Company Issues 2026 Outlook: OEBITDA Expected at $480 to $490 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 12 2026
0mins
Should l Buy IRDM?
The company issued its full-year 2026 outlook and reaffirmed its long-term guidance on cash taxes and net leverage: Total service revenue growth projected to be flat to 2% for full-year 2026. OEBITDA for 2025 was $495.3 million. In 2026, the company determined to pay incentive compensation entirely in cash, rather than a mix of equity and cash as has been the company's prior practice. This change is projected to have a $17 million impact to OEBITDA, resulting in expected full-year 2026 OEBITDA of $480 million to $490 million. Without this change, OEBITDA would have been projected to be in a range of $497 million to $507 million. Cash taxes of less than $10 million per year through 2027. The company's longer-term cash tax rate is expected to move closer to the statutory rate in 2029. Net leverage at or below 3.0 times OEBITDA by the end of 2026 and falling below 2.0 times OEBITDA by the end of the decade. Net leverage was 3.4 times OEBITDA at December 31, 2025.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy IRDM?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on IRDM
Wall Street analysts forecast IRDM stock price to rise
7 Analyst Rating
4 Buy
2 Hold
1 Sell
Moderate Buy
Current: 23.950
Low
16.00
Averages
25.83
High
37.00
Current: 23.950
Low
16.00
Averages
25.83
High
37.00
About IRDM
Iridium Communications Inc. operates the mobile voice and data satellite communications network that spans the entire globe. The Company enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, it delivers a portfolio of solutions for markets that require global communications. Its principal vertical lines of business include land mobile, maritime, aviation, IoT, hosted payloads and other data services, which includes navigation and timing (PNT), and the United States government. Its products include Iridium 9555, Iridium Extreme satellite phones, Iridium Extreme PTT, Iridium GO! Iridium GO!, and others. It provides voice and data communications services to businesses, the United States and foreign governments, non-governmental organizations, and consumers via its satellite network, which has an architecture of 66 operational satellites with in-orbit spares and related ground infrastructure.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SpaceX and Deutsche Telekom to Launch Satellite Mobile Service in Europe
- Partnership Announcement: SpaceX's Starlink has partnered with German telecom giant Deutsche Telekom to launch a satellite mobile service in 10 European countries by 2028, targeting areas where network expansion is particularly challenging, including nature conservation zones and rugged terrains.
- Technological Advancement: This service will be the first in Europe to utilize Starlink's second-generation satellites, known as V2, and is expected to enhance user experience by providing broadband directly to mobile phones, expanding capabilities in data, voice, and messaging.
- Market Expansion: With approximately 9,000 satellites in orbit and around 9 million customers, Starlink's collaboration with Deutsche Telekom is poised to significantly increase its market share, particularly in underserved regions with limited network coverage.
- IPO Prospects: SpaceX is reportedly aiming for an IPO this year, seeking to raise up to $50 billion with a potential valuation of $1.5 trillion, which could have a profound impact on the entire private space market.
See More
Global Defense Spending Soars to $3 Trillion Amid Geopolitical Tensions
- Defense Spending Surge: Oppenheimer estimates that global defense expenditures have reached approximately $3 trillion, reflecting a 50% increase over the past five years, with projections suggesting this figure could double within the next decade due to escalating geopolitical tensions driving military budgets.
- Drone Market Potential: The firm forecasts that the total addressable market for drones could expand from $45 billion today to $400 billion globally, encompassing hardware, services, AI, and related software, indicating the rapid growth potential of drones in modern warfare and commercial markets.
- Ondas Holdings Standout: Analyst Timothy Horan highlighted Ondas Holdings Inc. (ONDS) as a preferred investment within the rapidly expanding lower-skies segment, focusing on AI-enabled aerial security and infrastructure monitoring, with its stock gaining over 925% in the past 12 months.
- Complementary Satellite Operators: Horan also pointed to satellite operators BlackSky Technology Inc. (BKSY) and Iridium Communications Inc. (IRDM) as complementary plays, emphasizing their roles in providing real-time imagery and secure connectivity for unmanned systems, further driving growth in the drone market.
See More
Drones Emerge as Fastest-Growing Investment in Defense Sector
- Massive Market Potential: Oppenheimer forecasts the drone market to grow from $45 billion to $400 billion, with global military spending likely to double in the next decade, highlighting the critical role of drones in defense.
