0001558370-25-002818 | 10-K | XBRL Viewer

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Debt, Finance Lease and Other Obligations - Intercompany Loan (Details) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
	Jan. 10, 2024	Feb. 11, 2022	Nov. 30, 2024	Jan. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024	Jun. 30, 2024	Jan. 26, 2023	Nov. 15, 2022
Debt Instrument
Interest rate (as a percent)					0.25%
Interest paid in cash					$ 1,332,223	$ 1,301,783	$ 1,044,276
Interest expense, net of amounts capitalized					$ 690,222	$ 38,881	$ 22,781
DISH DBS Corporation ("DBS")
Debt Instrument
Minimum interest payment due (in percent)					50.00%
Interest payment in kind (in percent)					0.75%
5 1/4% Senior Secured Notes due 2026
Debt Instrument
Aggregate principal amount					$ 2,750,000
5 1/4% Senior Secured Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)					5.25%
5 3/4% Senior Secured Notes due 2028
Debt Instrument
Aggregate principal amount					$ 2,500,000
5 3/4% Senior Secured Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)					5.75%
11 3/4% Senior Secured Notes due 2027
Debt Instrument
Interest rate (as a percent)					11.75%
Aggregate principal amount										$ 1,500,000	$ 2,000,000
Intercompany Loan
Debt Instrument
Additional debt	$ 4,700,000			$ 4,700,000
Intercompany Loan Paid In Kind Term		2 years
Interest payable					$ 22,000
Interest paid in cash					196,000
Outstanding amount					4,767,000
Intercompany Loan \| DISH DBS Corporation ("DBS")
Debt Instrument
Additional debt		$ 1,500,000
Outstanding amount					7,612,000
Intercompany Loan 2028 Tranche \| DISH DBS Corporation ("DBS")
Debt Instrument
Outstanding amount					2,844,000
DISH Q2 2024 Intercompany Loan
Debt Instrument
Aggregate principal amount									$ 1,508,000
Outstanding debt					1,577,000
DISH Q3 2024 Intercompany Loan
Debt Instrument
Aggregate principal amount								$ 481,000
Outstanding debt					493,000
EchoStar 2024 Intercompany Loan
Debt Instrument
Interest rate (as a percent)			11.50%
Interest payable					123,000
Interest expense, net of amounts capitalized					5,000
Outstanding debt					1,015,000
Redemption price as a percentage of principal amount			100.00%
EchoStar 2024 Intercompany Loan \| Maximum
Debt Instrument
Aggregate principal amount			$ 4,500,000		4,500,000
New DISH DBS Financing
Debt Instrument
Interest payable					$ 245,000

Debt, Finance Lease and Other Obligations - Finance Lease Obligations (Details)	12 Months Ended
	Dec. 31, 2024
FSS Satellite Anik F3
Lessee, Lease, Description [Line Items]
Ku-band capacity leased (as a percent)	100.00%
Term of Contract	15 years
Nimiq 5
Lessee, Lease, Description [Line Items]
Nimiq capacity leased (as a percent)	100.00%
Term of Contract	15 years

Property and Equipment and Intangible Assets - Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Depreciation and amortization expense
Depreciation and amortization	$ 1,472,204	$ 1,181,921	$ 717,073
Equipment leased to customers
Depreciation and amortization expense
Depreciation and amortization	147,282	166,950	191,746
Satellites
Depreciation and amortization expense
Depreciation and amortization	125,230	134,948	148,051
Buildings, furniture, fixtures, equipment and other
Depreciation and amortization expense
Depreciation and amortization	41,835	91,942	40,703
5G Network Deployment equipment
Depreciation and amortization expense
Depreciation and amortization	718,729	371,640	29,992
Software and computer equipment
Depreciation and amortization expense
Depreciation and amortization	343,487	235,820	153,040
Intangible assets and other amortization expense
Depreciation and amortization expense
Depreciation and amortization	$ 95,641	$ 180,621	$ 153,541

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT) - USD ($) $ in Thousands	Class A and B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Noncontrolling Interests	Redeemable Noncontrolling Interests	Total
Balance at Dec. 31, 2021	$ 5,289	$ 4,735,484	$ 281	$ 10,785,617	$ 1,220	$ 395,222	$ 15,527,891
Issuance of Class A common stock:
Exercise of stock awards	22	44,458					44,480
Non-cash, stock-based compensation		71,450					71,450
Other comprehensive income (loss)			(3,310)				(3,310)
Net income (loss) attributable to noncontrolling interests					537	69,137	537
Net income (loss) attributable to DISH Network				2,303,233			2,303,233
Balance at Dec. 31, 2022	5,311	4,851,392	(3,029)	13,088,850	1,757	464,359	17,944,281
Issuance of Class A common stock:
Exercise of stock awards	33	23,241					23,274
Non-cash, stock-based compensation		36,143					36,143
Other comprehensive income (loss)			353				353
Purchase of Northstar Manager, LLC's ownership interest in Northstar Spectrum						(109,432)
Extinguishment of stock related to the merger with EchoStar	$ (5,344)	5,344
Net income (loss) attributable to noncontrolling interests					346	83,455	346
Net income (loss) attributable to DISH Network				(1,212,223)			(1,212,223)
Balance at Dec. 31, 2023		4,916,120	(2,676)	11,876,627	2,103	438,382	16,792,174
Issuance of Class A common stock:
Non-cash, stock-based compensation		24,945					24,945
Other comprehensive income (loss)							(83)
Other comprehensive income (loss) and other		(61)	(463)				(524)
Asset Transfer to EchoStar, net of deferred taxes of $3,775,370		(3,775,370)	380	(12,003,227)	(146)		(15,778,363)
Sale of Assets to EchoStar, net of deferred taxes of $3,857		5,513					5,513
700 MHz Spectrum Sale to EchoStar, net of deferred taxes of $37,681		114,831					114,831
Conversion of outstanding redeemable noncontrolling interest in SNR HoldCo to noncontrolling interest					441,998	(441,998)	441,998
Orbital II Transfer from EchoStar		140,510					140,510
Release of valuation allowance		23,234					23,234
EchoStar Exchange Offers debt extinguishment		3,985,665					3,985,665
Net income (loss) attributable to noncontrolling interests					121	$ 3,616	121
Net income (loss) attributable to DISH Network				(66,430)			(66,430)
Balance at Dec. 31, 2024		$ 5,435,387	$ (2,759)	$ (193,030)	$ 444,076		$ 5,683,674

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Related Party Transactions

16. Related Party Transactions

Related Party Transactions with EchoStar, our Parent.

On January 1, 2008, DISH Network completed the distribution of its technology and set-top box business and certain infrastructure assets (the “Spin-off”) into a separate publicly-traded company, EchoStar. Following the Spin-off, DISH Network and EchoStar operated as separate publicly-traded companies until the Merger on December 31, 2023. See Note 1 for more information. After the Spin-off and prior to the Merger, we and EchoStar entered into certain agreements pursuant to which we obtain certain products, services and rights from EchoStar and EchoStar obtains certain products, services and rights from us.

On February 28, 2017, we and EchoStar and certain of our respective subsidiaries completed a transaction (the “Share Exchange Agreement”) pursuant to which certain assets that were transferred to EchoStar in the Spin-off were transferred back to us. On September 10, 2019, we and EchoStar and certain of our respective subsidiaries completed the transactions contemplated by the Master Transaction Agreement (the “Master Transaction Agreement”) pursuant to which certain assets that were transferred to EchoStar in the Spin-off were transferred back to us. On December 31, 2023, EchoStar completed the acquisition of DISH Network.

The following is a summary of the terms of our principal agreements with EchoStar, our parent, and its subsidiaries, that may have an impact on our financial condition and results of operations.

“Trade accounts receivable”

As of December 31, 2024 and 2023, trade accounts receivable from EchoStar was zero and $4 million, respectively. These amounts are recorded in “Trade accounts receivable” on our Consolidated Balance Sheets.

“Trade accounts payable”

As of December 31, 2024 and 2023, trade accounts payable to EchoStar was $53 million and $13 million, respectively. These amounts are recorded in “Trade accounts payable” on our Consolidated Balance Sheets.

“Service revenue”

During the years ended December 31, 2024, 2023 and 2022, we received $5 million, $5 million and $4 million, respectively, for services provided to EchoStar. These amounts are recorded in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these revenues are discussed below.

TT&C Agreement – Master Transaction Agreement. In September 2019, we entered into an agreement pursuant to which we provide TT&C services to EchoStar for a period ending in September 2021, with the option for EchoStar to renew for a one-year period upon written notice at least 90 days prior to the initial expiration (the “MTA TT&C Agreement”). The fees for services provided under the MTA TT&C Agreement are calculated at either: (i) a fixed fee or (ii) cost plus a fixed margin, which will vary depending on the nature of the services provided. Either party is able to terminate the MTA TT&C Agreement for any reason upon 12 months’ notice. In September 2021, we amended the MTA TT&C Agreement to extend the term until September 2022 and added the option for EchoStar to renew for three one-year renewal terms. In August 2022, EchoStar exercised its first renewal option for a period ending in September 2023. In September 2023, EchoStar exercised its second renewal option for a period ending in September 2024. In September 2024, EchoStar exercised its third renewal option for a period ending in September 2025.

“Equipment sales and other revenue”

During the years ended December 31, 2024, 2023 and 2022, we received $4 million, $3 million and $2 million, respectively, for services provided to EchoStar. These amounts are recorded in “Equipment sales and other revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these revenues are discussed below.

Real Estate Lease Agreements. We have entered into lease agreements pursuant to which we lease certain real estate to EchoStar. The rent on a per square foot basis for each of the leases is comparable to per square foot rental rates of similar commercial property in the same geographic areas, and EchoStar is responsible for its portion of the taxes, insurance, utilities and maintenance of the premises. The term of each lease is set forth below:

●

El Paso Lease Agreement. During 2012, we began leasing certain space at 1285 Joe Battle Blvd., El Paso, Texas to EchoStar for an initial period ending on August 1, 2015, which also provides EchoStar with renewal options for four consecutive three-year terms. EchoStar exercised its renewal option for a period ending in July 2027.

●

90 Inverness Lease Agreement. Effective March 1, 2017, EchoStar leases certain space from us at 90 Inverness Circle East, Englewood, Colorado with an initial term that ended in February 2022 and renewal options for four consecutive three-year terms ending in February 2034.

●

Cheyenne Lease Agreement. Effective March 1, 2017, EchoStar began leasing certain space from us at 530 EchoStar Drive, Cheyenne, Wyoming for a period ending in February 2019. In August 2018, EchoStar exercised its option to renew this lease for a one-year period ending in February 2020. EchoStar has the option to renew this lease for 12 one-year periods. During September 2019, we and EchoStar amended this lease to provide EchoStar with certain space for a period ending in September 2023, with the option for EchoStar to renew for a one-year period upon 180 days’ written notice prior to the end of the term. This lease was not renewed and terminated in September 2023.

Whidbey Island 5G Network Test Bed Subcontract. In June 2022, we entered into certain agreements pursuant to which we provide EchoStar access and use of a lab, technical support and integration, and testing support for the 5G network test bed to be delivered by HNS to its customer. In addition, EchoStar leases certain wireless spectrum, construction and related services. EchoStar may terminate this agreement at any time by providing written notice to us.

Collocation and Antenna Space Agreements. Effective March 1, 2017, we entered into certain agreements pursuant to which we provide certain collocation and antenna space to HNS with an initial term that ended in February 2022 and renewal options for four consecutive three-year terms ending in February 2034 at the following locations: Cheyenne, Wyoming; Gilbert, Arizona; Monee, Illinois; Englewood, Colorado; and Spokane, Washington. During August 2017, we entered into certain other agreements pursuant to which we provide certain collocation and antenna space to HNS through August 2022 at the following locations: Monee, Illinois and Spokane, Washington. In May 2022, HNS exercised its renewal option for a period ending in August 2025. In January 2022, we entered into an agreement pursuant to which we provide additional collocation and antenna space to HNS in Englewood, Colorado through December 2026. In March 2024, HNS provided a termination notice for the Spokane, Washington agreement, effective April 2024. Generally, HNS has the option to renew each of these agreements for three-year periods. HNS may terminate certain of these agreements with 180 days’ prior written notice to us. The fees for the services provided under these agreements depend, among other things, on the number of racks leased and/or antennas present at the location.

Also in September 2019, we entered into an agreement pursuant to which we provide HNS with antenna space and power in Cheyenne, Wyoming for a period of five years commencing no later than October 2020, with four three-year renewal terms, with prior written notice no more than 120 days but no less than 90 days prior to the end of the then-current term.

“Cost of services”

During the years ended December 31, 2024, 2023 and 2022, we incurred $4 million, $8 million and $12 million, respectively, of costs for services provided to us by EchoStar. These amounts are recorded in “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these expenses are discussed below.

Spectrum Manager Lease Agreement. Effective January 10, 2024, we and EchoStar, on behalf of certain wholly-owned subsidiaries, entered into the Spectrum Manager Lease Agreement pursuant to which we have the right to lease the wireless spectrum licenses AWS-4, H-Block, CBRS (3550-3650 MHz), C-Band– Cheyenne (3.7-3.98 GHz), 12GHz (MVDDS), LMDS, 24 GHz, 28 GHz, 37GHz, 39GHz and 47GHz, and 700 MHz for a nominal fee. Under the applicable accounting guidance in Accounting Standards Codification 842, Leases (“ASC 842”), these wireless spectrum licenses are intangible assets, and therefore excluded from the scope of ASC 842 and are not reflected on our Consolidated Balance Sheets as right-of-use assets and lease liabilities. We have the right to use the wireless spectrum licenses for as long as EchoStar holds the licenses, subject to certain termination provisions.

Hughes Broadband Distribution Agreement. Effective October 1, 2012, dishNET Satellite Broadband L.L.C. (“dishNET Satellite Broadband”), our indirect wholly-owned subsidiary, and HNS entered into a Distribution Agreement (the “Distribution Agreement”) pursuant to which dishNET Satellite Broadband has the right, but not the obligation, to market, sell and distribute the HNS satellite Internet service (the “Service”). dishNET Satellite Broadband pays HNS a monthly per subscriber wholesale service fee for the Service based upon the subscriber’s service level, and, beginning January 1, 2014, certain volume subscription thresholds. The Distribution Agreement also provides that dishNET Satellite Broadband has the right, but not the obligation, to purchase certain broadband equipment from HNS to support the sale of the Service. On February 20, 2014, dishNET Satellite Broadband and HNS amended the Distribution Agreement which, among other things, extended the initial term of the Distribution Agreement through March 1, 2024.

Thereafter, the Distribution Agreement automatically renews for successive one year terms unless either party gives written notice of its intent not to renew to the other party at least 180 days before the expiration of the then-current term. Upon expiration or termination of the Distribution Agreement, the parties will continue to provide the Service to the then-current dishNET subscribers pursuant to the terms and conditions of the Distribution Agreement.

EchoStar IX. We leased certain satellite capacity from EchoStar on EchoStar IX. Subject to availability, we generally had the right to continue to lease satellite capacity from EchoStar on EchoStar IX on a month-to-month basis. This lease expired on December 31, 2022.

“Cost of sales – equipment and other”

During the years ended December 31, 2024, 2023 and 2022, we incurred zero, $5 million and $5 million, respectively, for satellite hosting, operations and maintenance services as well as transmission of certain data. These amounts are recorded in “Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these expenses are discussed below.

DBSD North America Agreement. On March 9, 2012, we completed the DBSD Transaction. During the second quarter of 2011, EchoStar acquired Hughes. Prior to our acquisition of DBSD North America and EchoStar’s acquisition of Hughes, DBSD North America and HNS entered into an agreement pursuant to which HNS provides, among other things, hosting, operations and maintenance services for DBSD North America’s satellite gateway and associated ground infrastructure. This agreement generally may be terminated by us at any time for convenience. DBSD North America was included in the Sale and Transfer of Assets to EchoStar and no longer owned by us. See Note 1 for further information.

TerreStar Agreements. On March 9, 2012, we completed the TerreStar Transaction. Prior to our acquisition of substantially all the assets of TerreStar and EchoStar’s acquisition of Hughes, TerreStar and HNS entered into various agreements pursuant to which HNS provides, among other things, hosting, operations and maintenance services for TerreStar’s satellite gateway and associated ground infrastructure. These agreements generally may be terminated by us at any time for convenience. TerreStar was included in the Sale and Transfer of Assets to EchoStar and no longer owned by us. See Note 1 for further information.

Hughes Equipment and Services Agreement. In February 2019, we and HNS entered into an agreement pursuant to which HNS will provide us with HughesNet Service and HughesNet equipment for the transmission of certain data related to our 5G Network Deployment. This agreement has an initial term of five years with automatic renewal for successive one-year terms unless terminated by DISH Network with at least 180 days’ written notice to HNS or by HNS with at least 365 days’ written notice to DISH Network.

“Selling, general and administrative expenses”

During the years ended December 31, 2024, 2023 and 2022, we incurred $21 million, $12 million and $14 million, respectively, for selling, general and administrative expenses for services provided to us by EchoStar. These amounts are recorded in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these expenses are discussed below.

Real Estate Lease Agreements. We have entered into lease agreements pursuant to which we lease certain real estate from EchoStar. The rent on a per square foot basis for each of the leases is comparable to per square foot rental rates of similar commercial property in the same geographic area, and we are responsible for our portion of the taxes, insurance, utilities and maintenance of the premises. The term of each lease is set forth below:

●

Meridian Lease Agreement. We lease all of 9601 S. Meridian Blvd. in Englewood, Colorado. This lease automatically renews on a month-to-month basis unless either party gives written notice of its intent not to renew to the other party.

●

100 Inverness Lease Agreement. Effective March 1, 2017, we leased certain space from EchoStar at 100 Inverness Terrace East, Englewood, Colorado for a period ending in December 2024. This agreement may be terminated by either party upon 180 days’ prior notice. This lease was not renewed and terminated in August 2024.

Professional Services Agreement. Prior to 2010, we entered into various agreements with EchoStar including the Transition Services Agreement, Satellite Procurement Agreement and Services Agreement, which all expired on January 1, 2010 and were replaced by a Professional Services Agreement. During 2009, we and EchoStar agreed that EchoStar shall continue to have the right, but not the obligation, to receive the following services from us, among others, certain of which were previously provided under the Transition Services Agreement: information technology, travel and event coordination, internal audit, legal, accounting and tax, benefits administration, program acquisition services and other support services. Additionally, we and EchoStar agreed that we shall continue to have the right, but not the obligation, to engage EchoStar to manage the process of procuring new satellite capacity for us and receive logistics, procurement and quality assurance services from EchoStar and other support services.

On February 28, 2017, DISH Network and EchoStar amended the Professional Services Agreement to, among other things, provide certain transition services to each other. In addition, we and EchoStar amended the Professional Services Agreement effective September 10, 2019 to, among other things, provide certain transition services to each other and to remove certain services no longer necessary. During March 2020, we and EchoStar added a service under the Professional Services Agreement whereby we provide EchoStar with rights to use certain satellite capacity in exchange for certain credits to amounts owed by us to EchoStar under the TerreStar Agreement described above. The Professional Services Agreement renewed on January 1, 2024 for an additional one-year period until January 1, 2025 and renews automatically for successive one-year periods thereafter, unless terminated earlier by either party upon at least 60 days’ notice. However, either party may terminate the Professional Services Agreement in part with respect to any particular service it receives for any reason upon at least 30 days’ notice.

Revenue for services provided by us to EchoStar under the Professional Services Agreement is recorded in “Service revenue” and “Equipment sales and other revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Other Agreements - EchoStar

Tax Sharing Agreement. We entered into a tax sharing agreement (the “Tax Sharing Agreement”) with EchoStar which governs our respective rights, responsibilities and obligations after the Spin-off with respect to taxes for the periods ending on or before the Spin-off. Generally, all pre-Spin-off taxes, including any taxes that are incurred as a result of restructuring activities undertaken to implement the Spin-off, are borne by us, and we will indemnify EchoStar for such taxes. However, we are not liable for and will not indemnify EchoStar for any taxes that are incurred as a result of the Spin-off or certain related transactions failing to qualify as tax-free distributions pursuant to any provision of Section 355 or Section 361 of the Internal Revenue Code of 1986, as amended (the “Code”) because of: (i) a direct or indirect acquisition of any of EchoStar’s stock, stock options or assets; (ii) any action that EchoStar takes or fails to take; or (iii) any action that EchoStar takes that is inconsistent with the information and representations furnished to the Internal Revenue Service (“IRS”) in connection with the request for the private letter ruling, or to counsel in connection with any opinion being delivered by counsel with respect to the Spin-off or certain related transactions. In such case, EchoStar is solely liable for, and will indemnify us for, any resulting taxes, as well as any losses, claims and expenses. The Tax Sharing Agreement will only terminate after the later of the full period of all applicable statutes of limitations, including extensions, or once all rights and obligations are fully effectuated or performed.

In light of the Tax Sharing Agreement, among other things, and in connection with our consolidated federal income tax returns for certain tax years prior to and for the year of the Spin-off, during 2013, we and EchoStar agreed upon a supplemental allocation of the tax benefits arising from certain tax items resolved in the course of the IRS’ examination of these consolidated tax returns. As a result, we agreed to pay EchoStar $82 million of the tax benefit we received or will receive. Any payment to EchoStar, including accrued interest, will be made at such time as EchoStar would have otherwise been able to realize such tax benefit. As of December 31, 2024, we have paid $13 million of the tax benefit received, leaving $69 million remaining to be paid.

In addition, during 2013, we and EchoStar agreed upon a tax sharing arrangement for filing certain combined state income tax returns and a method of allocating the respective tax liabilities between us and EchoStar for such combined returns, through the taxable period ending on December 31, 2017 (the “State Tax Arrangement”). During the third quarter of 2018, we and EchoStar amended the Tax Sharing Agreement and the 2013 agreements (the “Amendment”).

Under the Amendment, among other things, we are entitled to apply the benefit of EchoStar’s 2009 net operating losses to our federal tax return for the year ended December 31, 2008, in exchange for paying EchoStar over time the value of the net annual federal income taxes paid by EchoStar that would have been otherwise offset by their 2009 net operating loss.

The Amendment also contained provisions related to the term of the State Tax Arrangement. As discussed in prior filings, beginning in 2020, DISH Network and EchoStar no longer files a combined state tax return in any state. All requirements under the State Tax Arrangement were fulfilled in 2022.

Patent Cross-License Agreements. In December 2011, we and EchoStar entered into separate patent cross-license agreements with the same third party whereby: (i) EchoStar and such third-party licensed their respective patents to each other subject to certain conditions; and (ii) we and such third-party licensed our respective patents to each other subject to certain conditions (each, a “Cross-License Agreement”). Each Cross License Agreement covers patents acquired by the respective party prior to January 1, 2017 and aggregate payments under both Cross-License Agreements total less than $10 million.

In December 2016, we and EchoStar independently exercised our respective options to extend each Cross-License Agreement to include patents acquired by the respective party prior to January 1, 2022.

Rovi License Agreement. On August 19, 2016, we entered into a ten-year patent license agreement (the “Rovi License Agreement”) with Rovi Corporation (“Rovi”) and, for certain limited purposes, EchoStar. EchoStar is a party to the Rovi License Agreement solely with respect to certain provisions relating to the prior patent license agreement between EchoStar and Rovi. There are no payments between us and EchoStar under the Rovi License Agreement.

Hughes Broadband Master Services Agreement. In March 2017, DISH Network L.L.C. (“DNLLC”) and HNS entered into the MSA pursuant to which DNLLC, among other things: (i) has the right, but not the obligation, to market, promote and solicit orders for the Hughes broadband satellite service and related equipment; and (ii) installs Hughes service equipment with respect to activations generated by DNLLC. Under the MSA, HNS will make certain payments to DNLLC for each Hughes service activation generated, and installation and other services performed, by DNLLC. Payments from HNS for services provided are recorded in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). For the years ended December 31, 2024, 2023 and 2022, these payments were $6 million, $2 million and $8 million, respectively. The MSA has an initial term of five years with automatic renewal for successive one year terms. After the first anniversary of the MSA, either party has the ability to terminate the MSA, in whole or in part, for any reason upon at least 90 days’ notice to the other party. Upon expiration or termination of the MSA, HNS will continue to provide the Hughes service to subscribers and make certain payments to DNLLC pursuant to the terms and conditions of the MSA. For the years ended December 31, 2024, 2023 and 2022, we purchased broadband equipment from HNS of less than $1 million, zero and $7 million, respectively, under the MSA.

Intellectual Property and Technology License Agreement – Share Exchange. Effective March 1, 2017, we and EchoStar entered into an Intellectual Property and Technology License Agreement (“IPTLA”), pursuant to which we and EchoStar license to each other certain intellectual property and technology. The IPTLA will continue in perpetuity, unless mutually terminated by the parties. Pursuant to the IPTLA, EchoStar granted to us a license to its intellectual property and technology for use by us, among other things, in connection with our continued operation of the Transferred Businesses acquired pursuant to the Share Exchange Agreement, including a limited license to use the “ECHOSTAR” trademark during a transition period. EchoStar retains full ownership of the “ECHOSTAR” trademark. In addition, we granted a license back to EchoStar, among other things, for the continued use of all intellectual property and technology transferred to us pursuant to the Share Exchange Agreement that is used in EchoStar’s retained businesses.

Intellectual Property and Technology License Agreement – Master Transaction Agreement. Effective September 10, 2019, we and EchoStar entered into an IPTLA (the “MTA IPTLA”), pursuant to which we and EchoStar license to each other certain intellectual property and technology. The MTA IPTLA will continue in perpetuity, unless mutually terminated by the parties. Pursuant to the MTA IPTLA, EchoStar granted to us a license to its intellectual property and technology for use by us, among other things, in connection with our continued operation of the BSS Business acquired pursuant to the Master Transaction Agreement, including a limited license to use the “ESS” and “ECHOSTAR SATELLITE SERVICES” trademarks during a transition period. EchoStar retains full ownership of the “ESS” and “ECHOSTAR SATELLITE SERVICES” trademarks. In addition, we granted a license back to EchoStar, among other things, for the continued use of all intellectual property and technology transferred to us pursuant to the Master Transaction Agreement that is used in EchoStar’s retained businesses.

Related Party Transactions with CONX Corp.

CONX Corp. (“CONX”) is an entity partially owned by Charles W. Ergen, our Chairman (“CONX”). On May 1, 2024, we entered into an agreement to lease a commercial real estate property in Littleton, Colorado, comprising the corporate headquarters of DISH Wireless, from CONX for an initial 10 year term. During the year ended December 31, 2024, we recorded $2 million for this lease in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Related Party Transactions with NagraStar L.L.C.

We own a 50% interest in NagraStar, a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. Certain payments related to NagraStar are recorded in “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss). In addition, certain other payments are initially included in “Inventory” and are subsequently capitalized as “Property and equipment, net” on our Consolidated Balance Sheets or expensed as “Selling, general and administrative expenses” or “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss) when the equipment is deployed. We record all payables in “Trade accounts payable” or “Other accrued expenses and liabilities” on our Consolidated Balance Sheets. Our investment in NagraStar is accounted for using the equity method.

The table below summarizes our transactions with NagraStar.


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Purchases (including fees):
Purchases from NagraStar	$	32,508	$	37,068	$	43,416

			As of December 31,
			2024		2023

			(In thousands)
Amounts Payable and Commitments:
Amounts payable to NagraStar			$	5,569	$	9,821
Commitments to NagraStar			$	883	$	1,727

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Components of Lease Expense



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Operating lease cost (1)	$	616,519	$	516,920	$	332,385

Short-term lease cost (2)		24,308		10,521		13,328

Finance lease cost: (3)
Amortization of right-of-use assets		47,610		66,966		28,037
Interest on lease liabilities		8,799		14,090		12,145
Total finance lease cost		56,409		81,056		40,182
Total lease costs	$	697,236	$	608,497	$	385,895

(1)	The increase in operating lease cost is primarily related to communication tower leases.

(2)	Leases that have terms of 12 months or less.

(3)	The increase in finance lease cost for the year ended December 31, 2023 is primarily related to equipment for our 5G Network Deployment.

Summary of Supplemental cash flow information related to leases



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	474,964	$	346,091	$	163,320
Operating cash flows from finance leases	$	9,094	$	13,400	$	11,053
Financing cash flows from finance leases	$	56,459	$	53,467	$	42,617

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	522,747	$	741,017	$	1,398,050
Finance leases	$	—	$	53,771	$	66,312

Summary of supplemental balance sheet information related to leases



	As of December 31,
	2024		2023

	(In thousands)
Operating Leases:
Operating lease assets	$	3,134,938	$	2,934,862

Other current liabilities	$	510,697	$	301,172
Operating lease liabilities		3,089,950		2,992,863
Total operating lease liabilities	$	3,600,647	$	3,294,035

Finance Leases:
Property and equipment, gross	$	121,102	$	465,549
Accumulated depreciation		(73,419)		(370,768)
Property and equipment, net	$	47,683	$	94,781

Other current liabilities	$	30,381	$	56,459
Other long-term liabilities		36,818		67,199
Total finance lease liabilities	$	67,199	$	123,658

Weighted Average Remaining Lease Term:
Operating leases		9.7 years		10.7 years
Finance leases		1.7 years		2.2 years

Weighted Average Discount Rate:
Operating leases		10.3%		9.5%
Finance leases		9.3%		9.7%

Summary of maturities of operating lease liabilities


	Maturities of Lease Liabilities
	Operating		Finance
For the Years Ending December 31,	Leases		Leases		Total

	(In thousands)
2025	$	545,077	$	35,392	$	580,469
2026		577,160		36,588		613,748
2027		579,203		2,574		581,777
2028		536,551		—		536,551
2029		523,216		—		523,216
Thereafter		2,923,077		—		2,923,077
Total lease payments		5,684,284		74,554		5,758,838
Less: Imputed interest		(2,083,637)		(7,355)		(2,090,992)
Total		3,600,647		67,199		3,667,846
Less: Current portion		(510,697)		(30,381)		(541,078)
Long-term portion of lease obligations	$	3,089,950	$	36,818	$	3,126,768

Revenue Recognition - Allowance for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance at beginning of period	$ 53,991	$ 44,431	$ 38,534
Current period provision for expected credit losses	81,718	67,302	79,664
Write-offs charged against allowance	(64,395)	(57,742)	(73,845)
Acquisitions			78
Balance at end of period	71,314	53,991	44,431
Pay-TV
Balance at beginning of period	35,320	40,642	32,947
Current period provision for expected credit losses	56,729	56,421	75,518
Write-offs charged against allowance	(49,474)	(61,743)	(67,823)
Balance at end of period	42,575	35,320	40,642
Wireless
Balance at beginning of period	18,671	3,789	5,587
Current period provision for expected credit losses	24,989	10,881	4,146
Write-offs charged against allowance	(14,921)	4,001	(6,022)
Acquisitions			78
Balance at end of period	$ 28,739	$ 18,671	$ 3,789

Stock-Based Compensation (Details)	12 Months Ended
Stock-Based Compensation (Details)	Dec. 31, 2024 $ / shares shares	Jun. 30, 2024 employee $ / shares shares	Apr. 01, 2024 shares	Dec. 31, 2023 $ / shares shares
Share-based compensation
Number of stock options outstanding (in shares)	4,300,088
Percentage of stock awards vesting per year	20.00%
Weighted-average exercise price (in dollars per share) \| $ / shares	$ 84.39
Class A common stock
Share-based compensation
Number of stock options outstanding (in shares)	9,500,000
Class A common stock \| Stock Incentive Plan
Share-based compensation
Shares of common stock available for future grant under stock incentive plans	21,700,000
EchoStar
Share-based compensation
Number of stock options outstanding (in shares)		3,000,000
Exchange Agreement Number of stock options exchanged			7,000,000
Number of employees \| employee		800
Weighted-average exercise price (in dollars per share) \| $ / shares		$ 14.04
Employee Stock Option [Member]
Share-based compensation
Number of stock options outstanding (in shares)	9,522,134			9,887,330
Maximum Expiration term	10 years
Weighted-average exercise price (in dollars per share) \| $ / shares	$ 54.75			$ 70.36

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Sep. 30, 2024 USD ($)	Sep. 30, 2024 segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment information
Number of primary operating business segments \| segment	2		3
Total assets	$ 44,194,509			$ 44,194,509	$ 51,413,031
Revenue recorded				14,292,658	15,295,088	$ 16,679,407
Depreciation and amortization				1,472,204	1,181,921	717,073
Operating income (loss)				(179,625)	175,257	2,045,666
Interest income				54,059	105,416	42,776
Other, net (Note 5)				742,705	(1,741,876)	1,038,982
Net income (loss)				(62,693)	(1,128,422)	2,372,907
Issuance costs				2,500,000
Purchases of property and equipment (including capitalized interest related to FCC authorizations)				2,157,939	3,991,360	3,711,611
Pay-TV subscriber and related revenue
Segment information
Revenue recorded				10,613,653	11,385,961	12,360,601
Wireless services and related revenue
Segment information
Revenue recorded				3,156,760	3,337,240	3,653,909
Pay-TV
Segment information
Purchases of property and equipment (including capitalized interest related to FCC authorizations)				172,309	242,736	131,093
Pay-TV \| Equipment sales and other revenue
Segment information
Revenue recorded				74,551	185,198	144,791
5 G Network Deployment
Segment information
Purchases of property and equipment (including capitalized interest related to FCC authorizations)				1,985,630	3,748,624	3,580,518
5 G Network Deployment \| Equipment sales and other revenue
Segment information
Revenue recorded				449,417	394,920	526,109
All Other & Eliminations
Segment information
Revenue recorded				(1,723)	(8,231)	(6,003)
New DISH DBS Financing \| DBS Subscriber Co
Segment information
Issuance costs	$ 2,500,000	$ 2,500,000
Operating segment \| Pay-TV
Segment information
Revenue recorded				10,688,204	11,571,159	12,505,392
Depreciation and amortization				337,331	381,292	428,471
Operating income (loss)				2,648,134	2,699,810	2,933,898
Operating segment \| Retail Wireless
Segment information
Revenue recorded				3,606,177	3,732,160	4,180,018
Depreciation and amortization				1,134,873	800,629	288,602
Operating income (loss)				(2,827,759)	(2,524,553)	(888,232)
All other
Segment information
Revenue recorded				$ (1,723)	(8,231)	(6,003)
All other \| Pay-TV
Segment information
Revenue recorded					8,213	5,987
All other \| Retail Wireless
Segment information
Revenue recorded					$ 18	$ 16

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Employee Benefit Plans

Schedule of expense recognized related to the 401(k) Plan


	For the Years Ended December 31,
Expense Recognized Related to the 401(k) Plan	2024		2023		2022

	(In thousands)
Matching contributions, net of forfeitures	$	17,852	$	14,532	$	12,800
Discretionary stock contributions, net of forfeitures	$	13,906	$	70	$	14,564

Revenue Recognition - Contract liability balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Contract liabilities	$ 566,118	$ 586,867
Customer Contract
Contract liabilities	$ 563,000

Stock-Based Compensation - Long-Term Performance-Based Plans - Additional (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 24,945	$ 36,143	$ 71,450
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	4,300,088
Weighted-average exercise price (in dollars per share)	$ 84.39
Restricted Performance Units (in shares)	91,228	48,645
Long-Term Performance Based Plans
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized		$ (1,903)	(97)
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	208,024
Weighted-average exercise price (in dollars per share)	$ 60.37
LTIP 2017
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	429,037
Weighted-average exercise price (in dollars per share)	$ 165.32
Ergen 2020 Performance Award.
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 10,816	12,308	12,308
Estimated Remaining Non-Cash, Stock-Based Compensation Expense
Expense estimated to be recognized during 2024	7,639
Estimated contingent expense subsequent to 2024	9,274
Total estimated remaining expense over the term of plan	$ 16,913
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	3,508,770
Weighted-average exercise price (in dollars per share)	$ 78.98
2022 Incentive Plan
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 1,149	7,346	19,088
Estimated Remaining Non-Cash, Stock-Based Compensation Expense
Expense estimated to be recognized during 2024	1,087
Estimated contingent expense subsequent to 2024	161
Total estimated remaining expense over the term of plan	$ 1,248
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	154,257
Weighted-average exercise price (in dollars per share)	$ 14.64
Class A common stock
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	9,500,000
Other Employee Performance Awards
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized		462	4,502
Other Employee Performance Awards \| Continuing operations
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 11,965	$ 18,213	$ 35,801
Restricted stock units
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	91,000
Restricted stock units \| Class A common stock
Share-based compensation additional disclosures
Performance Based Stock Options (in shares)	91,000

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

NagraStar

Schedule of transactions with related party


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Purchases (including fees):
Purchases from NagraStar	$	32,508	$	37,068	$	43,416

			As of December 31,
			2024		2023

			(In thousands)
Amounts Payable and Commitments:
Amounts payable to NagraStar			$	5,569	$	9,821
Commitments to NagraStar			$	883	$	1,727

Debt, Finance Lease and Other Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Debt, Finance Lease and Other Obligations

Schedule of carrying amount and fair value of our debt facilities


		As of December 31,
		2024				2023
	Issuer	Carrying Amount		Fair Value		Carrying Amount		Fair Value

		(In thousands)
2 3/8% Convertible Notes due 2024 (1)	DISH	$	—	$	—	$	951,168	$	944,034
5 7/8% Senior Notes due 2024 (2)	DDBS		—		—		1,982,544		1,872,275
0% Convertible Notes due 2025 (3)(4)	DISH		138,403		124,916		1,957,197		1,228,141
Term Loan due 2025 (5)	DBS SubscriberCo		500,000		500,000		—		—
7 3/4% Senior Notes due 2026	DDBS		2,000,000		1,678,640		2,000,000		1,388,060
3 3/8% Convertible Notes due 2026 (4)	DISH		45,209		38,495		2,908,801		1,570,753
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,507,780		2,750,000		2,366,073
11 3/4% Senior Secured Notes due 2027	DISH		3,500,000		3,708,460		3,500,000		3,668,980
7 3/8% Senior Notes due 2028	DDBS		1,000,000		715,680		1,000,000		600,160
5 3/4% Senior Secured Notes due 2028	DDBS		2,500,000		2,143,350		2,500,000		2,013,125
5 1/8% Senior Notes due 2029	DDBS		1,500,000		959,610		1,500,000		774,600
Term Loan due 2029 (5)(6)	DBS SubscriberCo		1,800,000		1,800,000		—		—
Mandatorily Redeemable Preferred Shares due 2029 (5)(6)(7)	DBS SubscriberCo		200,000		200,000		—		—
DISH 2021 Intercompany Loan 2026 Tranche (8)	Intercompany		4,767,289		4,767,289		—		—
EchoStar 2024 Intercompany Loan (9)	Intercompany		1,014,522		1,014,522		—		—
Other notes payable			63,297		63,297		113,564		113,564
Subtotal			21,778,720	$	20,222,039		21,163,274	$	16,539,765
Unamortized deferred financing costs and other debt discounts, net			(157,662)				(67,215)
Finance lease obligations (10)			67,199				123,658
Total			21,688,257				21,219,717
Less: current portion (6)			(933,481)				(3,041,429)
Total debt, finance lease and other obligations, net of current portion		$	20,754,776			$	18,178,288

(1)	We repurchased or redeemed the principal balance of our 2 3/8% Convertible Notes due 2024 as of March 15, 2024, the instrument’s maturity date.

