Iridium Announces First Quarter 2026 Results

Rhea-AI Summary

Iridium (Nasdaq: IRDM) reported Q1 2026 total revenue of $219.1 million, with service revenue of $158.0 million and equipment/engineering revenue of $61.0 million. Net income was $21.6 million or $0.20 per diluted share; OEBITDA was $116.3 million. Total billable subscribers reached 2,555,000. The company reaffirmed full-year 2026 guidance, expecting service revenue flat to +2% and OEBITDA of $480–$490 million (reflecting a $17 million cash incentive change).

Positive

• Total revenue of $219.1 million in Q1 2026
• Service revenue growth of 2% year-over-year to $158.0 million
• Billable subscribers grew 5% year-over-year to 2,555,000
• Company reiterated full-year 2026 guidance and long-term leverage targets

Negative

• Net income declined to $21.6 million from $30.4 million year-over-year
• OEBITDA declined to $116.3 million, partly due to $17 million cash incentive impact
• Equipment revenue down 13% to $20.2 million in Q1 2026
• Net leverage of 3.4x trailing twelve months OEBITDA at quarter end

Market Reaction – IRDM

-7.57% $37.34

15m delay 4 alerts

-7.57% Since News

$37.34 Last Price

$37.21 $44.11 Day Range

-$350M Valuation Impact

$4.27B Market Cap

0.1x Rel. Volume

Following this news, IRDM has declined 7.57%, reflecting a notable negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $37.34. This price movement has removed approximately $350M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q1 2026 total revenue: $219.1M Q1 2026 service revenue: $158.0M Q1 2026 net income: $21.6M +5 more

8 metrics

Q1 2026 total revenue $219.1M Three months ended March 31, 2026; up 2% vs Q1 2025

Q1 2026 service revenue $158.0M 72% of total revenue; up 2% year-over-year

Q1 2026 net income $21.6M Down from $30.4M in Q1 2025

Q1 2026 EPS (diluted) $0.20 Compared to $0.27 in Q1 2025

Q1 2026 OEBITDA $116.3M Versus $122.1M in prior-year period

Total subscribers 2,555,000 Billable subscribers at Q1 2026 end; up from 2,443,000 year-ago

Net debt $1.7B Gross debt $1.8B minus $111.6M cash at Q1 2026 end

Quarterly dividend $0.15 per share Paid March 31, 2026; total cash outlay $16.5M

Market Reality Check

Price: $40.40 Vol: Volume 4,480,456 vs 20-da...

high vol

$40.40 Last Close

Volume Volume 4,480,456 vs 20-day average 2,724,521 (relative volume 1.64x) ahead of and around the earnings release. high

Technical Price $40.40 is trading above the 200-day MA at $22.55, indicating a pre-existing longer-term uptrend into this report.

Peers on Argus

IRDM is down 5.89% while telecom peers show smaller declines: GOGO -4.53%, LILA ...

IRDM is down 5.89% while telecom peers show smaller declines: GOGO -4.53%, LILA -1.88%, LILAK -1.38%, CCOI -1.52%, IDT -0.38%. No peers appeared in the momentum scanner and no same-day peer headlines were flagged, pointing to a more company-specific reaction to this earnings release.

Previous Earnings Reports

5 past events · Latest: Apr 02 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 02	Earnings call date	Neutral	+15.2%	Announcement of Q1 2026 earnings release date and conference call logistics.
Jan 22	Earnings call date	Neutral	+11.1%	Scheduling of Q4 and full-year 2025 earnings release and conference call.
Oct 23	Quarterly results	Positive	-7.5%	Q3 2025 revenue and OEBITDA growth with raised full-year guidance and leverage targets.
Oct 02	Earnings call date	Neutral	+5.7%	Announcement of Q3 2025 earnings call schedule and webcast access details.
Aug 12	Partner earnings	Neutral	+0.4%	GCT Semiconductor Q2 2025 update including an Iridium-related non-terrestrial network partnership.

Pattern Detected

Earnings-related headlines for IRDM have generally coincided with positive single-day moves, with one notable past divergence on a detailed quarterly results release.

