Revenue growth remains range-bound between -0.7% and 9.4% over the last ten quarters, while gross margins expanded significantly to 77.3% in 2026Q1 due to shifts in depreciation recognition.
| 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 |
|---|
| Sales/Revenue | 875.84M | 871.66M | 830.68M | 790.72M | 721.03M | 614.5M | 583.44M | 560.44M | 523.01M | 448.05M | 433.64M | 411.38M | 408.56M | 382.65M | 383.52M | 384.31M | 348.17M | 75.99M | 0 | 0 |
| Revenue Growth % | 4.06% | 4.93% | 5.05% | 9.67% | 17.34% | 5.32% | 4.1% | 7.16% | 16.73% | 3.32% | 5.41% | 0.69% | 6.77% | -0.23% | -0.2% | 10.38% | 358.19% | - | - | - |
| Cost of Goods Sold | 328.2M | 197.58M | 433.69M | 507.62M | 504.63M | 455.83M | 445.87M | 442.85M | 361.08M | 247.11M | 158.64M | 152.95M | 187.22M | 186.39M | 193.33M | 219.94M | 224.91M | 59.13M | 0 | 0 |
| COGS % of Revenue | - | 22.67% | 52.21% | 64.2% | 69.99% | 74.18% | 76.42% | 79.02% | 69.04% | 55.15% | 36.58% | 37.18% | 45.83% | 48.71% | 50.41% | 57.23% | 64.6% | 77.82% | - | - |
| Gross Profit | 547.64M | 674.08M | 396.99M | 283.1M | 216.4M | 158.67M | 137.57M | 117.59M | 161.93M | 200.94M | 275M | 258.43M | 221.33M | 196.26M | 190.19M | 164.37M | 123.27M | 16.85M | 0 | 0 |
| Gross Margin % | 62.53% | 77.33% | 47.79% | 35.8% | 30.01% | 25.82% | 23.58% | 20.98% | 30.96% | 44.85% | 63.42% | 62.82% | 54.17% | 51.29% | 49.59% | 42.77% | 35.4% | 22.18% | - | - |
| Gross Profit Growth % | - | 69.8% | 40.23% | 30.82% | 36.38% | 15.34% | 16.99% | -27.38% | -19.41% | -26.93% | 6.41% | 16.76% | 12.78% | 3.19% | 15.71% | 33.34% | 631.38% | - | - | - |
| Operating Expenses | 321.33M | 438.1M | 193.5M | 163.97M | 139.72M | 112.36M | 102.09M | 107.47M | 120.28M | 99.65M | 98.63M | 97.59M | 96.22M | 86.37M | 83.11M | 84.37M | 85.91M | 29.17M | 2.59M | 1.27K |
| OpEx % of Revenue | - | 50.26% | 23.29% | 20.74% | 19.38% | 18.28% | 17.5% | 19.18% | 23% | 22.24% | 22.74% | 23.72% | 23.55% | 22.57% | 21.67% | 21.95% | 24.67% | 38.38% | - | - |
| Selling, General & Admin | 167.74M | 157.71M | 165.08M | 143.71M | 123.5M | 100.47M | 90.05M | 93.17M | 97.85M | 84.41M | 82.55M | 81.44M | 78.64M | 75.22M | 67.59M | 65.68M | 66.73M | 17.03M | 2.31M | 0 |
| SG&A % of Revenue | - | 18.09% | 19.87% | 18.17% | 17.13% | 16.35% | 15.43% | 16.62% | 18.71% | 18.84% | 19.04% | 19.8% | 19.25% | 19.66% | 17.62% | 17.09% | 19.17% | 22.41% | - | - |
| Research & Development | 20.52M | 19.76M | 28.42M | 20.27M | 16.22M | 11.88M | 12.04M | 14.31M | 22.43M | 15.25M | 16.08M | 16.14M | 17.59M | 11.15M | 15.53M | 18.68M | 19.18M | 5.97M | 0 | 0 |
| R&D % of Revenue | - | 2.27% | 3.42% | 2.56% | 2.25% | 1.93% | 2.06% | 2.55% | 4.29% | 3.4% | 3.71% | 3.92% | 4.3% | 2.91% | 4.05% | 4.86% | 5.51% | 7.86% | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 226.31M | 235.98M | 203.48M | 119.13M | 76.68M | 46.31M | 35.48M | 10.12M | 41.65M | 101.29M | 176.37M | 160.84M | 125.11M | 109.89M | 107.07M | 80M | 37.36M | -12.31M | -2.59M | -1.27K |
| Operating Margin % | 25.84% | 27.07% | 24.5% | 15.07% | 10.63% | 7.54% | 6.08% | 1.81% | 7.96% | 22.61% | 40.67% | 39.1% | 30.62% | 28.72% | 27.92% | 20.82% | 10.73% | -16.2% | - | - |
| Operating Income Growth % | - | 15.97% | 70.81% | 55.36% | 65.56% | 30.52% | 250.62% | -75.7% | -58.88% | -42.57% | 9.65% | 28.56% | 13.85% | 2.63% | 33.84% | 114.14% | 403.44% | -375.57% | -203108.71% | - |
| EBITDA | 438.59M | 446.19M | 406.61M | 401.63M | 380.16M | 351.75M | 338.66M | 307.82M | 259.86M | 223.55M | 225.76M | 212.68M | 197.88M | 184.87M | 188.18M | 177.65M | 128.03M | 10.06M | -8.2M | -1.27K |
| EBITDA Margin % | 50.08% | 51.19% | 48.95% | 50.79% | 52.72% | 57.24% | 58.05% | 54.93% | 49.69% | 49.9% | 52.06% | 51.7% | 48.43% | 48.31% | 49.07% | 46.23% | 36.77% | 13.24% | - | - |