- Technological Transformation: The rapid advancement of drone technology is reshaping warfare, with analysts noting that the Ukraine conflict showcases the advantages of low-cost drones in surveillance and precision strikes, driving modernization of military equipment.
- Investment Opportunities: Analyst Timothy Horan recommends Ondas as a leading drone platform in the lower-skies market, expecting the company to achieve high ROI through integration with ground robots, thus boosting market share.
- Intensifying Market Competition: Oppenheimer emphasizes that future competition in drones will be a
See More
Microsoft Partners with SpaceX to Expand Global Connectivity
- Global Connectivity Partnership: Microsoft announced a collaboration with SpaceX's Starlink satellite internet service to enhance global internet coverage through low-Earth orbit satellite connectivity and community deployment models, indicating its willingness to collaborate within Elon Musk's business ecosystem.
- Kenya Community Connectivity: Microsoft plans to work with Starlink and an internet service provider in Kenya to connect 450 community hubs, a move that will not only improve local internet access but also increase demand for SpaceX, further driving its business growth.
- Market Expansion Potential: This partnership could open new market opportunities for SpaceX, especially in light of its existing contracts with the Department of Defense and NASA, potentially supporting its future IPO plans and boosting investor confidence.
- Technology Accessibility Goals: Microsoft set a goal in 2022 to provide internet access to over 250 million people by the end of 2025, and it has already extended coverage to over 299 million people, demonstrating its proactive role and strategic positioning in the global digital transformation.
See More
Iridium Launches 9604 Three-in-One IoT Module
- Module Integration Innovation: The Iridium 9604 module integrates Iridium Short Burst Data® satellite service, LTE-M cellular connectivity, and GNSS positioning into a single platform, simplifying IoT solutions, reducing costs, and accelerating time to market, making it suitable for high-volume, cost-sensitive deployments.
- Positive Customer Feedback: Early developer feedback indicates that using the Iridium 9604 has significantly improved product economics by eliminating two components and simplifying power architecture, enabling smarter network selection and enhancing application flexibility and efficiency.
- Global Connectivity Capability: By integrating the Iridium 9604 with Everlink's secure cloud platform, customers can achieve global connectivity, enhance operational efficiency, and create measurable impacts at scale, addressing the demand for real-time data.
- Commercialization Progress: The commercial availability of the Iridium 9604 is expected to begin in June 2026, with a development kit available for developers to test satellite and cellular services, marking a new strategic phase for Iridium in the IoT space.
See More
Iridium to Participate in Multiple Investor Events
- Investor Event Schedule: Iridium Communications will participate in the Barclays Communications and Content Symposium on February 24, 2026, showcasing its leadership in global satellite services, which is expected to attract investor interest and boost market confidence.
- Engagement Opportunities: The company will also attend the Raymond James 47th Annual Institutional Investors Conference on March 3, 2026, with a webcast session at 3:25 p.m. ET, further enhancing interaction with investors.
- Industry Influence: At the Deutsche Bank 34th Annual Media, Internet & Telecom Conference on March 9, 2026, Iridium will highlight the unique advantages of its global mobile satellite network, likely facilitating exchanges and collaborations with industry leaders.
- Access to Information: Investors can access relevant webcasts and recordings through the Investor Relations section of Iridium's website, ensuring transparency and bolstering investor confidence in the company's future developments.
See More
SpaceX and Deutsche Telekom to Launch Satellite Mobile Service in Europe
- Partnership Announcement: SpaceX's Starlink has partnered with German telecom giant Deutsche Telekom to launch a satellite mobile service in 10 European countries by 2028, targeting areas where network expansion is particularly challenging, including nature conservation zones and rugged terrains.
- Technological Advancement: This service will be the first in Europe to utilize Starlink's second-generation satellites, known as V2, and is expected to enhance user experience by providing broadband directly to mobile phones, expanding capabilities in data, voice, and messaging.
- Market Expansion: With approximately 9,000 satellites in orbit and around 9 million customers, Starlink's collaboration with Deutsche Telekom is poised to significantly increase its market share, particularly in underserved regions with limited network coverage.
- IPO Prospects: SpaceX is reportedly aiming for an IPO this year, seeking to raise up to $50 billion with a potential valuation of $1.5 trillion, which could have a profound impact on the entire private space market.
See More
Global Defense Spending Soars to $3 Trillion Amid Geopolitical Tensions
- Defense Spending Surge: Oppenheimer estimates that global defense expenditures have reached approximately $3 trillion, reflecting a 50% increase over the past five years, with projections suggesting this figure could double within the next decade due to escalating geopolitical tensions driving military budgets.
