Viasat Inc. (VSAT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.1	$0.17	+70.0%	—	$1.2B	—
Q4 26	$0.32	-$0.02	-106.3%	—	$1.2B	—
Q3 26	$0.24	$0.79	+229.2%	—	$1.2B	—
Q2 26	-$0.06	$0.09	+250.0%	—	$1.1B	—
Q1 26	-$0.01	$0.17	+1800.0%	—	$1.2B	—
Q4 25	$0.04	-$0.02	-150.0%	—	$1.1B	—
Q3 25	$0.09	$0.11	+22.2%	—	$1.1B	—
Q2 25	-$0.09	-$0.23	-155.6%	—	$1.1B	—
Q1 25	$0.06	$0.3	+400.0%	—	$1.1B	—
Q4 24	$0.37	-$0.24	-164.9%	—	$1.2B	—
Q3 24	$0.44	$0.24	-45.5%	—	$1.1B	—
Q2 24	$0.71	$1.07	+50.7%	—	$1.2B	—
Q1 24	-$0.35	-$0.83	-137.1%	—	$779.8M	—
Q4 23	$9.49	$15.6	+64.0%	—	$666.1M	—
Q3 23	-$0.14	-$0.14	0.0%	—	$651.4M	—
Q2 23	$0.28	-$0.64	-328.6%	—	$663.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	-$0.25	—	—	$4.6B	—
FY25	—	-$4.42	—	—	$4.5B	—
FY24	—	-$8.49	—	—	$4.3B	—
FY23	—	$14.3	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$1.6B	$1.6B	$2.1B	$2.3B	$1.9B	$2.4B	$2.6B	$4.3B	$4.5B	$4.6B
YoY change	+10%	+2.26%	+29.7%	+11.7%	-16.8%	+25.8%	+5.75%	+67.6%	+5.5%	+2.67%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	1.6B	1.6B	2.1B	2.3B	1.9B	2.4B	2.6B	4.3B	4.5B	4.6B
Cost of revenue	1B	1.1B	1.5B	1.6B	1.4B	1.7B	1.8B	2.9B	3B	3.1B
Gross profit	510.4M	473.8M	530.5M	699.6M	565.2M	705.9M	721.4M	1.4B	1.5B	1.5B
Gross margin	32.7%	29.7%	25.7%	30.3%	29.4%	29.2%	28.2%	32.3%	33%	33%
Research & development	129.6M	168.3M	123M	130.4M	108.5M	149.5M	128.9M	150.7M	142.4M	164.9M
Selling, general & administrative	333.5M	385.4M	458.5M	523.1M	497.2M	640.8M	718.6M	1.9B	1.2B	999.5M
Operating expenses	463.1M	553.8M	581.5M	653.5M	605.7M	790.3M	847.5M	2B	1.3B	1.2B
Operating income	36.5M	-92.2M	-60.6M	38.4M	-46M	-113.1M	-156M	-889.8M	-97.5M	108.1M
Operating margin	2.34%	-5.78%	-2.93%	1.66%	-2.39%	-4.68%	-6.1%	-20.8%	-2.16%	2.33%
Non-operating income, net	—	-10.2M	—	—	—	4.1M	1.1M	—	-109.8M	151.1M
Pretax income	25.4M	-105.5M	-110.5M	1.4M	-78.2M	-137.9M	-162.2M	-1.2B	-545.3M	104.8M
Income tax	3.6M	-35.2M	-41M	-7.9M	-11.2M	-36.5M	49.4M	-139.5M	-941K	116.2M
Net income	21.8M	-68.3M	-66.5M	13.8M	17.1M	-2.5M	1.1B	-1.1B	-531.1M	3.9M
Net margin	1.4%	-4.28%	-3.21%	0.6%	0.89%	-0.1%	42.7%	-24.7%	-11.8%	0.08%
EBITDA	283.4M	164.4M	258.1M	382.2M	351.6M	386.9M	365M	364M	1.3B	1.8B
EPS	0.41	-1.14	-1.12	-0	0.05	-0.21	14.3	-8.49	-4.42	-0.25
Diluted EPS	0.41	-1.15	-1.13	-0	0.05	-0.21	14.3	-9.12	-4.48	-0.25

