Short answer
VIASAT INC (VSAT) filed its fiscal 2025 10-K annual report with the SEC on May 27, 2025. It reported revenue of $4.5B (+5.5% year over year) and net income of −$575M.
- Top risk flagged: No geopolitical or macroeconomic threat detailed
FY2025 key financial metrics · XBRL
- Revenue
- $4.5B
- +5.5% YoY
- Net income
- −$575M
- +46.2% YoY
- Operating margin
- -2.2%
- +18.6 pp YoY
- EPS (diluted)
- −$4.48
- +50.9% YoY
- ROE
- -12.6%
- +8.6 pp YoY
- Operating cash flow
- $908M
- +32.0% YoY
Source: XBRL data from the VIASAT INC (VSAT) FY2025 10-K on SEC EDGAR. USD.
VIASAT INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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 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
Generated from the filing text; verify against the original. How to read a 10-K
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