Iridium Communications (IRDM) Financials

$43.09 +1.43 (+3.43%)

Closing price 05/13/2026 04:00 PM Eastern

Extended Trading

$43.09 0.00 (0.00%)

As of 08:06 AM Eastern

Annual Income Statements for Iridium Communications

This table shows Iridium Communications' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-8.31	96	218	-24	-166	-56	-9.32	8.72	15	113	114
Consolidated Net Income / (Loss)	7.12	111	234	-13	-162	-56	-9.32	8.72	15	113	114
Net Income / (Loss) Continuing Operations	7.12	111	234	-13	-380	-56	-9.32	8.72	15	113	114
Total Pre-Tax Income	73	178	120	-21	-218	-89	-29	11	-4.75	110	145
Total Operating Income	74	176	115	42	10	35	46	77	82	200	236
Total Gross Profit	371	389	404	466	976	441	464	520	566	600	624
Total Revenue	411	434	448	523	1,121	583	615	721	791	831	872
Operating Revenue	411	434	448	523	1,121	583	615	721	791	831	872
Total Cost of Revenue	41	44	44	57	145	143	150	201	225	231	248
Operating Cost of Revenue	41	44	44	57	145	143	150	201	225	231	248
Total Operating Expenses	297	213	288	424	956	405	418	443	484	400	388
Selling, General & Admin Expense	81	83	84	98	93	90	100	124	144	168	158
Research & Development Expense	16	16	15	22	14	12	12	16	20	28	20
Depreciation Expense	52	49	122	218	298	303	305	303	320	203	210
Total Other Income / (Expense), net	-0.69	1.79	4.10	-62	-456	-124	-75	-66	-86	-91	-91
Interest Expense	-3.07	-2.93	-4.33	55	227	124	75	66	90	91	88
Other Income / (Expense), net	-3.76	-1.14	-0.23	-7.15	-229	0.03	-0.42	0.11	4.01	0.53	-2.92
Income Tax Expense	66	67	-114	-7.27	-56	-33	-20	0.29	-26	12	28
Other Gains / (Losses), net	-	-	-	-	-	0.00	0.00	-1.50	-6.09	15	-2.82
Basic Earnings per Share	($0.09)	$1.00	$2.23	($0.22)	($1.33)	($0.42)	($0.07)	$0.07	$0.12	$0.95	$1.07
Weighted Average Basic Shares Outstanding	95.10M	95.97M	97.93M	108.98M	125.17M	133.49M	133.53M	128.26M	125.60M	118.57M	107.24M
Diluted Earnings per Share	($0.09)	$0.89	$1.82	$0.00	$0.00	-	-	$0.07	$0.12	$0.94	$1.06
Weighted Average Diluted Shares Outstanding	95.10M	124.88M	128.13M	0.00	0.00	133.49M	133.53M	130.13M	127.22M	119.79M	107.84M
Weighted Average Basic & Diluted Shares Outstanding	92.40M	95.60M	97.90M	107M	131.73M	134.28M	128.37M	125.97M	122.45M	108.84M	104.96M

This table shows Iridium Communications' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.64	38	20	32	24	36	30	22	37	25	22
Consolidated Net Income / (Loss)	-1.64	38	20	32	24	36	30	22	37	25	22
Net Income / (Loss) Continuing Operations	-1.64	38	20	32	24	36	30	22	37	25	22
Total Pre-Tax Income	-6.16	30	29	19	31	31	37	27	48	33	31
Total Operating Income	28	46	50	44	55	52	60	50	70	55	51
Total Gross Profit	143	139	144	148	156	153	153	152	164	155	156
Total Revenue	198	195	204	201	213	213	215	217	227	213	219
Operating Revenue	198	195	204	201	213	213	215	217	227	213	219
Total Cost of Revenue	54	56	60	53	57	60	62	65	63	58	63
Operating Cost of Revenue	54	56	60	53	57	60	62	65	63	58	63
Total Operating Expenses	115	93	94	104	101	101	93	102	93	100	106
Selling, General & Admin Expense	33	34	37	47	44	41	36	45	36	42	46
Research & Development Expense	5.04	5.73	7.20	6.51	6.19	8.52	5.42	4.28	4.94	5.12	6.17
Depreciation Expense	77	53	50	51	51	51	52	53	53	53	54
Total Other Income / (Expense), net	-34	-16	-21	-24	-24	-22	-24	-24	-22	-22	-20
Interest Expense	35	19	21	24	24	22	22	23	23	21	19
Other Income / (Expense), net	0.34	3.03	0.04	-0.65	0.31	0.83	-1.69	-0.87	0.37	-0.73	-0.19
Income Tax Expense	-6.01	-9.58	7.93	4.57	6.01	-6.24	5.82	3.81	10	7.99	8.83
Other Gains / (Losses), net	-1.49	-1.77	-1.57	18	-0.47	-0.41	-0.65	-0.86	-0.73	-0.58	-0.73
Basic Earnings per Share	($0.01)	$0.29	$0.16	$0.27	$0.21	$0.31	$0.28	$0.20	$0.35	$0.24	$0.20
Weighted Average Basic Shares Outstanding	125.18M	125.60M	123.15M	120.61M	117.45M	118.57M	109.76M	107.81M	106.10M	107.24M	105.77M
Diluted Earnings per Share	($0.01)	$0.29	$0.16	$0.27	$0.21	$0.30	$0.27	$0.20	$0.35	$0.24	$0.20
Weighted Average Diluted Shares Outstanding	125.18M	127.22M	123.99M	121.24M	118.11M	119.79M	110.67M	108.18M	106.48M	107.84M	106.56M
Weighted Average Basic & Diluted Shares Outstanding	247.70M	122.45M	242.86M	236.77M	113.85M	108.84M	108.16M	106.11M	104.75M	104.96M	105.73M
Cash Dividends to Common per Share	$0.13	-	$0.13	$0.14	$0.14	-	$0.14	$0.14	$0.15	-	$0.15