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	1.2B	1.1B	1.2B	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B	1.2B	1.2B	1.2B
Cost of revenue	766.3M	767.3M	823.6M	710.8M	775.1M	761.9M	781.8M	761.6M	756M	778.3M	811.2M	743.7M
Gross profit	459.1M	361.3M	326.4M	415.6M	347.2M	361.8M	365.3M	409.4M	384.9M	378.8M	360.1M	412.8M
Gross margin	37.5%	32%	28.4%	36.9%	30.9%	32.2%	31.8%	35%	33.7%	32.7%	30.7%	35.7%
Research & development	33.4M	41.7M	46.5M	38.6M	33.4M	36.7M	33.7M	34.2M	42.3M	46.9M	41.5M	45.5M
Selling, general & administrative	1.1B	271.7M	253.3M	251.1M	272.4M	238M	419.5M	262.8M	241.8M	240.7M	254.2M	255M
Operating expenses	1.2B	313.5M	299.8M	289.7M	305.8M	274.7M	453.2M	297M	284M	287.6M	295.7M	300.5M
Operating income	-804.7M	-43.9M	295K	59.7M	-24.7M	21.2M	-153.8M	46.7M	35.8M	26.3M	-624K	47.3M
Operating margin	-65.7%	-3.89%	0.03%	5.3%	-2.2%	1.89%	-13.4%	3.99%	3.14%	2.27%	-0.05%	4.09%
Non-operating income, net	—	—	—	—	-3.2M	-106.6M	0	-5.5M	—	-11.5M	168.1M	-306K
Pretax income	-858.3M	-156.5M	-100.8M	-23.2M	-119.3M	-162.1M	-240.6M	-44.8M	-45.2M	92.9M	102M	-19.9M
Income tax	-93.1M	-34.5M	-11.4M	1.2M	5.9M	-11.8M	3.8M	6.6M	10.9M	58.7M	40.1M	23.1M
Net income	-765.8M	-119.3M	-95.9M	-21.7M	-121.8M	-146.9M	-240.7M	-47.7M	-51.8M	37.5M	66M	-42.8M
Net margin	-62.5%	-10.6%	-8.34%	-1.93%	-10.9%	-13.1%	-21%	-4.08%	-4.54%	3.24%	5.63%	-3.7%
EBITDA	-438.4M	313.6M	336.5M	413.7M	353.9M	366.7M	202.9M	397.5M	374.6M	531.9M	527.5M	376.4M
EPS	-6.16	-0.99	-0.8	-0.26	-1.07	-1.23	-1.89	-0.42	-0.45	0.18	0.43	-0.38
Diluted EPS	-6.16	-0.99	-0.8	-0.26	-1.07	-1.23	-1.89	-0.43	-0.45	0.18	0.41	-0.38

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	—	3.9B	4.7B	2.2B	—	3.6B	2.6B	—	1.4B	6.3B	9.9B
Enterprise value	—	4.8B	5.8B	4.1B	—	6.2B	4B	—	7.3B	11.4B	15.3B
Shares outstanding	57.6M	58.9M	60.6M	61.6M	68.5M	74.4M	75.9M	125.8M	130.2M	136.6M	136.6M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	—	160.3	—	—	2.36	—	—	1.6K	-287.1
P/S	—	2.43	2.27	0.96	—	1.5	1.01	—	0.3	1.35	2.17
P/B	—	2.09	2.45	1.08	—	1.35	0.67	—	0.29	1.32	2.17
EV/EBITDA	—	29.3	22.6	10.7	—	16	11	—	5.43	6.25	11
EV/Sales	—	3.02	2.83	1.77	—	2.55	1.57	—	1.61	2.47	3.31
Earnings yield	—	—	—	0.62%	—	—	42.5%	—	—	0.06%	-0.35%