| EBITDA Growth % | 5.24% | 9.73% | 1.24% | 5.65% | 8.08% | 3.86% | 10.02% | 18.46% | 16.24% | -0.98% | 6.15% | 7.48% | 7.04% | -1.76% | 5.93% | 38.76% | 1172.13% | 222.78% | -643286.11% | - |
| D&A (Non-Cash Add-back) | 212.28M | 210.21M | 203.13M | 282.5M | 303.48M | 305.43M | 303.17M | 297.7M | 218.21M | 122.27M | 49.39M | 51.83M | 72.77M | 74.98M | 81.11M | 97.65M | 90.67M | 22.38M | -5.61M | 0 |
| EBIT | 178.71M | 235.98M | 212.54M | 97.57M | 82.6M | 45.02M | 9.64M | -78.02M | 34.49M | 119.6M | 179.51M | 76.4M | 122.28M | 118.17M | 95.02M | 64.62M | 37.33M | -45.13M | 3.02M | -1.27K |
| Net Interest Income | -66.43M | -88.25M | -91.13M | -90.39M | -65.09M | -73.91M | -94.27M | -115.4M | -55.15M | 4.3M | 2.93M | -220K | -2.19M | -5.43M | -9.16M | -11.32M | -2.73M | 1.23M | 0 | 0 |
| Interest Income | 4.35M | 0 | 11.62M | 11.93M | 7M | 0 | 4.33M | 24.7M | 0 | 4.33M | 2.93M | 3.07M | 3.64M | 2.28M | 1.07M | 1.24M | 2.35M | 1.3M | 5.6M | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 136.91M | 141.99M | 125.03M | -10.84M | 9.01M | -28.89M | -88.96M | -218.12M | -20.65M | 119.57M | 178.16M | 73.11M | 116.45M | 110.47M | 95.02M | 64.58M | 35.61M | -45.48M | 3.01M | -3.81K |
| Pretax Margin % | 15.63% | 16.29% | 15.05% | -1.37% | 1.25% | -4.7% | -15.25% | -38.92% | -3.95% | 26.69% | 41.09% | 17.77% | 28.5% | 28.87% | 24.78% | 16.8% | 10.23% | -59.85% | - | - |
| Income Tax | 12.97M | 27.62M | 12.26M | -26.25M | 292K | -19.57M | -32.91M | -56.12M | -7.26M | -114.28M | 67.13M | 65.99M | 41.46M | 47.95M | 30.39M | 24.9M | 12.92M | -1.32M | 1.36M | 0 |
| Effective Tax Rate % | 9.47% | 19.45% | 9.8% | 242.26% | 3.24% | 67.74% | 36.99% | 25.73% | 35.18% | -95.58% | 37.68% | 90.26% | 35.61% | 43.41% | 31.98% | 38.56% | 36.28% | 2.9% | 45.03% | 0% |
| Net Income | 105.55M | 114.37M | 112.78M | 15.41M | 8.72M | -9.32M | -56.05M | -162M | -13.38M | 233.86M | 111.03M | 7.12M | 74.99M | 62.52M | 64.63M | 39.68M | 22.69M | -44.39M | 1.66M | -3.81K |
| Net Margin % | 12.05% | 13.12% | 13.58% | 1.95% | 1.21% | -1.52% | -9.61% | -28.91% | -2.56% | 52.19% | 25.6% | 1.73% | 18.35% | 16.34% | 16.85% | 10.33% | 6.52% | -58.41% | - | - |
| Net Income Growth % | -14.56% | 1.42% | 631.6% | 76.74% | 193.59% | 83.38% | 65.4% | -1110.39% | -105.72% | 110.62% | 1458.78% | -90.5% | 19.95% | -3.27% | 62.88% | 74.88% | 151.12% | -2780.61% | 43536.99% | - |
| Net Income (Continuing) | 105.55M | 114.37M | 112.78M | 15.41M | 8.72M | -9.32M | -56.05M | -162M | -13.38M | 233.86M | 111.03M | 7.12M | 74.99M | 62.52M | 64.63M | 39.68M | 22.69M | -44.16M | 1.66M | -3.81K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | 0.99 | 1.06 | 0.94 | 0.12 | 0.07 | -0.07 | -0.42 | -1.29 | -0.12 | 2.22 | 1.00 | -0.09 | 0.67 | 0.72 | 0.85 | 0.56 | 0.27 | -0.82 | 0.04 | -0.00 |
| EPS Growth % | -7.48% | 12.77% | 683.33% | 79.1% | 195.99% | 83.38% | 67.44% | -975% | -105.41% | 122% | 1244.16% | -113.04% | -6.94% | -15.29% | 51.79% | 107.41% | 132.93% | -2240.99% | - | - |
| EPS (Basic) | - | 1.07 | 0.95 | 0.12 | 0.07 | -0.07 | -0.42 | -1.29 | -0.12 | 2.22 | 1.00 | -0.09 | 0.67 | 0.72 | 0.85 | 0.57 | 0.28 | -0.82 | 0.04 | -0.00 |
| Diluted Shares Outstanding | 106.56M | 107.84M | 119.79M | 127.22M | 130.13M | 133.53M | 133.49M | 125.17M | 112.2M | 98.2M | 95.88M | 95.13M | 93.91M | 76.69M | 76.46M | 73.56M | 72.96M | 53.96M | 43.27M | 11.5M |
| Basic Shares Outstanding | 105.77M | 107.24M | 118.57M | 122.78M | 128.25M | 133.53M | 133.49M | 125.17M | 108.97M | 97.93M | 95.88M | 95.1M | 91.43M | 76.69M | 76.13M | 72.16M | 70.29M | 53.96M | 43.27M | 11.5M |
| Dividend Payout Ratio | - | 54.96% | 57.4% | 420.2% | - | - | - | - | - | - | - | - | - | 11.2% | - | - | - | - | - | - |
Satellite constellation replacement cycle
According to the provided financial data, Iridium's revenue growth has remained largely range-bound, fluctuating between a 0.7% contraction and a 9.4% expansion over the last ten quarters, suggesting a mature business model that relies heavily on existing subscriber retention rather than aggressive new market penetration.
