Iridium Communications (IRDM) financial statements
Iridium Communications reported revenue of $872M in fiscal 2025, up 48.6% a year over 9 years.
Net income was $114M and the operating margin 27.1%, against 716.8% in 2016.
Free cash flow was $300M, and the company returned $63M in dividends and $186M in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Iridium Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25M | $21M | $18M | $560M | $583M | $614M | $721M | $791M | $831M | $872M |
| Cost of revenue | $44M | $44M | — | — | — | — | — | — | — | — |
| Gross profit | -$20M | -$23M | — | — | — | — | — | — | — | — |
| Research and development | $16M | $15M | $22M | $14M | $12M | $12M | $16M | $20M | $28M | $20M |
| Selling, general and admin | $83M | $84M | $98M | $93M | $90M | $100M | $124M | $144M | $168M | $158M |
| Operating income | $176M | $115M | $42M | $10M | $35M | $46M | $77M | $82M | $200M | $236M |
| Interest expense | $78M | $87M | — | — | — | — | — | $15M | $15M | $15M |
| Pre-tax income | $178M | $120M | -$21M | -$218M | -$89M | -$29M | $11M | -$5M | $110M | $145M |
| Income tax | $67M | -$114M | -$7M | -$56M | -$33M | -$20M | $292,000 | -$26M | $12M | $28M |
| Net income | $111M | $234M | -$13M | -$162M | -$56M | -$9M | $9M | $15M | $113M | $114M |
| EPS (diluted) | $0.89 | $1.82 | -$0.22 | -$1.33 | -$0.42 | -$0.07 | $0.07 | $0.12 | $0.94 | $1.06 |
| Diluted shares | 125M | 128M | 109M | 125M | 133M | 134M | 130M | 127M | 120M | 108M |
| Gross margin | -80.0% | -109.7% | — | — | — | — | — | — | — | — |
| Operating margin | 716.8% | 544.9% | 226.3% | 1.8% | 6.1% | 7.5% | 10.6% | 10.3% | 24.1% | 27.1% |
| Net margin | 451.2% | 1103.5% | -72.7% | -28.9% | -9.6% | -1.5% | 1.2% | 1.9% | 13.6% | 13.1% |
Balance sheet
Fiscal years, from Iridium Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $410M | $298M | $273M | $224M | $237M | $321M | $169M | $72M | $94M | $97M |
| Receivables | $57M | $68M | $71M | $69M | $61M | $63M | $82M | $92M | $99M | $94M |
| Inventory | $18M | $20M | $28M | $40M | $32M | $29M | $40M | $91M | $81M | $74M |
| Total current assets | $517M | $411M | $390M | $343M | $348M | $424M | $306M | $271M | $293M | $277M |
| Property, plant and equipment | $2.8B | $3.2B | $3.4B | $3.2B | $2.9B | $2.7B | $2.4B | $2.2B | $2.1B | $2.0B |
| Goodwill | $0 | $0 | — | — | — | — | — | $0 | $98M | $99M |
| Total assets | $3.5B | $3.8B | $4.0B | $3.6B | $3.4B | $3.2B | $3.0B | $2.7B | $2.7B | $2.5B |
| Total current liabilities | $83M | $214M | $263M | $114M | $113M | $109M | $142M | $132M | $169M | $112M |
| Total liabilities | $2.2B | $2.2B | $2.4B | $2.2B | $1.9B | $1.9B | $1.8B | $1.8B | $2.1B | $2.1B |
| Shareholders' equity | $1.3B | $1.6B | $1.6B | $1.5B | $1.4B | $1.3B | $1.1B | $888M | $577M | $463M |
| Net debt | -$371M | -$200M | -$147M | -$213M | -$220M | -$304M | -$152M | -$57M | -$60M | -$93M |
Cash flow
Fiscal years, from Iridium Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $225M | $260M | $264M | $198M | $250M | $303M | $345M | $315M | $376M | $400M |
| Capital spending | $406M | $400M | $391M | $118M | $39M | $42M | $71M | $73M | $70M | $100M |
| Free cash flow | -$180M | -$140M | -$128M | $80M | $211M | $261M | $273M | $241M | $306M | $300M |
| Stock-based compensation | $14M | $16M | $14M | $15M | $17M | $27M | $44M | $57M | $63M | $52M |
| Dividends paid | — | — | — | — | — | $0 | $0 | $65M | $65M | $63M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$163M | -$257M | -$247M | -$408M | -$186M |
| Net borrowing | — | $0 | $0 | $1.4B | -$181M | $179M | $0 | — | — | — |
| Free cash flow margin | -733.5% | -662.9% | -693.8% | 14.3% | 36.2% | 42.4% | 37.9% | 30.5% | 36.8% | 34.4% |
| Dividends per share | — | — | — | — | — | — | — | $0.51 | $0.54 | $0.58 |
Questions
What was Iridium Communications's revenue in 2025?
$872M in fiscal 2025, from its 10-K filing.
How much free cash flow does Iridium Communications generate?
$300M in fiscal 2025 (operating cash flow minus capital spending).
From Iridium Communications's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.