Iridium Communications Inc (IRDM) Balance Sheet
IRDM balance sheet, 2025
December 31, 2025 · U.S. dollars$2.53B assets = $2.07B liabilities + $462.6M equity
Both columns are drawn to the same scale: what IRDM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IRDM financial health
Descriptive bands, not a rating. Fiscal 2025.
IRDM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.50B2016 | $2.53B2025 | −3.5%/yr | |
| Total liabilities | $2.16B2016 | $2.07B2025 | −0.5%/yr | |
| Shareholders’ equity | $1.34B2016 | $462.6M2025 | −11.2%/yr | |
| Cash & short-term investments | $410.5M2016 | $96.5M2025 | −14.9%/yr | |
| Total debt | $1.66B2016 | $1.76B2025 | +0.7%/yr | |
| Net cash (debt) | −$1.25B2016 | −$1.66B2025 | −$417.4M | |
| Working capital | $433.6M2016 | $164.8M2025 | −$268.7M | |
| Book value per share | $14.022016 | $4.292025 | −12.3%/yr | |
| Current ratio | 6.212016 | 2.482025 | −3.74 | |
| Debt / equity | 1.232016 | 3.812025 | +2.57 | |
| Shares outstanding | 95.9M2016 | 107.8M2025 | +1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IRDM assets
IRDM liabilities and equity
IRDM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IRDM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $96.5M | $93.5M | $71.9M | $168.8M | $320.9M | $244.7M | $223.6M | $273.4M | $297.6M | $410.5M |
| Cash & equivalents | $96.5M | $93.5M | $71.9M | $168.8M | $320.9M | $237.2M | $223.6M | $273.4M | $285.9M | $371.2M |
| Short-term investments | — | — | — | — | — | $7.5M | — | $0 | $11.8M | $39.3M |
| Receivables | $93.8M | $98.8M | $91.7M | $82.3M | $63.4M | $61.2M | $68.7M | $71.2M | $68.0M | $57.4M |
| Inventory | $73.8M | $81.3M | $91.1M | $39.8M | $29.0M | $32.5M | $39.9M | $27.5M | $20.1M | $18.2M |
| Other current assets | $12.5M | $19.1M | $16.4M | $15.4M | $11.0M | $5.6M | $10.7M | $18.3M | $25.3M | $30.7M |
| Total current assets | $276.5M | $292.7M | $271.1M | $306.2M | $424.4M | $344.0M | $342.9M | $390.4M | $411.1M | $516.8M |
| Property, plant & equipment (net) | $1.98B | $2.09B | $2.21B | $2.45B | $2.68B | $2.94B | $3.21B | $3.37B | $3.21B | $2.81B |
| Goodwill & intangible assets | $185.9M | $189.1M | $41.1M | $42.6M | $44.0M | $45.5M | $47.0M | $48.5M | $50.0M | $45.8M |
| Long-term investments | $39.8M | $42.5M | $67.1M | $49.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $50.7M | $52.3M | $70.6M | $105.1M | $29.7M | $30.4M | $25.8M | $204.5M | $110.8M | $124.0M |
| Total assets | $2.53B | $2.67B | $2.66B | $2.95B | $3.18B | $3.36B | $3.62B | $4.01B | $3.78B | $3.50B |
| Liabilities | ||||||||||
| Accounts payable | $17.7M | $19.7M | $28.7M | $21.4M | $16.2M | $14.4M | $6.7M | $12.9M | $43.1M | $11.1M |
| Short-term debt | $7.5M | $38.2M | $19.3M | $20.3M | $20.2M | $20.6M | $14.3M | $126.0M | $85.5M | $1.66B |
| Deferred revenue | $41.1M | $51.6M | $33.1M | $35.7M | $28.0M | $32.4M | $39.1M | $37.4M | $38.4M | $34.1M |
| Total current liabilities | $111.7M | $169.2M | $131.6M | $141.6M | $108.8M | $113.1M | $113.8M | $262.7M | $214.2M | $83.2M |
| Long-term debt | $1.76B | $1.76B | $1.47B | $1.47B | $1.58B | $1.60B | $1.41B | $1.48B | $1.62B | $1.66B |
| Other long-term liabilities | $199.6M | $167.9M | $174.6M | $213.2M | $202.5M | $231.5M | $638.0M | $671.2M | $353.3M | $415.5M |
| Total liabilities | $2.07B | $2.09B | $1.77B | $1.83B | $1.89B | $1.94B | $2.16B | $2.41B | $2.19B | $2.16B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $105,000 | $110,000 | $123,000 | $126,000 | $131,000 | $134,000 | $132,000 | $112,000 | $98,000 | $96,000 |
