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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $111.5M, roughly 2.0× AVIAT NETWORKS, INC.). Iridium Communications Inc. runs the higher net margin — 9.9% vs 5.1%, a 4.7% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -5.7%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
AVNW vs IRDM — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $219.1M |
| Net Profit | $5.7M | $21.6M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 23.2% |
| Net Margin | 5.1% | 9.9% |
| Revenue YoY | -5.7% | 1.9% |
| Net Profit YoY | 27.2% | — |
| EPS (diluted) | $0.44 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $111.5M | $212.9M | ||
| Q3 25 | $107.3M | $226.9M | ||
| Q2 25 | $115.3M | $216.9M | ||
| Q1 25 | $112.6M | $214.9M | ||
| Q4 24 | $118.2M | $213.0M | ||
| Q3 24 | $88.4M | $212.8M | ||
| Q2 24 | $116.7M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $5.7M | $24.9M | ||
| Q3 25 | $162.0K | $37.1M | ||
| Q2 25 | $5.2M | $22.0M | ||
| Q1 25 | $3.5M | $30.4M | ||
| Q4 24 | $4.5M | $36.3M | ||
| Q3 24 | $-11.9M | $24.4M | ||
| Q2 24 | $1.5M | $32.3M |
| Q1 26 | — | — | ||
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 6.5% | 25.9% | ||
| Q3 25 | 4.8% | 30.9% | ||
| Q2 25 | 7.7% | 23.2% | ||
| Q1 25 | 8.3% | 28.1% | ||
| Q4 24 | 6.7% | 24.5% | ||
| Q3 24 | -17.6% | 25.8% | ||
| Q2 24 | 4.7% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 5.1% | 11.7% | ||
| Q3 25 | 0.2% | 16.4% | ||
| Q2 25 | 4.5% | 10.1% | ||
| Q1 25 | 3.1% | 14.2% | ||
| Q4 24 | 3.8% | 17.1% | ||
| Q3 24 | -13.4% | 11.5% | ||
| Q2 24 | 1.3% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.44 | $0.24 | ||
| Q3 25 | $0.01 | $0.35 | ||
| Q2 25 | $0.42 | $0.20 | ||
| Q1 25 | $0.27 | $0.27 | ||
| Q4 24 | $0.35 | $0.30 | ||
| Q3 24 | $-0.94 | $0.21 | ||
| Q2 24 | $0.11 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.5M | — |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | — |
| Total Assets | $659.4M | — |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $86.5M | $96.5M | ||
| Q3 25 | $64.8M | $88.5M | ||
| Q2 25 | $59.7M | $79.3M | ||
| Q1 25 | $49.4M | $50.9M | ||
| Q4 24 | $52.6M | $93.5M | ||
| Q3 24 | $51.0M | $159.6M | ||
| Q2 24 | $64.6M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $105.4M | $1.8B | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | $1.8B | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | $271.6M | $462.6M | ||
| Q3 25 | $263.6M | $450.5M | ||
| Q2 25 | $263.2M | $473.6M | ||
| Q1 25 | $256.1M | $518.4M | ||
| Q4 24 | $249.6M | $576.6M | ||
| Q3 24 | $247.1M | $663.8M | ||
| Q2 24 | $255.9M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $659.4M | $2.5B | ||
| Q3 25 | $643.3M | $2.6B | ||
| Q2 25 | $633.3M | $2.6B | ||
| Q1 25 | $628.3M | $2.6B | ||
| Q4 24 | $594.1M | $2.7B | ||
| Q3 24 | $590.9M | $2.8B | ||
| Q2 24 | $535.2M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | 3.80× | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | 3.05× | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $23.9M | — |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | 13.7% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $23.9M | $108.6M | ||
| Q3 25 | $-11.7M | $100.8M | ||
| Q2 25 | $10.5M | $129.6M | ||
| Q1 25 | $1.6M | $61.1M | ||
| Q4 24 | $20.8M | $104.8M | ||
| Q3 24 | $-27.2M | $118.6M | ||
| Q2 24 | $8.3M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $22.5M | $75.1M | ||
| Q3 25 | $-13.5M | $79.2M | ||
| Q2 25 | $8.2M | $108.9M | ||
| Q1 25 | $-1.2M | $36.5M | ||
| Q4 24 | $18.3M | $80.5M | ||
| Q3 24 | $-32.6M | $100.0M | ||
| Q2 24 | $7.5M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 20.2% | 35.3% | ||
| Q3 25 | -12.6% | 34.9% | ||
| Q2 25 | 7.1% | 50.2% | ||
| Q1 25 | -1.0% | 17.0% | ||
| Q4 24 | 15.5% | 37.8% | ||
| Q3 24 | -36.8% | 47.0% | ||
| Q2 24 | 6.4% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.3% | 15.7% | ||
| Q3 25 | 1.6% | 9.5% | ||
| Q2 25 | 2.0% | 9.5% | ||
| Q1 25 | 2.5% | 11.4% | ||
| Q4 24 | 2.1% | 11.4% | ||
| Q3 24 | 6.1% | 8.7% | ||
| Q2 24 | 0.7% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 4.18× | 4.37× | ||
| Q3 25 | -72.48× | 2.71× | ||
| Q2 25 | 2.02× | 5.90× | ||
| Q1 25 | 0.46× | 2.01× | ||
| Q4 24 | 4.62× | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | 5.37× | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
