Financial Performance - Q3 FY2026 revenue was $1.2 billion, a 3% year-over-year increase, driven by a 9% growth in the Defense and Advanced Technologies segment and a 1% increase in the Communication Services segment [16]. - Net income for Q3 FY2026 was $25 million, an improvement from a net loss of $158 million in Q3 FY2025, primarily due to higher interest income from the deferral of Ligado's quarterly fees [16]. - Adjusted EBITDA for Q3 FY2026 was $387 million, a 2% decrease year-over-year, with a 3% decline in the Communication Services segment partially offset by a 7% increase in the Defense and Advanced Technologies segment [16]. - Revenues for Q3 FY26 increased by 3% year-over-year to $1,157.0 million, compared to $1,123.8 million in Q3 FY25 [65]. - Net income for Q3 FY26 was $25.0 million, a significant improvement from a net loss of $158.4 million in Q3 FY25 [65]. - Adjusted EBITDA for Q3 FY26 decreased by 2% to $387.0 million, compared to $393.3 million in Q3 FY25 [65]. - Diluted net income per share for Q3 FY26 was $0.18, compared to a loss of $1.23 per share in Q3 FY25 [72]. Segment Performance - Defense and Advanced Technologies segment revenue increased 9% year-over-year to $332 million, driven by strong growth in tactical networking and information security [34]. - Communication Services segment revenue increased 1% year-over-year to $825 million, with aviation service revenues growing by 15% [25]. - Defense and Advanced Technologies segment revenues increased by 9% to $331.7 million in Q3 FY26, with new contract awards down by 8% to $300.0 million [66]. - Communication Services segment revenues grew by 1% to $825.3 million in Q3 FY26, while new contract awards decreased by 11% to $671.3 million [66]. Awards and Backlog - Awards for Q3 FY2026 were $971 million, a 10% decline year-over-year, with Communication Services awards decreasing by 11% [16]. - The backlog for the Defense and Advanced Technologies segment reached $1.2 billion, a 27% increase year-over-year [34]. - Backlog as of Q3 FY26 increased by 12% to $3,967.3 million, compared to $3,541.2 million in Q3 FY25 [65]. Cash Flow and Liquidity - Operating cash flow for the quarter was $307 million, an increase of $87 million YoY, excluding a $420 million Ligado lump sum payment [44]. - Free cash flow for the quarter improved to $24 million, a $57 million increase compared to the prior year quarter, excluding the Ligado payment [46]. - Viasat ended Q3 FY2026 with $2.5 billion in available liquidity, consisting of $1.35 billion in cash and $1.14 billion in borrowing capacity [47]. - Net cash provided by operating activities for Q3 FY2026 was $282,242,000, a decrease from $726,888,000 in Q2 FY2026 [81]. - Free cash flow for Q3 FY2026 was $68,543,000, compared to $444,167,000 in Q2 FY2026, representing a significant decline of 84.6% [81]. Future Outlook - The company expects low single-digit YoY revenue growth and flat YoY Adjusted EBITDA for FY2026 [54]. - The Defense and Advanced Technologies segment is projected to achieve mid-teens YoY revenue growth, driven by strong demand in information security and cyber defense [54]. - Viasat anticipates capital expenditures between $1.0 billion and $1.1 billion for FY2026, including approximately $350 million for Inmarsat-related expenditures [54]. - The company expects to generate positive free cash flow for FY2026 and FY2027, excluding non-recurring Ligado payments [51]. - Future growth is expected to be fueled by the completion and entry into service of the second and third VS-3 satellites, enhancing global capacity [50]. Strategic Initiatives - The company is focused on three key areas for revenue growth: VS-3, multi-orbit capabilities, and new frontier defense technology [6]. - VS-3 F2 was launched successfully, with expectations for service entry by May 2026, and VS-3 F3 is anticipated to launch shortly thereafter [6]. - The company is evaluating strategic options, including the potential separation of government and commercial businesses to enhance shareholder value [8].

CARLSBAD, Calif., Feb. 05, 2026 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today published its third quarter fiscal year 2026 financial results. The letter to shareholders and accompanying webcast slides are available on the Investor Relations section of the company's website. Conference Call DetailsAs previously announced, Management will host a conference call to discuss the results today, Thursday, February 5, 2026 at 2:30 p.m. PT (5:30 p.m. ET). Access ...

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Group 1 - Viasat, Inc. has achieved a 338.99% total return over the past twelve months, with shares reaching a 52-week high of $46.49 as of January 28, 2026 [2] - Morgan Stanley raised its price target for Viasat from $12 to $51 on January 16, 2026, while maintaining an 'Equal Weight' rating, reflecting updated modeling and a shift to a sum-of-the-parts valuation [3] - The company launched a unified global Ka-band satellite network for government and military customers, enhancing resilience, coverage, and performance [4] Group 2 - Viasat, Inc. operates in the global satellite communications sector, providing broadband, mobility, and secure government solutions across commercial and defense markets [5]

CARLSBAD, Calif., Jan. 29, 2026 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today announced that it will release its third quarter fiscal year 2026 financial results on Thursday, February 5, 2026, after market close. Results will be provided in a letter to shareholders, which will be posted to the Investor Relations section of the Company’s website. Viasat will also host a conference call and webcast on Thursday, February 5, 2026 at 2:30 p.m. Pacific Time / ...

Core Insights - Viasat, Inc. (VSAT) will provide fast, full, and free in-flight connectivity (IFC) for KLM Royal Dutch Airlines, including KLM Cityhopper, enhancing passenger experience and positioning KLM as a leader in European in-flight Wi-Fi [1][5] Group 1: Partnership and Technology - KLM is leveraging Viasat's advanced technology to improve passenger connectivity across European airspace, building on a partnership that has lasted over six years [2] - The collaboration aims to deliver a superior onboard experience, aligning with KLM's long-term goals and enhancing passenger satisfaction [3] Group 2: Market Demand and Future Readiness - There is a growing demand for seamless and reliable IFC in Europe, driven by rising passenger expectations and technological advancements [4] - Viasat's connectivity platform is designed to meet current demands while being compatible with future upgrades, ensuring long-term performance and scalability [4] Group 3: Business Growth and Financial Outlook - Viasat is benefiting from the increasing adoption of in-flight Wi-Fi services, which is expected to drive business growth, with a competitive edge in bandwidth economics and global coverage [6] - For fiscal 2026, Viasat anticipates low single-digit revenue growth, with aviation services expected to see low double-digit growth, partially offset by declines in other segments [7] Group 4: Stock Performance - Viasat's stock has surged 284.7% over the past year, significantly outperforming the Wireless Equipment industry's growth of 27.1% [8]

Core Thesis - Viasat, Inc. (VSAT) is viewed as a compelling investment opportunity with a potential valuation of $12 billion based on existing cash flow generation [2] - The company's strategy focuses on leveraging Inmarsat-driven free cash flow to reduce acquisition-related debt, thereby creating substantial equity value without needing growth acceleration or technological breakthroughs [2][4] Financial Position - The stock is currently trading near enterprise value parity to revenue, meaning that any incremental debt reduction will primarily benefit equity holders, presenting a direct lever for value creation [3] - Under conservative assumptions, a normalized deleveraging path could potentially double the company's equity value, suggesting an embedded ~100% return on equity from the current price [3] Cash Flow and Deleveraging - The cash flow conversion is straightforward and does not rely on market speculation or operational overperformance, reinforcing the investment thesis [4] - The combination of low current valuation relative to the balance sheet and predictable debt paydown positions Viasat as a high-conviction investment, benefiting both equity and credit holders [4] Investment Opportunity - Viasat presents a clear path to unlocking substantial shareholder value through financial engineering and disciplined execution, offering an attractive risk/reward profile for investors [5] - The current trading level enhances the opportunity to capture upside through a disciplined and predictable deleveraging strategy [5] Market Sentiment - The stock has appreciated by 351.6% since November 2024, driven by improving market sentiment and operational progress, indicating a positive outlook for the company [6]

Core Thesis - Viasat, Inc. (VSAT) is positioned as a compelling investment opportunity with a potential valuation of $12 billion based on existing cash flow generation [2] - The company's strategy focuses on leveraging Inmarsat-driven free cash flow to reduce acquisition-related debt, thereby creating substantial equity value without needing growth acceleration or technological breakthroughs [2][4] Financial Position - The stock is currently trading near enterprise value parity to revenue, meaning that any incremental debt reduction will primarily benefit equity holders, presenting a direct lever for value creation [3] - Under conservative assumptions, a normalized deleveraging path could potentially double the company's equity value, indicating an embedded ~100% return on equity from the current price [3] Cash Flow and Deleveraging - The cash flow conversion is straightforward and not reliant on market speculation or operational overperformance, reinforcing the investment thesis [4] - The combination of low current valuation relative to the balance sheet and predictable debt paydown positions Viasat as a high-conviction investment, benefiting both equity and credit holders [4] Investment Opportunity - Viasat offers a clear path to unlocking substantial shareholder value through financial engineering and disciplined execution, making it an attractive risk/reward scenario for investors [5] - The current trading level provides a rare opportunity to capture upside through a disciplined and predictable deleveraging strategy [5] Historical Context - The stock has appreciated by 351.6% since November 2024, driven by improving market sentiment and operational progress, highlighting the potential for further upside [6]

Core Viewpoint - Viasat's stock price target has been raised by Morgan Stanley analyst Landon Park by 325%, indicating a positive outlook for the company as it transitions to a "sum-of-the-parts" valuation approach [1][3][6]. Group 1: Analyst Insights - Morgan Stanley previously valued Viasat at $12 per share, but the new target is set at $51 per share, suggesting a potential 10% increase over the next 12 months [3]. - The shift in valuation approach is attributed to the development of the "Direct-to-Device" market and the anticipation of potential spinoffs from the company [3][4]. - Other analysts, such as those from William Blair, are also considering similar valuation methods, inspired by L3Harris's plans for spinoffs [4]. Group 2: Financial Metrics - Viasat's stock has increased nearly 400% over the past year, despite the company being unprofitable, with a market capitalization of $6 billion and net debt of $5.8 billion [7]. - The trailing free cash flow stands at $146 million, resulting in a price-to-free cash flow ratio of 41x, with an enterprise value-to-free cash flow ratio nearly double that [7]. - The current valuation may be justified through potential business spinoffs and spectrum sales, although it appears stretched [7].

Core Insights - The article emphasizes the importance of conducting thorough due diligence before making investment decisions, highlighting that past performance does not guarantee future results [2][3] Group 1 - The content is based on personal thoughts and research, indicating that it is not financial or investment advice [2][3] - The article mentions that the author has no business or personal relationship with any company mentioned, ensuring objectivity [2][3] - It clarifies that the views expressed may not reflect those of the platform as a whole, indicating a diversity of opinions among contributors [3]