Viasat Earnings Call Transcripts
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, government SATCOM, and DAT segments. Fiscal 2026 is expected to bring modest revenue growth, flattish EBITDA, and a free cash flow inflection, while capital allocation remains focused on debt reduction and operational efficiency.
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Q3 results were solid, with revenue of $1.12B and Adjusted EBITDA of $393M, driven by strong aviation and defense growth, while fixed broadband and maritime declined. CapEx was reduced by $200M, and fiscal 2025 guidance remains on track, with free cash flow inflection expected in fiscal 2026.
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Second quarter fiscal 2025 results exceeded expectations for revenue and adjusted EBITDA, with record new contract awards and strong performance in aviation and defense. Capital structure was strengthened through refinancing, and the outlook for fiscal 2025 and 2026 remains positive despite ongoing headwinds in fixed broadband and maritime.
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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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The Defense and Advanced Technologies segment is driving double-digit growth through innovation in encryption, tactical networking, and space systems, supported by a capital-light model and strong government relationships. The business is outpacing market growth, expanding internationally, and leveraging strategic partnerships to capture new opportunities.