FULLTEXT DEL 2 AV 2
10-Q – 2026-02-06 – vsat-20251231.htm
Note 10 — Segment Information The Company reports its results in two separate segments consisting of communication services and defense and advanced technologies. The Company's segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance. The Company’s reportable segments (communication services and defense and advanced technologies) have been determined based upon their market and economic characteristics while also giving consideration to the structure and management of various business lines. The reportable segments are primarily determined based upon industry categories and core competencies relating to product or service end market distribution, operations, and servicing and distinguished by the type of customer and, to a lesser extent, the related contractual requirements. The Company’s communication services segment provides a wide range of broadband and narrowband communications solutions across government and commercial mobility markets, as well as for residential and enterprise fixed broadband customers. The Company’s communication services segment revenues are primarily derived from the Company’s aviation services (including IFC services), government satcom services, maritime services (including narrowband and safety of communication capabilities), fixed broadband services, and energy services, as well as a wide array of advanced satellite and wireless products, networks and terminal solutions that support or enable the provision of fixed and mobile broadband and narrowband services. The Company’s defense and advanced technologies segment develops and offers a diverse array of resilient, vertically integrated solutions to government and commercial customers, leveraging the Company’s technical competencies in encryption, cyber security, tactical gateways, modems and waveforms. The more regulated government environment for defense, encryption and other products is subject to unique contractual requirements and possesses economic characteristics that differ from the communication services segment. The Company’s defense and advanced technologies segment revenues are primarily derived from the Company’s information security and cyber defense, space and mission systems, tactical networking, and advanced technologies and other products and services, which are provided to government and commercial customers. 35 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) The Company's Chief Operating Decision Maker (CODM) is the Company's Chairman of the Board and Chief Executive Officer . Segment operating profits (losses) are the primary measure used by the Company's CODM to evaluate segment operating performance. The CODM regularly reviews budget-to-actual variances of segment operating profits (losses) when evaluating segment performance and allocating resources to each segment. 36 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Segment revenues, expenses and operating profits (losses) for the three and nine months ended December 31, 2025 and 2024 were as follows: Three Months Ended Nine Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (In thousands) Revenues: Communication services Aviation services $ 303,693 $ 263,880 $ 897,317 $ 783,022 Government satcom services 202,369 195,048 589,937 558,796 Maritime services 114,949 118,895 350,344 364,021 Fixed services and other services 144,565 181,162 474,993 567,651 Total services 765,576 758,985 2,312,591 2,273,490 Total products 59,766 61,362 176,777 200,029 Total communication services revenues 825,342 820,347 2,489,368 2,473,519 Defense and advanced technologies Total services 57,242 50,385 158,107 154,915 Information security and cyber defense products 96,954 89,497 294,030 228,552 Space and mission systems products 77,490 77,752 243,694 229,840 Tactical networking products 93,900 78,528 236,372 229,972 Advanced technologies and other products 6,117 7,258 47,421 55,691 Total products 274,461 253,035 821,517 744,055 Total defense and advanced technologies revenues 331,703 303,420 979,624 898,970 Elimination of intersegment revenues — — — — Total revenues $ 1,157,045 $ 1,123,767 $ 3,468,992 $ 3,372,489 Expenses: Communication services Depreciation $ 248,673 $ 244,673 $ 735,641 $ 744,136 Stock-based compensation expense 14,388 12,884 35,190 38,462 Other than acquired intangible assets amortization (1) 9,175 10,289 27,923 31,998 Acquisition and transaction related expenses 4,840 14,061 16,194 45,532 Other segment items (2) 510,238 494,083 1,524,131 1,527,562 Total communication services expenses (3) 787,314 775,990 2,339,079 2,387,690 Defense and advanced technologies Depreciation 12,484 12,401 35,887 35,539 Stock-based compensation expense 9,711 8,619 23,738 25,006 Other than acquired intangible assets amortization (1) 5,190 4,545 16,733 13,866 Acquisition and transaction related expenses 685 6,794 4,136 12,174 Other segment items (2) 250,521 228,323 745,022 643,823 Total defense and advanced technologies expenses (3) 278,591 260,682 825,516 730,408 Total expenses $ 1,065,905 $ 1,036,672 $ 3,164,595 $ 3,118,098 Operating profits (losses): Communication services $ 38,028 $ 44,357 $ 150,289 $ 85,829 Defense and advanced technologies 53,112 42,738 154,108 168,562 Elimination of intersegment operating profits (losses) — — — — Segment operating profit (loss) before corporate 91,140 87,095 304,397 254,391 Corporate: Amortization of acquired intangible assets ( 64,838 ) ( 65,847 ) ( 195,648 ) ( 198,086 ) Interest income 165,590 17,708 192,405 64,396 Interest expense ( 87,478 ) ( 94,476 ) ( 281,322 ) ( 315,592 ) (Loss) gain on extinguishment of debt, net ( 11,647 ) ( 96,614 ) ( 11,935 ) ( 99,814 ) Other income (expense), net 114 ( 9,976 ) ( 5,050 ) ( 9,976 ) Income (loss) before income taxes $ 92,881 $ ( 162,110 ) $ 2,847 $ ( 304,681 ) 37 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) (1) Including amortization of capitalized cloud computing implementation costs. (2) Other segment items include operating expenses such as cost of service and product revenues, selling, general and administrative expenses, IR&D expenses and related activities excluding allocable portion of depreciation, other than acquired intangibles amortization, stock-based compensation, and certain significant items that are disclosed under each segment. (3) For the three and nine months ended December 31, 2025 , IR&D expense and related activities, including allocable depreciation, stock-based compensation and other expenses were $ 26.7 million and $ 67.5 million, respectively, for the communication services segment, and $ 20.2 million and $ 55.9 million, respectively, for the defense and advanced technologies segment. For the three and nine months ended December 31, 2024, IR&D expense and related activities, including allocable depreciation, stock-based compensation and other expense s were $ 21.5 million and $ 66.9 million, respectively, for the communication services segment, and $ 15.2 million and $ 41.7 million, respectively, for the defen se and advanced technologies segment. The CODM is not regularly provided assets on a segment basis, therefore, such information is not presented. Revenues by geographic area for the three and nine months ended December 31, 2025 and 2024 were as follows: Three Months Ended Nine Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (In thousands) U.S. customers $ 777,695 $ 774,383 $ 2,372,690 $ 2,327,663 Non-U.S. customers (each country individually insignificant) 379,350 349,384 1,096,302 1,044,826 Total revenues $ 1,157,045 $ 1,123,767 $ 3,468,992 $ 3,372,489 The Company distinguishes revenues from external customers by geographic area based on customer location. Note 11 — Subsequent Events Subsequent to fiscal quarter end, on January 21, 2026, the Company and ViaSat Technologies Limited, entered into a $ 188.7 million direct loan facility with Ex-Im Bank (the Ex-Im Facility), $ 175.8 million of which can be used to finance up to 85 % of the costs of launch and insurance of the ViaSat-3 F1 satellite and related goods and services, with the remainder used to finance the total exposure fees incurred under the Ex-Im Credit Facility of up to $ 12.9 million. Borrowings under the Ex-Im Credit Facility will bear interest at a fixed rate equal to Ex-Im Bank’s published Commercial Interest Reference Rate as in effect five business days prior to the first disbursement of funds under the Ex-Im Credit Facility, payable in arrears. Borrowings under the Ex-Im Credit Facility are required to be repaid in 16 approximately equal semi-annual installments, commencing on May 25, 2026 , with a final maturity date of November 25, 2033 . 38 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. We use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” variations of such words and similar expressions to identify forward-looking statements. In addition, statements regarding projections of earnings, revenue, costs or other financial items; anticipated trends in our business or key markets; growth opportunities; the ability to successfully compete in our target markets and durability or strengthening of competitive advantages; the construction, completion, testing, launch, commencement of commercial service, expected performance and benefits of satellites and satellite payloads (including satellites planned or under construction) and the timing thereof; the expected capacity, coverage, service speeds and other features of our satellites, and the cost, economics and benefits associated therewith; anticipated subscriber growth; introduction and integration of multi-orbit capabilities; future economic conditions; the development, customer acceptance and anticipated performance of our technologies, products or services; plans, objectives and strategies for future operations; ability to drive capital efficiency and improved resource utilization; the number of additional aircraft or vessels anticipated to be put into service with our connectivity systems; expected revenue streams from the Ligado settlement; and other characterizations of future events or circumstances, are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially include: our ability to realize the anticipated benefits of any existing or future satellite; unexpected expenses related to our satellite projects; risks associated with the construction, launch and operation of satellites, including the effect of any anomaly, launch, operational or deployment failure or degradation in satellite performance; capacity constraints in our business in the lead-up to the launch of services on new satellites; increasing levels of competition in our target markets; our ability to successfully implement our business plan on our anticipated timeline or at all; our ability to successfully develop, introduce and sell new technologies, products and services; audits by the U.S. Government; changes