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Viasat (VSAT) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 6, 2026 · Viasat (VSAT) Q2 FY27 earnings results →

Q2 FY27 Revenue up 3% year over year to $1.2B · 10¢ of every $1 of revenue lost · operating margin 0.6%

Viasat made $1.2B in Q2 FY27 (+3% Y/Y): Service $821M, Product $359M. Operating margin 0.6%, net loss $120M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$1.2B
Year over year+3%
Operating margin0.6%
Net earnings−$120M
Operating cash flow$285M

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 $1.2B in Q2 FY27, up 3% year over year and up 2% from the previous quarter. Service was the largest line at 70% of revenue. Product added $0.04B year over year (up 13%), 102% of the total change.

Operating profit was $0.01B, a 0.6% margin (down 2.5 points year over year). Operating profit fell $0.03B even though revenue rose $0.04B versus Q2 FY26, so costs grew faster than sales. Total costs grew 6% against revenue growth of 3%. The fastest-growing cost line was Research & development (+41%). The quarter ended with a net loss of $0.12B, wider than the previous quarter's $0.04B loss. Net interest and other expense of $0.09B was the main reason.

Operating cash flow was $0.28B (up 1% year over year). Non-cash charges added back $0.33B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.04B.

Quarterly history

Viasat revenue by quarterViasat revenue by quarter$1.1BQ4 FY25$1.2BQ1 FY26$1.1BQ2 FY26$1.2BQ3 FY26$1.2BQ4 FY26$1.2BQ1 FY27$1.2BQ2 FY27
Viasat net earnings by quarterViasat net earnings by quarter−$241MQ4 FY25−$47.7MQ1 FY26−$51.8MQ2 FY26$25.0MQ3 FY26$66.0MQ4 FY26−$42.8MQ1 FY27−$120MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 6, 2026$1.2B+3%0.6%−$120M$285M
Q1 FY2710-QAug 6, 2026$1.2B-1%4.1%−$42.8M$261M
Q4 FY2610-KMay 29, 2026$1.2B+2%-0.1%$66.0M$322M
Q3 FY2610-QFeb 6, 2026$1.2B+3%2.3%$25.0M$727M
Q2 FY2610-QNov 10, 2025$1.1B+2%3.1%−$51.8M$282M
Q1 FY2610-QAug 8, 2025$1.2B+4%4.0%−$47.7M$258M
Q4 FY2510-KMay 27, 2025$1.1B-0.3%-13.4%−$241M$298M

Charts

Viasat: revenue growth, year over year and quarter over quarterViasat: revenue growth, year over year and quarter over quarterY/YQ/Q0%Q4 FY25+4%+2%Q1 FY26+2%-3%Q2 FY26+3%+1%Q3 FY26+2%+1%Q4 FY26-1%-1%Q1 FY27+3%+2%Q2 FY27
Latest (Q2 FY27): Y/Y +3%, Q/Q +2%.
Viasat: where the cash came from (+) and went (−), TTM to Q2 FY27Viasat: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$1.6BOther investing−$795MCash drawn (+) / kept (−)−$529MNet borrowing (+) / repaid (−)−$365MOther financing$169MTaxes on employees’ shares−$92.7MShares issued$23.9MExchange rates−$5.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Viasat: profit against cash, quarter by quarterViasat: profit against cash, quarter by quarterNet incomeOperating cash flow−$147M$219MQ3 FY25−$241M$298MQ4 FY25−$47.7M$258MQ1 FY26−$51.8M$282MQ2 FY26$37.5M$727MQ3 FY26$66.0M$322MQ4 FY26−$42.8M$261MQ1 FY27−$120M$285MQ2 FY27
Latest (Q2 FY27): Net income −$120M, Operating cash flow $285M.
Viasat: diluted shares by fiscal yearViasat: diluted shares by fiscal year66MFY2173MFY2276MFY23117MFY24128MFY25135MFY26
+102.8% since FY21: more shares outstanding (issuance, stock pay).
Viasat: long-term debt falling due (FY26)Viasat: long-term debt falling due (FY26)$57.8M2027$655M2028$1.1B2029$3.2B2030$1.3B2031$175MLater
Cash $1.7B, short-term investments —, long-term debt $6.6B at 2026-03-31.
Viasat in its industry: growth against margin (14 companies, SIC 4899)Viasat in its industry: growth against margin (14 companies, SIC 4899)revenue growth, year over year →↑ operating marginmedian -4%median -3%ECHOCALXIRDMCCOIGOGOGSATKVHIASTSBZFDSPIRELWTOBAIKTELVSAT (+3%, 1%)
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

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💵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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Customers and suppliers named in filings

Sells to

About Viasat

Viasat is a global communications company that believes everyone and everything in the world can be connected. With offices in 24 countries around the world, our mission shapes how consumers, businesses, governments and militaries around the world communicate and connect. Viasat is developing the ultimate global communications network to power high-quality, reliable, secure, affordable, fast connections to positively impact people’s lives anywhere they are—on the ground, in the air or at sea, while building a sustainable future in space. In May 2023, Viasat completed its acquisition of Inmarsat, combining the teams, technologies and resources of the two companies to create a new global communications partner. Learn more at www.viasat.com , the Viasat News Room or follow us on LinkedIn , X , Instagram , Facebook , Bluesky , Threads , and YouTube .

In its own words, from its 8-K, filed Aug 4, 2026.

Viasat against its Communications Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +3%. Operating margin: 0.6% against the peers' median 5.5%.

CompanyQuarterRevenueY/YOp. margin
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%
GSAT GlobalstarQ3 2026$70.9M-4%10.7%
KVHI KVH IndustriesQ3 2026$38.4M+35%-3.2%
ASTS AST SpaceMobileQ2 2026$31.5M27×-948.0%

Source: Viasat 10-Q on SEC EDGAR · CIK 797721 · Communications Services, NEC

Guidance and outlook

Viasat: what its forward-looking statements are about (10-Q filed 2026-11-06)Viasat: what its forward-looking statements are about (10-Q filed 2026-11-06)Other12Demand6Costs3Deals2Supply chain2Margins2Financing2Capital spending2Tax1Products1
33 statements; tone +0.09 (−1 all cautious, +1 all confident); 12 hedged.
Viasat: outlook statements against the filing beforeViasat: outlook statements against the filing beforeConfident8Cautious5

13F: who owns VSAT and who is buying

Largest holders of VSAT (13F)Largest holders of VSAT (13F)BlackRock$1.9BVanguard Portfolio Management LLC$829MVanguard Group$578MState Street$547MVanguard Capital Management LLC$529MAmerican Century Companies$515MCarronade Capital Management, LP$485MDimensional Fund Advisors LP$466MDisciplined Growth Investors$426MGeode Capital Management, LLC$363M
Funds' net buying of VSAT by quarter (13F)Funds' net buying of VSAT by quarter (13F)−$85.0M2024-09$15.3M2024-12$98.5M2025-03$52.0M2025-06−$162M2025-09−$35.2M2025-12−$3.4M2026-03$1.0B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on VSAT

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Viasat（VSAT）财报

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