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Viasat
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Updated Aug 6, 2026
Viasat Q1 FY2027: Aviation IFC growth and margin improvement offset defense product revenue decline and $6.6B debt load
Viasat's Q1 FY2027 results show a company in operational transition: communication services segment operating profit surged 53% year-over-year to $62.4 million (8% margin vs. 5% prior year) driven by aviation IFC fleet expansion to 4,630 aircraft and improved service margins, while the defense and advanced technologies segment contracted sharply — operating profit fell 30% to $49.9 million as product revenues declined $22.4 million and the prior year benefited from high-margin IP licensing. The ViaSat-3 F2 and F3 constellation launches, with commercial service expected by late summer 2026, represent the primary near-term catalyst: bandwidth constraints have forced management to deprioritize U.S. fixed broadband subscribers in favor of higher-value IFC capacity, and resolution of that constraint is the linchpin of the revenue recovery thesis. With $6.6 billion in outstanding debt and a new Cooperation Agreement with activist shareholder Carronade Capital, capital structure discipline and strategic focus are under direct pressure.
Tone: mixedRevenue
$4.6B
VSAT 10-K · FY 2026
Employees
7,000
Revenue FY2025
$4.5B
Founded
1986
Profile
VSAT 10-K Item 1 · May 29, 2026Viasat is a global provider of satellite-based communications technologies and services operating across aviation, maritime, enterprise, consumer, and government markets. The company operates through two segments — communication services and defense and advanced technologies — supported by a fleet of 23 in-service satellites spanning Ka-, L-, and S-band frequencies. Following the May 2023 acquisition of Inmarsat, Viasat delivers near-global broadband and narrowband coverage with a vertically integrated platform spanning spacecraft, ground infrastructure, and user terminals.
Read filing description ↓ Collapse description ↑
We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide. By leveraging our own satellite fleet and its advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Our end-to-end multi-band platform of satellites, ground infrastructure and user terminals enables us to provide a wide array of cost-effective, high-quality broadband, narrowband and other connectivity solutions to aviation, maritime, enterprise, consumer, military and government users around the globe, whether on the ground, in the air or at sea. In addition, our government business includes a portfolio of communications gateways; situational awareness and command and control products and services; satellite communication products and services across various frequency bands; and cybersecurity and information assurance products and services. We believe that our diversification strategy — anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites — our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic markets, provide us with a strong foundation to sustain and enhance our leadership in advanced communications and networking technologies. We conduct our business through two reportable segments: communication services and defense and advanced technologies.
Primary products
- In-flight connectivity (IFC) services
- Narrowband safety operational data services
- Wireless in-flight entertainment (W-IFE)
- Government satcom broadband and narrowband products and services
- Maritime broadband and narrowband communications services
- NexusWave fully managed multi-layer connectivity service
Business segments
End markets
Geographies
Named customers
Revenues from the U.S. Government as an individual customer comprised approximately 16%, 18% and 17% of total revenues for fiscal years 2026, 2025 and 2024, respectively. None of our other customers comprised 10% or more of total revenues in fiscal years 2026, 2025 or 2024.
Named competitors
“We believe that our diversification strategy — anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites — our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic markets, provide us with a strong foundation to sustain and enhance our leadership in advanced communications and networking technologies.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenues grew from $4.52 billion in fiscal year 2025 to $4.64 billion in fiscal year 2026, driven by growth in both the communication services and defense and advanced technologies segments.
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