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EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2025

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EchoStar Corp 133,17 $ EchoStar Corp Chart +0,53%
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ENGLEWOOD, Colo., March 2, 2026 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) reported 2025 total revenue of $15.00 billion, compared to $15.83 billion in 2024.

Net loss attributable to EchoStar in 2025 totaled $14.50 billion, compared to $119.55 million in 2024. The net loss in 2025 was primarily attributable to non-cash asset impairments and other expenses totaling approximately $17.63 billion. The net loss in 2024 was positively impacted by a noncash gain totaling approximately $689 million related to our debt exchange offer and the resulting debt extinguishment. Excluding the tax affected impact of the noncash adjustments for 2025 and 2024, the net loss attributable to EchoStar would have been approximately $1.05 billion and $664 million, respectively. Diluted loss per share was $50.41 in 2025, compared to $0.44 in 2024.

Pay-TV
Net pay-TV subscribers decreased approximately 168,000 in the fourth quarter 2025, compared to a decrease of approximately 253,000 in the year-ago quarter.

The company closed the quarter with 7.00 million pay-TV subscribers, including 5.02 million DISH TV subscribers and 1.98 million Sling TV subscribers.

Retail Wireless
Retail wireless subscribers decreased by approximately 9,000 in the fourth quarter 2025, compared to an increase of 90,000 in the year-ago quarter.

The company closed the quarter with 7.51 million retail wireless subscribers.

Broadband and Satellite Services
Broadband subscribers decreased by approximately 44,000 in the fourth quarter 2025, compared to a decrease of 59,000 in the year-ago quarter.

The company closed the quarter with 739,000 broadband subscribers.

Set forth below is a table highlighting certain of EchoStar's segment results for the three and twelve months ended December 31, 2025 and 2024 (all U.S. GAAP amounts reference results from operations):



For the Three Months Ended
December 31,

For the Years Ended
December 31,







2025
2024
2025
2024


(in thousands)
Revenue












Pay-TV
$ 2,358,321
$ 2,667,311
$ 9,700,480
$ 10,688,204
Wireless

957,633

900,867

3,795,675

3,594,197
Broadband and Satellite Services

399,794

412,482

1,456,052

1,575,788
Other

95,782

48,457

294,823

156,702
Eliminations

(15,516)

(62,179)

(242,041)

(189,375)
Total
$ 3,796,014
$ 3,966,938
$ 15,004,989
$ 15,825,516














Net Income (loss) attributable to EchoStar
$ (1,207,183)
$ 335,233
$ (14,497,180)
$ (119,546)














OIBDA












Pay-TV
$ 684,407
$ 800,771
$ 2,688,094
$ 2,985,285
Wireless

(66,045)

(150,531)

(377,519)

(324,799)
Broadband and Satellite Services

(1,148,564)

102,690

(1,202,759)

341,895
Other

(37,348)

(336,676)

(17,203,413)

(1,313,995)
Eliminations

689

(19,110)

(42,000)

(62,263)
Total
$ (566,861)
$ 397,144
$ (16,137,597)
$ 1,626,123














Adjusted OIBDA












Pay-TV
$ 684,407
$ 800,771
$ 2,688,094
$ 2,985,285
Wireless

(66,045)

(150,531)

(377,519)

(324,799)
Broadband and Satellite Services

99,294

102,690

327,223

341,895
Other

(134,663)

(336,676)

(1,101,384)

(1,313,995)
Eliminations

689

(19,110)

(42,000)

(62,263)
Total
$ 583,682
$ 397,144
$ 1,494,414
$ 1,626,123














Purchases of property and equipment, net of refunds, (including
capitalized interest related to regulatory authorizations)













Pay-TV
$ 49,074
$ 53,198
$ 288,595
$ 218,473
Wireless

35,848



35,848


Broadband and Satellite Services

24,394

40,498

144,949

212,581
Other

48,782

559,333

1,172,649

2,065,570


$ 158,098
$ 653,029
$ 1,642,041
$ 2,496,624
Reconciliation of GAAP to Non-GAAP Measurement:


