Viasat(NASDAQ) VSAT

Viasat helps people stay connected to the internet almost anywhere on Earth. It uses satellites to bring Wi-Fi to airplanes, ships, and remote homes. The company also builds secure communication tools for governments.

Connecting the Air, Sea, and Ground

• Aviation: Offers in-flight Wi-Fi and safety services for roughly 4,580 commercial aircraft and 2,100 business jets.
• Maritime: Provides connectivity for 13,200 vessels including shipping fleets and offshore energy vessels.
• Government Satcom: Delivers secure mobile and fixed satellite communications for military personnel; accounted for 16% of revenue in fiscal year 2026.
• Fixed Services: Supplies residential internet for 130,000 U.S. subscribers with an average monthly bill of $113.
• Defense Systems: Designs specialized networking and encryption tools that protect government data and military communications.

Growth Through Orbit and Acquisition

• Completed the acquisition of Inmarsat on May 30, 2023, to expand global satellite coverage.
• Sold the Link-16 Tactical Data Links business to L3Harris in January 2023.
• Launched the ViaSat-3 F2 satellite in November 2025 to increase network capacity.
• Launched the ViaSat-3 F3 satellite in April 2026 to expand service reach.
• Formed partnerships with Apple, Facebook, and DirecTV to enhance streaming experiences for users.

Innovation in the High Ground

Viasat manages a fleet of 23 active satellites to provide internet where ground cables cannot reach. It designs its own hardware, from the satellites in space to the user terminals on the ground.

Progress by the Numbers

• Quarterly revenue reached $1.2 billion in Q4 2025, a 2.1% increase over the previous year.
• Gross profit rose to $1.4 billion in Q4 2025, up 284.8% from $365.3 million in Q4 2024.
• Free cash flow grew to $124.3 million in Q4 2025, a 145% increase year-over-year.
• Net income turned positive at $58.8 million in Q4 2025 compared to a $246.1 million loss in Q4 2024.

Bottom Line

Viasat has transitioned from a domestic internet provider into a global satellite powerhouse. Its mix of commercial services and defense technology provides a diversified base for long-term operations.