This table details how cash moves in and out of Iridium Communications' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-21	208	-96	197	-242	14	84	-152	-97	22	103
Net Cash From Operating Activities	217	225	260	264	198	250	303	345	315	376	400
Net Cash From Continuing Operating Activities	217	225	260	264	198	250	303	349	322	379	400
Net Income / (Loss) Continuing Operations	7.12	111	234	-13	-162	-56	-9.32	8.72	15	113	114
Consolidated Net Income / (Loss)	7.12	111	234	-13	-162	-56	-9.32	8.72	15	113	114
Depreciation Expense	52	49	122	218	298	303	305	303	320	203	210
Amortization Expense	2.03	0.89	0.00	10	19	3.66	4.20	4.60	3.74	2.52	2.78
Non-Cash Adjustments To Reconcile Net Income	97	15	31	22	127	47	28	51	70	48	54
Changes in Operating Assets and Liabilities, net	75	49	-85	27	-83	-48	-25	-18	-88	13	18
Net Cash From Investing Activities	-439	-242	-373	-379	-128	-46	-36	-121	-83	-181	-100
Net Cash From Continuing Investing Activities	-439	-242	-373	-379	-128	-46	-36	-127	-91	-181	-100
Purchase of Property, Plant & Equipment	-495	-406	-400	-391	-118	-39	-42	-77	-81	-70	-100
Acquisitions	-	-	-	-	-	-0.15	0.00	-50	-10	0.00	0.00
Purchase of Investments	-205	-20	-7.01	-236	-10	-7.63	-1.64	0.00	0.00	-111	0.00
Net Cash From Financing Activities	202	224	17	194	-313	-188	-182	-375	-327	-170	-300
Net Cash From Continuing Financing Activities	202	224	17	313	-313	-188	-182	-375	-327	-170	-200
Repayment of Debt	-15	-12	-3.85	-162	-1,764	-398	-200	0.00	-1.16	-0.35	17
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-163	-257	-247	-408	-186
Payment of Dividends	-15	-15	-3.86	-15	-8.39	-	0.00	0.00	-65	-65	-63
Issuance of Debt	230	251	22	360	1,450	202	179	-117	-8.38	306	50
Other Financing Activities, net	2.07	-0.08	2.37	10	8.88	8.20	1.53	-1.42	-5.72	-3.26	-18
Effect of Exchange Rate Changes	-0.76	0.51	0.14	-1.27	1.23	-1.49	-0.29	-	-	-3.22	3.09
Cash Interest Paid	19	23	0.00	36	119	99	72	64	92	95	90
Cash Income Taxes Paid	3.43	1.39	1.66	0.93	-0.61	-0.66	1.78	2.22	4.23	5.25	7.01

This table details how cash moves in and out of Iridium Communications' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-36	3.99	102	-210	197	-67	-45	27	9.43	111	15
Net Cash From Operating Activities	71	88	71	81	119	105	61	130	101	109	72
Net Cash From Continuing Operating Activities	73	89	71	81	119	108	61	130	101	109	72
Net Income / (Loss) Continuing Operations	-1.64	38	20	32	24	36	30	22	37	25	22
Consolidated Net Income / (Loss)	-1.64	38	20	32	24	36	30	22	37	25	22
Depreciation Expense	77	53	50	51	51	51	52	53	53	53	54
Amortization Expense	1.04	0.60	0.60	0.61	0.62	0.70	0.67	0.70	0.71	0.70	0.67
Non-Cash Adjustments To Reconcile Net Income	19	15	16	1.65	18	13	12	20	14	8.17	12
Changes in Operating Assets and Liabilities, net	-23	-17	-14	-4.25	24	6.96	-34	34	-3.91	22	-17
Net Cash From Investing Activities	-12	-16	-15	-123	-19	-24	-25	-21	-22	-33	-30
Net Cash From Continuing Investing Activities	-13	-18	-15	-123	-19	-24	-25	-21	-22	-33	-30
Purchase of Property, Plant & Equipment	-13	-18	-15	-12	-19	-24	-25	-21	-22	-33	-30
Net Cash From Financing Activities	-93	-69	46	-68	-3.31	-144	-81	-82	-70	-67	-26
Net Cash From Continuing Financing Activities	-93	-69	46	-168	97	-144	-81	-82	-70	33	-26
Repayment of Debt	-1.16	0.00	-4.12	-151	-4.73	160	-4.57	-28	-	50	0.00
Repurchase of Common Equity	-75	-52	-57	-98	-130	-123	-70	-66	-50	0.03	0.00
Payment of Dividends	-16	-16	-16	-17	-16	-16	-16	-15	-16	-16	-17
Issuance of Debt	-0.13	-	125	97	248	-164	20	30	-	-	0.00
Other Financing Activities, net	-0.66	-0.83	-1.91	0.09	-0.44	-1.00	-10	-2.36	-3.32	-1.52	-9.81
Cash Interest Paid	34	19	21	24	29	22	22	23	23	22	20
Cash Income Taxes Paid	0.96	1.37	1.35	1.54	0.68	1.68	2.40	1.59	1.49	1.53	2.63

This table presents Iridium Communications' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,071	3,500	3,782	4,014	3,624	3,361	3,181	2,954	2,662	2,671	2,531
Total Current Assets	482	517	411	390	343	348	424	306	271	293	277
Cash & Equivalents	186	371	286	273	224	237	321	169	72	94	97
Accounts Receivable	52	57	68	71	69	61	63	82	92	99	94
Inventories, net	28	18	20	28	40	32	29	40	91	81	74
Prepaid Expenses	13	31	25	18	11	9.46	11	15	16	19	12
Plant, Property, & Equipment, net	2,444	2,813	3,210	3,371	3,181	2,917	2,662	2,433	2,196	2,081	1,978
Total Noncurrent Assets	146	170	161	253	100	96	94	215	195	298	276
Long-Term Investments	-	-	-	-	-	-	0.00	50	67	43	40
Goodwill	-	-	-	-	-	-	-	-	0.00	98	99
Intangible Assets	47	46	50	49	47	46	44	43	41	91	87
Other Noncurrent Operating Assets	8.19	124	111	204	53	51	50	122	87	67	51
Total Liabilities & Shareholders' Equity	3,071	3,500	3,782	4,014	3,624	3,361	3,181	2,954	2,662	2,671	2,531
Total Liabilities	1,842	2,156	2,186	2,413	2,164	1,942	1,893	1,825	1,774	2,095	2,068
Total Current Liabilities	102	83	214	263	114	113	109	142	132	169	112
Short-Term Debt	-	0.00	86	126	11	17	17	17	15	33	3.40
Accounts Payable	32	11	43	13	6.71	14	16	21	29	20	18
Accrued Expenses	29	24	32	57	49	50	48	68	55	65	49
Current Deferred Revenue	37	34	38	37	39	32	28	36	33	52	41
Total Noncurrent Liabilities	1,741	2,073	1,971	2,150	2,051	1,828	1,784	1,684	1,642	1,926	1,957
Long-Term Debt	1,389	1,657	1,618	1,830	1,765	1,597	1,582	1,471	1,467	1,758	1,757
Noncurrent Deferred Revenue	29	36	48	75	67	51	48	45	44	38	40
Noncurrent Deferred & Payable Income Tax Liabilities	297	362	246	241	189	155	134	152	115	114	131
Other Noncurrent Operating Liabilities	27	17	60	4.16	29	25	20	16	16	15	29
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,229	1,344	1,596	1,602	1,459	1,419	1,288	1,129	888	577	463
Total Preferred & Common Equity	1,229	1,344	1,596	1,602	1,459	1,419	1,288	1,129	888	577	463
Preferred Stock	-	-	-	0.00	0.00	-	-	-	-	-	0.00
Total Common Equity	1,229	1,344	1,596	1,602	1,459	1,419	1,288	1,129	888	577	463
Common Stock	1,045	1,060	1,081	1,109	1,134	1,161	1,154	1,125	1,090	964	881
Retained Earnings	193	289	519	502	332	276	141	-48	-235	-406	-419
Accumulated Other Comprehensive Income / (Loss)	-9.06	-5.45	-3.80	-8.80	-6.87	-17	-7.05	52	34	18	0.41

