Revenue growth has decelerated to 2.1% in 2025Q4, while gross margins remain compressed at 25.2% due to the high fixed-cost burden of satellite infrastructure.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 4.64B | 4.52B | 4.28B | 2.56B | 2.42B | 1.92B | 2.31B | 2.07B | 1.59B | 1.56B | 1.42B | 1.38B | 1.35B | 1.12B | 863.63M | 802.21M | 688.08M | 628.18M | 574.65M | 516.57M | 433.82M | 345.94M | 278.58M | 185.02M | 195.63M | 164.35M | 75.88M | 71.5M | 64.2M | 47.7M |
| Revenue Growth % | 2.67% | 5.5% | 67.59% | 5.75% | 25.84% | -16.82% | 11.65% | 29.7% | 2.26% | 10.01% | 2.52% | 2.3% | 20.7% | 29.65% | 7.66% | 16.59% | 9.54% | 9.32% | 11.24% | 19.07% | 25.4% | 24.18% | 50.57% | -5.42% | 19.03% | 116.59% | 6.13% | 11.37% | 34.59% | 64.48% |
| Cost of Goods Sold | 3.37B | 3.03B | 2.9B | 1.83B | 1.71B | 1.36B | 1.61B | 1.54B | 1.12B | 1.05B | 984.35M | 963.91M | 991.28M | 848.16M | 635.98M | 550.57M | 475.36M | 446.82M | 413.52M | 380.09M | 325.27M | 262.26M | 206.33M | 141.21M | 136.57M | 103.83M | 42.27M | 41.3M | 38.7M | 31.7M |
| COGS % of Revenue | 72.58% | 67.03% | 67.75% | 71.78% | 70.8% | 70.58% | 69.71% | 74.35% | 70.29% | 67.27% | 69.45% | 69.72% | 73.35% | 75.75% | 73.64% | 68.63% | 69.08% | 71.13% | 71.96% | 73.58% | 74.98% | 75.81% | 74.06% | 76.32% | 69.81% | 63.18% | 55.7% | 57.76% | 60.28% | 66.46% |
| Gross Profit | 1.27B | 1.49B | 1.38B | 721.4M | 705.9M | 565.19M | 699.55M | 530.54M | 473.81M | 510.36M | 433.09M | 418.62M | 360.18M | 271.53M | 227.65M | 251.64M | 212.72M | 181.35M | 161.13M | 136.47M | 108.55M | 83.68M | 72.25M | 43.81M | 59.06M | 60.52M | 33.62M | 30.2M | 25.5M | 16M |
| Gross Margin % | 27.42% | 32.97% | 32.25% | 28.22% | 29.2% | 29.42% | 30.29% | 25.65% | 29.71% | 32.73% | 30.55% | 30.28% | 26.65% | 24.25% | 26.36% | 31.37% | 30.92% | 28.87% | 28.04% | 26.42% | 25.02% | 24.19% | 25.94% | 23.68% | 30.19% | 36.82% | 44.3% | 42.24% | 39.72% | 33.54% |
| Gross Profit Growth % | -14.59% | 7.84% | 91.52% | 2.2% | 24.9% | -19.21% | 31.86% | 11.97% | -7.16% | 17.84% | 3.46% | 16.22% | 32.65% | 19.28% | -9.53% | 18.29% | 17.3% | 12.55% | 18.07% | 25.72% | 29.72% | 15.82% | 64.91% | -25.82% | -2.41% | 80.03% | 11.31% | 18.43% | 59.38% | 77.78% |
| Operating Expenses | 1.16B | 1.59B | 2.27B | 877.36M | 819.04M | 611.14M | 661.13M | 591.16M | 566M | 473.9M | 391.97M | 335.48M | 356.88M | 291.89M | 225.45M | 212.38M | 169.71M | 137.07M | 118.2M | 101.03M | 79.62M | 63.35M | 56.6M | 62.35M | 54.53M | 36.44M | 22.15M | 20.6M | 17.7M | 11.3M |
| OpEx % of Revenue | 25.09% | 35.12% | 53.03% | 34.32% | 33.88% | 31.82% | 28.63% | 28.58% | 35.49% | 30.39% | 27.65% | 24.27% | 26.41% | 26.07% | 26.11% | 26.48% | 24.66% | 21.82% | 20.57% | 19.56% | 18.35% | 18.31% | 20.32% | 33.7% | 27.87% | 22.17% | 29.19% | 28.81% | 27.57% | 23.69% |
| Selling, General & Admin | 999.48M | 1.01B | 1.89B | 659.13M | 607.34M | 497.16M | 523.09M | 458.46M | 385.42M | 333.47M | 298.35M | 270.84M | 281.53M | 240.86M | 181.73M | 164.26M | 132.9M | 98.62M | 76.36M | 69.9M | 57.06M | 48.63M | 38.8M | 37.86M | 38.15M | 26.48M | 11.27M | 10.1M | 7.9M | 4.8M |
