Viasat (VSAT) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended September 30, 2026 and Viasat published the results on November 5, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Viasat reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Viasat publishes its results as a shareholder letter (Exhibit 99.2 to its Form 8-K); the Exhibit 99.1 press release only announces it. Figures on this page come from the letter.
• Viasat's fiscal year ends March 31, so Q2 fiscal 2027 is the quarter ended September 30, 2026.
• The segment figures are the letter's rounded millions; the 10-Q gives $814.5 million for Communication Services and $365.5 million for Defense and Advanced Technologies.

Source: Viasat Q2 fiscal 2027 shareholder letter, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Viasat splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Viasat's Communication Services revenue was $815 million in Q2 fiscal 2027, down 3% from $837 million in Q2 fiscal 2026, 69% of total revenue.
• Viasat's Defense and Advanced Technologies revenue was $366 million in Q2 fiscal 2027, up 20% from $304 million in Q2 fiscal 2026, 31% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2027 release, Viasat said:

“We continue to expect mid-single-digit YoY revenue growth in FY2027 and now anticipate Adjusted EBITDA to be about flat YoY, with stronger growth in second half of the fiscal year supported by our backlog, new orders, and ongoing pipeline.”

“We now expect FY2027 segment revenue growth in the mid-to-high teens YoY, driven primarily by strong growth in information security and cyber defense, as well as tactical networking and space and mission systems.”

“We now expect FY2027 capital expenditures of between $850 million and $900 million, including approximately $250 to $300 million for Inmarsat related capital expenditures.”

“For FY2027, we continue to expect operating cash flow to be flat YoY with free cash flow generated now expected to improve to more than $225 million.”

Source: Viasat Q2 FY27 shareholder letter, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VSAT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS attributable to Viasat common stockholders, each as first reported in that quarter's shareholder letter (revenue in millions, rounded to one decimal as the letters print it).

Viasat's next report is expected around February 4, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Nov 5, 2026

Viasat reports two segments. In Q2 fiscal 2027 Communication Services brought in $814.5 million of the $1,180.0 million total, down 3% from $836.7 million, and Defense and Advanced Technologies brought in $365.5 million, up 20% from $304.2 million. Total revenue rose 3% from $1,140.9 million. (Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

Inside Communication Services, service revenue fell $11.7 million. Viasat attributes that to a $35.2 million drop in fixed services and other and an $8.9 million decrease in maritime, partly offset by a $25.1 million increase in aviation services and a $7.3 million increase in government satcom services. The 10-Q says Viasat kept giving more of its bandwidth to in-flight connectivity than to its U.S. fixed broadband business through most of the quarter because of bandwidth constraints. (Viasat Form 10-Q, Q2 FY27, Nov 6, 2026)

Defense and Advanced Technologies revenue rose $61.2 million, of which $50.5 million was product revenue. Tactical networking added $22.8 million and information security and cyber defense $25.6 million. The letter calls both quarters records for product revenue: $121 million in information security and cyber defense and $97 million in tactical networking. (Viasat Form 10-Q, Q2 FY27, Nov 6, 2026; Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

Most of the revenue is service revenue: $820.6 million of the total, against $359.4 million from products. U.S. customers accounted for $799.2 million and non-U.S. customers for $380.8 million, with no single foreign country significant. For fiscal year 2026 Viasat's five largest contracts generated about 19% of total revenue and international sales about 32%. (Viasat Form 10-Q, Q2 FY27, Nov 6, 2026; Viasat Form 10-K, fiscal 2026, May 29, 2026)

Communication Services ended the quarter with about 4,490 commercial aircraft in service, up 6%, about 2,080 business aircraft, about 12,600 maritime vessels, and about 100,000 U.S. fixed broadband subscribers paying $111 average revenue per user. Both ViaSat-3 Flight 2 and Flight 3 entered service during the quarter. (Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

Viasat lost $0.93 per diluted share on a GAAP basis in Q2 fiscal 2027, against a loss of $0.45 a year earlier; net loss attributable to Viasat was $128.7 million against $61.4 million. Viasat said the wider loss was mainly due to a larger income tax provision, higher research and development expense and higher stock compensation expense. Independent research and development rose to $59.8 million from $42.3 million. (Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

Taxes drove much of the change. The income tax provision was $40.8 million, an effective tax rate of negative 51%, against $10.9 million and negative 24% a year earlier. The 10-Q points to a U.S. valuation allowance, foreign tax rate differences and foreign tax audit adjustments of about $29.0 million in the quarter. Net interest expense was $86.6 million. (Viasat Form 10-Q, Q2 FY27, Nov 6, 2026; Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

Non-GAAP diluted EPS was a loss of $0.32, against income of $0.09. Viasat's non-GAAP figure excludes amortization of acquired intangible assets ($65.0 million in the quarter), stock-based compensation, acquisition and transaction related expenses, gains or losses on dispositions and debt extinguishment, satellite impairments and unrealized foreign currency. Fully diluted weighted average shares were 138.6 million, up 3% from 135.1 million. (Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Viasat gives a full-year outlook in its shareholder letter, mostly in descriptive ranges. For fiscal 2027 it still expects mid-single-digit revenue growth and now expects Adjusted EBITDA to be about flat, with Communication Services revenue flattish and Defense and Advanced Technologies revenue growing in the mid-to-high teens. (Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

Viasat now expects fiscal 2027 capital expenditures of $850 million to $900 million and free cash flow above $225 million, a figure that excludes the Ligado lump sum payments. It expects the net leverage ratio, 3.2x at the end of Q2, to decrease slightly by the end of fiscal 2027. (Viasat Q2 FY27 shareholder letter, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Viasat, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Viasat's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VSAT is on is VSAT a buy or a sell?, what analysts expect next is on the VSAT forecast, and what the company does is on the Viasat (VSAT) stock page.

Every number on this page can be traced to a document Viasat published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.