Revenue growth reached 20% in 2026Q1, yet structural competitive pressures have compressed gross margins from a 39.7% peak in 2024Q4 to 34.1% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 470.09M | 451.66M | 305.45M | 266.09M | 239.84M | 214.97M | 166.13M | 263.49M | 266.39M | 282.76M | 279.55M | 197.54M | 235.13M | 234.87M | 348.36M | 339.2M | 232.99M | 228.06M | 267.53M | 282.62M | 248.71M | 209.4M | 241.5M | 190.18M | 208.75M | 386.03M | 504.56M | 337.87M | 155.3M | 103.7M | 74.1M |
| Revenue Growth % | 46.26% | 47.87% | 14.79% | 10.94% | 11.57% | 29.39% | -36.95% | -1.09% | -5.79% | 1.15% | 41.51% | -15.99% | 0.11% | -32.58% | 2.7% | 45.59% | 2.16% | -14.75% | -5.34% | 13.63% | 18.78% | -13.29% | 26.99% | -8.9% | -45.92% | -23.49% | 49.33% | 117.56% | 49.76% | 39.95% | 77.7% |
| Cost of Goods Sold | 327.5M | 318.31M | 192.12M | 161.15M | 152.93M | 143.7M | 124.75M | 167.62M | 172.35M | 200.26M | 204.06M | 153.46M | 151.5M | 155.21M | 235.36M | 217.57M | 153.13M | 157.63M | 181.57M | 180.77M | 158.34M | 133.22M | 164.4M | 157.55M | 189.13M | 348.83M | 344.44M | 197.94M | 91M | 55.6M | 40.8M |
| COGS % of Revenue | - | 70.48% | 62.9% | 60.56% | 63.76% | 66.85% | 75.09% | 63.61% | 64.7% | 70.82% | 73% | 77.68% | 64.43% | 66.08% | 67.56% | 64.14% | 65.73% | 69.12% | 67.87% | 63.96% | 63.67% | 63.62% | 68.07% | 82.84% | 90.6% | 90.36% | 68.27% | 58.58% | 58.6% | 53.62% | 55.06% |
| Gross Profit | 142.59M | 133.34M | 113.33M | 104.94M | 86.91M | 71.27M | 41.38M | 95.88M | 94.04M | 82.5M | 75.49M | 44.09M | 83.64M | 79.66M | 113M | 121.63M | 79.85M | 70.43M | 85.95M | 101.84M | 90.36M | 76.18M | 77.1M | 32.63M | 19.62M | 37.2M | 160.12M | 139.93M | 64.3M | 48.1M | 33.3M |
| Gross Margin % | 30.33% | 29.52% | 37.1% | 39.44% | 36.24% | 33.15% | 24.91% | 36.39% | 35.3% | 29.18% | 27% | 22.32% | 35.57% | 33.92% | 32.44% | 35.86% | 34.27% | 30.88% | 32.13% | 36.04% | 36.33% | 36.38% | 31.93% | 17.16% | 9.4% | 9.64% | 31.73% | 41.42% | 41.4% | 46.38% | 44.94% |
| Gross Profit Growth % | - | 17.66% | 7.99% | 20.75% | 21.95% | 72.23% | -56.84% | 1.96% | 13.99% | 9.28% | 71.23% | -47.29% | 5% | -29.51% | -7.09% | 52.31% | 13.38% | -18.06% | -15.61% | 12.7% | 18.63% | -1.2% | 136.29% | 66.31% | -47.26% | -76.77% | 14.43% | 117.62% | 33.68% | 44.44% | 69.9% |
| Operating Expenses | 117.94M | 113.11M | 85.63M | 76.86M | 76.95M | 69.09M | 3.6M | 70.31M | 72.75M | 71.63M | 74.73M | 65.88M | 78.6M | 83.19M | 105.95M | 114.23M | 82.19M | 71.09M | 88.86M | 96.67M | 76.92M | 74.79M | 85.69M | 362.99M | 209.72M | 300.51M | 117.37M | 115.86M | 47M | 31.5M | 22.2M |
| OpEx % of Revenue | - | 25.04% | 28.04% | 28.88% | 32.09% | 32.14% | 2.17% | 26.68% | 27.31% | 25.33% | 26.73% | 33.35% | 33.43% | 35.42% | 30.41% | 33.68% | 35.27% | 31.17% | 33.22% | 34.21% | 30.93% | 35.72% | 35.48% | 190.87% | 100.46% | 77.85% | 23.26% | 34.29% | 30.26% | 30.38% | 29.96% |
| Selling, General & Admin | 71.58M | 66.46M | 54.25M | 44.46M | 40.11M | 37.1M | 30.93M | 40.12M | 39.73M | 43.62M | 49.88M | 43.47M | 53.44M | 55.28M | 76.71M | 114.23M | 63.24M | 57.13M | 65.6M | 69.43M | 63.27M | 60.79M | 69.89M | 73.1M | 120.94M | 121.48M | 86.1M | 68.41M | 29.1M | 20.3M | 20.1M |