| Retained earnings (deficit) | −$418.6M | −$406.1M | −$235.4M | −$47.7M | $140.8M | $275.9M | $332.0M | $501.7M | $518.8M | $288.8M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $406,000 | $18.3M | $33.9M | $51.6M | −$7.1M | −$17.2M | −$6.9M | −$8.8M | −$3.8M | −$5.4M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $462.6M | $576.6M | $888.1M | $1.13B | $1.29B | $1.42B | $1.46B | $1.60B | $1.60B | $1.34B |
| Key figures | ||||||||||
| Total debt | $1.76B | $1.81B | $1.50B | $1.51B | $1.62B | $1.64B | $1.81B | $1.96B | $1.70B | $1.66B |
| Net cash (debt) | −$1.66B | −$1.71B | −$1.43B | −$1.34B | −$1.30B | −$1.40B | −$1.58B | −$1.68B | −$1.41B | −$1.25B |
| Working capital | $164.8M | $123.5M | $139.5M | $164.6M | $315.6M | $230.9M | $229.2M | $127.7M | $196.8M | $433.6M |
| Tangible book value | $276.7M | $387.6M | $847.0M | $1.09B | $1.24B | $1.37B | $1.41B | $1.55B | $1.55B | $1.30B |
| Book value per share | $4.29 | $4.81 | $6.98 | $8.67 | $9.65 | $10.63 | $11.66 | $14.27 | $16.26 | $14.02 |
| Shares outstanding | 107.8M | 119.8M | 127.2M | 130.1M | 133.5M | 133.5M | 125.2M | 112.2M | 98.2M | 95.9M |
| Current ratio | 2.48 | 1.73 | 2.06 | 2.16 | 3.90 | 3.04 | 3.01 | 1.49 | 1.92 | 6.21 |
| Quick ratio | 1.70 | 1.14 | 1.24 | 1.77 | 3.53 | 2.71 | 2.57 | 1.31 | 1.71 | 5.62 |
| Debt / equity | 3.81 | 3.13 | 1.69 | 1.34 | 1.26 | 1.16 | 1.24 | 1.22 | 1.07 | 1.23 |
| Equity / assets | 18.3% | 21.6% | 33.4% | 38.2% | 40.5% | 42.2% | 40.3% | 39.9% | 42.2% | 38.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $184.2M | $111.6M | $96.5M | $88.5M | $79.3M | $50.9M | $93.5M | $159.6M | $63.5M | $174.0M | $71.9M | $67.9M |
| Cash & equivalents | $184.2M | $111.6M | $96.5M | $88.5M | $79.3M | $50.9M | $93.5M | $159.6M | $63.5M | $174.0M | $71.9M | $67.9M |
| Receivables | $104.5M | $104.4M | $93.8M | $94.5M | $81.0M | $105.4M | $98.8M | $96.5M | $96.2M | $93.0M | $91.7M | $100.7M |
| Inventory | $63.5M | $69.7M | $73.8M | $76.2M | $77.4M | $80.7M | $81.3M | $82.2M | $85.8M | $92.5M | $91.1M | $71.1M |
| Other current assets | $24.9M | $23.4M | $12.5M | $16.7M | $17.7M | $19.7M | $19.1M | $16.6M | $18.9M | $17.2M | $16.4M | $13.2M |
| Total current assets | $377.1M | $309.1M | $276.5M | $276.0M | $255.4M | $256.8M | $292.7M | $354.9M | $264.4M | $376.8M | $271.1M | $252.9M |
| Property, plant & equipment (net) | $1.93B | $1.95B | $2.01B | $1.99B | $2.02B | $2.05B | $2.09B | $2.10B | $2.13B | $2.16B | $2.21B | $2.23B |
| Goodwill & intangible assets | $181.6M | $183.7M | $185.9M | $186.9M | $187.8M | $188.8M | $189.1M | $193.6M | $195.9M | $41.0M | $41.1M | $41.4M |
| Long-term investments | $37.5M | $39.0M | $39.8M | $40.4M | $41.1M | $41.9M | $42.5M | $43.0M | $43.5M | $65.6M | $67.1M | $68.9M |
| Other non-current assets | $41.9M | $46.9M | $23.6M | $57.8M | $64.3M | $72.0M | $52.3M | $60.2M | $87.1M | $94.4M | $70.6M | $113.3M |
| Total assets | $2.57B | $2.53B | $2.53B | $2.55B | $2.57B | $2.61B | $2.67B | $2.75B | $2.72B | $2.74B | $2.66B | $2.71B |
| Liabilities | ||||||||||||
| Accounts payable | $11.5M | $11.8M | $17.7M | $13.2M | $11.6M | $11.4M | $19.7M | $13.6M | $15.0M | $22.6M | $28.7M | $14.4M |
| Short-term debt | $12.5M | $8.0M | $7.5M | — | — | $28.6M | $38.2M | $18.3M | $16.2M | $16.2M | $19.3M | $11.2M |
| Deferred revenue | $37.2M | $38.1M | — | $41.5M | $45.7M | $45.4M | $51.6M | $47.7M | $41.7M | $31.3M | $33.1M | $34.1M |
| Total current liabilities | $135.5M | $108.4M | $111.7M | $103.2M | $101.8M | $129.3M | $169.2M | $135.3M | $117.5M | $113.0M | $131.6M | $119.0M |
| Long-term debt | $1.75B | $1.75B | $1.76B | $1.81B | $1.81B | $1.78B | $1.76B | $1.78B | $1.63B | $1.59B | $1.47B | $1.47B |
| Other long-term liabilities | $207.7M | $202.3M | $199.6M | $190.5M | $183.5M | $184.2M | $167.9M | $175.6M | $178.7M | $181.8M | $174.6M | $191.0M |
