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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and VIASAT INC (VSAT). Click either name above to swap in a different company.
VIASAT INC is the larger business by last-quarter revenue ($1.2B vs $219.1M, roughly 5.3× Iridium Communications Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs 2.2%, a 7.7% gap on every dollar of revenue. On growth, VIASAT INC posted the faster year-over-year revenue change (3.0% vs 1.9%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs 0.3%).
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...
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
IRDM vs VSAT — Head-to-Head
Income Statement — Q1 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $1.2B |
| Net Profit | $21.6M | $25.0M |
| Gross Margin | — | — |
| Operating Margin | 23.2% | 2.3% |
| Net Margin | 9.9% | 2.2% |
| Revenue YoY | 1.9% | 3.0% |
| Net Profit YoY | -29.0% | 115.8% |
| EPS (diluted) | — | $0.18 |
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 | $1.2B | ||
| Q3 25 | $226.9M | $1.1B | ||
| Q2 25 | $216.9M | $1.2B | ||
| Q1 25 | $214.9M | $1.1B | ||
| Q4 24 | $213.0M | $1.1B | ||
| Q3 24 | $212.8M | $1.1B | ||
| Q2 24 | $201.1M | $1.1B |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $25.0M | ||
| Q3 25 | $37.1M | $-61.4M | ||
| Q2 25 | $22.0M | $-56.4M | ||
| Q1 25 | $30.4M | $-246.1M | ||
| Q4 24 | $36.3M | $-158.4M | ||
| Q3 24 | $24.4M | $-137.6M | ||
| Q2 24 | $32.3M | $-32.9M |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | 2.3% | ||
| Q3 25 | 30.9% | 3.1% | ||
| Q2 25 | 23.2% | 4.0% | ||
| Q1 25 | 28.1% | -13.4% | ||
| Q4 24 | 24.5% | 1.9% | ||
| Q3 24 | 25.8% | -2.2% | ||
| Q2 24 | 21.7% | 5.3% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | 2.2% | ||
| Q3 25 | 16.4% | -5.4% | ||
| Q2 25 | 10.1% | -4.8% | ||
| Q1 25 | 14.2% | -21.5% | ||
| Q4 24 | 17.1% | -14.1% | ||
| Q3 24 | 11.5% | -12.3% | ||
| Q2 24 | 16.1% | -2.9% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.18 | ||
| Q3 25 | $0.35 | $-0.45 | ||
| Q2 25 | $0.20 | $-0.43 | ||
| Q1 25 | $0.27 | $-1.92 | ||
| Q4 24 | $0.30 | $-1.23 | ||
| Q3 24 | $0.21 | $-1.07 | ||
| Q2 24 | $0.27 | $-0.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.3B |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | — | $4.6B |
| Total Assets | — | $14.9B |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $1.3B | ||
| Q3 25 | $88.5M | $1.2B | ||
| Q2 25 | $79.3M | $1.2B | ||
| Q1 25 | $50.9M | $1.6B | ||
| Q4 24 | $93.5M | $1.6B | ||
| Q3 24 | $159.6M | $3.5B | ||
| Q2 24 | $63.5M | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $6.2B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | $1.8B | $6.5B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $7.1B |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $4.6B | ||
| Q3 25 | $450.5M | $4.5B | ||
| Q2 25 | $473.6M | $4.6B | ||
| Q1 25 | $518.4M | $4.6B | ||
| Q4 24 | $576.6M | $4.8B | ||
| Q3 24 | $663.8M | $4.9B | ||
| Q2 24 | $786.7M | $5.0B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $14.9B | ||
| Q3 25 | $2.6B | $14.8B | ||
| Q2 25 | $2.6B | $14.9B | ||
| Q1 25 | $2.6B | $15.4B | ||
| Q4 24 | $2.7B | $15.6B | ||
| Q3 24 | $2.8B | $17.8B | ||
| Q2 24 | $2.7B | $16.1B |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | 1.37× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 1.43× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 3.05× | 1.37× | ||
| Q3 24 | — | 1.30× | ||
| Q2 24 | — | 1.42× |
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 | — | $726.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 13.7% | — |
| Cash ConversionOCF / Net Profit | — | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $726.9M | ||
| Q3 25 | $100.8M | $282.2M | ||
| Q2 25 | $129.6M | $258.5M | ||
| Q1 25 | $61.1M | $298.4M | ||
| Q4 24 | $104.8M | $219.5M | ||
| Q3 24 | $118.6M | $239.2M | ||
| Q2 24 | $81.1M | $151.1M |
| 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 | 4.37× | 29.11× | ||
| 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) | $43.9M | 20% |
| Government | $35.8M | 16% |
| Government service revenue (5) | $26.8M | 12% |
| Subscriber equipment | $23.1M | 11% |
| Hosted payload and other data service (4) | $14.9M | 7% |
| Broadband (3) | $12.9M | 6% |
| Commercial | $1.6M | 1% |
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