Recent Company History

Over the past year, Iridium’s earnings and results cycle featured several catalysts. On Oct 23, 2025, Q3 2025 results with raised OEBITDA guidance saw a -7.48% move despite solid growth metrics. Earlier and later, earnings release-date announcements on Jan 22, 2026 and Apr 2, 2026 produced strong positive reactions of 11.06% and 15.22%. Today’s Q1 2026 results fit into this pattern of earnings events drawing sizable stock moves, sometimes diverging from operational trends.

Historical Comparison

+5.0% avg move · In the past, IRDM’s earnings-tagged headlines averaged a 4.97% move. Today’s -5.89% reaction to Q1 2...

earnings

+5.0%

Average Historical Move earnings

In the past, IRDM’s earnings-tagged headlines averaged a 4.97% move. Today’s -5.89% reaction to Q1 2026 results contrasts with that generally positive historical pattern.

Recent earnings-related news tracks Iridium’s shift from announcing call dates to detailed quarterly results with evolving OEBITDA guidance, dividend growth, and leverage targets from 2025 into 2026.

Market Pulse Summary

The stock is down -7.6% following this news. A negative reaction despite modest revenue growth fits ...

Analysis

The stock is down -7.6% following this news. A negative reaction despite modest revenue growth fits prior instances where detailed results, such as Q3 2025, drew a -7.48% move even alongside guidance improvements. Today’s -5.89% decline comes as Q1 2026 net income and OEBITDA trail the prior year, while leverage stands at 3.4x. Historically, earnings-tagged news averaged a 4.97% move, so continued scrutiny of profitability, leverage, and guidance consistency remains important.

Key Terms

oebitda, non-gaap, net leverage, rule 10b5-1 trading plan, +2 more

6 terms

oebitda financial

"Operational EBITDA ("OEBITDA")(1) for the first quarter was $116.3 million"

OEBITDA is a measure of a company’s core operating profit before interest, taxes, depreciation and amortization, often stripped of one-time or non-operational items to show recurring earnings. Investors use it like checking an engine’s steady horsepower — it helps compare underlying business performance across companies and periods by removing financing, tax differences and accounting quirks that can hide how well the business itself is running.

non-gaap financial

"OEBITDA, which is a non-GAAP financial measure, as a supplemental measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

net leverage financial

"The Company ended the first quarter with net leverage of 3.4 times trailing twelve months OEBITDA."

Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.

rule 10b5-1 trading plan regulatory

"trades were made under a Rule 10b5-1 trading plan adopted by the reporting person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

dividend equivalent rights financial

"These shares are dividend equivalent rights created by a $0.15 quarterly cash dividend"

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

operational ebidta financial

"Supplemental Reconciliation of GAAP Net Income to Operational EBITDA"

Operational EBITDA is a measure of a company’s recurring profit from its core business, calculated by taking earnings before interest, taxes, depreciation and amortization and excluding items that are one-time, non-recurring or unrelated to day-to-day operations. It matters to investors because it highlights the business’s steady cash-generating ability—like checking the steady flow from a faucet rather than counting occasional rainstorms—making performance easier to compare over time and across peers.

AI-generated analysis. Not financial advice.

MCLEAN, Va., April 23, 2026 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium" or the "Company"), a leading provider of global voice, data, and PNT satellite services, today reported financial results for the first quarter of 2026 and reiterated its full-year 2026 outlook.

Iridium reported first quarter total revenue of $219.1 million, which consisted of $158.0 million of service revenue and $61.0 million of revenue related to equipment sales and engineering and support projects. Total revenue increased 2% versus the comparable period of 2025. Service revenue, which primarily represents recurring revenue from Iridium's growing subscriber base, grew 2% from the year-ago period and was 72% of total revenue for the first quarter of 2026.

"2026 is off to a solid start, as we continue to grow service revenue and introduce new products, like our next-generation IoT platform," said Matt Desch, CEO, Iridium. "We continue to invest in key areas of differentiation, which offer attractive opportunities for growth, including IoT, PNT, national security missions and aviation safety services."