(2)	We repurchased or redeemed the principal balance of our 5 7/8% Senior Notes due 2024 as of November 15, 2024, the instrument’s maturity date.

(3)	Our 0% Convertible Notes due 2025 have been reclassified to “Current portion of debt, finance lease and other obligations” on our Consolidated Balance Sheets as of December 31, 2024

(4)	See “EchoStar Exchange Offers” below for further information.

(5)	See “New DISH DBS Financing” below for further information.

(6)

A portion of the principal balance of these instruments is classified as “Current portion of debt, finance lease and other obligations” due to payment terms upon which we may pay a portion of principal balance based on estimated variable cash flows for certain Pay-TV business metrics which could change significantly based on actual performance.

(7)	Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.

(8)

In January 2024, DISH DBS assigned the DISH 2021 Intercompany Loan 2026 Tranche of $4.7 billion to EchoStar Intercompany Receivable Company L.L.C., our parent, EchoStar’s, direct wholly-owned subsidiary, such that amounts owed in respect of the DISH 2021 Intercompany Loan 2026 Tranche will now be paid by us to EchoStar Intercompany Receivable L.L.C. The DISH 2021 Intercompany Loan 2026 Tranche was previously eliminated in consolidation and held by DISH DBS. The DISH 2021 Intercompany Loan 2026 Tranche is not publicly traded and therefore the carrying value is the fair value.

(9)	See “EchoStar 2024 Intercompany Loan” below for further information. The EchoStar 2024 Intercompany Loan is not publicly traded and therefore the carrying value is the fair value.

(10)	Disclosure regarding fair value of finance leases is not required.

Schedule of interest on long-term debt


			Annual
		Semi-Annual	Debt Service
	Issuer	Payment Dates	Requirements (1)
			(In thousands)
7 3/4% Senior Notes due 2026	DDBS	January 1 and July 1	$	155,000
3 3/8% Convertible Notes due 2026 (2)	DISH	February 15 and August 15	$	1,526
5 1/4% Senior Secured Notes due 2026	DDBS	June 1 and December 1	$	144,375
11 3/4% Senior Secured Notes due 2027	DISH	May 15 and November 15	$	411,250
7 3/8% Senior Notes due 2028	DDBS	January 1 and July 1	$	73,750
5 3/4% Senior Secured Notes due 2028	DDBS	June 1 and December 1	$	143,750
5 1/8% Senior Notes due 2029	DDBS	June 1 and December 1	$	76,875
DISH 2021 Intercompany Loan 2026 Tranche	DISH	June 1 and December 1	$	262,201

(1)

Annual debt service requirements exclude the interest on the New DISH DBS Financing and the EchoStar 2024 Intercompany Loan, discussed below.

(2)

As of December 31, 2024, a total of $45 million aggregate principal amount of 3 3/8% Convertible Notes due 2026 remain outstanding following the consummation of the EchoStar Exchange Offers. See above for further information.

Schedule of other long term debt and capital lease obligations


	As of December 31,
	2024		2023

	(In thousands)
Satellites and other finance lease obligations	$	67,199	$	123,658
Notes payable related to satellite vendor financing and other debt payable in installments through 2032 with interest rates ranging from approximately 4% to 6%		63,297		113,564
Total		130,496		237,222
Less: current portion		(59,947)		(107,717)
Other long-term debt, finance lease and other obligations, net of current portion	$	70,549	$	129,505

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Income Taxes and Accounting for Uncertainty in Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes and Accounting for Uncertainty in Income Taxes

Income Taxes and Accounting for Uncertainty in Income Taxes

10. Income Taxes and Accounting for Uncertainty in Income Taxes

Income Taxes

Beginning in 2024, DISH Network and its domestic subsidiaries join with EchoStar in filing U.S. consolidated federal income tax returns and, in some states, combined or consolidated returns. The income taxes of domestic and foreign subsidiaries not included in the United States tax group are presented in our consolidated financial statements on a separate return basis for each tax paying entity. The federal and state income tax provisions or benefits recorded by DISH Network are generally those that would have been recorded if DISH Network and its domestic subsidiaries had filed returns as a consolidated group independent of EchoStar. Cash is due and paid to EchoStar based on amounts that would be payable based on DISH Network consolidated or combined group filings. During the years ended December 31, 2024, 2023 and 2022, no payments were made to EchoStar for income taxes.

Our income tax policy is to record the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported on our Consolidated Balance Sheets, as well as probable operating loss, tax credit and other carryforwards. Deferred tax assets are offset by valuation allowances when we believe it is more likely than not that net deferred tax assets will not be realized. We periodically evaluate our need for a valuation allowance. Determining necessary valuation allowances requires us to make assessments about historical financial information as well as the timing of future events, including the probability of expected future taxable income and available tax planning opportunities.

As of December 31, 2024, we had $395 million net operating loss carryforwards (“NOLs”) for federal income tax purposes and $250 million of NOL carryforwards for state income tax purposes, which are partially offset by a valuation allowance. In addition, there are $164 million of tax benefits related to credit carryforwards which are partially offset by a valuation allowance. Portions of the state NOL and credit carryforwards expired in 2024.

The components of the (benefit from) provision for income taxes were as follows:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Current (benefit) provision:
Federal	$	(18,835)	$	(29,307)	$	(23,571)
State		21,865		29,254		59,690
Foreign		2,831		3,301		(7,118)
Total current (benefit) provision		5,861		3,248		29,001

Deferred (benefit) provision:
Federal		(34,566)		(293,666)		615,323
State		(74,106)		(152,725)		85,045
Increase (decrease) in valuation allowance		92,421		71,481		2,367
Total deferred (benefit) provision		(16,251)		(374,910)		702,735
Total (benefit) provision	$	(10,390)	$	(371,662)	$	731,736

Our $73 million loss of “Income (loss) before income taxes” on our Consolidated Statements of Operations and Comprehensive Income (Loss) included a loss of $1 million related to our foreign operations.

The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal tax rate:


	For the Years Ended December 31,
	2024	2023	2022

	% of pre-tax income/(loss)
Statutory rate	21.0	21.0	21.0
State income taxes, net of federal benefit	70.5	5.0	3.1
Rates different than statutory	(3.9)	(0.1)	—
(Increase) decrease in valuation allowance	(126.4)	(4.8)	—
Tax credits	60.4	2.7	(0.5)
Impairments	—	(0.7)	—
Other, net	(7.4)	1.7	—
Total	14.2	24.8	23.6

Deferred taxes arise because of the differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities were as follows:


	As of December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
NOL, interest, credit and other carryforwards	$	1,588,431	$	1,054,749
Accrued and prepaid expenses		925,727		866,277
Stock-based compensation		22,720		20,934
Unrealized (gains) losses on available for sale and other investments (1)		—		198,587
Discount on convertible notes and convertible note hedge transaction, net		696		46,636
Deferred revenue		10,076		13,197
Total deferred tax assets		2,547,650		2,200,380
Valuation allowance		(225,342)		(153,453)
Deferred tax asset after valuation allowance		2,322,308		2,046,927

Deferred tax liabilities:
Depreciation		(1,655,277)		(1,554,517)
Unrealized (gains) losses on available for sale and other investments		(9,061)		—
Regulatory authorizations and other intangible amortization		(7,664,074)		(3,869,784)
Bases differences in partnerships and cost method investments (2)		(1,306,386)		(1,179,888)
Total deferred tax liabilities		(10,634,798)		(6,604,189)
Net deferred tax asset (liability)	$	(8,312,490)	$	(4,557,262)

(1)	Included in this line item are deferred taxes related to, among other things, changes in the probability weighted fair value of our option to purchase certain of T-Mobile’s 800 MHz spectrum licenses during the year ended December 31, 2023. See Note 5 for further information.

(2)	Included in this line item are deferred taxes related to, among other things, our noncontrolling investments in Northstar Spectrum and SNR HoldCo, including deferred taxes created by the tax amortization of the Northstar Licenses and SNR Licenses. See Note 2 for further information.

Accounting for Uncertainty in Income Taxes

In addition to filing federal income tax returns, we and one or more of our subsidiaries file income tax returns in all states that impose an income tax and a small number of foreign jurisdictions where we have immaterial operations. We are subject to United States federal, state and local income tax examinations by tax authorities for the years beginning in 2008 due to the carryover of previously incurred NOLs. We are currently under a federal income tax examination for years 2008 through 2011, 2013 through 2016, and 2018 through 2019.

A reconciliation of the beginning and ending amount of unrecognized tax benefits included in “Long-term deferred revenue and other long-term liabilities” on our Consolidated Balance Sheets was as follows:


	For the Years Ended December 31,
Unrecognized tax benefit	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	436,128	$	431,640	$	388,837
Additions based on tax positions related to the current year		242,054		3,601		35,180
Additions based on tax positions related to prior years		23,401		9,292		14,723
Reductions based on tax positions related to prior years		(23,177)		(7,219)		(7,100)
Reductions based on tax positions related to settlements with taxing authorities		—		(834)		—
Reductions based on tax positions related to the lapse of the statute of limitations		(310)		(352)		—
Balance, end of period	$	678,096	$	436,128	$	431,640

We have $631 million in unrecognized tax benefits that, if recognized, could favorably affect our effective tax rate. We do not expect any material portion of this amount to be paid or settled within the next 12 months. Accrued interest and penalties on uncertain tax positions are recorded as a component of “Interest expense, net of amounts capitalized” and “Other, net,” respectively, on our Consolidated Statements of Operations and Comprehensive Income (Loss). During the years ended December 31, 2024, 2023 and 2022, we recorded $52 million, $39 million and $22 million in net interest and penalty expense to earnings, respectively. Accrued interest and penalties were $216 million and $164 million at December 31, 2024 and 2023, respectively. The above table excludes these amounts.

- Definition

The entire disclosure for income tax.

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+ Details

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2024
Option to extend - Operating	true
Option to extend - Finance	true
Option to terminate - Operating	true
Option to terminate - Finance	true
Minimum
Option to extend period - Operating	1 year
Option to extend period - Finance	1 year
Operating lease, weighted average remaining lease term	1 year 8 months 12 days
Finance lease, weighted average remaining lease term	1 year 8 months 12 days
Maximum
Option to extend period - Operating	13 years
Option to extend period - Finance	13 years
Operating lease, weighted average remaining lease term	9 years 8 months 12 days
Finance lease, weighted average remaining lease term	9 years 8 months 12 days
Option to terminate period - Operating	1 year
Option to terminate period - Finance	1 year

Income Taxes and Accounting for Uncertainty in Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes and Accounting for Uncertainty in Income Taxes

Schedule of components of the (provision for) benefit from income taxes


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Current (benefit) provision:
Federal	$	(18,835)	$	(29,307)	$	(23,571)
State		21,865		29,254		59,690
Foreign		2,831		3,301		(7,118)
Total current (benefit) provision		5,861		3,248		29,001

Deferred (benefit) provision:
Federal		(34,566)		(293,666)		615,323
State		(74,106)		(152,725)		85,045
Increase (decrease) in valuation allowance		92,421		71,481		2,367
Total deferred (benefit) provision		(16,251)		(374,910)		702,735
Total (benefit) provision	$	(10,390)	$	(371,662)	$	731,736

Schedule of reconciliation of amounts computed by applying the statutory Federal tax rate to income before taxes


	For the Years Ended December 31,
	2024	2023	2022

	% of pre-tax income/(loss)
Statutory rate	21.0	21.0	21.0
State income taxes, net of federal benefit	70.5	5.0	3.1
Rates different than statutory	(3.9)	(0.1)	—
(Increase) decrease in valuation allowance	(126.4)	(4.8)	—
Tax credits	60.4	2.7	(0.5)
Impairments	—	(0.7)	—
Other, net	(7.4)	1.7	—
Total	14.2	24.8	23.6

Schedule of deferred tax assets and liabilities


	As of December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
NOL, interest, credit and other carryforwards	$	1,588,431	$	1,054,749
Accrued and prepaid expenses		925,727		866,277
Stock-based compensation		22,720		20,934
Unrealized (gains) losses on available for sale and other investments (1)		—		198,587
Discount on convertible notes and convertible note hedge transaction, net		696		46,636
Deferred revenue		10,076		13,197
Total deferred tax assets		2,547,650		2,200,380
Valuation allowance		(225,342)		(153,453)
Deferred tax asset after valuation allowance		2,322,308		2,046,927

Deferred tax liabilities:
Depreciation		(1,655,277)		(1,554,517)
Unrealized (gains) losses on available for sale and other investments		(9,061)		—
Regulatory authorizations and other intangible amortization		(7,664,074)		(3,869,784)
Bases differences in partnerships and cost method investments (2)		(1,306,386)		(1,179,888)
Total deferred tax liabilities		(10,634,798)		(6,604,189)
Net deferred tax asset (liability)	$	(8,312,490)	$	(4,557,262)

(1)	Included in this line item are deferred taxes related to, among other things, changes in the probability weighted fair value of our option to purchase certain of T-Mobile’s 800 MHz spectrum licenses during the year ended December 31, 2023. See Note 5 for further information.

(2)	Included in this line item are deferred taxes related to, among other things, our noncontrolling investments in Northstar Spectrum and SNR HoldCo, including deferred taxes created by the tax amortization of the Northstar Licenses and SNR Licenses. See Note 2 for further information.

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits


	For the Years Ended December 31,
Unrecognized tax benefit	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	436,128	$	431,640	$	388,837
Additions based on tax positions related to the current year		242,054		3,601		35,180
Additions based on tax positions related to prior years		23,401		9,292		14,723
Reductions based on tax positions related to prior years		(23,177)		(7,219)		(7,100)
Reductions based on tax positions related to settlements with taxing authorities		—		(834)		—
Reductions based on tax positions related to the lapse of the statute of limitations		(310)		(352)		—
Balance, end of period	$	678,096	$	436,128	$	431,640

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue Recognition

Revenue Recognition

15. Revenue Recognition

Contract Balances

Our allowance for credit losses as of December 31, 2024, 2023 and 2022 were as follows:


	Pay-TV		Wireless		Total

	(In thousands)
Balance, December 31, 2021	$	32,947	$	5,587	$	38,534
Current period provision for expected credit losses		75,518		4,146		79,664
Write-offs charged against allowance		(67,823)		(6,022)		(73,845)
Acquisitions		—		78		78
Balance, December 31, 2022	$	40,642	$	3,789	$	44,431
Current period provision for expected credit losses		56,421		10,881		67,302
Write-offs charged against allowance		(61,743)		4,001		(57,742)
Balance, December 31, 2023	$	35,320	$	18,671	$	53,991
Current period provision for expected credit losses		56,729		24,989		81,718
Write-offs charged against allowance		(49,474)		(14,921)		(64,395)
Balance, December 31, 2024	$	42,575	$	28,739	$	71,314

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the service. Contract liabilities are recognized as revenue when the service has been provided to the customer. Contract liabilities are recorded in “Deferred revenue and other” and “Long-term deferred revenue and other long-term liabilities” on our Consolidated Balance Sheets.

The following table summarizes our contract liability balances:



	As of December 31,
	2024		2023

	(In thousands)
Contract liabilities	$	566,118	$	586,867

Our beginning of period contract liability recorded as customer contract revenue during 2024 was $563 million.

Performance Obligations

Pay-TV and Wireless Segments

We apply a practical expedient and do not disclose the value of the remaining performance obligations for contracts that are less than one year in duration, which represent a substantial majority of our revenue. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of our future revenue.

Contract Acquisition Costs

The following table presents the activity in our contract acquisition costs, net:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	287,276	$	381,401	$	458,006
Additions		217,197		278,077		346,577
Amortization expense		(273,551)		(372,202)		(423,182)
Balance, end of period	$	230,922	$	287,276	$	381,401

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

4. Other Comprehensive Income (Loss)

The following table presents the tax effect on each component of “Other comprehensive income (loss).”


	For the Years Ended December 31,
	2024						2023						2022
	Before		Tax		Net		Before		Tax		Net		Before		Tax		Net
	Tax		(Expense)		of Tax		Tax		(Expense)		of Tax		Tax		(Expense)		of Tax
	Amount		Benefit		Amount		Amount		Benefit		Amount		Amount		Benefit		Amount

	(In thousands)
Foreign currency translation adjustments	$	(185)	$	86	$	(99)	$	356	$	(31)	$	325	$	(4,160)	$	710	$	(3,450)
Unrealized holding gains (losses) on available-for-sale securities		1,772		(429)		1,343		(267)		65		(202)		191		(46)		145
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		(1,758)		431		(1,327)		304		(74)		230		(7)		2		(5)
Other comprehensive income (loss)	$	(171)	$	88	$	(83)	$	393	$	(40)	$	353	$	(3,976)	$	666	$	(3,310)

The “Accumulated other comprehensive income (loss)” is detailed in the following table, net of tax:


		Foreign		Unrealized/
		Currency		Recognized
		Translation		Gains
Accumulated Other Comprehensive Income (Loss)		Adjustment		(Losses)	Total

	(In thousands)
Balance, December 31, 2022	$	(3,004)	$	(25)	$	(3,029)
Foreign currency translation adjustments		325		—		325
Other comprehensive income (loss) before reclassification		—		(202)		(202)
Amounts reclassified from accumulated other comprehensive income (loss)		—		230		230
Balance, December 31, 2023	$	(2,679)	$	3	$	(2,676)
Foreign currency translation adjustments		(99)		—		(99)
Other comprehensive income (loss) before reclassification		—		1,343		1,343
Amounts reclassified from accumulated other comprehensive income (loss)		—		(1,327)		(1,327)
Balance, December 31, 2024	$	(2,778)	$	19	$	(2,759)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-based compensation

Schedule of stock option activity


	For the Year Ended December 31, 2024
	Options	Weighted- Average Exercise Price			Aggregate intrinsic value (In thousands)	Weighted- Average Remaining Contractual Life
Total options outstanding, beginning of period (1)	9,887,330	$	70.36
Granted (2)	4,316,849	$	14.66
Exercised	(116,393)	$	14.04
Forfeited and cancelled (3)	(4,565,652)	$	51.66
Total options outstanding, end of period	9,522,134	$	54.75	$	33,164	7.10
Performance/market based options outstanding, end of period (4)	4,300,088	$	84.39
Exercisable, end of period	1,999,301	$	54.20	$	6,200	6.37

(1)	The beginning of period weighted-average exercise price for the year ended December 31, 2024 of $70.36 does not reflect the Exchange Offer, which occurred subsequent to December 31, 2023.

(2)	Includes approximately 3 million stock options granted in connection with the Exchange Offer.

(3)	Includes approximately 3 million stock options cancelled in connection with the Exchange Offer.

(4)	These stock options are included in the caption “Total options outstanding, end of period.” See discussion of the 2017 LTIP, 2019 LTIP, 2022 Incentive Plan and Ergen 2020 Performance Award below.

Schedule of realized tax benefits from stock awards exercised


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Tax benefit from stock awards exercised	$	316	$	1,384	$	573

Schedule of restricted stock unit activity


	For the Year Ended December 31, 2024
	Restricted Stock Units/Awards	Weighted- Average Grant Date Fair Value
Total restricted stock units/awards outstanding, beginning of period	48,645	$	98.78
Granted	79,444	$	16.70
Vested	(29,843)	$	77.51
Forfeited and cancelled	(7,018)	$	101.09
Total restricted stock units/awards outstanding, end of period	91,228	$	34.08

Schedule of non-cash, stock-based compensation expense recognized


	For the Years Ended December 31,
Non-Cash, Stock-Based Compensation Expense Recognized (1)	2024		2023		2022

	(In thousands)
2022 Incentive Plan	$	1,149	$	7,346	$	19,088
2019 LTIP		—		(1,903)		(97)
Ergen 2020 Performance Award		10,816		12,308		12,308
Other employee performance awards		—		462		4,502
Total non-cash, stock-based compensation expense recognized for performance based awards	$	11,965	$	18,213	$	35,801

(1)	“Non-Cash, Stock-Based Compensation Expense Recognized” includes actual forfeitures.

Schedule of awards outstanding pursuant to performance-based stock incentive plans


	As of December 31, 2024
Performance Based Stock Options	Number of Awards	Weighted- Average Grant Price
2022 Incentive Plan	154,257	$	14.64
2019 LTIP	208,024	$	60.37
2017 LTIP	429,037	$	165.32
Ergen 2020 Performance Award	3,508,770	$	78.98
Total	4,300,088	$	84.39

Schedule of allocated non-cash, stock-based compensation expense for all employees


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cost of services	$	1,376	$	2,609	$	6,511
Selling, general and administrative		23,569		33,534		64,939
Total non-cash, stock-based compensation	$	24,945	$	36,143	$	71,450

Schedule of assumptions of Black-Scholes option valuation model


	For the Years Ended December 31,
Stock Options	2024							2023							2022
Risk-free interest rate		3.58	%	-		4.49	%		3.58	%	-		4.61	%		1.35	%	-		4.02	%
Volatility factor		37.10	%	-		46.39	%		34.30	%	-		41.25	%		32.67	%	-		34.84	%
Expected term of options in years		3.3		-		6.7			4.1		-		6.6			4.1		-		6.0
Fair value of options granted	$	5.15		-	$	12.40		$	7.40		-	$	7.77		$	5.97		-	$	9.27

Schedule of additional information about our stock options and restricted stock units and awards


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands, except per share amounts)
Stock options:
Weighted-average grant date fair value of options granted	$	14.66	$	28.24	$	63.90
Intrinsic value of options exercised	$	848	$	—	$	98

Restricted stock units and awards:
Weighted-average grant date fair value of units and awards granted	$	16.70	$	17.50	$	88.39
Fair value of units and rewards vested	$	443	$	5,612	$	2,212

2022 Incentive Plan, 2019 LTIP, 2013 LTIP and Other

Share-based compensation

Schedule of unrecognized non-cash, stock-based compensation expense


Estimated Remaining Non-Cash, Stock-Based Compensation Expense	2022 Incentive Plan		Ergen 2020 Performance Award

	(In thousands)
Expense estimated to be recognized during 2025	$	1,087	$	7,639
Estimated contingent expense subsequent to 2025		161		9,274
Total estimated remaining expense over the term of the plan	$	1,248	$	16,913

Supplemental Data - Statements of Cash Flows

12 Months Ended

Dec. 31, 2024

Supplemental Data - Statements of Cash Flows

Supplemental Data - Statements of Cash Flows

3. Supplemental Data - Statements of Cash Flows

The following table presents certain supplemental cash flow and other non-cash data. See Note 8 for supplemental cash flow and non-cash data related to leases.



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for interest (including capitalized interest)	$	1,332,223	$	1,301,783	$	1,044,276
Cash paid for interest DISH 2021 Intercompany Loan 2026 Tranche		195,682		—		—
Cash received for interest		13,877		18,542		8,145
Cash paid for income taxes, net of (refunds)		(20,695)		(8,138)		57,278
Capitalized interest (1)		954,762		1,291,290		1,040,971
Employee benefits paid in Class A common stock		—		14,680		26,348
Vendor financing		—		87,343		108,048
Regulatory authorizations reclassification		—		—		122,657
Accrued capital expenditures		132,693		219,200		397,137
Asset retirement obligation		20,929		74,189		122,390
Revaluation of contingent liabilities		—		—		47,916
Asset Transfer to EchoStar, including deferred taxes of $3,775,370 (2)		15,778,363		—		—
Conversion of outstanding redeemable noncontrolling interest in SNR HoldCo to noncontrolling interest		441,998		—		—
Orbital II Transfer from EchoStar		140,510		—		—

(1)	See Note 2 for further information.

(2)	See Note 1 for further information.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 16, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 12, 2023
Long-Term Deferred Revenue and Other Long-Term Liabilities
Deferred upfront payment, amortization period		10 years
Revenue Recognition
Contract duration of prepaid customers		1 month
Contract duration of postpaid customers		1 month
Period over which devices in installments can be pay by postpaid customers		36 months
Revenue, Practical Expedient, Financing Component [true false]		true
Advertising Costs
Advertising expenses		$ 597,000	$ 698,000	$ 633,000
Research and Development
Research and development cost		27,000	42,000	45,000
Cost of sales - equipment and other		$ 1,330,927	2,201,870	1,812,591
Minimum
Redeemable Noncontrolling Interest
Estimated useful life		2 years
Business Combinations
Acquired intangible assets, average finite useful life		1 year
Leases
Option to extend period - Operating		1 year
Maximum
Redeemable Noncontrolling Interest
Estimated useful life		40 years
Business Combinations
Acquired intangible assets, average finite useful life		20 years
Leases
Option to extend period - Operating		13 years
5G Network Development
Research and Development
Cost of sales - equipment and other			$ 977,000	$ 522,000
Northstar Spectrum
Redeemable Noncontrolling Interest
Value of ownership interest accrued					$ 109,000
SNR HoldCo \| EchoStar SNR HoldCo LLC
Redeemable Noncontrolling Interest
Purchase of ownership interests	$ 442,000
BoostUP
Redeemable Noncontrolling Interest
Installment plan period for long term customers		36 months

Debt, Finance Lease and Other Obligations - Other Long-Term Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other long-term debt and capital lease obligations
Total	$ 130,496	$ 237,222
Less current portion	(59,947)	(107,717)
Other long-term debt and capital lease obligations, net of current portion	$ 70,549	129,505
Interest rate (as a percent)	0.25%
Finance lease obligations
Other long-term debt and capital lease obligations
Total	$ 67,199	123,658
Notes payable related to satellite vendor financing and other debt payable in installments through 2025 with interest rates ranging from approximately 6% to 13%
Other long-term debt and capital lease obligations
Total	$ 63,297	$ 113,564
Notes payable related to satellite vendor financing and other debt payable in installments through 2025 with interest rates ranging from approximately 6% to 13% \| Minimum
Other long-term debt and capital lease obligations
Interest rate (as a percent)	4.00%
Notes payable related to satellite vendor financing and other debt payable in installments through 2025 with interest rates ranging from approximately 6% to 13% \| Maximum
Other long-term debt and capital lease obligations
Interest rate (as a percent)	6.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Property and Equipment and Intangible Assets - Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance, beginning of period	$ 278,287	$ 183,135
Liabilities incurred	20,929	74,189	$ 122,390
Accretion expense	27,815	20,963
Balance, end of period	327,031	278,287	$ 183,135
Asset retirement obligations, net	$ 216,000	$ 217,000

Inventory

12 Months Ended

Dec. 31, 2024

Inventory

Inventory

6. Inventory

Inventory consisted of the following:


	As of December 31,
	2024		2023

	(In thousands)
Finished goods	$	262,722	$	407,620
Work-in-process and service repairs		27,432		35,464
Consignment		10,110		47,723
Raw materials		3,064		6,251
Total inventory	$	303,328	$	497,058

Supplemental Data - Statements of Cash Flows (Details) - USD ($) $ in Thousands		12 Months Ended
	May 02, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Data - Statements of Cash Flows
Cash paid for interest (including capitalized interest)		$ 1,332,223	$ 1,301,783	$ 1,044,276
Cash paid for interest DISH 2021 Intercompany Loan 2026 Tranche		195,682
Cash received for interest		13,877	18,542	8,145
Cash paid for income taxes, net of (refunds)		(20,695)	(8,138)	57,278
Capitalized interest		954,762	1,291,290	1,040,971
Employee benefits paid in Class A common stock			14,680	26,348
Vendor financing			87,343	108,048
Regulatory authorizations reclassification				122,657
Accrued capital expenditures		132,693	219,200	397,137
Asset retirement obligation		20,929	74,189	122,390
Revaluation of contingent liabilities				$ 47,916
Asset Transfer to EchoStar, net of deferred taxes of $3,775,370		15,778,363
Conversion of outstanding redeemable noncontrolling interest in SNR HoldCo to noncontrolling interest		441,998
Orbital II Transfer from EchoStar	$ 141,000	140,510
Deferred tax liabilities, net		8,312,490	$ 4,557,262
EchoStar
Supplemental Data - Statements of Cash Flows
Deferred tax liabilities, net		$ 3,775,370

Revenue Recognition - Contract Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Balance at beginning of period	$ 287,276	$ 381,401	$ 458,006
Additions	217,197	278,077	346,577
Amortization expense	(273,551)	(372,202)	(423,182)
Balance at end of period	$ 230,922	$ 287,276	$ 381,401

Stock-Based Compensation - Long-Term Performance-Based Plans (Details) - shares		12 Months Ended
	Nov. 04, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation additional disclosures
Vested (in shares)		(29,843)
Award other than options cancelled		7,018
Long-Term Performance Based Plans
Share-based compensation additional disclosures
Percentage of performance goals probable of achievement		85.00%	89.00%
Percentage of award vested			78.00%	75.00%
Vested (in shares)		0
LTIP 2017 \| Employee Stock Option [Member]
Share-based compensation additional disclosures
Shares cancelled		429,037
Ergen 2020 Performance Award
2005 LTIP Terms
Awards vesting period	10 years
Share-based compensation additional disclosures
Percentage of award vested		20.00%	20.00%	20.00%
Vested (in shares)				0
Awards vesting period	10 years
2022 Incentive Plan
Share-based compensation additional disclosures
Percentage of award vested		33.00%	17.00%	33.00%
Vested (in shares)		0
Percentage of probability of achievement of performance conditions		100.00%	100.00%	100.00%
Class A common stock \| Ergen 2020 Performance Award
Share-based compensation additional disclosures
Granted	4,385,962

Property and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Property and Equipment and Intangible Assets

Schedule of property and equipment



	Depreciable
	Life			As of December 31,
	(In Years)			2024		2023

				(In thousands)
Equipment leased to customers	2	-	5	$	1,005,750	$	1,181,193
Satellites	6	-	15		1,718,865		1,718,865
Satellites acquired under finance lease agreements (1)		15			—		344,447
Furniture, fixtures, equipment and other (2)	2	-	12		801,650		908,924
5G Network Deployment equipment (3)	3	-	15		5,382,706		4,263,327
Software and computer equipment	2	-	8		1,816,749		2,111,305
Buildings and improvements (2)	5	-	40		334,213		381,757
Land (2)		-			12,041		17,513
Construction in progress		-			1,544,726		1,802,000
Total property and equipment					12,616,700		12,729,331
Accumulated depreciation					(5,387,611)		(5,327,384)
Property and equipment, net				$	7,229,089	$	7,401,947

(1)	This decrease is primarily related to the Nimiq 5 finance lease that was extended in October 2024 and as a result is currently accounted for as an operating lease.

(2)	The change primarily relates to the Sale and Transfer of Assets to EchoStar. See Note 1 for further information.

(3)	Includes 5G Network Deployment assets acquired under finance lease agreements.

Schedule of construction in progress



	As of December 31,
	2024		2023

	(In thousands)
Pay-TV	$	268,423	$	162,055
Wireless		1,276,303		1,639,945
Total construction in progress	$	1,544,726	$	1,802,000

Schedule of depreciation and amortization expense



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Equipment leased to customers	$	147,282	$	166,950	$	191,746
Satellites		125,230		134,948		148,051
Buildings, furniture, fixtures, equipment and other		41,835		91,942		40,703
5G Network Deployment equipment		718,729		371,640		29,992
Software and computer equipment		343,487		235,820		153,040
Intangible assets and other amortization expense		95,641		180,621		153,541
Total depreciation and amortization	$	1,472,204	$	1,181,921	$	717,073

Summary of asset retirement obligations


	As of December 31,
	2024		2023

	(In thousands)
Balance, beginning of period	$	278,287	$	183,135
Liabilities incurred		20,929		74,189
Accretion expense		27,815		20,963
Balance, end of period	$	327,031	$	278,287

Total included in Other long-term liabilities	$	327,031	$	278,287

Schedule of pay-TV satellite fleet


		Degree	Lease
	Launch	Orbital	Termination
Satellites	Date	Location	Date
Owned:
EchoStar X	February 2006	110	N/A
EchoStar XI	July 2008	110	N/A
EchoStar XIV	March 2010	119	N/A
EchoStar XV	July 2010	61.5	N/A
EchoStar XVI	November 2012	61.5	N/A
EchoStar XVIII	June 2016	61.5	N/A
EchoStar XXIII	March 2017	110	N/A

Under Construction:
EchoStar XXV	2026	110	N/A

Leased from Other Third-Party:
Anik F3	April 2007	118.7	April 2025
Nimiq 5	September 2009	72.7	October 2029

Schedule of identifiable intangibles subject to amortization


	As of December 31,
	2024				2023
	Intangible		Accumulated		Intangible		Accumulated
	Assets		Amortization		Assets		Amortization

	(In thousands)
Technology-based	$	63,773	$	(61,157)	$	63,766	$	(60,590)
Trademarks		135,134		(81,351)		135,134		(71,640)
Contract-based		41,500		(41,500)		41,500		(41,500)
Customer relationships		628,598		(621,140)		628,598		(535,778)
Total	$	869,005	$	(805,148)	$	868,998	$	(709,508)

Schedule of estimated future amortization of identifiable intangible assets


For the Years Ending December 31,	Total
	(In thousands)
2025	$	13,534
2026		11,838
2027		11,355
2028		10,872
2029		10,283
Thereafter		5,747
Total	$	63,629

Schedule of regulatory authorizations


		As of December 31,
	Segment	2024		2023

		(In thousands)
Owned:
DBS Licenses	Pay-TV	$	677,409	$	677,409
600 MHz Licenses	Wireless		6,192,575		6,213,335
3.45-3.55 GHz Licenses	Wireless		7,329,093		7,327,989
1695-1710 MHz, 1755-1780 MHz, and 2155-2180 MHz	Wireless		972		972
AWS-3	Wireless		5,557,828		5,618,930
Subtotal owned			19,757,877		19,838,635

Noncontrolling Investments:
SNR			4,271,459		4,271,459

Capitalized Interest (1)			6,811,062		8,523,682
Total Regulatory authorizations, net as of December 31, 2024		$	30,840,398

Leased from EchoStar (2):
700 MHz Licenses	Wireless		701,803		711,871
AWS-4 Licenses	Wireless		1,928,688		1,940,000
H Block Licenses	Wireless		1,671,506		1,671,506
MVDDS Licenses	Wireless		24,000		24,000
28 GHz Licenses	Wireless		2,883		2,883
24 GHz Licenses	Wireless		11,772		11,772
37 GHz, 39 GHz and 47 GHz Licenses	Wireless		202,392		202,533
3550-3650 MHz Licenses	Wireless		912,200		912,939
3.7-3.98 GHz Licenses	Wireless		2,969		2,969
Total Leased from EchoStar		$	5,458,213		5,480,473

Total Regulatory authorizations, net as of December 31, 2023				$	38,114,249

(1)	See Note 2 for further information.

