Viasat Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.13%.
Did VSAT Beat Earnings? Q2 2026 Results
Viasat posted a meaningful turnaround in Q2 FY2026, reporting revenue of $1.14 billion alongside a loss of $0.45 per share — a significant improvement from the prior-year period as the company's net loss narrowed 55% to $61.44 million, driven by a favorable service mix, lower depreciation and amortization, and reduced SG&A expenses. Non-GAAP net income flipped positive at $12.63 million, translating to $0.09 in non-GAAP diluted EPS. The headline momentum was amplified by record quarterly awards of $1.50 billion, up 17% year-over-year, with government satcom demand propelling Communication Services awards 35% higher to over $1.00 billion. Aviation services revenue climbed 15% to $300.73 million, providing a key offset to softer fixed and maritime segments. With the ViaSat-3 F2 satellite confirmed for a November 2025 launch and commercial service expected in early 2026, the capacity expansion underpins management's guidance for low single-digit revenue growth and double-digit operating cash flow improvement in FY2026 — setting the stage for <a href="https://247wallst.com/investing/2026/02/24/viasat-is-up-396-but-reddit-still-doesnt-trust-it/">positive free cash flow</a> in FY2027.
- Strong aviation services revenue growth of 15% YoY driven by growing commercial and business aviation aircraft in service
- Government satcom services revenue growth of 9% YoY
- Information security and cyber defense product revenue growth of 14% YoY driven by cloud service provider and data center demand
- Favorable service mix, lower depreciation and amortization, and reduced SG&A expenses improved net loss
- Record quarterly awards of $1.5 billion, up 17% YoY
- Record Defense and Advanced Technologies backlog of $1.2 billion, up 31% YoY
“Our Q2 Fiscal Year 2026 performance and impending launch of ViaSat-3 (VS-3) F2 reflect the meaningful progress we are making against our highest priorities and commitment to building value for our employees, customers, and shareholders.”
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 FY2026 revenue is expected to be flat versus FY2025, driven by low double-digit growth in aviation services offset by lower rate of declines in Fixed Services & Other. Defense and Advanced Technologies segment FY2026 revenue growth is expected in the mid-teens, driven by strong double-digit growth in information security/cyber defense and space/mission systems. Capital expenditures are expected at approximately $1.2 billion (including approximately $400 million for Inmarsat-related capex). The company expects double-digit operating cash flow growth with satellite-related capex concentrated in H2. Net debt relative to LTM Adjusted EBITDA is now expected to decrease modestly by end of FY2026. Positive free cash flow is expected for FY2027. Guidance excludes the $420 million Ligado lump sum payment received in October.
VSAT YoY Financials
VSAT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.