Viasat achieved record revenue and record awards during the full year 2026, although leadership said the company didn’t achieve the stabilization it was projecting in maritime and fixed broadband. Reporting full year financial results on May 28, Viasat also gave an update on the Equatys shared spectrum venture for direct-to-device (D2D).
Overall, Viasat reported a record $4.64 billion in revenue in its fiscal year 2026, which ended on March 31 — a modest 2.7% year-over-year increase. The company also achieved record awards in 2026 of $4.9 billion, with an 8% year-over-year increase in Communication Services awards.
The company generated nearly $600 million in free cash flow, and about $180 million when excluding a lump sum payment it received from Ligado.
The aviation market, which is a key market for the company, grew revenue 11% in 2026, ending the year with 4,450 commercial aircraft in service. Aircraft in service grew 10% year-over-year, and commercial aircraft backlog is at 1,000.
The maritime market, however, did not see the return to growth Viasat had projected. Revenue declined 1% in maritime and the company ended the quarter with 1,315 NexusWave vessels in service, and 1,500 more in backlog. CFO Gary Chase told investors that demand for NexusWave “remains strong,” and Viasat needs to work to accelerate installations.
“We didn’t quite turn the corner on maritime revenue as we hoped we might. We came close, but now believe it will take until later in fiscal ‘27 to see that inflection point sustained,” Chase told investors.
Equatys Outlook
Viasat will serve as the initial technology prime contractor for Equatys and provide phased array technologies, CEO Mark Dankberg told investors on Thursday. He said Viasat is targeting “significant revenue” from the role of tech provider.
Equatys is open to partners for other parts of the value chain including buses and launch, Dankberg said. Viasat and Space42 recently said Equatys could be supported by up to 2,800 satellites.
“Space-based L- and S-band beamforming technology is at the heart of the NTN direct-to-device opportunity, and our technology solution both benefits from and advances our long history of advanced L-band and Ka-band broadband space-based phased array technology,” Dankberg said.
Dankberg was questioned about the value of Viasat’s mobile satellite services (MSS) spectrum, and whether the company could realize a higher value in selling the spectrum versus commercializing it. Viasat has seen a lift in its stock price since Amazon announced a deal to acquire Globalstar for its MSS spectrum.
He pointed to potential for both outcomes.
“Because the spectrum resides with us, it doesn’t have to be binary,” Dankberg said. “We don’t have to sell all of it, nor do we have to bring all of it to market. We can look at different geographies, different market segments, and make sure that we’re getting the best value for our shareholders through some combination of transacting and developing.”
Viasat and partner Space42 are expected to hold an upcoming investor day to talk in more detail the path forward for Equatys.
