Viasat, Inc. released its fourth quarter and fiscal year 2025 financial results, reporting full fiscal year 2025 revenue of $4.5 billion, a 5.5% increase year-over-year. The company achieved record new contract awards growth and reported a net loss of $575 million for the full year, an improvement from FY2024. Q4 FY25 revenue was $1.1 billion, flat year-over-year.
For Q4 FY25, Viasat reported a net loss of $246 million, which increased from a net loss of $90 million in Q4 FY24, primarily due to $169 million in write-down charges related to the ViaSat-3 EMEA ground network. Consolidated adjusted EBITDA for FY25 was $1.55 billion, and Q4 FY25 adjusted EBITDA was $375 million, a 5% increase year-over-year.
The company generated $908 million in operating cash flow for FY25, with capital expenditures of $1.0 billion, resulting in a $729 million improvement in free cash flow over FY24. Viasat repurchased $359 million in senior notes and subsequently redeemed the remaining $442.6 million of its senior notes due 2025.
Viasat provided its fiscal year 2026 outlook, anticipating low single-digit year-over-year revenue growth and flattish adjusted EBITDA growth. Capital expenditures for FY26 are projected to be approximately $1.3 billion, with a sustainable positive free cash flow inflection expected in the second half of FY26.
Operational highlights included ViaSat-3 F1 beginning service for government and aviation customers, the launch of NexusWave maritime broadband service, and new global airline awards. The company also announced Amara, its next-generation multi-orbit IFC solution, and a Telesat agreement to incorporate LEO Ka-band capacity.
Viasat is focused on getting ViaSat-3 F2 and F3 into service, with F2 planned to ship this summer and F3's in-service date shifted to early calendar year 2026. The company also highlighted its L-band business objectives, including reducing capital and operating costs for MSS/NTN open architecture and transitioning its D2D NTN business to emerging 5G NR services.
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