FCF yield	—	-5.83%	-7.66%	-14.6%	—	-13.3%	-31%	—	-8.99%	9.55%	2.53%
PEG	—	—	—	—	—	—	—	—	—	—	26.9

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	32.7%	29.7%	25.7%	30.3%	29.4%	29.2%	28.2%	32.3%	33%	33%	35.7%
Operating margin	2.34%	-5.78%	-2.93%	1.66%	-2.39%	-4.68%	-6.1%	-20.8%	-2.16%	2.33%	4.44%
Net margin	1.4%	-4.28%	-3.21%	0.6%	0.89%	-0.1%	42.7%	-24.7%	-11.8%	0.08%	-0.64%
ROE	1.25%	-3.69%	-3.47%	0.67%	0.72%	-0.09%	28.3%	-20.9%	-11.4%	0.08%	0.19%
ROA	0.74%	-2%	-1.7%	0.28%	0.32%	-0.04%	14.1%	-6.48%	-3.44%	0.03%	0.43%
ROIC	1.27%	-3.29%	-1.98%	0.98%	-1.07%	-2.17%	-2.95%	-8.23%	-0.92%	0%	0%
Return on tangible assets	0.99%	-2.64%	-2.15%	0.34%	0.38%	-0.05%	17%	-14.5%	-7.7%	0.06%	0.12%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.89	1.31	1.83	1.73	1.4	1.5	2.35	2.68	1.72	2.41	1.68
Quick ratio	1.39	0.89	1.34	1.24	0.92	1.25	2.07	2.44	1.55	2.19	1.52
Debt / equity	0.49	0.55	0.74	1.06	0.92	1.06	0.72	1.51	1.62	1.47	1.47
Debt / assets	0.29	0.3	0.36	0.45	0.41	0.45	0.36	0.47	0.49	0.46	0.46
Net debt / EBITDA	2.54	5.79	4.46	4.91	5.4	6.57	3.93	15.8	4.41	2.84	2.87
Interest coverage	3.1	-25.2	-1.21	1.04	-1.39	-3.69	-5.05	-1.98	-0.29	1.29	1.38
Effective tax rate	14.2%	0%	0%	0%	0%	0%	0%	0%	0%	100%	100%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	27.1	27.1	34.2	37.5	28	32.5	33.7	34	34.7	34	34
EPS (basic)	0.41	-1.14	-1.12	-0	0.05	-0.21	14.3	-8.49	-4.42	-0.25	-0.25
EPS (diluted)	0.41	-1.15	-1.13	-0	0.05	-0.21	14.3	-9.12	-4.48	-0.25	-0.2
Book value per share	30.2	31.4	31.6	33.3	34.8	36	50.9	40.3	35.7	34.6	33.7
FCF per share	-3.03	-3.83	-5.93	-5.26	-2.31	-6.51	-10.5	-6.76	-0.94	4.37	4.2
Cash per share	2.26	1.21	4.32	4.94	4.32	4.17	17.8	15.1	12.4	12.8	12.6
Capex per share	8.46	8.69	10.3	11.3	12.1	13.3	15.3	12.2	7.91	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	31.2%	32.1%	30.1%	30.1%	43.1%	41%	45.5%	35.9%	22.8%	—	—
Capex / operating cash flow	146.3%	175.5%	369%	222.5%	153%	199.7%	63.3%	-1.1K%	158.9%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$1.2B	$1.1B	$1.2B	$1.1B	$1.1B	$1.1B	$1.1B	$1.2B	$1.1B	$1.2B	$1.2B	$1.2B
YoY change	+84.7%	+73.2%	+72.6%	+44.5%	-8.42%	-0.42%	-0.25%	+3.96%	+1.66%	+2.96%	+2.11%	-1.24%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	130.1M	71.4M	261.7M	304.3M	295.9M	310.5M	1.3B	1.9B	1.6B	1.7B
