EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2025 | SATS Stock News

, /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-TVNet 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 WirelessRetail 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 ServicesBroadband 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 EndedDecember 31,For the Years Ended December 31,2025202420252024(in thousands)RevenuePay-TV$2,358,321$2,667,311$9,700,480$10,688,204Wireless957,633900,8673,795,6753,594,197Broadband and Satellite Services399,794412,4821,456,0521,575,788Other95,78248,457294,823156,702Eliminations(15,516)(62,179)(242,041)(189,375)Total$3,796,014$3,966,938$15,004,989$15,825,516Net Income (loss) attributable to EchoStar$(1,207,183)$335,233$(14,497,180)$(119,546)OIBDAPay-TV$684,407$800,771$2,688,094$2,985,285Wireless(66,045)(150,531)(377,519)(324,799)Broadband and Satellite Services(1,148,564)102,690(1,202,759)341,895Other(37,348)(336,676)(17,203,413)(1,313,995)Eliminations689(19,110)(42,000)(62,263)Total$(566,861)$397,144$(16,137,597)$1,626,123Adjusted OIBDAPay-TV$684,407$800,771$2,688,094$2,985,285Wireless(66,045)(150,531)(377,519)(324,799)Broadband and Satellite Services99,294102,690327,223341,895Other(134,663)(336,676)(1,101,384)(1,313,995)Eliminations689(19,110)(42,000)(62,263)Total$583,682$397,144$1,494,414$1,626,123Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations)Pay-TV$49,074$53,198$288,595$218,473Wireless35,848—35,848—Broadband and Satellite Services24,39440,498144,949212,581Other48,782559,3331,172,6492,065,570$158,098$653,029$1,642,041$2,496,624Reconciliation of GAAP to Non-GAAP Measurement:Pay-TVWirelessBroadband and Satellite ServicesOtherEliminationsConsolidated TotalFor 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 amortization57,54949,27194,58011,516(46)212,870OIBDA684,407(66,045)(1,148,564)(37,348)689(566,861)Impairments and other——1,247,858(97,315)—1,150,543Adjusted OIBDA$684,407$(66,045)$99,294$(134,663)$689$583,682For the Three Months Ended December 31, 2024Segment operating income (loss)$721,593$(168,420)$(7,645)$(603,954)$(4,264)$(62,690)Depreciation and amortization79,17817,889110,335267,278(14,846)459,834OIBDA800,771(150,531)102,690(336,676)(19,110)397,144Impairments and other——————Adjusted OIBDA$800,771$(150,531)$102,690$(336,676)$(19,110)$397,144Pay-TVWirelessBroadband and Satellite ServicesOtherEliminationsConsolidated TotalFor 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 amortization262,866117,509404,645844,487(43,958)1,585,549OIBDA2,688,094(377,519)(1,202,759)(17,203,413)(42,000)(16,137,597)Impairments and other——1,529,98216,102,029—17,632,011Adjusted OIBDA$2,688,094$(377,519)$327,223$(1,101,384)$(42,000)$1,494,414For the Year Ended December 31, 2024Segment operating income (loss)$2,647,954$(477,991)$(117,901)$(2,353,915)$(2,217)$(304,070)Depreciation and amortization337,331153,192459,7961,039,920(60,046)1,930,193OIBDA2,985,285(324,799)341,895(1,313,995)(62,263)1,626,123Impairments and other——————Adjusted OIBDA$2,985,285$(324,799)$341,895$(1,313,995)$(62,263)$1,626,123Note 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 CorporationEchoStar 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 1995This 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 CORPORATIONCONSOLIDATED BALANCE SHEETS(Dollars in thousands, except share amounts)As of December 31,20252024AssetsCurrent Assets:Cash and cash equivalents$1,883,074$4,305,393Current restricted cash, cash equivalents and marketable investment securities175,838150,898Marketable investment securities1,100,8911,242,036Trade accounts receivable, net of allowance for credit losses of $79,590 and $82,628, respectively1,273,8491,198,731Inventory380,647455,197Prepaids and other assets284,194655,233Other current assets34,67888,255Total current assets5,133,1718,095,743Noncurrent Assets:Restricted cash, cash equivalents and marketable investment securities 176,203169,627Property and equipment, net 2,243,5159,187,132Regulatory authorizations, net34,548,95239,442,166Other investments, net194,046202,327Operating lease assets214,5493,260,768Intangible assets, net 54,41374,939Other noncurrent assets, net451,506505,985Total noncurrent assets37,883,18452,842,944Total assets$43,016,355$60,938,687Liabilities and Stockholders' Equity (Deficit)Current Liabilities:Trade accounts payable$541,706$740,984Deferred revenue and other639,173650,940Accrued programming1,224,2221,339,072Accrued interest309,462352,499Other accrued expenses and liabilities2,327,5871,804,516Current portion of debt, finance lease and other obligations7,321,269943,029Total current liabilities12,363,4195,831,040Long-Term Obligations, Net of Current Portion:Long-term debt, finance lease and other obligations, net of current portion18,658,60225,660,288Deferred tax liabilities, net598,5904,988,653Operating lease liabilities 4,137,2693,211,407Long-term deferred