This table presents Iridium Communications' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,063	2,872	2,780	2,706	2,736	2,718	2,751	2,610	2,568	2,554	2,532
Total Current Assets	358	279	269	253	377	264	355	257	255	276	309
Cash & Equivalents	219	127	103	68	174	64	160	51	79	89	112
Accounts Receivable	87	101	92	101	93	96	96	105	81	94	104
Inventories, net	39	37	56	71	93	86	82	81	77	76	70
Prepaid Expenses	13	14	17	13	17	19	17	20	18	17	23
Plant, Property, & Equipment, net	2,480	2,384	2,291	2,229	2,158	2,127	2,100	2,051	2,019	1,993	1,953
Total Noncurrent Assets	224	209	221	224	201	327	297	303	293	285	270
Long-Term Investments	-	72	70	69	66	44	43	42	41	40	39
Goodwill	-	-	-	-	-	100	100	99	99	99	99
Intangible Assets	43	42	42	41	41	96	93	90	89	88	85
Other Noncurrent Operating Assets	181	95	109	113	94	87	60	72	64	58	47
Total Liabilities & Shareholders' Equity	3,063	2,872	2,780	2,706	2,736	2,718	2,751	2,610	2,568	2,554	2,532
Total Liabilities	1,917	1,786	1,780	1,781	1,882	1,931	2,087	2,092	2,094	2,104	2,064
Total Current Liabilities	127	116	124	119	113	118	135	129	102	103	108
Short-Term Debt	17	17	17	11	16	16	18	29	0.00	0.00	7.97
Accounts Payable	28	24	25	14	23	15	14	11	12	13	12
Accrued Expenses	46	43	49	59	43	45	56	44	45	49	51
Current Deferred Revenue	36	33	34	34	31	42	48	45	46	42	38
Total Noncurrent Liabilities	1,791	1,670	1,656	1,662	1,769	1,813	1,952	1,963	1,993	2,000	1,955
Long-Term Debt	1,573	1,468	1,465	1,471	1,588	1,635	1,777	1,778	1,809	1,810	1,753
Noncurrent Deferred Revenue	47	44	43	43	42	41	40	37	39	35	37
Noncurrent Deferred & Payable Income Tax Liabilities	154	143	133	132	124	122	120	117	118	126	138
Other Noncurrent Operating Liabilities	17	15	15	17	16	16	15	30	27	29	28
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,145	1,086	1,000	925	854	787	664	518	474	450	468
Total Preferred & Common Equity	1,145	1,086	1,000	925	854	787	664	518	474	450	468
Preferred Stock	-	-	-	-	-	-	-	-	-	-	0.00
Total Common Equity	1,145	1,086	1,000	925	854	787	664	518	474	450	468
Common Stock	1,126	1,127	1,119	1,105	1,070	1,044	1,004	930	911	890	867
Retained Earnings	-38	-83	-170	-234	-256	-292	-355	-425	-447	-443	-397
Accumulated Other Comprehensive Income / (Loss)	57	42	52	53	40	35	15	13	9.30	4.41	-1.71

