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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) 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 $143.5M, roughly 1.5× FTAI Infrastructure Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -68.1%, a 77.9% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 1.9%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 4.4%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
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...
FIP vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $219.1M |
| Net Profit | $-97.7M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 23.2% |
| Net Margin | -68.1% | 9.9% |
| Revenue YoY | 77.7% | 1.9% |
| Net Profit YoY | 21.6% | — |
| EPS (diluted) | $-1.04 | — |
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 | $143.5M | $212.9M | ||
| Q3 25 | $140.6M | $226.9M | ||
| Q2 25 | $122.3M | $216.9M | ||
| Q1 25 | $96.2M | $214.9M | ||
| Q4 24 | $80.8M | $213.0M | ||
| Q3 24 | $83.3M | $212.8M | ||
| Q2 24 | $84.9M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-97.7M | $24.9M | ||
| Q3 25 | $-104.5M | $37.1M | ||
| Q2 25 | $-70.0M | $22.0M | ||
| Q1 25 | $120.2M | $30.4M | ||
| Q4 24 | $-124.7M | $36.3M | ||
| Q3 24 | $-43.0M | $24.4M | ||
| Q2 24 | $-48.1M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | -45.7% | 25.9% | ||
| Q3 25 | -70.8% | 30.9% | ||
| Q2 25 | -56.4% | 23.2% | ||
| Q1 25 | 81.8% | 28.1% | ||
| Q4 24 | -152.7% | 24.5% | ||
| Q3 24 | -51.7% | 25.8% | ||
| Q2 24 | -56.4% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | -68.1% | 11.7% | ||
| Q3 25 | -74.4% | 16.4% | ||
| Q2 25 | -57.2% | 10.1% | ||
| Q1 25 | 125.0% | 14.2% | ||
| Q4 24 | -154.4% | 17.1% | ||
| Q3 24 | -51.6% | 11.5% | ||
| Q2 24 | -56.7% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.04 | $0.24 | ||
| Q3 25 | $-1.38 | $0.35 | ||
| Q2 25 | $-0.73 | $0.20 | ||
| Q1 25 | $0.89 | $0.27 | ||
| Q4 24 | $-1.21 | $0.30 | ||
| Q3 24 | $-0.45 | $0.21 | ||
| Q2 24 | $-0.52 | $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 | $57.4M | — |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | — |
| Total Assets | $5.7B | — |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $57.4M | $96.5M | ||
| Q3 25 | $34.7M | $88.5M | ||
| Q2 25 | $33.6M | $79.3M | ||
| Q1 25 | $26.3M | $50.9M | ||
| Q4 24 | $27.8M | $93.5M | ||
| Q3 24 | $20.3M | $159.6M | ||
| Q2 24 | $33.1M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $1.8B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — |
| Q1 26 | — | — | ||
| Q4 25 | $21.3M | $462.6M | ||
| Q3 25 | $181.1M | $450.5M | ||
| Q2 25 | $375.5M | $473.6M | ||
| Q1 25 | $476.2M | $518.4M | ||
| Q4 24 | $202.7M | $576.6M | ||
| Q3 24 | $370.8M | $663.8M | ||
| Q2 24 | $394.8M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $5.7B | $2.5B | ||
| Q3 25 | $5.5B | $2.6B | ||
| Q2 25 | $4.4B | $2.6B | ||
| Q1 25 | $4.1B | $2.6B | ||
| Q4 24 | $2.4B | $2.7B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.5B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 176.99× | 3.80× | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | 3.05× | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — |
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 | $-2.8M | — |
| Free Cash FlowOCF − Capex | $-68.6M | — |
| FCF MarginFCF / Revenue | -47.8% | — |
| Capex IntensityCapex / Revenue | 45.9% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-2.8M | $108.6M | ||
| Q3 25 | $-24.4M | $100.8M | ||
| Q2 25 | $-5.2M | $129.6M | ||
| Q1 25 | $-85.7M | $61.1M | ||
| Q4 24 | $-8.1M | $104.8M | ||
| Q3 24 | $14.2M | $118.6M | ||
| Q2 24 | $-17.6M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.6M | $75.1M | ||
| Q3 25 | $-90.7M | $79.2M | ||
| Q2 25 | $-87.5M | $108.9M | ||
| Q1 25 | $-151.7M | $36.5M | ||
| Q4 24 | $-34.3M | $80.5M | ||
| Q3 24 | $-11.7M | $100.0M | ||
| Q2 24 | $-32.1M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | -47.8% | 35.3% | ||
| Q3 25 | -64.5% | 34.9% | ||
| Q2 25 | -71.6% | 50.2% | ||
| Q1 25 | -157.7% | 17.0% | ||
| Q4 24 | -42.4% | 37.8% | ||
| Q3 24 | -14.0% | 47.0% | ||
| Q2 24 | -37.9% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 45.9% | 15.7% | ||
| Q3 25 | 47.2% | 9.5% | ||
| Q2 25 | 67.3% | 9.5% | ||
| Q1 25 | 68.6% | 11.4% | ||
| Q4 24 | 32.5% | 11.4% | ||
| Q3 24 | 31.1% | 8.7% | ||
| Q2 24 | 17.2% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | -0.71× | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
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% |