in the global business environment and economic conditions (including U.S. Government shutdowns); delays in approving U.S. Government budgets and cuts in government defense expenditures; our reliance on U.S. Government contracts, and on a small number of contracts which account for a significant percentage of our revenues; reduced demand for products and services as a result of continued constraints on capital spending by customers; changes in relationships with, or the financial condition of, key customers or suppliers; our reliance on a limited number of third parties to manufacture and supply our products; introduction of new technologies and other factors affecting the communications and defense industries generally; the effect of adverse regulatory changes (including changes affecting spectrum availability or permitted uses) on our ability to sell or deploy our products and services; changes in the way others use spectrum; our inability to access additional spectrum, use spectrum for additional purposes, and/or operate satellites at additional orbital locations; competing uses of the same spectrum or orbital locations that we utilize or seek to utilize; the effect of changes to global tax laws; our level of indebtedness and ability to comply with applicable debt covenants; our involvement in litigation, including intellectual property claims and litigation to protect our proprietary technology; compliance by Ligado with the terms of the Ligado settlement; our dependence on a limited number of key employees; and other factors identified under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and under the heading “Risk Factors” in Part II, Item 1A of this report, elsewhere in this report and our other filings with the Securities and Exchange Commission (the SEC). Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. 39 Company Overview We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide. By leveraging our own satellite fleet and its advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Our end-to-end multi-band platform of satellites, ground infrastructure and user terminals enables us to provide a wide array of cost-effective, high-quality broadband, narrowband and other connectivity solutions to aviation, maritime, enterprise, consumer, military and government users around the globe, whether on the ground, in the air or at sea. In addition, our government business includes a portfolio of communications gateways; situational awareness and command and control products and services; satellite communication products and services across various frequency bands; and cybersecurity and information assurance products and services. We believe that our diversification strategy—anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites—our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic markets, provide us with a strong foundation to sustain and enhance our leadership in advanced communications and networking technologies. We conduct our business through two reportable segments: communication services and defense and advanced technologies. Viasat, Inc. (Viasat) was incorporated in California in 1986, and reincorporated as a Delaware corporation in 1996. Communication Services Our communication services segment provides a wide range of broadband and narrowband communications solutions across government and commercial mobility markets, as well as for residential and enterprise fixed broadband customers. In addition, this segment includes the development and sale of a wide array of advanced satellite and wireless products and terminals that support or enable the provision of fixed and mobile broadband and narrowband services. We design, develop and produce space system solutions for multiple orbital regimes, including geostationary earth orbit (GEO), medium earth orbit (MEO) and low earth orbit (LEO). The following are the primary business lines in our communication services segment: • Aviation, which includes industry-leading in-flight connectivity (IFC) services, narrowband safety operational data services and other complementary services and applications for commercial aircraft, business jets and unmanned aircraft. As of December 31, 2025, we had our IFC systems installed and in service on approximately 4,460 commercial aircraft (of which approximately 140 were inactive at quarter end, mostly due to standard aircraft maintenance) and approximately 2,100 business jets with Ka-band communication services. We anticipate that approximately 1,100 additional commercial aircraft will be put into service with our IFC systems under existing customer agreements with commercial airlines. However, due to the nature of commercial airline contracts and other factors, such as increased competition and original equipment manufacturer (OEM) delays, there can be no assurance that anticipated IFC services will be activated on all such additional commercial aircraft. • Government satcom, which includes various broadband and narrowband products and services for both fixed and mobile communications that provide military and government users with secure, high-speed, real-time broadband and multimedia connectivity in key regions of the world, as well as tactical line-of-sight and beyond-line-of-sight communications, Intelligence Surveillance and Reconnaissance services and L-band Advanced Communications Element terminals. • Maritime, which includes high-quality, resilient satellite-based broadband and narrowband communications services around the globe to commercial shipping fleets, offshore service vessel operators and commercial fishing companies, as well as NexusWave, a fully managed multi-layer connectivity service for merchant shipping companies. As of December 31, 2025, we provided Ka-band communication services to approximately 13,400 vessels. • Fixed services and other, which includes high-speed, high-quality, reliable fixed broadband internet services to businesses and residential users (primarily in the United States as well as in various countries in Europe and Latin America), enterprise connectivity solutions, Internet-of-Things and other narrowband services (such as L-band managed services that enable real-time machine-to-machine position or high-value asset tracking), energy services, and prepaid internet services that provide innovative, affordable, satellite-based connectivity in communities that have little or no access to the internet. As of December 31, 2025, our U.S. fixed broadband business had approximately 143,000 subscribers with an average monthly revenue per user of $112. 40 In December 2024, we completed the divestiture of our energy services system integration business which was part of our communication services segment included in the fixed services and other business line. The energy services system integration business had minimal strategic synergies with our core growth businesses and was immaterial to our consolidated financial statements. Defense and Advanced Technologies Our defense and advanced technologies segment develops and offers a diverse array of resilient, vertically integrated solutions to government and commercial customers, leveraging our core technical competencies in encryption, cyber security, tactical gateways, modems and waveforms. The following are the primary business lines in our defense and advanced technologies segment: • Information security and cyber defense, which comprises a variety of high-quality networking, cybersecurity and information assurance products and services that provide advanced, high-speed IP-based “Type 1” and High Assurance Internet Protocol Encryption (HAIPE®)-compliant encryption solutions that enable military and government users to communicate information securely, and that protect the integrity of data stored on computers and storage devices. Information security and cyber defense also includes our Move Out/Jump Off expeditionary tactical gateway family of products. • Space and mission systems, which includes specialized design and technology services covering all aspects of satellite communication system architecture, networks and technology, including state-of-the-art government satellite communication systems, mobile and fixed broadband modems, ground and airborne terminals, antennas and gateways for terrestrial and satellite customer applications, Ka-band earth stations and other multi-band/multi-function antennas, as well as products designed for manpacks, aircraft, unmanned aerial vehicles, seagoing vessels, ground-mobile vehicles, space-based systems and fixed applications. Space and mission systems also includes the design and development of the architecture of high-capacity Ka-band GEO satellites and the associated satellite payload and antenna technologies (both for our own satellite fleet as well as for third parties), and special purpose LEO and MEO satellites and other small satellite platforms. • Tactical networking, which provides resilient communications designed for on-the-move or on-the-pause operations in a multi-domain battlespace with friendly force tracking and narrowband solutions. Tactical networking includes the products and services offered by TrellisWare Technologies, Inc. • Advanced technologies and other, which includes commercial communication satellite product development, orchestration of sovereign and multi-orbit solutions, products focused on emerging growth markets (such as direct-to-device) and intellectual property licensing revenues. Factors and Trends Affecting our Results of Operations For a summary of factors and trends affecting our results of operations, see Part II, Item 7, "Factors and Trends Affecting our Results of Operations" in our Annual Report on Form 10-K for the year ended March 31, 2025. Sources of Revenues Our communication services segment revenues are primarily derived from our aviation services (including IFC services), government satcom services, maritime services (including narrowband and safety of communication capabilities), fixed broadband services, and energy services, as well as a wide array of advanced satellite and wireless products, networks and terminal solutions that support or enable the provision of fixed and mobile broadband and narrowband services. Our defense and advanced technologies segment revenues are primarily derived from our information security and cyber defense, space and mission systems, tactical networking, and advanced technologies and other, products and services, which are provided to government and commercial customers. Almost all of our revenues are derived from fixed-price contracts (which require us to provide products and services under a contract at a specified price), which are reported in both of our segments. The remainder of our revenues is primarily from cost-reimbursement contracts (under which we are reimbursed for all actual costs incurred in performing the contract to the extent such costs are within the contract ceiling and allowable under the terms of the contract, plus a fee or profit), which are mainly reported within our defense and advanced technologies segment. 