| SG&A % of Revenue | - | 14.71% | 17.76% | 16.71% | 16.72% | 17.26% | 18.62% | 15.23% | 14.91% | 15.43% | 17.84% | 22% | 22.73% | 23.54% | 22.02% | 33.68% | 27.14% | 25.05% | 24.52% | 24.57% | 25.44% | 29.03% | 28.94% | 38.44% | 57.93% | 31.47% | 17.06% | 20.25% | 18.74% | 19.58% | 27.13% |
| Research & Development | 47.15M | 46.65M | 38.14M | 42.22M | 35.64M | 31.34M | 26.3M | 30.18M | 33.02M | 28.01M | 24.85M | 22.41M | 25.16M | 27.9M | 29.24M | 31.7M | 22.19M | 13.97M | 16.94M | 15.03M | 13.64M | 13.99M | 13.88M | 16.95M | 25.07M | 38.25M | 31.27M | 24.79M | 12.8M | 8.1M | 0 |
| R&D % of Revenue | - | 10.33% | 12.49% | 15.87% | 14.86% | 14.58% | 15.83% | 11.46% | 12.4% | 9.91% | 8.89% | 11.35% | 10.7% | 11.88% | 8.39% | 9.35% | 9.53% | 6.13% | 6.33% | 5.32% | 5.49% | 6.68% | 5.75% | 8.91% | 12.01% | 9.91% | 6.2% | 7.34% | 8.24% | 7.81% | - |
| Other Operating Expenses | -780K | 0 | -6.75M | -9.81M | 1.21M | 651K | -53.63M | 0 | 0 | 0 | 0 | 0 | 0 | 564K | 0 | 19.73M | 3.84M | 0 | 0 | 12.22M | 0 | 0 | 1.92M | 272.94M | 63.72M | 140.78M | 0 | 22.65M | 5.1M | 3.1M | 2.1M |
| Operating Income | 24.65M | 20.23M | 27.7M | 28.09M | 9.95M | 2.18M | 37.78M | 25.57M | 21.28M | 10.86M | 755K | -43.7M | 5.04M | -4.09M | -25.14M | -12.34M | -6.17M | -664K | -1.61M | 5.17M | 13.45M | 1.39M | -8.58M | -90.06M | -190.1M | -293.59M | 42.75M | 24.07M | 17.3M | 16.6M | 11.1M |
| Operating Margin % | 5.24% | 4.48% | 9.07% | 10.55% | 4.15% | 1.01% | 22.74% | 9.71% | 7.99% | 3.84% | 0.27% | -22.12% | 2.14% | -1.74% | -7.22% | -3.64% | -2.65% | -0.29% | -0.6% | 1.83% | 5.41% | 0.66% | -3.55% | -47.36% | -91.06% | -76.05% | 8.47% | 7.13% | 11.14% | 16.01% | 14.98% |
| Operating Income Growth % | - | -26.95% | -1.38% | 182.18% | 356.35% | -94.23% | 47.72% | 20.15% | 95.97% | 1338.54% | 101.73% | -967.6% | 223.06% | 83.72% | -103.8% | -99.84% | -829.67% | 58.81% | -131.17% | -61.55% | 868.88% | 116.17% | 90.47% | 52.63% | 35.25% | -786.75% | 77.58% | 39.16% | 4.22% | 49.55% | 46.05% |
| EBITDA | 49.48M | 43.88M | 41.25M | 41.49M | 21.56M | 13.17M | 48.07M | 36.55M | 34.43M | 24M | 13.86M | -28.63M | 20.99M | 13.47M | -2.56M | 11.79M | 8.62M | 13.85M | 11.52M | 22.89M | 34.18M | 20.5M | 23.09M | -63.77M | -143.87M | -231.84M | 85.18M | 46.73M | 22.4M | 19.7M | 13.2M |
| EBITDA Margin % | 10.52% | 9.72% | 13.51% | 15.59% | 8.99% | 6.13% | 28.93% | 13.87% | 12.93% | 8.49% | 4.96% | -14.49% | 8.93% | 5.73% | -0.73% | 3.47% | 3.7% | 6.07% | 4.31% | 8.1% | 13.74% | 9.79% | 9.56% | -33.53% | -68.92% | -60.06% | 16.88% | 13.83% | 14.42% | 19% | 17.81% |
| EBITDA Growth % | 47.28% | 6.39% | -0.57% | 92.42% | 63.69% | -72.6% | 31.51% | 6.15% | 43.46% | 73.13% | 148.42% | -236.41% | 55.86% | 626.22% | -121.71% | 36.7% | -37.73% | 20.18% | -49.66% | -33.03% | 66.68% | -11.2% | 136.21% | 55.68% | 37.94% | -372.17% | 82.3% | 108.6% | 13.71% | 49.24% | 50% |
| D&A (Non-Cash Add-back) | 24.82M | 23.65M | 13.55M | 13.4M | 11.61M | 10.99M | 10.29M | 10.98M | 13.15M | 13.14M | 13.11M | 15.07M | 15.95M | 17.56M | 22.58M | 24.12M | 14.79M | 14.51M | 13.13M | 17.71M | 20.73M | 19.12M | 31.67M | 26.29M | 46.23M | 61.75M | 42.43M | 22.65M | 5.1M | 3.1M | 2.1M |
