Viasat Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.54%.
Did VSAT Beat Earnings? Q1 2026 Results
Viasat delivered a notably strong fiscal first quarter, posting non-GAAP diluted EPS of $0.17 against a consensus estimate of negative $0.01 — a beat of 1,800% — while revenue of $1.17 billion climbed 4% year-over-year and cleared analyst expectations by 4.34%. The headline driver was a resurgent Defense and Advanced Technologies segment, which surged 15% year-over-year to $343.68 million on the back of an 84% explosion in information security and cyber defense product revenues, more than compensating for a flat Communication Services segment where aviation growth was offset by declines in fixed and maritime services. Adjusted EBITDA edged up 1% to $408.47 million, and free cash flow swung to positive $60.45 million from negative $149.92 million a year ago, reflecting both improved operating cash flow and a 34% reduction in capital expenditures. <a href="https://247wallst.com/investing/2026/02/24/viasat-is-up-396-but-reddit-still-doesnt-trust-it/">Viasat's momentum</a> looks set to continue, with management reiterating low single-digit revenue growth and an inflection to positive free cash flow in the second half of FY2026, while trimming full-year capex guidance by $100 million to approximately $1.20 billion.
- Double-digit growth in Defense and Advanced Technologies segment driven by information security and cyber defense products (84% YoY revenue growth)
- Aviation services revenue grew 14% YoY with approximately 4,130 commercial and 2,050 business aircraft in service
- Strong operating cash flow improvement of $107 million YoY driven by lower working capital
- Capital expenditure decline of 34% YoY to $198 million due to lower satellite expenditure timing
- Healthy market demand in most profitable business lines
“Our Q1 Fiscal Year 2026 results yielded stronger than expected year-over-year revenue and Adjusted EBITDA growth.”
Viasat CEO, on the earnings call
Forward Guidance & Outlook
For FY2026, Viasat continues to expect low single-digit YoY revenue growth and flattish YoY Adjusted EBITDA. Communication Services segment is expected to have flat revenue driven by low double-digit growth in aviation services offset by a lower rate of declines in fixed services and other. Defense and Advanced Technologies segment is expected to deliver mid-teens YoY revenue growth driven primarily by strong double-digit growth in information security and cyber defense and space and mission systems. Capital expenditures are now expected at approximately $1.2 billion, an improvement of $100 million from prior guidance (includes approximately $400 million for Inmarsat-related capex). The company expects another year of double-digit operating cash flow growth and an inflection to positive free cash flow in the second half of FY2026. Net debt relative to LTM Adjusted EBITDA is expected to increase modestly by end of FY2026. Guidance excludes potential Ligado settlement payments pending bankruptcy court approval. VS-3 F2 is expected to ship to launch site by September 2025.
VSAT YoY Financials
VSAT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.