Pay-TV
Wireless
Broadband and
Satellite
Services

Other
Eliminations
Consolidated
Total



For the Three Months Ended 
December 31, 2025

(In thousands)
Segment operating income (loss)
$ 626,858
$ (115,316)
$ (1,243,144)
$ (48,864)
$ 735
$ (779,731)
Depreciation and amortization

57,549

49,271

94,580

11,516

(46)

212,870
OIBDA

684,407

(66,045)

(1,148,564)

(37,348)

689

(566,861)
Impairments and other





1,247,858

(97,315)



1,150,543
Adjusted OIBDA
$ 684,407
$ (66,045)
$ 99,294
$ (134,663)
$ 689
$ 583,682




















For the Three Months Ended 
December 31, 2024














Segment operating income (loss)
$ 721,593
$ (168,420)
$ (7,645)
$ (603,954)
$ (4,264)
$ (62,690)
Depreciation and amortization

79,178

17,889

110,335

267,278

(14,846)

459,834
OIBDA

800,771

(150,531)

102,690

(336,676)

(19,110)

397,144
Impairments and other












Adjusted OIBDA
$ 800,771
$ (150,531)
$ 102,690
$ (336,676)
$ (19,110)
$ 397,144










































Pay-TV
Wireless
Broadband and
Satellite
Services

Other
Eliminations
Consolidated
Total



For the Year Ended 
December 31, 2025

(In thousands)
Segment operating income (loss)
$ 2,425,228
$ (495,028)
$ (1,607,404)
$ (18,047,900)
$ 1,958
$ (17,723,146)
Depreciation and amortization

262,866

117,509

404,645

844,487

(43,958)

1,585,549
OIBDA

2,688,094

(377,519)

(1,202,759)

(17,203,413)

(42,000)

(16,137,597)
Impairments and other





1,529,982

16,102,029



17,632,011
Adjusted OIBDA
$ 2,688,094
$ (377,519)
$ 327,223
$ (1,101,384)
$ (42,000)
$ 1,494,414




















For the Year Ended 
December 31, 2024














Segment operating income (loss)
$ 2,647,954
$ (477,991)
$ (117,901)
$ (2,353,915)
$ (2,217)
$ (304,070)
Depreciation and amortization

337,331

153,192

459,796

1,039,920

(60,046)

1,930,193
OIBDA

2,985,285

(324,799)

341,895

(1,313,995)

(62,263)

1,626,123
Impairments and other












Adjusted OIBDA
$ 2,985,285
$ (324,799)
$ 341,895
$ (1,313,995)
$ (62,263)
$ 1,626,123
Note on Use of Non-GAAP Financial Measures 

OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization."

Adjusted OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization" and "Impairments and other."

OIBDA and Adjusted OIBDA, which are presented by segment above, are non-GAAP measures reconciled to "Operating income (loss)" and do not purport to be alternatives to operating income (loss) as a measure of operating performance. We believe OIBDA is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

We believe Adjusted OIBDA is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments as it excludes one-time, non-cash items that we do not consider to be reflective of our ongoing operating performance.

EchoStar will host a conference call to discuss its earnings on Monday, March 2, 2026, at 11:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar's investor relations website at ir.echostar.com. To attend the call, please dial: (877-484-6065) (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13758309) or ask for the "EchoStar Corporation Q4 and Full Year 2025 Earnings Conference Call." Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation
EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

©2026 EchoStar. Hughes, HughesNet, DISH, and Boost Mobile are registered trademarks of one or more affiliate companies of EchoStar Corp.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "goal," "seek," "estimate," "expect," "intend," "project," "continue," "future," "will," "would," "can," "may," "plans," and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See "Risk Factors" in EchoStar's Annual Report on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.


