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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $183.8M, roughly 1.2× Wheels Up Experience Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -15.7%, a 25.6% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -10.2%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -3.4%).
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...
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
IRDM vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $183.8M |
| Net Profit | $21.6M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 23.2% | -0.9% |
| Net Margin | 9.9% | -15.7% |
| Revenue YoY | 1.9% | -10.2% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | — | $-0.04 |
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 | $212.9M | $183.8M | ||
| Q3 25 | $226.9M | $185.5M | ||
| Q2 25 | $216.9M | $189.6M | ||
| Q1 25 | $214.9M | $177.5M | ||
| Q4 24 | $213.0M | $204.8M | ||
| Q3 24 | $212.8M | $193.9M | ||
| Q2 24 | $201.1M | $196.3M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-28.9M | ||
| Q3 25 | $37.1M | $-83.7M | ||
| Q2 25 | $22.0M | $-82.3M | ||
| Q1 25 | $30.4M | $-99.3M | ||
| Q4 24 | $36.3M | $-87.5M | ||
| Q3 24 | $24.4M | $-57.7M | ||
| Q2 24 | $32.3M | $-97.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -0.9% | ||
| Q3 25 | 30.9% | -33.1% | ||
| Q2 25 | 23.2% | -31.4% | ||
| Q1 25 | 28.1% | -45.5% | ||
| Q4 24 | 24.5% | -26.0% | ||
| Q3 24 | 25.8% | -21.6% | ||
| Q2 24 | 21.7% | -40.3% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -15.7% | ||
| Q3 25 | 16.4% | -45.1% | ||
| Q2 25 | 10.1% | -43.4% | ||
| Q1 25 | 14.2% | -55.9% | ||
| Q4 24 | 17.1% | -42.7% | ||
| Q3 24 | 11.5% | -29.8% | ||
| Q2 24 | 16.1% | -49.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-0.04 | ||
| Q3 25 | $0.35 | $-0.12 | ||
| Q2 25 | $0.20 | $-0.12 | ||
| Q1 25 | $0.27 | $-0.14 | ||
| Q4 24 | $0.30 | $-0.13 | ||
| Q3 24 | $0.21 | $-0.08 | ||
| Q2 24 | $0.27 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | — | $-392.1M |
| Total Assets | — | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $133.9M | ||
| Q3 25 | $88.5M | $125.3M | ||
| Q2 25 | $79.3M | $107.0M | ||
| Q1 25 | $50.9M | $171.8M | ||
| Q4 24 | $93.5M | $216.4M | ||
| Q3 24 | $159.6M | $115.9M | ||
| Q2 24 | $63.5M | $141.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | $1.8B | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $-392.1M | ||
| Q3 25 | $450.5M | $-374.5M | ||
| Q2 25 | $473.6M | $-347.8M | ||
| Q1 25 | $518.4M | $-288.1M | ||
| Q4 24 | $576.6M | $-202.1M | ||
| Q3 24 | $663.8M | $-117.7M | ||
| Q2 24 | $786.7M | $-72.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $968.8M | ||
| Q3 25 | $2.6B | $973.0M | ||
| Q2 25 | $2.6B | $1.0B | ||
| Q1 25 | $2.6B | $1.1B | ||
| Q4 24 | $2.7B | $1.2B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.7B | $1.1B |
| 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 | — | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | 13.7% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $-18.4M | ||
| Q3 25 | $100.8M | $-37.1M | ||
| Q2 25 | $129.6M | $-62.9M | ||
| Q1 25 | $61.1M | $-47.9M | ||
| Q4 24 | $104.8M | $37.9M | ||
| Q3 24 | $118.6M | $-16.9M | ||
| Q2 24 | $81.1M | $-25.2M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $-58.3M | ||
| Q3 25 | $79.2M | $-60.4M | ||
| Q2 25 | $108.9M | $-78.6M | ||
| Q1 25 | $36.5M | $-62.6M | ||
| Q4 24 | $80.5M | $-70.2M | ||
| Q3 24 | $100.0M | $-21.9M | ||
| Q2 24 | $68.7M | $-30.8M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | -31.7% | ||
| Q3 25 | 34.9% | -32.6% | ||
| Q2 25 | 50.2% | -41.5% | ||
| Q1 25 | 17.0% | -35.3% | ||
| Q4 24 | 37.8% | -34.3% | ||
| Q3 24 | 47.0% | -11.3% | ||
| Q2 24 | 34.2% | -15.7% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 21.7% | ||
| Q3 25 | 9.5% | 12.5% | ||
| Q2 25 | 9.5% | 8.3% | ||
| Q1 25 | 11.4% | 8.3% | ||
| Q4 24 | 11.4% | 52.8% | ||
| Q3 24 | 8.7% | 2.6% | ||
| Q2 24 | 6.2% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 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
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% |
UP
Segment breakdown not available.