41 Historically, a portion of our revenues has been derived from customer contracts that include the development of products, mainly reported within the defense and advanced technologies segment. The development efforts are conducted in direct response to the customer’s specific requirements and, accordingly, expenditures related to such efforts are included in cost of sales when incurred and the related funding (which includes a profit component) is included in revenues. See Note 1 — Basis of Presentation to our condensed consolidated financial statements for additional information. To date, our ability to grow and maintain our revenues in each of our communication services and defense and advanced technologies segments has depended on our ability to identify and target markets where the customer places a high priority on the technology solution, and our ability to obtain additional sizable contract awards. Due to the nature of this process, it is difficult to predict the probability and timing of obtaining awards in these markets. Critical Accounting Policies and Estimates Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We consider the policies discussed below to be critical to an understanding of our financial statements because their application places the most significant demands on management’s judgment, with financial reporting results relying on estimation about the effect of matters that are inherently uncertain. We describe the specific risks for these critical accounting policies in the following paragraphs. For all of these policies, we caution that future events rarely develop exactly as forecast, and even the best estimates routinely require adjustment. Revenue recognition We apply the five-step revenue recognition model under Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (commonly referred to as ASC 606) to our contracts with our customers. Under this model, we (1) identify the contract with the customer, (2) identify our performance obligations in the contract, (3) determine the transaction price for the contract, (4) allocate the transaction price to our performance obligations and (5) recognize revenue when or as we satisfy our performance obligations. These performance obligations generally include the purchase of services (including broadband capacity and the leasing of broadband equipment), the purchase of products, and the development and delivery of complex equipment built to customer specifications under long-term contracts. Taxes imposed by governmental authorities on our revenues, such as sales taxes and value added taxes, are excluded from net sales. The timing of satisfaction of performance obligations may require judgment. We derive a substantial portion of our revenues from contracts with customers for services, primarily consisting of connectivity services. These contracts typically require advance or recurring monthly payments by the customer. Our obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is based upon either a period of time (e.g., over the estimated contractual term) or usage (e.g., bandwidth used/bytes of data processed). We evaluate whether broadband equipment provided to our customers as part of the delivery of connectivity services represents a lease in accordance with the authoritative guidance for leases (Accounting Standards Codification (ASC) 842). As discussed in Note 1 — Basis of Presentation – Leases to our condensed consolidated financial statements, for broadband equipment leased to customers in conjunction with the delivery of connectivity services, we account for the lease and non-lease components of connectivity service arrangements as a single performance obligation as the connectivity services represent the predominant component. We also derive a portion of our revenues from contracts with customers to provide products. Performance obligations to provide products are satisfied at the point in time when control is transferred to the customer. These contracts typically require payment by the customer upon passage of control and determining the point at which control is transferred may require judgment. To identify the point at which control is transferred to the customer, we consider indicators that include, but are not limited to, whether (1) we have the present right to payment for the asset, (2) the customer has legal title to the asset, (3) physical possession of the asset has been transferred to the customer, (4) the customer has the significant risks and rewards of ownership of the asset, and (5) the customer has accepted the asset. For product revenues, control generally passes to the customer upon delivery of goods to the customer. 42 Our contracts with the U.S. Government typically are subject to the Federal Acquisition Regulation (FAR) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Under the typical payment terms of our U.S. Government fixed-price contracts, the customer pays us either performance-based payments (PBPs) or progress payments. PBPs are interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments based on a percentage of the costs incurred as the work progresses. Because the customer can often retain a portion of the contract price until completion of the contract, our U.S. Government fixed-price contracts generally result in revenue recognized in excess of billings which we present as unbilled accounts receivable on the balance sheet. Amounts billed and due from our customers are classified as receivables on the balance sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For our U.S. Government cost-type contracts, the customer generally pays us for our actual costs incurred within a short period of time. For non-U.S. Government contracts, we typically receive interim payments as work progresses, although for some contracts, we may be entitled to receive an advance payment. We recognize a liability for these advance payments in excess of revenue recognized and present it as collections in excess of revenues and deferred revenues on the balance sheet. An advance payment is not typically considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Performance obligations related to developing and delivering complex equipment built to customer specifications under long-term contracts are recognized over time as these performance obligations do not create assets with an alternative use to us and we have an enforceable right to payment for performance to date. To measure the transfer of control, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress for our contracts because that best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity and the costs of overhead. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is determined. A one percent variance in our future cost estimates on open fixed-price contracts as of December 31, 2025 would change our income (loss) before income taxes by an insignificant amount. The evaluation of transaction price, including the amounts allocated to performance obligations, may require significant judgments. Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue, and, where applicable, the cost at completion, is complex, subject to many variables and requires significant judgment. Our contracts may contain award fees, incentive fees, or other provisions, including the potential for significant financing components, that can either increase or decrease the transaction price. These amounts, which are sometimes variable, can be dictated by performance metrics, program milestones or cost targets, the timing of payments, and customer discretion. We estimate variable consideration at the amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. In the event an agreement includes embedded financing components, we recognize interest expense or interest income on the embedded financing components using the effective interest method. This methodology uses an implied interest rate which reflects the incremental borrowing rate which would be expected to be obtained in a separate financing transaction. We have elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. 43 If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Estimating standalone selling prices may require judgment. When available, we utilize the observable price of a good or service when we sell that good or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, we estimate the standalone selling price by considering all information (including market conditions, specific factors, and information about the customer or class of customer) that is reasonably available. Property, equipment and satellites Property, equipment and satellites, net includes our owned and leased satellites and the associated earth stations and networking equipment, as well as the customer premise equipment units which are leased to customers as part of our communication services segment. Satellites and other property and equipment are recorded at cost or in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentive payments expected to be payable to the satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. We also construct earth stations, network operations systems and other assets to support our satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in commercial service, we estimate the useful life of our satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. We periodically review the remaining estimated useful life of our satellites to determine if revisions to the estimated useful lives are necessary. Leases In accordance with the authoritative guidance for leases (ASC 842), we assess at contract inception whether the contract is, or contains, a lease. Generally, we determine that a lease exists when (1) the contract involves the use of a distinct identified asset, (2) we obtain the right to substantially all economic benefits from use of the asset, and (3) we have the right to direct the use of the asset. A lease is classified as a finance lease when one or more of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset or (5) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria. At the lease commencement date, we recognize a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of our incremental borrowing rate for a collateralized loan with the same term as the underlying leases. Lease payments included in the measurement of lease liabilities consist of (1) fixed lease payments for the noncancelable lease term, (2) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (3) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of our real estate lease agreements require variable lease payments that do not depend on an underlying index or rate established at lease commencement. Such payments and changes in payments based on a rate or index are recognized in operating expenses when incurred. 