VIASAT INC (VSAT) FY2025 10-K Annual Report
VIASAT INC (VSAT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on May 27, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
VIASAT INC FY2025 10-K Analysis
Business Overview
- • Core business: broadband satellite communications and advanced secure networking systems for government and commercial customers
- • New strategic emphasis on international expansion enabled by ViaSat-3 constellation commercial service launch
- • Completed Inmarsat acquisition in fiscal 2024, increasing scale and complexity of operations and integration risks
- • Five largest contracts contributed ~18% of total revenues in fiscal 2025, highlighting customer concentration risk
- • ~$2B revenue exposure to U.S. government contracts with risks of funding delays, audits, and contract terminations
Management Discussion & Analysis
- • Revenue from communication services and defense segments, no specific total $ or YoY change disclosed
- • Impairments recorded in FY25 for EMEA exit, satellite programs in FY24, with no material impairments otherwise noted
- • Communication services segment heavily reliant on fixed-price contracts: 96% of total revenue in FY25
- • Significant investments in IR&D and satellite projects, including ViaSat-3 F1 launch issues and I-6 F2 anomaly affecting operations
- • No explicit cash flow, buybacks, dividends, capex or forward guidance details disclosed in provided text
Risk Factors
- • No specific regulatory or legal risk disclosed
- • No geopolitical or macroeconomic threat detailed
- • No operational or supply chain vulnerabilities described
- • No competitive or market disruption risk mentioned
- • Credit facility and indenture terms restrict dividend payments, limiting cash distribution to shareholders
VIASAT INC FY2025 Key Financial MetricsXBRL
Revenue
$4.5B
▲ +5.5% YoY
Net Income
-$575M
▲ +46.2% YoY
Operating Margin
-2.2%
▲ +1861bp YoY
Net Margin
-12.7%
▲ +1223bp YoY
ROE
-12.6%
▲ +864bp YoY
Total Assets
$15.4B
▼ -5.4% YoY
EPS (Diluted)
$-4.48
▲ +50.9% YoY
Operating Cash Flow
$908M
▲ +32.0% YoY
Source: XBRL data from VIASAT INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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