| EBIT | 31.61M | 23.44M | 29.7M | 28.43M | 7.13M | 459K | 36.06M | 23.67M | 17.6M | 7.4M | 755K | -49.41M | 5.04M | -8.11M | -20.48M | 679K | 31.57M | 6.36M | 6.63M | 16.54M | 13.45M | 1.39M | -8.58M | -330.36M | -190.1M | -263.31M | 42.75M | 24.07M | 17.3M | 16.6M | 11.1M |
| Net Interest Income | -2.29M | -4.53M | 2.27M | 1.5M | -817K | -1.79M | -2M | -2.53M | -3.25M | -4.44M | -4.47M | -3.36M | -1.5M | -1.81M | -2.37M | -2.46M | -557K | 1.05M | 1.3M | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.29M | 0 | 4.35M | 3.71M | 980K | 315K | 399K | 1.47M | 981K | 447K | 1.03M | 549K | 288K | 411K | 2.17M | 2.65M | 1.71M | 4.63M | 5.32M | 11.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.59M | 4.53M | 2.08M | 2.21M | 1.8M | 2.1M | 2.4M | 4M | 4.23M | 4.88M | 5.5M | 3.9M | 1.79M | 2.22M | 2.64M | 4.58M | 2.27M | 3.58M | 3.57M | 5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.63M | -1.32M | 1.5M | 109K | -2.82M | -1.72M | -1.91M | -2.62M | -4.3M | -4.31M | -4.84M | -7.24M | -3.84M | -6.24M | 87K | 927K | 36.8M | 3.45M | 1.93M | -6.34M | -604K | -2.38M | -540K | 242.02M | -72.7M | -134.54M | -21.31M | -1.99M | -98.6M | 400K | -5.5M |
| Pretax Income | 28.28M | 18.91M | 29.2M | 28.19M | 7.13M | 459K | 35.87M | 22.95M | 16.99M | 6.55M | -4.09M | -50.94M | 1.2M | -10.33M | -25.05M | -6.19M | 30.63M | 2.78M | 321K | 11.05M | 12.84M | -990K | -7.04M | 151.96M | -262.81M | -428.14M | 21.44M | 22.09M | -81.3M | 17M | 5.6M |
| Pretax Margin % | 6.02% | 4.19% | 9.56% | 10.6% | 2.97% | 0.21% | 21.59% | 8.71% | 6.38% | 2.32% | -1.46% | -25.79% | 0.51% | -4.4% | -7.19% | -1.83% | 13.15% | 1.22% | 0.12% | 3.91% | 5.16% | -0.47% | -2.91% | 79.91% | -125.89% | -110.91% | 4.25% | 6.54% | -52.35% | 16.39% | 7.56% |
| Income Tax | -3.67M | -1.81M | 4.35M | 4.69M | 13.06M | 3.49M | 793K | -13.58M | -1.42M | -247K | 1.25M | 1.19M | 1.9M | -755K | -1.86M | -343K | 11K | 904K | 1.45M | 963K | 2.36M | 3.13M | 4.43M | 9.69M | 929K | 974K | 2M | 2.48M | 300K | 100K | 100K |
| Effective Tax Rate % | -13% | -9.56% | 14.9% | 16.63% | 183.08% | 760.78% | 2.21% | -59.17% | -8.38% | -3.77% | -30.63% | -2.34% | 158.42% | 7.31% | 7.43% | 5.54% | 0.04% | 32.49% | 450.16% | 8.71% | 18.35% | -315.76% | -62.92% | 6.38% | -0.35% | -0.23% | 9.34% | 11.21% | -0.37% | 0.59% | 1.79% |
| Net Income | 31.95M | 20.72M | 24.85M | 23.5M | -5.93M | -3.03M | 35.08M | 36.54M | 18.41M | 6.8M | -5.34M | -52.33M | -1.5M | -17.9M | -23.19M | -5.85M | 30.62M | 1.88M | -1.12M | 10.09M | 10.49M | -3.72M | -9.45M | 143.63M | -348.2M | -429.11M | 19.43M | 19.61M | -81.6M | 16.9M | 5.5M |
| Net Margin % | 6.8% | 4.59% | 8.14% | 8.83% | -2.47% | -1.41% | 21.11% | 13.87% | 6.91% | 2.41% | -1.91% | -26.49% | -0.64% | -7.62% | -6.66% | -1.72% | 13.14% | 0.82% | -0.42% | 3.57% | 4.22% | -1.77% | -3.91% | 75.52% | -166.8% | -111.16% | 3.85% | 5.8% | -52.54% | 16.3% | 7.42% |
| Net Income Growth % | 130.06% | -16.6% | 5.72% | 496.49% | -95.45% | -108.65% | -4% | 98.48% | 170.68% | 227.36% | 89.8% | -3398.26% | 91.64% | 22.83% | -296.44% | -119.11% | 1530.4% | 267.08% | -111.14% | -3.79% | 382.21% | 60.68% | -106.58% | 141.25% | 18.85% | -2307.93% | -0.9% | 124.03% | -582.84% | 207.27% | -35.29% |
