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Globalstar (GSAT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Globalstar (GSAT) Q3 2026 earnings results →

Q3 2026 Revenue down 4% year over year to $70.9M · 22¢ of every $1 of revenue lost · operating margin 10.7%

Globalstar made $70.9M in Q3 2026 (-4% Y/Y): Total service revenue $65.4M, Subscriber equipment sales $5.5M. Operating margin 10.7%, net loss $15.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$70.9M
Year over year-4%
Operating margin10.7%
Net earnings−$15.7M
Operating cash flow$137M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $70.9M in Q3 2026, down 4% year over year and up 9% from the previous quarter. Wholesale capacity services was the largest line at 63% of revenue. Wholesale capacity services lost $2.7M year over year (down 6%), 93% of the total change.

Operating profit was $7.6M, a 10.7% margin (down 3.0 points year over year). Total costs fell 1% while revenue fell 4%. The fastest-growing cost line was SG&A (+30%). The quarter ended with a net loss of $15.7M, narrower than the previous quarter's $26.5M loss. Net interest and other expense of $21.9M was the main reason.

Operating cash flow was $137.1M (down 42% year over year). Non-cash charges added back $16.9M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $133.4M. Capital expenditures of $14.8M left free cash flow of $122.3M.

Quarterly history

Globalstar revenue by quarterGlobalstar revenue by quarter$60.0MQ1 2025$67.1MQ2 2025$73.8MQ3 2025$72.0MQ4 2025$70.1MQ1 2026$64.8MQ2 2026$70.9MQ3 2026
Globalstar net earnings by quarterGlobalstar net earnings by quarter−$17.3MQ1 2025$19.2MQ2 2025$1.1MQ3 2025−$11.6MQ4 2025−$17.4MQ1 2026−$26.5MQ2 2026−$15.7MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$70.9M-4%10.7%−$15.7M$137M
Q2 202610-QAug 6, 2026$64.8M-4%-7.4%−$26.5M$125M
Q1 202610-QMay 7, 2026$70.1M+17%11.7%−$17.4M$35.2M
Q4 202510-KFeb 27, 2026$72.0M+18%-0.5%−$11.6M$176M
Q3 202510-QNov 6, 2025$73.8M+2%13.8%$1.1M$236M
Q2 202510-QAug 7, 2025$67.1M+11%9.2%$19.2M$158M
Q1 202510-QMay 8, 2025$60.0M+6%-14.2%−$17.3M$51.9M

Charts

Globalstar: revenue growth, year over year and quarter over quarterGlobalstar: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q1 2025+11%+12%Q2 2025+2%+10%Q3 2025+18%-3%Q4 2025+17%-3%Q1 2026-4%-8%Q2 2026-4%+9%Q3 2026
Latest (Q3 2026): Y/Y -4%, Q/Q +9%.
Globalstar: where the cash came from (+) and went (−), TTM to Q3 2026Globalstar: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$473MOther investing−$431MCapital spending−$48.1MCash drawn (+) / kept (−)$16.4MDividends−$10.6MExchange rates$158KOther financing$52K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Globalstar: profit against cash, quarter by quarterGlobalstar: profit against cash, quarter by quarterNet incomeOperating cash flow−$50.2M$341MQ4 2024−$17.3M$51.9MQ1 2025$19.2M$158MQ2 2025$1.1M$236MQ3 2025−$11.6M$176MQ4 2025−$17.4M$35.2MQ1 2026−$26.5M$125MQ2 2026−$15.7M$137MQ3 2026
Latest (Q3 2026): Net income −$15.7M, Operating cash flow $137M.
Globalstar: diluted shares by fiscal yearGlobalstar: diluted shares by fiscal year1.64BFY20201.77BFY2021120MFY2022122MFY2023126MFY2024127MFY2025
-92.3% since FY2020: buybacks shrank the count.
Globalstar: long-term debt falling due (FY2025)Globalstar: long-term debt falling due (FY2025)$31.9M2026$73.7M2027$94.5M2028$50.5M2029$27.7M2030$132MLater
Cash $447M, short-term investments —, long-term debt $484M at 2025-12-31.
Globalstar in its industry: growth against margin (14 companies, SIC 4899)Globalstar in its industry: growth against margin (14 companies, SIC 4899)revenue growth, year over year →↑ operating marginmedian -4%median -3%VSATECHOCALXIRDMCCOIGOGOKVHIASTSBZFDSPIRELWTOBAIKTELGSAT (-4%, 11%)
Communications Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Space economy money flowSpace economy · Satellite communications

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Globalstar

Through its global satellite network, Globalstar, Inc. (“we,” “us” or the “Company”) provides Mobile Satellite Services (“MSS”), including voice and data communications services to retail, business and governmental customers as well as wholesale satellite capacity services. We offer these services over our network of in-orbit satellites and ground stations (“gateways”) pursuant to our spectrum licenses, which we refer to collectively as the Globalstar System. In addition to supporting Internet of Things ("IoT") data transmissions in a variety of applications, we provide reliable connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.

In its own words, from its 10-K, filed Feb 27, 2026.

Globalstar against its Communications Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +3%. Operating margin: 10.7% against the peers' median 5.5%.

CompanyQuarterRevenueY/YOp. margin
GSAT GlobalstarQ3 2026$70.9M-4%10.7%
VSAT ViasatQ2 FY27$1.2B+3%0.6%
ECHO EchoStarQ3 2026$1.1B-69%13.1%
CALX CalixQ3 2026$302M+14%5.5%
IRDM Iridium CommunicationsQ3 2026$246M+8%12.9%
CCOI Cogent Communications HoldingsQ3 2026$231M-4%-3.0%
GOGO GogoQ3 2026$213M-5%8.0%
KVHI KVH IndustriesQ3 2026$38.4M+35%-3.2%
ASTS AST SpaceMobileQ2 2026$31.5M27×-948.0%

Source: Globalstar 10-Q on SEC EDGAR · CIK 1366868 · Communications Services, NEC

Guidance and outlook

Globalstar: what its forward-looking statements are about (10-Q filed 2026-11-05)Globalstar: what its forward-looking statements are about (10-Q filed 2026-11-05)Other5Demand3Deals2Financing1
11 statements; tone +0.27 (−1 all cautious, +1 all confident); 0 hedged.
Globalstar: outlook statements against the filing beforeGlobalstar: outlook statements against the filing beforeConfident3

13F: who owns GSAT and who is buying

Largest holders of GSAT (13F)Largest holders of GSAT (13F)Vanguard Group$309MBlackRock$263MVanguard Capital Management LLC$188MVanguard Portfolio Management LLC$178MVan ECK Associates$116MPentwater Capital Management LP$110MState Street$105MGeode Capital Management, LLC$98.1MMillennium Management LLC$83.7MArrowstreet Capital, Limited Part…$80.6M
Funds' net buying of GSAT by quarter (13F)Funds' net buying of GSAT by quarter (13F)$02024-12$36.4M2025-03$40.7M2025-06$84.5M2025-09$68.0M2025-12−$64.2M2026-03−$39.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on GSAT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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