Receivables	145.6M	184.5M	218.3M	260.4M	172.6M	233.9M	327.1M	545.1M	539.5M	539.8M
Inventory	163.2M	196.3M	234.5M	294.4M	336.7M	197.9M	268.6M	317.9M	293.9M	281.2M
Total current assets	614.9M	612.6M	887.2M	1B	991.2M	1.2B	2.2B	3.5B	2.9B	3.1B
Property, plant & equipment	1.6B	2B	2.1B	2.9B	3.4B	4B	4.6B	7.9B	7.8B	7.7B
Goodwill & intangibles	763.5M	831.7M	822.9M	835M	843.7M	1.4B	1.3B	9B	8.6B	8.1B
Total assets	3B	3.4B	3.9B	4.9B	5.3B	6.4B	7.7B	16.3B	15.4B	15.2B
Accounts payable	100.3M	157.5M	157.3M	183.6M	145.1M	200.7M	271.5M	287.2M	264.3M	288.2M
Short-term debt	288K	45.3M	19.9M	71.9M	79.4M	84.9M	88.6M	129.6M	569.1M	118.6M
Total current liabilities	325.5M	466.5M	485.5M	604.6M	708.4M	770.4M	956.7M	1.3B	1.7B	1.3B
Long-term debt	848.5M	978.4M	1.4B	2.1B	2.1B	2.8B	2.7B	7.5B	6.9B	6.8B
Total liabilities	1.2B	1.6B	2B	2.8B	3B	3.7B	3.9B	11.3B	10.8B	10.5B
Shareholders' equity	1.7B	1.8B	1.9B	2.1B	2.4B	2.7B	3.9B	5.1B	4.6B	4.7B
Total debt	848.8M	1B	1.4B	2.2B	2.2B	2.9B	2.8B	7.6B	7.5B	6.9B
Net debt	718.7M	952.3M	1.2B	1.9B	1.9B	2.5B	1.4B	5.7B	5.9B	5.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	2B	1.7B	1.9B	1.8B	3.5B	1.6B	1.6B	1.2B	1.2B	1.3B	1.7B	1.7B
Receivables	516.5M	550M	545.1M	546.8M	554.2M	534M	539.5M	527M	528.3M	542.1M	539.8M	530.1M
Inventory	345.6M	353.6M	317.9M	329.8M	327M	320.1M	293.9M	284.2M	278.7M	287M	281.2M	293.8M
Total current assets	4.1B	3.7B	3.5B	3.3B	5.1B	2.8B	2.9B	2.5B	2.4B	2.6B	3.1B	3.1B
Property, plant & equipment	8.1B	7.8B	7.9B	7.9B	7.9B	8B	7.8B	7.8B	7.7B	7.7B	7.7B	7.7B
Goodwill & intangibles	8.9B	9.5B	9B	8.9B	8.8B	8.7B	8.6B	8.4B	8.3B	8.2B	8.1B	8B
Total assets	17.1B	16.7B	16.3B	16.1B	17.8B	15.6B	15.4B	14.9B	14.8B	14.9B	15.2B	15.1B
Accounts payable	388.6M	314.6M	287.2M	230.9M	246.7M	218.6M	264.3M	241.9M	308.7M	309.2M	288.2M	288.6M
Short-term debt	128.6M	137.8M	129.6M	127.6M	2.4B	568M	569.1M	119.5M	117.1M	105.8M	118.6M	724.7M
Total current liabilities	1.5B	1.4B	1.3B	1.1B	3.5B	1.6B	1.7B	1.2B	1.2B	1.2B	1.3B	1.9B
Long-term debt	7.6B	7.6B	7.5B	7.5B	6.8B	6.9B	6.9B	7B	7B	6.7B	6.8B	6.2B
Total liabilities	11.8B	11.5B	11.3B	11B	12.7B	10.8B	10.8B	10.3B	10.2B	10.3B	10.5B	10.4B
Shareholders' equity	5.2B	5.1B	5.1B	5.1B	5B	4.8B	4.6B	4.6B	4.6B	4.6B	4.7B	4.7B
Total debt	7.8B	7.7B	7.6B	7.6B	9.3B	7.5B	7.5B	7.1B	7.1B	6.8B	6.9B	6.9B