44 Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease expense for finance leases consists of the depreciation of assets obtained under finance leases on a straight-line basis over the lease term and interest expense on the lease liability based on the discount rate at lease commencement. For both operating and finance leases, lease payments are allocated between a reduction of the lease liability and interest expense. For broadband equipment leased to customers in conjunction with the delivery of connectivity services, we have made an accounting policy election not to separate the broadband equipment from the related connectivity services. The connectivity services are the predominant component of these arrangements. The connectivity services are accounted for in accordance ASC 606. We are also a lessor for certain insignificant communications equipment. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. Business combinations The purchase price for business combinations is allocated to the estimated fair values of acquired tangible and intangible assets, and assumed liabilities, where applicable. Additionally, we recognize technology, contracts and customer relationships, orbital slots and spectrum assets, trade names and other as identifiable intangible assets, which are recorded at fair value as of the transaction date. Goodwill is recorded when consideration transferred exceeds the fair value of identifiable assets and liabilities. Measurement-period adjustments to assets acquired and liabilities assumed with a corresponding offset to goodwill are recorded in the period they occur, which may include up to one year from the acquisition date. Contingent consideration is recorded at fair value at the acquisition date. Impairment of long-lived and other long-term assets (property, equipment and satellites, and other assets, including goodwill) In accordance with the authoritative guidance for impairment or disposal of long-lived assets (ASC 360), we assess potential impairments to our long-lived assets, including property, equipment and satellites and other assets, when there is evidence that events or changes in circumstances indicate that the carrying value may not be recoverable. We recognize an impairment loss when the undiscounted cash flows expected to be generated by an asset (or group of assets) are less than the asset’s carrying value. Any required impairment loss would be measured as the amount by which the asset’s carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and charged to results of operations. No material impairments were recorded for the three and nine months ended December 31, 2025 and 2024. We account for our goodwill under the authoritative guidance for goodwill and other intangible assets (ASC 350). Current authoritative guidance allows us to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If, after completing the qualitative assessment, we determine that it is more likely than not that the estimated fair value is greater than the carrying value, we conclude that no impairment exists. Alternatively, if we determine in the qualitative assessment that it is more likely than not that the fair value is less than its carrying value, then we perform a quantitative goodwill impairment test to identify both the existence of an impairment and the amount of impairment loss, by comparing the fair value of the reporting unit with its carrying amount, including goodwill. If the estimated fair value of the reporting unit is less than the carrying value, then a goodwill impairment charge will be recognized in the amount by which the carrying amount exceeds the fair value, limited to the total amount of goodwill allocated to that reporting unit. We test goodwill for impairment during the fourth quarter every fiscal year and when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist. In accordance with ASC 350, we assess qualitative factors to determine whether goodwill is impaired. The qualitative analysis includes assessing the impact of changes in certain factors including: (1) changes in forecasted operating results and comparing actual results to projections, (2) changes in the industry or our competitive environment since the acquisition date, (3) changes in the overall economy, our market share and market interest rates since the acquisition date, (4) trends in the stock price and related market capitalization and enterprise values, (5) trends in peer companies’ total enterprise value metrics, and (6) additional factors such as management turnover, changes in regulation and changes in litigation matters. Based on our qualitative and quantitative assessment performed during the fourth quarter of fiscal year 2025, we concluded that it was more likely than not that the estimated fair value of each of our reporting units exceeded their related carrying value as of March 31, 2025. 45 Income taxes and valuation allowance on deferred tax assets Management evaluates the realizability of our deferred tax assets and assesses the need for a valuation allowance on a quarterly basis to determine if the weight of available evidence suggests that an additional valuation allowance is needed. In accordance with the authoritative guidance for income taxes (ASC 740), net deferred tax assets are reduced by a valuation allowance if, based on all the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the event that our estimate of taxable income is less than that required to utilize the full amount of any deferred tax asset, a valuation allowance is established, which would cause a decrease to income in the period such determination is made. Our analysis of the need for a valuation allowance on deferred tax assets considered historical as well as forecasted future operating results, the reversal of temporary differences, taxable income in prior carryback years (if permitted), and the availability of tax planning strategies. Additionally, in our analysis, we also considered the fact that ASC 740 places more weight on the objectively verifiable evidence of current pre-tax losses and recent events than forecasts of future profitability. Accruals for uncertain tax positions are provided for in accordance with ASC 740. Under the authoritative guidance, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The authoritative guidance addresses the derecognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. We are subject to income taxes in the United States and numerous foreign jurisdictions. In the ordinary course of business, there are calculations and transactions where the ultimate tax determination is uncertain. In addition, changes in tax laws and regulations as well as adverse judicial rulings could adversely affect the income tax provision. We believe we have adequately provided for income tax issues not yet resolved with federal, state and foreign tax authorities. However, if these provided amounts prove to be more than what is necessary, the reversal of the reserves would result in tax benefits being recognized in the period in which we determine that provision for the liabilities is no longer necessary. If an ultimate tax assessment exceeds our estimate of tax liabilities, an additional charge to expense would result. 46 Results of Operations The following table presents, as a percentage of total revenues, income statement data for the periods indicated: Three Months Ended Nine Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenues: 100 % 100 % 100 % 100 % Service revenues 71 72 71 72 Product revenues 29 28 29 28 Operating expenses: Cost of service revenues 46 47 46 47 Cost of product revenues 21 21 21 20 Selling, general and administrative 21 21 21 23 Independent research and development 4 3 4 3 Amortization of acquired intangible assets 6 6 6 6 Income (loss) from operations 2 2 3 2 Interest (expense) income, net 7 (7 ) (3 ) (7 ) (Loss) gain on extinguishment of debt, net (see Note 6) (1 ) (9 ) — (3 ) Income (loss) before income taxes 8 (14 ) 0 (9 ) (Provision for) benefit from income taxes (5 ) 1 (2 ) — Net income (loss) 3 (13 ) (2 ) (9 ) Net income (loss) attributable to Viasat, Inc. 2 (14 ) (3 ) (10 ) Three Months Ended December 31, 2025 vs. Three Months Ended December 31, 2024 Revenues Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Service revenues $ 822.8 $ 809.4 $ 13.4 2 % Product revenues 334.2 314.4 19.8 6 % Total revenues $ 1,157.0 $ 1,123.8 $ 33.3 3 % Our total revenues increased by $33.3 million as a result of a $19.8 million increase in product revenues and a $13.4 million increase in service revenues. The increase in product revenues was driven by a $21.4 million increase in our defense and advanced technologies segment, partially offset by a $1.6 million decrease in our communication services segment. The increase in service revenues was driven by increases of $6.9 million in our defense and advanced technologies segment and $6.6 million in our communication services segment. Cost of revenues Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Cost of service revenues $ 536.8 $ 527.7 $ 9.1 2 % Cost of product revenues 241.5 234.2 7.2 3 % Total cost of revenues $ 778.3 $ 761.9 $ 16.3 2 % Cost of revenues increased by $16.3 million due to increases of $9.1 million in cost of service revenues and $7.2 million in cost of product revenues. The increase in cost of service revenues was primarily driven by service revenue growth across both of our segments. The increase in cost of product revenues correlated to product revenue growth in our defense and advanced technologies segment. Additionally, product revenues in this segment included a higher percentage of intellectual property licensing and royalty-based revenues in the prior period, which had relatively low costs of product revenues. 