Viasat — Income Statement, Cash Flows & Balance Sheet
Is Viasat profitable?
Viasat lost money in every quarter of fiscal 2025, and the full-year loss deepened compared to fiscal 2024 on an underlying basis.
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Total revenues | ~$4,283M | ~$4,519M | +5.5% |
| Net loss attributable to Viasat | ~$(1,069M) | ~$(574M) | Narrowed nominally |
| Key one-time item (FY2024) | ~$(905M) satellite write-down (net) | — | — |
| Key one-time item (FY2025) | — | ~$(169M) EMEA impairment & exit charges | — |
Both years were heavily distorted by large one-time charges, making headline comparisons misleading. In fiscal 2024, a ~$905 million net write-down of satellites under construction (partially offset by insurance receivables) drove an enormous loss in the second quarter alone. In fiscal 2025, a $169 million impairment tied to exiting certain EMEA markets hit the fourth quarter hard. Stripping those items out, operating losses persisted in most quarters — this is not yet a consistently profitable business.
Does Viasat generate cash?
The quarterly data provided does not include a full cash flow statement, so a detailed cash generation analysis is not available from this filing excerpt.
The filing references significant capital-intensive events — satellite construction write-downs, insurance receivables, and an EMEA market exit — that all point to a business requiring substantial ongoing investment. Investors should review the full cash flow statement on pages F-1 through F-53 of the 10-K for a complete picture.
How strong is Viasat's balance sheet?
Two major asset-side events in back-to-back years raise meaningful questions about balance sheet quality.
| Event | Year | Amount |
|---|---|---|
| Satellite write-down (gross) | FY2024 | ~$(1,670M) |
| Insurance receivables offsetting write-down | FY2024 | ~$770M |
| Net loss on satellite assets | FY2024 | ~$(905M) |
| EMEA impairment & exit charges | FY2025 | ~$(169M) |
| Inmarsat acquisition closed | May 2023 | — |
Viasat absorbed Inmarsat in mid-2023, a transformative deal that significantly expanded both revenues and the asset base — but within a year it was forced to write down nearly $1.7 billion in satellite assets. A further impairment in fiscal 2025 adds to the pattern. These are non-cash charges, but they signal real economic losses on capital already deployed. Investors wanting to assess leverage, liquidity, and goodwill levels should consult the full balance sheet in the filing.