| SG&A % of Revenue | 21.54% | 22.38% | 44.21% | 25.79% | 25.13% | 25.88% | 22.65% | 22.17% | 24.17% | 21.39% | 21.05% | 19.59% | 20.83% | 21.51% | 21.04% | 20.48% | 19.31% | 15.7% | 13.29% | 13.53% | 13.15% | 14.06% | 13.93% | 20.46% | 19.5% | 16.11% | 14.85% | 14.13% | 12.31% | 10.06% |
| Research & Development | 164.91M | 142.39M | 150.65M | 183.32M | 205.97M | 164.7M | 183.43M | 123.04M | 168.35M | 129.65M | 77.18M | 46.67M | 60.74M | 35.45M | 24.99M | 28.71M | 27.32M | 29.62M | 32.27M | 21.63M | 15.76M | 8.08M | 9.96M | 16.05M | 9.41M | 6.17M | 7.59M | 7.6M | 7.6M | 5.1M |
| R&D % of Revenue | 3.55% | 3.15% | 3.52% | 7.17% | 8.52% | 8.57% | 7.94% | 5.95% | 10.56% | 8.31% | 5.45% | 3.38% | 4.49% | 3.17% | 2.89% | 3.58% | 3.97% | 4.72% | 5.62% | 4.19% | 3.63% | 2.34% | 3.58% | 8.67% | 4.81% | 3.76% | 10% | 10.63% | 11.84% | 10.69% |
| Other Operating Expenses | 0 | 433.33M | 227.16M | 34.91M | 5.73M | -50.72M | -45.39M | 9.65M | 12.23M | 10.79M | 16.44M | 17.97M | 14.61M | 15.58M | 18.73M | 19.41M | 9.49M | 8.82M | 9.56M | 9.5M | 6.81M | 6.64M | 7.84M | 8.45M | 6.96M | 3.79M | 3.29M | 2.9M | 2.2M | 1.4M |
| Operating Income | 108.13M | -97.48M | -889.81M | -155.96M | -113.14M | -45.95M | 38.42M | -60.62M | -92.19M | 36.46M | 41.12M | 83.14M | 3.3M | -20.36M | 2.19M | 39.25M | 43.01M | 44.29M | 42.93M | 35.45M | 28.93M | 20.32M | 15.65M | -18.54M | 1.98M | 12.67M | 11.46M | 9.6M | 7.8M | 4.7M |
| Operating Margin % | 2.33% | -2.16% | -20.77% | -6.1% | -4.68% | -2.39% | 1.66% | -2.93% | -5.78% | 2.34% | 2.9% | 6.01% | 0.24% | -1.82% | 0.25% | 4.89% | 6.25% | 7.05% | 7.47% | 6.86% | 6.67% | 5.88% | 5.62% | -10.02% | 1.01% | 7.71% | 15.11% | 13.43% | 12.15% | 9.85% |
| Operating Income Growth % | 210.92% | 89.04% | -470.55% | -37.84% | -146.21% | -219.6% | 163.38% | 34.24% | -352.85% | -11.33% | -50.54% | 2420.28% | 116.2% | -1028.08% | -94.41% | -8.74% | -2.88% | 3.16% | 21.12% | 22.52% | 42.34% | 29.86% | 184.42% | -1034.48% | -84.35% | 10.55% | 19.42% | 23.08% | 65.96% | 161.11% |
| EBITDA | 1.47B | 1.26B | 267.72M | 337.62M | 370.2M | 294.95M | 327.6M | 257.99M | 163.47M | 282.38M | 57.56M | 101.11M | 17.91M | -4.78M | 20.93M | 58.66M | 52.5M | 72.9M | 70.97M | 62.3M | 50.83M | 40.45M | 36.38M | 747K | 16.15M | 21.74M | 14.76M | 12.5M | 10M | 6.1M |
| EBITDA Margin % | 31.62% | 27.95% | 6.25% | 13.21% | 15.32% | 15.35% | 14.19% | 12.47% | 10.25% | 18.11% | 4.06% | 7.31% | 1.33% | -0.43% | 2.42% | 7.31% | 7.63% | 11.6% | 12.35% | 12.06% | 11.72% | 11.69% | 13.06% | 0.4% | 8.25% | 13.23% | 19.45% | 17.48% | 15.58% | 12.79% |
| EBITDA Growth % | 16.14% | 371.89% | -20.7% | -8.8% | 25.51% | -9.97% | 26.98% | 57.83% | -42.11% | 390.61% | -43.07% | 464.45% | 474.91% | -122.83% | -64.33% | 11.73% | -27.98% | 2.71% | 13.92% | 22.58% | 25.65% | 11.18% | 4770.15% | -95.37% | -25.72% | 47.32% | 18.05% | 25% | 63.93% | 117.86% |
| D&A (Non-Cash Add-back) | 1.36B | 1.36B | 1.16B | 493.57M | 483.34M | 340.9M | 289.18M | 318.61M | 255.65M | 245.92M | 16.44M | 17.97M | 14.61M | 15.58M | 18.73M | 19.41M | 9.49M | 28.61M | 28.04M | 26.86M | 21.9M | 20.13M | 20.73M | 19.29M | 14.16M | 9.06M | 3.29M | 2.9M | 2.2M | 1.4M |