(2)	See Note 1 for further information on the Sale and Transfer of Assets to EchoStar and see Note 16 for Related Party Transactions with EchoStar.

Debt, Finance Lease and Other Obligations - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands		1 Months Ended
	Jan. 10, 2024	Jan. 31, 2024	Dec. 31, 2024	Nov. 30, 2024	Nov. 15, 2024	Oct. 10, 2024	Sep. 30, 2024	Sep. 29, 2024	Mar. 15, 2024	Dec. 31, 2023	Jan. 26, 2023	Nov. 15, 2022	May 24, 2021	Dec. 21, 2020	Jul. 01, 2020	Aug. 08, 2016	Jun. 13, 2016
Debt Instrument
Carrying Value			$ 21,778,720							$ 21,163,274
Fair Value			20,222,039							16,539,765
Unamortized deferred financing costs and other debt discounts, net			(157,662)							(67,215)
Finance lease obligations			67,199							123,658
Total long-term debt and finance lease obligations (including current portion)			21,688,257							21,219,717
Less: current portion			(933,481)							(3,041,429)
Total debt, finance lease and other obligations, net of current portion			$ 20,754,776							18,178,288
Interest rate (as a percent)			0.25%
2 3/8% Convertible Notes due 2024
Debt Instrument
Interest rate (as a percent)			2.375%						2.375%
7 3/4% Senior Notes due 2026
Debt Instrument
Aggregate principal amount																	$ 2,000,000
3 3/8% Convertible Notes due 2026
Debt Instrument
Interest rate (as a percent)			3.375%
Aggregate principal amount																$ 3,000,000
5 1/4% Senior Secured Notes due 2026
Debt Instrument
Aggregate principal amount			$ 2,750,000
11 3/4% Senior Secured Notes due 2027
Debt Instrument
Interest rate (as a percent)			11.75%
Aggregate principal amount											$ 1,500,000	$ 2,000,000
5 3/4% Senior Secured Notes due 2028
Debt Instrument
Aggregate principal amount			$ 2,500,000
Intercompany Loan
Debt Instrument
Additional debt	$ 4,700,000	$ 4,700,000
DISH 2021 Intercompany Loan 2026 Tranche
Debt Instrument
Carrying Value			4,767,289
Fair Value			4,767,289
EchoStar 2024 Intercompany Loan
Debt Instrument
Carrying Value			1,014,522
Fair Value			1,014,522
Interest rate (as a percent)				11.50%
Outstanding debt			$ 1,015,000
DISH DBS Corporation ("DBS") \| 2 3/8% Convertible Notes due 2024
Debt Instrument
Carrying Value										951,168
Fair Value										944,034
Interest rate (as a percent)									2.375%
DISH DBS Corporation ("DBS") \| 5 7/8% Senior Notes due 2024
Debt Instrument
Carrying Value										1,982,544
Fair Value										1,872,275
Interest rate (as a percent)			5.875%		5.875%		5.875%	5.875%
DISH DBS Corporation ("DBS") \| 0% Convertible Notes due 2025
Debt Instrument
Carrying Value			$ 138,403							1,957,197
Fair Value			$ 124,916							$ 1,228,141
Interest rate (as a percent)			0.00%			0.00%				0.00%
Aggregate principal amount														$ 2,000,000
DISH DBS Corporation ("DBS") \| 7 3/4% Senior Notes due 2026
Debt Instrument
Carrying Value			$ 2,000,000							$ 2,000,000
Fair Value			$ 1,678,640							1,388,060
Interest rate (as a percent)			7.75%				7.75%
DISH DBS Corporation ("DBS") \| 3 3/8% Convertible Notes due 2026
Debt Instrument
Carrying Value			$ 45,209							2,908,801
Fair Value			$ 38,495							1,570,753
Interest rate (as a percent)			3.375%			3.375%
DISH DBS Corporation ("DBS") \| 5 1/4% Senior Secured Notes due 2026
Debt Instrument
Carrying Value			$ 2,750,000							2,750,000
Fair Value			$ 2,507,780							2,366,073
Interest rate (as a percent)			5.25%				5.25%
DISH DBS Corporation ("DBS") \| 11 3/4% Senior Secured Notes due 2027
Debt Instrument
Carrying Value			$ 3,500,000							3,500,000
Fair Value			$ 3,708,460							3,668,980
Interest rate (as a percent)			11.75%
DISH DBS Corporation ("DBS") \| 7 3/8% Senior Notes due 2028
Debt Instrument
Carrying Value			$ 1,000,000							1,000,000
Fair Value			$ 715,680							600,160
Interest rate (as a percent)			7.375%				7.375%
Aggregate principal amount															$ 1,000,000
DISH DBS Corporation ("DBS") \| 5 3/4% Senior Secured Notes due 2028
Debt Instrument
Carrying Value			$ 2,500,000							2,500,000
Fair Value			$ 2,143,350							2,013,125
Interest rate (as a percent)			5.75%				5.75%
DISH DBS Corporation ("DBS") \| 5 1/8 % Senior Notes due 2029
Debt Instrument
Carrying Value			$ 1,500,000							1,500,000
Fair Value			$ 959,610							774,600
Interest rate (as a percent)			5.125%				5.125%
Aggregate principal amount													$ 1,500,000
DISH DBS Corporation ("DBS") \| Other notes payable
Debt Instrument
Carrying Value			$ 63,297							113,564
Fair Value			63,297							$ 113,564
DBS Subscriber Co \| Term Loan due 2025
Debt Instrument
Carrying Value			500,000
Fair Value			$ 500,000
Interest rate (as a percent)			11.00%
Aggregate principal amount			$ 500,000
DBS Subscriber Co \| Term Loan due 2029
Debt Instrument
Carrying Value			1,800,000
Fair Value			1,800,000
Aggregate principal amount			1,800,000
DBS Subscriber Co \| Mandatorily Redeemable Preferred Shares due 2029
Debt Instrument
Carrying Value			200,000
Fair Value			200,000
Maximum \| EchoStar 2024 Intercompany Loan
Debt Instrument
Aggregate principal amount			$ 4,500,000	$ 4,500,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Allowance for credit losses on trade accounts receivable	$ 71,314	$ 53,991
Common stock par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Tables)

12 Months Ended

Dec. 31, 2024

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

Schedule of marketable investment securities, restricted cash and cash equivalents, and other investments



	As of December 31,
	2024		2023

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale	$	51	$	144
Strategic - trading/equity		10		7,799
Other		225		179
Total current marketable investment securities		286		8,122
Restricted marketable investment securities (1)		23,882		19,772
Total marketable investment securities		24,168		27,894

Restricted cash and cash equivalents (1)		254,714		89,107

Other investments, net:
Equity method investments (2)		20,440		126,179
Cost method investments		2,950		3,448
Fair value method investments (3)		12,093		39,198
Total other investments, net		35,483		168,825

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	314,365	$	285,826

(1)	Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash and cash equivalents” and “Restricted cash, cash equivalents and marketable investment securities” on our Consolidated Balance Sheets and discussed below.

(2)	This change primarily resulted from the Sale and Transfer of Assets to EchoStar, see Note 1 for further information, and the decrease in our Invidi Technologies Corporation investment, discussed below.

(3)	The decrease primarily resulted from a $27 million impairment in a fair value method investment during the year ended December 31, 2024 and recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Schedule of fair value measurements


	As of December 31,
	2024								2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

	(In thousands)
Cash equivalents (including restricted)	$	261,990	$	221,083	$	40,907	$	—	$	347,976	$	304,410	$	43,566	$	—

Debt securities (including restricted):
U.S. Treasury and agency securities	$	8,163	$	8,163	$	—	$	—	$	7,567	$	7,567	$	—	$	—
Commercial paper		—		—		—		—		7,500		—		7,500		—
Corporate securities		15,719		—		15,719		—		4,705		—		4,705		—
Other		276		—		225		51		323		—		179		144
Equity securities		10		10		—		—		7,799		7,799		—		—
Total	$	24,168	$	8,173	$	15,944	$	51	$	27,894	$	15,366	$	12,384	$	144

Schedule of gains and losses on sales and changes in carrying amounts of investments and other



	For the Years Ended December 31,
Other, net:	2024		2023		2022

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	(30,730)	$	4,085	$	26,186
Sale of Assets to EchoStar - realized gains (losses) (Note 1)		128,788		—		—
Derivative instruments - net realized and/or unrealized gains (losses)		—		(1,793,387)		1,015,387
Gains (losses) related to early redemption of debt		—		73,024		(922)
Equity in earnings (losses) of affiliates		(67,214)		(3,835)		2,616
Liberty Puerto Rico Asset Sale (Note 13)		21,310		—		—
EchoStar Exchange Offers debt extinguishment gains (losses) (Note 9)		688,661		—		—
Other		1,890		(21,763)		(4,285)
Total	$	742,705	$	(1,741,876)	$	1,038,982

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Stock-Based Compensation

12. Stock-Based Compensation

Stock Incentive Plans

EchoStar maintains stock incentive plans to attract and retain officers, directors and key employees. Our employees participate in the EchoStar stock incentive plans. Stock awards under these plans include both performance/market and non-performance based stock incentives. As of December 31, 2024, EchoStar had outstanding under these plans stock options to acquire 9.5 million shares of EchoStar’s Class A common stock and 91 thousand restricted stock units and awards associated with our employees. Stock options granted on or prior to December 31, 2024 were granted with exercise prices equal to or greater than the market value of EchoStar’s Class A common stock at the date of grant and with a maximum term of approximately ten years. EchoStar accounts for forfeitures as they are incurred. While historically EchoStar has issued stock awards subject to vesting, typically at the rate of 20% per year, certain stock awards have been granted with immediate vesting and certain other stock awards vest only upon the achievement of certain EchoStar-specific subscriber, operational and/or financial goals. In addition, the Ergen 2020 Performance Award is subject to the achievement of specified EchoStar Class A common stock price targets. As of December 31, 2024, EchoStar had 21.7 million shares of its Class A common stock available for future grant under the stock incentive plans.

Exchange Offer. On March 4, 2024, EchoStar commenced a tender offer to eligible employees (which excludes EchoStar’s and our co-founders and the non-employee members of EchoStar’s Board of Directors) to exchange eligible stock options (which excludes the Ergen 2020 Performance Award) for new options as detailed in its Schedule TO filed March 4, 2024 with the Securities and Exchange Commission (the “Exchange Offer”), to, among other things, further align employee incentives with the current market. The Exchange Offer expired on April 1, 2024 and EchoStar accepted for exchange approximately 7 million stock options. As a result of the Exchange Offer, during the second quarter of 2024, the exercise price of approximately 3 million new stock options associated with our employees, affecting approximately 800 eligible employees, was adjusted to $14.04.

Stock Award Activity

EchoStar stock option activity associated with our employees was as follows:


	For the Year Ended December 31, 2024
	Options	Weighted- Average Exercise Price			Aggregate intrinsic value (In thousands)	Weighted- Average Remaining Contractual Life
Total options outstanding, beginning of period (1)	9,887,330	$	70.36
Granted (2)	4,316,849	$	14.66
Exercised	(116,393)	$	14.04
Forfeited and cancelled (3)	(4,565,652)	$	51.66
Total options outstanding, end of period	9,522,134	$	54.75	$	33,164	7.10
Performance/market based options outstanding, end of period (4)	4,300,088	$	84.39
Exercisable, end of period	1,999,301	$	54.20	$	6,200	6.37

(1)	The beginning of period weighted-average exercise price for the year ended December 31, 2024 of $70.36 does not reflect the Exchange Offer, which occurred subsequent to December 31, 2023.

(2)	Includes approximately 3 million stock options granted in connection with the Exchange Offer.

(3)	Includes approximately 3 million stock options cancelled in connection with the Exchange Offer.

(4)	These stock options are included in the caption “Total options outstanding, end of period.” See discussion of the 2017 LTIP, 2019 LTIP, 2022 Incentive Plan and Ergen 2020 Performance Award below.

We realized tax benefits from stock awards exercised as follows:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Tax benefit from stock awards exercised	$	316	$	1,384	$	573

EchoStar restricted stock unit and award activity associated with our employees was as follows:


	For the Year Ended December 31, 2024
	Restricted Stock Units/Awards	Weighted- Average Grant Date Fair Value
Total restricted stock units/awards outstanding, beginning of period	48,645	$	98.78
Granted	79,444	$	16.70
Vested	(29,843)	$	77.51
Forfeited and cancelled	(7,018)	$	101.09
Total restricted stock units/awards outstanding, end of period	91,228	$	34.08

The following table summarizes additional information about EchoStar stock options and restricted stock units and awards associated with our employees:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands, except per share amounts)
Stock options:
Weighted-average grant date fair value of options granted	$	14.66	$	28.24	$	63.90
Intrinsic value of options exercised	$	848	$	—	$	98

Restricted stock units and awards:
Weighted-average grant date fair value of units and awards granted	$	16.70	$	17.50	$	88.39
Fair value of units and rewards vested	$	443	$	5,612	$	2,212

Long-Term Performance-Based Plans

2017 LTIP. On December 2, 2016, EchoStar adopted a long-term, performance-based stock incentive plan (the “2017 LTIP”). The 2017 LTIP provided stock options, which were subject to vesting based on certain EchoStar-specific subscriber and financial performance conditions. Awards were initially granted under the 2017 LTIP as of January 1, 2017. Exercise of the stock awards was contingent on achieving these performance conditions by December 31, 2020, however, none of the performance conditions were achieved. This plan will expire on January 1, 2027 which as of December 31, 2024, would result in the cancellation of 429,037 stock options.

2019 LTIP. On August 17, 2018, EchoStar adopted a long-term, performance-based stock incentive plan (the “2019 LTIP”). The 2019 LTIP provides stock options, which vest based on certain EchoStar-specific subscriber, operational and/or financial performance conditions. Vesting of the stock awards is contingent on achieving these conditions by December 31, 2023.

Although no awards vest until EchoStar attains the performance conditions described above, compensation related to the 2019 LTIP will be recorded based on EchoStar’s assessment of the probability of meeting the performance conditions. If the performance conditions are probable of being achieved, we will begin recognizing the associated non-cash, stock-based compensation expense on our Consolidated Statements of Operations and Comprehensive Income (Loss) over the estimated period to achieve the performance condition.

During the years ended December 31, 2023 and 2022, EchoStar determined that 85% and 89%, respectively, of the 2019 LTIP performance conditions were probable of achievement. As a result, non-cash, stock-based compensation expense was recorded for the years ended December 31, 2023 and 2022, as indicated in the table below titled “Non-Cash, Stock-Based Compensation Expense Recognized.” As of December 31, 2023 and 2022, approximately 78%, and 75%, respectively, of the 2019 LTIP awards had vested.

2022 Incentive Plan. On December 30, 2021, EchoStar adopted a performance-based incentive plan (the “2022 Incentive Plan”). The 2022 Incentive Plan provides stock options, which vest based on certain EchoStar-specific operational and/or financial performance conditions. Awards were initially granted under the 2022 Incentive Plan as of February 1, 2022. Exercise of the stock awards is contingent on achieving these conditions by December 31, 2026.

Although no awards vest until EchoStar attains the performance conditions described above, compensation related to the 2022 Incentive Plan will be recorded based on EchoStar’s assessment of the probability of meeting the performance conditions. If the performance conditions are probable of being achieved, we will begin recognizing the associated non-cash, stock-based compensation expense on our Consolidated Statements of Operations and Comprehensive Income (Loss) over the estimated period to achieve the performance condition.

During each of the years ended December 31, 2024, 2023 and 2022, EchoStar determined that 100% of the 2022 Incentive Plan performance conditions were probable of achievement. As a result, non-cash, stock-based compensation expense was recorded for the years ended December 31, 2024, 2023 and 2022 as indicated in the table below titled “Non-Cash, Stock-Based Compensation Expense Recognized.” As of December 31, 2024, 2023 and 2022, approximately 33%, 17% and 33%, respectively, of the 2022 Incentive Plan awards had vested.

Ergen 2020 Performance Award. On November 4, 2020, our Executive Compensation Committee of the Board of Directors, at that time, approved an award to Charles W. Ergen, our Chairman, of long-term performance-based options (the “Ergen 2020 Performance Award”) to purchase up to 4,385,962 shares of EchoStar’s Class A common stock. The award is subject to the achievement of specified EchoStar Class A common stock price targets during the approximate ten-year period following the date of grant. The award was granted on November 6, 2020 and will expire on February 6, 2031.

Although no awards will vest until the market conditions are satisfied, as of December 31, 2020, we began recording non-cash, stock-based compensation expense for each vesting tranche based on the estimated achievement date of the specified stock price target. The valuation and probability of achievement for each tranche is determined using a Monte Carlo simulation. The same Monte Carlo simulation is used as the basis for determining the expected achievement date. As the probability of achievement is factored in as part of the Monte Carlo simulation, the expense for these tranches will be recognized concurrently over each tranche’s estimated achievement date even if some or all of the options never vest. If the related milestone for a tranche is achieved earlier than is expected, all unamortized expense for such tranche will be recognized immediately. Non-cash, stock-based compensation expense was recorded for the years ended December 31, 2024, 2023 and 2022, as indicated in the table below titled “Non-Cash, Stock-Based Compensation Expense Recognized.” As of December 31, 2024, 2023 and 2022, approximately 20% of the Ergen 2020 Performance Award awards had vested.

The non-cash, stock-based compensation expense associated with these awards for our employees was as follows:


	For the Years Ended December 31,
Non-Cash, Stock-Based Compensation Expense Recognized (1)	2024		2023		2022

	(In thousands)
2022 Incentive Plan	$	1,149	$	7,346	$	19,088
2019 LTIP		—		(1,903)		(97)
Ergen 2020 Performance Award		10,816		12,308		12,308
Other employee performance awards		—		462		4,502
Total non-cash, stock-based compensation expense recognized for performance based awards	$	11,965	$	18,213	$	35,801

(1)	“Non-Cash, Stock-Based Compensation Expense Recognized” includes actual forfeitures.


Estimated Remaining Non-Cash, Stock-Based Compensation Expense	2022 Incentive Plan		Ergen 2020 Performance Award

	(In thousands)
Expense estimated to be recognized during 2025	$	1,087	$	7,639
Estimated contingent expense subsequent to 2025		161		9,274
Total estimated remaining expense over the term of the plan	$	1,248	$	16,913

Given the competitive nature of EchoStar’s business, small variations in subscriber churn, gross new subscriber activation rates and certain other factors can significantly impact subscriber growth. Consequently, while it was determined that achievement of certain other EchoStar-specific subscriber, operational and/or financial performance conditions were not probable as of December 31, 2024, that assessment could change in the future.

Of the 9.5 million stock options and 91 thousand restricted stock units and awards outstanding under the EchoStar stock incentive plans associated with our employees as of December 31, 2024, the following awards were outstanding pursuant to the performance-based stock incentive plans:


	As of December 31, 2024
Performance Based Stock Options	Number of Awards	Weighted- Average Grant Price
2022 Incentive Plan	154,257	$	14.64
2019 LTIP	208,024	$	60.37
2017 LTIP	429,037	$	165.32
Ergen 2020 Performance Award	3,508,770	$	78.98
Total	4,300,088	$	84.39

Stock-Based Compensation

Total non-cash, stock-based compensation expense for all of our employees is shown in the following table for the years ended December 31, 2024, 2023 and 2022 and was allocated to the same expense categories as the base compensation for such employees:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cost of services	$	1,376	$	2,609	$	6,511
Selling, general and administrative		23,569		33,534		64,939
Total non-cash, stock-based compensation	$	24,945	$	36,143	$	71,450

As of December 31, 2024, our total unrecognized compensation cost related to our non-performance based unvested stock awards was $39 million and will be recognized over a weighted-average period of approximately 3.4 years. Share-based compensation expense is recognized based on stock awards ultimately expected to vest.

Valuation

The fair value of each stock option granted (excluding the Ergen 2020 Performance Award) for the years ended December 31, 2024, 2023 and 2022 was estimated at the date of the grant using a Black-Scholes option valuation model with the following assumptions:


	For the Years Ended December 31,
Stock Options	2024							2023							2022
Risk-free interest rate		3.58	%	-		4.49	%		3.58	%	-		4.61	%		1.35	%	-		4.02	%
Volatility factor		37.10	%	-		46.39	%		34.30	%	-		41.25	%		32.67	%	-		34.84	%
Expected term of options in years		3.3		-		6.7			4.1		-		6.6			4.1		-		6.0
Fair value of options granted	$	5.15		-	$	12.40		$	7.40		-	$	7.77		$	5.97		-	$	9.27

While EchoStar currently does not intend to declare dividends on its Class A common stock, EchoStar may elect to do so from time to time. Accordingly, the dividend yield percentage used in the Black-Scholes option valuation model was set at zero for all periods. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded stock options which have no vesting restrictions and are fully transferable. Consequently, our estimate of fair value may differ from other valuation models. Further, the Black-Scholes option valuation model requires the input of highly subjective assumptions. Changes in these subjective input assumptions can materially affect the fair value estimate.

We will continue to evaluate the assumptions used to derive the estimated fair value of EchoStar’s stock options as new events or changes in circumstances become known.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Employee Benefit Plans

Employee Benefit Plans

11. Employee Benefit Plans

Employee Stock Purchase Plan

Our employees may participate in the EchoStar employee stock purchase plan (the “ESPP”), in which EchoStar is authorized to issue up to 8.0 million shares of Class A common stock. At December 31, 2024, EchoStar had 3.4 million shares of Class A common stock which remain available for issuance under the ESPP. Substantially all full-time employees who have been employed by EchoStar for at least one calendar quarter are eligible to participate in the ESPP. Employee stock purchases are made through payroll deductions. Under the terms of the ESPP, employees may not deduct an amount which would permit such employee to purchase EchoStar’s capital stock under all of EchoStar’s stock purchase plans at a rate which would exceed $25,000 in fair value of capital stock in any one year. The purchase price of the stock is 85% of the closing price of EchoStar’s Class A common stock on the last business day of each calendar quarter in which such shares of EchoStar’s Class A common stock are deemed sold to an employee under the ESPP and such shares must be held for a minimum of 180 days from the purchase date.

401(k) Employee Savings Plans

EchoStar sponsors a 401(k) Employee Savings Plan (the “DISH Network 401(k) Plan”) for our eligible employees. Voluntary employee contributions to the DISH Network 401(k) Plan may be matched 50% by EchoStar, subject to a maximum annual contribution of $5,000 per employee. Forfeitures of unvested participant balances which are retained by the DISH Network 401(k) Plan may be used to fund matching and discretionary contributions. EchoStar’s Board of Directors may also authorize an annual discretionary contribution to the DISH Network 401(k) Plan, subject to the maximum deductible limit provided by the Internal Revenue Code of 1986, as amended. These contributions may be made in cash or in EchoStar’s stock.

The following table summarizes the expense associated with our matching contributions and discretionary contributions:


	For the Years Ended December 31,
Expense Recognized Related to the 401(k) Plan	2024		2023		2022

	(In thousands)
Matching contributions, net of forfeitures	$	17,852	$	14,532	$	12,800
Discretionary stock contributions, net of forfeitures	$	13,906	$	70	$	14,564

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Other Comprehensive Income (Loss) - Other comprehensive income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other comprehensive income (loss), before tax amount
Other comprehensive income (loss), before tax amount	$ (171)	$ 393	$ (3,976)
Other comprehensive income (loss), tax (expense) benefit
Other comprehensive income (loss), tax (expense) benefit	88	(40)	666
Other comprehensive income (loss):
Total other comprehensive income (loss), net of tax	(83)	353	(3,310)
Foreign Currency Translation Adjustment
Other comprehensive income (loss), before tax amount
Other comprehensive income (loss), before reclassifications, before tax	(185)	356	(4,160)
Other comprehensive income (loss), tax (expense) benefit
Other comprehensive income (loss), before reclassifications, tax (expense) benefit	86	(31)	710
Other comprehensive income (loss):
Other comprehensive income (loss), before reclassifications, net of tax	(99)	325	(3,450)
Unrealized/Recognized Gains (Losses)
Other comprehensive income (loss), before tax amount
Other comprehensive income (loss), before reclassifications, before tax	1,772	(267)	191
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(1,758)	304	(7)
Other comprehensive income (loss), tax (expense) benefit
Other comprehensive income (loss), before reclassifications, tax (expense) benefit	(429)	65	(46)
Amounts reclassified from accumulated other comprehensive income (loss), tax (expense) benefit	431	(74)	2
Other comprehensive income (loss):
Other comprehensive income (loss), before reclassifications, net of tax	(1,343)	202	145
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	$ (1,327)	$ 230	$ (5)

Supplemental Data - Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Data - Statements of Cash Flows

Schedule of supplemental cash flow and other non-cash data



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for interest (including capitalized interest)	$	1,332,223	$	1,301,783	$	1,044,276
Cash paid for interest DISH 2021 Intercompany Loan 2026 Tranche		195,682		—		—
Cash received for interest		13,877		18,542		8,145
Cash paid for income taxes, net of (refunds)		(20,695)		(8,138)		57,278
Capitalized interest (1)		954,762		1,291,290		1,040,971
Employee benefits paid in Class A common stock		—		14,680		26,348
Vendor financing		—		87,343		108,048
Regulatory authorizations reclassification		—		—		122,657
Accrued capital expenditures		132,693		219,200		397,137
Asset retirement obligation		20,929		74,189		122,390
Revaluation of contingent liabilities		—		—		47,916
Asset Transfer to EchoStar, including deferred taxes of $3,775,370 (2)		15,778,363		—		—
Conversion of outstanding redeemable noncontrolling interest in SNR HoldCo to noncontrolling interest		441,998		—		—
Orbital II Transfer from EchoStar		140,510		—		—

(1)	See Note 2 for further information.

(2)	See Note 1 for further information.

Debt, Finance Lease and Other Obligations - Narratives (Details) $ / shares in Units, item in Millions						12 Months Ended
	Nov. 12, 2024 USD ($)	Nov. 08, 2024 USD ($)	Sep. 29, 2023	May 24, 2021 USD ($)	Jul. 13, 2016	Dec. 31, 2024 USD ($) item $ / shares shares	Nov. 15, 2024	Oct. 10, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 29, 2024 USD ($)	Mar. 15, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Jan. 26, 2023 USD ($)	Nov. 15, 2022 USD ($)	Dec. 21, 2020 USD ($)	Jul. 01, 2020 USD ($)	Aug. 08, 2016 USD ($)	Jun. 13, 2016 USD ($)
Debt Instrument
Interest rate (as a percent)						0.25%
Non-cash gain on debt extinguishment						$ 688,661,000
Common stock par value (in dollars per share) \| $ / shares						$ 0						$ 0
EchoStar Exchange Offers debt extinguishment						$ 3,985,665,000
Remaining aggregate principal amount outstanding						$ 21,778,720,000						$ 21,163,274,000
Minimum
Debt Instrument
Percentage of population for deploy 5G services			70.00%
DISH DBS Corporation ("DBS")
Debt Instrument
Percentage of principal amount at which notes may be required to be repurchased in event of change of control						101.00%
DBS Subscriber Co
Debt Instrument
Number of subscribers \| item						3
2 3/8% Convertible Notes due 2024
Debt Instrument
Interest rate (as a percent)						2.375%					2.375%
Debt repurchased											$ 951,000,000
2 3/8% Convertible Notes due 2024 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)											2.375%
Remaining aggregate principal amount outstanding												$ 951,168,000
0% Convertible Notes due 2025 \| Class A common stock
Debt Instrument
Aggregate principal amount						$ 1,000
Convertible notes converted rate, shares \| shares						8.566
Common stock par value (in dollars per share) \| $ / shares						$ 116.74
0% Convertible Notes due 2025 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						0.00%		0.00%				0.00%
Aggregate principal amount															$ 2,000,000,000
Redemption price as a percentage of principal amount						100.00%
Debt Instrument, Redemption Price, Percentage						100.00%
Remaining aggregate principal amount outstanding						$ 138,403,000						$ 1,957,197,000
5 7/8% Senior Notes due 2024 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						5.875%	5.875%		5.875%	5.875%
Remaining aggregate principal amount outstanding												1,982,544,000
7 3/4% Senior Notes due 2026
Debt Instrument
Aggregate principal amount																		$ 2,000,000,000
Term of loan					10 years
Redemption price as a percentage of principal amount						100.00%
Debt Instrument, Redemption Price, Percentage						100.00%
7 3/4% Senior Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						7.75%			7.75%
Debt Instrument, Periodic Payment, Interest						$ 155,000,000
Remaining aggregate principal amount outstanding						$ 2,000,000,000						2,000,000,000
3 3/8% Convertible Notes due 2026
Debt Instrument
Interest rate (as a percent)						3.375%
Aggregate principal amount																	$ 3,000,000,000
Redemption price as a percentage of principal amount						100.00%
Debt Instrument, Redemption Price, Percentage						100.00%
3 3/8% Convertible Notes due 2026 \| Convertible note hedges \| EchoStar
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares						$ 185.76
Convertible notes converted into shares \| shares						16,000,000
3 3/8% Convertible Notes due 2026 \| Class A common stock
Debt Instrument
Aggregate principal amount						$ 1,000
Convertible notes converted rate, shares \| shares						5.383
Common stock par value (in dollars per share) \| $ / shares						$ 185.76
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Convertible note hedges
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares						$ 65.18
Convertible notes converted into shares \| shares						46,000,000
Total cost of convertible notes						$ 635,000,000
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Common stock warrants
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares						$ 86.08
Convertible notes converted into warrants \| shares						46,000,000
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Common stock warrants \| EchoStar
Debt Instrument
Convertible notes converted into shares \| shares						16,000,000
Cash proceeds from the sale of warrants						$ 376,000,000
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Common stock warrants \| Minimum \| EchoStar
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares						$ 185.75
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Common stock warrants \| Maximum \| EchoStar
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares						$ 245.33
3 3/8% Convertible Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						3.375%		3.375%
Debt Instrument, Periodic Payment, Interest						$ 1,526,000
Remaining aggregate principal amount outstanding						$ 45,209,000						2,908,801,000
7 3/8% Senior Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						7.375%			7.375%
Aggregate principal amount																$ 1,000,000,000
Debt Instrument, Periodic Payment, Interest						$ 73,750,000
Remaining aggregate principal amount outstanding						$ 1,000,000,000						1,000,000,000
0% Convertible Notes Due 2025
Debt Instrument
Interest rate (as a percent)						0.00%
Aggregate principal amount		$ 1,819,000,000
Aggregate principal amount, cancelled and forgiven						$ 1,819,000,000
Percentage of principal amount outstanding		92.90%
Aggregate Principal amount		$ 138,000,000
3 3/8% Convertible Notes due 2026.
Debt Instrument
Interest rate (as a percent)						3.375%
Aggregate principal amount		$ 2,863,000,000
Aggregate principal amount, cancelled and forgiven						$ 2,863,000,000
Percentage of principal amount outstanding		98.50%
Aggregate Principal amount		$ 45,000,000
Other notes payable \| DISH DBS Corporation ("DBS")
Debt Instrument
Remaining aggregate principal amount outstanding						63,297,000						113,564,000
New DISH DBS Financing \| DBS Subscriber Co
Debt Instrument
Aggregate principal amount										$ 2,500,000,000
Proceeds received						$ 2,047,000,000.000			$ 2,047,000,000.000	$ 2,047,000,000.000
Term loan \| Incase of outstanding 2026 Dbs notes and secured notes and 2028 Dbs secured notes
Debt Instrument
Aggregate principal amount (as a percent)						20.00%
Term loan \| Incase of outstanding 2028 And 2029 DBS notes
Debt Instrument
Aggregate principal amount (as a percent)						15.00%
Term loan \| DBS Subscriber Co
Debt Instrument
Aggregate principal amount						$ 2,300,000,000
Term Loan due 2025 \| DBS Subscriber Co
Debt Instrument
Interest rate (as a percent)						11.00%
Aggregate principal amount						$ 500,000,000
Remaining aggregate principal amount outstanding						500,000,000
Term Loan due 2029 \| DBS Subscriber Co
Debt Instrument
Aggregate principal amount						1,800,000,000
Remaining aggregate principal amount outstanding						$ 1,800,000,000
Term Loan due 2029 \| DBS Subscriber Co \| Interest rate from financing closing date and twelve months thereafter
Debt Instrument
Interest rate (as a percent)						10.75%
Term Loan due 2029 \| DBS Subscriber Co \| Interest rate for twelve months after financing closing date
Debt Instrument
Interest rate (as a percent)						11.25%
New DISH DBS financing, roll-up incremental term loan \| DBS Subscriber Co \| Interest rate from financing closing date and twelve months thereafter
Debt Instrument
Interest rate (as a percent)						11.00%
New DISH DBS financing, roll-up incremental term loan \| DBS Subscriber Co \| Interest rate for twelve months after financing closing date
Debt Instrument
Interest rate (as a percent)						11.50%
Mandatorily Redeemable Preferred Shares due 2029 \| DBS Subscriber Co
Debt Instrument
Aggregate liquidation preference						$ 200,000,000
Remaining aggregate principal amount outstanding						$ 200,000,000
Mandatorily Redeemable Preferred Shares due 2029 \| DBS Subscriber Co \| Interest rate from financing closing date and twelve months thereafter
Debt Instrument
Interest rate (as a percent)						13.75%
Mandatorily Redeemable Preferred Shares due 2029 \| DBS Subscriber Co \| Interest rate for twelve months after financing closing date
Debt Instrument
Interest rate (as a percent)						13.25%
5 1/4% First Lien Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)									5.25%
5 3/4% First Lien Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)									5.75%
7 3/4% Second Lien Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)									7.75%
7 3/8% Second Lien Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)									7.375%
5 1/8% Second Lien Notes due 2029 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)									5.125%
5 1/8 % Senior Notes due 2029 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						5.125%			5.125%
Percentage of principal amount at which notes may be required to be repurchased in event of change of control						101.00%
Aggregate principal amount				$ 1,500,000,000
Redemption price as a percentage of principal amount				100.00%
Debt Instrument, Redemption Price, Percentage				100.00%
Debt Instrument, Periodic Payment, Interest						$ 76,875,000
Remaining aggregate principal amount outstanding						1,500,000,000						1,500,000,000
5 1/4% Senior Secured Notes due 2026
Debt Instrument
Aggregate principal amount						$ 2,750,000,000
5 1/4% Senior Secured Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						5.25%			5.25%
Debt Instrument, Periodic Payment, Interest						$ 144,375,000
Remaining aggregate principal amount outstanding						2,750,000,000						2,750,000,000
5 3/4% Senior Secured Notes due 2028
Debt Instrument
Aggregate principal amount						$ 2,500,000,000
5 3/4% Senior Secured Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						5.75%			5.75%
Debt Instrument, Periodic Payment, Interest						$ 143,750,000
Remaining aggregate principal amount outstanding						$ 2,500,000,000						2,500,000,000
11 3/4% Senior Secured Notes due 2027
Debt Instrument
Interest rate (as a percent)						11.75%
Aggregate principal amount													$ 1,500,000,000	$ 2,000,000,000
Threshold Loan To Value Ratio						0.35
Period to Obtain Initial Appraisal of Collateral						120 days
Period to Obtain Second Appraisal of Collateral						120 days
Second Appraisal of Collateral Percentage Threshold For License						10.00%
Fair Value of Collateral						$ 10,040,000,000.00
Period to Add Additional Collateral After Second Appraisal						90 days
11 3/4% Senior Secured Notes due 2027 \| Failure to Deliver Appraisal Within Specified Days [Member]
Debt Instrument
Redemption price as a percentage of principal amount						102.00%
Debt Instrument, Redemption Price, Percentage						102.00%
11 3/4% Senior Secured Notes due 2027 \| Failure to Add Additional Collateral [Member]
Debt Instrument
Redemption price as a percentage of principal amount						102.00%
Debt Instrument, Redemption Price, Percentage						102.00%
11 3/4% Senior Secured Notes due 2027 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)						11.75%
Debt Instrument, Periodic Payment, Interest						$ 411,250,000
Remaining aggregate principal amount outstanding						$ 3,500,000,000						$ 3,500,000,000
6 3/4% Senior Secured Notes due 2030
Debt Instrument
Interest rate (as a percent)								6.75%
Aggregate principal amount								$ 2,381,000,000
3 7/8% Convertible Secured Notes due 2030
Debt Instrument
Interest rate (as a percent)						2.375%		3.875%	2.375%
Aggregate principal amount								$ 1,950,000,000
Existing DISH Convertible Notes
Debt Instrument
Aggregate principal amount		4,682,000,000
Aggregate principal amount, cancelled and forgiven	$ 4,674,000,000
Non-cash gain on debt extinguishment						$ 689,000,000
EchoStar Exchange Offers debt extinguishment	3,986,000,000					$ 3,986,000,000
Carrying value		$ 4,674,000,000
Existing DISH Convertible Notes \| DISH Network 2025 Notes
Debt Instrument
Aggregate principal amount								4,866,000,000
Exchange Notes
Debt Instrument
Aggregate principal amount								$ 4,331,000,000
EchoStar Notes
Debt Instrument
Aggregate principal amount	4,164,000,000
EchoStar Exchange Notes
Debt Instrument
Aggregate principal amount	2,288,000,000
EchoStar Convertible Notes
Debt Instrument
Aggregate principal amount	$ 1,876,000,000
Prior to June 1, 2026 \| 5 1/4% Senior Secured Notes due 2026
Debt Instrument
Redemption price as a percentage of principal amount						100.00%
Debt Instrument, Redemption Price, Percentage						100.00%
Prior to December 1, 2024 \| 5 1/4% Senior Secured Notes due 2026
Debt Instrument
Term of loan						36 months
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed						35.00%
Percentage of redemption price for each twelve-month period						10.00%
Redemption price as a percentage of principal amount						103.00%
Debt Instrument, Redemption Price, Percentage						103.00%
Prior to December 1, 2024 \| 5 3/4% Senior Secured Notes due 2028
Debt Instrument
Redemption price as a percentage of principal amount						103.00%
Debt Instrument, Redemption Price, Percentage						103.00%
Prior to December 1, 2027 \| 5 3/4% Senior Secured Notes due 2028
Debt Instrument
Term of loan						36 months
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed						35.00%
Percentage of redemption price for each twelve-month period						10.00%
Redemption price as a percentage of principal amount						100.00%
Debt Instrument, Redemption Price, Percentage						100.00%
Prior to December 1, 2027 \| 11 3/4% Senior Secured Notes due 2027
Debt Instrument
Redemption price as a percentage of principal amount						100.00%
Debt Instrument, Redemption Price, Percentage						100.00%
Prior to May 15, 2025 \| 11 3/4% Senior Secured Notes due 2027
Debt Instrument
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed						40.00%
Early redemption percent of principal amount						111.75%
Additional Paid-In Capital
Debt Instrument
EchoStar Exchange Offers debt extinguishment						$ 3,985,665,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

13. Commitments and Contingencies

Commitments

As of December 31, 2024, future maturities of our long-term debt, finance lease and contractual obligations are summarized as follows:


	Payments Due in the Years Ending December 31,
	Total		2025		2026		2027		2028		2029		Thereafter

	(In thousands)
Long-term debt obligations	$	21,778,720	$	908,009	$	10,455,195	$	4,341,543	$	3,549,860	$	1,502,650	$	1,021,463
Interest expense on long-term debt (1)		5,030,019		1,639,592		1,563,992		918,593		474,955		233,360		199,527
Finance lease obligations (2)		67,199		30,381		34,290		2,528		—		—		—
Interest expense on finance lease obligations (2)		7,355		5,011		2,298		46		—		—		—
Other long-term obligations (3)		9,689,749		1,882,823		1,481,336		1,157,410		1,023,439		979,359		3,165,382
Operating lease obligations (2)		5,684,284		545,077		577,160		579,203		536,551		523,216		2,923,077
Purchase obligations		2,212,259		2,207,381		4,820		58		—		—		—
Total	$	44,469,585	$	7,218,274	$	14,119,091	$	6,999,381	$	5,584,805	$	3,238,585	$	7,309,449

(1)

Includes interest expense on the EchoStar 2024 Intercompany Loan due 2030 based on the December 31, 2024 amount outstanding plus interest paid in kind and assuming all future interest payments are paid in kind at the annual interest rate. See Note 9 for further information.