Income from Operations

Net income was $21.6 million, or $0.20 per diluted share, for the first quarter of 2026, as compared to net income of $30.4 million, or $0.27 per diluted share, for the first quarter of 2025. Operational EBITDA ("OEBITDA")⁽¹⁾ for the first quarter was $116.3 million, as compared to $122.1 million for the prior-year period. The year-over-year OEBITDA decline was driven by a $4.2 million increase in accrued expenses related to a change in practice to pay annual incentive compensation entirely in cash rather than a mix of equity and cash, which the Company previewed on its fourth quarter earnings call.

Subscribers

The Company ended the first quarter with 2,555,000 total billable subscribers, up from 2,443,000 for the year-ago period and 2,537,000 for the quarter ended December 31, 2025. Total billable subscribers grew 5% year-over-year, led by growth in commercial IoT.

Business Highlights

Service – Commercial

Commercial service remained the largest part of Iridium's business, representing 60% of the Company's total revenue during the first quarter. The Company's commercial customer base is diverse and includes the aviation, construction, emergency services, forestry, maritime, mining, oil and gas, recreation, and transportation markets, among others. Iridium's products and services are critical to these customers' daily operations and integral to their communications and business infrastructure.

• Commercial service revenue was $130.4 million, up 2% from the comparable period last year.
  • Commercial voice and data: Revenue was $57.4 million, up 3% from the year-ago period. Subscribers fell 2% from the year-ago period to 399,000. Average revenue per user ("ARPU") increased to $48 during the first quarter, compared to $45 in last year's comparable period, driven primarily by price actions implemented during the third quarter of 2025.
  • Commercial IoT data: Revenue was $46.0 million, up 5% from the year-ago period. Subscribers grew 7% from the year-ago period to 2,019,000. ARPU was $7.63 in the first quarter, compared to $7.75 in last year's comparable period.
  • Commercial broadband: Revenue was $12.2 million, down 5% from the year-ago period. Subscribers declined 1% from the year-ago period to 16,100. ARPU was $254 during the first quarter, compared to $261 in last year's comparable period, reflecting the increased prevalence of Iridium's use in lower-priced companion plans.
  • Hosted payload and other data service: Revenue was $14.8 million, down 1% from the year-ago period.
• Iridium's commercial business ended the quarter with 2,434,000 billable subscribers, which is up from 2,310,000 for the prior-year quarter and compares to 2,416,000 for the quarter ended December 31, 2025. IoT data subscribers represented 83% of billable commercial subscribers at the end of the first quarter, an increase from 82% at the end of the prior-year period.

Service – U.S. Government

Iridium's voice and data solutions improve situational awareness for military personnel and track critical assets in tough environments around the globe, providing a unique value proposition. Under Iridium's Enhanced Mobile Satellite Services contract (the "EMSS Contract"), a seven-year, $738.5 million fixed-price airtime contract with the U.S. Space Force signed in September 2019, Iridium provides specified satellite airtime services for an unlimited number of Department of War (formerly Department of Defense) and other federal government subscribers. Iridium also provides maintenance and support work for the U.S. government's dedicated Iridium^® gateway under two other contracts with the U.S. Space Force, the revenue of which is included in engineering and support services revenue. Iridium Certus^® airtime services are not included under these contracts and may be procured separately for an additional fee.

• Government service revenue grew 3% to $27.6 million in the first quarter, reflecting contractual rate increases in the EMSS Contract over the prior year.
• Under the terms of the multi-year EMSS Contract, Iridium's fixed-price rate increased to $110.5 million for the contract year beginning September 15, 2025.
• Iridium's U.S. government business ended the quarter with 121,000 subscribers, which compares to 133,000 for the prior-year quarter and 121,000 for the quarter ended December 31, 2025. Government voice and data subscribers declined 20% from the year-ago period to 43,000 as of March 31, 2026. Government IoT data subscribers remained relatively flat year-over-year and represented 64% of government subscribers at the end of the first quarter.

Equipment

• Equipment revenue was $20.2 million in the first quarter, down 13% compared to $23.1 million in the prior-year quarter.
• For the full-year 2026, the Company expects equipment sales will be in line with 2025.

Engineering & Support

• Engineering and support revenue was $40.8 million during the first quarter, up 9% compared to $37.5 million in the prior-year quarter, primarily due to increasing activity with the U.S. government.
• For the full-year 2026, the Company expects engineering and support revenue to increase from 2025.