| EBIT | 108.13M | -123.35M | -793.55M | -96.46M | -79.64M | -45.95M | 38.42M | -60.47M | -101.44M | 36.46M | 41.12M | 85.17M | 3.33M | -46.69M | 2.25M | 39.58M | 43.63M | 45.75M | 48.64M | 35.45M | 28.93M | 20.32M | 15.65M | -20.24M | 4.53M | 24.07M | 11.46M | 9.6M | 7.8M | 4.7M |
| Net Interest Income | -154.4M | -338.02M | -304.14M | -7.3M | -28.89M | -32.25M | -36.99M | -49.86M | -3.07M | -11.07M | -23.52M | -29.43M | -37.9M | -43.82M | -8.25M | -2.83M | -6.73M | 954K | 5.16M | 0 | 0 | 0 | -541K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 205.85M | 83.92M | 96.26M | 19.51M | 504K | 440K | 1.65M | 149K | 960K | 1.01M | 2.23M | 2.02M | 35K | 173K | 60K | 323K | 621K | 1.46M | 5.71M | 0 | 0 | 0 | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 360.25M | 421.94M | 400.4M | 26.81M | 29.39M | 32.69M | 38.64M | 50.01M | 4.03M | 12.08M | 25.75M | 31.45M | 37.94M | 43.99M | 8.31M | 3.15M | 7.35M | 509K | 557K | 0 | 0 | 0 | 552K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 12.02M | -434.59M | -297.17M | -6.26M | -25.05M | -31.69M | -16.69M | -49.86M | -13.28M | -11.07M | -23.52M | -29.43M | -37.9M | -70.32M | -8.25M | -2.83M | -6.73M | 954K | 5.16M | 1.74M | -200K | 304K | -552K | -825K | -2.79M | 1.01M | 913K | 600K | 600K | 200K |
| Pretax Income | 120.15M | -532.07M | -1.19B | -162.22M | -138.19M | -77.64M | 21.73M | -110.48M | -105.47M | 25.38M | 17.6M | 53.72M | -34.6M | -90.68M | -6.05M | 36.42M | 36.28M | 45.24M | 48.09M | 37.19M | 28.73M | 20.63M | 15.1M | -21.07M | -802K | 13.69M | 12.38M | 10.2M | 8.4M | 4.9M |
| Pretax Margin % | 2.59% | -11.77% | -27.71% | -6.35% | -5.72% | -4.04% | 0.94% | -5.34% | -6.61% | 1.63% | 1.24% | 3.89% | -2.56% | -8.1% | -0.7% | 4.54% | 5.27% | 7.2% | 8.37% | 7.2% | 6.62% | 5.96% | 5.42% | -11.39% | -0.41% | 8.33% | 16.31% | 14.27% | 13.08% | 10.27% |
| Income Tax | 116.22M | -941K | -139.47M | 49.42M | -36.52M | -11.19M | 7.92M | -41.01M | -35.22M | 3.62M | -4.17M | 13.83M | -25.95M | -50.05M | -13.65M | -2K | 5.44M | 6.79M | 13.52M | 6.75M | 5.11M | 1.25M | 1.93M | -11.43M | -2.96M | 3.42M | 4.47M | 3.9M | 3.1M | 1.7M |
| Effective Tax Rate % | 96.73% | 0.18% | 11.75% | -30.46% | 26.43% | 14.42% | 36.43% | 37.12% | 33.39% | 14.25% | -23.71% | 25.74% | 74.98% | 55.2% | 225.52% | -0.01% | 14.99% | 15.02% | 28.12% | 18.17% | 17.77% | 6.04% | 12.79% | 54.27% | 368.95% | 25% | 36.12% | 38.24% | 36.9% | 34.69% |
| Net Income | -34.09M | -574.96M | -1.07B | -577.09M | -15.53M | 3.69M | -212K | -67.62M | -67.31M | 23.77M | 21.74M | 40.36M | -9.45M | -41.17M | 7.5M | 36.12M | 31.14M | 38.33M | 33.51M | 30.17M | 23.52M | 19.27M | 13.17M | -9.63M | 2.16M | 10.27M | 7.91M | 6.3M | 5.3M | 3.2M |
| Net Margin % | -0.73% | -12.72% | -24.95% | -22.58% | -0.64% | 0.19% | -0.01% | -3.27% | -4.22% | 1.52% | 1.53% | 2.92% | -0.7% | -3.68% | 0.87% | 4.5% | 4.53% | 6.1% | 5.83% | 5.84% | 5.42% | 5.57% | 4.73% | -5.21% | 1.1% | 6.25% | 10.42% | 8.81% | 8.26% | 6.71% |
