Iridium Communications Inc

Iridium runs 66 operational satellites in low-Earth orbit that carry voice, data and location and timing signals anywhere on the planet. Its users work where cell towers don't reach: ships, aircraft, polar regions, mines, oil fields and disaster zones. The satellites relay traffic to each other in space, so few ground stations are needed. Iridium ended 2025 with about 2.54 million billable subscribers, up 3%.

Most commercial customers reach Iridium through partners: about 120 service providers, 310 value-added resellers and 90 value-added manufacturers that build products on its network. Revenue rose 5% to $871.7 million in 2025. Service fees for network access made up 73%; engineering and support work, including for the U.S. Space Force, 18%; and devices 9%. The United States produced 55% of revenue, Canada 10% and other countries 35%.

The U.S. government was the largest customer in 2025, at $257.0 million, or 29% of revenue. Its main contract is a fixed-price airtime deal called EMSS that paid $110.5 million a year. The annual report filed February 12, 2026, said it ran through September 2026, with an optional six-month extension. Growth bets include timing and location services that complement GPS, from the 2024 purchase of Satelles, and Iridium NTN Direct. That service links devices with standard cellular chips to Iridium's satellites and was expected to launch in 2026.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $245.7M, up 8.3% from a year earlier, and net income was $106.9M (+187.9%).
• For fiscal 2025, revenue was $871.7M (+4.9% year over year; +8.4% a year from FY2020 to FY2025) with a 13.1% net margin.

• Over FY2021–FY2025: $1.26B in buybacks and $192.4M in dividends.
• At least 2 consecutive annual increases: every fiscal year in the SEC data (FY2023–FY2025) shows an increase; the true streak may be longer.
• Dividends took 55% of earnings and 21% of free cash flow in the latest fiscal year.
• Shares outstanding changed -19.7% from Oct 14, 2021 to Oct 13, 2026.

Rank among 1514 US companies

Market value at each year end

Iridium Communications’s market value went from $919.4M at the end of 2016 to $4.88B on Oct 28, 2026, about 5.3 times as much; since the end of 2025 it is up 168%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 10 sales ($19.2M).

Large shareholders (13G filings)

ETFs with the most weight in IRDM

1. Satellites can fail, and they aren't insured. Satellites can't be repaired in orbit and may fail from component faults, solar flares or space debris. Iridium carries no in-orbit insurance, so failures are uninsured losses and could force earlier, costly network replacement.
2. One customer provided 29% of 2025 revenue. That customer is the U.S. government. Its main airtime contract was set to end in September 2026, with a six-month extension option, and government contracts can be terminated or not renewed.
3. Threats to its radio spectrum and licenses. Service depends on Iridium's L-band radio frequencies. Interference could disrupt or end service, including from companies seeking to reuse L-band for land-based networks. So could U.S. regulators revoking or not renewing its licenses.
4. Competition from cellular and satellite rivals. Iridium could lose customers to cellular carriers, other satellite operators and expanding land-based networks. Keeping up with fast-changing satellite technology could also require large additional spending.
5. Dependence on partners and key suppliers. Iridium relies on hundreds of distribution partners to market its services and on a few key vendors for equipment and parts. Weak partner sales, supplier shortages or tariffs could cut revenue or raise costs.
6. Heavy debt, and a dividend that could shrink. Total debt was about $1.76 billion at the end of 2025, which the company calls considerable. Loan terms may limit its flexibility, and the board can reduce, suspend or end planned dividends.

• Oct 20, 2026 Quarterly results released
• Sep 24, 2026 Shareholder vote results; Other company announcement
• Sep 18, 2026 Other company announcement
• Sep 15, 2026 Major agreement signed
• Aug 10, 2026 Bylaws or fiscal year changed; Investor presentation or announcement
• Jul 22, 2026 Quarterly results released
• Jul 7, 2026 Major agreement signed; New debt or financial obligation; Executive or board change; Investor presentation or announcement
• Jun 29, 2026 Major agreement signed; Investor presentation or announcement
• May 20, 2026 Executive or board change; Shareholder vote results; Investor presentation or announcement
• May 14, 2026 Major agreement signed; Investor presentation or announcement

Iridium is a modest, newer dividend payer; it paid none in 2021 or 2022. Dividends per share rose from $0.54 in 2024 to $0.58 in 2025. The 2025 dividend took 55% of earnings but only 21% of free cash flow (cash left after running and investing in the business). The dividend yield was 1.31% as of October 28, 2026. Share repurchases (buybacks) have been bigger: from 2021 through 2025 Iridium spent $1.26 billion on them, versus $192 million on dividends. Its share count fell about 20% from October 2021 to October 2026.

In the 2020 COVID crash the shares fell 42.4% and took about eight months from the low to recover. In 2022 they dipped 22.1% early but ended the market's January-to-October slide up 13.8%. The stock fell in each calendar year from 2023 to 2025, and its largest drop in the three years to October 28, 2026, was 60.1%. Single stocks carry more risk than diversified funds.