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Viasat connects aircraft, ships, government users, homes and businesses through its own satellites, ground networks and customer terminals, supplemented by partners’ satellite capacity. Airlines, vessel operators and other customers pay for connectivity, including onboard internet and safety communications. Communication services brings in most of the company’s revenue; Viasat also sells the equipment that supports these connections.
Its other business, defense and advanced technologies, mainly sells products that protect information and connect military and other networks. These include encryption equipment, tactical networking products and satellite communications systems. Government agencies and commercial customers buy these products and related development services, directly or through partners and contractors. The U.S. Government is a significant customer, and federal work depends on available government funding and contracts that can be terminated for convenience.
Service delivery depends on working satellites and sufficient bandwidth, including capacity supplied by third parties. Bandwidth constraints have led Viasat to favor in-flight connectivity over its U.S. fixed-broadband business. Almost all revenue comes from fixed-price contracts, leaving Viasat responsible for cost overruns. It also needs authorizations to use radio frequencies and orbital locations; losing those rights can restrict or prevent operations.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Viasat’s results hinge on aviation and government connectivity demand, satellite capacity and competition, including from SES and Eutelsat OneWeb, which are absent from this list.
Space Exploration Technologies’ Starlink challenges Viasat for airlines, maritime operators, broadband users and government connectivity customers. Watch Starlink’s coverage, capacity and pricing for signs of pressure on Viasat’s satellite-service business.
Iridium competes with Viasat’s Inmarsat services for maritime, aviation and government customers buying mobile satellite communications. Iridium’s voice and data services reach areas with little or no terrestrial coverage; its full polar coverage and lower transmission delays than geostationary systems are competitive points to watch.
EchoStar’s Hughes business competes with Viasat to sell consumers satellite broadband, connect aircraft and governments, and supply satellite-network equipment. Hughes’ broadband and satellite-services business, rather than EchoStar’s television subscriptions, is the relevant business to watch.
Gogo Inc. both competes with Viasat to connect business and government aircraft and uses Viasat satellite services in its own offerings. Watch the mix between its Viasat-supported services and Gogo Galileo, which runs on Eutelsat OneWeb’s network, rather than treating all Gogo service growth as demand for Viasat.
Telesat competes with Viasat for government satellite-connectivity customers, but Viasat also has a substantial multiyear contract to buy its Lightspeed services. Watch Lightspeed news because Viasat plans to use that capacity for aviation, maritime, enterprise and defense customers.
Gilat competes with Viasat to sell satellite-network equipment and antennas that keep connections working while vehicles move to connectivity providers and government customers. Its equipment sales and in-motion antenna news are more relevant to Viasat’s product business than its service revenue.
Amazon’s Leo satellite network competes with Viasat for aviation and broadband connectivity customers. Watch Leo deployment news, not Amazon’s much larger unrelated retail and AWS businesses, for changes in the competitive pressure on Viasat.
KVH Industries Inc competes with Viasat to sell commercial maritime customers satellite connectivity, airtime and onboard services. Watch its airtime sales, which supplied 82% of consolidated net sales in 2025, for the clearest view of its recurring connectivity business.
Comtech Telecommunications competes with Viasat to supply satellite modems and communications equipment to defense organizations, satellite operators and commercial networks. Watch its Satellite and Space Communications business for equipment demand and competition, rather than its separate emergency-call business.
Globalstar competes with Viasat to sell mobile satellite voice, data and IoT services to consumers, businesses and governments, but its revenue is less comparable. Apple supplied 63% of Globalstar’s total revenue in 2025, so changes tied to that customer need not signal broader demand for Viasat’s services.
Kratos competes with Viasat to sell satellite ground systems and defense communications equipment to government and commercial customers. Its satellite ground, command-and-control and telemetry systems are the relevant products to watch, rather than its drones or rocket motors.
Ducommun supplies Viasat with aerospace and defense manufacturing products and services, supporting a company that relies on outside manufacturers for large-scale production. Viasat accounted for 4% of Ducommun’s 2025 sales; sales to that customer are the direct line to watch.
