--- title: "EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2025 | SATS Stock News" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/277456758.md" description: "EchoStar Corporation (NASDAQ: SATS) reported a total revenue of $15.00 billion for 2025, down from $15.83 billion in 2024. The company faced a net loss of $14.50 billion, primarily due to non-cash asset impairments. Pay-TV subscribers decreased by 168,000 in Q4 2025, totaling 7.00 million. Retail wireless subscribers also fell by 9,000, while broadband subscribers decreased by 44,000. EchoStar will hold a conference call on March 2, 2026, to discuss these results." datetime: "2026-03-02T03:30:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277456758.md) - [en](https://longbridge.com/en/news/277456758.md) - [zh-HK](https://longbridge.com/zh-HK/news/277456758.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277456758.md) | [English](https://longbridge.com/en/news/277456758.md) # 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-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 SOURCE EchoStar Corporation ### 相關股票 - 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