Monitor regulatory approvals for the Rocket Lab merger as the next binary catalyst; the stock is trading on deal probability rather than standalone fundamentals. The Aireon integration and EMSS renewal timeline are secondary drivers.
Price Chart
Executive Summary
Iridium reported Q3 2026 total revenue of $245.7M (+8% YoY) and GAAP net income of $106.9M ($0.98/diluted share), which includes a $103.9M gain from the Aireon acquisition. The pending Rocket Lab acquisition received 99.6% stockholder approval, with closing expected by mid-2027. Excluding the Aireon gain, operational EBITDA was essentially flat YoY at $135.6M, and net leverage rose to 4.2x, signaling increased debt from the Aireon deal.
Key Financial Metrics
Key Facts
- Total revenue $245.7M, +8% YoY; service revenue $187.5M, +13% YoY driven by Aireon acquisition
- GAAP net income $106.9M ($0.98/diluted share) vs $37.1M ($0.35) YoY, boosted by $103.9M Aireon gain
- Operational EBITDA $135.6M, essentially flat vs $136.6M YoY; net leverage increased to 4.2x from 3.3x
- Rocket Lab acquisition received 99.6% stockholder approval (81.4% of outstanding shares voted in favor); expected close mid-2027
- Quarterly dividend to increase to $0.16/share starting Q4 2026, a 5.2% annual increase
- EMSS Contract extended through March 2027 at same contractual rate; renewal expected in 2027
- Total billable subscribers 2,696,000, +6% YoY; commercial IoT subscribers +9% YoY
Financial Impact
Revenue growth of 8% YoY to $245.7M, but OEBITDA flat; net debt increased to $2.1B from $1.6B in Q2 2026 due to Aireon acquisition financing
Risk Factors
- Rocket Lab acquisition may not close if regulatory approvals are delayed or denied
- Net leverage increased to 4.2x from 3.3x, reducing financial flexibility
- OEBITDA flat YoY despite revenue growth, indicating margin pressure from Aireon-related costs and cash compensation changes
- EMSS Contract renewal beyond March 2027 is not yet secured
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001418819-26-000053 |
| Document: irdm-20261020.htm | 0001418819-26-000053 |
| Document: 0001418819-26-000053-index-headers.html | 0001418819-26-000053 |
| Document: 0001418819-26-000053-index.html | 0001418819-26-000053 |
| Document: 0001418819-26-000053.txt | 0001418819-26-000053 |
| 8-K Data (Synthetic) | 0001418819-26-000053 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 144 | $44.89 | awaiting T+1 | — | $45.65 (+1.69%) |
Oct 23, 2026 4d ago | Institutional Cluster | $44.40 $44.52 | ▲ +0.26% | ▼ −0.45% | $45.65 (+2.82%) |
Oct 20, 2026 7d ago | 8-K | $43.94 $44.25 | ▲ +0.71% | ▲ +0.18% | $45.65 (+3.89%) |
Oct 20, 2026 7d ago | Press Release | $43.94 $44.25 | ▲ +0.71% | ▲ +0.18% | $45.65 (+3.89%) |
Sep 24, 2026 4w ago | 8-K | $48.75 $48.33 | ▼ −0.86% | ▼ −0.12% | $45.65 (−6.36%) |
Sep 18, 2026 5w ago | 425 | $48.21 $48.65 | ▲ +0.91% | ▲ +0.93% | $45.65 (−5.31%) |
Sep 15, 2026 6w ago | 425 | $47.09 $47.28 | ▲ +0.40% | ▲ +0.84% | $45.65 (−3.06%) |
Sep 15, 2026 6w ago | 8-K | $47.09 $47.28 | ▲ +0.40% | ▲ +0.84% | $45.65 (−3.06%) |
Sep 3, 2026 7w ago | 425 | $47.21 $47.80 | ▲ +1.25% | ▲ +1.80% | $45.65 (−3.30%) |
Aug 19, 2026 9w ago | Insider Cluster | $48.45 $48.98 | ▲ +1.09% | ▲ +0.68% | $45.65 (−5.78%) |
US Market Status
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