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Side-by-side financial comparison of Flywire Corp (FLYW) 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 $157.5M, roughly 1.4× Flywire Corp). Iridium Communications Inc. runs the higher net margin — 9.9% vs 0.0%, a 9.8% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 1.9%). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs 4.4%).
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
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...
FLYW vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $219.1M |
| Net Profit | $33.0K | $21.6M |
| Gross Margin | — | — |
| Operating Margin | -0.6% | 23.2% |
| Net Margin | 0.0% | 9.9% |
| Revenue YoY | 34.0% | 1.9% |
| Net Profit YoY | 100.2% | — |
| EPS (diluted) | $0.01 | — |
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 | $157.5M | $212.9M | ||
| Q3 25 | $200.1M | $226.9M | ||
| Q2 25 | $131.9M | $216.9M | ||
| Q1 25 | $133.5M | $214.9M | ||
| Q4 24 | $117.5M | $213.0M | ||
| Q3 24 | $156.8M | $212.8M | ||
| Q2 24 | $103.7M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $33.0K | $24.9M | ||
| Q3 25 | $29.6M | $37.1M | ||
| Q2 25 | $-12.0M | $22.0M | ||
| Q1 25 | $-4.2M | $30.4M | ||
| Q4 24 | $-15.9M | $36.3M | ||
| Q3 24 | $38.9M | $24.4M | ||
| Q2 24 | $-13.9M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | -0.6% | 25.9% | ||
| Q3 25 | 16.1% | 30.9% | ||
| Q2 25 | -6.8% | 23.2% | ||
| Q1 25 | -8.2% | 28.1% | ||
| Q4 24 | -4.9% | 24.5% | ||
| Q3 24 | 12.9% | 25.8% | ||
| Q2 24 | -15.2% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 0.0% | 11.7% | ||
| Q3 25 | 14.8% | 16.4% | ||
| Q2 25 | -9.1% | 10.1% | ||
| Q1 25 | -3.1% | 14.2% | ||
| Q4 24 | -13.5% | 17.1% | ||
| Q3 24 | 24.8% | 11.5% | ||
| Q2 24 | -13.4% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.01 | $0.24 | ||
| Q3 25 | $0.23 | $0.35 | ||
| Q2 25 | $-0.10 | $0.20 | ||
| Q1 25 | $-0.03 | $0.27 | ||
| Q4 24 | $-0.12 | $0.30 | ||
| Q3 24 | $0.30 | $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 | $355.0M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $835.2M | — |
| Total Assets | $1.3B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $355.0M | $96.5M | ||
| Q3 25 | $377.3M | $88.5M | ||
| Q2 25 | $274.2M | $79.3M | ||
| Q1 25 | $255.3M | $50.9M | ||
| Q4 24 | $611.1M | $93.5M | ||
| Q3 24 | $681.1M | $159.6M | ||
| Q2 24 | $571.0M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $0 | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $835.2M | $462.6M | ||
| Q3 25 | $829.1M | $450.5M | ||
| Q2 25 | $792.4M | $473.6M | ||
| Q1 25 | $784.3M | $518.4M | ||
| Q4 24 | $814.8M | $576.6M | ||
| Q3 24 | $843.2M | $663.8M | ||
| Q2 24 | $802.6M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.3B | $2.6B | ||
| Q2 25 | $1.1B | $2.6B | ||
| Q1 25 | $1.1B | $2.6B | ||
| Q4 24 | $1.1B | $2.7B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $998.7M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.00× | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $4.9M | — |
| Free Cash FlowOCF − Capex | $4.5M | — |
| FCF MarginFCF / Revenue | 2.9% | — |
| Capex IntensityCapex / Revenue | 0.2% | 13.7% |
| Cash ConversionOCF / Net Profit | 148.06× | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $4.9M | $108.6M | ||
| Q3 25 | $150.1M | $100.8M | ||
| Q2 25 | $24.1M | $129.6M | ||
| Q1 25 | $-78.9M | $61.1M | ||
| Q4 24 | $-28.6M | $104.8M | ||
| Q3 24 | $184.6M | $118.6M | ||
| Q2 24 | $-19.3M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $4.5M | $75.1M | ||
| Q3 25 | $149.9M | $79.2M | ||
| Q2 25 | $23.5M | $108.9M | ||
| Q1 25 | $-79.1M | $36.5M | ||
| Q4 24 | $-28.7M | $80.5M | ||
| Q3 24 | $184.4M | $100.0M | ||
| Q2 24 | $-19.7M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 35.3% | ||
| Q3 25 | 74.9% | 34.9% | ||
| Q2 25 | 17.8% | 50.2% | ||
| Q1 25 | -59.3% | 17.0% | ||
| Q4 24 | -24.4% | 37.8% | ||
| Q3 24 | 117.6% | 47.0% | ||
| Q2 24 | -19.0% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 0.2% | 15.7% | ||
| Q3 25 | 0.1% | 9.5% | ||
| Q2 25 | 0.4% | 9.5% | ||
| Q1 25 | 0.1% | 11.4% | ||
| Q4 24 | 0.1% | 11.4% | ||
| Q3 24 | 0.1% | 8.7% | ||
| Q2 24 | 0.3% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 148.06× | 4.37× | ||
| Q3 25 | 5.07× | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | 4.75× | 4.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
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% |