| Net Income (Continuing) | 31.95M | 20.72M | 24.85M | 23.5M | -5.93M | -3.03M | 35.08M | 36.54M | 18.41M | 6.8M | -5.34M | -52.13M | -701K | -9.58M | -23.19M | -5.85M | 30.62M | 1.88M | -1.12M | 10.09M | 10.49M | -4.12M | -13.55M | 143.63M | -289.55M | -429.11M | 19.43M | 19.61M | -81.6M | 16.9M | 5.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | -795K | -6.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 611K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.95M | 3.83M | 10.64M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.41 | 0.34 | 0.44 | 0.41 | -0.10 | -0.05 | 0.63 | 0.65 | 0.33 | 0.12 | -0.10 | -1.18 | -0.03 | -0.43 | -0.56 | -0.14 | 0.72 | 0.04 | -0.03 | 0.24 | 0.37 | -0.16 | -0.42 | 11.15 | -1743.57 | -7240.07 | 319.45 | 362.83 | -99.56 | 595.51 | 197.19 |
| EPS Growth % | 109.14% | -22.73% | 7.32% | 510% | -110.53% | -107.54% | -3.08% | 96.97% | 175% | 220% | 91.53% | -3290.8% | 91.91% | 23.21% | -300% | -119.44% | 1727.41% | 241.73% | -111.58% | -35.14% | 331.25% | 61.9% | -103.77% | 100.64% | 75.92% | -2366.42% | -11.96% | 464.43% | -116.72% | 202% | -43.82% |
| EPS (Basic) | - | 0.35 | 0.44 | 0.41 | -0.10 | -0.05 | 0.63 | 0.66 | 0.34 | 0.12 | -0.10 | -1.18 | -0.03 | -0.43 | -0.57 | -0.14 | 0.75 | 0.05 | -0.03 | 0.26 | 0.40 | -0.16 | -0.42 | 11.92 | -2007.07 | -7240.07 | 339.16 | 378.60 | -99.56 | 615.23 | 201.13 |
| Diluted Shares Outstanding | 77.19M | 60.4M | 57.02M | 56.67M | 56.59M | 56.4M | 55.58M | 56.03M | 55.75M | 54.85M | 51.97M | 44.28M | 43.05M | 42.07M | 41.52M | 41.51M | 42.58M | 42.07M | 40.47M | 42.17M | 27.91M | 22.76M | 22.56M | 13M | 199.71K | 59.27K | 61.11K | 54.34K | 819.62K | 557.34K | 548.82K |
| Basic Shares Outstanding | 74.53M | 59.43M | 57.02M | 56.67M | 56.59M | 56.4M | 55.52M | 55.37M | 54.93M | 54.68M | 51.97M | 44.28M | 43.05M | 41.96M | 41.02M | 41.51M | 41.04M | 40.73M | 40.47M | 39.7M | 26.17M | 22.76M | 22.56M | 12.05M | 173.49K | 59.27K | 57.09K | 51.85K | 819.62K | 557.34K | 548.82K |
| Dividend Payout Ratio | - | - | - | - | - | - | 57.02% | 68.05% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and project volatility
As reported in recent financial filings, GILT achieved a 20% year-over-year revenue increase in 2026Q1, following a period of significant volatility where quarterly growth peaked at 75.3% in 2025Q4, suggesting that the company's top-line trajectory remains heavily dependent on the timing of large-scale infrastructure project milestones.
The acceleration in revenue appears to be driven by a combination of recovering aviation demand and the execution of long-term terrestrial infrastructure contracts. However, the inconsistency in growth rates suggests that investors should monitor the sustainability of these project-based inflows versus recurring service revenue, as the latter remains a smaller component of the total mix.
Based on the provided income statement data, GILT's gross margin has experienced notable contraction, falling from a peak of 39.7% in 2024Q4 to 34.1% in 2026Q1, which indicates intensifying competitive pricing pressures within the satellite ground-segment hardware market and a shift toward lower-margin project work.
