q2-2024 $1.122B $371.862M $-137.584M -12.26% $-1.07 $350.684M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.23B ▲ $14.756B ▼ $10.183B ▼ $4.524B ▼
Q1-2025 $1.177B ▼ $14.896B ▼ $10.294B ▼ $4.562B ▲
Q4-2024 $1.612B ▲ $15.449B ▼ $10.804B ▲ $4.554B ▼
Q3-2024 $1.556B ▼ $15.6B ▼ $10.754B ▼ $4.761B ▼
Q2-2024 $3.53B $17.755B $12.746B $4.935B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-51.827M ▼ $282.242M ▲ $-213.699M ▼ $-19.925M ▲ $52.582M ▲ $68.543M ▲
Q1-2025 $-47.724M ▲ $258.46M ▼ $-175.95M ▲ $-513.819M ▼ $-434.613M ▼ $60.447M ▲
Q4-2024 $-240.735M ▼ $298.443M ▲ $-233.473M ▼ $-6.703M ▲ $55.616M ▲ $50.72M ▲
Q3-2024 $-146.907M ▼ $219.459M ▼ $-192.555M ▼ $-2.005B ▼ $-1.973B ▼ $-33.173M ▼
Q2-2024 $-110.571M $239.189M $-110.808M $1.591B $1.718B $10.381M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $310.00M ▲$350.00M ▲$340.00M ▼$320.00M ▼
Service
Service
 $810.00M ▲$800.00M ▼$830.00M ▲$820.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last several years, especially after the Inmarsat acquisition, showing that demand for Viasat’s services is real and expanding. However, the company has struggled to turn this growth into consistent profits. Operating results have been negative in most recent years, and net income has swung between large losses and one-off gains, suggesting that earnings quality is volatile and heavily influenced by non‑recurring items, integration effects, and high depreciation and interest costs. The latest year shows some improvement in operating performance compared with the prior year, but the business is still loss‑making at the bottom line, so the financial story is more about scale‑up and transition than stable profitability.

Balance Sheet

Balance Sheet The balance sheet has become much larger and more complex, largely due to the Inmarsat acquisition and ongoing satellite investments. Total assets have roughly doubled versus a few years ago, but so has debt, leaving the company with a highly leveraged profile typical of capital‑intensive satellite operators. Cash on hand is meaningful but modest relative to total obligations, so Viasat depends on its ability to keep generating cash from operations and to manage refinancing risk. Shareholders’ equity has grown over time, which provides some cushion, but the high debt load and asset‑heavy structure increase sensitivity to execution issues, interest rates, and any setbacks with new satellite capacity.

Cash Flow

Cash Flow Viasat consistently generates positive cash flow from its core operations, and this has been trending upward, which is a key strength. At the same time, free cash flow has been negative for several years because the company is spending heavily on satellites and related infrastructure. This pattern is typical for the sector: investing large sums up front in capacity that should support revenues over many years. The trade‑off is that, until capital spending naturally tapers or new capacity is fully monetized, the company remains reliant on external funding and bears higher financial risk. A central watchpoint is whether improving operating cash flow can eventually outweigh the heavy investment cycle and move free cash flow into sustained positive territory.

Competitive Edge

Competitive Edge Viasat holds a solid niche in satellite communications with particular strength in in‑flight connectivity, government and defense communications, and maritime services. Long‑term contracts, high switching costs, and deep relationships with airlines and government agencies give it a measure of stability. The Inmarsat acquisition significantly broadened its global footprint and spectrum assets, improving coverage and service diversity. Vertical integration—from satellite payloads to ground equipment—also supports differentiation and cost control. However, the competitive backdrop is intense, with players like SpaceX’s Starlink and other satellite constellations pushing aggressively on price, performance, and coverage. Viasat’s position is defensible in key segments, but it must execute well on integration and capacity rollout to maintain its edge amid rapid industry change.

Innovation and R&D

Innovation and R&D Innovation is central to Viasat’s identity. The company has been a pioneer in high‑capacity Ka‑band satellites and is pushing ahead with the ViaSat‑3 constellation, dynamic beam‑forming, and integrated ground equipment to deliver more flexible and efficient bandwidth. The Inmarsat deal adds complementary L‑band and global safety services, enabling hybrid and multi‑orbit offerings that can blend different satellite layers for more resilient connectivity. Viasat is also investing in emerging areas like multi‑orbit networks with LEO partners, in‑flight and maritime next‑generation platforms, community Wi‑Fi for underserved regions, and potential IoT and direct‑to‑device services. These initiatives could open attractive growth avenues, but they also require large, long‑dated investments and carry execution risk, especially given the technical challenges seen with parts of the ViaSat‑3 program.

Summary

Viasat today is a scale player in satellite communications undergoing a major transformation. The company combines strong revenue growth, expanding global reach, and a differentiated technology platform with weak and volatile profitability, heavy capital spending, and a leveraged balance sheet. Its competitive strengths lie in high‑capacity satellite technology, vertical integration, and entrenched positions in aviation, government, and maritime markets, now reinforced by the Inmarsat acquisition. At the same time, industry competition is intensifying, and the company’s strategy depends on flawless execution of a complex multi‑year rollout and integration plan. The central questions going forward are whether Viasat can convert its expanded capacity and product roadmap into steadier earnings, positive free cash flow, and gradual de‑leveraging while holding its ground against fast‑moving rivals.

NEWS

November 17, 2025 · 12:01 AM UTC

Viasat to supercharge business aviation in-flight connectivity for JetXP customers with global multi-orbit capabilities

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November 14, 2025 · 3:43 PM UTC

Viasat to Participate in Deutsche Bank Global Space Summit

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November 13, 2025 · 6:53 PM UTC

Viasat Successfully Tests HaloNet Launch Telemetry Solution for NASA Onboard Blue Origin's New Glenn

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October 31, 2025 · 4:05 PM UTC

ViaSat-3 F2 Satellite Confirmed to Launch November 5, 2025

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October 31, 2025 · 8:00 AM UTC

Viasat Sets November 7, 2025 for Second Quarter Fiscal Year 2026 Financial Results Conference Call and Webcast

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