47 Selling, general and administrative expenses Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Selling, general and administrative $ 240.7 $ 238.0 $ 2.7 1 % Selling, general and administrative (SG&A) expenses remained relatively flat year-over-year. SG&A expenses are comprised primarily of personnel costs and expenses for business development, marketing and sales, bid and proposal, acquisition and transaction related expenses, facilities, finance, contract administration and general management. Independent research and development Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Independent research and development $ 46.9 $ 36.7 $ 10.2 28 % The $10.2 million increase in independent research and development (IR&D) expenses was primarily a result of increased IR&D efforts supporting multi-orbit initiatives in our communication services segment and next-generation encryption products and Direct-to-Device (D2D) growth initiatives in our defense and advanced technologies segment. Amortization of acquired intangible assets We amortize our acquired intangible assets from prior acquisitions over their estimated useful lives, which range from two to 12 years. Amortization of acquired intangible assets remained relatively flat year-over-year. Interest income The $147.9 million increase in interest income for the three months ended December 31, 2025 compared to the prior year period was primarily due to $152.5 million recognized as interest income from the receipt of the $420.0 million lump sum payment from Ligado during the current year period. See Note 8 — Commitments and Contingencies to our condensed consolidated financial statements for further information. Interest expense The $7.0 million decrease in interest expense for the three months ended December 31, 2025 compared to the prior year period was primarily due to our decreased level of indebtedness compared to the prior year period, as the aggregate principal amount of our total outstanding indebtedness was $6.4 billion as of December 31, 2025 compared to $7.2 billion as of December 31, 2024. See Note 6 — Senior Notes and Other Long-Term Debt to our condensed consolidated financial statements for further information. Income taxes For the three months ended December 31, 2025, we recorded an income tax provision of $58.7 million, resulting in an effective tax rate of 63%. The effective tax rate for the period differed from the U.S. statutory rate primarily due to a U.S. valuation allowance, foreign tax rate differences and foreign tax audit adjustments. For the three months ended December 31, 2024, we recorded an income tax benefit of $11.8 million, resulting in an effective tax rate of 7%. The effective tax rate for the period differed from the U.S. statutory rate primarily due to a U.S. valuation allowance, foreign tax rate differences, and decreases in our unrecognized tax benefits. 48 Segment Results for the Three Months Ended December 31, 2025 vs. Three Months Ended December 31, 2024 Communication services segment Revenues Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment service revenues $ 765.6 $ 759.0 $ 6.6 1 % Segment product revenues 59.8 61.4 (1.6 ) (3 )% Total segment revenues $ 825.3 $ 820.3 $ 5.0 1 % Our communication services segment revenues increased by $5.0 million as a result of a $6.6 million increase in segment service revenues, partially offset by a $1.6 million decrease in segment product revenues. The increase in segment service revenues was due to a $39.8 million increase in aviation services and a $7.3 million increase in government satcom services, partially offset by an expected decrease in revenues of $36.6 million from fixed services and other, as we continued to allocate a greater proportion of our bandwidth to our IFC business in preference to our U.S. fixed services business due to bandwidth constraints, as well as a $3.9 million decrease in maritime. The increase in IFC service revenues was primarily driven by the increase in the number of commercial aircraft and business jets receiving our in-flight services through our IFC systems, with our IFC systems installed and in service on approximately 4,460 commercial aircraft (of which approximately 140 were inactive at quarter end, mostly due to standard aircraft maintenance), and approximately 2,100 business jets as of December 31, 2025, compared to approximately 4,030 commercial aircraft (of which approximately 80 were inactive at quarter end, mostly due to standard aircraft maintenance) and approximately 2,000 business jets as of December 31, 2024. The decrease in segment product revenues was primarily attributable to the revenues generated in the prior year period by the energy services system integration business that we sold in December 2024. Segment operating profit (loss) Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment operating profit (loss) $ 38.0 $ 44.4 $ (6.3 ) (14 )% Percentage of segment revenues 5 % 5 % The decrease in our communication services segment operating profit was primarily due to a $5.2 million increase in IR&D efforts supporting multi-orbit initiatives. Defense and advanced technologies segment Revenues Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment service revenues $ 57.2 $ 50.4 $ 6.9 14 % Segment product revenues 274.5 253.0 21.4 8 % Total segment revenues $ 331.7 $ 303.4 $ 28.3 9 % Our defense and advanced technologies segment revenues increased by $28.3 million due to increases of $21.4 million in segment product revenues and $6.9 million in segment service revenues. The increase in segment product revenues was primarily driven by a $15.4 million increase in tactical networking and a $7.5 million increase in information security and cyber defense. 49 Segment operating profit (loss) Three Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment operating profit (loss) $ 53.1 $ 42.7 $ 10.4 24 % Percentage of segment revenues 16 % 14 % The increase in our defense and advanced technologies segment operating profit was primarily attributable to higher earnings contributions of $18.5 million that correlated to our segment revenue growth, partially offset by a $5.0 million increase in IR&D efforts supporting next-generation encryption products and D2D growth initiatives. Nine Months Ended December 31, 2025 vs. Nine Months Ended December 31, 2024 Revenues Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Service revenues $ 2,470.7 $ 2,428.4 $ 42.3 2 % Product revenues 998.3 944.1 54.2 6 % Total revenues $ 3,469.0 $ 3,372.5 $ 96.5 3 % Our total revenues increased by $96.5 million as a result of a $54.2 million increase in product revenues and a $42.3 million increase in service revenues. The increase in product revenues was driven by a $77.5 million increase in our defense and advanced technologies segment, partially offset by a $23.3 million decrease in our communication services segment. The increase in service revenues was driven by increases of $39.1 million in our communication services segment and $3.2 million in our defense and advanced technologies segment. Cost of revenues Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Cost of service revenues $ 1,579.9 $ 1,576.0 $ 3.9 — % Cost of product revenues 716.0 671.9 44.1 7 % Total cost of revenues $ 2,295.9 $ 2,247.9 $ 48.0 2 % Cost of revenues increased by $48.0 million due to increases of $44.1 million in cost of product revenues and $3.9 million in cost of service revenues. The increase in cost of product revenues correlated to product revenue growth in our defense and advanced technologies segment. Additionally, product revenues in this segment included a higher percentage of intellectual property licensing and royalty-based revenues in the prior period, which had relatively low costs of product revenues. The increase in cost of service revenues was primarily driven by service revenue growth, mainly in our communication services segment. Selling, general and administrative expenses Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Selling, general and administrative $ 745.3 $ 761.6 $ (16.3 ) (2 )% The $16.3 million decrease in SG&A expenses was primarily driven by a $13.7 million decrease in selling costs, mainly in fixed services and other within our communication services segment. 50 Independent research and development Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Independent research and development $ 123.4 $ 108.7 $ 14.7 14 % The $14.7 million increase in IR&D expenses was primarily a result of increased IR&D efforts supporting next-generation encryption products and D2D growth initiatives in our defense and advanced technologies segment. Amortization of acquired intangible assets We amortize our acquired intangible assets from prior acquisitions over their estimated useful lives, which range from two to 12 years. Amortization of acquired intangible assets remained relatively flat year-over-year. Interest income The $128.0 million increase in interest income for the nine months ended December 31, 2025 compared to the prior year period was primarily due to $152.5 million recognized as interest income from the receipt of the $420.0 million lump sum payment from Ligado in the current year period (see Note 8 — Commitments and Contingencies to our condensed consolidated financial statements for further information), partially offset by lower interest earned as a result of lower average invested balance in combination with lower interest rates. Interest expense The $34.3 million decrease in interest expense for the nine months ended December 31, 2025 compared to the prior year period was primarily due to our decreased level of indebtedness compared to the prior year period, as the aggregate principal amount of our total outstanding indebtedness was $6.4 billion as of December 31, 2025 compared to $7.2 billion as of December 31, 2024 (see Note 6 — Senior Notes and Other Long-Term Debt to our condensed consolidated financial statements for further information), in addition to the increase in capitalized interest. Income taxes For the nine months ended December 31, 2025, we recorded an income tax provision of $76.1 million, resulting in a meaningless effective tax rate. The effective tax rate for the period differed from the U.S. statutory rate primarily due to a U.S. valuation allowance, foreign tax rate differences and foreign tax audit adjustments. For the nine months ended December 31, 2024, we recorded an income tax benefit of $4.7 million, resulting in an effective tax rate of 2%. The effective tax rate for the period differed from the U.S. statutory rate primarily due to a U.S. valuation allowance, foreign tax rate differences, and decreases in our unrecognized tax benefits. Segment Results for the Nine Months Ended December 31, 2025 vs. Nine Months Ended December 31, 2024 Communication services segment Revenues Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment service revenues $ 2,312.6 $ 2,273.5 $ 39.1 2 % Segment product revenues 176.8 200.0 (23.3 ) (12 )% Total segment revenues $ 2,489.4 $ 2,473.5 $ 15.8 1 % Our communication services segment revenues increased by $15.8 million due to a $39.1 million increase in segment service revenues, partially offset by a $23.3 million decrease in segment product revenues. The increase in segment service revenues was due to a $114.3 million increase in aviation services and a $31.1 million increase in government satcom services, partially offset by an expected decrease in revenues of $92.7 million from fixed services and other, as we continued to allocate a greater proportion of our bandwidth to our IFC business in preference to our U.S. fixed services business due to bandwidth constraints, as well as a $13.7 million decrease in maritime. The increase in IFC service revenues was primarily driven by the increase in the number of commercial aircraft and business jets receiving our in-flight services through our IFC systems year-over-year, as described above. The decrease in segment product revenues was primarily attributable to the revenues generated in prior year period by the energy services system integration business that we sold in December 2024. 