EchoStar Corporation: 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,
		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 [phone]. 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

SOURCE EchoStar Corporation