| Net Income Growth % | 94.07% | 46.21% | -85.22% | -3614.98% | -520.86% | 1841.04% | 99.69% | -0.47% | -383.19% | 9.32% | -46.14% | 527.3% | 77.06% | -649.25% | -79.24% | 15.99% | -18.77% | 14.38% | 11.1% | 28.28% | 22.05% | 46.32% | 236.71% | -546.55% | -78.99% | 29.84% | 25.49% | 18.87% | 65.63% | 100% |
| Net Income (Continuing) | 3.93M | -531.13M | -1.05B | -211.64M | -101.67M | -66.45M | 13.81M | -66.47M | -68.28M | 21.77M | 21.77M | 39.89M | -8.66M | -40.63M | 7.6M | 36.42M | 30.84M | 38.45M | 34.56M | 30.17M | 23.52M | 19.27M | 13.17M | -9.63M | 2.16M | 10.27M | 7.91M | 6.3M | 5.3M | 3.2M |
| Discontinued Operations | 0 | 0 | -10.42M | -359.5M | 99.19M | 83.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 68.96M | 90.73M | 47.07M | 36.26M | 48.73M | 35.77M | 22.36M | 8.33M | 10.84M | 3.31M | 5.32M | 5.15M | 5.62M | 4.83M | 4.22M | 4.12M | 3.75M | 4.04M | 2.29M | 1.12M | 836K | 698K | 578K | 452K | 414K | 351K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -4.48 | -9.12 | -7.60 | -0.21 | 0.06 | 0.15 | -1.12 | -1.14 | 0.41 | 0.44 | 0.84 | -0.20 | -0.92 | 0.17 | 0.84 | 0.86 | 1.20 | 1.04 | 0.98 | 0.81 | 0.68 | 0.48 | -0.37 | 0.09 | 0.46 | 0.46 | 0.39 | 0.33 | 0.24 |
| EPS Growth % | 94.42% | 50.88% | -20% | -3519.05% | -481.13% | -63.27% | 113.39% | 1.75% | -378.05% | -6.82% | -47.62% | 520% | 78.26% | -641.18% | -79.76% | -2.33% | -28.33% | 15.38% | 6.12% | 20.99% | 19.12% | 41.67% | 229.73% | -511.11% | -80.43% | 0% | 17.95% | 18.18% | 37.5% | 71.43% |
| EPS (Basic) | -0.25 | -4.42 | -8.49 | -7.60 | -0.21 | 0.06 | 0.15 | -1.13 | -1.15 | 0.41 | 0.44 | 0.85 | -0.21 | -0.94 | 0.17 | 0.87 | 0.86 | 1.25 | 1.11 | 1.06 | 0.87 | 0.72 | 0.50 | -0.37 | 0.09 | 0.48 | 0.49 | 0.40 | 0.34 | 0.24 |
| Diluted Shares Outstanding | 134.74M | 130.21M | 117.19M | 75.92M | 73.4M | 67.02M | 61.63M | 60.55M | 58.91M | 57.6M | 49.45M | 48.28M | 46.23M | 44.97M | 44.23M | 43.06M | 34.84M | 31.88M | 32.22M | 30.89M | 29.03M | 28.15M | 27.56M | 26.02M | 23.95M | 22.54M | 17.42M | 16.35M | 16.35M | 13.4M |
| Basic Shares Outstanding | 134.74M | 130.21M | 125.85M | 75.92M | 73.4M | 66.44M | 61.63M | 59.94M | 58.44M | 57.6M | 48.93M | 47.7M | 44.98M | 43.8M | 44.23M | 41.66M | 31.86M | 30.77M | 30.23M | 28.59M | 27.03M | 26.75M | 26.26M | 26.02M | 23.07M | 21.38M | 16.19M | 15.95M | 15.6M | 13.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Satellite Capacity Utilization Risks
According to recent financial disclosures, Viasat's top-line growth has decelerated to a modest 2.1% in 2025Q4, reflecting a transition from the aggressive expansion seen in previous periods toward a more stabilized, albeit slower, revenue trajectory as the company integrates its recent large-scale international acquisitions.
The current revenue profile suggests that the company is struggling to generate meaningful organic growth, likely due to competitive pressures in the residential broadband segment. Investors should monitor whether the shift toward government and aviation contracts can provide a more durable foundation for future top-line expansion.