51 Segment operating profit (loss) Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment operating profit (loss) $ 150.3 $ 85.8 $ 64.5 75 % Percentage of segment revenues 6 % 3 % The increase in our communication services segment operating profit was primarily due to higher earnings contributions of $39.8 million, reflecting our segment revenue growth and margin improvement, coupled with a $25.2 million decrease in SG&A expenses (mostly related to selling costs in fixed services and other). Defense and advanced technologies segment Revenues Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment service revenues $ 158.1 $ 154.9 $ 3.2 2 % Segment product revenues 821.5 744.1 77.5 10 % Total segment revenues $ 979.6 $ 899.0 $ 80.7 9 % Our defense and advanced technologies segment revenues increased by $80.7 million due to increases of $77.5 million in segment product revenues and $3.2 million in segment service revenues. The increase in segment product revenues was driven by a $65.5 million increase in information security and cyber defense, a $13.9 million increase in space and mission systems and a $6.4 million increase in tactical networking, partially offset by an $8.3 million decrease in advanced technologies and other. Segment operating profit (loss) Nine Months Ended Dollar Percentage (In millions, except percentages) December 31, 2025 December 31, 2024 Increase (Decrease) Increase (Decrease) Segment operating profit (loss) $ 154.1 $ 168.6 $ (14.5 ) (9 )% Percentage of segment revenues 16 % 19 % The decrease in our defense and advanced technologies segment operating profit was primarily due to a $14.1 million increase in IR&D efforts supporting next-generation encryption products and D2D growth initiatives. 52 Backlog Our firm and funded backlog as of December 31, 2025 is reflected in the table below: As of December 31, 2025 (In millions) Firm backlog Communication services $ 2,790.8 Defense and advanced technologies 1,176.5 Total $ 3,967.3 Funded backlog Communication services $ 2,770.7 Defense and advanced technologies 943.5 Total $ 3,714.2 The firm backlog does not include contract options. As of December 31, 2025, a little less than half of the firm backlog is expected to be delivered during the next 12 months, with the balance delivered thereafter. We include in our backlog only those orders for which we have accepted purchase orders, and not anticipated purchase orders and requests. In our communication services segment, our backlog includes fixed broadband service revenues under our subscriber agreements, but does not include future recurring IFC service revenues under our agreements with commercial airlines. As of December 31, 2025, our IFC systems were installed and in service on approximately 4,460 commercial aircraft (of which approximately 140 were inactive at quarter end, mostly due to standard aircraft maintenance). We anticipate that approximately 1,100 additional commercial aircraft will be put into service with our IFC systems under existing customer agreements with commercial airlines. Due to the nature of commercial airline contracts and other factors such as increased competition and OEM delays, there can be no assurance that all anticipated purchase orders and requests will be placed or that anticipated IFC services will be activated on all such additional commercial aircraft. Our total new awards (which exclude future revenue under recurring consumer commitment arrangements) were approximately $1.0 billion and $3.7 billion for the three and nine months ended December 31, 2025, respectively, compared to approximately $1.1 billion and $3.5 billion for the three and nine months ended December 31, 2024, respectively. Backlog is not necessarily indicative of future sales. A majority of our contracts can be terminated at the convenience of the customer. Orders are often made substantially in advance of delivery, and our contracts typically provide that orders may be terminated with limited or no penalties. In addition, purchase orders may present product specifications that would require us to complete additional product development. A failure to develop products meeting such specifications could lead to the termination of the related contract. Firm backlog amounts are comprised of funded and unfunded components. Funded backlog represents the sum of contract amounts for which funds have been specifically obligated by customers to contracts. Unfunded backlog represents future amounts that customers may obligate over the specified contract performance periods. Our customers allocate funds for expenditures on long-term contracts on a periodic basis. Our ability to realize revenues from contracts in backlog is dependent upon adequate funding for such contracts. Although we do not control the funding of our contracts, our experience indicates that actual contract funding has ultimately been approximately equal to the aggregate amounts of the contracts. 53 Liquidity and Capital Resources Overview We have financed our operations to date primarily with cash flows from operations, bank line of credit financing, debt financing, export credit agency financing and equity financing. At December 31, 2025, we had $1.3 billion in cash and cash equivalents, $1.4 billion in working capital, no outstanding borrowings and borrowing availability of $594.8 million under our $647.5 million revolving credit facility (the Viasat Revolving Credit Facility), and no outstanding borrowings and borrowing availability of $550.0 million under Inmarsat's $550.0 million revolving line of credit (the Inmarsat Revolving Credit Facility, and together with the Viasat Revolving Credit Facility, the Revolving Credit Facilities). At March 31, 2025, we had $1.6 billion in cash and cash equivalents, $1.2 billion in working capital, no outstanding borrowings and borrowing availability of $593.3 million under the Viasat Revolving Credit Facility, and no outstanding borrowings and borrowing availability of $550.0 million under the Inmarsat Revolving Credit Facility. We invest our cash in excess of current operating requirements in short-term, highly liquid bank money market funds primarily investing in U.S. government-backed securities and treasuries. The general cash needs of our business can vary significantly and our future capital requirements will depend upon many factors, including cash required for our satellite projects and any future broadband satellite projects we may engage in, expansion of our IR&D and marketing efforts, and the nature and timing of orders. In particular: • Our cash needs tend to be driven by the timing and amount of capital expenditures (e.g., payments under satellite construction and launch contracts and investments in ground infrastructure roll-out), the timing and amount of investments in IR&D activities, investments in joint ventures, strategic partnering arrangements, network expansion activities, investments to obtain Supplemental Type Certificates to enable the retrofit installation of our IFC and wireless in-flight entertainment equipment, investments in platforms and software to support our services and entry into new markets, as well as the quality of customer, type of contract and payment terms. • Other major factors determining cash needs tend to be the type and mix of contracts in backlog (e.g., product or service, development or production), timing of payments and payment terms (including restrictions on the timing of cash payments under U.S. Government procurement regulations), as well as contract duration and program performance. For example, if a program is performing well and meeting its contractual requirements, then its cash flow requirements are usually lower. Additionally, we will continue to evaluate other possible acquisitions of, or investments in complementary businesses, products and technologies which may require the use of cash or additional financing. In June 2025, Inmarsat agreed to a binding term sheet with Ligado Networks (Ligado) and AST & Science, LLC to settle Inmarsat's opposition to Ligado’s planned restructuring. Under the conditions set forth in the term sheet, we anticipate receiving $568 million from Ligado in fiscal year 2026, consisting of (i) a $420 million lump sum payment which we received on October 31, 2025, (ii) a $100 million lump sum payment that is due on March 31, 2026 and (iii) a resumption of quarterly payments of approximately $16 million, which started on September 30, 2025, with an annual escalator of 3% for the life of the contract (through 2107). The $420.0 million lump sum payment was allocated and recorded as deferred revenues and interest income in our condensed consolidated financial statements (see Note 8 for further information). In December 2025, we entered into an agreement to sell all of our interests in our equity method investment, Navarino UK, to Sogra Bidco Limited, a subsidiary of ICG. The transaction is expected to close in the fourth quarter of fiscal year 2026, subject to customary closing conditions, including receipt of regulatory approvals and clearances. To further enhance our liquidity position or to finance the construction and launch of any future satellites, acquisitions, strategic partnering arrangements, joint ventures or other business investment initiatives, we may obtain additional financing, which could consist of debt, convertible debt or equity financing from public and/or private credit and capital markets. From time to time, we file universal shelf registration statements with the SEC for the future sale of an unlimited amount of common stock, preferred stock, debt securities, depositary shares and warrants, which securities may be offered from time to time, separately or together, directly by us, by selling security holders, or through underwriters, dealers or agents at amounts, prices, interest rates and other terms to be determined at the time of the offering. Additionally, we consider strategic divestitures from time to time, such as the sale of our Link-16 tactical data link business that was completed in January 2023 for $1.96 billion in cash, as well as divestitures of non-core assets or businesses, such as the divestiture of our energy services system integration business in December 2024. 