The revenue trajectory appears to reflect the inherent stability of a mission-critical satellite service provider with high switching costs. Investors should monitor whether the recent deceleration in growth signals a saturation point in the core IoT and government segments or merely a temporary lull in hardware-driven ecosystem expansion.
As reported in the income statement, Iridium experienced a significant gross margin expansion to 77.3% in 2026Q1, a sharp departure from the sub-50% levels observed throughout 2024 and 2025, which likely reflects a shift in the underlying cost recognition of satellite infrastructure depreciation.
This sudden margin improvement warrants further investigation into whether it stems from a change in accounting estimates regarding the useful life of the satellite constellation. If this margin expansion is sustainable, it may indicate that the company has successfully entered a low-CapEx phase that significantly enhances its operating leverage.
Based on the quarterly figures, operating income has struggled to scale proportionally with gross profit, as evidenced by operating margins hovering between 21% and 31% despite the high-margin nature of the service revenue, suggesting that SG&A and R&D expenses remain sticky relative to top-line growth.
The inability to consistently expand operating margins suggests that the company continues to invest heavily in maintaining its competitive moat and supporting its complex global ground infrastructure. Investors should consider whether this level of overhead is a permanent requirement for maintaining the LEO mesh network or if there is potential for future cost rationalization.
Financial statements indicate that Iridium consistently records significant stock-based compensation, with quarterly charges reaching as high as $19.1M in 2025Q2, which creates a persistent wedge between GAAP net income and the underlying cash-generating capability of the core satellite operations.
The reliance on equity-based incentives appears to be a standard component of the company's compensation structure, yet it complicates the assessment of true economic profitability. Analysts should focus on EBITDA-based metrics to strip out these non-cash charges and better evaluate the company's ability to fund its dividend and share repurchase programs.
While Iridium maintains a unique LEO architecture, the emergence of terrestrial-to-satellite D2D competitors poses a structural threat to the company's legacy voice and low-speed data business, as indicated by the recent termination of the Qualcomm partnership and the resulting uncertainty in the consumer smartphone integration strategy.
Short-sellers may focus on the potential for margin compression if Iridium is forced to lower pricing to defend its market share against newer, more bandwidth-efficient entrants. The long-term viability of the current revenue model appears contingent on the company's ability to maintain its niche in mission-critical industrial applications where latency and reliability are paramount.
Quick answers to the most common questions about buying IRDM stock.
For fiscal year 2025, Iridium Communications Inc. (IRDM) reported total revenue of $871.7M.
Iridium Communications Inc. (IRDM) is profitable, generating $114.4M in net income for the fiscal year ending 2025 with a net profit margin of 13.1%.
Iridium Communications Inc. (IRDM) reported an operating income of $236.0M, resulting in an operating profit margin of 27.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Iridium Communications Inc. (IRDM) generated $674.1M in gross profit for the year, representing a gross profit margin of 77.3%. This demonstrates the company's core pricing power and production efficiency.