10-Q · July 22, 2026
Iridium delivered 4% Q2 revenue growth to $225.2 million, led by IoT, voice/data and hosted-data services, while the subscriber base rose 6% year over year. However, operating income declined 32% and net income fell 56%…
Earnings analysis · 10-Q
IRDM earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q extract does not include the income statement, balance sheet, cash-flow statement, MD&A, or segment disclosures, so current-period revenue, margins, EPS, cash flow, and working-capital trends cannot be…
Read full summary
The supplied 10-Q extract does not include the income statement, balance sheet, cash-flow statement, MD&A, or segment disclosures, so current-period revenue, margins, EPS, cash flow, and working-capital trends cannot be assessed. The filing confirms $2,109.5 million of aggregate Term Loan and Aireon Loans and $50.0 million drawn on the revolver, while warning that interest expense could rise by approximately $23.3 million when the cap expires in November 2026. Merger-related execution risk, including a potential $223.6 million termination fee, is the most material newly disclosed risk.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Interest-rate hedge remains in place
The interest-rate cap covers a $1.0 billion notional amount of the Term Loan through November 2026, providing partial protection against SOFR increases before expiration.
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Disclosure controls deemed effective
Management stated that disclosure controls and procedures were effective as of September 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
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No share repurchases in quarter
There were no repurchases during the fiscal quarter ended September 30, 2026, preserving cash for other corporate needs.
What to watch
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High debt and floating-rate exposure
Aggregate borrowings under the Term Loan and Aireon Loans totaled $2,109.5 million at September 30, 2026, and the Revolving Facility had $50.0 million drawn, leaving the company exposed to elevated leverage and refinancing risk.
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Hedge expiration threatens interest expense
The interest-rate cap expires in November 2026. Management expects annual interest expense to increase by approximately $23.3 million after expiration, with each additional 25-basis-point SOFR increase expected to add $4.4 million to annual interest expense.
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Merger completion and fee risk
The pending Rocket Lab merger may fail or be delayed, and Iridium may be required to pay a $223.6 million termination fee under certain circumstances. The filing also states that merger-related expenses are significant and will adversely affect operating results.
Management's outlook
The supplied 10-Q text contains no quantitative revenue or EPS outlook. Operating and financial guidance was not provided in the extracted filing.
Earlier filings 2
10-Q · April 23, 2026
Iridium reported Q1 2026 revenue of $219.057 million, up $4.179 million (+2%) versus Q1 2025, driven by commercial IoT and voice growth and higher engineering and support services. Despite revenue growth, operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.