Viasat Inc Financials

VSAT

Source SEC Filings (10-K/10-Q) Updated Feb 6, 2026 Currency USD FYE March

This page shows Viasat Inc (VSAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Viasat Inc has an operating margin of -2.2%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -20.8% the prior year.

Growth

Viasat Inc's revenue grew 5.5% year-over-year to $4.5B, a solid pace of expansion. This earns a growth score of 44/100.

Leverage

Viasat Inc has a moderate D/E ratio of 1.43. This balance of debt and equity financing earns a leverage score of 58/100.

Liquidity

Viasat Inc's current ratio of 1.72 indicates adequate short-term liquidity, earning a score of 49/100. The company can meet its near-term obligations, though with limited headroom.

Piotroski F-Score Neutral

5/9

Viasat Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-1.58x

For every $1 of reported earnings, Viasat Inc generates $-1.58 in operating cash flow ($908.2M OCF vs -$575.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-0.2x

Viasat Inc earns $-0.2 in operating income for every $1 of interest expense (-$97.5M vs $421.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$4.5B

YoY+5.5%

5Y CAGR+14.4%

10Y CAGR+12.6%

Viasat Inc generated $4.5B in revenue in fiscal year 2025. This represents an increase of 5.5% from the prior year.

EBITDA

$1.3B

YoY+357.3%

5Y CAGR+26.7%

10Y CAGR+15.4%

Viasat Inc's EBITDA was $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 357.3% from the prior year.

Free Cash Flow

N/A

Net Income

-$575.0M

YoY+46.2%

Viasat Inc reported -$575.0M in net income in fiscal year 2025. This represents an increase of 46.2% from the prior year.

EPS (Diluted)

$-4.48

YoY+50.9%

Viasat Inc earned $-4.48 per diluted share (EPS) in fiscal year 2025. This represents an increase of 50.9% from the prior year.

Cash & Debt

$1.6B

YoY-15.2%

5Y CAGR+39.6%

10Y CAGR+43.8%

Viasat Inc held $1.6B in cash against $6.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

130M

YoY+3.5%

5Y CAGR+16.0%

10Y CAGR+10.5%

Viasat Inc had 130M shares outstanding in fiscal year 2025. This represents an increase of 3.5% from the prior year.

Gross Margin

N/A

Operating Margin

-2.2%

YoY+18.6pp

5Y CAGR-3.8pp

10Y CAGR-8.2pp

Viasat Inc's operating margin was -2.2% in fiscal year 2025, reflecting core business profitability. This is up 18.6 percentage points from the prior year.

Net Margin

-12.7%

YoY+12.2pp

5Y CAGR-13.3pp

10Y CAGR-15.6pp

Viasat Inc's net profit margin was -12.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$142.4M

YoY-5.5%

5Y CAGR+1.8%

10Y CAGR+11.8%

Viasat Inc invested $142.4M in research and development in fiscal year 2025. This represents a decrease of 5.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

VSAT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.5B+5.5%	$4.3B+67.6%	$2.6B+5.7%	$2.4B+25.8%	$1.9B-16.8%	$2.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$142.4M-5.5%	$150.7M+16.9%	$128.9M-13.7%	$149.5M+37.8%	$108.5M-16.8%	$130.4M
SG&A Expenses	$1.2B-37.6%	$1.9B+163.5%	$718.6M+12.1%	$640.8M+28.9%	$497.2M-5.0%	$523.1M
Operating Income	-$97.5M+89.0%	-$889.8M-470.5%	-$156.0M-37.8%	-$113.1M-146.2%	-$46.0M-219.6%	$38.4M
Interest Expense	$421.9M+5.4%	$400.4M+1393.5%	$26.8M-8.8%	$29.4M-10.1%	$32.7M-15.4%	$38.6M
Income Tax	-$941K+99.3%	-$139.5M-382.2%	$49.4M+235.3%	-$36.5M-226.2%	-$11.2M-41.4%	-$7.9M
Net Income	-$575.0M+46.2%	-$1.1B-198.5%	$1.1B+7083.4%	-$15.5M-520.9%	$3.7M-73.3%	$13.8M
EPS (Diluted)	$-4.48+50.9%	$-9.12-163.8%	$14.29+6904.8%	$-0.21-450.0%	$0.06	$0.00