This table displays calculated financial ratios and metrics derived from Iridium Communications' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.69%	5.41%	3.32%	16.73%	114.32%	-47.95%	5.32%	17.34%	9.67%	5.05%	4.93%
EBITDA Growth	-33.49%	82.00%	5.32%	10.67%	-62.96%	251.64%	3.85%	8.25%	6.37%	-0.69%	9.71%
EBIT Growth	-37.91%	150.17%	-34.23%	-70.06%	-735.51%	116.20%	29.23%	67.30%	11.53%	134.61%	16.00%
NOPAT Growth	-90.92%	1,428.70%	105.47%	-87.09%	-75.70%	250.62%	30.52%	129.95%	-23.35%	211.53%	7.28%
Net Income Growth	-90.50%	1,458.78%	110.62%	-105.72%	-1,110.39%	65.40%	83.38%	193.59%	76.74%	631.60%	1.42%
EPS Growth	-113.04%	1,088.89%	104.49%	-100.00%	0.00%	0.00%	0.00%	0.00%	71.43%	683.33%	12.77%
Operating Cash Flow Growth	1.21%	3.55%	15.29%	1.57%	-24.86%	26.05%	21.26%	13.82%	-8.65%	19.38%	6.42%
Free Cash Flow Firm Growth	-20.16%	-19.44%	47.10%	-42.66%	212.66%	-14.72%	-0.24%	-5.19%	-8.17%	-20.01%	88.42%
Invested Capital Growth	16.50%	21.65%	15.85%	9.81%	-8.86%	-7.67%	-8.01%	-6.55%	-6.91%	0.00%	-6.48%
Revenue Q/Q Growth	1.46%	0.24%	111.47%	52.21%	114.32%	-62.70%	-17.57%	34.38%	0.11%	2.25%	-0.01%
EBITDA Q/Q Growth	-38.82%	67.41%	-0.62%	7.63%	-68.72%	381.71%	480.20%	303.11%	1.64%	0.59%	0.65%
EBIT Q/Q Growth	-53.39%	107.64%	-32.42%	25.46%	-11,240.85%	114.96%	-19.93%	-15.44%	54.12%	1.83%	0.68%
NOPAT Q/Q Growth	-92.81%	536.84%	98.08%	49.59%	1.43%	-17.71%	65.37%	53.01%	50.87%	-0.39%	-9.44%
Net Income Q/Q Growth	-92.85%	534.54%	101.46%	-109.84%	-162.46%	64.06%	17.97%	139.22%	165.83%	-1.47%	-9.12%
EPS Q/Q Growth	-111.11%	0.00%	100.00%	-100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.36%
Operating Cash Flow Q/Q Growth	1.21%	-41.05%	-1.61%	-6.47%	9.70%	6.36%	6.73%	0.16%	-0.78%	4.73%	0.96%
Free Cash Flow Firm Q/Q Growth	12.03%	-18.27%	32.81%	29.62%	292.13%	7.82%	8.50%	45.07%	-21.33%	-7.68%	0.07%
Invested Capital Q/Q Growth	6.00%	11.49%	10.59%	5.96%	-1.23%	-2.16%	-2.61%	-4.70%	-1.70%	-1.08%	-2.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	90.08%	89.79%	90.08%	89.13%	87.05%	75.54%	75.53%	72.10%	71.53%	72.24%	71.55%
EBITDA Margin	30.12%	52.00%	53.01%	50.26%	8.69%	58.68%	57.86%	53.38%	51.77%	48.94%	51.17%
Operating Margin	17.94%	40.67%	25.77%	7.96%	0.90%	6.08%	7.54%	10.63%	10.32%	24.12%	27.07%
EBIT Margin	17.03%	40.41%	25.72%	6.60%	-19.56%	6.09%	7.47%	10.65%	10.83%	24.19%	26.74%
Profit (Net Income) Margin	1.73%	25.60%	52.19%	-2.56%	-14.45%	-9.61%	-1.52%	1.21%	1.95%	13.58%	13.12%
Tax Burden Percent	9.74%	62.32%	195.58%	64.82%	74.27%	63.01%	32.26%	82.99%	-324.73%	102.73%	78.98%
Interest Burden Percent	104.38%	101.67%	103.76%	-59.85%	99.48%	-250.49%	-62.94%	13.69%	-5.54%	54.64%	62.13%
Effective Tax Rate	90.26%	37.68%	-95.58%	0.00%	0.00%	0.00%	0.00%	2.78%	0.00%	11.17%	19.07%
Return on Invested Capital (ROIC)	0.36%	4.63%	8.03%	0.92%	0.22%	0.86%	1.21%	3.00%	2.47%	7.98%	8.84%
ROIC Less NNEP Spread (ROIC-NNEP)	0.35%	4.74%	8.63%	-1.79%	-10.11%	-4.67%	-1.94%	-2.17%	-0.73%	3.63%	4.17%
Return on Net Nonoperating Assets (RNNOA)	0.22%	4.00%	7.87%	-1.76%	-10.81%	-4.75%	-1.90%	-2.28%	-0.94%	7.42%	13.17%
Return on Equity (ROE)	0.58%	8.63%	15.91%	-0.84%	-10.59%	-3.89%	-0.69%	0.72%	1.53%	15.40%	22.01%
Cash Return on Invested Capital (CROIC)	-14.88%	-14.90%	-6.65%	-8.43%	9.49%	8.83%	9.55%	9.77%	9.62%	7.98%	15.54%
Operating Return on Assets (OROA)	2.34%	5.33%	3.17%	0.89%	-5.74%	1.02%	1.40%	2.50%	3.05%	7.53%	8.96%
Return on Assets (ROA)	0.24%	3.38%	6.42%	-0.34%	-4.24%	-1.61%	-0.28%	0.28%	0.55%	4.23%	4.40%
Return on Common Equity (ROCE)	0.58%	8.63%	15.91%	-0.84%	-10.59%	-3.89%	-0.69%	0.72%	1.53%	15.40%	22.01%
Return on Equity Simple (ROE_SIMPLE)	0.58%	8.26%	14.65%	-0.84%	-11.10%	-3.95%	-0.72%	0.77%	1.74%	19.56%	0.00%
Net Operating Profit after Tax (NOPAT)	7.19	110	226	29	7.08	25	32	75	57	178	191
NOPAT Margin	1.75%	25.35%	50.41%	5.57%	0.63%	4.26%	5.28%	10.34%	7.23%	21.43%	21.91%
Net Nonoperating Expense Percent (NNEP)	0.01%	-0.10%	-0.60%	2.72%	10.33%	5.52%	3.15%	5.17%	3.19%	4.35%	4.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.85%	2.41%	7.52%	8.59%
Cost of Revenue to Revenue	9.92%	10.21%	9.92%	10.87%	12.95%	24.46%	24.47%	27.90%	28.47%	27.76%	28.45%
SG&A Expenses to Revenue	19.80%	19.04%	18.84%	18.71%	8.31%	15.43%	16.35%	17.13%	18.17%	20.25%	18.09%
R&D to Revenue	3.92%	3.71%	3.40%	4.29%	1.28%	2.06%	1.93%	2.25%	2.56%	3.42%	2.27%
Operating Expenses to Revenue	72.14%	49.12%	64.31%	81.16%	85.25%	69.46%	67.99%	61.47%	61.21%	48.12%	44.48%
Earnings before Interest and Taxes (EBIT)	70	175	115	35	-219	36	46	77	86	201	233
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	124	226	238	263	97	342	356	385	409	407	446
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.64	0.67	0.71	1.26	2.17	3.62	4.15	5.55	5.63	5.73	3.94
Price to Tangible Book Value (P/TBV)	0.66	0.69	0.73	1.30	2.24	3.74	4.30	5.77	5.90	8.52	6.58
Price to Revenue (P/Rev)	1.90	2.08	2.53	3.85	2.82	8.81	8.71	8.69	6.32	3.98	2.09
Price to Earnings (P/E)	0.00	9.43	5.19	0.00	0.00	0.00	0.00	718.58	324.25	29.30	15.92
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.29%	1.90%	3.34%
Earnings Yield	0.00%	10.61%	19.27%	0.00%	0.00%	0.00%	0.00%	0.14%	0.31%	3.41%	6.28%
Enterprise Value to Invested Capital (EV/IC)	0.83	0.82	0.84	1.12	1.56	2.33	2.58	3.14	2.84	2.22	1.65
Enterprise Value to Revenue (EV/Rev)	4.33	4.95	5.67	7.07	4.21	11.15	10.79	10.45	8.02	5.97	3.95
Enterprise Value to EBITDA (EV/EBITDA)	14.39	9.52	10.69	14.06	48.47	19.01	18.64	19.58	15.49	12.20	7.72
Enterprise Value to EBIT (EV/EBIT)	25.45	12.26	22.03	107.13	0.00	183.22	144.41	98.14	74.05	24.68	14.78
Enterprise Value to NOPAT (EV/NOPAT)	247.91	19.54	11.24	126.76	666.17	261.99	204.44	101.09	110.99	27.86	18.04
Enterprise Value to Operating Cash Flow (EV/OCF)	8.20	9.54	9.78	14.02	23.82	26.05	21.88	21.86	20.14	13.19	8.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	15.70	25.39	25.92	31.08	28.48	27.84	10.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	1.23	1.07	1.22	1.22	1.14	1.24	1.32	1.67	3.11	3.81
Long-Term Debt to Equity	1.13	1.23	1.01	1.14	1.21	1.13	1.23	1.30	1.65	3.05	3.80
Financial Leverage	0.62	0.84	0.91	0.98	1.07	1.02	0.98	1.05	1.30	2.05	3.16
