A novel estimation strategy for inertial navigation in indoor/outdoor environments is proposed with a specific attention to the sporadic nature of the non-periodic measurements. After introducing the inertial navigation model, we introduce an observer providing an asymptotic estimate of the plant state. We use a hybrid dynamical systems representation for our results, in order to provide an effective, and elegant theoretical framework. The estimation error dynamics with the proposed observer shows a peculiar cascaded interconnection of three subsystems (allowing for intuitive gain tuning), with perturbations occurring either on the jump or on the flow dynamics (depending on the specific subsystem under consideration). For this structure, we show global exponential stability of the error dynamics. Hardware-in-the-loop results confirm the effectiveness of the proposed solution.