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Side-by-side financial comparison of Global Net Lease, Inc. (GNL) 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 $117.0M, roughly 1.9× Global Net Lease, Inc.). Global Net Lease, Inc. runs the higher net margin — 41.2% vs 9.9%, a 31.3% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -15.1%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -11.1%).
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
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...
GNL vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $117.0M | $219.1M |
| Net Profit | $48.2M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | 94.7% | 23.2% |
| Net Margin | 41.2% | 9.9% |
| Revenue YoY | -15.1% | 1.9% |
| Net Profit YoY | 838.7% | — |
| EPS (diluted) | $0.14 | — |
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 | $117.0M | $212.9M | ||
| Q3 25 | $121.0M | $226.9M | ||
| Q2 25 | $124.9M | $216.9M | ||
| Q1 25 | $132.4M | $214.9M | ||
| Q4 24 | $137.8M | $213.0M | ||
| Q3 24 | $138.7M | $212.8M | ||
| Q2 24 | $145.5M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $48.2M | $24.9M | ||
| Q3 25 | $-60.1M | $37.1M | ||
| Q2 25 | $-24.1M | $22.0M | ||
| Q1 25 | $-189.4M | $30.4M | ||
| Q4 24 | $-6.5M | $36.3M | ||
| Q3 24 | $-65.6M | $24.4M | ||
| Q2 24 | $-35.7M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 94.7% | 25.9% | ||
| Q3 25 | -11.7% | 30.9% | ||
| Q2 25 | 33.9% | 23.2% | ||
| Q1 25 | -21.1% | 28.1% | ||
| Q4 24 | 40.8% | 24.5% | ||
| Q3 24 | 9.3% | 25.8% | ||
| Q2 24 | 42.6% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 41.2% | 11.7% | ||
| Q3 25 | -49.7% | 16.4% | ||
| Q2 25 | -19.3% | 10.1% | ||
| Q1 25 | -143.0% | 14.2% | ||
| Q4 24 | -4.7% | 17.1% | ||
| Q3 24 | -47.3% | 11.5% | ||
| Q2 24 | -24.5% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.14 | $0.24 | ||
| Q3 25 | $-0.32 | $0.35 | ||
| Q2 25 | $-0.16 | $0.20 | ||
| Q1 25 | $-0.87 | $0.27 | ||
| Q4 24 | $-0.08 | $0.30 | ||
| Q3 24 | $-0.33 | $0.21 | ||
| Q2 24 | $-0.20 | $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 | $180.1M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.7B | — |
| Total Assets | $4.3B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $180.1M | $96.5M | ||
| Q3 25 | $165.1M | $88.5M | ||
| Q2 25 | $144.8M | $79.3M | ||
| Q1 25 | $147.0M | $50.9M | ||
| Q4 24 | $159.7M | $93.5M | ||
| Q3 24 | $127.2M | $159.6M | ||
| Q2 24 | $122.2M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $462.6M | ||
| Q3 25 | $1.7B | $450.5M | ||
| Q2 25 | $1.8B | $473.6M | ||
| Q1 25 | $1.9B | $518.4M | ||
| Q4 24 | $2.2B | $576.6M | ||
| Q3 24 | $2.3B | $663.8M | ||
| Q2 24 | $2.4B | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $4.3B | $2.5B | ||
| Q3 25 | $4.8B | $2.6B | ||
| Q2 25 | $5.0B | $2.6B | ||
| Q1 25 | $5.8B | $2.6B | ||
| Q4 24 | $7.0B | $2.7B | ||
| Q3 24 | $7.3B | $2.8B | ||
| Q2 24 | $7.6B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 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 | $222.8M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 13.7% |
| Cash ConversionOCF / Net Profit | 4.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $222.8M | $108.6M | ||
| Q3 25 | $56.0M | $100.8M | ||
| Q2 25 | $52.0M | $129.6M | ||
| Q1 25 | $59.2M | $61.1M | ||
| Q4 24 | $299.5M | $104.8M | ||
| Q3 24 | $62.1M | $118.6M | ||
| Q2 24 | $70.4M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $75.1M | ||
| Q3 25 | — | $79.2M | ||
| Q2 25 | — | $108.9M | ||
| Q1 25 | — | $36.5M | ||
| Q4 24 | — | $80.5M | ||
| Q3 24 | — | $100.0M | ||
| Q2 24 | — | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.3% | ||
| Q3 25 | — | 34.9% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | — | 15.7% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 4.62× | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | — | 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
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
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% |
