Viasat Inc (0LPE.L) Q2 2025 Earnings Report

Viasat reported Q2 2025 revenue of $1.140893 billion, up 1.66% year over year, with a robust gross margin of 54.9% and positive operating income of $35.8 million. The quarter’s EBITDA reached $175.9 million, signaling healthy underlying operating profitability despite a relatively modest top-line expansion. However, the company posted a net loss of $61.4 million for the quarter, driven by a sizable non-operating charge and a tax benefit, which masked the strength of its core operations.

On the balance sheet and cash flow dimension, several leverage and liquidity indicators suggest prudence in the near term. Debt to capitalization sits around 0.478, with a long-term debt-to-capitalization of 0.475, and net income remained negative due to non-operating items. The lack of disclosed liquidity metrics in the provided dataset constrains a precise view of short-term liquidity, and free cash flow data are not reported in this quarter. Management commentary (not included in the supplied materials) typically focuses on sustaining growth through Satellite Services and Commercial Networks, advancing capex programs, and optimizing operating costs to convert EBITDA into free cash flow over time.

Overall, the QQ2 2025 results reflect a resilient gross margin and positive operating profit, offset by the challenge of translating operating performance into sustained net income under current non-operating headwinds. Investors should monitor the trajectory of non-operating items, capex intensity, and the company’s ability to convert EBITDA into free cash flow as a proxy for cash-based earnings power.