Viasat (VSAT) Returns To Quarterly Profit As EPS Turnaround Tests Long‑Term Bearish Narratives

Viasat (VSAT) has just swung back to a quarterly profit in Q3 2026, posting US$1.2b in revenue and basic EPS of US$0.18, with net income of US$25 million setting a different tone from the losses seen in prior periods. Over recent quarters, revenue has moved in a tight band between about US$1.1b and US$1.2b while basic EPS has ranged from losses of roughly US$1.89 per share in Q4 2025 to US$0.18 per share in the latest quarter. This gives investors a clearer read on how top line stability is translating, or not translating, into bottom line swings. With trailing twelve month EPS still negative and net losses of US$339 million, the market is likely to focus heavily on how sustainable these margin moves really are.

See our full analysis for Viasat.

With the headline numbers on the table, the next step is to set them against the widely followed stories around Viasat to see which narratives about growth, profitability, and risk still hold up and which ones the latest results start to challenge.

Curious how numbers become stories that shape markets? Explore Community Narratives

TTM Losses Of US$339 Million Sit Behind The New Profit

• Across the last twelve months, Viasat has booked a net loss of US$338.963 million on US$4.6b in revenue, even though Q3 alone produced a US$24.968 million profit.
• What stands out for a bearish view is that this single profitable quarter sits against five years of losses growing at about 37.4% a year, which keeps concerns alive that the trailing US$338.963 million loss is more representative than the latest US$24.968 million profit.
  • Critics highlight that trailing twelve month EPS is still a loss of US$2.55, so the Q3 EPS of US$0.18 does not yet change the longer run picture.
  • Bears also point to forecasts in the data that still show Viasat unprofitable over the next three years, tying ongoing loss trends directly to their caution.

If you are trying to judge whether this quarter is a blip or a real turning point, it helps to see how long term bears frame the story and where they might be overreacting. 🐻 Viasat Bear Case

About 4% Revenue Growth Versus Faster US Market

• Over the last twelve months, revenue increased from US$4.5b to US$4.6b, roughly 4% growth, while the reference US market growth rate in the data is 10.2% a year.
• Supporters of a more optimistic angle often point to Viasat’s exposure to communications and defense, yet the roughly 4% revenue growth and the forecast that it remains unprofitable over the next three years give that bullish angle some pushback.
  • What is encouraging for those looking for improvement is that quarterly revenue has held in a tight band around US$1.1b to US$1.2b, which at least suggests a stable top line to work from.
  • At the same time, the absence of any move into profitability over the trailing twelve months keeps the cautious argument that growth alone has not yet translated into sustainable earnings intact.

P/S Of 1.2x Versus 5.2x Peers And DCF Gap

• On the valuation side, Viasat trades on a P/S of 1.2x versus a peer average of 5.2x and a US communications industry average of 1.9x, while the data also flags the share price of US$41.70 as about 63.9% below a DCF fair value of roughly US$115.42.
• What is interesting for investors looking at a more upbeat case is that this valuation gap sits next to the unprofitable track record, so the low P/S and the DCF fair value of US$115.42 support the idea of potential value while the trailing US$338.963 million loss and recent insider selling push the other way.
  • Bulls who focus on the gap between US$41.70 and the 63.9% higher DCF fair value level still have to reconcile it with forecasts that do not yet show a move into profitability.
  • On the flip side, bears who focus only on the past losses need to explain why the combination of a 1.2x P/S versus 5.2x peers and the DCF gap should be completely ignored at the current price.

If you want to see how these numbers translate into a full story, including growth assumptions and valuation details, the consensus style write up can be a useful cross check. 📊 Read the full Viasat Consensus Narrative.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Viasat's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Viasat still carries trailing twelve month losses of US$339 million and negative EPS despite one profitable quarter and only roughly 4% revenue growth.

If that combination of ongoing losses and uncertainty around earnings stability makes you uneasy, consider shifting some research time into 86 resilient stocks with low risk scores that aim to prioritise resilience and steadier fundamentals.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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