IRDM

MKT CAP:$4B

Iridium Communications Inc.

Market Cap

$4B

Communication Services·Telecommunications Services·🇺🇸 United States·NASDAQ

Communication·Telecommunications·🇺🇸·NASDAQ

Stock Price

$40.29+$22.53 (+126.86%)

Apr 23, 2026

Company Details

Iridium Communications Inc. provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers post...

CEO

Matthew J. Desch

IPO Date

Mar 20, 2008

Website

www.iridium.com

Key Metrics TTM

Revenue

$876M

+4.1% YoY

Net Income

$106M

EPS (Diluted)

$0.99

Free Cash Flow

$305M

Revenue / Share

$8.22

Gross Margin

62.5%

Operating Margin

25.8%

Net Margin

12.1%

FCF Margin

34.8%

P/S

4.7x

P/E

39.2x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$219M+1.9%EPS $0.20

FY 2025

Feb 12, 2026

$872M+4.9%EPS $1.06

Q4 2025

Feb 12, 2026

$213M-0.0%EPS $0.24

Q3 2025

Oct 23, 2025

$227M+6.7%EPS $0.35

Q2 2025

Jul 24, 2025

$217M+7.9%EPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$175M	$52M	$21M
Q3 22	$184M	$55M	$18M
Q4 22	$194M	$61M	$19M
Q1 23	$205M	$66M	$23M
Q2 23	$193M	$64M	$22M
Q3 23	$198M	$67M	$28M
Q4 23	$195M	$86M	$46M
Q1 24	$204M	$94M	$50M
Q2 24	$201M	$97M	$44M
Q3 24	$213M	$105M	$55M
Q4 24	$213M	$101M	$52M
Q1 25	$215M	$102M	$60M
Q2 25	$217M	$99M	$50M
Q3 25	$227M	$111M	$70M
Q4 25	$213M	$169M	$55M
Q1 26	$219M	$169M	$51M

Valuation

Quarter	P/S	P/E
Q2 22	7.3x	—
Q3 22	8.5x	1588.8x
Q4 22	10.4x	863.3x
Q1 23	10.3x	499.9x
Q2 23	9.9x	—
Q3 23	6.9x	—
Q4 23	6.1x	313.6x
Q1 24	4.0x	123.9x
Q2 24	3.9x	35.3x
Q3 24	4.4x	31.2x
Q4 24	4.1x	30.2x
Q1 25	3.8x	26.2x
Q2 25	3.9x	29.3x
Q3 25	2.1x	14.8x
Q4 25	2.1x	15.9x
Q1 26	3.0x	24.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$100M	$82M
Q3 22	$89M	$75M
Q4 22	$90M	$64M
Q1 23	$69M	$46M
Q2 23	$87M	$65M
Q3 23	$71M	$59M
Q4 23	$88M	$72M
Q1 24	$71M	$57M
Q2 24	$81M	$69M
Q3 24	$119M	$100M
Q4 24	$105M	$81M
Q1 25	$61M	$37M
Q2 25	$130M	$109M
Q3 25	$101M	$79M
Q4 25	$109M	$75M
Q1 26	$72M	$42M

