VSATNasdaqCommunications Services, NECUS GAAP · USD

ViaSat, Inc

Viasat is a U.S.-based communications company that designs and operates satellite-enabled broadband and narrowband connectivity services for aviation, maritime, enterprise, consumer, government, and military users. Its business combines satellite capacity, ground infrastructure, user terminals, and related communications products across geostationary, medium earth orbit, and low earth orbit systems.

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Revenue4,640m USD
+2.7 %y/y
Operating profit (EBIT)108m USD
+210.9 %y/y
EBIT margin2.3%
+4.5 ppy/y
Net income-34.1m USD
+94.1 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2,00002,0004,0006,000m USD2021: 1,921 m USD2021: EBIT -46 m USD20212022: 2,417 m USD2022: EBIT -113 m USD20222023: 2,556 m USD2023: EBIT -156 m USD20232024: 4,284 m USD2024: EBIT -890 m USD20242025: 4,520 m USD2025: EBIT -97 m USD20252026: 4,640 m USD2026: EBIT 108 m USD20264,640108
RevenueOperating profit (EBIT)

Business

Share of revenue
Communication Services75 %

Broadband and narrowband connectivity services for mobility, fixed, consumer, and government users.

Government Communications and Cyber15 %

Communications gateways, situational awareness, command-and-control, and cybersecurity offerings.

Satellite and Wireless Terminals7 %

User terminals and related hardware that enable satellite and wireless connectivity.

Space System Solutions3 %

Satellite and payload-related systems for GEO, MEO, and LEO programs.

Products

Reported · share of revenue
70.6%29.4%FY2026100 %
  • Services70.6 %
  • Products29.4 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Viasat sells to a mix of commercial and government customers that need connectivity in locations where terrestrial networks are limited or unavailable. Its commercial base includes airlines, maritime operators, enterprises, residential broadband users, and wholesale/channel partners, while its government base includes defense and public-sector users that need secure communications and related mission support.

Commercial aviation

Airlines buy in-flight broadband and connectivity systems for passenger service and operational communications.

Maritime mobility

Ship operators and maritime service providers buy broadband and narrowband connectivity for vessels at sea.

Residential fixed broadband

Households buy satellite internet where terrestrial broadband is limited or unavailable.

Enterprise and business internet

Businesses buy fixed broadband and managed connectivity through direct and partner channels.

Government and defense

Government agencies and defense customers buy secure communications, gateways, and mission support products.

Strategy

Viasat’s strategy centers on using its satellite fleet, ground infrastructure, and user terminals to deliver connectivity across aviation, maritime, enterprise, consumer, and government markets. It also emphasizes cross-deploying technologies between commercial and defense applications, while expanding multi-orbit capabilities and leveraging partner satellites where needed.

Expand satellite capacity and service coverageMedium term

Connectivity quality depends on available bandwidth, coverage, and orbital assets.

Deepen multi-segment connectivity offeringsMedium term

Serving aviation, maritime, enterprise, consumer, and government users diversifies demand.

Increase cross-selling between commercial and defense marketsLong term

Shared technologies can improve product reuse and broaden addressable markets.

Geography

2026

Viasat is headquartered in Carlsbad, California and sells its services in the United States and internationally. Its business depends on satellite coverage and partner networks that can serve customers across multiple countries, with commercial mobility and government demand spanning global routes and operating theaters.

United States68 %
Other countries (US filing)32 %

Share of the revenue the company reports by geography.

Risks

Viasat’s results are exposed to satellite performance, launch timing, bandwidth constraints, and the complexity of integrating acquisitions and new technologies. It also faces contract concentration and procurement risk in government markets, cybersecurity threats, and competitive pressure from other satellite and communications providers.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Satellite failures or degraded satellite performance1Capacity constraints before new satellites enter commercial service2Reliance on U.S. government contracts3Cybersecurity and information assurance exposure4Acquisition integration and contingent liabilities5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Satellite failures or degraded satellite performanceImpact: HighLikelihood: High

    Service quality and capacity depend on the health and availability of orbiting assets.

    Exposure: Broadband and mobility services

  2. Capacity constraints before new satellites enter commercial serviceImpact: HighLikelihood: Medium

    Bandwidth shortages can limit sales and service quality until new capacity is available.

    Exposure: ViaSat-3 and other future satellite programs

  3. Reliance on U.S. government contractsImpact: HighLikelihood: Medium

    Government awards can be delayed, competed, or reduced, affecting revenue visibility.

    Exposure: Defense and advanced technologies segment

  4. Cybersecurity and information assurance exposureImpact: MediumLikelihood: Medium

    Communications networks and acquired businesses can be targeted by attackers.

    ExposureIT systemsCustomer dataSecure communications products
  5. Acquisition integration and contingent liabilitiesImpact: MediumLikelihood: Medium

    Combining systems, controls, and product lines can create operational and legal risk.

    Exposure: Inmarsat and other strategic transactions

Accounting

Judgemental items
Revenue recognition

Different contract types may recognize revenue at different points in time or over time.

Impact: Affects reported revenue timing and comparability across segments

Satellite launch and ramp-up costs

New satellites can create upfront depreciation, support, and operating costs before revenue scales.

Impact: Can distort near-term margins and segment profitability

Goodwill and intangible asset impairment

Acquisitions and satellite-related assets require periodic valuation judgments.

Impact: May create non-cash charges if expected cash flows weaken

Contingent liabilities and acquisition accounting

Purchased businesses may bring legal, regulatory, or integration-related obligations.

Impact: Can affect liabilities, expense recognition, and future cash needs

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Last updated: 24/09/2026