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Viasat vs Iridium Communications: VSAT and IRDM compared
Viasat is the larger company: $1.2B of revenue in its latest quarter (Q2 FY27) against $246M for Iridium Communications (Q3 2026). Iridium Communications is growing faster (+8% against +3% a year earlier). Iridium Communications is more profitable, with an operating margin of 12.9% against 0.6%.
Where the money goes: VSAT and IRDM
Viasat (VSAT) · Q2 FY27
Viasat, Q2 FY27: revenue $1.2B (+3% year over year), operating margin 0.6%, net loss $120M, operating cash flow $285M. The chart follows the revenue to costs, profit and cash.
Iridium Communications (IRDM) · Q3 2026
Iridium Communications, Q3 2026: revenue $246M (+8% year over year), operating margin 12.9%, net earnings $107M, operating cash flow $95.9M. The chart follows the revenue to costs, profit and cash.
| Viasat (VSAT) | Iridium Communications (IRDM) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $1.2B | $246M |
| Revenue growth, Y/Y | +3% | +8% |
| Operating margin | 0.6% | 12.9% |
| Net earnings | −$120M | $107M |
| Net margin | -10.2% | 43.5% |
| Operating cash flow | $285M | $95.9M |
| Free cash flow | — | $68.5M |
| Market value | $8.9B | $5.2B |
| P/E | — | 31.4× |
| Analysts’ mean target | $101.94 | $48.00 |
Where the revenue comes from
Viasat
- Service: $821M (70%)
- Product: $359M (30%)
Iridium Communications
- Services: $187M (76%)
- Engineering and support services: $39.2M (16%)
- Subscriber equipment: $19.0M (8%)
Questions
Which is bigger, Viasat or Iridium Communications?
Viasat is the larger company: $1.2B of revenue in its latest quarter (Q2 FY27) against $246M for Iridium Communications (Q3 2026).
Is Viasat or Iridium Communications growing faster?
Iridium Communications is growing faster (+8% against +3% a year earlier).
Which is more profitable, Viasat or Iridium Communications?
Iridium Communications is more profitable, with an operating margin of 12.9% against 0.6%.
More: Viasat earnings · how Viasat makes money · Iridium Communications earnings · how Iridium Communications makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Oct 20, 2026). Fiscal quarters can end on different dates. Not investment advice.