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 December 31,				For the Years Ended December 31,
	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
	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
	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.

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

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

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