Iridium sees total services revenue growth flat to up 2% for FY26

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.