Viasat Earnings Call Transcripts
Fiscal Year 2027
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Record new awards and backlog in Defense & Advanced Technologies drove strong operational progress, with positive free cash flow and improved leverage. Mobility markets, especially aviation and government, are key growth drivers, while ongoing strategic reviews and new satellite deployments position the company for future expansion.
Fiscal Year 2026
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Fiscal 2026 saw record backlog, strong cash flow, and progress on leverage, with growth in aviation and DAT offsetting declines in fixed broadband. Fiscal 2027 guidance calls for mid-single-digit revenue growth, stable EBITDA, and continued investment in new satellite and technology initiatives.
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Q3 FY26 saw 3% revenue growth to $1.2B, strong free cash flow, and improved leverage, with ViaSat-3 launches set to drive future growth. Fiscal 2026 guidance calls for low single-digit revenue growth, flat EBITDA, and positive free cash flow, as capital efficiency and strategic initiatives remain priorities.
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Net loss narrowed to $61 million on 2% revenue growth, with strong cash flow and backlog gains. Adjusted EBITDA rose 3%, and the imminent ViaSat-3 Flight 2 launch is expected to drive future growth. Strategic initiatives focus on capital efficiency and leveraging global spectrum.
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Q1 FY2026 delivered 4% revenue growth and 1% adjusted EBITDA growth, with strong performance in defense, cyber, and aviation offsetting fixed broadband and IP licensing declines. Capital intensity is being reduced, with positive free cash flow and deleveraging as key priorities for fiscal 2026.
Fiscal Year 2025
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Fiscal 2025 saw record revenue, EBITDA, and contract awards, with strong growth in aviation and government SATCOM offsetting declines in fixed services. Fiscal 2026 is expected to bring modest revenue growth, flattish EBITDA, and a return to free cash flow, supported by new satellite launches and ongoing cost discipline.
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Q3 results exceeded expectations with strong aviation and defense growth, offset by fixed broadband and maritime declines. CapEx was reduced by $200 million, and the company remains confident in its fiscal 2025 guidance, targeting free cash flow inflection in fiscal 2026.
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Second quarter results exceeded expectations, with record contract awards and strong growth in defense and aviation segments. Revenue was $1.12 billion, adjusted EBITDA $375 million, and net loss improved significantly year-over-year. Fiscal 2025 outlook remains positive, with reduced CapEx and ongoing strategic initiatives.
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Q1 FY25 saw 6% combined revenue growth and 16% adjusted EBITDA growth year-over-year, led by Defense and Aviation. Net loss narrowed, CapEx declined, and liquidity remained strong. FY25 guidance was raised slightly, with positive free cash flow expected by Q1 FY26.
Fiscal Year 2024
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Revised summary: The DAT segment drives above-market growth via innovation in encryption, tactical networking, and space systems, supported by a capital-light model and strong customer ties. With deep government trust, a cleared workforce, and unique technology, international business is expanding and the company is well-positioned for continued growth and recurring revenues.