Leverage Ratio	2.43	2.55	2.48	2.44	2.50	2.43	2.42	2.54	2.78	3.64	5.01
Compound Leverage Factor	2.54	2.60	2.57	-1.46	2.48	-6.08	-1.52	0.35	-0.15	1.99	3.11
Debt to Total Capital	53.06%	55.22%	51.62%	54.98%	54.90%	53.20%	55.37%	56.86%	62.54%	75.64%	79.19%
Short-Term Debt to Total Capital	0.00%	0.00%	2.59%	3.54%	0.34%	0.55%	0.57%	0.63%	0.63%	1.40%	0.15%
Long-Term Debt to Total Capital	53.06%	55.22%	49.03%	51.44%	54.56%	52.65%	54.80%	56.22%	61.90%	74.25%	79.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	46.94%	44.78%	48.38%	45.02%	45.10%	46.80%	44.63%	43.14%	37.46%	24.36%	20.81%
Debt to EBITDA	11.21	7.35	7.17	7.44	18.25	4.71	4.49	3.86	3.62	4.40	3.95
Net Debt to EBITDA	8.07	5.53	5.92	6.40	15.95	4.00	3.59	3.30	3.28	4.07	3.64
Long-Term Debt to EBITDA	11.21	7.35	6.81	6.96	18.13	4.66	4.45	3.82	3.58	4.32	3.94
Debt to NOPAT	193.15	15.08	7.54	67.08	250.76	64.97	49.29	19.95	25.95	10.06	9.22
Net Debt to NOPAT	139.05	11.34	6.23	57.70	219.20	55.11	39.39	17.02	23.51	9.30	8.51
Long-Term Debt to NOPAT	193.15	15.08	7.16	62.75	249.22	64.29	48.78	19.73	25.68	9.87	9.20
Altman Z-Score	0.70	0.80	0.78	0.87	1.19	2.00	2.12	2.43	2.03	1.35	1.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.74	6.21	1.92	1.49	3.01	3.08	3.90	2.16	2.06	1.73	2.48
Quick Ratio	4.34	5.62	1.71	1.31	2.57	2.71	3.53	1.77	1.24	1.14	1.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-296	-354	-187	-267	301	256	256	242	223	178	336
Operating Cash Flow to CapEx	43.95%	55.51%	64.89%	67.38%	168.18%	645.58%	718.61%	447.91%	390.92%	537.92%	398.96%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-4.84	1.32	2.06	3.42	3.66	2.46	1.95	3.80
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	4.78	0.87	2.01	4.05	5.20	3.48	4.13	4.53
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-2.32	0.35	1.70	3.49	4.04	2.59	3.36	3.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.13	0.12	0.13	0.29	0.17	0.19	0.24	0.28	0.31	0.34
Accounts Receivable Turnover	8.04	7.95	7.15	7.51	16.02	8.99	9.87	9.90	9.09	8.72	9.05
Inventory Turnover	1.45	1.92	2.32	2.39	4.30	3.94	4.89	5.85	3.44	2.67	3.20
Fixed Asset Turnover	0.19	0.17	0.15	0.16	0.34	0.19	0.22	0.28	0.34	0.39	0.43
Accounts Payable Turnover	1.66	2.08	1.64	2.03	14.82	13.52	9.83	10.71	9.00	9.53	13.27
Days Sales Outstanding (DSO)	45.40	45.89	51.08	48.59	22.78	40.62	36.99	36.87	40.16	41.86	40.32
Days Inventory Outstanding (DIO)	252.05	190.10	157.15	152.81	84.84	92.62	74.66	62.44	106.13	136.47	114.10
Days Payable Outstanding (DPO)	220.04	175.78	222.68	179.65	24.62	26.99	37.12	34.09	40.57	38.30	27.52
Cash Conversion Cycle (CCC)	77.41	60.21	-14.45	21.74	83.00	106.25	74.54	65.23	105.71	140.03	126.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,141	2,605	3,017	3,313	3,020	2,788	2,565	2,397	2,232	2,231	2,087
Invested Capital Turnover	0.21	0.18	0.16	0.17	0.35	0.20	0.23	0.29	0.34	0.37	0.40
Increase / (Decrease) in Invested Capital	303	463	413	296	-294	-232	-223	-168	-166	-0.11	-145
Enterprise Value (EV)	1,783	2,148	2,539	3,696	4,719	6,507	6,628	7,536	6,342	4,959	3,445
Market Capitalization	783	901	1,133	2,014	3,166	5,138	5,351	6,267	4,998	3,304	1,820
Book Value per Share	$12.94	$14.03	$16.30	$14.38	$11.13	$10.65	$9.74	$8.98	$7.17	$5.07	$4.42
Tangible Book Value per Share	$12.45	$13.55	$15.78	$13.95	$10.77	$10.31	$9.41	$8.64	$6.84	$3.40	$2.64
Total Capital	2,617	3,001	3,300	3,557	3,236	3,033	2,886	2,616	2,371	2,368	2,223
Total Debt	1,389	1,657	1,704	1,956	1,776	1,614	1,598	1,487	1,482	1,791	1,761
Total Long-Term Debt	1,389	1,657	1,618	1,830	1,765	1,597	1,582	1,471	1,467	1,758	1,757
Net Debt	1,000	1,247	1,406	1,682	1,553	1,369	1,277	1,269	1,343	1,655	1,624
Capital Expenditures (CapEx)	495	406	400	391	118	39	42	77	81	70	100
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.89	23	-15	-20	16	6.79	11	12	83	63	72
Debt-free Net Working Capital (DFNWC)	380	434	282	254	240	252	332	181	155	157	168
Net Working Capital (NWC)	380	434	197	128	229	235	316	165	140	124	165
Net Nonoperating Expense (NNE)	0.07	-1.12	-8.01	43	169	81	42	66	42	65	77
Net Nonoperating Obligations (NNO)	912	1,261	1,421	1,712	1,561	1,369	1,277	1,269	1,343	1,655	1,624
Total Depreciation and Amortization (D&A)	54	50	122	228	317	307	310	308	324	206	213
Debt-free, Cash-free Net Working Capital to Revenue	-2.16%	5.32%	-3.42%	-3.76%	1.47%	1.16%	1.82%	1.71%	10.45%	7.60%	8.23%
Debt-free Net Working Capital to Revenue	92.40%	99.99%	63.02%	48.50%	21.42%	43.11%	54.04%	25.12%	19.54%	18.86%	19.30%
Net Working Capital to Revenue	92.40%	99.99%	43.93%	24.41%	20.45%	40.24%	51.35%	22.83%	17.65%	14.87%	18.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.09)	$1.00	$2.23	($0.22)	($1.33)	$0.00	($0.07)	$0.07	$0.12	$0.95	$1.07
Adjusted Weighted Average Basic Shares Outstanding	95.10M	95.97M	97.93M	108.98M	125.17M	0.00	133.53M	128.26M	125.60M	118.57M	107.24M
Adjusted Diluted Earnings per Share	($0.09)	$0.89	$1.82	($0.22)	($1.33)	$0.00	$0.00	$0.00	$0.00	$0.94	$1.06
Adjusted Weighted Average Diluted Shares Outstanding	95.10M	124.88M	128.13M	108.98M	125.17M	0.00	0.00	130.13M	127.22M	119.79M	107.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.07)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	95.13M	95.90M	98.21M	112.24M	131.73M	0.00	128.37M	125.97M	122.45M	108.84M	104.96M
Normalized Net Operating Profit after Tax (NOPAT)	113	110	81	29	7.08	25	32	75	57	178	191
Normalized NOPAT Margin	27.37%	25.35%	18.04%	5.57%	0.63%	4.26%	5.28%	10.34%	7.23%	21.43%	21.91%
Pre Tax Income Margin	17.77%	41.09%	26.69%	-3.95%	-19.46%	-15.25%	-4.70%	1.46%	-0.60%	13.22%	16.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.63	-0.97	0.29	0.61	1.16	0.95	2.20	2.64
NOPAT to Interest Expense	0.00	0.00	0.00	0.53	0.03	0.20	0.43	1.12	0.63	1.95	2.16
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-6.47	-1.48	-0.03	0.05	0.00	0.06	1.44	1.50
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-6.57	-0.49	-0.11	-0.13	-0.04	-0.26	1.19	1.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	216.71%	13.90%	1.65%	-115.26%	-5.18%	0.00%	0.00%	0.00%	420.20%	57.40%	54.96%
Augmented Payout Ratio	216.71%	13.90%	1.65%	-115.26%	-5.18%	0.00%	-1,753.86%	2,947.25%	2,022.66%	418.94%	218.00%