(2)

See Note 8 for further information on leases.

(3)

Represents minimum contractual commitments related to communication tower obligations, certain 5G Network Deployment commitments, obligations under the NSA with AT&T and the MNSA with T-Mobile, certain wireless device purchases and marketing obligations, radios, software and integration services and satellite related and other obligations.

In certain circumstances the dates on which we are obligated to make these payments could be delayed.

The table above does not include $678 million of liabilities associated with unrecognized tax benefits that were accrued, as discussed in Note 10 and are included on our Consolidated Balance Sheets as of December 31, 2024. We do not expect any portion of this amount to be paid or settled within the next 12 months.

5G Network Deployment

We initially invested a total of over $30 billion in Wireless spectrum licenses, and a portion of these licenses were included in the Sale and Transfer of Assets to EchoStar. We currently have $24 billion of investments related to Wireless spectrum licenses, which does not include $7 billion of capitalized interest related to the carrying value of such licenses. See Note 1 and Note 2 for further information. We continue to commercialize our Wireless spectrum licenses through the completion of our 5G Network Deployment. We have committed to the FCC to deploy our 5G Network capable of serving increasingly larger portions of the U.S. population at different deadlines.

We may need to raise additional capital in the future, which may not be available on favorable terms or at all, to fund the efforts described below, as well as, among other things, make any potential Northstar Re-Auction Payment and SNR Re-Auction Payment for the AWS-3 licenses retained by the FCC. There can be no assurance that we will be able to complete all build-out requirements or profitably deploy our Wireless spectrum licenses, which may affect the carrying amount of these assets and our future financial condition or results of operations.

Wireless Spectrum Licenses

Liberty Puerto Rico Asset Sale. On November 5, 2023, we entered into an Asset Purchase Agreement, License Purchase Agreement and other ancillary transaction agreements with Liberty Latin America (“Liberty”) and its affiliate providing for the sale of certain of our wireless assets in Puerto Rico and the US Virgin Islands (the “Liberty Puerto Rico Asset Sale”). The consideration also includes a right for us to receive preferential international roaming rates within Liberty’s footprint at a reduced rate for a 10 year period. Subsequently, in the first quarter of 2024, a portion of our wireless assets included in the Liberty Puerto Rico Asset Sale were included in the Sale and Transfer of Assets to EchoStar. The Liberty Puerto Rico Asset Sale was approved by the FCC and DOJ and closed in the third quarter of 2024.

Our parent, EchoStar, will receive payments totaling $251 million, of which we will receive payments totaling $125 million, including working capital adjustments, over a three year period, including an upfront payment, which we received in September 2024. We expect to receive the remaining amounts annually over the next three years. As of December 31, 2024, we received payments of $95 million, which includes payments for a portion of wireless assets held by our parent, EchoStar. As a result, $46 million is recorded in “Trade accounts payable” on our Consolidated Balance Sheets.

The difference between our net carrying value of the assets sold to their fair value resulted in a $21 million gain which was recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2024.

Our Wireless spectrum licenses are subject to certain build-out requirements, as well as certain renewal requirements that are summarized in the table below:

Build-Out Deadlines

Final

Carrying Amount

Interim

Accelerated License Areas

Extension License Areas

Expiration Date

(In thousands)

Owned:

DBS Licenses (1)

677,409

600 MHz Licenses

6,192,575

December 31, 2024 (3)

June 14, 2025 (5)

June 2029

3.45–3.55 GHz Licenses

7,329,093

May 4, 2026 (6)

May 4, 2030 (6)

May 2037

1695-1710 MHz, 1755-1780 MHz and 2155-2180 MHz (2)

972

March 2026

AWS-3

5,557,828

December 31, 2024 (4)

October 25, 2025 (7)

October 2025 (7)

Subtotal owned

19,757,877

Noncontrolling Investments:

SNR

4,271,459

December 31, 2024 (4)

October 2025 (7)

Capitalized Interest (8)

6,811,062

Total Regulatory authorizations, net

30,840,398

Leased from EchoStar (9):

700 MHz Licenses (2)

701,803

December 31, 2024 (10)

June 14, 2025 (11)

June 2033

AWS-4 Licenses (2)

1,928,688

December 31, 2024 (10)

June 14, 2025 (11)

June 2033

H Block Licenses (2)

1,671,506

December 31, 2024 (10)

June 14, 2025 (12)

June 2033

MVDDS Licenses (1)

24,000

July, August, September 2034

LMDS Licenses (1)

—

September 2028

28 GHz Licenses

2,883

October 2, 2029 (13)

October 2029

24 GHz Licenses

11,772

December 11, 2029 (13)

December 2029

37 GHz, 39 GHz and 47 GHz Licenses

202,392

June 4, 2030 (13)

June 2030

3550-3650 MHz Licenses

912,200

March 12, 2031 (13)

March 2031

3.7-3.98 GHz Licenses

2,969

July 23, 2029 (13)

July 23, 2033 (13)

July 2036

Total Leased from EchoStar

5,458,213

(1)	The build-out deadlines for these licenses have been met.

(2)	The interim build-out deadlines for these licenses are in the past.

(3)

In a January 10, 2025 filing to the FCC, we certified that we were offering 5G broadband service for certain of these license areas to at least 85% of the population in each Partial Economic Area (which is a service area established by the FCC), and offering 5G broadband service for certain other licenses to at least 80% of the population in each Partial Economic Area by this date (part of Commitments #2 and #3 of the Extension Request). These licenses are set forth in Appendices B and E of the Extension Request. Under the Extension Request, if we successfully fulfill Commitments #2 and #3, the final construction deadline for the 600 MHz licenses listed in Appendix G-2 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026.

(4)

In a January 10, 2025 filing to the FCC, we certified that we were offering reliable signal coverage for certain of these license areas and offering service for certain accelerated licenses to at least 85% of the population of each license area and for certain other accelerated licenses to at least 80% of the population of each license area by this date (part of Commitments #2 and #3 the Extension Request). These accelerated licenses are set forth in Appendices C and F of the Extension Request. Under the Extension Request, if we successfully fulfill Commitment #2 and Commitment #3, the final construction deadlines for the AWS-3 licenses listed in Appendix G-3 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026.

(5)

For the 600 MHz licenses set forth in Appendix G-2 of the Extension Request, we have certified to meeting the accelerated buildout obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 75% of the population in each Partial Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, 2026. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80 percent of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80 percent of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide.

(6)	There are a variety of build-out options and associated build-out metrics associated with these licenses. If the interim build-out requirement is not met, the final build-out requirement may be accelerated by one year from May 2030 to May 2029.

(7)

For the AWS-3 licenses set forth in Appendix G-3 of the Extension Request, we have certified to meeting the accelerated buildout obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 75% of the population in each license area with respect to these licenses shall be extended to December 14, 2026. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80 percent of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80 percent of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide.

(8)	See Note 2 for further information.

(9)	See Note 1 for further information on the Sale and Transfer of Assets to EchoStar and see Note 16 for Related Party Transactions with EchoStar.

(10)

In a January 10, 2025 filing to the FCC, we certified that we were offering 5G broadband service for certain of these license areas to at least 85% of the population in each Economic Area (which is a service area established by the FCC), and offering 5G broadband service for certain other licenses to at least 80% of the population in each Economic Area by this date (part of Commitments #2 and #3 of the September 2024 FCC Extension Request “Extension Request”). These licenses are set forth in Appendices A and D of the Extension Request. Under the Extension Request, if we successfully fulfill Commitments #2 and #3, the final construction deadline for the AWS-4 licenses, the AWS H Block licenses, and the Lower 700 MHz E Block licenses listed in Appendix G-1 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026.

(11)

For the 700 MHz and AWS-4 licenses set forth in Appendix G-1 of the Extension Request, we have certified to meeting the accelerated buildout obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 70% of the population in each Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, 2026. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80 percent of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80 percent of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide.

(12)

For the H-Block licenses set forth in Appendix G-1 of the Extension Request, we have certified to meeting the accelerated buildout obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 75% of the population in each Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, 2026. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80 percent of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80 percent of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide.

(13)	There are a variety of build-out options and associated build-out metrics associated with these licenses.

Commercialization of Our Wireless Spectrum Licenses and Related Assets. On September 29, 2023, the FCC confirmed we met all of our June 14, 2023 band-specific 5G deployment commitments, and two of our three nationwide 5G commitments. The single remaining 5G commitment, that at least 70% of the U.S. population has access to average download speeds equal to 35 Mbps, was achieved in March 2024 using the drive test methodology previously agreed upon by us and the FCC and overseen by an independent monitor. We currently have the largest commercial deployment of 5G VoNR in the world covering over 220 million Americans and 5G broadband service covering over 268 million Americans. We currently expect capital expenditures, excluding capitalized interest, for our 5G Network Deployment to be approximately $10 billion, including amounts incurred in 2021, 2022, 2023 and 2024. See Note 2 for further information.

In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments and in a January 10, 2025 filing to the FCC, we certified to meeting the accelerated buildout (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request) due by December 31, 2024, as defined and detailed in the footnotes to the table above. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments, as defined and detailed in the footnotes to the table above.

We may need to make significant additional investments or partner with others to, among other things, continue our 5G Network Deployment and further commercialize, build-out and integrate these licenses and related assets and any additional acquired licenses and related assets, as well as to comply with regulations applicable to such licenses. Depending on the nature and scope of such activities, any such investments or partnerships could vary significantly. In addition, as we continue our 5G Network Deployment, we have and may continue to incur significant additional expenses related to, among other things, research and development, wireless testing and ongoing upgrades to the wireless network infrastructure, software and third-party integration. As a result of these investments, among other factors, we may need to raise additional capital, which may not be available on favorable terms or at all. We may also determine that additional wireless spectrum licenses may be required for our 5G Network Deployment, which will enhance our ability to compete effectively with other wireless service providers.

AWS-3 Auction

Northstar Wireless is a wholly-owned subsidiary of Northstar Spectrum, which is an entity wholly-owned by us and, prior to October 12, 2023, by us and Northstar Manager. SNR Wireless is a wholly-owned subsidiary of SNR HoldCo, which is an entity owned by us and our parent’s direct wholly-owned subsidiary EchoStar SNR HoldCo L.L.C. and, prior to February 16, 2024, by us and SNR Management. See Note 2 for further information.

Northstar Wireless and SNR Wireless each filed applications with the FCC to participate in Auction 97 (the “AWS-3 Auction”) for the purpose of acquiring certain AWS-3 Licenses. Each of Northstar Wireless and SNR Wireless applied to receive bidding credits of 25% as designated entities under applicable FCC rules.

FCC Order and October 2015 Arrangements. On August 18, 2015, the FCC released a Memorandum Opinion and Order, FCC 15-104 (the “Order”) in which the FCC determined, among other things, that DISH Network has a controlling interest in, and is an affiliate of, Northstar Wireless and SNR Wireless, and therefore DISH Network’s revenues should be attributed to them, which in turn makes Northstar Wireless and SNR Wireless ineligible to receive the 25% bidding credits (approximately $1.961 billion for Northstar Wireless and $1.370 billion for SNR Wireless). On November 23, 2020, the FCC released a Memorandum Opinion and Order on Remand, FCC 20-160, that found that Northstar Wireless and SNR Wireless are not eligible for bidding credits based on the FCC’s determination that they remain under DISH Network’s de facto control. Northstar Wireless and SNR Wireless appealed the FCC’s order to the D.C. Circuit Court of Appeals. On June 21, 2022, the United States Court of Appeals for the District of Columbia issued an Opinion rejecting this challenge. On January 17, 2023, Northstar Wireless filed a petition for a writ of certiorari asking the United States Supreme Court to hear a further appeal, but that petition was denied on June 30, 2023.

Letters Exchanged between Northstar Wireless and the FCC Wireless Bureau. As outlined in letters exchanged between Northstar Wireless and the Wireless Telecommunications Bureau of the FCC (the “FCC Wireless Bureau”), Northstar Wireless paid the gross winning bid amounts for 261 AWS-3 Licenses and notified the FCC that it would not be paying the gross winning bid amounts for 84 AWS-3 Licenses. As a result of the nonpayment of those gross winning bid amounts, the FCC retained those licenses.

If the winning bids from re-auction or other award of the AWS-3 licenses retained by the FCC are greater than or equal to the winning bids of Northstar Wireless, no additional amounts will be owed to the FCC by Northstar Wireless. However, if those winning bids are less than the winning bids of Northstar Wireless, then we will be responsible for the difference less any overpayment of the Northstar interim payment, detailed below, (which will be recalculated as 15% of the winning bids from re-auction or other award) (the “Northstar Re-Auction Payment”). For example, if the winning bids in a re-auction are $1, the Northstar Re-Auction Payment would be approximately $1.892 billion, which is calculated as the difference between $2.226 billion (the Northstar winning bid amounts) and $1 (the winning bids from re-auction) less the resulting $334 million overpayment of the Northstar interim payment.

We cannot predict with any degree of certainty the timing or outcome of any re-auction or the amount of any Northstar Re-Auction Payment.

Letters Exchanged between SNR Wireless and the FCC Wireless Bureau. As outlined in letters exchanged between SNR Wireless and the FCC Wireless Bureau, SNR Wireless paid the gross winning bid amounts for 244 AWS-3 Licenses and notified the FCC that it would not be paying the gross winning bid amounts for 113 AWS-3 Licenses. As a result of the nonpayment of those gross winning bid amounts, the FCC retained those licenses.

If the winning bids from re-auction or other award of the AWS-3 licenses retained by the FCC are greater than or equal to the winning bids of SNR Wireless, no additional amounts will be owed to the FCC by SNR Wireless. However, if those winning bids are less than the winning bids of SNR Wireless, then we and our parent, EchoStar, will be responsible for the difference less any overpayment of the SNR interim payment, detailed below, (which will be recalculated as 15% of the winning bids from re-auction or other award) (the “SNR Re-Auction Payment”). For example, if the winning bids in a re-auction are $1, the SNR Re-Auction Payment would be approximately $1.029 billion, which is calculated as the difference between $1.211 billion (the SNR winning bid amounts) and $1 (the winning bids from re-auction) less the resulting $182 million overpayment of the SNR interim payment. We cannot predict with any degree of certainty the timing or outcome of any re-auction or the amount of any SNR Re-Auction Payment.

D.C. Circuit Court Opinion. On August 29, 2017, the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”) in SNR Wireless LicenseCo, LLC, et al. v. Federal Communications Commission, 868 F.3d 1021 (D.C. Cir. 2017) (the “Appellate Decision”) affirmed the Order in part, and remanded the matter to the FCC to give Northstar Wireless and SNR Wireless an opportunity to seek to negotiate a cure of the issues identified by the FCC in the Order (a “Cure”). On January 26, 2018, SNR Wireless and Northstar Wireless filed a petition for a writ of certiorari, asking the United States Supreme Court to hear an appeal from the Appellate Decision, which the United States Supreme Court denied on June 25, 2018.

Order on Remand. On January 24, 2018, the FCC released an Order on Remand, DA 18-70 (the “Order on Remand”) purporting to establish a procedure to afford Northstar Wireless and SNR Wireless the opportunity to implement a Cure pursuant to the Appellate Decision. On June 8, 2018, Northstar Wireless and SNR Wireless each filed amended agreements to demonstrate that, in light of such changes, each of Northstar Wireless and SNR Wireless qualified for the very small business bidding credit that it sought in the AWS-3 Auction. Northstar Wireless and SNR Wireless filed a Joint Application for Review of the Order on Remand requesting, among other things, an iterative negotiation process with the FCC regarding a Cure, which was denied on July 12, 2018. The pleading cycle established in the Order on Remand concluded in October 2018. On November 23, 2020, the FCC issued a Memorandum Opinion and Order that concluded, among other things, that DISH Network retained de facto control over Northstar Wireless and SNR Wireless and denied the very small business bidding credit sought by Northstar Wireless and SNR Wireless, even though the parties had eliminated or significantly modified every provision previously deemed to have been disqualifying by the FCC. Northstar Wireless and SNR Wireless timely filed an appeal of the FCC’s 2020 decision. On June 21, 2022, the United States Court of Appeals for the District of Columbia issued an Opinion rejecting this challenge. On January 17, 2023, Northstar Wireless filed a petition for a writ of certiorari asking the United States Supreme Court to hear a further appeal, but that petition was denied on June 30, 2023.

For further information, refer to the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Satellite Insurance

We generally do not carry commercial in-orbit insurance on any of the satellites we own. We generally do not use commercial insurance to mitigate the potential financial impact of in-orbit failures because we believe that the cost of insurance premiums is uneconomical relative to the risk of such failures. While we generally have had in-orbit satellite capacity sufficient to transmit our existing channels and some backup capacity to recover the transmission of certain critical programming, our backup capacity is limited. In the event of a failure or loss of any of our owned or leased satellites, we may need to acquire or lease additional satellite capacity or relocate one of our other owned or leased satellites and use it as a replacement for the failed or lost satellite.

Purchase Obligations

Our 2025 purchase obligations primarily consist of binding purchase orders for certain fixed contractual commitments to purchase programming content, 5G Network Deployment equipment, receiver systems and related equipment, broadband equipment, digital broadcast operations, transmission costs, streaming delivery technology and infrastructure, engineering services, software and other products and services. In addition, our 2025 purchase obligations also include wireless devices related to our Wireless segment. Our purchase obligations may fluctuate significantly from period to period due to, among other things, management’s timing of payments and inventory purchases, which can materially impact our future operating asset and liability balances and our future working capital requirements.

Programming Contracts

In the normal course of business, we enter into contracts to purchase programming content in which our payment obligations are generally contingent on the number of Pay-TV subscribers to whom we provide the respective content. These programming commitments are not included in the “Commitments” table above. The terms of our contracts typically range from one to ten years with annual rate increases. Our programming expenses will increase to the extent we are successful in growing our Pay-TV subscriber base. In addition, programming costs per subscriber continue to increase due to contractual price increases and the renewal of long-term programming contracts on less favorable pricing terms.

Patents and Intellectual Property

Many entities, including some of our competitors, have or may in the future obtain patents and other intellectual property rights that cover or affect products or services that we offer or that we may offer in the future. We may not be aware of all intellectual property rights that our products or services may potentially infringe. Damages in patent infringement cases can be substantial, and in certain circumstances can be trebled. Further, we cannot estimate the extent to which we may be required in the future to obtain licenses with respect to patents held by others and the availability and cost of any such licenses. Various parties have asserted patent and other intellectual property rights with respect to components of our products and services. We cannot be certain that these persons do not own the rights they claim, that our products do not infringe on these rights, and/or that these rights are not valid. Further, we cannot be certain that we would be able to obtain licenses from these persons on commercially reasonable terms or, if we were unable to obtain such licenses, that we would be able to redesign our products to avoid infringement.

Contingencies

Litigation

We are involved in a number of legal proceedings (including those described below) concerning matters arising in connection with the conduct of our business activities. Many of these proceedings are at preliminary stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made.

For certain cases described on the following pages, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

ClearPlay, Inc.

On March 13, 2014, ClearPlay, Inc. (“ClearPlay”) filed a complaint against us, our wholly-owned subsidiary DISH Network L.L.C., EchoStar and its then wholly-owned subsidiary EchoStar Technologies L.L.C., in the United States District Court for the District of Utah. The complaint alleges willful infringement of United States Patent Nos. 6,898,799 (the “799 patent”), entitled “Multimedia Content Navigation and Playback”; 7,526,784 (the “784 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; 7,543,318 (the “318 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; 7,577,970 (the “970 patent”), entitled “Multimedia Content Navigation and Playback”; and 8,117,282 (the “282 patent”), entitled “Media Player Configured to Receive Playback Filters From Alternative Storage Mediums.” ClearPlay alleges that the AutoHop™ feature of our Hopper® set-top box infringes the asserted patents. On February 11, 2015, the case was stayed pending various third-party challenges before the United States Patent and Trademark Office regarding the validity of certain of the patents asserted in the action.

In those third-party challenges, the United States Patent and Trademark Office found that all claims of the 282 patent are unpatentable, and that certain claims of the 784 patent and 318 patent are unpatentable. ClearPlay appealed as to the 784 patent and the 318 patent, and on August 23, 2016, the United States Court of Appeals for the Federal Circuit affirmed the findings of the United States Patent and Trademark Office. On October 31, 2016, the stay was lifted, and in May 2017, ClearPlay agreed to dismiss us and EchoStar as defendants, leaving DISH Network L.L.C. and DISH Technologies L.L.C. as the sole defendants.

On October 16, October 21, November 2, 2020 and November 9, 2020, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of the asserted claims of, respectively, the 784 patent, the 799 patent, the 318 patent and the 970 patent; and on November 2, November 20, December 14 and December 15, 2020, the United States Patent and Trademark Office granted each request for reexamination. On May 7, 2021, May 25, 2021, June 25, 2021 and July 7, 2021, the United States Patent and Trademark Office issued Ex Parte Reexamination Certificates confirming the patentability of the challenged claims of, respectively, the 799 patent, the 784 patent, the 318 patent and the 970 patent.

In October and November 2021, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of certain asserted claims of the 784 patent, the 799 patent and the 970 patent. In November and December, 2021, the United States Patent and Trademark Office granted review of the challenged claims of the 799 patent and the 970 patent, but denied review of the challenged claims of the 784 patent. On January 24, 2022, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 799 patent, and on January 19, 2023, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 970 patent.

In an order dated January 31, 2023, the Court granted in part and denied in part DISH Network L.L.C.’s and DISH Technologies L.L.C.’s motion for summary judgment. Thereafter, ClearPlay narrowed its case to three asserted claims: one under the 799 patent and two under the 970 patent. Following a two-week trial, on March 10, 2023, the jury returned a verdict that DISH Network L.L.C. and DISH Technologies L.L.C. infringed each of the asserted patent claims (though not willfully), and awarded damages of $469 million. That verdict became moot on March 21, 2023, when the trial court indicated that it would grant DISH Network L.L.C.’s and DISH Technologies L.L.C.’s motion for judgment as a matter of law, thus effectively vacating the jury award. On June 2, 2023, the Court entered its formal order granting judgment as a matter of law. On December 12, 2023, the Court denied ClearPlay’s motion to alter or amend the judgment. ClearPlay has filed a notice of appeal to the United States Court of Appeals for the Federal Circuit and briefing was completed on November 27, 2024.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Data Breach Class Actions

On May 9, 2023, Susan Owen-Brooks, an alleged customer, filed a putative class action complaint against us in the United States District Court for the District of Colorado. She purports to represent a nationwide class of all individuals in the United States who allegedly had private information stolen as a result of the February 23, 2023 Cyber-security Incident (and a North Carolina statewide subclass of the same individuals). Since that filing, ten additional putative class action complaints have been filed in the United States District Court for the District of Colorado, purporting to represent the same nationwide class of people, and Owen-Brooks has filed an amended complaint. On August 2, 2023, the Court issued an order consolidating the first ten cases (the eleventh was dismissed) and, on November 16, 2023 and January 16, 2024, the plaintiffs filed consolidated amended class action complaints. On September 27, 2024, the Court granted our motion to dismiss the First Amended Consolidated Class Action Complaint as to eight of the eleven named plaintiffs and as to certain causes of action. On October 29, 2024, the Plaintiffs filed the operative Second Amended Consolidated Class Action Complaint, which deletes the allegations as to the dismissed plaintiffs and causes of action, leaving three named plaintiffs and causes of action for negligence, negligence per se, breach of implied contract, and declaratory judgment.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Digital Broadcasting Solutions, LLC

On August 29, 2022, Digital Broadcasting Solutions, LLC filed a complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 8,929,710 (the “710 patent”) and U.S. Patent No. 9,538,122 (the “122 patent”), each entitled “System and method for time shifting at least a portion of a video program.” Generally, the plaintiff contends that the AutoHop feature of our Hopper® set-top boxes infringes the asserted patents. On June 21, 2023, the Court granted the motion of DISH Network L.L.C. and DISH Technologies L.L.C. to have the case transferred to the United States District Court for the District of Colorado.

In May 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 710 patent and the 122 patent and, on December 9, 2024, the United States Patent and Trademark Office issued final written decisions invalidating 38 of the 39 challenged claims. On January 13, 2025, Digital Broadcasting Solutions filed a notice of appeal of those final written decisions, and on February 7, 2025, DISH Network L.L.C. and DISH Technologies L.L.C. cross-appealed as to the single patent claim that wasn’t invalidated. The underlying case has been stayed since May 9, 2024, pending resolution of the petitions before the United States Patent and Trademark Office and any related appeals.

Entropic Communications, LLC (first action)

On March 9, 2022, Entropic Communications, LLC (“Entropic”) filed a complaint against us and our wholly-owned subsidiaries DISH Network L.L.C. and Dish Network Service L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 7,130,576 (the “576 patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; U.S. Patent No. 7,542,715 (the “715 Patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; and U.S. Patent No. 8,792,008 (the “008 Patent”), entitled “Method and Apparatus for Spectrum Monitoring.” On March 30, 2022, Entropic filed an amended complaint alleging infringement of the same patents. Generally, the plaintiff accuses satellite antennas, low-noise block converters, signal selector and combiners, and set-top boxes and the manner in which they process signals for satellite television customers of infringing the asserted patents. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. On October 24, 2022, this case was ordered to be transferred to the United States District Court for the Central District of California. A companion case against DirecTV was also ordered transferred to the United States District Court for the Central District of California.

In January and February of 2023, DISH Network L.L.C. and Dish Network Service L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 715 patent, all claims of the 008 patent, and 25 claims of the 576 patent, which includes all of its asserted claims. In August and September 2023, the Patent Office denied institution on the petitions challenging the 715 patent and the 576 patent. In September 2023, at the parties’ joint request, the Patent Office dismissed the petition challenging the 008 patent, as Entropic agreed to drop its claims against DISH Network on that patent. On July 12, 2024, the United States Patent and Trademark Office granted a request for reexamination of the 715 patent.

Entropic Communications, LLC (second action)

On February 10, 2023, Entropic filed a second lawsuit against us and our wholly-owned subsidiaries DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation in the United States District Court for the Central District of California. The complaint alleges infringement of U.S. Patent No. 7,295,518 (the “518 patent”), entitled “Broadband network for coaxial cable using multi-carrier modulation”; U.S. Patent No. 7,594,249 (the “249 patent”), entitled “Network interface device and broadband local area network using coaxial cable”; U.S. Patent Nos. 7,889,759 (the “759 patent”), entitled “Broadband cable network utilizing common bit-loading”; U.S. Patent No. 8,085,802 (the “802 Patent”), entitled “Multimedia over coaxial cable access protocol”; U.S. Patent No. 9,838,213 (the “213 patent”), entitled “Parameterized quality of service architecture in a network”; U.S. Patent No. 10,432,422 (the “422 patent”), entitled “Parameterized quality of service architecture in a network”; U.S. Patent No. 8,631,450 (the “450 patent”), entitled “Broadband local area network”; U.S. Patent No. 8,621,539 (the “539 patent”), entitled “Physical layer transmitter for use in a broadband local area network”; U.S. Patent No. 8,320,566 (the “0,566 patent”), entitled “Method and apparatus for performing constellation scrambling in a multimedia home network”; U.S. Patent No. 10,257,566 (the “7,566 patent”), entitled “Broadband local area network”; U.S. Patent No. 8,228,910 (the “910 Patent”), entitled “Aggregating network packets for transmission to a destination mode”; and U.S. Patent No. 8,363,681 (the “681 patent”), entitled “Method and apparatus for using ranging measurements in a multimedia home network.” Generally, the patents relate to Multimedia over Coax Alliance standards and the manner in which we provide a whole-home DVR network over an on-premises coaxial cable network. Entropic has asserted the same patents in the same court against Comcast, Cox and DirecTV. On September 7, 2023, the Court granted the motion of DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation to dismiss the claims arising from the 7,566 patent and the 910 patent on the grounds that they claimed in eligible subject matter. In January and February 2024, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of the 249 patent, the 518 patent, the 759 patent, the 450 patent, the 539 patent, the 0,566 patent, and the 681 patent. In July and August 2024, the United States Patent and Trademark Office agreed to institute proceedings on the petitions challenging the 249 patent and the 518 patent, but denied institution on the remaining petitions. On February 24, 2025, the Court granted other defendants’ motions to dismiss the claims arising from the 213 patent, the 422 patent, the 601 patent and the 802 patent on the grounds that they claimed in eligible subject matter.

Freedom Patents

On April 7, 2023, Freedom Patents LLC filed a complaint against us and our wholly-owned subsidiaries DISH Network L.L.C. and Dish Network Service L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 8,284,686 (the “686 Patent”), entitled “Antenna/Beam Selection Training in MIMO Wireless LANS with Different Sounding Frames”; U.S. Patent No. 8,374,096 (the “096 Patent”), entitled “Method for Selecting Antennas and Beams in MIMO Wireless LANs”; and U.S. Patent No. 8,514,815 (the “815 Patent”), entitled “Training Signals for Selecting Antennas and Beams in MIMO Wireless LANs.” Similar complaints were also filed against Acer, Altice, Charter, Comcast and Verizon. In general, the asserted patents relate to the 802.11 wireless standard, and the products accused of infringement are the Wireless Joey, its access point, and certain Ring, Nest and Linksys products that we sell. On March 15, 2024, the Court denied the defendants’ motion to transfer the case to the United States District Court for the District of Colorado. On May 24, 2024, the case was dismissed pursuant to a settlement under which we, DISH Network L.L.C. and Dish Network Service L.L.C. paid an immaterial amount. This matter is now concluded.

Jones 401(k) Litigation

On December 20, 2021, four former employees filed a class action complaint in the United States District Court for the District of Colorado against us, our Board of Directors at that time, and our Retirement Plan Committee at that time alleging fiduciary breaches arising from the management of our 401(k) Plan. The putative class, comprised of all participants in the Plan on or after January 20, 2016, alleges that the Plan had excessive recordkeeping and administrative expenses and that it maintained underperforming funds. On February 1, 2023, a Magistrate Judge issued a recommendation that the defendants’ motion to dismiss the complaint be granted, and on March 27, 2023, the district court judge granted the motion. As permitted by the Court’s order, the plaintiffs filed an amended complaint on April 10, 2023, which is limited to allegations regarding the alleged underperformance of the Fidelity Freedom Funds. On November 7, 2023, a Magistrate Judge issued a recommendation that the defendants’ motion to dismiss the amended complaint be denied as to the duty to prudently monitor fund performance, but be granted as to the duty of loyalty and, on November 27, 2023, the district court judge entered an order adopting the recommendation. On March 1, 2024, by stipulation, the plaintiffs dismissed their claims against the Board of Directors and the Retirement Plan Committee, leaving DISH Network as the sole defendant. On April 30, 2024, pursuant to the parties’ stipulation, the Court certified the proposed plaintiff class. On October 30, 2024, pursuant to the parties’ stipulation, the Court stayed the litigation pending a mediation.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Lingam Securities Class Action (formerly Jaramillo)

On March 23, 2023, a securities fraud class action complaint was filed against us and Messrs. Ergen, Carlson and Orban in the United States District Court for the District of Colorado. The complaint was brought on behalf of a putative class of purchasers of our securities during the February 22, 2021 to February 27, 2023 class period. In general, the complaint alleged that DISH Network’s public statements during that period were false and misleading and contained material omissions, because they did not disclose that we allegedly maintained a deficient cybersecurity and information technology infrastructure, were unable to properly secure customer data and our operations were susceptible to widespread service outages.

In August 2023, the Court appointed a new lead plaintiff and lead plaintiff’s counsel, and, on October 20, 2023, they filed an amended complaint that abandoned the original allegations. In their amended complaint, plaintiffs allege that, during the class period, the defendants concealed problems concerning the 5G network buildout that prevented scaling and commercializing the network to obtain enterprise customers. The amended complaint added as individual defendants James S. Allen, our Senior Vice President and Chief Accounting Officer; John Swieringa, our President, Technology and Chief Operating Officer; Dave Mayo, our former Executive Vice President of Network Development; Marc Rouanne, our former Executive Vice President and Chief Network Officer; and Stephen Bye, our former Executive Vice President and Chief Commercial Officer. After the defendants filed a motion to dismiss, the plaintiffs filed a further amended complaint, asserting the same theory, on February 23, 2024. The new complaint drops Erik Carlson, John Swieringa, Paul Orban and James Allen as individual defendants.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Mesa Digital

On November 27, 2024, Mesa Digital, LLC filed a complaint in the United States District Court for the Western District of Texas against our wholly-owned subsidiary DISH Wireless alleging infringement of United States Patent No. 9,031,537, entitled “Electronic Wireless Hand Held Multimedia Device.” Generally, it relates to an electronic handheld device with a touch-sensitive display.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Mobility Workx

On December 3, 2024, Mobility Workx, LLC filed a complaint in the United States District Court for the Eastern District of Texas against our wholly-owned subsidiary DISH Wireless alleging infringement of United States Patent No. 7,697,508, entitled “System, Apparatus and Methods for Proactive Allocation of Wireless Communication Resources.” Generally, it relates to hand-offs in a mobile network.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Quantum Technology Innovations LLC

On June 5, 2024, Quantum Technology Innovations, LLC filed a complaint in the United States District Court for the Eastern District of Texas against us alleging infringement of United States Patent No. 7,650,376, entitled “Content Distribution System for Distributing Content Over a Network, with Particular Applicability to Distributing High-Bandwidth Content.” The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. On August 8, 2024, Quantum Technology Innovations dismissed its complaint without prejudice. This matter is now concluded.

Realtime Data LLC and Realtime Adaptive Streaming LLC

On June 6, 2017, Realtime Data LLC d/b/a IXO (“Realtime”) filed an amended complaint in the United States District Court for the Eastern District of Texas (the “Original Texas Action”) against us; our wholly-owned subsidiaries DISH Network L.L.C., DISH Technologies L.L.C. (then known as EchoStar Technologies L.L.C.), Sling TV L.L.C. and Sling Media L.L.C.; EchoStar, and EchoStar’s wholly-owned subsidiary Hughes Network Systems, L.L.C. (“HNS”); and Arris Group, Inc. Realtime’s initial complaint in the Original Texas Action, filed on February 14, 2017, had named only EchoStar and HNS as defendants.

The amended complaint in the Original Texas Action alleges infringement of United States Patent No. 8,717,204 (the “204 patent”), entitled “Methods for encoding and decoding data”; United States Patent No. 9,054,728 (the “728 patent”), entitled “Data compression systems and methods”; United States Patent No. 7,358,867 (the “867 patent”), entitled “Content independent data compression method and system”; United States Patent No. 8,502,707 (the “707 patent”), entitled “Data compression systems and methods”; United States Patent No. 8,275,897 (the “897 patent”), entitled “System and methods for accelerated data storage and retrieval”; United States Patent No. 8,867,610 (the “610 patent”), entitled “System and methods for video and audio data distribution”; United States Patent No. 8,934,535 (the “535 patent”), entitled “Systems and methods for video and audio data storage and distribution”; and United States Patent No. 8,553,759 (the “759 patent”), entitled “Bandwidth sensitive data compression and decompression.”

Realtime alleges that our, Sling TV L.L.C.’s, Sling Media L.L.C.’s and Arris Group, Inc.’s streaming video products and services compliant with various versions of the H.264 video compression standard infringe the 897 patent, the 610 patent and the 535 patent, and that the data compression system in HNS’ products and services infringes the 204 patent, the 728 patent, the 867 patent, the 707 patent and the 759 patent.

On July 19, 2017, the Court severed Realtime’s claims against us, DISH Network L.L.C., Sling TV L.L.C., Sling Media L.L.C. and Arris Group, Inc. (alleging infringement of the 897 patent, the 610 patent and the 535 patent) from the Original Texas Action into a separate action in the United States District Court for the Eastern District of Texas (the “Second Texas Action”).

On August 31, 2017, Realtime dismissed the claims against us, Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. from the Second Texas Action and refiled these claims (alleging infringement of the 897 patent, the 610 patent and the 535 patent) against Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. in a new action in the United States District Court for the District of Colorado (the “Colorado Action”). Also on August 31, 2017, Realtime dismissed DISH Technologies L.L.C. from the Original Texas Action, and on September 12, 2017, added it as a defendant in an amended complaint in the Second Texas Action. On November 6, 2017, Realtime filed a joint motion to dismiss the Second Texas Action without prejudice, which the Court entered on November 8, 2017.

On October 10, 2017, Realtime Adaptive Streaming LLC (“Realtime Adaptive Streaming”) filed suit against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., in a new action in the United States District Court for the Eastern District of Texas (the “Third Texas Action”), alleging infringement of the 610 patent and the 535 patent. Also on October 10, 2017, an amended complaint was filed in the Colorado Action, substituting Realtime Adaptive Streaming as the plaintiff instead of Realtime, and alleging infringement of only the 610 patent and the 535 patent, but not the 897 patent. On November 6, 2017, Realtime Adaptive Streaming filed a joint motion to dismiss the Third Texas Action without prejudice, which the court entered on November 8, 2017. Also on November 6, 2017, Realtime Adaptive Streaming filed a second amended complaint in the Colorado Action, adding our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., as defendants.

As a result, neither we nor any of our subsidiaries is a defendant in the Original Texas Action; the Court has dismissed without prejudice the Second Texas Action and the Third Texas Action; and our wholly-owned subsidiaries DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. as well as Arris Group, Inc., are defendants in the Colorado Action, which now has Realtime Adaptive Streaming as the named plaintiff. Following settlements with the plaintiff, EchoStar and HNS were dismissed from the Original Texas Action in February 2019, and Arris Group, Inc. was dismissed from the Colorado Action in March 2021.

On July 3, 2018, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of each of the asserted patents. On January 31, 2019, the United States Patent and Trademark Office agreed to institute proceedings on our petitions, and it held trial on the petitions on December 5, 2019. On January 17, 2020, the United States Patent and Trademark Office terminated the petitions as time-barred, but issued a final written decision invalidating the 535 patent to third parties that had timely joined in our petition (and, on January 10, 2020, issued a final written decision invalidating the 535 patent in connection with a third party’s independent petition). On March 16, 2020, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a notice of appeal from the terminated petitions to the United States Court of Appeals for the Federal Circuit. On June 29, 2020, the United States Patent and Trademark Office filed a notice of intervention in the appeal. On March 16, 2021, the Court of Appeals dismissed the appeal for lack of jurisdiction. On April 29, 2021, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a petition for rehearing, which was denied on June 28, 2021. On January 12, 2021, Realtime Adaptive Streaming filed a notice of dismissal of its claims on the 535 patent.

On July 30, 2021, the District Court granted summary judgment in favor of DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C., holding that the remaining asserted patent, the 610 patent, is invalid because it claims patent-ineligible abstract subject matter. Realtime Adaptive Streaming appealed that ruling to the United States Court of Appeals for the Federal Circuit, and on May 11, 2023, that Court affirmed the District Court’s summary judgment order. Independently, on September 21, 2021, in connection with an ex parte reexamination of the validity of the 610 patent, an examiner at the United States Patent and Trademark Office issued a final office action rejecting each asserted claim of the 610 patent as invalid over the cited prior art. On April 19, 2023, the Patent Trial and Appeal Board rejected Realtime Adaptive Streaming’s appeal and affirmed the examiner’s rejection of the asserted claims of the 610 patent. Realtime did not further appeal the Patent Trial and Appeal Board’s determination and, thus, the asserted claims of the 610 patent were canceled. As a result, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. no longer face any possible exposure from this matter, and the liability phase of this case is concluded.

On January 21, 2022, the District Court granted the motion by DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. to have the case declared “exceptional,” and on September 20, 2022, awarded them $3.9 million in attorneys’ fees. Realtime Adaptive Streaming filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the exceptionality and fee award orders, and on August 23, 2024, that Court vacated the exceptionality finding and remanded for further consideration of the issue. On November 26, 2024, the United States Court of Appeals for the Federal Circuit denied DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C.’s petition seeking rehearing en banc. On February 5, 2024, on remand, the District Court denied the motion to declare the case exceptional. On March 6, 2025, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. filed a notice of appeal of that order.

SafeCast Limited

On June 27, 2022, SafeCast Limited filed a complaint against us in the United States District Court for the Western District of Texas. The complaint alleges that we infringe U.S. Patent No. 9,392,302, entitled “System for providing improved facilities in time-shifted broadcasts” (the “302 patent”). On the same day, it brought complaints in the same court asserting infringement of the same patent against AT&T, Google, HBO, NBCUniversal, Paramount and Verizon. On October 24, 2022, in response to the parties’ joint motion, the Court ordered the case against us transferred to the United States District Court for the District of Colorado. On December 1, 2022, SafeCast filed an amended complaint naming our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. as defendants and withdrawing the allegations as to us. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On June 22, 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of the asserted claims of the 302 patent, and on June 26, 2024, the United States Patent and Trademark Office agreed to institute proceedings on that petition. On August 28, 2023, the Court stayed the case pending resolution of the petition. On October 3, 2024, in connection with a third-party’s petition citing different prior art, the United States Patent and Trademark Office invalidated all claims asserted against DISH Network L.L.C. and DISH Technologies L.L.C. Because SafeCast Limited did not appeal that decision, on January 27, 2025, the United States Patent and Trademark Office issued a certificate canceling, the challenged claims.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patent, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Sound View Innovations, LLC

On December 30, 2019, Sound View Innovations, LLC filed one complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. and a second complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The complaint against DISH Network L.L.C. and DISH Technologies L.L.C. alleges infringement of United States Patent No 6,502,133 (the “133 patent”), entitled “Real-Time Event Processing System with Analysis Engine Using Recovery Information” and both complaints allege infringement of United States Patent No. 6,708,213 (the “213 patent), entitled “Method for Streaming Multimedia Information Over Public Networks”; United States Patent No. 6,757,796 (the “796 patent”), entitled “Method and System for Caching Streaming Live Broadcasts transmitted Over a Network”; and United States Patent No. 6,725,456 (the “456 patent”), entitled “Methods and Apparatus for Ensuring Quality of Service in an Operating System.” All but the 133 patent are also asserted in the complaint against Sling TV L.L.C. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On May 21, 2020, June 3, 2020, June 5, 2020 and July 10, 2020, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of, respectively, the 213 patent, the 133 patent, the 456 patent and the 796 patent. On November 25, 2020, the United States Patent and Trademark Office declined to review the validity of the 213 patent, and on September 29, 2021, denied a request for rehearing of that decision. On January 19, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 456 patent but declined to review the 133 patent. On February 24, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 796 patent. On January 18, 2022, the United States Patent and Trademark Office issued a final written decision holding that the challenged claim of the 456 patent is patentable, and on February 8, 2022, it issued a final written decision holding that the challenged claims of the 796 patent are patentable.

On March 22, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the adverse final written decision regarding the 456 patent, and on April 8, 2022, they filed a notice of appeal to the same court from the adverse final written decision regarding the 796 patent. The appeal on the 456 patent was voluntarily dismissed on December 6, 2022. The Federal Circuit heard oral argument on the 796 patent appeal on October 3, 2023, and affirmed the United States Patent and Trademark Office’s adverse final written decision on October 5, 2023.

On April 20, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of one of the asserted claims of the 213 patent, and reexamination was ordered on June 16, 2022.

On November 13, 2023, the United States Patent and Trademark Office confirmed the patentability of the challenged claim. On January 18, 2023, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a second petition requesting ex parte reexamination of the validity of the four other asserted claims of the 213 patent, reexamination was ordered on April 17, 2023, and it remains pending. On October 17, 2024, the Court ordered that the stay of the case, which had been entered for the pendency of the original petitions before the United States Patent and Trademark Office, would remain in place pending the outcome of Sound View’s appeal in a parallel action against Hulu.

We intend to vigorously defend these cases. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

State of Illinois ex rel. Rodriguez

In March 2020, two private “relators” filed this case in the Circuit Court of Cook County Illinois, County Department, Law Division, under the Illinois False Claims Act against DISH Wireless, Sprint and more than 60 Boost Mobile retailers in Illinois. The defendants only became aware of the lawsuit after it was unsealed in March 2022. The operative Second Amended Complaint alleges that the retailer defendants should have collected sales tax under the Retailers’ Occupation Tax Act on any amounts that Sprint or DISH Network rebated them to facilitate handset price discounts to Illinois consumers (“Prepaid Phone Rebates”) and on any phone activation fees the retailers charged to customers (“Device Setup Charges”). It further alleges that DISH Wireless and Sprint are liable for the alleged violations arising from the Device Setup Charges because of the way they allegedly managed the point-of-sale system that the retailer defendants used. The Plaintiffs seek to recover triple the amount of allegedly unpaid taxes, fines for each alleged violation, and attorneys’ fees and costs. On June 13, 2023, the Court denied the defendants’ motions to dismiss the complaint, but on January 2, 2024, it granted reconsideration and dismissed the complaint as to DISH Wireless and Sprint, with leave to amend. The Plaintiffs filed a Third Amended Complaint on February 2, 2024. On September 20, 2024, the Court granted DISH Wireless’s and Sprint’s motion to dismiss the Third Amended Complaint, without further leave to amend.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

TQ Delta, LLC

On July 17, 2015, TQ Delta, LLC (“TQ Delta”) filed a complaint against us and our wholly-owned subsidiaries DISH DBS Corporation and DISH Network L.L.C. in the United States District Court for the District of Delaware. The Complaint alleges infringement of United States Patent No. 6,961,369 (the “369 patent”), which is entitled “System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System”; United States Patent No. 8,718,158 (the “158 patent”), which is entitled “System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System”; United States Patent No. 9,014,243 (the “243 patent”), which is entitled “System and Method for Scrambling Using a Bit Scrambler and a Phase Scrambler”; United States Patent No.7,835,430 (the “430 patent”), which is entitled “Multicarrier Modulation Messaging for Frequency Domain Received Idle Channel Noise Information”; United States Patent No. 8,238,412 (the “412 patent”), which is entitled “Multicarrier Modulation Messaging for Power Level per Subchannel Information”; United States Patent No. 8,432,956 (the “956 patent”), which is entitled “Multicarrier Modulation Messaging for Power Level per Subchannel Information”; and United States Patent No. 8,611,404 (the “404 patent”), which is entitled “Multicarrier Transmission System with Low Power Sleep Mode and Rapid-On Capability.”

On September 9, 2015, TQ Delta filed a first amended complaint that added allegations of infringement of United States Patent No. 9,094,268 (the “268 patent”), which is entitled “Multicarrier Transmission System With Low Power Sleep Mode and Rapid-On Capability.” On May 16, 2016, TQ Delta filed a second amended complaint that added EchoStar Corporation and its then wholly-owned subsidiary EchoStar Technologies L.L.C. as defendants. TQ Delta alleges that our satellite TV service, Internet service, set-top boxes, gateways, routers, modems, adapters and networks that operate in accordance with one or more Multimedia over Coax Alliance Standards infringe the asserted patents.

TQ Delta has filed actions in the same court alleging infringement of the same patents against Comcast Corp., Cox Communications, Inc., DirecTV, Time Warner Cable Inc. and Verizon Communications, Inc. TQ Delta is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

On July 14, 2016, TQ Delta stipulated to dismiss with prejudice all claims related to the 369 patent and the 956 patent. On July 20, 2016, we filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims of the 404 patent and the 268 patent that have been asserted against us. Third parties filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims that have been asserted against us in the action. On November 4, 2016, the United States Patent and Trademark Office agreed to institute proceedings on the third-party petitions related to the 158 patent, the 243 patent, the 412 patent and the 430 patent.

On December 20, 2016, pursuant to a stipulation of the parties, the Court stayed the case until the resolution of all petitions to the United States Patent and Trademark Office challenging the validity of all of the patent claims at issue. On January 19, 2017, the United States Patent and Trademark Office granted our motions to join the instituted petitions on the 430 and 158 patents.

On February 9, 2017, the United States Patent and Trademark Office agreed to institute proceedings on our petition related to the 404 patent, and on February 13, 2017, the United States Patent and Trademark Office agreed to institute proceedings on our petition related to the 268 patent. On February 27, 2017, the United States Patent and Trademark Office granted our motions to join the instituted petitions on the 243 and 412 patents. On October 26, 2017, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 158 patent, the 243 patent, the 412 patent and the 430 patent, and it invalidated all of the asserted claims of those patents.

On February 7, 2018, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 404 patent, and it invalidated all of the asserted claims of that patent on the basis of our petition. On February 10, 2018, the United States Patent and Trademark Office issued a final written decision on our petition challenging the 268 patent, and it invalidated all of the asserted claims.

On March 12, 2018, the United States Patent and Trademark Office issued a final written decision on a third-party petition challenging the 268 patent, and it invalidated all of the asserted claims. TQ Delta filed notices of appeal from the final written decisions adverse to it. On May 9, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the 430 patent and the 412 patent. On July 10, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 404 patent. On July 15, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 268 patent. On November 22, 2019, the United States Court of Appeals for the Federal Circuit reversed the invalidity finding on the 243 patent and the 158 patent, and then, on March 29, 2020, denied a petition for panel rehearing as to those findings. On April 13, 2021, the Court lifted the stay, and the case is proceeding on the 243 patent and the 158 patent. On April 23 and April 26, 2021, the United States Patent and Trademark Office issued orders granting requests for ex parte reexamination of, respectively, the 243 patent and the 158 patent, but on July 27, 2023 and October 11, 2023, respectively, the United States Patent and Trademark Office confirmed the challenged claims of the 243 patent and the 158 patent. In a proposed supplemental report, TQ Delta’s damages expert contends that TQ Delta is entitled to $251 million in damages.

Uniloc 2017 LLC

On January 31, 2019, Uniloc 2017 LLC (“Uniloc”) filed a complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The Complaint alleges infringement of United States Patent No. 6,519,005 (the “005 patent”), which is entitled “Method of Concurrent Multiple-Mode Motion Estimation for Digital Video”; United States Patent No. 6,895,118 (the “118 patent”), which is entitled “Method of Coding Digital Image Based on Error Concealment”; United States Patent No. 9,721,273 (the “273 patent”), which is entitled “System and Method for Aggregating and Providing Audio and Visual Presentations Via a Computer Network”); and United States Patent No. 8,407,609 (the “609 patent”), which is entitled “System and Method for Providing and Tracking the Provision of Audio and Visual Presentations Via a Computer Network.” Uniloc is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

On June 25, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 005 patent. On July 19, 2019 and July 22, 2019, respectively, Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all asserted claims of the 273 patent and the 609 patent. On August 12, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 118 patent. On October 18, 2019, pursuant to a stipulation of the parties, the Court entered a stay of the trial proceedings.

On January 9, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 005 patent. On January 15, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 273 patent. On February 4, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 609 patent. On February 25, 2020, the United States Patent and Trademark Office declined to institute proceedings on the petition challenging the 118 patent.

On December 28, 2020, the United States Patent and Trademark Office issued a final written decision upholding the validity of the challenged claims of the 273 patent. Sling TV L.L.C. appealed that decision to the United States Court of Appeals for the Federal Circuit, and on February 2, 2022, the Federal Circuit vacated the final written decision and remanded to the United States Patent and Trademark Office to reconsider its ruling. On remand, on September 7, 2022, the United States Patent and Trademark Office issued a revised final written decision finding all challenged claims of the 273 patent invalid. Uniloc filed a notice of appeal of that revised final written decision to the United States Court of Appeals for the Federal Circuit, and on September 4, 2024, that court affirmed the United States Patent and Trademark Office’s invalidity finding.

On January 5, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 005 patent. On January 19, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 609 patent (and a second final written decision invalidating all challenged claims of the 609 patent based on a third party’s petition). Uniloc did not appeal those decisions. Thus, the sole remaining asserted patent is the 118 patent.

Universal Service Administrative Company

On April 3, 2023, the Universal Service Administrative Company (“USAC”) notified our wholly-owned subsidiary DISH Wireless that it intended to seek to recover funds in the amount of $13.9 million disbursed under the Emergency Broadband Benefit Program (“EBBP”) and Affordable Connectivity Program (“ACP”) rules. We appealed this action and the USAC denied our appeal in October 2023. We appealed USAC's action to the FCC's Wireline Competition Bureau, which denied our appeal on January 17, 2025.

We will continue to appeal USAC's action. We cannot predict with any degree of certainty the outcome of our appeals or determine the extent of any potential liability or damages.

U.S. Bank Trust Company

On April 26, 2024, U.S. Bank Trust Company, in its capacity as Trustee under the Indentures for DISH DBS Corporation’s 5.75% Senior Secured Notes due 2028 and 7.75% Senior Notes due 2026, filed an action in state court in New York City against DISH DBS Corporation, DISH Network L.L.C., EchoStar Intercompany Receivable Company L.L.C., DISH DBS Issuer LLC, and DBS Intercompany Receivable L.L.C. In its complaint, the Trustee contends that certain intracompany asset transfers in January 2024 breached the Indentures for those Notes, and that the transfers were intentional and constructive fraudulent transfers under the Colorado Uniform Fraudulent Transfer Act. The Trustee seeks a declaratory judgment that DISH DBS Corporation breached the Indentures and that an Event of Default occurred under the DBS Indentures. It further asks the Court to unwind certain intracompany asset transfers and to award damages. On May 13, 2024, the defendants removed the case to the United States District Court for the Southern District of New York and, on June 28, 2024, filed a motion to dismiss the complaint. Rather than opposing the motion, on July 18, 2024, the Trustee filed a first amended complaint, which added a new declaratory judgment claim challenging certain intercompany advances and new factual allegations challenging a certification of compliance with the DBS Indentures. On January 22, 2025, with permission from the Court, the Trustee filed a second amended complaint, which added allegations regarding our New DISH DBS Financing, a related intercompany loan, and the DIRECTV Transaction.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Vermont National Telephone Company

On September 23, 2016, the United States District Court for the District of Columbia unsealed a qui tam complaint that, on May 13, 2015, Vermont National filed against us; our wholly-owned subsidiaries, American AWS-3 Wireless I L.L.C., American II, American III, and DISH Wireless Holding L.L.C.; Charles W. Ergen (our Chairman) and Cantey M. Ergen (a member of our Board of Directors, at that time); Northstar Wireless; Northstar Spectrum; Northstar Manager; SNR Wireless; SNR HoldCo; SNR Management; and certain other parties. The complaint alleges violations of the federal civil False Claims Act (the “FCA”) based on, among other things, allegations that Northstar Wireless and SNR Wireless falsely claimed bidding credits of 25% in the AWS-3 Auction when they were allegedly under the de facto control of DISH Network and, therefore, were not entitled to the bidding credits as designated entities under applicable FCC rules. Vermont National participated in the AWS-3 Auction through its wholly-owned subsidiary, VTel Wireless.

The complaint was unsealed after the United States Department of Justice notified the District Court that it had declined to intervene in the action. Vermont National seeks to recover on behalf of the United States government approximately $10 billion, which reflects the $3.3 billion in bidding credits that Northstar Wireless and SNR Wireless claimed in the AWS-3 Auction, trebled under the FCA. Vermont National also seeks civil penalties of not less than $5,500 and not more than $11,000 for each violation of the FCA.

On March 2, 2017, the United States District Court for the District of Columbia entered a stay of the litigation until such time as the United States Court of Appeals for the District of Columbia (the “D.C. Circuit”) issued its opinion in SNR Wireless LicenseCo, LLC, et al. v. F.C.C. The D.C. Circuit issued its opinion on August 29, 2017 and remanded the matter to the FCC for further proceedings.

Thereafter, the District Court maintained the stay until October 26, 2018. On February 11, 2019, the District Court granted Vermont National’s unopposed motion for leave to file an amended complaint. On March 28, 2019, the defendants filed a motion to dismiss Vermont National’s amended complaint, and on March 23, 2021, the District Court granted the motion to dismiss. On April 21, 2021, Vermont National filed a notice of appeal to the United States Court of Appeals for the DC Circuit and, on May 17, 2022, that court reversed the District Court’s dismissal of the complaint. On June 16, 2022, the Defendants-Appellees filed a petition for rehearing or rehearing en banc, but on August 17, 2022, that petition was denied.

On August 25, 2023, the FCC provided a sworn declaration stating that “the FCC considers … SNR and Northstar to have fully and timely satisfied their obligations to pay money to the Government arising from the AWS-3 Auction.” On that basis, on September 22, 2023, the Defendants filed a motion seeking partial summary judgment of no damages. On September 26, 2023, the Court denied the motion as premature. On March 8, 2024, the United States filed a motion to exercise its statutory prerogative to intervene in the case for the purpose of moving to dismiss it with prejudice, stating that the case is “unlikely to vindicate the United States’ interests and would needlessly expend the Government’s and this Court’s resources.” On November 21, 2024, a magistrate judge held a hearing on the motion.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of this proceeding or determine the extent of any potential liability or damages.

Other

In addition to the above actions, we are subject to various other legal proceedings and claims that arise in the ordinary course of business, including, among other things, disputes with programmers regarding fees. In our opinion, the amount of ultimate liability with respect to any of these actions is unlikely to materially affect our financial condition, results of operations or liquidity, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting

Schedule of revenue and operating income by segment


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Year Ended December 31, 2024
Revenue
Revenue from external customers:
Service revenue	$	10,613,640	$	3,156,760	$	—	$	13,770,400
Equipment sales and other revenue		72,841		449,417		—		522,258
Intersegment revenue		1,723		—		(1,723)		—
Total Revenue		10,688,204		3,606,177		(1,723)		14,292,658

Operating Expenses
Cost of services:
Programming		5,060,083		—		—		5,060,083
Connectivity services (1)		224,112		2,566,462		(1,487)		2,789,087
Other (2)		1,262,311		529,328		426		1,792,065
Total cost of services		6,546,506		3,095,790		(1,061)		9,641,235
Cost of services - equipment and other		80,271		1,250,656		—		1,330,927
Selling, general and administrative expenses:
Subscriber acquisition costs		425,227		650,794		(11)		1,076,010
Selling, general and administrative expenses		650,735		301,823		(651)		951,907
Total selling, general and administrative expenses		1,075,962		952,617		(662)		2,027,917

OIBDA (3)		2,985,465		(1,692,886)		—		1,292,579

Depreciation and amortization		337,331		1,134,873		—		1,472,204
Total costs and expenses		8,040,070		6,433,936		(1,723)		14,472,283

Operating income (loss)	$	2,648,134	$	(2,827,759)	$	—		(179,625)

Unallocated Amounts
Interest income								54,059
Interest expense, net of amounts capitalized								(690,222)
Other, net								742,705
Income (loss) before income taxes							$	(73,083)

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud based service, satellite and transmission, and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

OIBDA is a non-GAAP measure and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure 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.


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Year Ended December 31, 2023
Revenue
Revenue from external customers:
Service revenue	$	11,384,460	$	3,337,222	$	—	$	14,721,682
Equipment sales and other revenue		178,486		394,920		—		573,406
Intersegment revenue		8,213		18		(8,231)		—
Total Revenue		11,571,159		3,732,160		(8,231)		15,295,088

Operating Expenses
Cost of services:
Programming		5,301,968		—		—		5,301,968
Connectivity services		245,716		1,530,184		—		1,775,900
Other		1,429,944		482,149		—		1,912,093
Total cost of services		6,977,628		2,012,333		—		8,989,961
Cost of services - equipment and other		91,164		2,110,706		—		2,201,870
Selling, general and administrative expenses:
Subscriber acquisition costs		687,338		701,814		(1,502)		1,387,650
Selling, general and administrative expenses		727,470		412,671		(6,729)		1,133,412
Total selling, general and administrative expenses		1,414,808		1,114,485		(8,231)		2,521,062
Impairments for long-lived assets and goodwill		6,457		218,560		—		225,017

OIBDA		3,081,102		(1,723,924)		—		1,357,178

Depreciation and amortization		381,292		800,629		—		1,181,921
Total costs and expenses		8,871,349		6,256,713		(8,231)		15,119,831

Operating income (loss)	$	2,699,810	$	(2,524,553)	$	—		175,257

Unallocated Amounts
Interest income								105,416
Interest expense, net of amounts capitalized								(38,881)
Other, net								(1,741,876)
Income (loss) before income taxes							$	(1,500,084)


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Year Ended December 31, 2022
Revenue
Revenue from external customers:
Service revenue	$	12,360,392	$	3,653,892	$	—	$	16,014,284
Equipment sales and other revenue		139,013		526,110		—		665,123
Intersegment revenue		5,987		16		(6,003)		—
Total Revenue		12,505,392		4,180,018		(6,003)		16,679,407

Operating Expenses
Cost of services:
Programming		5,584,877		—		—		5,584,877
Connectivity services		261,942		1,680,811		(16)		1,942,737
Other		1,576,608		454,262		—		2,030,870
Total cost of services		7,423,427		2,135,073		(16)		9,558,484
Cost of services - equipment and other		97,315		1,715,276		—		1,812,591
Selling, general and administrative expenses:
Subscriber acquisition costs		879,620		512,721		(280)		1,392,061
Selling, general and administrative expenses		742,661		416,578		(5,707)		1,153,532
Total selling, general and administrative expenses		1,622,281		929,299		(5,987)		2,545,593

OIBDA		3,362,369		(599,630)		—		2,762,739

Depreciation and amortization		428,471		288,602		—		717,073
Total costs and expenses		9,571,494		5,068,250		(6,003)		14,633,741

Operating income (loss)	$	2,933,898	$	(888,232)	$	—		2,045,666

Unallocated Amounts
Interest income								42,776
Interest expense, net of amounts capitalized								(22,781)
Other, net								1,038,982
Income (loss) before income taxes							$	3,104,643

Schedule of long-lived assets by segment



	Pay-TV		Wireless		Total

	(In thousands)
For the Year Ended December 31, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	172,309	$	1,985,630	$	2,157,939

For the Year Ended December 31, 2023
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	242,736	$	3,748,624	$	3,991,360

For the Year Ended December 31, 2022
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	131,093	$	3,580,518	$	3,711,611

Revenue from external customers disaggregated by major revenue source



	For the Years Ended December 31,
Category:	2024		2023		2022

	(In thousands)
Pay-TV subscriber and related revenue	$	10,613,653	$	11,385,961	$	12,360,601
Wireless services and related revenue		3,156,760		3,337,240		3,653,909
Pay-TV equipment sales and other revenue		74,551		185,198		144,791
Wireless equipment sales and other revenue		449,417		394,920		526,109
Eliminations		(1,723)		(8,231)		(6,003)
Total	$	14,292,658	$	15,295,088	$	16,679,407

Property and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2024

Property and Equipment and Intangible Assets

Property and Equipment and Intangible Assets

7. Property and Equipment and Intangible Assets

Property and Equipment

Property and equipment consisted of the following:



	Depreciable
	Life			As of December 31,
	(In Years)			2024		2023

				(In thousands)
Equipment leased to customers	2	-	5	$	1,005,750	$	1,181,193
Satellites	6	-	15		1,718,865		1,718,865
Satellites acquired under finance lease agreements (1)		15			—		344,447
Furniture, fixtures, equipment and other (2)	2	-	12		801,650		908,924
5G Network Deployment equipment (3)	3	-	15		5,382,706		4,263,327
Software and computer equipment	2	-	8		1,816,749		2,111,305
Buildings and improvements (2)	5	-	40		334,213		381,757
Land (2)		-			12,041		17,513
Construction in progress		-			1,544,726		1,802,000
Total property and equipment					12,616,700		12,729,331
Accumulated depreciation					(5,387,611)		(5,327,384)
Property and equipment, net				$	7,229,089	$	7,401,947

(1)	This decrease is primarily related to the Nimiq 5 finance lease that was extended in October 2024 and as a result is currently accounted for as an operating lease.

(2)	The change primarily relates to the Sale and Transfer of Assets to EchoStar. See Note 1 for further information.

(3)	Includes 5G Network Deployment assets acquired under finance lease agreements.

Construction in progress consisted of the following:



	As of December 31,
	2024		2023

	(In thousands)
Pay-TV	$	268,423	$	162,055
Wireless		1,276,303		1,639,945
Total construction in progress	$	1,544,726	$	1,802,000

Depreciation and amortization expense consisted of the following:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Equipment leased to customers	$	147,282	$	166,950	$	191,746
Satellites		125,230		134,948		148,051
Buildings, furniture, fixtures, equipment and other		41,835		91,942		40,703
5G Network Deployment equipment		718,729		371,640		29,992
Software and computer equipment		343,487		235,820		153,040
Intangible assets and other amortization expense		95,641		180,621		153,541
Total depreciation and amortization	$	1,472,204	$	1,181,921	$	717,073

Cost of sales and operating expense categories included in our accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) do not include depreciation and amortization expense related to satellites, equipment leased to customers, or our 5G Network Deployment equipment and software.

Activity relating to our asset retirement obligations was as follows:


	As of December 31,
	2024		2023

	(In thousands)
Balance, beginning of period	$	278,287	$	183,135
Liabilities incurred		20,929		74,189
Accretion expense		27,815		20,963
Balance, end of period	$	327,031	$	278,287

Total included in Other long-term liabilities	$	327,031	$	278,287

The corresponding assets, net of accumulated depreciation, related to asset retirement obligations were $216 million and $217 million as of December 31, 2024 and 2023, respectively.

Satellites Pay-TV Segment

Our Pay-TV segment currently utilizes nine satellites in geosynchronous orbit approximately 22,300 miles above the equator, seven of which we own and depreciate over their estimated useful life. We also lease two satellites from third parties: Anik F3 and Nimiq 5, which are accounted for as operating leases. Through the third quarter of 2024, our Nimiq 5 satellite was accounted for as finance lease within our Pay-TV segment. However, during October 2024, we extended the Nimiq 5 lease and as a result it is currently accounted for as an operating lease.

As of December 31, 2024, our Pay-TV segment satellite fleet consisted of the following:


		Degree	Lease
	Launch	Orbital	Termination
Satellites	Date	Location	Date
Owned:
EchoStar X	February 2006	110	N/A
EchoStar XI	July 2008	110	N/A
EchoStar XIV	March 2010	119	N/A
EchoStar XV	July 2010	61.5	N/A
EchoStar XVI	November 2012	61.5	N/A
EchoStar XVIII	June 2016	61.5	N/A
EchoStar XXIII	March 2017	110	N/A

Under Construction:
EchoStar XXV	2026	110	N/A

Leased from Other Third-Party:
Anik F3	April 2007	118.7	April 2025
Nimiq 5	September 2009	72.7	October 2029

Satellite Under Construction

EchoStar XXV. On March 20, 2023, we entered into a contract with Maxar Space LLC for the construction of EchoStar XXV, a DBS satellite that is capable of providing service to the continental United States (“CONUS”) and is intended to be used at the 110 degree orbital location. During the fourth quarter of 2023, we entered into an agreement with Space Exploration Technologies Corp (“SpaceX”) for launch services for this satellite, which is expected to be launched during 2026.

The EchoStar XXV contract was included in the Sale and Transfer of Assets to EchoStar on January 10, 2024. Subsequently, on May 2, 2024, the EchoStar XXV contract was included in the Orbital II Transfer from EchoStar and is recorded in “Property and equipment, net” on our Consolidated Balance Sheets. For the year ended December 31, 2024, capital expenditures for EchoStar XXV totaled $121 million, which includes $74 million for capital expenditures incurred after May 2, 2024, which is included in “Purchases of property and equipment,” and $47 million for capital expenditures incurred between the Sale and Transfer of Assets to EchoStar on January 10, 2024 and May 2, 2024, which is included in “Other, net” within “Net cash flows from investing activities” on our Consolidated Statements of Cash Flows. See Note 1 for further information.

Satellite Anomalies and Impairments

Operation of our DISH TV services requires that we have adequate satellite transmission capacity for the programming that we offer. While we generally have had in-orbit satellite capacity sufficient to transmit our existing channels and some backup capacity to recover the transmission of certain critical programming, our backup capacity is limited.

In the event of a failure or loss of any of our owned or leased satellites, we may need to acquire or lease additional satellite capacity or relocate one of our other owned or leased satellites and use it as a replacement for the failed or lost satellite. Such a failure could result in a prolonged loss of critical programming or a significant delay in our plans to expand programming as necessary to remain competitive and thus may have a material adverse effect on our business, financial condition and results of operations.

In the past, certain of our owned and leased satellites have experienced anomalies, some of which have had a significant adverse impact on their remaining useful life and/or commercial operation. There can be no assurance that future anomalies will not impact the remaining useful life and/or commercial operation of any of the owned and leased satellites in our fleet. See Note 2 for further information on evaluation of impairment. There can be no assurance that we can recover critical transmission capacity in the event one or more of our owned or leased in-orbit satellites were to fail. We are not aware of any anomalies with respect to our owned or leased satellites that have had any such significant adverse effect during the year ended December 31, 2024. We generally do not carry commercial in-orbit insurance on any of the satellites that we own and therefore, we will bear the risk associated with any uninsured in-orbit satellite failures.

Intangible Assets

As of December 31, 2024 and 2023, our identifiable intangibles, including intangibles subject to amortization and non-amortizing intangibles consisted of the following:


	As of December 31,
	2024				2023
	Intangible		Accumulated		Intangible		Accumulated
	Assets		Amortization		Assets		Amortization

	(In thousands)
Technology-based	$	63,773	$	(61,157)	$	63,766	$	(60,590)
Trademarks		135,134		(81,351)		135,134		(71,640)
Contract-based		41,500		(41,500)		41,500		(41,500)
Customer relationships		628,598		(621,140)		628,598		(535,778)
Total	$	869,005	$	(805,148)	$	868,998	$	(709,508)

These identifiable intangibles are included in “Intangible assets, net” on our Consolidated Balance Sheets. Amortization of these intangible assets is recorded on a straight-line basis over an average finite useful life primarily ranging from approximately two to 20 years. Amortization was $96 million, $181 million and $154 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Estimated future amortization of our identifiable intangible assets as of December 31, 2024, excluding non-amortizing intangibles, is as follows:


For the Years Ending December 31,	Total
	(In thousands)
2025	$	13,534
2026		11,838
2027		11,355
2028		10,872
2029		10,283
Thereafter		5,747
Total	$	63,629

Goodwill

Goodwill represents the excess of the consideration transferred over the estimated fair values of assets acquired and liabilities assumed as of the acquisition date and is not subject to amortization but is subject to impairment testing annually or whenever indicators of impairment arise.

During the year ended December 31, 2023 we recorded a noncash impairment charge for goodwill of $225 million in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 2 for further information. The non-recurring measurement of fair value of goodwill is classified as Level 3 in the fair value hierarchy. As of December 31, 2024 and 2023, we have zero goodwill recorded on our Consolidated Balance Sheets.

Regulatory Authorizations – Pay-TV and Wireless Segments

As of December 31, 2024 and 2023, our Regulatory Authorizations with indefinite lives consisted of the following:


		As of December 31,
	Segment	2024		2023

		(In thousands)
Owned:
DBS Licenses	Pay-TV	$	677,409	$	677,409
600 MHz Licenses	Wireless		6,192,575		6,213,335
3.45-3.55 GHz Licenses	Wireless		7,329,093		7,327,989
1695-1710 MHz, 1755-1780 MHz, and 2155-2180 MHz	Wireless		972		972
AWS-3	Wireless		5,557,828		5,618,930
Subtotal owned			19,757,877		19,838,635

Noncontrolling Investments:
SNR			4,271,459		4,271,459

Capitalized Interest (1)			6,811,062		8,523,682
Total Regulatory authorizations, net as of December 31, 2024		$	30,840,398

Leased from EchoStar (2):
700 MHz Licenses	Wireless		701,803		711,871
AWS-4 Licenses	Wireless		1,928,688		1,940,000
H Block Licenses	Wireless		1,671,506		1,671,506
MVDDS Licenses	Wireless		24,000		24,000
28 GHz Licenses	Wireless		2,883		2,883
24 GHz Licenses	Wireless		11,772		11,772
37 GHz, 39 GHz and 47 GHz Licenses	Wireless		202,392		202,533
3550-3650 MHz Licenses	Wireless		912,200		912,939
3.7-3.98 GHz Licenses	Wireless		2,969		2,969
Total Leased from EchoStar		$	5,458,213		5,480,473

Total Regulatory authorizations, net as of December 31, 2023				$	38,114,249

(1)	See Note 2 for further information.

(2)	See Note 1 for further information on the Sale and Transfer of Assets to EchoStar and see Note 16 for Related Party Transactions with EchoStar.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The accompanying consolidated financial statements include all balances and results of operations of DISH Network and our consolidated subsidiaries and are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and VIEs where we have been determined to be the primary beneficiary. Minority interests are recorded as noncontrolling interests or redeemable noncontrolling interests. See below for further information. Non-consolidated investments are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, these equity securities are classified as either marketable investment securities or other investments, which will be initially recorded at cost, and based on observable market prices, will be adjusted to their fair value. We record fair value adjustments in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.

“Cost of services.” Historically, as we built-out our 5G Network, certain direct costs related to our 5G Network Deployment, including lease expense on communication towers, transport, cloud services and other costs, were presented within “Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss) as our 5G Network service had not commenced. As a significant portion of our 5G Network has been placed into service, such amounts now represent costs of operating our 5G Network and are, beginning on January 1, 2024, presented within the “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The change has no impact on net income. For the years ended December 31, 2023 and 2022, the direct costs related to our 5G Network Deployment included within the “Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss) were $977 million and $522 million, respectively.

Redeemable Noncontrolling Interests

Northstar Wireless. Northstar Wireless, L.L.C. (“Northstar Wireless”) is a wholly-owned subsidiary of Northstar Spectrum, LLC (“Northstar Spectrum”), which is an entity wholly-owned by us and, prior to October 12, 2023, by us and Northstar Manager, LLC (“NorthStar Manager”). On October 12, 2023, the FCC consented to the sale of Northstar Manager’s ownership interests in Northstar Spectrum, which we purchased for a total of approximately $109 million. This purchase resulted in the elimination of all of our redeemable noncontrolling interest as it related to Northstar Spectrum as of the purchase date and we continue to consolidate the Northstar Entities as wholly-owned subsidiaries.

SNR Wireless. SNR Wireless LicenseCo, LLC (“SNR Wireless”) is a wholly-owned subsidiary of SNR Wireless HoldCo, LLC (“SNR HoldCo”), which is an entity owned by us and our parent’s direct wholly-owned subsidiary, EchoStar SNR Holdco L.L.C. and, prior to February 16, 2024, by us and SNR Wireless Management, LLC (“SNR Management”). On February 16, 2024, the FCC consented to the sale of SNR Management’s ownership interests in SNR HoldCo, which was purchased by EchoStar SNR HoldCo L.L.C. for a total of approximately $442 million. This purchase resulted in the conversion of our outstanding redeemable noncontrolling interest as it relates to SNR HoldCo to noncontrolling interest, which is now held by our parent, EchoStar, as of the purchase date and we continue to consolidate the SNR Entities into our financial statements.

For further information, refer to the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense for each reporting period. Estimates are based on historical experience, observable market inputs, and other reasonable assumptions in accounting for, among other things, allowances for credit losses (including those related to our installment billing programs), self-insurance obligations, deferred taxes and related valuation allowances, uncertain tax positions, loss contingencies, fair value of financial instruments including embedded derivatives, fair value of options granted under EchoStar’s stock-based compensation plans, fair value of assets and liabilities acquired in business combinations, inputs or outputs used to recognize revenue over time, including the relative standalone selling prices of performance obligations, finance leases, asset impairments, estimates of future cash flows used to evaluate and recognize impairments, useful lives of property, equipment and intangible assets, incremental borrowing rate (“IBR”) on lease right of use assets, estimates of the timing of future cash flows used to pay principal on certain debt obligations, estimated credit risk underlying installment receivables, nonrefundable upfront fees, independent third-party retailer incentives, programming expenses, subscriber lives and likelihood of certain contingent events. Economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. Actual results may differ from previously estimated amounts, and such differences may be material to our consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

Cash and Cash Equivalents

We consider all liquid investments purchased with a remaining maturity of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents as of December 31, 2024 and 2023 may consist of money market funds, government bonds, corporate notes and commercial paper. The amortized cost of these investments approximates their fair value.

Concentration of Credit Risk

Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. We routinely assess the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits our concentration of risk with respect to receivables from contracts with customers.

Marketable Investment Securities

All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

All debt securities are classified as available-for-sale and are recorded at fair value. We report the temporary unrealized gains and losses related to changes in market conditions of marketable debt securities as a separate component of “Accumulated other comprehensive income (loss)” within “Stockholder’s Equity (Deficit),” net of related deferred income tax on our Consolidated Balance Sheets. The changes in the fair value of marketable debt securities, which are determined to be company specific credit losses are recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

We evaluate our debt investment portfolio to determine whether declines in the fair value of these securities are related to credit loss. Management estimates credit losses on marketable debt securities utilizing a credit loss impairment model on a quarterly basis. We estimate the expected credit losses, measured over the contractual life of marketable debt securities considering relevant issuer specific factors, including, but not limited to, a decrease in credit ratings or an entity’s ability to pay.

Receivables and Related Allowance for Credit Losses

General Accounts Receivable

Trade accounts receivable represent our unconditional rights to consideration arising from our performance under our customer contracts and are recorded at cost less an allowance for expected credit losses that are not expected to be recovered. We maintain allowances for credit losses resulting from the expected failure or inability of our customers to make required payments. We recognize the allowance for expected credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. Management estimates credit losses on financial assets, including our trade accounts receivable, utilizing a current expected credit loss impairment model. We estimate the expected credit losses, measured over the contractual life of an asset considering relevant historical loss information, credit quality of the customer base, current economic conditions and forecasts of future economic conditions.

In determining the allowance for credit losses, management groups similar types of financial assets with consistent risk characteristics. Pools identified by management include, but are not limited to residential customers, commercial customers, enterprise customers, and advertising services. The risk characteristics of the financial asset portfolios are monitored by management and reviewed periodically. The forecasts for future economic conditions are based on several factors including, but not limited to, changes in the unemployment rate, external economic forecasts and current collection rates. Our estimates of the allowance for credit losses may not be indicative of our actual credit losses requiring additional charges to be incurred to reflect the actual amount collected. Past due trade accounts receivable balances are written off against our allowance for credit losses when our internal collection efforts have been unsuccessful.

Installment Receivables

We offer Boost Mobile postpaid customers the option to pay for their devices and other equipment in installments, generally over a period of 36 months. Installment receivables are presented on our Consolidated Balance Sheets at their amortized cost basis (i.e., the receivables’ unpaid balance as adjusted for any written-off amounts due to impairment and unamortized discounts), net of the allowance for credit losses.

At the time of an installment sale, we impute a discount for interest if the term exceeds 12 months as there is no stated rate of interest on the receivables. The receivables are recorded at their present value, which is determined by discounting expected future cash payments at the imputed interest rate. The current portion of installment receivables is included in “Trade accounts receivable, net” and the long-term portion of installment receivables is included in “Other noncurrent assets, net” on our Consolidated Balance Sheets. This adjustment results in a discount or reduction in the transaction price of the contract with a customer, which is allocated to the performance obligations of the arrangement included in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

The imputed discount rate reflects a current market interest rate and is predominately comprised of the estimated credit risk underlying the installment receivable, reflecting the estimated credit worthiness of the customer. The imputed discount on receivables is amortized over the financed installment term using the effective interest method and recognized in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss) to the extent the financing component is not deemed significant.

Inventory

Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The cost of manufactured inventory includes the cost of materials, labor, freight-in, royalties and manufacturing overhead. Net realizable value is calculated as the estimated selling price less reasonable costs necessary to complete, sell, transport and dispose of the inventory. We record write downs for inventory for obsolete and slow moving items based on trends and experience. We enter into arrangements with distributors where physical delivery of a product to a distributor has occurred, but we maintain control of the product until such time it is sold to an end consumer. For these arrangements, we account for the products as consigned inventory.

Property and Equipment

Property and equipment, including capitalized expenditures related to our wireless projects, 5G Network Deployment and satellites, are stated at cost less depreciation and impairment losses, if any. Capitalized expenditures include the cost of long-lived assets, plus the cost to construct the asset such as labor and overhead directly benefiting the asset. Interest is capitalized when pre-construction activity commences and ends once the asset is ready for its intended purpose. Our equipment leased to customers is generally capitalized when they are installed in customers’ homes. We have certain assets acquired under finance leases. The recorded costs of those assets are the present values of all lease payments. We amortize our finance lease right of use (“ROU”) assets over their respective lease terms.

If a satellite were to fail while in-orbit, the resultant loss would be charged to expense in the period such loss was incurred. The amount of any such loss would be reduced to the extent of insurance proceeds estimated to be received, if any. Depreciation is recorded on a straight-line basis over useful lives ranging from two to 40 years. Repair and maintenance costs are charged to expense when incurred. Renewals and improvements that add value or extend the asset’s useful life are capitalized.

Internal Use Software

We capitalize certain costs related to developing or acquiring internal use software. Capitalization of software costs begins once the preliminary project stage is completed and we commit to funding the software project. Capitalizing ceases when the software project is ready for its intended use. Capitalized software costs are recorded in “Property and equipment, net” on our Consolidated Balance Sheets and are amortized over the estimated useful life of the software. Costs incurred during the preliminary project stage plus costs associated with training and maintenance are expensed as incurred.

Asset Retirement Obligation

We record an asset retirement obligation for the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets and a corresponding increase in the carrying amount of the related asset in the period in which the obligation is incurred. In periods subsequent to initial measurement, we recognize changes in the liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate. Over time, the liability is accreted to its present value and the capitalized cost is depreciated over the estimated useful life of the asset. Our asset retirement obligations relate primarily to certain legal obligations to remediate leased property on our communication towers and are recorded in “Property and equipment, net” with the related liability recorded in “Long-term deferred revenue and other long-term liabilities” on our Consolidated Balance Sheets.

Other Investments

Equity Method Investments

We use the equity method to account for investments when we have the ability to exercise significant influence on the operating decisions of the affiliate. Such investments are initially recorded at cost and subsequently adjusted for our proportionate share of the net earnings or loss of the investee, which is reported in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The carrying amount of such investments includes a component of goodwill when the cost of our investment exceeds the fair value of the underlying identifiable assets and liabilities of the affiliate. Dividends received from these affiliates reduces the carrying amount of our investment.

Cost Method Investments

We generally measure investments in non-publicly traded equity instruments without a readily determinable fair value at cost adjusted for observable price changes in orderly transactions for the identical or similar securities of the same issuer and changes resulting from impairments, if any. Other equity instruments are measured to determine their value based on observable market information. When we adjust the carrying amount of an investment to its estimated fair value, the gain or loss is recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Impairment Considerations

We periodically evaluate all of our other investments to determine whether events or changes in circumstances have occurred that may have a significant adverse effect on the fair value of the investment. We consider information if provided to us by our investees such as current financial statements, business plans, investment documentation, capitalization tables, liquidation waterfalls, litigation updates and board materials; and we may make additional inquiries of investee management.

Indicators of impairment may include, but are not limited to, unprofitable operations, material loss contingencies, changes in business strategy, changes in market trends or market conditions, changes in the investees’ enterprise value, regulatory matters, and changes in the investees’ investment pricing. When we determine that one of our other investments is impaired we reduce its carrying value to its estimated fair value and recognize the impairment loss in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Derivative Instruments

We may purchase and hold derivative financial instruments for, among other reasons, strategic or speculative purposes. We record all derivative financial instruments on our Consolidated Balance Sheets at fair value as either assets or liabilities.

Changes in the fair values of derivative financial instruments are recognized in our results of operations and included in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss). We have not designated any derivative financial instrument for hedge accounting.

We had the option to purchase certain of T-Mobile’s 800 MHz spectrum licenses from T-Mobile at a fixed price which expired on its own terms on April 1, 2024. In addition, we have written certain contracts on the equity of EchoStar. See Note 9 for further information.

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

We review our long-lived assets and identifiable finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets that have finite lives are amortized over their estimated useful lives. For assets which are held and used in operations, the asset would be impaired if the carrying amount of the asset (or asset group) exceeded its undiscounted future net cash flows. When an impairment is determined, the actual impairment recognized is the difference between the carrying amount and the fair value as estimated using one of the following approaches: income, cost and/or market. In the event of an impairment, a loss is recorded in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations and Comprehensive Income (Loss) based on the amount by which the carrying amount exceeds the fair value of the long-lived asset or asset group. Assets which are to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Fair value, using the income approach, is determined primarily using a discounted cash flow model that uses the estimated cash flows associated with the asset or asset group under review, discounted at a rate commensurate with the risk involved. Fair value, utilizing the cost approach, is determined based on the replacement cost of the asset reduced for, among other things, depreciation and obsolescence. Fair value, utilizing the market approach, benchmarks the fair value against the carrying amount.

Pay-TV Satellite Fleet

We currently evaluate our Pay-TV satellite fleet for impairment as one asset group whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. We do not believe any triggering event has occurred which would indicate impairment as of December 31, 2024 and 2023. We will continue to monitor our Pay-TV satellite fleet for indicators of impairment.

Finite-Lived Intangible Assets

Intangible assets include customer relationships, trademarks, and certain below market contracts. These assets are amortized over their respective useful lives. We do not believe any triggering event has occurred which would indicate impairment as of December 31, 2024 and 2023.

Indefinite-Lived Intangible Assets and Goodwill

We do not amortize indefinite-lived intangible assets and goodwill but test these assets for impairment annually, during the fourth quarter or more often if indicators of impairment arise. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. Our intangible assets with indefinite lives primarily consist of FCC licenses and certain other contractual or regulatory rights to use spectrum at specified orbital locations. Generally, we have determined that our FCC licenses have indefinite useful lives due to the following:

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FCC licenses are a non-depleting asset;

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existing FCC licenses are integral to our business segments and will contribute to cash flows indefinitely;

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replacement satellite applications are generally authorized by the FCC subject to certain conditions, without substantial cost under a stable regulatory, legislative and legal environment;

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maintenance expenditures to obtain future cash flows are not significant;

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FCC licenses are not technologically dependent; and

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we intend to use these assets indefinitely.

Pay-TV Segment Licenses

We combine all of our indefinite-lived Pay-TV segment licenses that we currently utilize or plan to utilize in the future into a single unit of accounting. For 2024, 2023 and 2022, management performed a qualitative assessment to determine whether it was more likely than not that the fair value of the Pay-TV segment licenses exceeds the carrying amount. In our assessment, we considered several factors, including, among others, overall financial performance, industry and market considerations and relevant company specific events. In contemplating all factors in their totality, we concluded that it is more likely than not that the fair value of the Pay-TV segment licenses exceeds the carrying amount. As such, no further analysis was required.

Wireless Segment Spectrum Licenses

We combine all of our indefinite-lived Wireless segment spectrum licenses, excluding the MVDDS Licenses discussed below, into a single unit of accounting.

Management performs either a qualitative assessment or a quantitative assessment, using the market approach or the income approach, to determine whether it is more likely than not that the fair value of these licenses exceeds the carrying amount. The market approach assesses the value of our spectrum using benchmarks, based on market transactions, which may include spectrum auctions and secondary market transactions, either acquisitions of spectrum or of businesses for which spectrum values can reliably be inferred.

In 2024, management performed a qualitative assessment to determine whether it is more likely than not that the fair value of these licenses exceeds the carrying amount. In our assessment, we considered several factors, including, among others, prior year quantitative assessments, industry considerations and secondary market transactions. In contemplating all factors in their totality, we concluded that it is more likely than not that the fair value of these licenses exceeds the carrying amount.

In 2023, management performed a quantitative assessment to determine whether the fair value of these licenses exceeds the carrying amount. The quantitative assessment consisted of a market approach performed by a third-party and reviewed by management. In our assessment, we concluded that under the market approach the fair value of these licenses are substantially in excess of the carrying value.

In 2022, management performed a quantitative assessment to determine whether the fair value of these licenses exceeds the carrying amount. In our assessment, we performed the market approach and the income approach and concluded that under both scenarios the fair value of these licenses are substantially in excess of the carrying value.

Changes in circumstances or market conditions could result in a write-down of any of the above Wireless segment spectrum licenses in the future.

Goodwill

We perform our annual impairment assessment for goodwill and other indefinite-lived intangible assets each year during the fourth quarter or more frequently if events or changes in circumstances indicate an impairment may be possible.

For the year ended December 31, 2023, our assessment indicated the goodwill attributed to certain acquisitions was no longer supported based on the sustained decrease in our parent’s market capitalization. As such, we recorded a total noncash impairment charge equal to all of our goodwill of approximately $225 million in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

The following table presents the changes in the carrying amounts of goodwill by operating segment:


Goodwill	Pay-TV		Wireless		Total

	(In thousands)
Balance, December 31, 2022, net of accumulated impairment losses	$	6,457	$	218,560	$	225,017
Impairment of goodwill		(6,457)		(218,560)		(225,017)
Balance, December 31, 2023, net of accumulated impairment losses	$	—	$	—	$	—

Capitalized Interest

We capitalize interest associated with the acquisition or construction of certain assets, including, among other things, our Wireless spectrum licenses, build-out costs associated with our 5G Network Deployment and satellites. Capitalization of interest begins when, among other things, steps are taken to prepare the asset for its intended use and ceases when the asset is ready for its intended use or when these activities are substantially suspended.

We are currently commercializing our 5G Network Deployment. As a result, the interest expense related to the carrying amount of the 5G Network Deployment qualifying assets is being capitalized. Historically, the qualifying assets exceeded the carrying value of our long-term debt and finance lease obligations, therefore substantially all of our interest expense was being capitalized.

As a result of the Sale and Transfer of Assets to EchoStar, the basis of our qualifying assets was reduced. In addition, as the qualifying assets, including markets within certain bands of wireless spectrum licenses, have been placed into service with the deployment of our 5G Network, we no longer capitalize substantially all interest on those assets. We expect this trend to continue.

Business Combinations

When we acquire a business that is not subject to rules pertaining to common control, we allocate the purchase price to the various components of the acquisition based upon the fair value of each component using various valuation techniques, including the market approach, income approach and/or cost approach. The accounting standard for business combinations requires identifiable assets, liabilities, noncontrolling interests and goodwill acquired to be recorded at acquisition date fair values. Transaction costs related to the acquisition of the business are expensed as incurred. Costs associated with the issuance of debt associated with a business combination are capitalized and included as a yield adjustment to the underlying debt’s stated rate.

Acquired intangible assets other than goodwill are amortized over their estimated useful lives unless the lives are determined to be indefinite. Amortization of these intangible assets in general are recognized on a straight-line basis over an average finite useful life primarily ranging from approximately one to 20 years or in relation to the estimated discounted cash flows over the life of the intangible asset.

Long-Term Deferred Revenue and Other Long-Term Liabilities

Certain programmers provide us up-front payments. Such amounts are deferred and recognized as reductions to “Cost of services” on a straight-line basis over the relevant remaining contract term (generally up to ten years). The current and long-term portions of these deferred credits are recorded on our Consolidated Balance Sheets in “Deferred revenue and other” and “Long-term deferred revenue and other long-term liabilities,” respectively.

Sales Taxes

We account for sales taxes imposed on our goods and services on a net basis on our Consolidated Statements of Operations and Comprehensive Income (Loss). Since we primarily act as an agent for the governmental authorities, the amount charged to the customer is collected and remitted directly to the appropriate jurisdictional entity.

Income Taxes

We establish a provision for income taxes currently payable or receivable and for income tax amounts deferred to future periods. Deferred tax assets and liabilities are recorded for the estimated future tax effects of differences that exist between the book and tax basis of assets and liabilities. Deferred tax assets are offset by valuation allowances when we believe it is more likely than not that such net deferred tax assets will not be realized.

From time to time, we engage in transactions where the tax consequences may be subject to uncertainty. We record a liability when, in management’s judgment, a tax filing position does not meet the more likely than not threshold. For tax positions that meet the more likely than not threshold, we may record a liability depending on management’s assessment of how the tax position will ultimately be settled. We adjust our estimates periodically for ongoing examinations by and settlements with various taxing authorities, as well as changes in tax laws, regulations and precedent. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of “Interest expense, net of amounts capitalized” and “Other, net,” respectively, on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Fair Value Measurements

We determine fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. We apply the following hierarchy in determining fair value:

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Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

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Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; and quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

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Level 3, defined as unobservable inputs for which little or no market data exists, consistent with reasonably available assumptions made by other participants therefore requiring assumptions based on the best information available.

As of December 31, 2024 and 2023, the carrying amount for cash and cash equivalents, trade accounts receivable (net of allowance for credit losses) and current liabilities (excluding the “Current portion of debt, finance lease and other obligations”) was equal to or approximated fair value due to their short-term nature or proximity to current market rates.

Fair values of our marketable investment securities are measured on a recurring basis based on a variety of observable market inputs. For our investments in publicly traded equity securities and U.S. government securities, fair value ordinarily is determined based on Level 1 measurements that reflect quoted prices for identical securities in active markets.

Fair values of our investments in other marketable debt securities are generally based on Level 2 measurements as the markets for such debt securities are less active. We consider trades of identical debt securities on or near the measurement date as a strong indication of fair value and matrix pricing techniques that consider par value, coupon rate, credit quality, maturity and other relevant features may also be used to determine fair value of our investments in marketable debt securities. Additionally, we use fair value measurements from time to time in connection with other investments, asset impairment testing and the assignment of purchase consideration to assets and liabilities of acquired companies. Those fair value measurements typically include significant unobservable inputs and are categorized within Level 3 of the fair value hierarchy. Transfers between levels in the fair value hierarchy are considered to occur at the beginning of the quarterly accounting period. See Note 5 for the fair value of our marketable investment securities and derivative instruments.

Furthermore, for any sale of a financial asset in a transaction among entities under common control the difference between the net carrying value and the fair value of the assets sold, if any, is recorded as a gain or loss on the sale of the financial asset in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Fair values for our publicly traded debt securities are based on quoted market prices, when available. The fair values of private debt are based on, among other things, available trade information, and/or an analysis in which we evaluate market conditions, related securities, various public and private offerings, and other publicly available information. In performing this analysis, we make various assumptions regarding, among other things, credit spreads, and the impact of these factors on the value of the debt securities. See Note 9 for the fair value of our debt.

Deferred Debt Issuance Costs and Debt Discounts

Costs of issuing debt, including premiums and discounts relative to par value, are generally deferred and amortized to “Interest expense, net of amounts capitalized” on our Consolidated Statements of Operations and Comprehensive Income (Loss) using the effective interest rate method over the terms of the respective notes. We report unamortized debt issuance costs as a reduction of the related long-term debt on our Consolidated Balance Sheets. See Note 9 for further information.

Revenue Recognition

Pay-TV Segment

Our Pay-TV segment revenue is primarily derived from Pay-TV subscriber revenue. We also generate revenue from equipment rental fees and other hardware related fees, including DVRs and fees from subscribers with multiple receivers; advertising services; fees earned from our in-home service operations; broadband services; warranty services; sales of digital receivers and related equipment to third-party pay-TV providers; satellite uplink and telemetry, tracking and control (“TT&C”) services; and revenue from in-home services. See Note 14 for further information, including revenue disaggregated by major source.

Our residential video subscribers contract for individual services or combinations of services, as discussed above, the majority of which are generally distinct and are accounted for as separate performance obligations. We consider our installations for first time DISH TV subscribers to be a service. However, since we provide a significant integration service combining the installation with programming services, we have concluded that the installation is not distinct from programming and thus the installation and programming services are accounted for as a single performance obligation. We generally satisfy these performance obligations and recognize revenue as the services are provided, for example as the programming is broadcast to subscribers, as this best represents the transfer of control of the services to the subscriber.

In cases where a subscriber is charged certain nonrefundable upfront fees, those fees are generally considered to be material rights to the subscriber related to the subscriber’s option to renew without having to pay an additional fee upon renewal. These fees are deferred and recognized over the estimated period of time during which the fee remains material to the customer, which we estimate to be less than one year. Revenues arising from our in-home services that are separate from the initial installation, such as mounting a TV on a subscriber’s wall, are generally recognized when these services are performed.

For our residential video subscribers, we have concluded that the contract term under Accounting Standard Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”) is one month and as a result the revenue recognized for these subscribers for a given month is equal to the amount billed in that month, except for certain nonrefundable upfront fees that are accounted for as material rights, as discussed above.

Revenues from our advertising services are typically recognized as the advertisements are broadcast. Sales of equipment to subscribers or other third parties are recognized when control is transferred under the contract. Revenue from our commercial video subscribers typically follows the residential model described above, with the exception that the contract term for most of our commercial subscribers exceeds one month and can be multiple years in length. However, commercial subscribers typically do not receive time-limited discounts or free service periods and accordingly, while they may have multiple performance obligations, revenue is equal to the amount billed in a given month.

Wireless Segment

Our Wireless Segment revenue is primarily derived from Wireless subscriber revenue and selling wireless devices to subscribers. The majority of our subscribers are prepaid with a smaller subset of postpaid subscribers. Prepaid subscribers prepay for their monthly service on a month-to-month contract. Our contracts with prepaid customers are determined to be one month. Postpaid subscribers are qualified to pay for their service after it has been provided and pay for their monthly service on a month-to-month contract. Our contracts with postpaid customers typically have an enforceable duration of one month. However, promotional bill credits offered to a customer on an equipment sale that are paid over time and are contingent on the customer maintaining a service contract may result in an extended service contract based on whether a substantive penalty is deemed to exist.

We have both an indirect sales channel, which includes third-party owned retail stores and big box stores, as well as online through Amazon and Apple, and a direct sales channel, which services customers online through each respective brand’s website. To deliver products to third-party retail stores through the indirect sales channel, we use direct distribution partners to facilitate product delivery. Our contracts with customers may involve more than one performance obligation, which include wireless services, wireless devices or a combination thereof, and we allocate the transaction price between each performance obligation based on its relative standalone selling price. Although our Wireless segment offers both products and services, we have determined that not all contracts with customers are bundled arrangements as the wireless device and service are sometimes sold at different times, and in the case of certain sales arrangements through the indirect sales channel, have different customers. When control of the product is transferred to an intermediary other than the end customer in the indirect channel, the customer for the wireless device is the intermediary, such as the direct distribution partner, whereas for the service the subscriber is the end consumer. When control of the product is not transferred to the intermediary, in the indirect channel the product is accounted for as consigned inventory and the customer for both the wireless device and service is the end customer. Service revenues may also include other value added services to subscribers, which may be recorded either gross or net within our Consolidated Statements of Operations and Comprehensive Income (Loss) depending on whether we are deemed to be the principal or agent in the relationship with the subscriber. Service revenues are recognized when the service has been provided and no further obligation exists. Concessions given to subscribers are recorded as a reduction to revenue.

Equipment revenues are primarily related to the sale of wireless devices. Equipment revenue is recognized when control of the product is transferred to our customer, either the direct distribution partner or the end customer, as described above. We offer postpaid customers the option to pay for devices in installments, generally over 36 months. We recognize the effects of a financing component as a reduction of the transaction price in contracts where customers purchase their devices with an installment term of more than one year, including those financing components that are not considered to be significant to the contract in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). We have elected the practical expedient of not recognizing the effects of a significant financing component for contracts where we expect, at contract inception, that the period between the transfer of a performance obligation to a customer and the customer’s payment for that performance obligation will be one year or less. We may offer certain promotions that provide our customers on device installment plans with the right to upgrade to a new device after paying a specified portion of their device payment plan agreement amount and trading in their device in good working order. We account for this trade-in right as a guarantee obligation. The full amount of the trade-in right’s fair value is recognized as a guarantee liability and results in a reduction to the revenue recognized upon the sale of the device. The total transaction price is reduced by the guarantee, which is accounted for outside the scope of ASC 606, and the remaining transaction price is allocated between the performance obligations within the contract.

Sales of equipment in the indirect sales channel often include credits subsequently paid to the direct distribution partner as a reimbursement for any discount promotions offered to the end consumer.

These credits (payments to a customer) are accounted for as variable consideration when estimating the amount of revenue to recognize from the sales of equipment to indirect dealers and are estimated based on historical experience and other factors, such as expected promotional activity. For wireless devices sold with a right of return, we defer a portion of equipment revenue and cost of sales to reflect this variable consideration.

Governmental Funding

We participate in various United States federal and state programs, including, but not limited to, the Affordable Connectivity Program (“ACP”) and Lifeline program, under which eligible low-income households may receive a discount off the cost of broadband service and certain connected devices, and participating providers can receive a reimbursement for such discounts. The ACP program funding concluded on June 1, 2024. This revenue is included in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Corresponding receivables are recorded when services have been provided to the customers and costs incurred, but cash has not been received. These amounts are included in “Trade accounts receivable, net” on our Consolidated Balance Sheets.

Contract Balances

The timing of revenue recognition generally differs from the timing of invoicing to customers. A contract asset is recorded when revenue is recognized in advance of our right to receive consideration (i.e., we must perform additional services in order to receive consideration). Amounts are recorded as trade accounts receivable when our right to consideration is unconditional. When consideration is received, or we have an unconditional right to consideration in advance of delivery of goods or services, a contract liability is recorded. The transaction price can include nonrefundable upfront fees, which are allocated to the identifiable performance obligations. Our residential video subscribers are typically billed monthly, and the contract balances for those customers arise from the timing of the monthly billing cycle. Our current Wireless subscribers, the majority of which are prepaid, generate deferred revenue. We do not adjust the amount of consideration for financing impacts when we anticipate that the period between transfer of goods and services and eventual payment for those goods and services will be less than one year.

Contract assets are included in “Trade accounts receivable, net” and contract liabilities are included in “Deferred revenue and other” and “Long-term deferred revenue and other long-term liabilities” on our Consolidated Balance Sheets. Contract balances are amortized over the contract term. See Note 15 for further information, including balance and activity detail about our allowance for credit losses and deferred revenue related to contracts with subscribers.

Assets Recognized Related to the Costs to Obtain a Contract with a Customer

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs in our Pay-TV and Wireless segments, including those with our independent third-party retailers, meet the requirements to be capitalized, and payments made under these programs are capitalized and amortized to expense over the estimated customer life or the contract term. These amounts are capitalized in “Prepaids and other assets” and “Other noncurrent assets, net” on our Consolidated Balance Sheets, and then amortized in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Leases

Lessee Accounting

We enter into non-cancelable operating and finance leases for, among other things, communication towers, satellites, satellite-related ground infrastructure, data centers, office space, dark fiber and transport equipment, warehouses and distribution centers, vehicles and other equipment. Substantially all of our leases have remaining lease terms from one to 13 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements (generally communication towers), the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

We determine if an arrangement is a lease and classify that lease as either an operating or finance lease at inception. Operating leases are included in “Operating lease assets,” “Other accrued expenses and liabilities” and “Operating lease liabilities” on our Consolidated Balance Sheets. Finance leases are included in “Property and equipment, net,” “Current portion of debt, finance lease and other obligations” and “Long-term debt, finance lease and other obligations, net of current portion” on our Consolidated Balance Sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 8 for further information on our lease expenses.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes the impact of prepaid or deferred lease payments. When our leases do not provide an implicit rate, we use our IBR based on the information available at commencement date in determining the present value of lease payments. Our IBR is based on an estimated secured rate for the same term as the underlying lease plus a credit spread as secured by our assets. For leases denominated in a currency different than U.S. dollar, IBR is estimated using the collateralized borrowing rate in the foreign currency using the U.S. dollar and foreign currency swap spread, when available. The length of our lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components, which are generally accounted for separately.

Lessor Accounting

DISH TV subscribers have the choice of leasing or purchasing the satellite receiver and other equipment necessary to receive our DISH TV services. Most of our new DISH TV subscribers choose to lease equipment and thus we retain title to such equipment. Equipment leased to new and existing DISH TV subscribers is capitalized and depreciated over their estimated useful lives.

For equipment leased to new and existing DISH TV subscribers, we made an accounting policy election to combine the equipment with our programming services as a single performance obligation in accordance with the revenue recognition guidance as the programming services are the predominant component. The non-lease service revenue related to equipment leased to new and existing DISH TV subscribers would have otherwise been accounted for as an operating lease.

Cost of Services

Pay-TV Segment

“Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally includes programming expenses and other operating costs related to our Pay-TV segment. The cost of television programming distribution rights is generally incurred on a per subscriber basis and various upfront carriage payments are recognized when the related programming is distributed to subscribers. Long-term flat rate programming contracts are generally charged to expense using the straight-line method over the term of the agreement. The cost of television programming rights to distribute live sporting events for a season or tournament is charged to expense using the straight-line method over the course of the season or tournament.

Wireless Segment

“Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally includes costs incurred under the MNSA and NSA, lease expense on communication towers and transport as well as cloud services, certain direct costs of our 5G Network operations necessary to deliver wireless voice and data services. Costs incurred under the MNSA and NSA are recognized as the services are performed or as incurred. Lease costs are generally recognized on a straight-line basis over the lease term. Costs related to cloud services are either recognized ratably over the contract term or based on usage.

Cost of Sales – Equipment and Other

Pay-TV Segment

“Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally includes costs related to the non-subsidized sales of Pay-TV equipment. Costs are generally recognized as products are delivered to customers and the related revenue is recognized.

Wireless Segment

“Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally includes the cost of wireless devices and other related items. Costs are recognized as products are delivered to customers and the related revenue is recognized.

Advertising Costs

We recognize advertising expense when incurred as a component of “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Advertising expenses totaled $597 million, $698 million and $633 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Research and Development

Research and development costs, not incurred in connection with customer requirements, are expensed as incurred and are included as a component of “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development costs totaled $27 million, $42 million and $45 million for the years ended December 31, 2024, 2023 and 2022, respectively.

New Accounting Pronouncements

Not Yet Adopted

Joint Ventures. On August 23, 2023, the FASB issued ASU 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60) (“ASU 2023-05”), which requires an entity that qualifies as either a joint venture or a corporate joint venture as defined in the FASB Accounting Standards Codification (ASC) master glossary to apply a new basis of accounting upon the formation of the joint venture. This standard will be effective for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. We plan to adopt the standard if applicable and we expect the adoption of the standard will have an immaterial impact on our disclosures.

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will enhance income tax disclosures. ASU 2023-09 requires among other items disaggregated information in a reporting entity’s rate reconciliation table, clarification on uncertain tax positions and the related financial statement impact as well as information on income taxes paid on a disaggregated basis. This standard will be effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2023-09 will have on our Consolidated Financial Statements and related disclosures.

Disaggregation of Income Statement Expenses. On November 5, 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which will enhance financial statement reporting by providing additional information about specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization. This standard will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2024-03 will have on our Consolidated Financial Statements and related disclosures.

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Investments Measured at Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value of marketable securities
Debt securities	$ 8,000
Debt securities with contractual maturities extending longer than one year through and including five years	16,000
Fair value measurements on recurring basis
Fair value of marketable securities
Cash Equivalents (including restricted)	261,990	$ 347,976
Total	24,168	27,894
Fair value measurements on recurring basis \| U.S. Treasury and agency securities
Fair value of marketable securities
Total	8,163	7,567
Fair value measurements on recurring basis \| Commercial paper
Fair value of marketable securities
Total		7,500
Fair value measurements on recurring basis \| Corporate securities
Fair value of marketable securities
Total	15,719	4,705
Fair value measurements on recurring basis \| Other (including restricted)
Fair value of marketable securities
Total	276	323
Fair value measurements on recurring basis \| Equity securities
Fair value of marketable securities
Equity securities	10	7,799
Fair value measurements on recurring basis \| Level 1
Fair value of marketable securities
Cash Equivalents (including restricted)	221,083	304,410
Total	8,173	15,366
Fair value measurements on recurring basis \| Level 1 \| U.S. Treasury and agency securities
Fair value of marketable securities
Total	8,163	7,567
Fair value measurements on recurring basis \| Level 1 \| Equity securities
Fair value of marketable securities
Equity securities	10	7,799
Fair value measurements on recurring basis \| Level 2
Fair value of marketable securities
Cash Equivalents (including restricted)	40,907	43,566
Total	15,944	12,384
Fair value measurements on recurring basis \| Level 2 \| Commercial paper
Fair value of marketable securities
Total		7,500
Fair value measurements on recurring basis \| Level 2 \| Corporate securities
Fair value of marketable securities
Total	15,719	4,705
Fair value measurements on recurring basis \| Level 2 \| Other (including restricted)
Fair value of marketable securities
Total	225	179
Fair value measurements on recurring basis \| Level 3
Fair value of marketable securities
Total	51	144
Fair value measurements on recurring basis \| Level 3 \| Other (including restricted)
Fair value of marketable securities
Total	$ 51	$ 144

Organization and Business Activities

12 Months Ended

Dec. 31, 2024

Organization and Business Activities

Organization and Business Activities

1. Organization and Business Activities

Principal Business

DISH Network Corporation is a holding company. Its subsidiaries (which together with DISH Network Corporation are referred to as “DISH Network,” the “Company,” “we,” “us” and/or “our,” unless otherwise required by the context) currently operate two primary business segments. DISH Network is a wholly-owned subsidiary of EchoStar Corporation (“EchoStar”), a publicly traded company listed on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SATS.”

Merger with EchoStar

On December 31, 2023, EchoStar completed the acquisition of DISH Network pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of October 2, 2023 (the “Amended Merger Agreement”), by and among EchoStar, EAV Corp., a Nevada corporation and its wholly owned subsidiary (“Merger Sub”), and DISH Network, pursuant to which EchoStar acquired DISH Network by means of the merger of Merger Sub with and into DISH Network (the “Merger”), with DISH Network surviving the Merger as EchoStar’s wholly owned subsidiary. For further information, refer to the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Developments

DIRECTV Transaction

On September 29, 2024, we and DIRECTV Holdings, LLC (“DTV”), entered into an Equity Purchase Agreement (the “Purchase Agreement”). Pursuant to the terms and subject to the conditions set forth in the Purchase Agreement, DTV agreed to acquire from us all of the issued and outstanding equity interests of DISH DBS Corporation (“DISH DBS”), which operates our Pay-TV business (the “Business” and such acquisition of the Business the “DIRECTV Transaction”).

Following written notice from DTV received on November 20, 2024, DTV terminated the Purchase Agreement effective at 11:59 pm ET on November 22, 2024 pursuant to Section 7.01(a)(iv) of the Purchase Agreement because the DISH DBS Exchange Offers (as defined in Note 9) were not consummated by the Exchange Offer Settlement Date (as defined in the Purchase Agreement). No termination fee or other payment was due from either party to the other as a result of the termination of the Purchase Agreement.

Sale and Transfer of Assets

In accordance with Accounting Standards Codification 805-50 Business Combinations – Related Issues, for transactions among entities under common control, generally the assets transferred and/or sold are recorded at the net carrying value of the assets. The difference between the net carrying value and the fair value of the assets transferred and/or sold is recorded in “Additional paid-in capital” or “Accumulated earnings (deficit)” on our Consolidated Balance Sheets. If an asset transferred and/or sold among entities under common control is determined to be a financial asset, any gain or loss on the sale of the financial asset is recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss). All transactions detailed below are transactions among entities under common control.

Sale of Assets to EchoStar. On January 10, 2024, we sold certain assets and equity interests to EchoStar, which included the sale of a financial asset (the “Sale of Assets to EchoStar”), for fair value of approximately $246 million.

The difference between our net carrying value of the assets sold to their fair value was $138 million, of which $6 million, net of deferred tax, was recorded in “Additional paid-in capital” on our Consolidated Balance Sheets as of December 31, 2024 and a $129 million gain related to the financial asset was recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2024.

Asset Transfer to EchoStar. On January 10, 2024, we transferred our wholly-owned subsidiaries that hold certain assets, including the EchoStar XXV satellite currently under construction, and our wireless spectrum licenses, including AWS-4, H-Block, CBRS (3550-3650 MHz), C-Band – Cheyenne (3.7-3.98 GHz), 12GHz (MVDDS), LMDS, 24 GHz, 28 GHz, 37GHz, 39GHz and 47GHz to EchoStar Wireless Holding L.L.C., a direct wholly-owned subsidiary of our parent, EchoStar (together with the “DISH 2021 Intercompany Loan 2026 Tranche” defined below, the “Asset Transfer to EchoStar”).

In addition, DISH DBS, in its capacity as “Lender” under the terms of the Loan and Security Agreement related to the Intercompany Loan between DISH Network and DISH DBS, has consummated the assignment pursuant to such terms, without any modification or amendment thereto, of its receivable in respect to the 2026 Tranche of $4.7 billion (the “DISH 2021 Intercompany Loan 2026 Tranche”) to DBS Intercompany Receivable L.L.C. DBS Intercompany Receivable L.L.C. has subsequently assigned its rights as lender thereunder to EchoStar Intercompany Receivable Company L.L.C., our parent, EchoStar’s direct wholly-owned subsidiary, such that amounts owed in respect of the DISH 2021 Intercompany Loan 2026 Tranche will now be paid by us to EchoStar Intercompany Receivable L.L.C.

The transferred amount equals our historical net carrying value of these assets, which was $12.003 billion with the offset recorded as a dividend in “Accumulated earnings (deficit)” on our Consolidated Balance Sheets as of December 31, 2024.

Tax Associated with the Asset Transfer to EchoStar. During the year ended December 31, 2024, we recorded $3.775 billion in “Deferred tax liabilities, net” on our Consolidated Balance Sheets resulting from the step up in basis due to the difference in the fair value compared to the book value of the Asset Transfer to EchoStar, with the offset recorded in “Additional paid-in capital” on our Consolidated Balance Sheets.

700 MHz Spectrum Sale to EchoStar. On March 12, 2024, we sold our wholly-owned subsidiary which holds the 700 MHz spectrum to a wholly-owned subsidiary of our parent, EchoStar (the “700 MHz Spectrum Sale to EchoStar”), for fair value of approximately $1.037 billion. The difference between our net carrying value of the assets sold to their fair value of $115 million, net of deferred tax, was recorded in “Additional paid-in capital” on our Consolidated Balance Sheets as of December 31, 2024. The proceeds were used to pay the remaining balance of $951 million on our 2 3/8% Convertible Note which matured on March 15, 2024.

The Sale of Assets to EchoStar, Asset Transfer to EchoStar and 700 MHz Spectrum Sale to EchoStar together are referred to as (the “Sale and Transfer of Assets to EchoStar”).

Orbital II Transfer from EchoStar. On May 2, 2024, EchoStar transferred certain assets to us, including the EchoStar XXV satellite currently under construction. The transferred amount equals our historical net carrying value of these assets, which was $141 million with the offset recorded as a capital contribution in “Additional paid-in capital” on our Consolidated Balance Sheets as of December 31, 2024.

Financing Transactions

During the third and fourth quarter of 2024, we and our parent EchoStar completed several financing transactions, including, but not limited to: (i) our $2.5 billion issuance of New DISH DBS Financing (defined in Note 9), which included $2.047 billion of funds used for the redemption of our 5 7/8% Senior Notes due November 15, 2024, (ii) the EchoStar 2024 Intercompany Loan (defined in Note 9) for a borrowing principal amount of up to $4.500 billion, of which $1.015 billion is currently outstanding as of December 31, 2024, and our parent, EchoStar’s (i) $5.356 billion issuance of its 10 3/4% Senior Secured Notes due 2029, (ii) $30 million issuance of its 3 7/8% Convertible Secured Notes due 2030 and (iii) PIPE Investment for an aggregate cash purchase price of approximately $400 million. For further information on our parent, EchoStar’s, financing transactions refer to EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2024.

In addition, as a result of the consummation of the EchoStar Exchange Offers, as detailed and defined in Note 9, $1.819 billion aggregate principal amount of our 0% Convertible Notes due 2025 and $2.863 billion aggregate principal amount of our 3 3/8% Convertible Notes due 2026 were cancelled and forgiven by our parent, EchoStar, and recorded in “Additional paid-in capital” on our Consolidated Balance Sheets as of December 31, 2024.

Segments

We currently operate two primary business segments: (1) Pay-TV and (2) Wireless. Historically, we reported three primary business segments: (1) Pay-TV; (2) Retail Wireless and (3) 5G Network Deployment. See Note 14 for further information.

Pay-TV

We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, Federal Communications Commission (“FCC”) licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). As of December 31, 2024, we had 7.778 million Pay-TV subscribers in the United States, including 5.686 million DISH TV subscribers and 2.092 million SLING TV subscribers.

Wireless

Our Wireless segment provides wireless communication services (“Wireless” services) and products. We currently offer our Wireless services for 5G voice over new radio (“VoNR”) to over 220 million Americans and for 5G broadband service to over 268 million Americans, as well as a competitive portfolio of wireless devices.

We offer nationwide Wireless services to subscribers primarily under our Boost Mobile® and Gen Mobile® brands. Prepaid Wireless subscribers generally pay in advance for monthly access to wireless talk, text and data services. Postpaid Wireless subscribers are qualified to pay after receiving wireless talk, text and data services, and may also qualify for certain device financing arrangements.

We are currently operating primarily as a mobile virtual network operator (“MVNO”) as we continue our 5G Network Deployment and commercialize and grow customer traffic on our 5G Network. We are transitioning to a mobile network operator (“MNO”) as our 5G Network, defined below, has become commercially available and we grow customer traffic on our 5G Network. We are currently activating Boost Mobile subscribers with compatible devices onto our 5G Network in markets where we have reached VoNR. We currently offer a broad range of premium wireless devices on our 5G Network, including the Apple iPhone 15 and newer generation iPhones.

We have deployed 5G VoNR covering over 220 million Americans. Within our MVNO operations, today we depend in part on T-Mobile and AT&T to provide us with network services under the amended Master Network Services Agreement (“MNSA”) and Network Services Agreement (the “NSA”), respectively. As of December 31, 2024, we had 6.995 million Wireless subscribers.

We initially invested a total of over $30 billion in Wireless spectrum licenses, and a portion of these licenses were included in the Sale and Transfer of Assets to EchoStar. We currently have $24 billion of investments related to Wireless spectrum licenses, which does not include $7 billion of capitalized interest related to the carrying value of such licenses. See Note 1, Note 2 and Note 13 for further information. We continue to commercialize our Wireless spectrum licenses through the completion of the nation’s first cloud-native, Open Radio Access Network (“O-RAN”) based 5G network (our “5G Network Deployment”). We have committed to the FCC to deploy a facilities-based 5G broadband network (our “5G Network”) capable of serving increasingly larger portions of the U.S. population at different deadlines.

Our Wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. On September 29, 2023, the FCC confirmed we met all of our June 14, 2023 band-specific 5G deployment commitments, and two of our three nationwide 5G commitments. The single remaining 5G commitment, that at least 70% of the U.S. population has access to average download speeds equal to 35 Mbps, was achieved in March 2024 using the drive test methodology previously agreed upon by us and the FCC and overseen by an independent monitor. We currently have the largest commercial deployment of 5G VoNR in the world covering over 220 million Americans and 5G broadband service covering over 268 million Americans.

In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments and in a January 10, 2025 filing to the FCC, we certified to meeting the accelerated buildout (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request) due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments. See Note 13 for definitions and further details.

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory

Schedule of inventory


	As of December 31,
	2024		2023

	(In thousands)
Finished goods	$	262,722	$	407,620
Work-in-process and service repairs		27,432		35,464
Consignment		10,110		47,723
Raw materials		3,064		6,251
Total inventory	$	303,328	$	497,058

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business Activities (Details) person in Thousands, $ in Thousands				1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended	180 Months Ended
	May 02, 2024 USD ($)	Jan. 10, 2024 USD ($)	Sep. 29, 2023 person item	Jan. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) person segment	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) segment	Dec. 31, 2024 USD ($) person site	Dec. 31, 2022 USD ($)	Nov. 30, 2024 USD ($)	Nov. 15, 2024	Nov. 08, 2024 USD ($)	Oct. 10, 2024 USD ($)	Sep. 29, 2024 USD ($)	Mar. 15, 2024 USD ($)	Mar. 12, 2024 USD ($)
Organization and Business Activities
Number of primary operating business segments \| segment					2		3
Fair value of assets sold		$ 246,000
Gain or loss on sale of assets								$ 138,000
Interest rate (as a percent)					0.25%			0.25%
Net carrying value of assets transferred	$ 141,000							$ 140,510
Issuance costs								2,500,000
Aggregate cash purchase price					$ 400,000	$ 400,000	$ 400,000	$ 400,000
Number of Pay-TV subscribers \| person					7,778			7,778
Number Of wireless subscribers \| person					6,995			6,995
Number of nationwide 5G commitments that are met \| item			2
Number of nationwide 5G commitments \| item			3
Number of Americans nationwide for deployment of 5G services \| person			220,000					220,000
Number of American subscribers for 5G broadband service \| person			268,000					268,000
Percentage of coverage obligations								80.00%
Intercompany Loan
Organization and Business Activities
Additional debt		$ 4,700,000		$ 4,700,000
EchoStar 2024 Intercompany Loan
Organization and Business Activities
Interest rate (as a percent)										11.50%
Outstanding debt					$ 1,015,000			$ 1,015,000
2 3/8% Convertible Notes due 2024
Organization and Business Activities
Debt repurchased															$ 951,000
Interest rate (as a percent)					2.375%			2.375%							2.375%
10 3/4% Senior Notes due 2029
Organization and Business Activities
Interest rate (as a percent)					10.75%	10.75%	10.75%	10.75%
3 7/8% Convertible Secured Notes due 2030
Organization and Business Activities
Interest rate (as a percent)					2.375%	2.375%	2.375%	2.375%					3.875%
Aggregate principal amount													$ 1,950,000
0% Convertible Notes Due 2025
Organization and Business Activities
Interest rate (as a percent)					0.00%			0.00%
Aggregate principal amount												$ 1,819,000
Outstanding debt												138,000
Amounts of indebtedness forgiven								$ 1,819,000
3 3/8% Convertible Notes due 2026.
Organization and Business Activities
Interest rate (as a percent)					3.375%			3.375%
Aggregate principal amount												2,863,000
Outstanding debt												$ 45,000
Amounts of indebtedness forgiven								$ 2,863,000
5G Network Development
Organization and Business Activities
Payment to customer								$ 30,000,000	$ 30,000,000
Number of cell sites deployed \| site								24,000
Minimum \| MHz 700 Licenses and AWS-4 Licenses
Organization and Business Activities
Minimum percentage of population having access to average download speed								70.00%
Maximum \| EchoStar 2024 Intercompany Loan
Organization and Business Activities
Aggregate principal amount					$ 4,500,000			$ 4,500,000		$ 4,500,000
Sling TV Holding L.L.C.
Organization and Business Activities
Number of Pay-TV subscribers \| person					2,092			2,092
DISH DBS \| 2 3/8% Convertible Notes due 2024
Organization and Business Activities
Interest rate (as a percent)															2.375%
DISH DBS \| 5 7/8% Senior Notes due 2024
Organization and Business Activities
Interest rate (as a percent)					5.875%	5.875%	5.875%	5.875%			5.875%			5.875%
DISH DBS \| 10 3/4% Senior Notes due 2029
Organization and Business Activities
Aggregate amount					$ 5,356,000	$ 5,356,000	$ 5,356,000	$ 5,356,000
DISH DBS \| 3 7/8% Convertible Secured Notes due 2030
Organization and Business Activities
Aggregate amount					30,000	30,000	30,000	30,000
DISH DBS \| EchoStar \| Assets transfer \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization and Business Activities
Assets transferred					12,003,000			12,003,000
DBS Subscriber Co \| New DISH DBS Financing
Organization and Business Activities
Issuance costs					2,500,000	2,500,000
Amount used for redemption or repayment or repurchase 5 7/8% Senior Notes due 2024					2,047,000	$ 2,047,000	$ 2,047,000	2,047,000						$ 2,047,000
Aggregate principal amount														$ 2,500,000
EchoStar
Organization and Business Activities
Deferred Tax Liabilities Net Noncurrent Excluding Additional paid-in capital					$ 3,775,000			3,775,000
Related party \| EchoStar \| 700 MHz Spectrum \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization and Business Activities
Gain or loss on sale of assets								$ 115,000
Sales value																$ 1,037,000
Dish TV
Organization and Business Activities
Number of Pay-TV subscribers \| person					5,686			5,686
Wireless
Organization and Business Activities
Payment to customer								$ 24,000,000
Capitalized Interest
Organization and Business Activities
Payment to customer								7,000,000
Other income
Organization and Business Activities
Gain or loss on sale of assets								129,000
Additional Paid-In Capital
Organization and Business Activities
Gain or loss on sale of assets								$ 6,000

Income Taxes and Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes and Accounting for Uncertainty in Income Taxes
Cash paid for income taxes to EchoStar, net of (refunds)	$ 0	$ 0	$ 0
NOL for federal income tax purposes	395,000
NOL benefit for state income tax purposes	250,000
Tax benefit related to credit carryforwards	164,000
Current (benefit) provision:
Federal	(18,835)	(29,307)	(23,571)
State	21,865	29,254	59,690
Foreign	2,831	3,301	(7,118)
Total current (benefit) provision	5,861	3,248	29,001
Deferred (benefit) provision:
Federal	(34,566)	(293,666)	615,323
State	(74,106)	(152,725)	85,045
Increase (decrease) in valuation allowance	92,421	71,481	2,367
Total deferred (benefit) provision	(16,251)	(374,910)	702,735
Total (benefit) provision	(10,390)	(371,662)	731,736
Income (loss) before income taxes	73,083	$ 1,500,084	$ (3,104,643)
Portion of Income (loss) before income taxes related to foreign operations	$ 1,000
Reconciliation of amounts computed by applying the statutory Federal tax rate to income before taxes
Statutory rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of federal benefit (as a percent)	70.50%	5.00%	3.10%
Rates different than statutory	(3.90%)	(0.10%)
Increase (decrease) in valuation allowance	(126.40%)	(4.80%)
Tax credits	60.40%	2.70%	0.50%
Impairments		(0.70%)
Other, net (as a percent)	(7.40%)	1.70%
Total (benefit) provision for income taxes (as a percent)	14.20%	24.80%	23.60%
Deferred tax assets:
NOL, credit and other carryforwards	$ 1,588,431	$ 1,054,749
Accrued and prepaid expenses	925,727	866,277
Stock-based compensation	22,720	20,934
Unrealized (gains) losses on available for sale and other investments		198,587
Discount on convertible notes and convertible note hedge transaction, net	696	46,636
Deferred revenue	10,076	13,197
Total deferred tax assets	2,547,650	2,200,380
Valuation allowance	(225,342)	(153,453)
Deferred tax asset after valuation allowance	2,322,308	2,046,927
Deferred tax liabilities:
Depreciation	(1,655,277)	(1,554,517)
Unrealized (gains) losses on available for sale and other investments	(9,061)
FCC authorizations and other intangible amortization	(7,664,074)	(3,869,784)
Bases differences in partnerships and cost method investments	(1,306,386)	(1,179,888)
Total deferred tax liabilities	(10,634,798)	(6,604,189)
Net deferred tax asset (liability)	(8,312,490)	(4,557,262)
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance as of beginning of period	436,128	431,640	$ 388,837
Additions based on tax positions related to the current year	242,054	3,601	35,180
Additions based on tax positions related to prior years	23,401	9,292	14,723
Reductions based on tax positions related to prior years	(23,177)	(7,219)	(7,100)
Reductions based on tax positions related to settlements with taxing authorities		(834)
Reductions based on tax positions related to the lapse of the statute of limitations	(310)	(352)
Balance as of end of period	$ 678,096	$ 436,128	$ 431,640

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Mar. 12, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-39144
Entity Registrant Name	DISH Network Corporation
Entity Tax Identification Number	88-0336997
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	9601 South Meridian Boulevard
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	303
Local Phone Number	723-1000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		1,000
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Denver, Colorado
Entity Central Index Key	0001001082
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Debt, Finance Lease and Other Obligations - Interest on the New DISH DBS Financing and the EchoStar 2024 Intercompany Loan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Nov. 30, 2024
New DISH DBS Financing
Debt Instrument
Interest payable	$ 245
EchoStar 2024 Intercompany Loan
Debt Instrument
Interest payable	123
Outstanding debt	1,015
EchoStar 2024 Intercompany Loan \| Maximum
Debt Instrument
Principal amount of debt	$ 4,500	$ 4,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

12 Months Ended

Dec. 31, 2024

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

5. Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

Our marketable investment securities, restricted cash and cash equivalents, and other investments consisted of the following:



	As of December 31,
	2024		2023

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale	$	51	$	144
Strategic - trading/equity		10		7,799
Other		225		179
Total current marketable investment securities		286		8,122
Restricted marketable investment securities (1)		23,882		19,772
Total marketable investment securities		24,168		27,894

Restricted cash and cash equivalents (1)		254,714		89,107

Other investments, net:
Equity method investments (2)		20,440		126,179
Cost method investments		2,950		3,448
Fair value method investments (3)		12,093		39,198
Total other investments, net		35,483		168,825

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	314,365	$	285,826

(1)	Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash and cash equivalents” and “Restricted cash, cash equivalents and marketable investment securities” on our Consolidated Balance Sheets and discussed below.

(2)	This change primarily resulted from the Sale and Transfer of Assets to EchoStar, see Note 1 for further information, and the decrease in our Invidi Technologies Corporation investment, discussed below.

(3)	The decrease primarily resulted from a $27 million impairment in a fair value method investment during the year ended December 31, 2024 and recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Marketable Investment Securities

Our marketable investment securities portfolio may consist of debt and equity instruments. All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss). All debt securities are classified as available-for-sale and are recorded at fair value. We report the temporary unrealized gains and losses related to changes in market conditions of marketable debt securities as a separate component of “Accumulated other comprehensive income (loss)” within “Stockholder’s Equity (Deficit),” net of related deferred income tax on our Consolidated Balance Sheets. The corresponding changes in the fair value of marketable debt securities, which are determined to be company specific credit losses are recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 2 for further information.

Current Marketable Investment Securities - Strategic

Our current strategic marketable investment securities portfolio includes and may include strategic and financial debt and/or equity investments in private and public companies that are highly speculative and have experienced and continue to experience volatility. As of December 31, 2024, this portfolio consisted of securities of a small number of issuers, and as a result the value of that portfolio depends, among other things, on the performance of those issuers. The fair value of certain of the debt and equity securities in this portfolio can be adversely impacted by, among other things, the issuers’ respective performance and ability to obtain any necessary additional financing on acceptable terms, or at all.

Current Marketable Investment Securities - Other

Our current other marketable investment securities portfolio includes investments in various debt instruments including, among others, commercial paper, corporate securities and United States treasury and/or agency securities.

Commercial paper consists mainly of unsecured short-term, promissory notes issued primarily by corporations with maturities ranging up to 365 days. Corporate securities consist of debt instruments issued by corporations with various maturities normally less than 18 months. U.S. Treasury and agency securities consist of debt instruments issued by the federal government and other government agencies.

Restricted Cash, Cash Equivalents and Marketable Investment Securities

As of December 31, 2024 and 2023, our restricted marketable investment securities, together with our restricted cash and cash equivalents, included amounts required as collateral for our letters of credit, surety bonds and trusts.

Current restricted cash and cash equivalents. As of December 31, 2024, we had $151 million included in “Current restricted cash and cash equivalents” on our Consolidated Balance Sheets that primarily consists of funds received by our subsidiary, DISH DBS Issuer LLC (“DBS SubscriberCo”), from subscriber payments and certain other revenue, which are required to be restricted per the terms of the New DISH DBS Financing, as detailed and defined in Note 9. DBS SubscriberCo holds certain DISH TV subscribers and their related subscription and equipment agreements.

Other Investments, net

We have strategic investments in certain debt and/or equity securities that are included in noncurrent “Other investments, net” on our Consolidated Balance Sheets. Our debt securities are classified as available-for-sale and are recorded at fair value. Generally, our debt investments in non-publicly traded debt instruments without a readily determinable fair value are recorded at amortized cost.

Our equity investments where we have the ability to exercise significant influence over the investee are accounted for using the equity method of accounting. Certain of our equity method investments are detailed below.

NagraStar L.L.C. We own a 50% interest in NagraStar L.L.C. (“NagraStar”), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. The three main technologies NagraStar provides to its customers are microchips, set-top box software, and uplink computer systems. NagraStar also provides end-to-end platform security testing services.

Invidi Technologies Corporation. We own a 35% interest in Invidi Technologies Corporation (“Invidi”), an entity that provides proprietary software for the addressable advertising market. Invidi contracts with multichannel video programming distributers to include its software in their respective set-top boxes and DVRs in order to deliver targeted advertisements based on a variety of demographic attributes selected by the advertisers. Invidi has also developed a cloud-based solution for internet protocol-based platforms. During the year ended December 31, 2024, Invidi impaired the goodwill on their financial statements and our portion of this impairment resulted in a $63 million loss in “Equity in earnings (losses) of affiliates” recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss) during the year ended December 31, 2024.

We also hold investments that are not accounted for using the equity method of accounting, which are measured at fair value. Investments in equity securities without readily determinable fair values are accounted for at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer.

Our ability to realize value from our strategic investments in securities that are not publicly traded depends on, among other things, the success of the issuers’ businesses and their ability to obtain sufficient capital, on acceptable terms or at all, and to execute their business plans. Because private markets are not as liquid as public markets, there is also increased risk that we will not be able to sell these investments, or that when we desire to sell them we will not be able to obtain fair value for them.

Fair Value Measurements

Our investments measured at fair value on a recurring basis were as follows:


	As of December 31,
	2024								2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

	(In thousands)
Cash equivalents (including restricted)	$	261,990	$	221,083	$	40,907	$	—	$	347,976	$	304,410	$	43,566	$	—

Debt securities (including restricted):
U.S. Treasury and agency securities	$	8,163	$	8,163	$	—	$	—	$	7,567	$	7,567	$	—	$	—
Commercial paper		—		—		—		—		7,500		—		7,500		—
Corporate securities		15,719		—		15,719		—		4,705		—		4,705		—
Other		276		—		225		51		323		—		179		144
Equity securities		10		10		—		—		7,799		7,799		—		—
Total	$	24,168	$	8,173	$	15,944	$	51	$	27,894	$	15,366	$	12,384	$	144

As of December 31, 2024, restricted and non-restricted marketable investment securities included debt securities of $8 million with contractual maturities within one year and $16 million with contractual maturities extending longer than one year through and including five years. Actual maturities may differ from contractual maturities as a result of our ability to sell these securities prior to maturity.

Derivative Instruments

We had the option to purchase certain of T-Mobile’s 800 MHz spectrum licenses from T-Mobile at a fixed price pursuant to the License Purchase Agreement, as defined and detailed in our Annual Report on Form 10-K for the year ended December 31, 2023. This instrument met the definition of a derivative and was valued based upon, among other things, our estimate of the underlying asset price, the expected term, volatility, the risk free rate of return and the probability of us exercising the option. We did not exercise the option to purchase the 800 MHz spectrum licenses pursuant to the License Purchase Agreement, which expired on its own terms on April 1, 2024. As of December 31, 2023, the derivative’s fair value was zero on our Consolidated Balance Sheets. All changes in the derivative’s fair value were recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See the table below.

We accounted for our option to purchase certain T-Mobile’s 800 MHz spectrum licenses under the License Purchase Agreement as a Level 3 instrument within the fair value hierarchy.

Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other

“Other, net” within “Other Income (Expense)” included on our Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:



	For the Years Ended December 31,
Other, net:	2024		2023		2022

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	(30,730)	$	4,085	$	26,186
Sale of Assets to EchoStar - realized gains (losses) (Note 1)		128,788		—		—
Derivative instruments - net realized and/or unrealized gains (losses)		—		(1,793,387)		1,015,387
Gains (losses) related to early redemption of debt		—		73,024		(922)
Equity in earnings (losses) of affiliates		(67,214)		(3,835)		2,616
Liberty Puerto Rico Asset Sale (Note 13)		21,310		—		—
EchoStar Exchange Offers debt extinguishment gains (losses) (Note 9)		688,661		—		—
Other		1,890		(21,763)		(4,285)
Total	$	742,705	$	(1,741,876)	$	1,038,982

Stock-Based Compensation - Stock options and restricted stock units and awards (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock - Based Compensation
Weighted-average grant date fair value of units and awards granted	$ 16.7
Employee Stock Option
Stock - Based Compensation
Weighted-average grant date fair value of options granted	$ 14.66	$ 28.24	$ 63.9
Intrinsic value of options exercised	$ 848		$ 98
Restricted stock units and awards
Stock - Based Compensation
Weighted-average grant date fair value of units and awards granted	$ 16.7	$ 17.5	$ 88.39
Fair value of units and rewards vested	$ 443	$ 5,612	$ 2,212

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Finished goods	$ 262,722	$ 407,620
Work-in-process and service repairs	27,432	35,464
Consignment	10,110	47,723
Raw materials	3,064	6,251
Total inventory	$ 303,328	$ 497,058

Property and Equipment and Intangible Assets - Intangible Assets and Estimated Future Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Intangible Assets	$ 869,005	$ 868,998
Accumulated Amortization	(805,148)	(709,508)
Amortization expense	96,000	181,000	$ 154,000
Estimated future amortization of identifiable intangible assets
2025	13,534
2026	11,838
2027	11,355
2028	10,872
2029	10,283
Thereafter	5,747
Total	$ 63,629
Minimum
Intangible Assets
Useful life	2 years
Maximum
Intangible Assets
Useful life	20 years
Technology-based
Intangible Assets
Intangible Assets	$ 63,773	63,766
Accumulated Amortization	(61,157)	(60,590)
Trademarks
Intangible Assets
Intangible Assets	135,134	135,134
Accumulated Amortization	(81,351)	(71,640)
Contract-based
Intangible Assets
Intangible Assets	41,500	41,500
Accumulated Amortization	(41,500)	(41,500)
Customer relationships
Intangible Assets
Intangible Assets	628,598	628,598
Accumulated Amortization	$ (621,140)	$ (535,778)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 476,075	$ 373,641
Current restricted cash and cash equivalents	150,898
Marketable investment securities	286	8,122
Trade accounts receivable, net of allowance for credit losses of $71,314 and $53,991, respectively (Note 16)	922,001	890,333
Inventory	303,328	497,058
Prepaids and other assets	588,892	572,199
Other current assets	37,786	2,308
Total current assets	2,479,266	2,343,661
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities	127,698	108,879
Property and equipment, net	7,229,089	7,401,947
Regulatory authorizations, net	30,840,398	38,114,249
Other investments, net	35,483	168,825
Operating lease assets	3,134,938	2,934,862
Intangible assets, net	63,857	159,490
Other noncurrent assets, net	283,780	181,118
Total noncurrent assets	41,715,243	49,069,370
Total assets	44,194,509	51,413,031
Current Liabilities:
Trade accounts payable (Note 16)	696,277	673,291
Deferred revenue and other	569,071	638,471
Accrued programming	1,339,072	1,427,762
Other accrued expenses and liabilities	1,641,168	1,552,610
Current portion of debt, finance lease and other obligations (Note 9)	933,481	3,041,429
Total current liabilities	5,407,411	7,592,166
Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion (Note 9)	14,972,965	18,178,288
Intercompany Loans (Note 9)	5,781,811
Deferred tax liabilities, net	8,312,490	4,557,262
Operating lease liabilities	3,089,950	2,992,863
Long-term deferred revenue and other long-term liabilities	946,208	861,896
Total long-term obligations, net of current portion	33,103,424	26,590,309
Total liabilities	38,510,835	34,182,475
Commitments and Contingencies (Note 13)
Redeemable noncontrolling interests (Note 2)		438,382
Stockholder's Equity (Deficit):
Additional paid-in capital	5,435,387	4,916,120
Accumulated other comprehensive income (loss)	(2,759)	(2,676)
Accumulated earnings (deficit)	(193,030)	11,876,627
Total DISH Network stockholder's equity (deficit)	5,239,598	16,790,071
Noncontrolling interests	444,076	2,103
Total stockholder's equity (deficit)	5,683,674	16,792,174
Total liabilities and stockholder's equity (deficit)	44,194,509	51,413,031
Related party
Current Liabilities:
Interest Payable	21,850
Nonrelated party
Current Liabilities:
Interest Payable	$ 206,492	$ 258,603

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Non-cash, stock-based compensation	$ 24,945	$ 36,143	$ 71,450
Subscriber-related
Stock-Based Compensation
Non-cash, stock-based compensation	1,376	2,609	6,511
Selling, general and administrative expenses
Stock-Based Compensation
Non-cash, stock-based compensation	23,569	$ 33,534	$ 64,939
Non-Performance Based Stock Awards
Share-based expenses
Unrecognized compensation expense	$ 39,000
Share-based compensation additional disclosures
Weighted average period for recognition of compensation cost	3 years 4 months 24 days

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt, Finance Lease and Other Obligations

12 Months Ended

Dec. 31, 2024

Debt, Finance Lease and Other Obligations

Debt and Finance Lease Obligations

9. Debt, Finance Lease and Other Obligations

Fair Value of our Debt

The following table summarizes the carrying amount and fair value of our debt facilities as of December 31, 2024 and 2023:


		As of December 31,
		2024				2023
	Issuer	Carrying Amount		Fair Value		Carrying Amount		Fair Value

		(In thousands)
2 3/8% Convertible Notes due 2024 (1)	DISH	$	—	$	—	$	951,168	$	944,034
5 7/8% Senior Notes due 2024 (2)	DDBS		—		—		1,982,544		1,872,275
0% Convertible Notes due 2025 (3)(4)	DISH		138,403		124,916		1,957,197		1,228,141
Term Loan due 2025 (5)	DBS SubscriberCo		500,000		500,000		—		—
7 3/4% Senior Notes due 2026	DDBS		2,000,000		1,678,640		2,000,000		1,388,060
3 3/8% Convertible Notes due 2026 (4)	DISH		45,209		38,495		2,908,801		1,570,753
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,507,780		2,750,000		2,366,073
11 3/4% Senior Secured Notes due 2027	DISH		3,500,000		3,708,460		3,500,000		3,668,980
7 3/8% Senior Notes due 2028	DDBS		1,000,000		715,680		1,000,000		600,160
5 3/4% Senior Secured Notes due 2028	DDBS		2,500,000		2,143,350		2,500,000		2,013,125
5 1/8% Senior Notes due 2029	DDBS		1,500,000		959,610		1,500,000		774,600
Term Loan due 2029 (5)(6)	DBS SubscriberCo		1,800,000		1,800,000		—		—
Mandatorily Redeemable Preferred Shares due 2029 (5)(6)(7)	DBS SubscriberCo		200,000		200,000		—		—
DISH 2021 Intercompany Loan 2026 Tranche (8)	Intercompany		4,767,289		4,767,289		—		—
EchoStar 2024 Intercompany Loan (9)	Intercompany		1,014,522		1,014,522		—		—
Other notes payable			63,297		63,297		113,564		113,564
Subtotal			21,778,720	$	20,222,039		21,163,274	$	16,539,765
Unamortized deferred financing costs and other debt discounts, net			(157,662)				(67,215)
Finance lease obligations (10)			67,199				123,658
Total			21,688,257				21,219,717
Less: current portion (6)			(933,481)				(3,041,429)
Total debt, finance lease and other obligations, net of current portion		$	20,754,776			$	18,178,288

(1)	We repurchased or redeemed the principal balance of our 2 3/8% Convertible Notes due 2024 as of March 15, 2024, the instrument’s maturity date.