Iridium Communications Inc. earningsIRDM
Iridium’s report will show whether its mobile satellite services are drawing demand from the same maritime, aviation, and government customers as Viasat’s Inmarsat business.
Look at Iridium’s satellite voice and data service revenue alongside customer or subscriber measures that show service use. Stronger figures would show this rival winning more demand in mobile satellite communications, raising competitive pressure on Viasat’s Inmarsat business. Weaker figures would mean less evidence of pressure from Iridium, not proof that Viasat’s own demand is stronger.
Fed Interest Rate Decision
For Viasat, the Fed’s decision on short-term borrowing rates matters because higher rates can raise interest costs on variable-rate debt and leave less cash for its satellite, connectivity and defense businesses.
Expected4.0%Last release4.0%
If it comes in above expectations
If the policy rate is higher than expected, interest costs may rise on Viasat’s variable-rate facilities, leaving less cash to operate its connectivity and defense businesses and fund satellite investment.
If it comes in below expectations
If the policy rate is lower than expected, interest costs may ease on Viasat’s variable-rate facilities, leaving more cash available for its businesses and satellite investment.
Space Exploration Technologies Corp. earningsSPCX
SpaceX’s report on Starlink’s coverage, capacity, and pricing will show how much pressure it may bring to Viasat’s aviation, maritime, broadband, and government connectivity businesses.
Focus on Starlink’s disclosed coverage, available capacity, and pricing, and whether they serve the markets Viasat targets. Wider coverage and more capacity at competitive prices would make it better placed to win aviation, maritime, broadband, or government connectivity customers from Viasat; limited progress or less competitive terms would mean less pressure.
Kratos Defense & Security Solutions, Inc. earningsKTOS
Kratos’s report will show how demand is moving for satellite ground systems and defense communications equipment that it sells alongside Viasat’s competing offerings.
Look for sales or order information on Kratos’s satellite ground, command-and-control, and telemetry systems and defense communications equipment—not its drones or rocket motors. Strength in those products would show customers buying into programs where Viasat competes, making competition for its defense and advanced technologies offerings more active. Weakness would mean less evidence of that demand, not proof that Viasat is winning orders.
Ducommun Incorporated earningsDCO
Ducommun’s report will show whether its business with Viasat is growing or shrinking at a supplier that supports Viasat’s outsourced aerospace and defense manufacturing.
Compare Ducommun’s sales to Viasat with the trend in its aerospace and defense business overall. Higher Viasat-related sales show more purchasing flowing through this outside supplier; lower sales may mean less activity, though timing can also affect the figure. Sales alone do not show whether parts arrived on time or cost more, so the takeaway is the direction of this supplier relationship’s business.
Gogo Inc. earningsGOGO
Gogo’s report will show whether its aircraft connectivity growth uses Viasat satellite services or increasingly runs on another network.
Compare the trend in Gogo services supported by Viasat satellites with its Galileo services, which use Eutelsat OneWeb’s network. Faster growth in Viasat-supported services would show more of Gogo’s aircraft connectivity demand flowing through Viasat; if Galileo drives the growth, Gogo’s expansion is not evidence that demand for Viasat services is rising.
Viasat Inc earningsThis company
Viasat’s report will show whether growth in aviation connectivity can offset weakness in fixed broadband while supporting the communication services segment’s profit.
Read aviation service revenue alongside fixed-services revenue, then check the communication services segment’s operating margin. If aviation revenue rises, fixed services hold up, and the margin is steady or higher, Viasat is growing in-flight connectivity without weakening the segment’s overall economics. If aviation revenue stalls or falls while fixed services keep weakening and the margin declines, the shift is not yet paying off.
Telesat Corporation earningsTSAT
Telesat’s report on Lightspeed’s progress will show how the planned satellite capacity Viasat expects to use for aviation, maritime, enterprise, and defense customers is taking shape.
Look for specific updates on Lightspeed’s build, deployment, and readiness to provide service. Clear progress would support the prospect that this outside capacity source for Viasat’s customer connectivity plans can materialize; delays or execution problems would leave that future supply less certain. Progress does not mean Viasat has received capacity or establish its eventual service quality or cost.
