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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $219.1M, roughly 1.6× Iridium Communications Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -12.9%, a 22.8% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 4.4%).
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...
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
IRDM vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $340.0M |
| Net Profit | $21.6M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 23.2% | -17.2% |
| Net Margin | 9.9% | -12.9% |
| Revenue YoY | 1.9% | -0.4% |
| Net Profit YoY | -29.0% | -131.0% |
| EPS (diluted) | — | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $226.9M | $337.7M | ||
| Q2 25 | $216.9M | $319.2M | ||
| Q1 25 | $214.9M | $237.4M | ||
| Q4 24 | $213.0M | $341.5M | ||
| Q3 24 | $212.8M | $292.3M | ||
| Q2 24 | $201.1M | $270.7M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-13.9M | ||
| Q3 25 | $37.1M | $33.5M | ||
| Q2 25 | $22.0M | $34.0M | ||
| Q1 25 | $30.4M | $2.8M | ||
| Q4 24 | $36.3M | $44.8M | ||
| Q3 24 | $24.4M | $28.8M | ||
| Q2 24 | $32.3M | $22.7M |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -17.2% | ||
| Q3 25 | 30.9% | 13.6% | ||
| Q2 25 | 23.2% | 14.5% | ||
| Q1 25 | 28.1% | 2.2% | ||
| Q4 24 | 24.5% | 15.3% | ||
| Q3 24 | 25.8% | 12.8% | ||
| Q2 24 | 21.7% | 10.4% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -12.9% | ||
| Q3 25 | 16.4% | 9.9% | ||
| Q2 25 | 10.1% | 10.6% | ||
| Q1 25 | 14.2% | 1.2% | ||
| Q4 24 | 17.1% | 13.1% | ||
| Q3 24 | 11.5% | 9.9% | ||
| Q2 24 | 16.1% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-0.41 | ||
| Q3 25 | $0.35 | $0.98 | ||
| Q2 25 | $0.20 | $0.99 | ||
| Q1 25 | $0.27 | $0.08 | ||
| Q4 24 | $0.30 | $1.32 | ||
| Q3 24 | $0.21 | $0.85 | ||
| Q2 24 | $0.27 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | — | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $299.3M | ||
| Q3 25 | $88.5M | $274.8M | ||
| Q2 25 | $79.3M | $233.7M | ||
| Q1 25 | $50.9M | $181.0M | ||
| Q4 24 | $93.5M | $279.3M | ||
| Q3 24 | $159.6M | $179.8M | ||
| Q2 24 | $63.5M | $208.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $1.7B | ||
| Q3 25 | $450.5M | $1.8B | ||
| Q2 25 | $473.6M | $1.8B | ||
| Q1 25 | $518.4M | $1.7B | ||
| Q4 24 | $576.6M | $1.7B | ||
| Q3 24 | $663.8M | $1.7B | ||
| Q2 24 | $786.7M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $5.1B | ||
| Q3 25 | $2.6B | $5.8B | ||
| Q2 25 | $2.6B | $4.7B | ||
| Q1 25 | $2.6B | $4.5B | ||
| Q4 24 | $2.7B | $4.4B | ||
| Q3 24 | $2.8B | $4.6B | ||
| Q2 24 | $2.7B | $4.2B |
| 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 | — | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | 13.7% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $-664.3M | ||
| Q3 25 | $100.8M | $-948.1M | ||
| Q2 25 | $129.6M | $-238.5M | ||
| Q1 25 | $61.1M | $-281.1M | ||
| Q4 24 | $104.8M | $129.4M | ||
| Q3 24 | $118.6M | $-202.0M | ||
| Q2 24 | $81.1M | $-237.8M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $-680.1M | ||
| Q3 25 | $79.2M | $-950.4M | ||
| Q2 25 | $108.9M | $-241.0M | ||
| Q1 25 | $36.5M | $-284.7M | ||
| Q4 24 | $80.5M | $116.4M | ||
| Q3 24 | $100.0M | $-204.0M | ||
| Q2 24 | $68.7M | $-241.7M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | -200.0% | ||
| Q3 25 | 34.9% | -281.5% | ||
| Q2 25 | 50.2% | -75.5% | ||
| Q1 25 | 17.0% | -120.0% | ||
| Q4 24 | 37.8% | 34.1% | ||
| Q3 24 | 47.0% | -69.8% | ||
| Q2 24 | 34.2% | -89.3% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 4.6% | ||
| Q3 25 | 9.5% | 0.7% | ||
| Q2 25 | 9.5% | 0.8% | ||
| Q1 25 | 11.4% | 1.5% | ||
| Q4 24 | 11.4% | 3.8% | ||
| Q3 24 | 8.7% | 0.7% | ||
| Q2 24 | 6.2% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | -28.34× | ||
| Q2 25 | 5.90× | -7.02× | ||
| Q1 25 | 2.01× | -102.07× | ||
| Q4 24 | 2.88× | 2.89× | ||
| Q3 24 | 4.85× | -7.01× | ||
| Q2 24 | 2.51× | -10.49× |
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% |
WD
Segment breakdown not available.