This table displays calculated financial ratios and metrics derived from Iridium Communications' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	104,956,759.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	104,956,759.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.36%	0.47%	-0.69%	4.12%	7.68%	9.37%	5.41%	7.88%	6.66%	-0.02%	1.94%
EBITDA Growth	11.61%	6.86%	-0.08%	-5.69%	0.55%	2.31%	10.87%	9.05%	16.07%	2.73%	-5.50%
EBIT Growth	60.75%	156.19%	113.18%	376.49%	93.57%	7.32%	17.84%	14.85%	27.72%	2.98%	-13.94%
NOPAT Growth	-95.07%	363.98%	-21.57%	397.60%	124.26%	2.96%	40.38%	29.47%	25.43%	-33.02%	-28.54%
Net Income Growth	-176.41%	4,805.82%	101.05%	205.19%	1,588.79%	-4.42%	54.74%	-32.06%	51.87%	-31.58%	-29.00%
EPS Growth	-150.00%	0.00%	100.00%	212.50%	2,200.00%	3.45%	68.75%	-25.93%	66.67%	-20.00%	-25.93%
Operating Cash Flow Growth	-20.00%	-2.73%	3.60%	-6.82%	66.81%	19.34%	-14.48%	59.79%	-15.04%	3.63%	17.25%
Free Cash Flow Firm Growth	-48.92%	25.09%	-17.59%	-95.56%	-77.94%	-72.24%	-80.94%	1,992.01%	207.95%	196.85%	426.42%
Invested Capital Growth	-9.75%	-6.91%	-6.46%	1.00%	-0.63%	0.00%	0.67%	-7.22%	-5.52%	-6.48%	-6.89%
Revenue Q/Q Growth	2.33%	-1.45%	4.68%	-1.37%	5.82%	0.10%	0.89%	0.94%	4.62%	-6.17%	2.87%
EBITDA Q/Q Growth	6.28%	-3.43%	-2.49%	-5.76%	13.31%	-1.74%	5.67%	-7.31%	20.61%	-13.04%	-2.79%
EBIT Q/Q Growth	283.24%	73.09%	0.99%	-13.68%	28.29%	-4.03%	10.89%	-15.87%	42.66%	-22.62%	-7.34%
NOPAT Q/Q Growth	276.29%	209.37%	-40.58%	-8.17%	32.85%	42.03%	-18.98%	-15.31%	28.70%	-24.15%	-13.57%
Net Income Q/Q Growth	94.66%	2,415.65%	-48.31%	64.53%	-24.40%	48.66%	-16.31%	-27.77%	69.00%	-33.03%	-13.16%
EPS Q/Q Growth	95.83%	3,000.00%	0.00%	68.75%	-22.22%	42.86%	-10.00%	-25.93%	75.00%	-31.43%	-16.67%
Operating Cash Flow Q/Q Growth	-18.30%	23.47%	-18.66%	13.56%	46.25%	-11.66%	-41.71%	112.20%	-22.25%	7.75%	-34.05%
Free Cash Flow Firm Q/Q Growth	16.53%	-14.49%	-16.36%	-94.67%	478.50%	7.62%	-42.58%	485.18%	-14.84%	3.75%	1.82%
Invested Capital Q/Q Growth	-1.61%	-1.70%	-0.62%	5.08%	-3.20%	-1.08%	0.05%	-3.15%	-1.43%	-2.09%	-0.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.56%	71.44%	70.41%	73.44%	73.39%	71.73%	71.31%	70.08%	72.05%	72.75%	71.40%
EBITDA Margin	53.82%	52.74%	49.13%	46.94%	50.26%	49.34%	51.68%	47.45%	54.70%	50.70%	47.90%
Operating Margin	14.25%	23.77%	24.42%	21.71%	25.78%	24.47%	28.10%	23.17%	30.88%	25.95%	23.15%
EBIT Margin	14.42%	25.33%	24.44%	21.39%	25.93%	24.86%	27.32%	22.77%	31.05%	25.60%	23.06%
Profit (Net Income) Margin	-0.83%	19.53%	9.64%	16.08%	11.49%	17.06%	14.15%	10.13%	16.36%	11.68%	9.86%
Tax Burden Percent	26.65%	125.85%	67.42%	168.39%	79.07%	119.10%	82.46%	82.48%	77.57%	74.37%	69.32%
Interest Burden Percent	-21.62%	61.25%	58.52%	44.66%	56.05%	57.64%	62.82%	53.93%	67.93%	61.33%	61.67%
Effective Tax Rate	0.00%	-31.70%	27.21%	23.77%	19.42%	-20.46%	15.78%	14.29%	20.90%	23.89%	28.33%
Return on Invested Capital (ROIC)	3.29%	10.70%	6.11%	5.69%	7.46%	10.97%	8.95%	7.58%	9.71%	7.97%	6.74%
ROIC Less NNEP Spread (ROIC-NNEP)	1.72%	8.94%	4.86%	5.62%	6.11%	9.21%	7.62%	6.27%	8.59%	6.92%	5.85%
Return on Net Nonoperating Assets (RNNOA)	2.26%	11.58%	6.64%	8.97%	11.30%	18.85%	17.11%	16.09%	25.23%	21.85%	19.72%
Return on Equity (ROE)	5.55%	22.28%	12.76%	14.66%	18.76%	29.82%	26.06%	23.68%	34.94%	29.82%	26.46%
Cash Return on Invested Capital (CROIC)	11.83%	9.62%	14.60%	6.55%	8.53%	7.98%	8.00%	16.45%	15.29%	15.54%	15.32%
Operating Return on Assets (OROA)	3.95%	7.13%	6.88%	6.20%	7.72%	7.74%	8.60%	7.39%	10.20%	8.58%	7.86%
Return on Assets (ROA)	-0.23%	5.50%	2.71%	4.66%	3.42%	5.32%	4.46%	3.29%	5.38%	3.91%	3.36%
Return on Common Equity (ROCE)	5.55%	22.28%	12.76%	14.66%	18.76%	29.82%	26.06%	23.68%	34.94%	29.82%	26.46%
Return on Equity Simple (ROE_SIMPLE)	-2.53%	0.00%	2.96%	11.23%	17.24%	0.00%	23.83%	23.89%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	20	61	36	33	44	63	51	43	55	42	36
NOPAT Margin	9.97%	31.31%	17.77%	16.55%	20.77%	29.47%	23.67%	19.86%	24.43%	19.75%	16.59%
Net Nonoperating Expense Percent (NNEP)	1.57%	1.76%	1.25%	0.07%	1.34%	1.76%	1.33%	1.31%	1.12%	1.05%	0.89%
Return On Investment Capital (ROIC_SIMPLE)	-	2.57%	-	-	-	2.65%	2.19%	1.89%	2.45%	1.89%	1.63%
Cost of Revenue to Revenue	27.44%	28.56%	29.59%	26.56%	26.61%	28.27%	28.69%	29.92%	27.95%	27.25%	28.60%
SG&A Expenses to Revenue	16.89%	17.62%	18.06%	23.24%	20.66%	19.11%	16.64%	20.57%	15.65%	19.64%	20.90%
R&D to Revenue	2.55%	2.94%	3.53%	3.24%	2.91%	4.00%	2.52%	1.97%	2.18%	2.40%	2.82%
Operating Expenses to Revenue	58.31%	47.67%	45.99%	51.73%	47.61%	47.26%	43.20%	46.91%	41.17%	46.81%	48.25%
Earnings before Interest and Taxes (EBIT)	28	49	50	43	55	53	59	49	70	55	51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	106	103	100	94	107	105	111	103	124	108	105
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.04	5.63	3.78	4.11	5.43	5.73	5.74	6.89	4.11	3.94	6.22
Price to Tangible Book Value (P/TBV)	6.32	5.90	3.97	5.47	7.67	8.52	9.02	11.42	7.03	6.58	10.23
Price to Revenue (P/Rev)	7.07	6.32	4.08	4.05	4.44	3.98	3.53	3.81	2.13	2.09	3.32
Price to Earnings (P/E)	0.00	324.25	127.43	36.58	31.49	29.30	24.07	28.84	14.72	15.92	27.58
Dividend Yield	0.87%	1.29%	2.00%	1.99%	1.77%	1.90%	2.05%	1.86%	3.26%	3.34%	2.13%
Earnings Yield	0.00%	0.31%	0.78%	2.73%	3.18%	3.41%	4.15%	3.47%	6.79%	6.28%	3.63%
Enterprise Value to Invested Capital (EV/IC)	3.05	2.84	2.07	2.05	2.30	2.22	2.10	2.29	1.66	1.65	2.18
Enterprise Value to Revenue (EV/Rev)	8.78	8.02	5.81	5.99	6.40	5.97	5.57	5.77	4.05	3.95	5.16
Enterprise Value to EBITDA (EV/EBITDA)	17.21	15.49	11.21	11.83	12.86	12.20	11.23	11.62	7.97	7.72	10.28
Enterprise Value to EBIT (EV/EBIT)	124.73	74.05	40.93	27.99	26.34	24.68	22.34	22.91	15.27	14.78	20.11
Enterprise Value to NOPAT (EV/NOPAT)	182.99	110.99	25.23	27.29	29.08	27.86	24.32	24.60	16.76	18.04	25.62
Enterprise Value to Operating Cash Flow (EV/OCF)	21.84	20.14	14.45	15.34	14.48	13.19	12.82	11.96	8.92	8.61	11.01
Enterprise Value to Free Cash Flow (EV/FCFF)	24.49	28.48	13.69	31.45	26.94	27.84	26.33	13.40	10.54	10.26	13.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.60	1.67	1.88	2.10	2.70	3.11	3.49	3.82	4.02	3.81	3.76
