VIASAT INC
For the period ended Nov 5, 2026. Filed Nov 5, 2026.
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Nov 5, 2026 · Filed Nov 5, 2026
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VSAT$63.95+7.7%Stored close · as of Nov 6, 2026
Contents
EX-99.2 · (In thousands, except per share data)
(In thousands, except per share data)
| Three months ended · Six months ended | ||||||
|---|---|---|---|---|---|---|
| September 30, 2026 · September 30, 2025 · September 30, 2026 · September 30, 2025 | ||||||
| Revenues: | ||||||
| Service revenues | $820,595 | $821,510 | $1,653,033 | $1,647,880 | ||
| Product revenues | 359,401 | 319,383 | 683,506 | 664,067 | ||
| Total revenues | 1,179,996 | 1,140,893 | 2,336,539 | 2,311,947 | ||
| Operating expenses: | ||||||
| Cost of service revenues | 526,197 | 514,893 | 1,039,331 | 1,043,127 | ||
| Cost of product revenues | 274,853 | 241,108 | 505,421 | 474,490 | ||
| Selling, general and administrative | 247,022 | 241,785 | 502,046 | 504,617 | ||
| Independent research and development | 59,768 | 42,263 | 105,259 | 76,456 | ||
| Amortization of acquired intangible assets | 65,007 | 65,069 | 130,025 | 130,810 | ||
| Income (loss) from operations | 7,149 | 35,775 | 54,457 | 82,447 | ||
| Interest (expense) income, net | (86,595) | (80,962) | (153,508) | (167,029) | ||
| (Loss) gain on extinguishment of debt, net | — | — | — | (288) | ||
| Other income (expense), net | 92 | — | (214) | (5,164) | ||
| Income (loss) before income taxes | (79,354) | (45,187) | (99,265) | (90,034) | ||
| (Provision for) benefit from income taxes | (40,786) | (10,862) | (63,897) | (17,472) | ||
| Equity in income (loss) of unconsolidated affiliates, net | 263 | 4,222 | 491 | 7,955 | ||
| Net income (loss) | (119,877) | (51,827) | (162,671) | (99,551) | ||
| Less: net income (loss) attributable to noncontrolling interest, net of tax | 8,778 | 9,617 | 17,725 | 18,327 | ||
| Net income (loss) attributable to Viasat, Inc. | $(128,655) | $(61,444) | $(180,396) | $(117,878) | ||
| Diluted net income (loss) per share attributable to Viasat, Inc. common stockholders | $(0.93) | $(0.45) | $(1.31) | $(0.88) | ||
| Diluted common equivalent shares (1) | 138,641 | 135,119 | 137,893 | 133,356 | ||
| AN ITEMIZED RECONCILIATION BETWEEN NET INCOME (LOSS) ATTRIBUTABLE TO VIASAT, INC. ON A GAAP BASIS AND NON-GAAP BASIS IS AS FOLLOWS: (Unaudited) | ||||||
| (In thousands, except per share data) | Three months ended | Six months ended | ||||
| September 30, 2026 · September 30, 2025 · September 30, 2026 · September 30, 2025 | ||||||
| GAAP net income (loss) attributable to Viasat, Inc. | $(128,655) | $(61,444) | $(180,396) | $(117,878) | ||
| Amortization of acquired intangible assets | 65,007 | 65,069 | 130,025 | 130,810 | ||
| Stock-based compensation expense | 34,168 | 20,122 | 58,359 | 34,829 | ||
| Acquisition and transaction related expenses (2) | 3,133 | 5,080 | 7,189 | 14,805 | ||
| Loss (gain) on extinguishment of debt, net | — | — | — | 288 | ||
| Other, net (5) | (1,479) | — | (2,104) | 5,164 | ||
| Income tax effect (3) | (17,038) | (16,196) | (33,427) | (32,293) | ||
| Non-GAAP net income (loss) attributable to Viasat, Inc. (6) | $(44,864) | $12,631 | $(20,354) | $35,725 | ||
| Non-GAAP diluted net income (loss) per share attributable to Viasat, Inc. common stockholders | $(0.32) | $0.09 | $(0.15) | $0.26 | ||
| Diluted common equivalent shares (1) | 138,641 | 137,528 | 137,893 | 136,465 | ||
| AN ITEMIZED RECONCILIATION BETWEEN NET INCOME (LOSS) ATTRIBUTABLE TO VIASAT, INC. AND ADJUSTED EBITDA IS AS FOLLOWS: (Unaudited) | ||||||
