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Side-by-side financial comparison of VIASAT INC (VSAT) and XPO, Inc. (XPO). Click either name above to swap in a different company.
XPO, Inc. is the larger business by last-quarter revenue ($2.0B vs $1.2B, roughly 1.7× VIASAT INC). XPO, Inc. runs the higher net margin — 2.9% vs 2.2%, a 0.8% gap on every dollar of revenue. On growth, XPO, Inc. posted the faster year-over-year revenue change (4.7% vs 3.0%). Over the past eight quarters, VIASAT INC's revenue compounded faster (0.3% CAGR vs -0.1%).
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
XPO, Inc., formerly XPO Logistics, is an American transportation company that conducts less-than-truckload shipping in North America. The company has headquarters in Greenwich, Connecticut, and has 592 locations globally. XPO is the second largest provider of less-than-truckload (LTL) services in North America, operating in 99 percent of all U.S. postal codes.
VSAT vs XPO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.0B |
| Net Profit | $25.0M | $59.0M |
| Gross Margin | — | — |
| Operating Margin | 2.3% | 7.1% |
| Net Margin | 2.2% | 2.9% |
| Revenue YoY | 3.0% | 4.7% |
| Net Profit YoY | 115.8% | -21.3% |
| EPS (diluted) | $0.18 | $0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.1B | $2.0B | ||
| Q4 24 | $1.1B | $1.9B | ||
| Q3 24 | $1.1B | $2.1B | ||
| Q2 24 | $1.1B | $2.1B | ||
| Q1 24 | $1.2B | $2.0B |
| Q4 25 | $25.0M | $59.0M | ||
| Q3 25 | $-61.4M | $82.0M | ||
| Q2 25 | $-56.4M | $106.0M | ||
| Q1 25 | $-246.1M | $69.0M | ||
| Q4 24 | $-158.4M | $75.0M | ||
| Q3 24 | $-137.6M | $95.0M | ||
| Q2 24 | $-32.9M | $150.0M | ||
| Q1 24 | $-100.3M | $67.0M |
| Q4 25 | 2.3% | 7.1% | ||
| Q3 25 | 3.1% | 7.8% | ||
| Q2 25 | 4.0% | 9.5% | ||
| Q1 25 | -13.4% | 7.7% | ||
| Q4 24 | 1.9% | 7.8% | ||
| Q3 24 | -2.2% | 8.6% | ||
| Q2 24 | 5.3% | 9.5% | ||
| Q1 24 | 0.0% | 6.8% |
| Q4 25 | 2.2% | 2.9% | ||
| Q3 25 | -5.4% | 3.9% | ||
| Q2 25 | -4.8% | 5.1% | ||
| Q1 25 | -21.5% | 3.5% | ||
| Q4 24 | -14.1% | 3.9% | ||
| Q3 24 | -12.3% | 4.6% | ||
| Q2 24 | -2.9% | 7.2% | ||
| Q1 24 | -8.7% | 3.3% |
| Q4 25 | $0.18 | $0.49 | ||
| Q3 25 | $-0.45 | $0.68 | ||
| Q2 25 | $-0.43 | $0.89 | ||
| Q1 25 | $-1.92 | $0.58 | ||
| Q4 24 | $-1.23 | $0.63 | ||
| Q3 24 | $-1.07 | $0.79 | ||
| Q2 24 | $-0.26 | $1.25 | ||
| Q1 24 | $-1.14 | $0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $310.0M |
| Total DebtLower is stronger | $6.2B | — |
| Stockholders' EquityBook value | $4.6B | $1.9B |
| Total Assets | $14.9B | $8.2B |
| Debt / EquityLower = less leverage | 1.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $310.0M | ||
| Q3 25 | $1.2B | $335.0M | ||
| Q2 25 | $1.2B | $225.0M | ||
| Q1 25 | $1.6B | $212.0M | ||
| Q4 24 | $1.6B | $246.0M | ||
| Q3 24 | $3.5B | $378.0M | ||
| Q2 24 | $1.8B | $250.0M | ||
| Q1 24 | $1.9B | $229.0M |
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.5B | — | ||
| Q2 25 | $6.5B | — | ||
| Q1 25 | $6.5B | — | ||
| Q4 24 | $6.5B | — | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $7.1B | — | ||
| Q1 24 | $7.1B | — |
| Q4 25 | $4.6B | $1.9B | ||
| Q3 25 | $4.5B | $1.8B | ||
| Q2 25 | $4.6B | $1.8B | ||
| Q1 25 | $4.6B | $1.6B | ||
| Q4 24 | $4.8B | $1.6B | ||
| Q3 24 | $4.9B | $1.6B | ||
| Q2 24 | $5.0B | $1.5B | ||
| Q1 24 | $5.0B | $1.3B |
| Q4 25 | $14.9B | $8.2B | ||
| Q3 25 | $14.8B | $8.2B | ||
| Q2 25 | $14.9B | $8.1B | ||
| Q1 25 | $15.4B | $7.9B | ||
| Q4 24 | $15.6B | $7.7B | ||
| Q3 24 | $17.8B | $7.9B | ||
| Q2 24 | $16.1B | $7.7B | ||
| Q1 24 | $16.3B | $7.6B |
| Q4 25 | 1.37× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.43× | — | ||
| Q1 25 | 1.43× | — | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 1.30× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | 1.42× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $726.9M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | 29.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $726.9M | — | ||
| Q3 25 | $282.2M | $371.0M | ||
| Q2 25 | $258.5M | $247.0M | ||
| Q1 25 | $298.4M | $142.0M | ||
| Q4 24 | $219.5M | $189.0M | ||
| Q3 24 | $239.2M | $264.0M | ||
| Q2 24 | $151.1M | $210.0M | ||
| Q1 24 | $232.0M | $145.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $215.0M | ||
| Q2 25 | — | $51.0M | ||
| Q1 25 | — | $-57.0M | ||
| Q4 24 | — | $23.0M | ||
| Q3 24 | — | $137.0M | ||
| Q2 24 | — | $20.0M | ||
| Q1 24 | — | $-161.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.2% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | -8.0% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | 9.4% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 15.2% |
| Q4 25 | 29.11× | — | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | — | 2.33× | ||
| Q1 25 | — | 2.06× | ||
| Q4 24 | — | 2.52× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
XPO
| North American LTL | $1.2B | 58% |
| European Transportation | $844.0M | 42% |
