Viasat Inc
Q3 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.07%.
Did VSAT Beat Earnings? Q3 2026 Results
Viasat posted a striking return to profitability in Q3 FY2026, with adjusted diluted EPS of $0.79 beating the $0.24 consensus estimate by 228.48% — a result that has helped <a href="https://247wallst.com/investing/2026/02/24/viasat-is-up-396-but-reddit-still-doesnt-trust-it/">the stock gain renewed attention</a> even among skeptical investors. The earnings swing was primarily driven by higher interest income recognized on the deferral of Ligado's quarterly fees, which helped flip GAAP net income to $24.97 million from a $158.41 million loss a year earlier. Revenue of $1.16 billion grew 3.0% year-over-year but edged just under the $1.17 billion consensus by 0.93%, with Defense and Advanced Technologies leading segment performance at 9% growth and aviation services surging 15%. The successful launch of ViaSat-3 F2, expected to enter service in May 2026 and effectively double fleet bandwidth capacity, adds a significant operational catalyst heading into the second half of the fiscal year. Management reiterated guidance for low single-digit revenue growth and flat Adjusted EBITDA for FY2026, while projecting positive free cash flow for both FY2026 and FY2027, excluding Ligado proceeds.
- Aviation service revenues grew 15% YoY driven by expansion of commercial and business aviation in-service aircraft
- Tactical networking and information security/cyber defense product revenues drove 9% DAT segment growth
- Higher interest income from Ligado lump sum payment deferral improved net income significantly
- Record quarterly CBM400 modem sales across USMC and Royal Saudi Land Forces programs
- Cash generation exceeded plan through efficient cash conversion and operational spending efficiencies
“Our Q3 and year-to-date Fiscal Year 2026 performance is consistent with our expectations and plans entering the year. These results and successful launch and progress toward service of ViaSat-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 expects low single-digit YoY revenue growth and flat YoY Adjusted EBITDA. Communication Services segment revenue is expected to be flat YoY, with low double-digit aviation services growth offset by a lower rate of declines in fixed services and other. Defense and Advanced Technologies segment revenue growth is expected in the mid-teens, driven by strong double-digit growth in information security/cyber defense and space and mission systems. Capital expenditures are now expected between $1.0 billion and $1.1 billion (including ~$350 million for Inmarsat-related capex). The company expects double-digit operating cash flow growth and now expects to generate positive free cash flow for FY2026 and FY2027 (excluding Ligado lump sum). Net debt relative to LTM Adjusted EBITDA is expected to decrease by end of FY2026. VS-3 F2 is expected to enter service in May 2026 and VS-3 F3 by late summer 2026.
VSAT YoY Financials
VSAT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.