54 We may, from time to time, seek to retire, prepay or repurchase our outstanding debt, including through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. On May 2, 2025, we redeemed in full the remainder of Viasat’s 5.625% Senior Notes due 2025 and on November 21, 2025, we repaid early all of the $300.0 million in principal amount of outstanding borrowings under Inmarsat’s original senior secured term loan facility (the Original Inmarsat Term Loan Facility). As a result, we recorded a loss of $11.6 million and $11.9 million in (loss) gain on extinguishment of debt, net in the condensed consolidated statement of operations and comprehensive income (loss), mostly related to an unamortized fair value adjustment made in purchase accounting for the three and nine months ended December 31, 2025, respectively. Although we can give no assurances concerning our future liquidity, we believe that we have adequate sources of funding to meet our anticipated operating requirements for the next 12 months, which include, but are not limited to, cash on hand, borrowing capacity, and cash expected to be provided by operating activities. Cash flows Cash provided by operating activities for the first nine months of fiscal year 2026 was $1.3 billion compared to $609.7 million in the prior year period. This $657.8 million increase was driven by a $498.4 million year-over-year decrease in cash used to fund net operating assets and liabilities and operating results (net income (loss) adjusted for depreciation, amortization and other non-cash charges), which resulted in $159.5 million of higher cash provided by operating activities year-over-year. The decrease in cash used to fund net operating assets and liabilities year-over-year was primarily due to an increase in our deferred revenues that was largely attributable to the receipt of the $420.0 million lump sum payment from Ligado during the current year period (see Note 8 — Commitments and Contingencies to our condensed consolidated financial statements for further information) and timing of payments related to accrued liabilities driven by interest and income taxes payables. Cash paid for income taxes, net, during the first nine months of fiscal year 2026 and 2025 were $79.2 million and $174.6 million, respectively. Cash paid for interest (net of amounts capitalized) during the first nine months of fiscal year 2026 and 2025 were $220.9 million and $271.0 million, respectively. Cash used in investing activities for the first nine months of fiscal year 2026 was approximately $663.7 million compared to $524.9 million in the prior year period. This $138.8 million increase reflected a $230.0 million decrease in cash receipts related to satellite insurance claim proceeds as the final payment was received in the first quarter of fiscal year 2026, partially offset by a decrease of $88.0 million in cash used for capital expenditures. Cash used in financing activities for the first nine months of fiscal year 2026 was approximately $867.5 million compared to $435.9 million in the prior year period. The $431.6 million increase was primarily attributable to the early repayment of the Original Inmarsat Term Loan Facility (see Note 6 — Senior Notes and Other Long-Term Debt to our condensed consolidated financial statements for further information) and distributions to our minority shareholders of $59.7 million in the current period. 55 Satellite-related activities Our complementary fleet of 23 in service or operational satellites spans the Ka-, L- and S- bands, with 13 Ka-band satellites, eight L-band satellites (three of which are contingency L-band satellites that are operational but not currently in commercial service), an S-band satellite that supports the European Aviation Network to provide IFC services to commercial airlines in Europe, and a hybrid Ka-/L-band satellite. In late July 2024, the ViaSat-3 F1 satellite completed in-orbit testing and was integrated into our existing satellite fleet covering the Americas. In May 2025, two Ka-band highly-elliptical earth orbit satellite payloads (GX10A and GX10B) were put in service to provide polar coverage. On November 13, 2025, we launched the second of our third-generation ViaSat-3 class satellites, ViaSat-3 F2, into orbit with expected service launch in the first half of fiscal year 2027. Furthermore, we have eight additional GEO satellites under development: a high-capacity Ka-band GEO satellite (ViaSat-3 F3), three adaptive Ka-band GEO satellites (GX7, GX8 and GX9) and four Inmarsat-8 L-band GEO safety service satellites. Our extensive satellite fleet enables us to provide a wide array of high-quality broadband and narrowband services with near global coverage (including strong oceanic coverage) with greater redundancy and resiliency. We expect to continue to invest in IR&D as we continue our focus on leadership and innovation in satellite and space technologies, including for the development of any new generation satellite designs and next-generation satellite network solutions. The level of our investment in a given fiscal year will depend on a variety of factors, including the stage of development of our satellite projects, new market opportunities and our overall operating performance. By leveraging our own satellite fleet and its unique advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Importantly, we have continued to innovate advanced multi-orbit resource management techniques to reduce costs and expand geographic coverage to better serve the unique needs of each mobility and defense customer. In forming key partnerships with multiple geostationary orbit and non-geostationary orbit operators, we are well-positioned to support delivery of Viasat’s next-generation services, achieve industry-leading resource utilization, and drive capital efficiency. In parallel, we are working to ensure equitable access to finite space resources and support regulatory certainty enabling multi-orbit solutions and related infrastructure to thrive in a shared and sustainable way. As we continue to build and expand our global network and satellite fleet, from time to time we enter into satellite construction agreements for the construction and purchase of additional satellites and (depending on the satellite design) the integration of our payload and technologies into the satellites. See Note 14 — Commitments to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information regarding our future minimum payments under our satellite construction contracts and other satellite-related purchase commitments (including satellite performance incentive obligations) for the next five fiscal years and thereafter, as well as purchase commitments including satellite-related agreements under the contractual obligations table below. The total project cost to bring a new satellite into service will depend, among other things, on the scope and timing of the earth station infrastructure roll-out and the method used to procure fiber or other access to the earth station infrastructure. Our total cash funding of a satellite project may be reduced through third-party agreements, such as potential joint service offerings and other strategic partnering arrangements. 56 In connection with the launch of any new satellite and the commencement of commercial service on the satellite, we expect to incur additional operating costs that negatively impact our financial results. For example, when ViaSat-2 was placed in commercial service in the fourth quarter of fiscal year 2018, this resulted in additional operating costs during the ramp-up period prior to service launch and in the fiscal year following service launch. These increased operating costs included depreciation, amortization of capitalized software development, earth station connectivity, marketing and advertising costs, logistics, customer care and various support systems. In addition, interest expense increased during fiscal year 2019 as we no longer capitalized the interest expense relating to the debt incurred for the construction of ViaSat-2 and the related gateway and networking equipment once the satellite was in commercial service. As services using the new satellite scaled, however, our revenue base for broadband services expanded and we gained operating cost efficiencies, which together yielded incremental segment earnings contributions. We anticipate that we will incur a similar cycle of increased operating costs and constrained bandwidth supply as we prepare for and launch commercial services on future satellites, including our ViaSat-3 constellation, followed by increases in revenue base and in scale. However, there can be no assurance that we will be successful in significantly increasing revenues or achieving or maintaining operating profit in our communication services segment, and any such gains may also be offset by investments in our global business. In addition, we may experience capacity constraints on our existing satellites in the lead-up to the commencement of commercial service on new satellites, such as the capacity constraints we have been experiencing since fiscal year 2023 pending our ViaSat-3 constellation entering commercial service. Long-term debt As of December 31, 2025, the aggregate principal amount of our total outstanding indebtedness was $6.4 billion, which was comprised of (1) $600.0 million in aggregate principal amount of Viasat's 5.625% Senior Secured Notes due 2027, $400.0 million in aggregate principal amount of Viasat's 6.500% Senior Notes due 2028, $1.975 billion in aggregate principal amount of Inmarsat's 9.000% Senior Secured Notes due 2029, and $733.4 million in aggregate principal amount of Viasat's 7.500% Senior Notes due 2031, (2) $675.5 million in principal amount of outstanding borrowings under Viasat's $700.0 million senior secured term loan facility (the 2022 Term Loan Facility), $602.8 million in principal amount of outstanding borrowings under Viasat's $616.7 million senior secured term loan facility (the 2023 Term Loan Facility), $1.3 billion in aggregate principal amount of outstanding borrowings under Inmarsat's senior secured term loan facility (the Inmarsat Term Loan Facility) and no outstanding borrowings under the Revolving Credit Facilities, and (3) $142.9 million of finance lease obligations. For information regarding our outstanding indebtedness, refer to Note 6 — Senior Notes and Other Long-Term Debt to our condensed consolidated financial statements. Capital Expenditures and IR&D Investments For a discussion of our capital expenditures and IR&D investments, see Part II, Item 7, “Liquidity and Capital Resources — Capital Expenditures and IR&D Investments” in our Annual Report on Form 10-K for the year ended March 31, 2025 for more information. Contractual Obligations The following table sets forth a summary of certain material cash requirements for known contractual obligations and commitments at December 31, 2025: (In thousands, including interest where applicable) Next 12 months Thereafter Operating leases $ 92,533 $ 606,597 Senior notes and other long-term debt (1) 562,379 7,957,895 Purchase commitments including satellite-related agreements 1,097,463 1,248,735 Total $ 1,752,375 $ 9,813,227 (1) To the extent that the interest rate on any