Long-Term Debt to Equity	1.59	1.65	1.86	2.08	2.68	3.05	3.43	3.82	4.02	3.80	3.74
Financial Leverage	1.31	1.30	1.37	1.60	1.85	2.05	2.24	2.56	2.94	3.16	3.37
Leverage Ratio	2.79	2.78	2.89	3.08	3.43	3.64	3.90	4.19	4.76	5.01	5.21
Compound Leverage Factor	-0.60	1.71	1.69	1.37	1.93	2.10	2.45	2.26	3.23	3.07	3.21
Debt to Total Capital	61.57%	62.54%	65.26%	67.73%	73.00%	75.64%	77.71%	79.25%	80.07%	79.19%	78.99%
Short-Term Debt to Total Capital	0.47%	0.63%	0.66%	0.67%	0.74%	1.40%	1.23%	0.00%	0.00%	0.15%	0.36%
Long-Term Debt to Total Capital	61.10%	61.90%	64.60%	67.06%	72.26%	74.25%	76.48%	79.25%	80.07%	79.04%	78.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	38.43%	37.46%	34.74%	32.27%	27.00%	24.36%	22.29%	20.75%	19.93%	20.81%	21.01%
Debt to EBITDA	3.68	3.62	3.92	4.09	4.44	4.40	4.33	4.25	4.08	3.95	4.00
Net Debt to EBITDA	3.34	3.28	3.33	3.83	3.94	4.07	4.11	3.96	3.79	3.64	3.66
Long-Term Debt to EBITDA	3.65	3.58	3.88	4.05	4.40	4.32	4.26	4.25	4.08	3.94	3.99
Debt to NOPAT	39.13	25.95	8.82	9.43	10.04	10.06	9.37	8.99	8.58	9.22	9.98
Net Debt to NOPAT	35.52	23.51	7.50	8.82	8.91	9.30	8.89	8.39	7.97	8.51	9.13
Long-Term Debt to NOPAT	38.83	25.68	8.73	9.34	9.94	9.87	9.23	8.99	8.58	9.20	9.93
Altman Z-Score	2.15	1.99	1.36	1.26	1.31	1.17	1.08	1.16	0.80	0.79	1.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.13	2.06	3.33	2.25	2.62	1.73	1.99	2.51	2.67	2.48	2.85
Quick Ratio	1.42	1.24	2.36	1.36	1.89	1.14	1.21	1.58	1.77	1.70	1.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	265	227	189	10	58	63	36	211	180	187	190
Operating Cash Flow to CapEx	549.58%	481.90%	490.43%	651.94%	637.23%	431.80%	248.84%	625.86%	467.99%	324.27%	239.08%
Free Cash Flow to Firm to Interest Expense	7.64	11.85	9.17	0.42	2.41	2.80	1.65	9.29	7.96	8.85	9.82
Operating Cash Flow to Interest Expense	2.05	4.59	3.46	3.41	4.89	4.67	2.80	5.70	4.46	5.15	3.70
Operating Cash Flow Less CapEx to Interest Expense	1.68	3.64	2.75	2.89	4.12	3.59	1.67	4.79	3.51	3.56	2.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.28	0.28	0.29	0.30	0.31	0.31	0.32	0.33	0.34	0.34
Accounts Receivable Turnover	8.42	9.09	8.15	8.47	8.24	8.72	8.48	9.68	9.13	9.05	8.35
Inventory Turnover	4.10	3.44	3.41	3.16	2.95	2.67	2.68	2.98	3.16	3.20	3.31
Fixed Asset Turnover	0.34	0.34	0.35	0.36	0.38	0.39	0.40	0.41	0.43	0.43	0.44
Accounts Payable Turnover	10.56	9.00	9.59	11.21	16.14	9.53	13.65	18.32	18.73	13.27	21.48
Days Sales Outstanding (DSO)	43.34	40.16	44.78	43.11	44.29	41.86	43.03	37.72	39.98	40.32	43.72
Days Inventory Outstanding (DIO)	88.93	106.13	106.91	115.57	123.86	136.47	136.33	122.39	115.55	114.10	110.20
Days Payable Outstanding (DPO)	34.56	40.57	38.05	32.55	22.61	38.30	26.74	19.93	19.49	27.52	16.99
Cash Conversion Cycle (CCC)	97.71	105.71	113.63	126.13	145.54	140.03	152.62	140.18	136.05	126.90	136.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,270	2,232	2,218	2,331	2,256	2,231	2,233	2,162	2,131	2,087	2,079
Invested Capital Turnover	0.33	0.34	0.34	0.34	0.36	0.37	0.38	0.38	0.40	0.40	0.41
Increase / (Decrease) in Invested Capital	-245	-166	-153	23	-14	-0.11	15	-168	-124	-145	-154
Enterprise Value (EV)	6,931	6,342	4,587	4,776	5,197	4,959	4,688	4,952	3,534	3,445	4,522
Market Capitalization	5,585	4,998	3,223	3,232	3,605	3,304	2,973	3,263	1,853	1,820	2,912
Book Value per Share	$7.40	$7.17	$6.93	$6.48	$5.61	$5.07	$4.76	$4.38	$4.25	$4.42	$4.46
Tangible Book Value per Share	$7.07	$6.84	$6.60	$4.87	$3.97	$3.40	$3.03	$2.64	$2.48	$2.64	$2.71
Total Capital	2,407	2,371	2,457	2,438	2,459	2,368	2,325	2,283	2,260	2,223	2,230
Total Debt	1,482	1,482	1,604	1,651	1,795	1,791	1,807	1,809	1,810	1,761	1,761
Total Long-Term Debt	1,471	1,467	1,588	1,635	1,777	1,758	1,778	1,809	1,810	1,757	1,753
Net Debt	1,345	1,343	1,364	1,544	1,592	1,655	1,714	1,689	1,681	1,624	1,611
Capital Expenditures (CapEx)	13	18	15	12	19	24	25	21	22	33	30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	77	83	106	100	78	63	105	74	84	72	97
Debt-free Net Working Capital (DFNWC)	145	155	280	163	238	157	156	154	173	168	209
Net Working Capital (NWC)	134	140	264	147	220	124	127	154	173	165	201
Net Nonoperating Expense (NNE)	21	23	17	0.93	20	26	20	21	18	17	15
Net Nonoperating Obligations (NNO)	1,345	1,343	1,364	1,544	1,592	1,655	1,714	1,689	1,681	1,624	1,611
Total Depreciation and Amortization (D&A)	78	53	50	51	52	52	52	54	54	53	54
Debt-free, Cash-free Net Working Capital to Revenue	9.79%	10.45%	13.43%	12.50%	9.63%	7.60%	12.49%	8.66%	9.66%	8.23%	11.08%
Debt-free Net Working Capital to Revenue	18.38%	19.54%	35.48%	20.47%	29.27%	18.86%	18.53%	17.91%	19.81%	19.30%	23.82%
Net Working Capital to Revenue	16.96%	17.65%	33.42%	18.43%	27.02%	14.87%	15.14%	17.91%	19.81%	18.91%	22.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$0.29	$0.16	$0.27	$0.21	$0.31	$0.28	$0.20	$0.35	$0.24	$0.20
Adjusted Weighted Average Basic Shares Outstanding	125.18M	125.60M	123.15M	120.61M	117.45M	118.57M	109.76M	107.81M	106.10M	107.24M	105.77M
Adjusted Diluted Earnings per Share	($0.01)	$0.29	$0.16	$0.27	$0.21	$0.30	$0.27	$0.20	$0.35	$0.24	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	125.18M	127.22M	123.99M	121.24M	118.11M	119.79M	110.67M	108.18M	106.48M	107.84M	106.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	247.70M	122.45M	242.86M	236.77M	113.85M	108.84M	108.16M	106.11M	104.75M	104.96M	105.73M
Normalized Net Operating Profit after Tax (NOPAT)	20	32	36	33	44	36	51	43	55	42	36
Normalized NOPAT Margin	9.97%	16.64%	17.77%	16.55%	20.77%	17.13%	23.67%	19.86%	24.43%	19.75%	16.59%
Pre Tax Income Margin	-3.12%	15.51%	14.30%	9.55%	14.53%	14.33%	17.16%	12.28%	21.09%	15.70%	14.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.82	2.58	2.41	1.81	2.28	2.36	2.69	2.17	3.12	2.59	2.61
NOPAT to Interest Expense	0.57	3.19	1.75	1.40	1.82	2.80	2.33	1.89	2.45	1.99	1.88
EBIT Less CapEx to Interest Expense	0.45	1.63	1.71	1.28	1.51	1.28	1.57	1.26	2.17	1.00	1.06
NOPAT Less CapEx to Interest Expense	0.20	2.24	1.05	0.88	1.06	1.72	1.21	0.98	1.50	0.41	0.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-208.40%	420.20%	254.62%	73.39%	56.86%	57.40%	52.09%	55.46%	49.66%	54.96%	60.36%
Augmented Payout Ratio	-1,074.50%	2,022.66%	1,247.53%	392.57%	350.84%	418.94%	392.86%	399.20%	295.70%	218.00%	170.26%