As reported in the latest quarterly filings, Viasat's gross margin has compressed to 25.2% in 2025Q4, indicating that the high fixed-cost burden of its satellite infrastructure continues to weigh heavily on profitability despite efforts to scale service revenue across its global aviation and maritime platforms.
The persistent margin pressure appears to be a function of high depreciation and amortization costs associated with the ViaSat-3 constellation. Without a significant increase in capacity utilization, it remains unclear if the company can achieve the operating leverage necessary to drive sustainable bottom-line profitability.
Based on the provided income statement data, Viasat's operating income has fluctuated significantly, turning negative at -$624.0K in 2025Q4, which suggests that the company has yet to achieve the necessary scale to offset its substantial SG&A and R&D expenditures relative to its current gross profit levels.
The inability to consistently scale operating income faster than gross profit highlights the challenges of managing a capital-intensive business model. This trend warrants further investigation into whether management can effectively rationalize its cost structure while continuing to support its complex global infrastructure requirements.
Analysis of the company's recent performance reveals that net income remains highly volatile, with a 2025Q4 profit of $58.8M contrasting sharply with the significant losses reported in prior quarters, largely driven by non-operating items and fluctuating tax impacts rather than core operational improvements.
The inconsistency in net income suggests that investors should focus more on cash-based metrics rather than reported EPS, which appears susceptible to accounting noise. The reliance on non-operating adjustments to reach profitability may indicate that the underlying business is not yet generating sufficient quality earnings to support its valuation.
Based on the reported figures, Viasat's aggressive capital expenditure strategy, combined with thin operating margins, creates a precarious financial position where any further technical or demand-side setbacks could severely limit the company's ability to service its debt and fund ongoing satellite maintenance requirements.
Short-sellers would likely focus on the potential for impairment charges if the ViaSat-3 capacity fails to meet revenue expectations. The company's reliance on long-term government contracts provides some stability, but the high cost of capital may continue to erode shareholder value if operational inflection is delayed.
Quick answers to the most common questions about buying VSAT stock.
For fiscal year 2025, Viasat, Inc. (VSAT) reported total revenue of $4.64B. This represents a 9628.1% increase compared to $47.7M in 1996.
Viasat, Inc. (VSAT) reported a net loss of $34.1M for the fiscal year ending 2025.
Viasat, Inc. (VSAT) reported an operating income of $108.1M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Viasat, Inc. (VSAT) generated $1.27B in gross profit for the year, representing a gross profit margin of 27.4%. This demonstrates the company's core pricing power and production efficiency.