EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2025
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 | For the Years Ended | ||||||||||||
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 | |||||||||||||
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 | Other | Eliminations | Consolidated | ||||||||||||||
For the Three Months Ended | (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 | |||||||||||||||||||
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 | Other | Eliminations | Consolidated | ||||||||||||||
For the Year Ended | (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 | |||||||||||||||||||
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 | 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 | 155 | |||||
Class B common stock, $0.001 par value, 800,000,000 shares authorized, | 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 | |||||||||
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 | 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