Modest 2Q26 Sales Miss / EBITDA Beat; FY Outlook Lowered Across the Board

研报英文原文证据摘录

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M

Update

August 6, 2026 12:10 PM GMT

Morgan Stanley & Co. LLC

Gogo Inc | North America

Justin M Lang

Equity Analyst

Modest 2Q26 Sales Miss /

EBITDA Beat; FY Outlook

Lowered Across the Board

Kristine T Liwag

Equity Analyst

Jason T Holcomb

Research Associate

Gabrielle Knafelman

Research Associate

Shaina C Zuber

AlphaSignals Earnings Reaction

Research Associate

Unchanged

In-line

Meaningful revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Kyle Benvenuto

Source: Company data, Morgan Stanley Research

Research Associate

Gogo Inc (GOGO.O, GOGO US)

Space Technology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

Attractive

$7.00

$4.46

$608

$16.18-3.02

Key Takeaways

Modest 2Q26 revenue miss (-1% / -2% vs. MSe / cons.) on lower than expected

equipment sales; Service revenue beat (+3% vs. MSe and cons.)

2Q26 Adj. EBITDA ahead of estimates (+9% / +11% vs. MSe / cons.); FCF ~2%

below estimates

Full-year 2026 guidance lowered across key metrics: midpoint of sales / EBITDA /

FCF outlook reduced by ~5% / ~13% / ~25%

Our Take: Focus will land squarely on updated guidance, which was lowered across

the board for the full year. Updated outlook implies a softer 2H26 vs. 1H26 for sales

and adj. EBITDA (and a ~5% / ~28% contraction y/y in 2H sales / EBITDA) just as

Gogo is anticipating a back-half Galileo and 5G ramp. Expect the stock to trade

down.

We offer initial highlights from Gogo’s 2Q26 print, and include a 2Q26 variance and

updated guidance summary table below. Gogo will host its earnings call today at

8:30AM ET.

Initial Highlights:

• Service revenue of $191.3mn beat MSe / cons. estimates of $184.8mn /

$186.1mn

• Equipment revenue of $31.5mn missed MSe / cons. estimates of $41mn /

$42mn

• Adj. EBITDA of $53.7mn (~24.1% margin) beat MSe / cons. estimates of

$49.3mn / $48.5mn

• FCF of $21.6mn modestly missed MSe estimates of $22.1mn

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