Capital Expenditures

Quarter	CapEx
Q2 22	$17M
Q3 22	$14M
Q4 22	$27M
Q1 23	$23M
Q2 23	$22M
Q3 23	$12M
Q4 23	$16M
Q1 24	$15M
Q2 24	$12M
Q3 24	$19M
Q4 24	$24M
Q1 25	$25M
Q2 25	$21M
Q3 25	$22M
Q4 25	$33M
Q1 26	$30M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+16.7%	+11.4%
Q3 22	+13.5%	+13.0%
Q4 22	+24.3%	+20.6%
Q1 23	+22.0%	+22.2%
Q2 23	+10.4%	+11.3%
Q3 23	+7.4%	+2.0%
Q4 23	+0.5%	-15.2%
Q1 24	-0.7%	-15.4%
Q2 24	+4.1%	-8.3%
Q3 24	+7.7%	-7.0%
Q4 24	+9.4%	+8.2%
Q1 25	+5.4%	+0.3%
Q2 25	+7.9%	+5.9%
Q3 25	+6.7%	-0.4%
Q4 25	-0.0%	-1.8%
Q1 26	+1.9%	+9.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$10M	5.5%
Q3 22	$14M	7.4%
Q4 22	$12M	6.2%
Q1 23	$13M	6.2%
Q2 23	$17M	8.7%
Q3 23	$16M	8.1%
Q4 23	$12M	6.1%
Q1 24	$14M	6.9%
Q2 24	$19M	9.6%
Q3 24	$18M	8.3%
Q4 24	$12M	5.8%
Q1 25	$12M	5.5%
Q2 25	$19M	8.8%
Q3 25	$13M	5.8%
Q4 25	$8M	3.6%
Q1 26	$11M	5.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 22	$3M	$29M
Q3 22	$5M	$32M
Q4 22	$6M	$37M
Q1 23	$4M	$39M
Q2 23	$6M	$37M
Q3 23	$5M	$33M
Q4 23	$6M	$34M
Q1 24	$7M	$37M
Q2 24	$7M	$47M
Q3 24	$6M	$44M
Q4 24	$9M	$40M
Q1 25	$5M	$36M
Q2 25	$4M	$45M
Q3 25	$5M	$36M
Q4 25	$5M	$42M
Q1 26	$6M	$46M

Revenue Segments

Quarter	Engineering and Support Services	Service	Subscription and Circulation
Q2 22	$8M	$133M	$34M
Q3 22	$17M	$139M	$28M
Q4 22	$18M	$137M	$39M
Q1 23	$24M	$139M	$42M
Q2 23	$21M	$145M	$27M
Q3 23	$25M	$152M	$20M
Q4 23	$31M	$148M	$16M
Q1 24	$30M	$149M	$25M
Q2 24	$26M	$152M	$23M
Q3 24	$31M	$160M	$22M
Q4 24	$37M	$154M	$22M
Q1 25	$37M	$154M	$23M
Q2 25	$42M	$156M	$19M
Q3 25	$40M	$165M	$22M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$227M	$0	$227M
Q3 22	$219M	$0	$219M
Q4 22	$169M	$0	$169M
Q1 23	$127M	$0	$127M
Q2 23	$103M	$0	$103M
Q3 23	$68M	$0	$68M
Q4 23	$72M	$0	$72M
Q1 24	$174M	$0	$174M
Q2 24	$64M	$0	$64M
Q3 24	$160M	$0	$160M
Q4 24	$94M	$0	$94M
Q1 25	$51M	$0	$51M
Q2 25	$79M	$0	$79M
Q3 25	$89M	$0	$89M
Q4 25	$97M	$0	$97M
Q1 26	$112M	$0	$112M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	130M	-1.7%	-4.0%
Q3 22	129M	-0.4%	-2.9%
Q4 22	126M	-2.5%	-14.4%
Q1 23	129M	+2.3%	-2.4%
Q2 23	126M	-1.9%	-2.6%
Q3 23	125M	-0.8%	-3.0%
Q4 23	123M	-1.9%	-2.5%
Q1 24	124M	+1.0%	-3.7%
Q2 24	121M	-2.2%	-4.0%
Q3 24	118M	-2.6%	-5.6%
Q4 24	115M	-2.3%	-6.0%
Q1 25	111M	-4.1%	-10.7%
Q2 25	108M	-2.2%	-10.8%
Q3 25	106M	-1.6%	-9.9%
Q4 25	105M	-1.6%	-9.2%
Q1 26	107M	+1.7%	-3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$325.7K	537
Q3 22	$342.8K	537
Q4 22	$294.6K	658
Q1 23	$312.0K	658
Q2 23	$293.5K	658
Q3 23	$300.3K	658
Q4 23	$256.2K	760
Q1 24	$268.2K	760
Q2 24	$264.6K	760
Q3 24	$280.0K	760
Q4 24	$244.0K	873
Q1 25	$246.1K	873
Q2 25	$248.5K	873
Q3 25	$259.9K	873
Q4 25	$218.4K	975
Q1 26	$224.7K	975

Revenue / Employee