Loading...
•
Dec 31, 2025
Iridium Q4 2025 Earnings Report
Iridium reported a slight decrease in total revenue and operational EBITDA for Q4 2025 compared to the prior year, with a notable increase in net income.
Key Takeaways
Iridium Communications Inc. reported a total revenue of $212.9 million for the fourth quarter of 2025, which was in line with the comparable period last year. Net income for the quarter was $24.9 million, a decrease from $36.3 million in Q4 2024. Operational EBITDA also saw a slight decrease to $115.3 million. The company ended the quarter with 2,537,000 total billable subscribers, showing a 3% year-over-year growth driven by commercial IoT.
Total revenue for Q4 2025 was $212.9 million, consistent with the prior-year period, with service revenue comprising 75% of the total.
Net income for the fourth quarter of 2025 was $24.9 million, or $0.24 per diluted share, down from $36.3 million in Q4 2024.
Operational EBITDA for Q4 2025 was $115.3 million, a 2% decrease compared to $117.1 million in the prior-year period.
Total billable subscribers reached 2,537,000, representing a 3% year-over-year growth, primarily fueled by commercial IoT.
Revenue by Segment
Forward Guidance
Iridium issued its full-year 2026 outlook, projecting flat to 2% growth in total service revenue and an OEBITDA range of $480 million to $490 million, impacted by a change in incentive compensation.
Positive Outlook
- Total service revenue growth projected to be flat to 2% for full-year 2026, building on 2025's $634.0 million.
- Cash taxes are expected to be less than $10 million per year through 2027.
- Net leverage is projected to be at or below 3.0 times OEBITDA by the end of 2026.
- Net leverage is expected to fall below 2.0 times OEBITDA by the end of the decade.
- Engineering and support revenue is expected to increase from 2025.
Challenges Ahead
- OEBITDA for 2026 is projected to be $480 million to $490 million, a decrease from 2025's $495.3 million.
- The change in incentive compensation to entirely cash is projected to have a $17 million negative impact on OEBITDA.
- Without the compensation change, OEBITDA would have been projected higher, in a range of $497 million to $507 million.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...