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Viasat Inc Financials

VSAT
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 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 18 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).

Rhea AI VSAT FY2025

Viasat's numbers show a cash-generating operating base whose heavy financing load still keeps reported earnings negative.

From FY2024 to FY2025, operating cash flow improved from $688M to $908M even though net income stayed negative. With interest expense still at $422M, the business is behaving more like a cash-producing asset network whose financing load keeps accounting earnings under pressure.

The sharp move in operating margin from -20.8% in FY2024 to -2.2% in FY2025 lines up with a much lower SG&A burden, suggesting cost structure normalization mattered more than simple top-line growth. FY2023's profit spike looks less like a new earnings level than an exception, because operating margins stayed negative on both sides of it and cash flow never translated into free cash flow.

The balance sheet is not showing a near-term cash squeeze: cash of $1.61B and a current ratio of 1.7x provide room to operate. That matters because investing cash outflow was $758M in FY2025 against operating cash flow of $908M, so much of the cash the assets generate is still being recycled back into the system rather than released.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 34 / 100
Financial Health Score 34/100

Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Viasat Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
35

Viasat Inc has an operating margin of 2.3%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is up from -2.2% the prior year.

Growth
47

Viasat Inc's revenue grew a modest 2.7% year-over-year to $4.6B. This slow but positive growth earns a score of 47/100.

Leverage
20

Viasat Inc has elevated debt relative to equity (D/E of 1.37), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 20/100, reflecting increased financial risk.

Liquidity
67

With a current ratio of 2.41, Viasat Inc holds $2.41 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 67/100.

Returns
33

Viasat Inc's ROE of -0.7% shows moderate profitability relative to equity, earning a score of 33/100. This is up from -12.6% the prior year.

Altman Z-Score Distress
1.02

Viasat Inc scores 1.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($10.2B) relative to total liabilities ($10.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
6/8

Viasat Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
-46.64x

For every $1 of reported earnings, Viasat Inc generates $-46.64 in operating cash flow ($1.6B OCF vs -$34.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
0.3x

Viasat Inc earns $0.3 in operating income for every $1 of interest expense ($108.1M vs $360.3M). 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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Earnings & Revenue

Revenue
$4.6B
YoY+2.7%
5Y CAGR+19.3%
10Y CAGR+12.6%

Viasat Inc generated $4.6B in revenue in fiscal year 2026. This represents an increase of 2.7% from the prior year.

EBITDA
$1.5B
YoY+16.0%
5Y CAGR+32.4%
10Y CAGR+18.0%

Viasat Inc's EBITDA was $1.5B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.0% from the prior year.

Net Income
-$34.1M
YoY+94.1%

Viasat Inc reported -$34.1M in net income in fiscal year 2026. This represents an increase of 94.1% from the prior year.

EPS (Diluted)
$-0.25
YoY+94.4%

Viasat Inc earned $-0.25 per diluted share (EPS) in fiscal year 2026. This represents an increase of 94.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$1.7B
YoY+8.4%
5Y CAGR+42.6%
10Y CAGR+45.1%

Viasat Inc held $1.7B in cash against $6.4B in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
137M
YoY+4.8%
5Y CAGR+13.5%
10Y CAGR+10.8%

Viasat Inc had 137M shares outstanding in fiscal year 2026. This represents an increase of 4.8% from the prior year.

Margins & Returns

Gross Margin
35.1%
10Y CAGR-30.4pp

Viasat Inc's gross margin was 35.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs.

Operating Margin
2.3%
YoY+4.5pp
5Y CAGR+4.7pp
10Y CAGR-0.6pp

Viasat Inc's operating margin was 2.3% in fiscal year 2026, reflecting core business profitability. This is up 4.5 percentage points from the prior year.

Net Margin
-0.7%
YoY+12.0pp
5Y CAGR-0.9pp
10Y CAGR-2.3pp

Viasat Inc's net profit margin was -0.7% in fiscal year 2026, showing the share of revenue converted to profit. This is up 12.0 percentage points from the prior year.

Return on Equity
-0.7%
YoY+11.9pp
5Y CAGR-0.9pp
10Y CAGR-2.7pp

Viasat Inc's ROE was -0.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 11.9 percentage points from the prior year.

Capital Allocation

R&D Spending
$164.9M
YoY+15.8%
5Y CAGR+8.7%
10Y CAGR+7.9%

Viasat Inc invested $164.9M in research and development in fiscal year 2026. This represents an increase of 15.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
N/A

VSAT Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $1.2B+1.2% $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 N/A N/A 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 N/A N/A
R&D Expenses $41.5M-11.5% $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 $254.2M+5.6% $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 -$624K-102.4% $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 $78.9M-9.8% $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 $40.1M-31.7% $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 $58.8M+135.6% $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) N/A $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 Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $15.2B+2.1% $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 $3.1B+17.9% $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 $1.7B+29.8% $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 $281.2M-2.0% $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 $753.4M+0.5% $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 $1.6B-0.1% $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 $10.5B+2.1% $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 $1.3B+4.1% $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 $6.4B+2.4% $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 $4.7B+2.0% $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 -$359.6M+14.1% -$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 Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $322.3M-55.7% $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 N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow -$95.4M+65.2% -$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 $173.1M+151.9% -$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 Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin -0.1%-2.3pp 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 5.0%+2.9pp 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 1.3%+0.7pp 0.5%+1.9pp -1.4%-0.1pp -1.2%+4.2pp -5.4%-2.1pp -3.3%-0.5pp -2.8%-2.1pp -0.7%
Return on Assets 0.4%+0.2pp 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 2.41+0.3 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 N/A N/A N/A

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Frequently Asked Questions

Viasat Inc (VSAT) reported $4.6B in total revenue for fiscal year 2026. This represents a 2.7% 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.

Viasat Inc (VSAT) revenue grew by 2.7% year-over-year, from $4.5B to $4.6B in fiscal year 2026.

No, Viasat Inc (VSAT) reported a net income of -$34.1M in fiscal year 2026, with a net profit margin of -0.7%.

Viasat Inc (VSAT) reported diluted earnings per share of $-0.25 for fiscal year 2026. This represents a 94.4% 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.

Viasat Inc (VSAT) had EBITDA of $1.5B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2026, Viasat Inc (VSAT) had $1.7B in cash and equivalents against $6.4B in long-term debt.

Viasat Inc (VSAT) had a gross margin of 35.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Viasat Inc (VSAT) had an operating margin of 2.3% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Viasat Inc (VSAT) had a net profit margin of -0.7% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Viasat Inc (VSAT) has a return on equity of -0.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Viasat Inc (VSAT) generated $1.6B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Viasat Inc (VSAT) had $15.2B in total assets as of fiscal year 2026, including both current and long-term assets.

Viasat Inc (VSAT) invested $164.9M in research and development during fiscal year 2026.

Viasat Inc (VSAT) had 137M shares outstanding as of fiscal year 2026.

Viasat Inc (VSAT) had a current ratio of 2.41 as of fiscal year 2026, which is generally considered healthy.

Viasat Inc (VSAT) had a debt-to-equity ratio of 1.37 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Viasat Inc (VSAT) had a return on assets of -0.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Viasat Inc (VSAT) has an Altman Z-Score of 1.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Viasat Inc (VSAT) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Viasat Inc (VSAT) has an earnings quality ratio of -46.64x, 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.

Viasat Inc (VSAT) has an interest coverage ratio of 0.3x, 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.

Viasat Inc (VSAT) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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