Net debt	5.8B	6.1B	5.7B	5.8B	5.7B	6B	5.9B	5.9B	5.8B	5.4B	5.2B	5.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	21.8M	-68.3M	-66.5M	13.8M	17.1M	-2.5M	1.1B	-1.1B	-531.1M	3.9M
Depreciation & amortization	245.9M	255.7M	318.6M	342.2M	397.1M	495.4M	500.4M	1.2B	1.4B	1.4B
Stock-based compensation	55.8M	68.5M	79.6M	86.6M	84.9M	86.8M	84.5M	83.6M	80.4M	81.1M
Change in working capital	-270K	101.8M	-93.8M	-127.5M	26M	-60.3M	-215.9M	-217.7M	-154.6M	164.4M
Operating cash flow	333M	291.5M	168.8M	311.9M	540.6M	495.9M	1.8B	-145.6M	648.5M	1.6B
Capital expenditure	-487.1M	-511.6M	-622.8M	-694M	-827.2M	-990.3M	-1.2B	-1.5B	-1B	—
Investing cash flow	-644M	-511.6M	-439.5M	-691.7M	-827.2M	-1.1B	768M	-1.3B	-758.4M	233.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-21.7M	-24.2M	-28.8M	-28.8M	-13.7M	-23M	-46.5M	-11.7M	-5.5M	-18.3M
Financing cash flow	370.4M	139.6M	328.3M	326.8M	130.6M	623.1M	-87.8M	1.1B	-460.6M	-712.6M
Net change in cash	59.3M	-80.6M	57.6M	-53M	-156M	-10.9M	2.5B	-331.7M	-570.5M	1.1B
Free cash flow	-174.4M	-225.9M	-359.3M	-324.1M	-158.1M	-484.7M	-796.5M	-851.2M	-122M	597.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	-765.8M	-119.3M	-95.9M	-21.7M	-121.8M	-146.9M	-240.7M	-47.7M	-51.8M	37.5M	66M	-42.8M
Depreciation & amortization	333.8M	336.6M	312.6M	331.2M	354.7M	337.8M	337.2M	341.7M	326.3M	339.9M	346.7M	314M
Stock-based compensation	21.7M	22.2M	18M	19.2M	22.8M	21.5M	16.9M	14.7M	20.1M	24.1M	22.1M	24.2M
Change in working capital	-186.1M	-29.8M	-59.5M	-96.7M	-128.4M	41.3M	29.1M	-46.6M	111.6M	174.9M	-75.7M	132K
Operating cash flow	-658.9M	185.1M	175.3M	241.4M	141.3M	144.8M	124.2M	258.5M	282.2M	726.9M	322.3M	260.6M
Capital expenditure	-365.7M	-420.8M	-377.9M	-301M	-228.8M	-252.6M	-247.7M	—	—	—	—	—
Investing cash flow	-365.7M	-450.8M	-347.9M	-221.5M	-110.8M	-192.6M	-233.5M	22.1M	0	8.7M	0	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	-493K	-1.4M	—	—	-302K	-4.7M	—	—	-3.2M	-28.7M
Financing cash flow	-19.6M	-23.8M	-120.9M	-22.5M	1.6B	-2B	-15.1M	-513.8M	-25.8M	-326M	163.5M	-54.3M
Net change in cash	-1B	-289.5M	-293.5M	-2.5M	1.6B	-2B	-124.3M	-233.3M	256.5M	409.6M	485.8M	206.3M
Free cash flow	-146.8M	-287.3M	-145.9M	-149.9M	10.4M	-33.2M	50.7M	60.4M	68.5M	444.2M	24M	41.6M

Viasat Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement