Viasat Inc. (NASDAQ: VSAT) is a global satellite communication company that focuses on providing high-quality, reliable connectivity solutions for consumers, businesses, governments, and militaries across the globe. The company was formed through the merger with Inmarsat in May 2023, significantly expanding its operational capabilities and market reach. Viasat aims to create a comprehensive global communications network that positively impacts people’s lives anywhere on the planet.

In its fourth quarter for fiscal year 2025, Viasat reported a revenue of $1.15 billion, marking a flat year-over-year performance compared to $1.15 billion in the same quarter last year. For the fiscal year, total revenue increased to $4.52 billion, up 6% from $4.28 billion in the prior year. However, the company recorded a GAAP net loss of $246 million in Q4, which is a decline from a loss of $100 million in Q4 of fiscal year 2024. Adjusted EBITDA for the fourth quarter was $375 million, reflecting an increase of 5% year-over-year, and a margin of 32.7%.

Adjusted EBITDA for the fiscal year reached $1.55 billion, representing a 10% increase from $1.41 billion in fiscal year 2024. The adjusted EBITDA margin largely held steady at 34.2%. Free cash flow for Q4 was approximately $51 million, with total free cash flow for the fiscal year improving by $730 million over the previous year, totaling a negative $122 million.

While total new contract awards increased 5% in Q4 to $1.17 billion, the annual awards surged 13% to $4.68 billion compared to $4.15 billion the prior year, driven primarily by a 58% increase in the Defense and Advanced Technologies segment. Meanwhile, the Communication Services segment reported a 4% revenue decline for the quarter to $825 million, reflecting an ongoing contraction in fixed services and maritime revenues.

Looking forward, Viasat expects modest revenue growth and flat adjusted EBITDA in fiscal year 2026. The company anticipates adjustments in its capital expenditures, projecting a total of approximately $1.3 billion, inclusive of around $250 million associated with the completion of the ViaSat-3 constellation.

Viasat’s fiscal performance will likely be affected by the ongoing integration of the Inmarsat acquisition as well as competitive pressures in its service markets. The net debt relative to last twelve months adjusted EBITDA remained flat year-over-year, ending fiscal year 2025 at $5.6 billion. This stability reflects ongoing efforts to strengthen the company’s financial condition while focusing on sustainable free cash flow generation and managing capital intensity amidst fluctuations in market demand.