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Revenue	$823K-99.9%	$1.2B+1.4%	$1.1B-2.6%	$1.2B+2.1%	$1.1B+2.1%	$1.1B+0.1%	$1.1B-0.4%	$1.1B
Cost of Revenue	$537K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$286K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$47K-99.9%	$46.9M+11.0%	$42.3M+23.6%	$34.2M+1.3%	$33.7M-8.1%	$36.7M+9.9%	$33.4M-13.4%	$38.6M
SG&A Expenses	$241K-99.9%	$240.7M-0.4%	$241.8M-8.0%	$262.8M-37.3%	$419.5M+76.2%	$238.0M-12.6%	$272.4M+8.5%	$251.1M
Operating Income	$26K-99.9%	$26.3M-26.5%	$35.8M-23.3%	$46.7M+130.3%	-$153.8M-823.8%	$21.2M+186.1%	-$24.7M-141.3%	$59.7M
Interest Expense	$87K-99.9%	$87.5M-6.4%	$93.5M-6.8%	$100.4M-5.6%	$106.4M+12.6%	$94.5M-18.1%	$115.3M+9.0%	$105.8M
Income Tax	$59K-99.9%	$58.7M+440.1%	$10.9M+64.3%	$6.6M+75.9%	$3.8M+131.9%	-$11.8M-299.5%	$5.9M+399.6%	$1.2M
Net Income	$25K-99.9%	$25.0M+140.6%	-$61.4M-8.9%	-$56.4M+77.1%	-$246.1M-55.3%	-$158.4M-15.1%	-$137.6M-318.0%	-$32.9M
EPS (Diluted)	$0.180.0%	$0.18+140.0%	$-0.45-4.7%	$-0.43	N/A	$-1.23-15.0%	$-1.07-311.5%	$-0.26

VSAT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$15.4B-5.4%	$16.3B+111.2%	$7.7B+21.0%	$6.4B+19.4%	$5.3B+9.5%	$4.9B
Current Assets	$2.9B-17.0%	$3.5B+55.0%	$2.2B+93.6%	$1.2B+17.0%	$991.2M-5.2%	$1.0B
Cash & Equivalents	$1.6B-15.2%	$1.9B+40.9%	$1.3B+334.5%	$310.5M+4.9%	$295.9M-2.7%	$304.3M
Inventory	$293.9M-7.5%	$317.9M+18.4%	$268.6M+35.7%	$197.9M-41.2%	$336.7M+14.4%	$294.4M
Accounts Receivable	$699.6M+3.1%	$678.2M+61.5%	$419.9M+34.5%	$312.2M+30.8%	$238.7M-27.8%	$330.7M
Goodwill	$1.6B0.0%	$1.6B+922.9%	$158.5M-6.0%	$168.7M+37.9%	$122.3M+0.9%	$121.2M
Total Liabilities	$10.8B-4.0%	$11.3B+190.9%	$3.9B+4.4%	$3.7B+25.1%	$3.0B+4.5%	$2.8B
Current Liabilities	$1.7B+29.4%	$1.3B+35.5%	$956.7M+24.2%	$770.4M+8.7%	$708.4M+17.2%	$604.6M
Long-Term Debt	$6.5B-8.4%	$7.1B+194.4%	$2.4B-2.6%	$2.5B+35.6%	$1.8B-1.0%	$1.9B
Total Equity	$4.6B-9.4%	$5.0B+31.4%	$3.8B+45.2%	$2.6B+12.0%	$2.4B+16.0%	$2.0B
Retained Earnings	-$325.5M-230.5%	$249.4M-81.1%	$1.3B+464.5%	$233.5M-6.2%	$249.1M+1.5%	$245.4M