Capital Allocation

Capital expenditures were $30.0 million for the first quarter, including $1.4 million in capitalized interest. The Company ended the first quarter with gross debt of $1.8 billion, and a cash and cash equivalents balance of $111.6 million, for a net debt balance of $1.7 billion. The Company ended the first quarter with net leverage of 3.4 times trailing twelve months OEBITDA.

Iridium paid its first quarter dividend of $0.15 per share of common stock on March 31, 2026, resulting in a total payment of $16.5 million to stockholders. The Company's Board of Directors has increased the dividend paid per share each year since initiating a dividend in 2023.

2026 and Longer-Term Outlook

The Company reiterated its full-year 2026 outlook and reaffirmed its long-term guidance on cash taxes and net leverage:

• Total service revenue projected to be flat to 2% for full-year 2026. Total service revenue for 2025 was $634.0 million.
• Net income for 2025 was $114.4 million and OEBITDA for 2025 was $495.3 million. In 2026, the Company determined to pay annual incentive compensation entirely in cash, rather than a mix of equity and cash as has been the Company's prior practice. This change is projected to have a $17 million impact to OEBITDA, resulting in expected full-year 2026 OEBITDA of $480 million to $490 million. Without this change, OEBITDA would have been projected to be in a range of $497 million to $507 million.
• Cash taxes of less than $10 million per year through 2027. The Company's longer-term cash tax rate is expected to move closer to the statutory rate in 2029.
• Net leverage at or below 3.0 times OEBITDA by the end of 2026 and falling below 2.0 times OEBITDA by the end of the decade. Net leverage was 3.4 times OEBITDA at December 31, 2025.

(1) Non-GAAP Financial Measures & Definitions

In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company reports OEBITDA, which is a non-GAAP financial measure, as a supplemental measure to help investors evaluate the Company's fundamental operational performance. OEBITDA represents earnings before interest, income taxes, depreciation and amortization, gain (loss) on equity method investments, transaction related expenses, and share-based compensation expenses. The Company considers the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from OEBITDA. Management believes such charges are incidental to, but not reflective of, the Company's day-to-day operating performance. OEBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of OEBITDA, and the Company's calculations thereof may not be comparable to similarly titled measures reported by other companies. The Company believes OEBITDA is a useful measure across time in evaluating its fundamental core operating performance. Management also uses OEBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. The Company believes that OEBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, OEBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company's definite-lived intangible assets, or depreciation expense on the Company's capital assets, which are necessary elements of the Company's operations. Since OEBITDA does not account for these and other expenses, its utility as a measure of the Company's operating performance has material limitations. Due to these limitations, the Company's management does not view OEBITDA in isolation, but also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. Please refer to the schedule below for a reconciliation of consolidated GAAP net income to OEBITDA and Iridium's Investor Relations webpage at www.iridium.comfor a discussion and reconciliation of this and other non-GAAP financial measures. The Company does not provide a forward-looking reconciliation of expected full year 2026 OEBITDA guidance as the amount and significance of certain items such as share-based compensation, transaction related expenses and gain/loss on equity method investments, that are required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.

Iridium Communications Inc.
Supplemental Reconciliation of GAAP Net Income to Operational EBITDA
(In thousands)
		Three Months Ended March 31,				Year Ended December 31,
		2026		2025		2025
GAAP net income		$        21,594		$        30,412		$              114,372
Interest expense, net		19,366		21,824		88,252
Income tax expense		8,827		5,819		27,618
Depreciation and amortization		53,741		51,667		210,207
Share-based compensation		11,382		11,748		51,579
Transaction related expenses(1)		699		—		479
Loss on equity method investments		732		648		2,823
Operational EBITDA		$       116,341		$       122,118		$              495,330

(1)

Represents direct costs incurred in connection with the evaluation, negotiation, consummation, financing and integration of strategic transactions, including, acquisitions, divestitures and investments, whether or not actually completed. These costs generally include legal and advisory fees, severance and other related costs.

Conference Call Information

As previously announced, the Company will host a conference call to discuss its results at 8:30 a.m. Eastern Time on Thursday, April 23, 2026. Callers should dial 1-412-902-6740 to access the call. The conference call will also be simultaneously webcast on Iridium's Investor Relations webpage at www.iridium.com. An archive of the webcast will be available following the live conference call.

