IRDM Nasdaq Russell 1000 Earnings call
Iridium Communications (IRDM) · Q1 2026 results and valuation
Share price: $47.29 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · published 23 Apr 2026 and 12 Feb 2026
Net income down 13.2% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−13.2%
Net income vs Q4 2025
Outlook given
Net income 21.6M vs 24.9M
Revenue +2.9%
Against the same quarter last year (Q1 2025) it is −29.0%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 59% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Guidance
IRDM expects to have the capacity to generate at least $1.5 billion to $1.8 billion based on expectations for Iridium's growth.
Valuation
Is Iridium Communications undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 6.5% growth a year (3-year revenue growth), the model's fair value is $37.03 a share — the stock trades 28% above it. Today's price assumes 9.0% growth a year.
Current price
$47.29
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+9.0% for 10 yrs
Fair value / share
$37.03
Buy below
$27.77
Price vs fair value
Overvalued 28%
Price vs buy-below price
Overvalued 70%
Read between the lines
-
Guidance
Commercial voice and data revenue expected to grow in the first half of the year from earlier price actions.
Source quote
“Starting with our commercial business in voice and data, we expect revenue to grow in the first half of the year, benefiting from the price actions implemented last...”
-
Guidance
Maritime broadband customers expected to continue moving to lower-cost backup plants.
Source quote
“In our broadband business, we expect Maritime customers to continue to move to lower-cost backup plants.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our network reliability, global coverage partner ecosystem and strong brand position will allow us to continue to expand our revenues particularly when we add our second growth vector, PNT, into...”
“This momentum is tied to our work with the FDA and should support another year of record engineering growth.”
“We also have flexibility to utilize our strong liquidity position to invest in business growth opportunities through product investments or even the tackle acquisition.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 219.1M | 212.9M | +2.9% | 214.9M | +1.9% |
| Operating income | 50.7M | 55.2M | −8.2% | 60.4M | −16.0% |
| Net income | 21.6M | 24.9M | −13.2% | 30.4M | −29.0% |
| EPS | 0.20 | 0.24 | −16.7% | 0.27 | −25.9% |
| P/E today 55.7 | 28.0 | 16.4 | +11.6 | 26.0 | +2.0 |
Topics
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Latest announcements
Official filings, newest first.
- Shareholder vote results; Other events · SEC 8-K
- Other events · SEC 8-K
- Material agreement · SEC 8-K
- Articles or bylaws amended; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation; Director or officer change; Regulation FD disclosure · SEC 8-K
- Material agreement; Regulation FD disclosure · SEC 8-K
- Director or officer change; Shareholder vote results; Regulation FD disclosure · SEC 8-K