ECHOSTAR CORPORATION


CONSOLIDATED BALANCE SHEETS


(Dollars in thousands, except share amounts)










As of  December 31,


2025
2024

Assets






Current Assets:




Cash and cash equivalents $ 1,883,074
$ 4,305,393

Current restricted cash, cash equivalents and marketable investment securities
175,838

150,898

Marketable investment securities
1,100,891

1,242,036

Trade accounts receivable, net of allowance for credit losses of $79,590 and
$82,628, respectively

1,273,849

1,198,731

Inventory
380,647

455,197

Prepaids and other assets
284,194

655,233

Other current assets
34,678

88,255

Total current assets
5,133,171

8,095,743









Noncurrent Assets:






Restricted cash, cash equivalents and marketable investment securities 
176,203

169,627

Property and equipment, net 
2,243,515

9,187,132

Regulatory authorizations, net
34,548,952

39,442,166

Other investments, net
194,046

202,327

Operating lease assets
214,549

3,260,768

Intangible assets, net 
54,413

74,939

Other noncurrent assets, net
451,506

505,985

Total noncurrent assets
37,883,184

52,842,944

Total assets $ 43,016,355
$ 60,938,687









Liabilities and Stockholders' Equity (Deficit)






Current Liabilities:






Trade accounts payable $ 541,706
$ 740,984

Deferred revenue and other
639,173

650,940

Accrued programming
1,224,222

1,339,072

Accrued interest
309,462

352,499

Other accrued expenses and liabilities
2,327,587

1,804,516

Current portion of debt, finance lease and other obligations
7,321,269

943,029

Total current liabilities
12,363,419

5,831,040









Long-Term Obligations, Net of Current Portion:






Long-term debt, finance lease and other obligations, net of current portion
18,658,602

25,660,288

Deferred tax liabilities, net
598,590

4,988,653

Operating lease liabilities 
4,137,269

3,211,407

Long-term deferred revenue and other long-term liabilities
1,446,477

1,002,074

Total long-term obligations, net of current portion
24,840,938

34,862,422

Total liabilities
37,204,357

40,693,462









Commitments and Contingencies














Stockholders' Equity (Deficit): 






Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,
159,266,457 and 155,048,676 shares issued, 157,477,437 and 155,048,676 
shares outstanding, respectively

159

155

Class B common stock, $0.001 par value, 800,000,000 shares authorized,
131,348,468 shares issued and outstanding

131

131

Additional paid-in capital
8,875,937

8,768,360

Accumulated other comprehensive income (loss)
(183,188)

(195,711)

Accumulated earnings (deficit)
(2,878,743)

11,618,437

Treasury stock, at cost, 1,789,020 shares
(48,512)



Total EchoStar stockholders' equity (deficit)
5,765,784

20,191,372

Noncontrolling interests
46,214

53,853

Total stockholders' equity (deficit)
5,811,998

20,245,225

Total liabilities and stockholders' equity (deficit) $ 43,016,355
$ 60,938,687

 

ECHOSTAR CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS 

(Dollars in thousands, except per share amounts)











For the Years Ended December 31, 

2025
2024
2023
Revenue:








Service revenue $ 14,023,730
$ 14,956,126
$ 16,145,763
Equipment sales and other revenue
981,259

869,390

869,835
Total revenue
15,004,989

15,825,516

17,015,598










Costs and Expenses (exclusive of depreciation and amortization):








Cost of services
9,445,223

10,135,622

9,510,427
Cost of sales - equipment and other 
1,685,099

1,636,955

2,434,904
Selling, general and administrative expenses
2,380,253

2,426,816

2,989,154
Depreciation and amortization 
1,585,549

1,930,193

1,597,923
Impairments and other
17,632,011

-

761,099
Total costs and expenses
32,728,135

16,129,586

17,293,507










Operating income (loss)
(17,723,146)

(304,070)

(277,909)










Other Income (Expense):








Interest income
228,733

116,625

207,374
Interest expense, net of amounts capitalized
(1,521,713)

(481,622)

(90,357)
Other, net
122,812

593,497

(1,770,792)
Total other income (expense)
(1,170,168)

228,500

(1,653,775)










Income (loss) before income taxes
(18,893,314)

(75,570)

(1,931,684)
Income tax (provision) benefit, net
4,386,375

(48,945)

296,860
Net income (loss)
(14,506,939)

(124,515)

(1,634,824)
Less: Net income (loss) attributable to noncontrolling interests, net of tax
(9,759)

(4,969)

67,233
Net income (loss) attributable to EchoStar $ (14,497,180)
$ (119,546)
$ (1,702,057)










Weighted-average common shares outstanding - Class A and B common
stock: 









