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Viasat cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$285M in Q2 FY27 · $1.6B over twelve months

Operating cash flow$285M
Free cash flow+$285M

Analysis

In Q2 FY27, Viasat generated $285M of operating cash flow. That is $2.7M more than in Q2 FY26 ($282M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were other investing ($795M), net borrowing (+) / repaid (−) ($365M), taxes on employees’ shares ($92.7M); besides operations, cash came from other financing ($169M), shares issued ($23.9M); the cash balance rose by $529M.

Operating cash flow was $285M against net income of −$120M. The largest differences: depreciation & amortization +$334M, accrued liabilities +$78.3M, deferred revenue +$36.8M.

Free cash flow

Viasat: free cash flow by quarterViasat: free cash flow by quarter$219MQ3 FY25$298MQ4 FY25$258MQ1 FY26$282MQ2 FY26$727MQ3 FY26$322MQ4 FY26$261MQ1 FY27$285MQ2 FY27
Operating cash flow less capital spending.
Viasat: operating cash flow against capital spendingViasat: operating cash flow against capital spendingOperating cash flowCapital spending$219M$0Q3 FY25$298M$0Q4 FY25$258M$0Q1 FY26$282M$0Q2 FY26$727M$0Q3 FY26$322M$0Q4 FY26$261M$0Q1 FY27$285M$0Q2 FY27
Latest (Q2 FY27): Operating cash flow $285M, Capital spending $0.

Capital allocation, year by year

Viasat: where the cash came from (up) and went (down), by fiscal yearViasat: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow $506MFY22: Net borrowing $645MFY22: Shares issued $20.5MFY22: Capital spending −$938MFY22: Acquisitions −$140M$1.2BFY22FY23: Operating cash flow $368MFY23: Net borrowing −$48.0MFY23: Shares issued $21.7MFY23: Asset sales $1.9BFY23: Capital spending −$1.1B$2.3BFY23FY24: Operating cash flow $688MFY24: Net borrowing $1.2BFY24: Shares issued $19.3MFY24: Acquisitions −$343M$1.9BFY24FY25: Operating cash flow $908MFY25: Net borrowing −$431MFY25: Shares issued $18.0MFY25: Asset sales $20.3M$947MFY25FY26: Operating cash flow $1.6BFY26: Net borrowing −$654MFY26: Shares issued $18.1M$1.6BFY26
Over these 5 years operating cash flow totalled $4.1B; the largest uses were capital spending ($2.0B) and net borrowing ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.8B
Debt$6.6B
Net debt$4.8B
Due within a year$57.8M

Viasat funds itself: free cash flow was $1.6B over the last twelve months, and $1.8B of cash and investments stands against $6.6B of debt ($57.8M due within a year, 30.5× covered by cash).

Viasat: debt maturities by year (FY26)Viasat: debt maturities by year (FY26)$57.8MYear 1$655MYear 2$1.1BYear 3$3.2BYear 4$1.3BYear 5$175MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.8B of cash and investments now.

Where the cash came from and went

Viasat: sources (+) and uses (−) of cash, Q2 FY27Viasat: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$285MOther investing−$207MTaxes on employees’ shares−$52.3MCash drawn (+) / kept (−)−$23.1MNet borrowing (+) / repaid (−)−$10.7MShares issued$9.5MExchange rates−$1.1MOther financing−$639K
Viasat: sources (+) and uses (−) of cash, TTM to Q2 FY27Viasat: sources (+) and uses (−) of cash, 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 profit to cash

Viasat: net income to operating cash flow, Q2 FY27Viasat: net income to operating cash flow, Q2 FY27Net income−$120MDepreciation & amortization$334MStock-based pay$34.2MGains on disposals$1.8MReceivables$8.9MInventory−$15.0MPayables−$9.9MAccrued liabilities$78.3MDeferred revenue$36.8MPrepaid and other assets$13.0MOther liabilities$569KOperating cash flow$285M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$285M−$10.7M$9.5M−$23.1M$285M
Q1 FY27$261M−$18.4M$4.0M$11.0M$261M
Q4 FY26$322M$165M$9.6M−$401M$322M
Q3 FY26$727M−$325M$749K−$116M$727M
Q2 FY26$282M−$10.5M—−$52.6M$282M
Q1 FY26$258M−$463M—$435M$258M
Q4 FY25$298M−$14.0M$8.4M−$55.6M$298M
Q3 FY25$219M−$2.0B—$2.0B$219M

Viasat: income statement and cash flow

Viasat, Q2 FY27: revenue $1.2B (+3% year over year), operating margin 0.6%. The chart follows the revenue to costs, profit and cash.

Viasat: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.