revenue and other long-term liabilities1,446,4771,002,074Total long-term obligations, net of current portion24,840,93834,862,422Total liabilities37,204,35740,693,462Commitments and ContingenciesStockholders' 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, respectively159155Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 shares issued and outstanding131131Additional paid-in capital8,875,9378,768,360Accumulated other comprehensive income (loss)(183,188)(195,711)Accumulated earnings (deficit)(2,878,743)11,618,437Treasury stock, at cost, 1,789,020 shares(48,512)—Total EchoStar stockholders' equity (deficit)5,765,78420,191,372Noncontrolling interests46,21453,853Total stockholders' equity (deficit)5,811,99820,245,225Total liabilities and stockholders' equity (deficit)$43,016,355$60,938,687ECHOSTAR CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts)For the Years Ended December 31, 202520242023Revenue:Service revenue$14,023,730$14,956,126$16,145,763Equipment sales and other revenue981,259869,390869,835Total revenue15,004,98915,825,51617,015,598Costs and Expenses (exclusive of depreciation and amortization):Cost of services9,445,22310,135,6229,510,427Cost of sales - equipment and other 1,685,0991,636,9552,434,904Selling, general and administrative expenses2,380,2532,426,8162,989,154Depreciation and amortization 1,585,5491,930,1931,597,923Impairments and other17,632,011-761,099Total costs and expenses32,728,13516,129,58617,293,507Operating income (loss)(17,723,146)(304,070)(277,909)Other Income (Expense):Interest income228,733116,625207,374Interest expense, net of amounts capitalized(1,521,713)(481,622)(90,357)Other, net122,812593,497(1,770,792)Total other income (expense)(1,170,168)228,500(1,653,775)Income (loss) before income taxes(18,893,314)(75,570)(1,931,684)Income tax (provision) benefit, net4,386,375(48,945)296,860Net income (loss)(14,506,939)(124,515)(1,634,824)Less: Net income (loss) attributable to noncontrolling interests, net of tax(9,759)(4,969)67,233Net income (loss) attributable to EchoStar$(14,497,180)$(119,546)$(1,702,057)Weighted-average common shares outstanding - Class A and B common stock: Basic287,589274,079270,842Diluted287,589274,079270,842Earnings 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 CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)For the Years Ended December 31, 202520242023Cash 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 amortization1,585,5491,930,1931,597,923Impairments and other17,632,011—761,099Realized and unrealized losses (gains) and impairments on investments and other(1,562)73,217(46,888)Realized and unrealized losses (gains) on derivatives——1,693,387Asset sales and other losses (gains)(100,028)(50,418)—EchoStar exchange offers debt extinguishment losses (gains)—(688,661)—Non-cash, stock-based compensation36,27236,38351,514Interest expense paid in kind on long-term debt 95,12030,439—Deferred tax expense (benefit)(4,412,902)28,281(337,222)Changes in allowance for credit losses(3,038)8,23814,600Change in long-term deferred revenue and other long-term liabilities(50,654)12,55515,825Other, net60,359151,299(10,305)Changes in operating assets and operating liabilities:Trade accounts receivable(28,546)9,56961,279Prepaid and accrued income taxes(10,431)43,43015,836Inventory59,368189,648(37,981)Other operating assets and operating liabilities7,895(129,046)95,741Trade accounts payable(130,828)108,9824,108Deferred revenue and other(11,313)(103,718)(78,555)Accrued programming and other accrued expenses(319,707)(273,179)267,110Net cash flows from operating activities(99,374)1,252,6972,432,647Cash Flows From Investing Activities:Purchases of marketable investment securities(3,069,138)(1,253,543)(2,407,546)Sales and maturities of marketable investment securities3,228,293573,0313,710,544Purchases of property and equipment(965,730)(1,544,877)(3,100,921)Refunds and other receipts of purchases of property and equipment——38,611Capitalized interest related to regulatory authorizations(676,311)(951,747)(1,162,473)Proceeds from other debt investments——148,448Purchases 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 business47,207——Other, net31,0737,736(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 debt150,0007,886,0001,500,000Debt issuance costs and debt (discount) premium(946)(316,789)21,635Proceeds from issuance of PIPE shares—400,000—Early debt redemption gains (losses)11,465—73,024Class A common stock repurchases(48,512)——Net proceeds from Class A common stock options exercised and stock issued under the EmployeeStock Purchase Plan49,1994,19210,598Purchase 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 equivalents2,644(5,721)3,004Net 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 period4,593,8041,911,6012,561,803Cash, cash equivalents, restricted cash and cash equivalents, end of period$2,182,155$4,593,804$1,911,601SOURCE EchoStar Corporation