About Iridium Communications Inc.

Iridium Communications Inc. (Nasdaq: IRDM) operates the world's only truly global mobile satellite network, delivering reliable voice, data, and positioning, navigation and timing (PNT) services anywhere on Earth. Iridium supports safety- and mission-critical operations for diverse markets such as aviation, maritime, government, emergency services, critical infrastructure, autonomous systems, and remote monitoring applications, where connectivity is essential.

Headquartered in McLean, Va., Iridium provides its products and services through an ecosystem of 500-plus partner companies around the world. For more information, visit www.iridium.com. 

Forward-Looking Statements

Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Iridium's strategy and growth opportunities; expectations with respect to total service revenue growth, subscribers, OEBITDA, cash taxes and net leverage for 2026; cash taxes and net leverage over the long term; anticipated equipment sales and engineering and support service revenue for 2026; the payment of dividends, and expected revenue from the EMSS Contract with the U.S. government. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium's products and services, including demand from the U.S. government; Iridium's ability to maintain the health, capacity and content of its satellite constellation; the development of and market for Iridium's products and services; increased competition; changes in trade policy, including tariff rates, as well as general industry and economic conditions; and legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on February 12, 2026, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Iridium's forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements, except as required by applicable law.

Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
		Three Months Ended March 31,
		2026		2025
Revenue
Service revenue
Commercial		$          130,404		$          127,542
Government		27,625		26,750
Total service revenue		158,029		154,292
Subscriber equipment		20,219		23,121
Engineering and support service		40,809		37,465
Total revenue		219,057		214,878
Operating expenses
Cost of services (exclusive of depreciation and amortization)		49,636		48,787
Cost of subscriber equipment sales		13,014		12,867
Research and development		6,174		5,417
Selling, general and administrative		45,779		35,752
Depreciation and amortization		53,741		51,667
Total operating expenses		168,344		154,490
Operating income		50,713		60,388
Other expense, net
Interest expense, net		(19,366)		(21,824)
Other expense, net		(194)		(1,685)
Total other expense, net		(19,560)		(23,509)
Income before income taxes and loss on equity method investments		31,153		36,879
Income tax expense		(8,827)		(5,819)
Loss on equity method investments		(732)		(648)
Net income		$            21,594		$            30,412
Operational EBITDA		$          116,341		$          122,118

 

Iridium Communications Inc.
Summary Revenue and OEBITDA Highlights
(In thousands)
	Three Months Ended March 31,
	2026		2025		% Change
Revenue
Service revenue(1)
Commercial service revenue
Voice and data	$       57,433		$      55,942		3 %
IoT data(2)	45,966		43,856		5 %
Broadband(3)	12,222		12,876		-5 %
Hosted payload and other data service(4)	14,783		14,868		-1 %
Total commercial service revenue	130,404		127,542		2 %
Government service revenue(5)	27,625		26,750		3 %
Total service revenue	158,029		154,292		2 %
Subscriber equipment	20,219		23,121		-13 %
Engineering and support(6)
Commercial	1,344		1,638		-18 %
Government	39,465		35,827		10 %
Total engineering and support	40,809		37,465		9 %
Total revenue	$     219,057		$    214,878		2 %
Operational EBITDA
Operational EBITDA	$     116,341		$    122,118		-5 %
Other
Capital expenditures(7)	$       29,955		$      24,546
Net debt(8)	$  1,663,077		$ 1,772,281
Cash, cash equivalents and marketable securities	$     111,644		$      50,899
Revolving Credit Facility	$              —		$      20,000
Term Loan, gross	$  1,774,721		$ 1,803,180
Deferred financing costs	(13,537)		(16,213)
Term Loan, net	$  1,761,184		$ 1,786,967