| Total liabilities | $2.09B | $2.06B | $2.07B | $2.10B | $2.09B | $2.09B | $2.09B | $2.09B | $1.93B | $1.88B | $1.77B | $1.78B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $106,000 | $106,000 | $105,000 | $105,000 | $106,000 | $109,000 | $110,000 | $114,000 | $119,000 | $122,000 | $123,000 | $124,000 |
| Retained earnings (deficit) | −$387.3M | −$397.0M | −$418.6M | −$443.4M | −$446.7M | −$425.2M | −$406.1M | −$355.5M | −$292.2M | −$256.3M | −$235.4M | −$233.6M |
| Accumulated other comprehensive income | −$4.7M | −$1.7M | $405,999 | $4.4M | $9.3M | $13.2M | $18.3M | $15.4M | $35.1M | $40.2M | $33.9M | $53.2M |
| Total shareholders' equity | $472.5M | $468.4M | $462.6M | $450.5M | $473.6M | $518.4M | $576.6M | $663.8M | $786.7M | $853.7M | $888.1M | $925.0M |
| Key figures | ||||||||||||
| Total debt | $1.76B | $1.76B | $1.76B | $1.81B | $1.81B | $1.81B | $1.81B | $1.79B | $1.65B | $1.60B | $1.50B | $1.48B |
| Net cash (debt) | −$1.58B | −$1.65B | −$1.66B | −$1.72B | −$1.73B | −$1.76B | −$1.71B | −$1.64B | −$1.59B | −$1.43B | −$1.43B | −$1.41B |
| Working capital | $241.5M | $200.7M | $164.8M | $172.7M | $153.6M | $127.4M | $123.5M | $219.6M | $146.9M | $263.8M | $139.5M | $133.9M |
| Tangible book value | $290.9M | $284.6M | $276.7M | $263.6M | $285.8M | $329.6M | $387.6M | $470.2M | $590.8M | $812.7M | $847.0M | $883.6M |
| Book value per share | $4.36 | $4.40 | $4.41 | $4.23 | $4.38 | $4.68 | $5.00 | $5.62 | $6.49 | $6.88 | $7.23 | $7.39 |
| Shares outstanding | 108.5M | 106.6M | 104.8M | 106.5M | 108.2M | 110.7M | 115.4M | 118.1M | 121.2M | 124.0M | 122.8M | 125.2M |
| Current ratio | 2.78 | 2.85 | 2.48 | 2.67 | 2.51 | 1.99 | 1.73 | 2.62 | 2.25 | 3.33 | 2.06 | 2.13 |
| Quick ratio | 2.13 | 1.99 | 1.70 | 1.77 | 1.57 | 1.21 | 1.14 | 1.89 | 1.36 | 2.36 | 1.24 | 1.42 |
| Debt / equity | 3.73 | 3.76 | 3.81 | 4.02 | 3.82 | 3.49 | 3.13 | 2.70 | 2.10 | 1.88 | 1.69 | 1.60 |
| Equity / assets | 18.4% | 18.5% | 18.3% | 17.6% | 18.4% | 19.9% | 21.6% | 24.1% | 28.9% | 31.2% | 33.4% | 34.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
IRDM financial position
At the end of fiscal 2025 (December 31, 2025), Iridium Communications had total assets of $2.5 billion (down 5.3% from a year earlier), total liabilities of $2.1 billion and shareholders' equity of $462.6 million. It held $96.5 million in cash and short-term investments against $1.8 billion of debt, net debt of $1.7 billion. Its current ratio was 2.48. In the latest quarter (ended June 30, 2026) total assets were $2.6 billion and equity $472.5 million.
Related: IRDM income statement, IRDM cash flow statement, IRDM key metrics. See the IRDM stock overview for the latest quote and news.
IRDM balance sheet FAQ
What are Iridium Communications's total assets?
Iridium Communications reported total assets of $2.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.7 billion a year earlier.
How much debt does Iridium Communications have?
Iridium Communications had $1.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.81.
How much cash does Iridium Communications have?
Iridium Communications held $96.5 million in cash and short-term investments at the end of fiscal 2025; with $1.8 billion of debt that is net debt of $1.7 billion.
What is Iridium Communications's book value?
Iridium Communications's shareholders' equity (book value) was $462.6 million at the end of fiscal 2025, or $4.29 per share.
What is Iridium Communications's current ratio?
Iridium Communications had current assets of $276.5 million and current liabilities of $111.7 million, a current ratio of 2.48 (it can cover its short-term obligations).
How much goodwill does Iridium Communications have?
Iridium Communications carried $185.9 million of goodwill and intangible assets, 7.3% of total assets, at the end of fiscal 2025.