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EchoStar vs Viasat: revenue, profit, margins and growth compared

EchoStar brought in $15B of revenue in fiscal 2025, Viasat $4.6B in fiscal 2026. Revenue changed by -5.2% at EchoStar and +2.7% at Viasat on the year before, so Viasat grew faster. EchoStar kept -96.6% of its revenue as net profit, Viasat -0.7%.

Side by side, latest fiscal year

ECHOVSAT
Fiscal year endedFY2025 (December 31, 2025)FY2026 (March 31, 2026)
Revenue$15B$4.6B
Revenue growth-5.2%+2.7%
Net income-$14.5B-$34.1M
Net margin-96.6%-0.7%
Free cash flow-$1.1Bn/a
Free cash flow margin-7.1%n/a
Earnings per share (diluted)-$50.41-$0.25
Cash$1.9B$1.7B
Debt$26B$57.8M
Price to earningsn/an/a
Market value$26.2B$10.1B
Dividend yieldn/an/a
Rank by revenue in sector#89 of 778 · Consumer discretionary#215 of 778 · Consumer discretionary

Over the years

Revenue
ECHO FY2018: $1.8BECHO FY2019: $1.9BECHO FY2020: $1.9BECHO FY2021: $19.8BECHO FY2022: $18.6BECHO FY2023: $17BECHO FY2024: $15.8BECHO FY2025: $15BVSAT FY2019: $2.1BVSAT FY2020: $2.3BVSAT FY2021: $1.9BVSAT FY2022: $2.4BVSAT FY2023: $2.6BVSAT FY2024: $4.3BVSAT FY2025: $4.5BVSAT FY2026: $4.6BFY18FY19FY20FY21FY22FY23FY24FY25FY26
ECHO $15BVSAT $4.6B
Net income
ECHO FY2018: -$40.5MECHO FY2019: -$62.9MECHO FY2020: -$40.2MECHO FY2021: $2.5BECHO FY2022: $2.5BECHO FY2023: -$1.7BECHO FY2024: -$119.5MECHO FY2025: -$14.5BVSAT FY2019: -$67.6MVSAT FY2020: -$212KVSAT FY2021: $3.7MVSAT FY2022: -$15.5MVSAT FY2023: $1.1BVSAT FY2024: -$1.1BVSAT FY2025: -$575MVSAT FY2026: -$34.1MFY18FY19FY20FY21FY22FY23FY24FY25FY26
ECHO -$14.5BVSAT -$34.1M
Net margin
ECHO FY2018: -2.3%ECHO FY2019: -3.3%ECHO FY2020: -2.1%ECHO FY2021: 12.5%ECHO FY2022: 13.3%ECHO FY2023: -10.0%ECHO FY2024: -0.8%ECHO FY2025: -96.6%VSAT FY2019: -3.3%VSAT FY2020: -0.0%VSAT FY2021: 0.2%VSAT FY2022: -0.6%VSAT FY2023: 42.4%VSAT FY2024: -25.0%VSAT FY2025: -12.7%VSAT FY2026: -0.7%FY18FY19FY20FY21FY22FY23FY24FY25FY26
ECHO -96.6%VSAT -0.7%
Revenue growth
ECHO FY2019: +7.0%ECHO FY2020: +0.1%ECHO FY2021: +949.8%ECHO FY2022: -6.0%ECHO FY2023: -8.7%ECHO FY2024: -7.0%ECHO FY2025: -5.2%VSAT FY2020: +11.7%VSAT FY2021: -16.8%VSAT FY2022: +25.8%VSAT FY2023: +5.7%VSAT FY2024: +67.6%VSAT FY2025: +5.5%VSAT FY2026: +2.7%FY19FY20FY21FY22FY23FY24FY25FY26
ECHO -5.2%VSAT +2.7%
Free cash flow
ECHO FY2018: $179.4MECHO FY2019: $237.7MECHO FY2020: $125.6MECHO FY2021: $3BECHO FY2022: $570.7MECHO FY2023: -$668.3MECHO FY2024: -$292.2MECHO FY2025: -$1.1BVSAT FY2019: -$309.3MVSAT FY2020: -$257MVSAT FY2021: -$100MVSAT FY2022: -$432.6MVSAT FY2023: -$709.1MFY18FY19FY20FY21FY22FY23FY24FY25
ECHO -$1.1BVSAT -$709.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about EchoStar and Viasat

Which is bigger by revenue, EchoStar or Viasat?

EchoStar is bigger by revenue: $15B in fiscal 2025, against $4.6B for Viasat in fiscal 2026.

Which keeps more of its revenue as profit, EchoStar or Viasat?

EchoStar had a net margin of -96.6% in fiscal 2025; Viasat had -0.7% in fiscal 2026.

Which grew revenue faster, EchoStar or Viasat?

In their latest fiscal years revenue changed by -5.2% at EchoStar and +2.7% at Viasat.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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