(1)	Service revenue consists of primarily subscription-based services which often generate a long-term recurring revenue stream from subscribers.
(2)	IoT data service provides a two-way short burst data transmission between Iridium's network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions.
(3)	Broadband is comprised of Iridium OpenPort® and Iridium Certus.
(4)	Hosted payload and other services consist primarily of services that do not have traditional billable subscribers. Hosted payload services consist of hosting and data services to our payload customers, Aireon LLC and L3Harris Technologies, Inc. Other services include primarily Iridium's one-way satellite timing, location, and authentication services (STL) which provides position, navigation and timing technology.
(5)	Government service revenue consists of voice and IoT data subscription-based services provided to agencies of the U.S. government through prime contracts.
(6)	Engineering and support includes engineering services for the Space Development Agency contract and to assist commercial customers in developing new technologies for use on Iridium's satellite system, as well as maintenance services to the U.S. government's dedicated gateway.
(7)	Capital expenditures based on cash spent in the respective period.
(8)	Net debt is calculated by taking the gross Term Loan and Revolving Credit Facility amounts, less cash, cash equivalents and marketable securities.

 

Iridium Communications Inc.
Subscriber Highlights
(In thousands, except ARPU)
	As of March 31,
	2026		2025		% Change
Billable Subscribers (1) (2)
Commercial
Voice and data, IoT data and Broadband service
Voice and data	399		409		-2 %
IoT data	2,019		1,885		7 %
Broadband (3)	16.1		16.3		-1 %
Total commercial voice and data, IoT data and Broadband service	2,434		2,310		5 %
Government
Voice and data and IoT data service
Voice and data	43		54		-20 %
IoT data	78		79		-1 %
Total government voice and data and IoT data service	121		133		-9 %
Total billable subscribers	2,555		2,443		5 %
	Three Months Ended March 31,
	2026		2025
Net Billable Subscriber Additions
Commercial
Voice and data. IoT data and Broadband service
Voice and data	(3)		(6)
IoT data	21		(2)
Broadband	—		(0.3)
Total commercial voice and data, IoT data and Broadband service	18		(8)
Government
Voice and data and IoT data service
Voice and data	—		(8)
IoT data	—		—
Total government voice and data and IoT data service	—		(8)
Total net billable subscriber additions	18		(16)
	Three Months Ended March 31,
	2026		2025		% Change
ARPU (2) (4)
Commercial
Voice and data	$           48		$           45		7 %
IoT data	$        7.63		$        7.75		-2 %
Broadband	$         254		$         261		-3 %

(1)	Subscribers as of the end of the respective period.
(2)	Billable subscriber and average monthly revenue per unit ("ARPU") data is not applicable for Hosted payload and other data service revenue items and is excluded from presentation above.
(3)	Broadband is comprised of Iridium OpenPort® and Iridium Certus.
(4)	ARPU is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period.

 

Investor Contact:	Press Contact:
Kenneth Levy	Jordan Hassin
Iridium Communications Inc.	Iridium Communications Inc.
+1 (703) 287-7570	+1 (703) 287-7421
ken.levy@iridium.com	jordan.hassin@iridium.com

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SOURCE Iridium Communications Inc.

FAQ

What did Iridium (IRDM) report for Q1 2026 revenue and net income?

Iridium reported $219.1 million in total revenue and net income of $21.6 million for Q1 2026. According to the company, service revenue was $158.0 million, equipment and engineering made up the remainder, and OEBITDA was $116.3 million.

How many subscribers did IRDM have at the end of Q1 2026 and which segment led growth?

Iridium ended Q1 2026 with 2,555,000 total billable subscribers, up 5% year-over-year. According to the company, commercial IoT led growth, with commercial IoT subscribers at 2,019,000, representing 83% of commercial subscribers.

What is Iridium's full-year 2026 OEBITDA guidance and what drove the adjustment?

Iridium expects full-year 2026 OEBITDA of $480–$490 million, reflecting a $17 million impact from paying annual incentives entirely in cash. According to the company, without that change OEBITDA would have been projected near $497–$507 million.

Did IRDM change its dividend policy or capital allocation in Q1 2026?

Iridium paid a Q1 2026 dividend of $0.15 per share on March 31, 2026, totaling $16.5 million. According to the company, the board has increased the dividend each year since initiating it in 2023.

What guidance did Iridium provide on 2026 service revenue, cash taxes, and net leverage?

Iridium reiterated service revenue guidance of flat to +2% for 2026, cash taxes $10 million per year through 2027, and net leverage target of ≤3.0x by end of 2026. According to the company, longer-term leverage should fall below 2.0x by decade end.