| (In thousands) | Three months ended | Six months ended | ||||
| September 30, 2026 · September 30, 2025 · September 30, 2026 · September 30, 2025 | ||||||
| GAAP net income (loss) attributable to Viasat, Inc. | $(128,655) | $(61,444) | $(180,396) | $(117,878) | ||
| Provision for (benefit from) income taxes | 40,786 | 10,862 | 63,897 | 17,472 | ||
| Interest expense (income), net | 86,595 | 80,962 | 153,508 | 167,029 | ||
| Depreciation and amortization (4) | 335,379 | 329,128 | 650,620 | 671,472 | ||
| Stock-based compensation expense | 34,168 | 20,122 | 58,359 | 34,829 | ||
| Acquisition and transaction related expenses (2) | 3,133 | 5,080 | 7,189 | 14,805 | ||
| Loss (gain) on extinguishment of debt, net | — | — | — | 288 | ||
| Other, net (5) | (1,479) | — | (2,104) | 5,164 | ||
| Adjusted EBITDA (7) | $369,927 | $384,710 | $751,073 | $793,181 | ||
| (1) | As the three and six months ended September 30, 2026 and September 30, 2025 financial information resulted in a net loss, the weighted average number of shares used to calculate basic and diluted net loss per share is the same, as diluted shares would be anti-dilutive. However, as the non-GAAP financial information for the three and six months ended September 30, 2025 resulted in non-GAAP net income, diluted weighted average number of shares were used instead to calculate non-GAAP diluted net income per share. |
| (2) | Costs typically consist of acquisition, integration, and disposition related costs. |
| (3) | The income tax effect is calculated using the tax rate applicable for the non-GAAP adjustments. |
| (4) | Including amortization of capitalized cloud computing implementation costs. |
| (5) | For the three and six months ended September 30, 2026, “Other, net” primarily consists of unrealized foreign currency loss (gain), net. Beginning in the first quarter of fiscal year 2027, the Company excludes unrealized foreign currency loss (gain), net from Non-GAAP net income (loss) attributable to Viasat, Inc. and Adjusted EBITDA because this item reflects non-cash period-end remeasurement of foreign currency-denominated monetary assets and liabilities and is not considered by management to be indicative of core operating performance. Prior period amounts have not been revised to conform to the current presentation because the overall effect for the fiscal year was not material. For the three months ended September 30, 2026 and September 30, 2025, unrealized foreign currency loss (gain), net was a gain of $1.4 million and a gain of $0.9 million, respectively. For the six months ended September 30, 2026 and September 30, 2025, unrealized foreign currency loss (gain), net was a gain of $2.3 million and a loss of $8.8 million, respectively. |
| (6) | Non-GAAP net income (loss) for the three and six months ended September 30, 2025 includes unrealized foreign currency loss (gain), net, and had it been excluded, Non-GAAP net income (loss) attributable to Viasat, Inc., including the income tax effect, would have been $12.0 million and $42.3 million, respectively. See endnote (6) to the shareholder letter for a definition of Non-GAAP net income (loss). |
| (7) | Adjusted EBITDA for the three and six months ended September 30, 2025 includes unrealized foreign currency loss (gain), net, and had it been excluded, Adjusted EBITDA would have been $383.8 million and $801.9 million, respectively. |
Shareholder Letter | Q2 Fiscal Year 2027 12
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