The Q4 results were mixed: a GAAP EPS beat driven by a one-time gain, but core Adjusted EBITDA declined and Communication Services revenue slipped. The FY2027 guidance of mid-single-digit revenue growth and flat Adjusted EBITDA suggests limited near-term operating momentum, though the VS-3 satellite launches and record backlog provide a longer-term catalyst. Traders should watch for VS-3 F2/F3 service entry milestones and any updates on the strategic review of portfolio options, which could unlock value.
Price Chart
Executive Summary
Viasat reported Q4 FY2026 revenue of $1.171B (+2% YoY) and GAAP diluted EPS of $0.41, swinging from a net loss of $246M in Q4 FY2025 to net income of $59M, driven by a $168M gain on the sale of its Navarino investment. Adjusted EBITDA declined 1% YoY to $370M as Communication Services segment revenue fell 2% YoY, partially offset by 12% growth in Defense and Advanced Technologies. FY2027 guidance calls for mid-single-digit revenue growth and flat-to-slightly-up Adjusted EBITDA, with free cash flow of ~$180M, while the successful launch of VS-3 F3 and progress on VS-3 F2 deployments provide a positive catalyst for future capacity expansion.
Key Financial Metrics
Key Facts
- Q4 FY2026 revenue of $1.171B (+2% YoY), slightly below consensus of $1.20B.
- GAAP diluted EPS of $0.41, vs consensus estimate of $0.32 (beat).
- Net income of $59M improved from a net loss of $246M in Q4 FY2025, driven by a $168M gain on sale of Navarino equity investment.
- Adjusted EBITDA of $370M declined 1% YoY; Communication Services segment Adjusted EBITDA fell 6% YoY to $287M.
- Defense and Advanced Technologies segment revenue grew 12% YoY to $361M, with Adjusted EBITDA up 20% YoY to $83M.
- Record full-year awards of $4.9B and record backlog of $4.1B (+15% YoY).
- Net debt reduced to $4.8B from $5.6B a year ago; available liquidity of $2.9B.
- FY2027 guidance: mid-single-digit revenue growth, flat-to-slightly-up Adjusted EBITDA, FCF ~$180M, capex $950M-$1.0B.
- VS-3 F3 launched successfully on April 29, 2026; service entry expected August/September 2026.
- Subsequent to quarter end, awarded a $438M IDIQ contract for PTS-G program and a ~$300M USMC MECS2 contract.
Financial Impact
Q4 revenue $1.171B (+2% YoY); GAAP net income $59M vs loss of $246M YoY; Adjusted EBITDA $370M (-1% YoY); FY2027 FCF guidance ~$180M.
Risk Factors
- VS-3 satellite service entry delays or technical issues could delay capacity expansion and revenue growth.
- Continued decline in fixed services & other (FS&O) revenue and increased competition in aviation services may pressure Communication Services segment.
- High capital expenditure requirements ($950M-$1.0B in FY2027) and net debt of $4.8B limit financial flexibility.
- U.S. government shutdowns or budget delays could impact Defense segment awards and revenue.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-245304 |
| Document: d133220d8k.htm | 0001193125-26-245304 |
| Document: d133220dex991.htm | 0001193125-26-245304 |
| Document: 0001193125-26-245304-index-headers.html | 0001193125-26-245304 |
| Document: 0001193125-26-245304-index.html | 0001193125-26-245304 |
| Document: 0001193125-26-245304.txt | 0001193125-26-245304 |
| 8-K Data (Synthetic) | 0001193125-26-245304 |
Track record builds as more directional reports settle.
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Sep 3, 2026 4w ago | Insider Cluster | $71.72 $70.38 | ▼ −1.87% | ▼ −0.75% | $72.00 (+0.39%) |
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