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Total Assets	$14.9M-99.9%	$14.9B+1.1%	$14.8B-0.9%	$14.9B-3.6%	$15.4B-1.0%	$15.6B-12.1%	$17.8B+10.4%	$16.1B
Current Assets	$2.6M-99.9%	$2.6B+8.8%	$2.4B-0.8%	$2.5B-15.0%	$2.9B+1.6%	$2.8B-43.9%	$5.1B+52.1%	$3.3B
Cash & Equivalents	$1.3M-99.9%	$1.3B+9.4%	$1.2B+4.5%	$1.2B-27.0%	$1.6B+3.6%	$1.6B-55.9%	$3.5B+94.8%	$1.8B
Inventory	$287K-99.9%	$287.0M+3.0%	$278.7M-2.0%	$284.2M-3.3%	$293.9M-8.2%	$320.1M-2.1%	$327.0M-0.9%	$329.8M
Accounts Receivable	$749K-99.9%	$749.4M+9.8%	$682.8M-0.5%	$686.2M-1.9%	$699.6M+7.8%	$649.0M-9.5%	$717.3M+3.2%	$694.9M
Goodwill	$1.6M-99.9%	$1.6B0.0%	$1.6B0.0%	$1.6B+0.3%	$1.6B+0.1%	$1.6B-0.2%	$1.6B+0.1%	$1.6B
Total Liabilities	$10.3M-99.9%	$10.3B+1.0%	$10.2B-1.1%	$10.3B-4.7%	$10.8B+0.5%	$10.8B-15.6%	$12.7B+15.9%	$11.0B
Current Liabilities	$1.2M-99.9%	$1.2B+6.3%	$1.2B+0.9%	$1.2B-30.7%	$1.7B+6.1%	$1.6B-55.1%	$3.5B+226.3%	$1.1B
Long-Term Debt	$6.2M-99.9%	$6.2B-4.5%	$6.5B0.0%	$6.5B0.0%	$6.5B-0.1%	$6.5B+2.0%	$6.4B-10.2%	$7.1B
Total Equity	$4.6M-99.9%	$4.6B+1.0%	$4.5B-0.8%	$4.6B+0.2%	$4.6B-4.3%	$4.8B-3.5%	$4.9B-1.9%	$5.0B
Retained Earnings	$418K+100.1%	-$418.4M+5.6%	-$443.4M-16.1%	-$382.0M-17.3%	-$325.5M-309.6%	-$79.5M-200.7%	$78.9M-63.5%	$216.5M

VSAT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$908.2M+32.0%	$688.2M+87.1%	$367.9M-27.2%	$505.6M-30.5%	$727.2M+66.4%	$436.9M
Capital Expenditures	N/A	N/A	$1.1B+14.8%	$938.3M+13.4%	$827.2M+19.2%	$694.0M
Free Cash Flow	N/A	N/A	-$709.1M-63.9%	-$432.6M-332.5%	-$100.0M+61.1%	-$257.0M
Investing Cash Flow	-$758.4M+41.3%	-$1.3B-268.1%	$768.0M+168.0%	-$1.1B-27.6%	-$885.3M-16.7%	-$758.8M
Financing Cash Flow	-$442.6M-139.4%	$1.1B+1800.3%	-$66.1M-110.3%	$643.6M+330.0%	$149.7M-59.0%	$365.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$1.3M-99.8%	$726.9M+157.5%	$282.2M+9.2%	$258.5M-13.4%	$298.4M+36.0%	$219.5M-8.2%	$239.2M+58.3%	$151.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$218.7M+33.8%	$163.4M-1.6%	$166.1M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$108.6M-308.0%	-$26.6M+77.8%	-$119.7M
Investing Cash Flow	$664K+100.2%	-$274.0M-28.2%	-$213.7M-21.5%	-$175.9M+24.6%	-$233.5M-21.3%	-$192.6M-73.8%	-$110.8M+50.0%	-$221.5M
Financing Cash Flow	$868K+100.3%	-$333.8M-1575.1%	-$19.9M+96.1%	-$513.8M-7565.5%	-$6.7M+99.7%	-$2.0B-226.0%	$1.6B+7188.0%	-$22.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VSAT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-2.2%+18.6pp	-20.8%-14.7pp	-6.1%-1.4pp	-4.7%-2.3pp	-2.4%-4.0pp	1.7%
Net Margin	-12.7%+12.2pp	-24.9%-67.4pp	42.4%+43.1pp	-0.6%-0.8pp	0.2%-0.4pp	0.6%
Return on Equity	N/A	N/A	28.4%	N/A	0.2%-0.5pp	0.7%
Return on Assets	-3.7%+2.8pp	-6.6%-20.6pp	14.0%+14.3pp	-0.2%-0.3pp	0.1%-0.2pp	0.3%
Current Ratio	1.72-1.0	2.68+0.3	2.35+0.8	1.50+0.1	1.40-0.3	1.73
Debt-to-Equity	1.43+0.0	1.42+0.8	0.63-0.3	0.94+0.2	0.78-0.1	0.91
FCF Margin	N/A	N/A	-27.7%-9.8pp	-17.9%-12.7pp	-5.2%+5.9pp	-11.1%

