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Viasat (VSAT) FY2025 results: revenue $4.5 billion, up 5.5% on the year

Viasat Inc. (VSAT) reported revenue of $4.5 billion for fiscal 2025, the year ended 31 March 2025, up 5.5% on the year before. Net income was -$575 million, and diluted earnings per share $-4.48. The figures are the company's own, from the 10-K it filed with the SEC on 27 May 2025.

Revenue
$4.5 billion
+5.5% on the year
FY2018FY2025
Operating margin
-2.2%
-20.8% a year earlier
FY2018FY2025
Net income
-$575 million
FY2018FY2025
Diluted EPS
-$4.48
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,5204,2842,556+5.5%
Cost of revenue3,0302,9021,835+4.4%
Gross profit1,4901,382721+7.8%
Gross margin33.0%32.3%28.2%
Research and development142151129-5.5%
Selling, general and administrative1,1811,894719-37.6%
Operating income-97.5-890-156
Operating margin-2.2%-20.8%-6.1%
Interest expense42240026.8+5.4%
Pre-tax income-545-1,194-162
Income tax-0.9-13949.4
Net income-575-1,0691,085
Net margin-12.7%-25.0%42.4%
Diluted EPS-$4.48-$9.12$14.29
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow908688368+32.0%
Capital expendituren/an/a1,077
Free cash flown/an/a-709
Free cash flow marginn/an/a-27.7%
Cash from investing-758-1,291768
Cash from financing-4431,124-66.1
Depreciation and amortisation1,3611,158500+17.6%
Share-based compensation80.483.684.5-3.9%
Diluted shares, weighted128m117m76m+9.6%
Shares outstanding at period end130m126m77m+3.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,5545,0253,824-9.4%
Non-controlling interest90.747.136.3+92.7%
Debt6,5327,1292,422-8.4%
Operating lease liabilities414380273+9.1%
Other liabilities3,8583,7481,175+2.9%
Total liabilities and equity15,44916,3297,730-5.4%
Fixed assets7,4067,5574,378-2.0%
Goodwill1,6221,622159+0.0%
Intangible assets2,2712,544201-10.8%
Cash and equivalents1,6121,9011,349-15.2%
Receivables700678420+3.1%
Inventory294318269-7.5%
Other assets1,5451,709955-9.6%
Total assets15,44916,3297,730-5.4%

10-K for the year ended 31 March 2025, filed 27 May 2025: the filing.