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Telecom services · Communication Services · Fiscal year ends Dec 31
Iridium Communications reported revenue of $872M in the fiscal year ended Dec 2025, up 4.9% from the year before. Operating income was $236M, an operating margin of 27.1%, and net income was $114M. Operating cash flow of $400M less capital expenditure of $100M left free cash flow of $300M. Net debt was $1.7B.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 615 | 721 | 791 | 831 | 872 |
| Research & development | 11.9 | 16.2 | 20.3 | 28.4 | 19.8 |
| Selling, general & admin | 100 | 124 | 144 | 168 | 158 |
| Operating income | 46.3 | 76.7 | 81.6 | 200 | 236 |
| Net interest incomeBanks | −73.9 | −65.1 | −90.4 | −91.1 | −88.3 |
| Interest expense | – | – | 14.7 | 14.7 | 14.7 |
| Pre-tax income | −28.9 | 10.5 | −4.7 | 110 | 145 |
| Income tax | −19.6 | 0.3 | −26.3 | 12.3 | 27.6 |
| Net income | −9.3 | 8.7 | 15.4 | 113 | 114 |
| Diluted EPS | −0.07 | 0.07 | 0.12 | 0.94 | 1.06 |
| Diluted shares | 134 | 130 | 127 | 120 | 108 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 321 | 169 | 71.9 | 93.5 | 96.5 |
| Receivables | 63.4 | 82.3 | 91.7 | 98.8 | 93.8 |
| Inventory | 29.0 | 39.8 | 91.1 | 81.3 | 73.8 |
| Current assets | 424 | 306 | 271 | 293 | 277 |
| Net PP&E | 2,662 | 2,433 | 2,196 | 2,081 | 1,978 |
| Goodwill | – | – | 0.0 | 98.2 | 98.9 |
| Total assets | 3,181 | 2,954 | 2,662 | 2,671 | 2,531 |
| Payables | 16.2 | 21.4 | 28.7 | 19.7 | 17.7 |
| Deferred revenue | 28.0 | 35.7 | 33.1 | 51.6 | 41.1 |
| Current liabilities | 109 | 142 | 132 | 169 | 112 |
| Short-term debt | 16.5 | 16.5 | 15.0 | 33.1 | 3.4 |
| Long-term debt | 1,598 | 1,471 | 1,467 | 1,758 | 1,757 |
| Total liabilities | 1,893 | 1,825 | 1,774 | 2,095 | 2,068 |
| Shareholders' equity | 1,288 | 1,129 | 888 | 577 | 463 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 303 | 345 | 315 | 376 | 400 |
| Capital expenditure | 42.1 | 71.3 | 73.5 | 69.9 | 100 |
| Free cash flow | 261 | 273 | 241 | 306 | 300 |
| Depreciation & amortisation | 305 | 303 | 320 | 203 | 210 |
| Stock-based compensation | 26.8 | 43.7 | 57.5 | 63.5 | 51.6 |
| Share buybacks | 163 | 257 | 247 | 408 | 186 |
| Dividends paid | 0.0 | 0.0 | 64.8 | 64.7 | 62.9 |
| Dividend per share | – | – | 0.13 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.3% | 9.7% | 5.1% | 4.9% |
| Operating income growth (YoY) | – | 65.6% | 6.5% | 145.5% | 17.8% |
| EPS growth (YoY) | – | – | 71.4% | 683.3% | 12.8% |
| Operating margin | 7.5% | 10.6% | 10.3% | 24.1% | 27.1% |
| Net margin | −1.5% | 1.2% | 1.9% | 13.6% | 13.1% |
| Return on equityBlank when equity is negative | −0.7% | 0.8% | 1.7% | 19.6% | 24.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.5% | 2.7% | 3.2% | 8.0% | 9.8% |
| Free cash flow margin | 42.4% | 37.9% | 30.5% | 36.8% | 34.4% |
| Cash conversion (CFO ÷ net income) | −32.5x | 39.5x | 20.4x | 3.33x | 3.50x |
| Receivable days | 38 | 42 | 42 | 43 | 39 |
| Interest cover | – | – | 5.55x | 13.6x | 16.1x |
| Debt ÷ equity | 1.25x | 1.32x | 1.67x | 3.11x | 3.81x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,294 | 1,318 | 1,411 | 1,697 | 1,664 |
| Current ratio | 3.90x | 2.16x | 2.06x | 1.73x | 2.48x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.