Basic
287,589

274,079

270,842
Diluted
287,589

274,079

270,842










Earnings per share - Class A and B common stock:








Basic net income (loss) per share attributable to EchoStar $ (50.41)
$ (0.44)
$ (6.28)
Diluted net income (loss) per share attributable to EchoStar $ (50.41)
$ (0.44)
$ (6.28)
 


ECHOSTAR CORPORATION


CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)













For the Years Ended  December 31, 


2025
2024
2023
Cash Flows From Operating Activities:









Net income (loss)
$ (14,506,939)
$ (124,515)
$ (1,634,824)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:









Depreciation and amortization

1,585,549

1,930,193

1,597,923
Impairments and other

17,632,011



761,099
Realized and unrealized losses (gains) and impairments on investments and other

(1,562)

73,217

(46,888)
Realized and unrealized losses (gains) on derivatives





1,693,387
Asset sales and other losses (gains)

(100,028)

(50,418)


EchoStar exchange offers debt extinguishment losses (gains)



(688,661)


Non-cash, stock-based compensation

36,272

36,383

51,514
Interest expense paid in kind on long-term debt 

95,120

30,439


Deferred tax expense (benefit)

(4,412,902)

28,281

(337,222)
Changes in allowance for credit losses

(3,038)

8,238

14,600
Change in long-term deferred revenue and other long-term liabilities

(50,654)

12,555

15,825
Other, net

60,359

151,299

(10,305)
Changes in operating assets and operating liabilities:









Trade accounts receivable

(28,546)

9,569

61,279
Prepaid and accrued income taxes

(10,431)

43,430

15,836
Inventory

59,368

189,648

(37,981)
Other operating assets and operating liabilities

7,895

(129,046)

95,741
Trade accounts payable

(130,828)

108,982

4,108
Deferred revenue and other

(11,313)

(103,718)

(78,555)
Accrued programming and other accrued expenses

(319,707)

(273,179)

267,110
Net cash flows from operating activities

(99,374)

1,252,697

2,432,647











Cash Flows From Investing Activities:









Purchases of marketable investment securities

(3,069,138)

(1,253,543)

(2,407,546)
Sales and maturities of marketable investment securities

3,228,293

573,031

3,710,544
Purchases of property and equipment

(965,730)

(1,544,877)

(3,100,921)
Refunds and other receipts of purchases of property and equipment





38,611
Capitalized interest related to regulatory authorizations

(676,311)

(951,747)

(1,162,473)
Proceeds from other debt investments





148,448
Purchases of regulatory authorizations, including deposits 



(1,104)

(2,009)
Sale of assets to CONX



26,719


Liberty Puerto Rico asset sale



95,435


Sale of Fiber business

47,207




Other, net

31,073

7,736

(33,386)
Net cash flows from investing activities

(1,404,606)

(3,048,350)

(2,808,732)











Cash Flows From Financing Activities:









Repayment of debt, finance lease and other obligations

(70,063)

(108,961)

(121,981)
Redemption and repurchases of debt

(974,037)

(2,933,714)

(1,643,469)
Proceeds from issuance of debt

150,000

7,886,000

1,500,000
Debt issuance costs and debt (discount) premium

(946)

(316,789)

21,635
Proceeds from issuance of PIPE shares



400,000


Early debt redemption gains (losses)

11,465



73,024
Class A common stock repurchases

(48,512)




Net proceeds from Class A common stock options exercised and stock issued under the Employee
Stock Purchase Plan


49,199

4,192

10,598
Purchase of SNR Management's ownership interest in SNR HoldCo



(441,998)


Purchase of Northstar Manager, LLC's ownership interest in Northstar Spectrum





(109,432)
Other, net

(27,419)

(5,153)

(7,496)
Net cash flows from financing activities 

(910,313)

4,483,577

(277,121)











Effect of exchange rates on cash and cash equivalents

2,644

(5,721)

3,004











Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents

(2,411,649)

2,682,203

(650,202)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period

4,593,804

1,911,601

2,561,803
Cash, cash equivalents, restricted cash and cash equivalents, end of period
$ 2,182,155
$ 4,593,804
$ 1,911,601

 

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SOURCE EchoStar Corporation


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