long-term debt is variable, amounts reflected represent estimated interest payments on the applicable current outstanding balance based on the interest rate at December 31, 2025 until the applicable maturity date. 57 We purchase components from a variety of suppliers and use several subcontractors and contract manufacturers to provide design and manufacturing services for our products. During the normal course of business, we enter into agreements with subcontractors, contract manufacturers and suppliers that either allow them to procure inventory based upon criteria defined by us or that establish the parameters defining our requirements. We also enter into agreements and purchase commitments with suppliers for the construction, launch, and operation of our satellites. In certain instances, these agreements allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to firm orders being placed. Consequently, only a portion of our reported purchase commitments arising from these agreements are firm, non-cancelable and unconditional commitments. We may also cancel, reschedule or adjust our requirements based on business needs after firm orders are placed at a cost, which may be material. Our condensed consolidated balance sheets included $2.4 billion and $2.2 billion of “other liabilities” as of December 31, 2025 and March 31, 2025, respectively, which primarily consisted of deferred income taxes and the long-term portion of deferred revenues. These remaining liabilities have been excluded from the above table as the timing and/or the amount of any cash payment is uncertain. Off-Balance Sheet Arrangements We had no material off-balance sheet arrangements at December 31, 2025 as defined in Regulation S-K Item 303(b) other than as discussed under “Contractual Obligations” above or disclosed in the notes to our condensed consolidated financial statements included in this report or in our Annual Report on Form 10-K for the year ended March 31, 2025. Recent Authoritative Guidance For information regarding recently adopted and issued accounting pronouncements, see Note 1 — Basis of Presentation to our condensed consolidated financial statements. 58 Item 3. Quantitative and Qualitati ve Disclosures About Market Risk Interest Rate Risk Our financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and short-term and long-term obligations (including Viasat’s and Inmarsat’s senior secured credit facilities (collectively, the Credit Facilities) and our senior unsecured and senior secured notes (collectively, the Notes)). We consider investments in highly liquid instruments purchased with a remaining maturity of three months or less at the date of purchase to be cash equivalents. Our indebtedness for borrowed money comprises borrowings under our Credit Facilities and the aggregate principal amount outstanding under our Notes. The Notes and our direct loan facility with the Export-Import Bank of the United States bear interest at a fixed rate and therefore our exposure to market risk for changes in interest rates relates primarily to borrowings under our remaining Credit Facilities, cash equivalents and short-term obligations. The primary objectives of our investment activities are to preserve principal and maximize the income we receive from our investments without significantly increasing risk. To minimize this risk, we maintain a significant amount of our cash balance in money market accounts, with a significant portion held in U.S. government-backed securities and treasuries. In general, money market accounts are not subject to interest rate risk because the interest paid on such funds fluctuates with the prevailing interest rate. Our cash and cash equivalents earn interest at variable rates. Our interest income has been and may continue to be negatively impacted by low market interest rates. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than expected if interest rates fall. Because our investment policy restricts us to invest in conservative, interest-bearing investments and because our business strategy does not rely on generating material returns from our investment portfolio, we do not expect our market risk exposure on our investment portfolio to be material. Due to the short-term nature of our investment portfolio, we do not believe an immediate 10% increase or decrease in interest rates would have a material effect on the fair market value of our portfolio. We therefore do not expect our operating results or cash flows to be materially affected by a sudden change in market interest rates. Our primary interest rate under our variable rate Credit Facilities is the forward-looking term SOFR rate plus an applicable margin. As of December 31, 2025, the effective interest rate on our outstanding borrowings under the 2022 Term Loan Facility was 8.87%, under the 2023 Term Loan Facility was 9.34%, and under the Inmarsat Term Loan Facility was 9.55%. As of December 31, 2025, the effective interest rate that would have been applied to any new SOFR-based borrowings under the Viasat Revolving Credit Facility was approximately 6.70%, and under the Inmarsat Revolving Credit Facility was approximately 6.44%. As of December 31, 2025, we had no outstanding borrowings under our Revolving Credit Facilities. Accordingly, assuming the outstanding balance under the 2022 Term Loan Facility, the 2023 Term Loan Facility and the Inmarsat Term Loan Facility remained constant over a year and we continued to have no outstanding borrowings under the Revolving Credit Facilities, a 10% increase in the interest rates would increase interest incurred, prior to effects of capitalized interest, by approximately $21.4 million over a 12-month period. Foreign Exchange Risk We generally conduct our business in U.S. dollars. However, as our international business is conducted in a variety of foreign currencies, we are exposed to fluctuations in foreign currency exchange rates. A five percent variance in foreign currencies in which our international business is conducted would change our income (loss) before income taxes by an insignificant amount for each of the three and nine months ended December 31, 2025 and 2024. Our objective in managing our exposure to foreign currency risk is to reduce earnings and cash flow volatility associated with foreign exchange rate fluctuations. Accordingly, from time to time, we may enter into foreign currency forward contracts to mitigate risks associated with foreign currency denominated assets, liabilities, commitments and anticipated foreign currency transactions. 59 Item 4. Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance of achieving the objective that information in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified and pursuant to the requirements of the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As required by SEC Rule 13a-15(b), we carried out an evaluation, with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of December 31, 2025, the end of the period covered by this report. Based upon the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2025. During the period covered by this report, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 60 PART II — OTHE R INFORMATION Item 1. Legal Proceedings Periodically, we are involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of our government contracts or debarment from bidding on future government contracts. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, we believe that the resolution of our current pending matters will not have a material adverse effect on our business, financial condition, results of operations or liquidity. Regardless of the outcome, litigation can have an adverse impact on us because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect our business, financial condition, results of operations or liquidity in a particular period. For further information on the risks we face from existing and future claims, suits, investigations and proceedings, see “Risk Factors” in Part I, Item 1A in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Item 1A. Ris k Factors In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which factors could materially affect our business, financial condition, liquidity or future results. There have been no material changes to the risk factors described in the "Risk Factors" section in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. The risks described in our report on Form 10-K are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, liquidity or future results. 61 Item 5. Other Information On November 25, 2025 , Craig Miller , our President of Government , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 62,288 shares of our common stock (including up to 45,430 shares to be acquired upon the exercise of stock options) if certain price thresholds are met from March 2, 2026 until November 30, 2026 . On December 11, 2025 , Ben Palmer , our President of Commercial , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 27,430 shares of our common stock if certain price thresholds are met from March 12, 2026 until March 11, 2027 . On December 15, 2025 , Robert Blair , our General Counsel and Secretary , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 3,929 shares of our common stock if certain price thresholds are met from March 16, 2026 until June 1, 2026 . 62 Item 6. E xhibits Incorporated by Reference Exhibit Number Exhibit Description Form File No. Exhibit Filing Date Filed or Furnished Herewith 10.1 Credit Agreement, dated as of January 21, 2026, by and among ViaSat Technologies Limited, Viasat, Inc., J.P. Morgan Securities LLC (as Ex-Im Facility Agent) and the Export-Import Bank of the United States 8-K 000-21767 10.1 1/26/2026 10.2** Transition Agreement, dated as of January 26, 2026, by and between Viasat, Inc. and Shawn Duffy X 31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X 31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X 32.1* Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 X 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the inline XBRL document. X 101.SCH Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document X 104 Cover Page (formatted as inline XBRL and contained in Exhibit 101) X * The certifications attached as Exhibit 32.1 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of Viasat under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing. ** Indicates management contract, compensatory plan or arrangement. 63 SIGNAT URES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VIASAT, INC. February 6, 2026 /s/ M ARK D ANKBERG Mark Dankberg Chairman of the Board and Chief Executive Officer (Principal Executive Officer) /s/ G ARRETT C HASE Garrett Chase Senior Vice President and Chief Financial Officer (Principal Financial Officer) /s/ C AMELLIA E. F ITZ G ERALD Camellia E. FitzGerald Chief Accounting Officer (Principal Accounting Officer) 64