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Gross Margin	34.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	3.2%+0.9pp	2.3%-0.9pp	3.1%-0.9pp	4.0%+17.4pp	-13.4%-15.3pp	1.9%+4.1pp	-2.2%-7.5pp	5.3%
Net Margin	3.0%+0.9pp	2.2%+7.6pp	-5.4%-0.6pp	-4.8%+16.6pp	-21.4%-7.4pp	-14.1%-1.8pp	-12.3%-9.3pp	-2.9%
Return on Equity	0.5%0.0pp	0.5%	N/A	N/A	N/A	0.5%+0.1pp	0.4%	N/A
Return on Assets	0.2%0.0pp	0.2%+0.6pp	-0.4%-0.0pp	-0.4%+1.2pp	-1.6%-0.6pp	-1.0%-0.3pp	-0.8%-0.6pp	-0.2%
Current Ratio	2.130.0	2.13+0.0	2.08-0.0	2.11+0.4	1.72-0.1	1.80+0.4	1.44-1.6	3.08
Debt-to-Equity	1.370.0	1.37-0.1	1.44+0.0	1.430.0	1.43+0.1	1.37+0.1	1.30-0.1	1.42
FCF Margin	N/A	N/A	N/A	N/A	N/A	-18.5%-14.0pp	-4.5%+17.8pp	-22.3%

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Frequently Asked Questions

What is Viasat Inc's annual revenue?

Viasat Inc (VSAT) reported $4.5B in total revenue for fiscal year 2025. This represents a 5.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Viasat Inc's revenue growing?

Viasat Inc (VSAT) revenue grew by 5.5% year-over-year, from $4.3B to $4.5B in fiscal year 2025.

Is Viasat Inc profitable?

No, Viasat Inc (VSAT) reported a net income of -$575.0M in fiscal year 2025, with a net profit margin of -12.7%.

What is Viasat Inc's earnings per share (EPS)?

Viasat Inc (VSAT) reported diluted earnings per share of $-4.48 for fiscal year 2025. This represents a 50.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Viasat Inc's EBITDA?

Viasat Inc (VSAT) had EBITDA of $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Viasat Inc have?

As of fiscal year 2025, Viasat Inc (VSAT) had $1.6B in cash and equivalents against $6.5B in long-term debt.

What is Viasat Inc's operating margin?

Viasat Inc (VSAT) had an operating margin of -2.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Viasat Inc's net profit margin?

Viasat Inc (VSAT) had a net profit margin of -12.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Viasat Inc's operating cash flow?

Viasat Inc (VSAT) generated $908.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Viasat Inc's total assets?

Viasat Inc (VSAT) had $15.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Viasat Inc spend on research and development?

Viasat Inc (VSAT) invested $142.4M in research and development during fiscal year 2025.

How many shares does Viasat Inc have outstanding?

Viasat Inc (VSAT) had 130M shares outstanding as of fiscal year 2025.

What is Viasat Inc's current ratio?

Viasat Inc (VSAT) had a current ratio of 1.72 as of fiscal year 2025, which is generally considered healthy.

What is Viasat Inc's debt-to-equity ratio?

Viasat Inc (VSAT) had a debt-to-equity ratio of 1.43 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Viasat Inc's return on assets (ROA)?

Viasat Inc (VSAT) had a return on assets of -3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Viasat Inc's Piotroski F-Score?

Viasat Inc (VSAT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Viasat Inc's earnings high quality?

Viasat Inc (VSAT) has an earnings quality ratio of -1.58x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Viasat Inc cover its interest payments?

Viasat Inc (VSAT) has an interest coverage ratio of -0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Viasat Inc?

Viasat Inc (VSAT) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.