- Drone Market Potential: The firm forecasts that the total addressable market for drones could expand from $45 billion today to $400 billion globally, encompassing hardware, services, AI, and related software, indicating the rapid growth potential of drones in modern warfare and commercial markets.
- Ondas Holdings Standout: Analyst Timothy Horan highlighted Ondas Holdings Inc. (ONDS) as a preferred investment within the rapidly expanding lower-skies segment, focusing on AI-enabled aerial security and infrastructure monitoring, with its stock gaining over 925% in the past 12 months.
- Complementary Satellite Operators: Horan also pointed to satellite operators BlackSky Technology Inc. (BKSY) and Iridium Communications Inc. (IRDM) as complementary plays, emphasizing their roles in providing real-time imagery and secure connectivity for unmanned systems, further driving growth in the drone market.
See More
Drones Emerge as Fastest-Growing Investment in Defense Sector
- Massive Market Potential: Oppenheimer forecasts the drone market to grow from $45 billion to $400 billion, with global military spending likely to double in the next decade, highlighting the critical role of drones in defense.
- Technological Transformation: The rapid advancement of drone technology is reshaping warfare, with analysts noting that the Ukraine conflict showcases the advantages of low-cost drones in surveillance and precision strikes, driving modernization of military equipment.
- Investment Opportunities: Analyst Timothy Horan recommends Ondas as a leading drone platform in the lower-skies market, expecting the company to achieve high ROI through integration with ground robots, thus boosting market share.
- Intensifying Market Competition: Oppenheimer emphasizes that future competition in drones will be a
See More
Microsoft Partners with SpaceX to Expand Global Connectivity
- Global Connectivity Partnership: Microsoft announced a collaboration with SpaceX's Starlink satellite internet service to enhance global internet coverage through low-Earth orbit satellite connectivity and community deployment models, indicating its willingness to collaborate within Elon Musk's business ecosystem.
- Kenya Community Connectivity: Microsoft plans to work with Starlink and an internet service provider in Kenya to connect 450 community hubs, a move that will not only improve local internet access but also increase demand for SpaceX, further driving its business growth.
- Market Expansion Potential: This partnership could open new market opportunities for SpaceX, especially in light of its existing contracts with the Department of Defense and NASA, potentially supporting its future IPO plans and boosting investor confidence.
- Technology Accessibility Goals: Microsoft set a goal in 2022 to provide internet access to over 250 million people by the end of 2025, and it has already extended coverage to over 299 million people, demonstrating its proactive role and strategic positioning in the global digital transformation.
See More
Iridium Launches 9604 Three-in-One IoT Module
- Module Integration Innovation: The Iridium 9604 module integrates Iridium Short Burst Data® satellite service, LTE-M cellular connectivity, and GNSS positioning into a single platform, simplifying IoT solutions, reducing costs, and accelerating time to market, making it suitable for high-volume, cost-sensitive deployments.
- Positive Customer Feedback: Early developer feedback indicates that using the Iridium 9604 has significantly improved product economics by eliminating two components and simplifying power architecture, enabling smarter network selection and enhancing application flexibility and efficiency.
- Global Connectivity Capability: By integrating the Iridium 9604 with Everlink's secure cloud platform, customers can achieve global connectivity, enhance operational efficiency, and create measurable impacts at scale, addressing the demand for real-time data.
- Commercialization Progress: The commercial availability of the Iridium 9604 is expected to begin in June 2026, with a development kit available for developers to test satellite and cellular services, marking a new strategic phase for Iridium in the IoT space.
See More
Iridium to Participate in Multiple Investor Events
- Investor Event Schedule: Iridium Communications will participate in the Barclays Communications and Content Symposium on February 24, 2026, showcasing its leadership in global satellite services, which is expected to attract investor interest and boost market confidence.
- Engagement Opportunities: The company will also attend the Raymond James 47th Annual Institutional Investors Conference on March 3, 2026, with a webcast session at 3:25 p.m. ET, further enhancing interaction with investors.
- Industry Influence: At the Deutsche Bank 34th Annual Media, Internet & Telecom Conference on March 9, 2026, Iridium will highlight the unique advantages of its global mobile satellite network, likely facilitating exchanges and collaborations with industry leaders.
- Access to Information: Investors can access relevant webcasts and recordings through the Investor Relations section of Iridium's website, ensuring transparency and bolstering investor confidence in the company's future developments.
See More