The erosion of gross margins suggests that the company may be sacrificing pricing power to maintain market share against emerging LEO-compatible hardware competitors. This trend warrants further investigation into whether the current product mix is shifting toward commoditized VSAT equipment, which would necessitate a higher volume of sales to maintain absolute profit levels.
According to the quarterly income statement, GILT's operating margin has struggled to scale with revenue, fluctuating between a low of -3.0% in 2025Q1 and a high of 16.3% in 2024Q4, demonstrating that the company has yet to achieve consistent operating leverage despite significant top-line expansion.
The inability to consistently expand operating margins suggests that fixed costs, particularly R&D and specialized engineering labor, remain a heavy burden on the bottom line. Investors should monitor whether the company can successfully transition to a more software-defined model to decouple revenue growth from the current high-touch, project-based cost structure.
As evidenced by the income statement, GILT maintains a consistent R&D spend averaging over $11 million per quarter, which, when combined with SG&A, frequently consumes the majority of gross profit and leaves the company vulnerable to even minor fluctuations in project-based revenue recognition.
The high proportion of R&D relative to gross profit suggests that the company is prioritizing technological differentiation to defend its moat in the mobility sector. However, this cost structure appears to limit the company's ability to generate meaningful operating income, making the business highly sensitive to any delays in milestone-based revenue recognition.
Based on the reported figures, the volatility in net income—ranging from a $6.0 million loss in 2025Q1 to an $11.8 million profit in 2024Q4—suggests that GILT's earnings quality is heavily influenced by non-recurring project milestones rather than stable, recurring operational performance.
Short-sellers may focus on the disconnect between revenue growth and cash flow, particularly given the reliance on percentage-of-completion accounting for large government projects. The risk remains that the current earnings profile is unsustainable if the company fails to secure a consistent pipeline of high-margin defense or mobility contracts to replace completed infrastructure projects.
Quick answers to the most common questions about buying GILT stock.
For fiscal year 2025, Gilat Satellite Networks Ltd. (GILT) reported total revenue of $451.7M. This represents a 509.5% increase compared to $74.1M in 1996.
Gilat Satellite Networks Ltd. (GILT) is profitable, generating $20.7M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Gilat Satellite Networks Ltd. (GILT) reported an operating income of $20.2M, resulting in an operating profit margin of 4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Gilat Satellite Networks Ltd. (GILT) generated $133.3M in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.