Financials Breakdown Chart

Key Financial Trends

Here is a concise trend-oriented look at Iridium Communications (NASDAQ: IRDM) using the latest four years of quarterly data provided. The focus is on revenue, profitability, cash flow, and balance-sheet leverage to help readers gauge near-term momentum and longer‑term risk factors.

Q3 2025 stood out with revenue of about $226.9 million, the high point of 2025, and a robust gross margin around 72% along with an operating margin near 31% (Operating Income roughly $70.1 million).
Gross margin has remained solid and roughly in the 70%–73% range across 2025 quarters, signaling stable pricing and cost control relative to revenue.
Net income was positive in every 2025 quarter, with Q3 2025 continuing operations at about $37.1 million and Q4 2025 net income around $24.9 million, supporting ongoing profitability.
Cash flow from continuing operations was strong through 2025, with Q4 2025 net cash from continuing operating activities about $108.6 million and healthy quarterly CFO in other recent quarters.
Free cash flow in Q4 2025 was roughly $75 million (approximately $108.6 million CFO minus around $33.5 million in capital expenditures), indicating solid liquidity generation from core operations.
Dividend per share remained at $0.15 in relevant 2025 quarters, reflecting continued shareholder returns amid earnings stability.
Earnings per share were positive in 2025, with Q3 2025 basic/diluted EPS at about $0.35; Q4 2025 EPS around $0.24, showing continued profitability on a per-share basis.
Revenue shows seasonality, with Q4 typically softer than the peak in Q3, which is common for many telecom and satellite services providers due to contract cycles and seasonal demand.
Long-term debt remains sizable (ranging around $1.5–1.8 billion across recent balances), and there is ongoing debt activity (repayments and occasional new issuances), contributing to a higher leverage profile.
Retained earnings have been negative across recent periods, signaling accumulated deficits in the equity base and raising questions about balance-sheet resilience during downturns.

05/14/26 08:07 AM ETAI Generated. May Contain Errors.

Iridium Communications Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Iridium Communications' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Iridium Communications' net income appears to be on an upward trend, with a most recent value of $114.37 million in 2025, rising from $7.12 million in 2015. The previous period was $112.78 million in 2024. Check out Iridium Communications' forecast to explore projected trends and price targets.

Iridium Communications' total operating income in 2025 was $235.98 million, based on the following breakdown:

Total Gross Profit: $623.66 million
Total Operating Expenses: $387.68 million

Over the last 10 years, Iridium Communications' total revenue changed from $411.38 million in 2015 to $871.66 million in 2025, a change of 111.9%.

Iridium Communications' total liabilities were at $2.07 billion at the end of 2025, a 1.3% decrease from 2024, and a 12.3% increase since 2015.

In the past 10 years, Iridium Communications' cash and equivalents has ranged from $71.87 million in 2023 to $371.17 million in 2016, and is currently $96.50 million as of their latest financial filing in 2025.

Over the last 10 years, Iridium Communications' book value per share changed from 12.94 in 2015 to 4.42 in 2025, a change of -65.9%.

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Financial statements for NASDAQ:IRDM last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Iridium Communications (IRDM) Financials

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