(2)	We repurchased or redeemed the principal balance of our 5 7/8% Senior Notes due 2024 as of November 15, 2024, the instrument’s maturity date.

(3)	Our 0% Convertible Notes due 2025 have been reclassified to “Current portion of debt, finance lease and other obligations” on our Consolidated Balance Sheets as of December 31, 2024

(4)	See “EchoStar Exchange Offers” below for further information.

(5)	See “New DISH DBS Financing” below for further information.

(6)

(7)	Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.

(8)

(9)	See “EchoStar 2024 Intercompany Loan” below for further information. The EchoStar 2024 Intercompany Loan is not publicly traded and therefore the carrying value is the fair value.

(10)	Disclosure regarding fair value of finance leases is not required.

We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).

DISH DBS Exchange Offers

On September 30, 2024, we announced DISH DBS, our wholly-owned, indirect subsidiary, commenced offers to exchange (the “DISH DBS Exchange Offers”) any and all of its: (a) 5 1/4% Senior Secured Notes due 2026 (the “Outstanding 2026 DBS Secured Notes”) for an equal principal amount of its new 5 1/4% First Lien Notes due 2026 (the “New 2026 DBS First Lien Notes”), (b) 5 3/4% Senior Secured Notes due 2028 (the “Outstanding 2028 DBS Secured Notes”) for an equal principal amount of its new 5 3/4% First Lien Notes due 2028 (the “New 2028 DBS First Lien Notes”), (c) 7 3/4% Senior Notes due 2026 (the “Outstanding 2026 DBS Notes”) for an equal principal amount of its new 7 3/4% Second Lien Notes due 2026 (the “New 2026 DBS Second Lien Notes”), (d) 7 3/8% Senior Notes due 2028 (the “Outstanding 2028 DBS Notes”) for an equal principal amount of its new 7 3/8% Second Lien Notes due 2028 (the “New 2028 DBS Second Lien Notes”) and (e) 5 1/8% Senior Notes due 2029 (the “Outstanding 2029 DBS Notes” and, together with the Outstanding 2026 DBS Secured Notes, the Outstanding 2028 DBS Secured Notes, the Outstanding 2026 DBS Notes and the Outstanding 2028 DBS Notes, the “Outstanding DBS Notes”) for an equal principal amount of its new 5 1/8% Second Lien Notes due 2029 (the “New 2029 DBS Second Lien Notes” and, together with the New 2026 DBS First Lien Notes, the New 2028 DBS First Lien Notes, the New 2026 DBS Second Lien Notes and the New 2028 DBS Second Lien Notes, the “New DBS Notes”), in each case, pursuant to the terms described in a confidential exchange offering memorandum and consent solicitation statement, dated September 30, 2024 (“Original Exchange Offering Memorandum”). On October 28, 2024, we announced DISH DBS, our wholly-owned, indirect subsidiary, amended certain terms of the DISH DBS Exchange Offers pursuant to the terms described in Supplement No. 1, dated October 28, 2024 (the “Supplement” and together with the Original Exchange Offering Memorandum, the “Exchange Offering Memorandum”). On November 12, 2024 (the “Exchange Offer Settlement Date”), the DISH DBS Exchange Offers expired and were terminated.

EchoStar Exchange Offers

On October 10, 2024, we and our parent, EchoStar, commenced offers to exchange (the “EchoStar Exchange Offers”) the DISH Network’s 0% Convertible Notes due 2025 (the “DISH Network 2025 Notes”) and 3 3/8% Convertible Notes due 2026 (the “DISH Network 2026 Notes” and, together with the DISH Network 2025 Notes, the “Existing DISH Convertible Notes”), with an aggregate principal amount of $4.866 billion for up to $2.381 billion aggregate principal amount of 6 3/4% Senior Secured Notes due 2030 (the "EchoStar Exchange Notes") and up to $1.950 billion aggregate principal amount of 3 7/8% Convertible Secured Notes due 2030 (the "EchoStar Convertible Notes" and together with the EchoStar Exchange Notes, the "EchoStar Notes") with an aggregate principal amount of $4.331 billion to be issued by our parent, EchoStar, pursuant to the terms described in a prospectus and consent solicitation statement, dated October 10, 2024 as amended (the "Exchange Offer Prospectus").

On November 8, 2024, upon the expiration of the EchoStar Exchange Offers, $1.819 billion aggregate principal amount, or approximately 92.9%, of the DISH Network 2025 Notes and $2.863 billion aggregate principal amount, or approximately 98.5%, of the DISH Network 2026 Notes, together $4.682 billion total aggregate principal amount of the Existing DISH Convertible Notes, had been validly tendered for exchange, with a carrying value of $4.674 billion, net of deferred financing costs.

On November 12, 2024, all of the Existing DISH Convertible Notes validly tendered were exchanged for $2.288 billion aggregate principal amount of EchoStar Exchange Notes and $1.876 billion aggregate principal amount of EchoStar Convertible Notes, together $4.164 billion total aggregate principal amount of the EchoStar Notes, with a fair value of $3.986 billion.

We determined that the EchoStar Exchange Offers were debt extinguishments. Upon the completion of the EchoStar Exchange Offers, our Existing DISH Convertible Notes with an aggregate principal amount of $4.674 billion, net of deferred financing costs, were cancelled and forgiven by our parent, EchoStar, and we recorded $3.986 billion in “Additional paid-in capital” on our Consolidated Balance Sheets as of December 31, 2024, which resulted in a non-cash gain on debt extinguishment of $689 million, which was recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2024.

A total of $138 million aggregate principal amount of DISH Network 2025 Notes and $45 million aggregate principal amount of DISH Network 2026 Notes remain outstanding following the consummation of the EchoStar Exchange Offers.

New DISH DBS Financing

On September 29, 2024 (the “Financing Closing Date”), we and our subsidiary, DBS SubscriberCo, received $2.5 billion in financing from TPG Angelo Gordon and other co-lenders in the form of Term Loans and Mandatorily Redeemable Preferred Shares (each as defined below and together, the “New DISH DBS Financing”). Approximately $2.047 billion in proceeds received from the New DISH DBS Financing were used for the redemption of the principal balance and remaining interest outstanding on our 5 7/8% Senior Notes due November 15, 2024. Solely in the case that the DIRECTV Transaction is not consummated on or prior to the Outside Date (as defined in the Purchase Agreement as in effect on the Financing Closing Date and as it may be extended in accordance with the terms of the Purchase Agreement as in effect on the Financing Closing Date) and until the date that is 180 days after such Outside Date, DBS SubscriberCo may prepay the outstanding New DISH DBS Financing in whole, together with accrued interest to the date of such prepayment, without premium or penalty.

Term Loans

On the Financing Closing Date, DBS SubscriberCo, Alter Domus (US) LLC, as Administrative Agent, and the lenders party thereto, entered into a Loan and Security Agreement (together with all the exhibits, annexes and schedules thereto, the “Loan and Security Agreement”), pursuant to which, among other things and subject to the terms and conditions set forth therein, the lenders agreed to extend credit to DBS SubscriberCo in an aggregate principal amount of up to $2.3 billion secured by the assets of DBS SubscriberCo, which includes approximately three million DISH TV subscribers and their related subscription and equipment agreements (such transactions, the “Loan Financing”). The Loan Financing consists of the following: (i) initial term loans in an aggregate principal amount of $1.8 billion that mature on June 30, 2029 (the “Term Loan due 2029”), (ii) incremental term loans in an aggregate principal amount of $500 million that are payable in equal monthly installments which began in January 2025 and mature on September 30, 2025 (the “Term Loan due 2025”) and (iii) an additional amount of incremental term loans (the “Roll-up Incremental Term Loans” and, together with the Term Loan due 2029 and the Term Loan due 2025, the “Term Loans”). The Roll-up Incremental Term Loans may be incurred from time to time, subject to DBS SubscriberCo’s prior approval and pro forma compliance with a leverage ratio set forth in the Loan and Security Agreement, and mature on June 30, 2029.

The Roll-up Incremental Term Loans may be incurred in exchange for Outstanding DBS Notes in an aggregate principal amount equal to: (i) the price at which certain lenders acquire such notes plus (ii)(A) in the case of Outstanding 2028 DBS Notes and Outstanding 2029 DBS Notes, 15% of the difference between the aggregate principal amount of such notes and the purchase price thereof, or (B) in the case of Outstanding 2026 DBS Notes, Outstanding 2026 DBS Secured Notes and Outstanding 2028 DBS Secured Notes, 20% of the difference between the aggregate principal amount of such notes and the purchase price thereof.

Interest on the Term Loans accrues and is payable monthly, generally in cash. The interest rate with respect to the Term Loan due 2029 is: (i) from (and including) the Financing Closing Date and until (but excluding) the date that is twelve months thereafter, 10.75% per annum; and (ii) from (and including) the date that is twelve months after the Financing Closing Date and until June 30, 2029, 11.25% per annum. The interest rate with respect to the Term Loan due 2025 is 11.00% per annum. The interest rate with respect to the Roll-up Incremental Term Loans is: (i) from (and including) the Financing Closing Date and until (but excluding) the date that is twelve months thereafter, 11.00% per annum; and (ii) from (and including) the date that is twelve months after the Financing Closing Date and until the Maturity Date, 11.50% per annum.

The Loan and Security Agreement specifies a priority of payments for funds received by DBS SubscriberCo from subscriber payments and certain other revenue. Specifically, on each Transfer Date, as defined in the Loan and Security Agreement, payments will be made, as applicable, to the Administrative Agent for certain administrative and other fees, to DBS SubscriberCo for reimbursement of certain operating costs, to a subsidiary of DISH Network as Manager under the Loan and Security Agreement and as Servicer for DBS SubscriberCo, and to an account used to collect and remit interest on the Term Loans, preferred distributions with respect to Preferred Membership interests (as defined below) and monthly principal payments on the Term Loan due 2025. After remitting those payments, through September 30, 2025, if DBS SubscriberCo is in compliance with the terms of the Loan and Security Agreement, it will have the ability to accumulate any excess collections, subject to the terms of the Loan and Security Agreement. At its election, any such excess collections can be distributed by DBS SubscriberCo to its parent via an intercompany loan. No later than September 30, 2025, all excess collections will be used to fund the payment of the Term Loans, the Mandatorily Redeemable Preferred Shares and the associated interest and preferred distributions. If DBS SubscriberCo is not in compliance with its covenants, the entity will lose the ability to accumulate any excess collections with those proceeds being utilized to satisfy the debt obligation and associated interest.

Mandatorily Redeemable Preferred Shares Due 2029

On the Financing Closing Date, DBS SubscriberCo, entered into an amended and restated limited liability company agreement (the “SubscriberCo LLCA”), pursuant to which, among other things, DBS SubscriberCo issued to certain investors (the “Preferred Members”) redeemable preferred equity interests (the “Preferred Membership Interests”) with an aggregate liquidation preference of $200 million (the “Mandatorily Redeemable Preferred Shares”). The Mandatorily Redeemable Preferred Shares mature on June 30, 2029. Due to the mandatory redemption feature of this instrument, it is considered a debt instrument and recorded in “Long-term debt, finance lease and other obligations, net of current portion” on our Consolidated Balance Sheets.

The Preferred Membership Interests have a preferential cumulative return that accumulates daily in arrears at a rate of: (a) from (and including) the Financing Closing Date and until (but excluding) the date that is 12 months thereafter, 13.25% per annum; and (b) from (and including) the date that is 12 months after the Financing Closing Date and until June 30, 2029 (or the first business day thereafter), 13.75% per annum, payable in cash monthly and a liquidation preference equal to the issue price plus all accrued and unpaid dividends.

The Preferred Membership Interests are redeemable at DBS SubscriberCo’s option prior to the June 30, 2029 maturity date at a premium as described in the SubscriberCo LLCA. Upon the maturity date, DBS SubscriberCo is required to redeem all of the Preferred Membership Interests issued and outstanding at such time, and upon payment in full of the aggregate liquidation preference, all rights of the Preferred Members will terminate. The Preferred Members also have certain governance and economic rights set forth in the SubscriberCo LLCA.

DISH DBS Unsecured Senior Notes

Our Senior Notes are:

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general unsecured senior obligations of DISH DBS Corporation (“DISH DBS”);

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ranked equally in right of payment with all of DISH DBS’ and the guarantors’ existing and future unsecured senior debt; and

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ranked effectively junior to our and the guarantors’ current and future secured senior indebtedness up to the value of the collateral securing such indebtedness.

The indentures related to our Senior Notes contain restrictive covenants that, among other things, impose limitations on the ability of DISH DBS and its restricted subsidiaries to:

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incur additional debt;

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pay dividends or make distributions on DISH DBS’ capital stock or repurchase DISH DBS’ capital stock;

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make certain investments;

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create liens or enter into sale and leaseback transactions;

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enter into transactions with affiliates;

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merge or consolidate with another company; and

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transfer or sell assets.

In the event of a change of control, as defined in the related indentures, we would be required to make an offer to repurchase all or any part of a holder’s Senior Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.

7 3/4% Senior Notes due 2026

On June 13, 2016, we issued $2.0 billion aggregate principal amount of our ten-year 7 3/4% Senior Notes due July 1, 2026. Interest accrues at an annual rate of 7 3/4% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year.

The 7 3/4% Senior Notes are redeemable, in whole or in part, at any time at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest.

7 3/8% Senior Notes due 2028

On July 1, 2020, we issued $1.0 billion aggregate principal amount of our 7 3/8% Senior Notes due July 1, 2028. Interest accrues at an annual rate of 7 3/8% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year.

The 7 3/8% Senior Notes are redeemable, in whole or in part, at any time at the redemption prices specified under the related indenture, together with accrued and unpaid interest.

5 1/8% Senior Notes due 2029

On May 24, 2021, we issued $1.5 billion aggregate principal amount of our 5 1/8% Senior Notes due June 1, 2029. Interest accrues at an annual rate of 5 1/8% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year.

The 5 1/8% Senior Notes are redeemable, in whole or in part, at any time at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest.

Existing DISH Convertible Notes

0% Convertible Notes due 2025

On December 21, 2020, we issued $2.0 billion aggregate principal amount of the Convertible Notes due December 15, 2025 in a private placement. These notes were part of the EchoStar Exchange Offers (as defined above) and have a remaining aggregate principal amount outstanding of $138 million. These notes will not bear interest, and the principal amount of the Notes will not accrete.

The Convertible Notes due 2025 are:

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our general unsecured obligations;

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ranked senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Convertible Notes due 2025;

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ranked equally in right of payment with all of our existing and future unsecured senior indebtedness;

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ranked effectively junior to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness;

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ranked structurally junior to all indebtedness and other liabilities of our subsidiaries; and

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not guaranteed by our subsidiaries.

We may not redeem the Convertible Notes due 2025 prior to the maturity date. If a “fundamental change” (as defined in the related indenture) occurs prior to the maturity date of the Convertible Notes due 2025, holders may require us to repurchase for cash all or part of their Convertible Notes due 2025 at a repurchase price equal to 100% of the principal amount of such Convertible Notes due 2025, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

The indenture related to the Convertible Notes due 2025 does not contain any financial covenants and does not restrict us from paying dividends, issuing or repurchasing our other securities, issuing new debt (including secured debt) or repaying or repurchasing our debt.

Subject to the terms of the related indenture, the Convertible Notes due 2025 may be converted at an initial conversion rate of 8.566 shares of EchoStar’s Class A common stock per $1,000 principal amount of the Convertible Notes due 2025 (equivalent to an initial conversion price of approximately $116.74 per share of EchoStar’s Class A common stock) (the “Initial Conversion Rate”), at any time on or after July 15, 2025 through the second scheduled trading day preceding the maturity date. Holders of the Convertible Notes due 2025 will also have the right to convert the Convertible Notes due 2025 at the Initial Conversion Rate prior to July 15, 2025, but only upon the occurrence of specified events described in the related indenture. The conversion rate is subject to anti-dilution adjustments if certain events occur. Upon any conversion, EchoStar will settle its conversion obligation in cash, shares of EchoStar’s Class A common stock or a combination of cash and shares of EchoStar’s Class A common stock, at its election.

3 3/8% Convertible Notes due 2026

On August 8, 2016, we issued $3.0 billion aggregate principal amount of the Convertible Notes due August 15, 2026 in a private offering. These notes were part of the EchoStar Exchange Offers (as defined above) and have a remaining aggregate principal amount outstanding of $45 million. Interest accrues at an annual rate of 3 3/8% and is payable semi-annually in cash, in arrears on February 15 and August 15 of each year.

The Convertible Notes due 2026 are:

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our general unsecured obligations;

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ranked senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Convertible Notes due 2026;

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ranked equally in right of payment with all of our existing and future unsecured senior indebtedness;

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ranked effectively junior to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness;

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ranked structurally junior to all indebtedness and other liabilities of our subsidiaries; and

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not guaranteed by our subsidiaries.

We may not redeem the Convertible Notes due 2026 prior to the maturity date. If a “fundamental change” (as defined in the related indenture) occurs prior to the maturity date of the Convertible Notes due 2026, holders may require us to repurchase for cash all or part of their Convertible Notes due 2026 at a specified make-whole price equal to 100% of the principal amount of such Convertible Notes due 2026, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

The indenture related to the Convertible Notes due 2026 does not contain any financial covenants and does not restrict us from paying dividends, issuing or repurchasing our other securities, issuing new debt (including secured debt) or repaying or repurchasing our debt.

Subject to the terms of the related indenture, the Convertible Notes due 2026 may be converted at an initial conversion rate of 5.383 shares of EchoStar’s Class A common stock per $1,000 principal amount of Convertible Notes due 2026 (equivalent to an initial conversion price of approximately $185.76 per share of EchoStar’s Class A common stock) (the “Initial Conversion Rate”), at any time on or after March 15, 2026 through the second scheduled trading day preceding the maturity date. Holders of the Convertible Notes due 2026 will also have the right to convert the Convertible Notes due 2026 at the Initial Conversion Rate prior to March 15, 2026, but only upon the occurrence of specified events described in the related indenture. The conversion rate is subject to anti-dilution adjustments if certain events occur. Upon any conversion, EchoStar will settle its conversion obligation in cash, shares of EchoStar’s Class A common stock or a combination of cash and shares of EchoStar’s Class A common stock, at its election.

Convertible Note Hedge and Warrant Transactions

Merger with EchoStar. As defined and detailed in our Annual Report on Form 10-K for the year ended December 31, 2023, in connection with the completion of the Merger, on December 31, 2023, we and EchoStar entered into a note hedge amendment letter agreement with each option counterparty pursuant to which, at the Effective Time, our right to purchase shares of DISH Class A Common Stock pursuant to the terms of the applicable convertible note hedge transactions was changed into a right to purchase shares of EchoStar Class A Common Stock.

In addition, in connection with the completion of the Merger, on December 31, 2023, we and EchoStar entered into a warrant amendment letter agreement and warrant guarantee with each option counterparty, pursuant to which, at the Effective Time, each counterparty’s right to purchase shares of DISH Network Class A Common Stock pursuant to the applicable warrant transactions was changed into a right to purchase shares of EchoStar Class A Common Stock, and EchoStar guaranteed all of our obligations under the applicable warrant transactions.

In connection with the offering of the Convertible Notes due 2026, we entered into convertible note hedge transactions with certain option counterparties. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes due 2026, the number of shares of DISH Network Class A Common Stock underlying the Convertible Notes due 2026, which initially gives us the option to purchase approximately 46 million shares of DISH Network Class A Common Stock at a price of approximately $65.18 per share, which in connection with the completion of the Merger converted into approximately 16 million shares of EchoStar Class A Common Stock at a price of approximately $185.76 per share. The total cost of the original convertible note hedge transactions was $635 million. Concurrently with entering into the convertible note hedge transactions, we also entered into warrant transactions with each option counterparty whereby we sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of DISH Network Class A common stock, which initially gives the option counterparties the option to purchase approximately 46 million shares of DISH Network Class A common stock at a price of approximately $86.08 per share, which in connection with the completion of the Merger converted into approximately 16 million shares of EchoStar Class A Common Stock at price ranges of approximately $185.75 to $245.33 per share. We received $376 million in cash proceeds from the original sale of these warrants. In accordance with accounting guidance on hedge and warrant transactions, the net cost incurred in connection with the convertible note hedge and warrant transactions are recorded as a reduction in “Additional paid-in capital” within “Stockholder’s Equity (Deficit)” on our Consolidated Balance Sheets as of December 31, 2016.

We will not be required to make any cash payments to each option counterparty or its affiliates upon the exercise of the options that are a part of the convertible note hedge transactions, but will be entitled to receive from them a number of shares of Class A common stock, an amount of cash or a combination thereof. This consideration is generally based on the amount by which the market price per share of Class A common stock, as measured under the terms of the convertible note hedge transactions, is greater than the strike price of the convertible note hedge transactions during the relevant valuation period under the convertible note hedge transactions. Additionally, if the market price per share of Class A common stock, as measured under the terms of the warrant transactions, exceeds the strike price of the warrants during the measurement period at the maturity of the warrants, we will owe each option counterparty a number of shares of Class A common stock in an amount based on the excess of such market price per share of Class A common stock over the strike price of the warrants. However, as specified under the terms of the warrant transactions, we may elect to settle the warrants in cash.

DISH DBS Senior Secured Notes

Our DISH DBS Senior Secured Notes are:

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general senior secured obligations of DISH DBS Corporation (“DISH DBS”);

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secured by security interests in substantially all existing and future tangible and intangible assets of DISH DBS and its principal operating subsidiaries on a first priority basis, subject to certain exceptions;

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ranked equally in right of payment with all of DISH DBS’ and the guarantors’ existing and future senior debt;

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ranked senior in right of payment and effectively senior to any of DISH DBS’ and the guarantors’ junior lien or unsecured debt to the extent of the value of the pledged collateral that secures the Senior Secured Notes; and

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ranked effectively junior to DISH DBS’ and the guarantors’ obligations that are secured by assets that are not part of the pledged collateral that secures the Senior Secured Notes, to the extent of the value of such assets.

The indenture related to our DISH DBS Senior Secured Notes contain restrictive covenants that, among other things, impose limitations on the ability of DISH DBS and its restricted subsidiaries to:

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incur additional debt;

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pay dividends or make distributions on DISH DBS’ capital stock or repurchase DISH DBS’ capital stock;

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make certain investments;

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create liens or enter into sale and leaseback transactions;

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enter into transactions with affiliates;

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merge or consolidate with another company; and

●

transfer or sell assets.

In the event of a change of control, as defined in the related indentures, we would be required to make an offer to repurchase all or any part of a holder’s Senior Secured Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.

5 1/4% Senior Secured Notes due 2026

On November 26, 2021, we issued $2.750 billion aggregate principal amount of our 5 1/4% Senior Secured Notes due December 1, 2026. Interest accrues at an annual rate of 5 1/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year.

The 5 1/4% Senior Secured Notes due 2026 are redeemable, in whole or in part, at any time prior to June 1, 2026 (the “2026 Par Call Date”) at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest. At any time on or after the 2026 Par Call Date, we may redeem the 5 1/4% Senior Secured Notes due 2026, in whole at any time or in part from time to time, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. Prior to December 1, 2024, we may also redeem up to 35% of the 5 1/4% Senior Secured Notes due 2026 at a specified premium with the net cash proceeds from certain equity offerings or capital contributions. At any time and from time to time during the 36-month period following the issue date of the 5 1/4% Senior Secured Notes due 2026, we may redeem up to 10% of the aggregate principal amount during each twelve-month period commencing with the issue date at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

5 3/4% Senior Secured Notes due 2028

On November 26, 2021, we issued $2.5 billion aggregate principal amount of our 5 3/4% Senior Secured Notes due December 1, 2028. Interest accrues at an annual rate of 5 3/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year.

The 5 3/4% Senior Secured Notes due 2028 are redeemable, in whole or in part, at any time prior to December 1, 2027 (the “2028 Par Call Date”) at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest. At any time on or after the 2028 Par Call Date, we may redeem the 5 3/4% Senior Secured Notes due 2028, in whole at any time or in part from time to time, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. Prior to December 1, 2024, we may also redeem up to 35% of the 5 3/4% Senior Secured Notes due 2028 at a specified premium with the net cash proceeds from certain equity offerings or capital contributions. At any time and from time to time during the 36-month period following the issue date of the 5 3/4% Senior Secured Notes due 2028, we may redeem up to 10% of the aggregate principal amount during each twelve-month period commencing with the issue date at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

DISH Network Senior Secured Notes

Our DISH Network Senior Secured Notes are:

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senior unsecured obligations and guaranteed by certain restricted subsidiaries on a senior secured basis and certain other material subsidiaries;

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secured on a first priority basis by security interests, in favor of the secured parties, in the collateral, which consists primarily of interests in wireless spectrum licenses within the 600 MHz band (“the Spectrum Collateral”) owned by one of the secured guarantors and any additional subsidiaries of ours that may be added as guarantors from time to time and equity interests in the Spectrum Collateral guarantor(s) and DISH DBS;

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ranked equally in right of payment with all of our and the guarantor’s existing and future senior indebtedness;

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ranked senior in right of payment to any of our and the guarantors’ subordinated indebtedness and effectively senior to any of the Secured Guarantors unsecured indebtedness and indebtedness secured by junior liens on the collateral to the extent of the value of the collateral and effectively junior to all the existing and future obligations of any of our subsidiaries that are not Guarantors.

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ranked effectively junior to our obligations and the obligations of the guarantors that are secured by assets that do not constitute collateral to the extent of the value of such assets;

The indenture related to our DISH Network Senior Secured Notes contain restrictive covenants that, among other things, impose limitations on our ability and certain of our subsidiaries to:

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incur additional debt;

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pay dividends or make distributions on our capital stock or repurchase our capital stock;

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make certain investments of Spectrum Collateral;

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create liens or enter into sale and leaseback transactions;

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enter into transactions with affiliates;

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merge or consolidate with another company; and

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transfer or sell assets.

In the event of a change of control, as defined in the related indentures, we would be required to make an offer to repurchase all or any part of a holder’s DISH Network Senior Secured Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.

11 3/4% Senior Secured Notes due 2027

On November 15, 2022 and January 26, 2023, we issued $2.0 billion and $1.5 billion, respectively, aggregate principal amount of our 11 3/4% Senior Secured Notes due November 15, 2027. Interest accrues at an annual rate of 11 3/4% and is payable semi-annually in cash, in arrears on May 15 and November 15 of each year.

The 11 3/4% Senior Secured Notes due 2027 are redeemable, in whole or in part, at any time prior to May 15, 2025 at a redemption price equal to 100% of their principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest. At any time on or after May 15, 2025, we may redeem the 11 3/4% Senior Secured Notes due 2027, in whole at any time or in part from time to time, at the redemption prices specified in the related indenture, together with accrued and unpaid interest, if any, to the redemption date. Prior to May 15, 2025, we may also redeem up to 40% of the 11 3/4% Senior Secured Notes due 2027 at a redemption price equal to 111.750% of the aggregate principal amount of the 11 3/4% Senior Secured Notes due 2027 redeemed, together with accrued and unpaid interest to such redemption date, with the net cash proceeds from certain equity offerings or capital contributions.

Pursuant to the related indenture, we were required to obtain an initial appraisal of the Spectrum Collateral by an independent appraiser (the “Initial Appraisal”) within 120 days following the issue date of the 11 3/4% Senior Secured Notes due 2027. As of January 17, 2023, the Initial Appraisal certified we had satisfied the requirements under the loan-to-value ratio (as defined in the Indenture). Based on the independent appraisal, the loan-to-value ratio was not greater than 0.35 to 1.00 and the fair market value of the Spectrum Collateral was $10.04 billion. We will also be required to obtain a second appraisal of the Spectrum Collateral (a “Second Appraisal”) within 120 days of the date if wireless spectrum licenses that form part of the Spectrum Collateral accounting for more than 10% of the aggregate MHz-POPs of all such licenses constituting the Spectrum Collateral are forfeited to the FCC as a result of our failure to meet its buildout milestones with respect to such forfeited licenses. If we fail to deliver the Second Appraisal within 120 days following the date of forfeiture then we will be required to redeem all of the 11 3/4% Senior Secured Notes due 2027 at a redemption price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.

If the loan-to-value ratio with respect to the Spectrum Collateral, as of the date of the Second Appraisal is greater than 0.35 to 1.00, then within 90 days following the date of the delivery of the Second Appraisal we will be required to add additional Spectrum Collateral guarantors and/or pledge (or cause to be pledged) cash or interests in additional wireless spectrum licenses as Spectrum Collateral to comply with the required loan-to-value ratio of 0.35 to 1.00. If we fail to add such additional Spectrum Collateral and/or pledge (or cause to be pledged) cash or interests in additional wireless spectrum licenses, we will be required to redeem an amount of 11 3/4% Senior Secured Notes due 2027 such that immediately after giving effect to such redemption, the loan-to-value ratio shall not be greater than 0.35 to 1.00 at a redemption price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.

Intercompany Loans

DISH 2021 Intercompany Loan

The net proceeds from the offering of our 5 1/4% Senior Secured Notes due 2026 and our 5 3/4% Senior Secured Notes due 2028 (the “Senior Secured Notes”) issued on November 26, 2021 were used by DISH DBS to make an intercompany loan to DISH Network pursuant to a Loan and Security Agreement dated November 26, 2021 (together with potential future advances to DISH Network, the “DISH 2021 Intercompany Loan”) between DISH DBS and DISH Network in order to finance the purchase of wireless spectrum licenses and for general corporate purposes, including our 5G Network Deployment. The DISH 2021 Intercompany Loan matures in two tranches, with the first tranche maturing on December 1, 2026 (the “DISH 2021 Intercompany Loan 2026 Tranche”) and the second tranche maturing on December 1, 2028 (the “DISH 2021 Intercompany Loan 2028 Tranche”). DISH DBS may make additional advances to DISH Network under the DISH 2021 Intercompany Loan, and on February 11, 2022, DISH DBS advanced an additional $1.5 billion to DISH Network under the DISH 2021 Intercompany Loan 2026 Tranche. Interest accrues and is payable semiannually, and interest payments with respect to the DISH 2021 Intercompany Loan were, at our option, payable in kind for the first two years, from the issuance date of November 2021. In the third year post issuance date, a minimum of 50% of each interest payment due with respect to each tranche of the DISH 2021 Intercompany Loan were required to be paid in cash. Currently, interest payments must be paid in cash. Interest accrues: (a) when paid in cash, at a fixed rate of 0.25% per annum in excess of the interest rate applicable to, in the case of the DISH 2021 Intercompany Loan 2026 Tranche, the 5 1/4% Senior Secured Notes due 2026, and in the case of the DISH 2021 Intercompany Loan 2028 Tranche, the 5 3/4% Senior Secured Notes due 2028 (each, the “Cash Accrual Rate” with respect to the applicable tranche); and (b) when paid in kind, at a rate of 0.75% per annum in excess of the Cash Accrual Rate for the applicable tranche. As of December 31, 2024, the total DISH 2021 Intercompany Loan amount outstanding plus interest paid in kind was $7.612 billion.

DISH 2021 Intercompany Loan 2028 Tranche. As of December 31, 2024, the DISH 2021 Intercompany Loan 2028 Tranche amount outstanding plus interest paid in kind was $2.844 billion. The DISH 2021 Intercompany Loan 2028 Tranche is eliminated in consolidation.

DISH 2021 Intercompany Loan 2026 Tranche. In January 2024, DISH DBS assigned the DISH 2021 Intercompany Loan 2026 Tranche of $4.7 billion to EchoStar Intercompany Receivable Company L.L.C., our parent, EchoStar’s, direct wholly-owned subsidiary, such that amounts owed in respect of the DISH 2021 Intercompany Loan 2026 Tranche will now be paid by us to EchoStar Intercompany Receivable Company L.L.C. The DISH 2021 Intercompany Loan 2026 Tranche was previously eliminated in consolidation as it was held by DISH DBS.

As of December 31, 2024, the total DISH 2021 Intercompany Loan 2026 Tranche amount outstanding plus interest paid in kind was $4.767 billion, not including “DISH 2021 Intercompany Loan 2026 Tranche - Interest payable in cash” of $22 million recorded on our Consolidated Balance Sheets. During the year ended December 31, 2024, interest payments for the DISH 2021 Intercompany Loan 2026 Tranche paid in cash to EchoStar Intercompany Receivable Company L.L.C., a subsidiary of our parent, EchoStar, totaled $196 million.

The DISH 2021 Intercompany Loan is secured by Weminuche’s (our indirect wholly-owned subsidiary) interest in the wireless spectrum licenses for the 3.45-3.55 GHz Licenses up to the total loan amount outstanding including interest paid in kind. Pursuant to the terms of the DISH 2021 Intercompany Loan, under certain circumstances, DISH Network wireless spectrum licenses (valued based upon a third-party valuation) may be substituted for the collateral. The DISH 2021 Intercompany Loan is not included as collateral for the Senior Secured Notes, and the Senior Secured Notes are subordinated to DISH DBS’s existing and certain future unsecured notes with respect to certain realizations under the DISH 2021 Intercompany Loan and any collateral pledged as security for the DISH 2021 Intercompany Loan.

DISH Q2 2024 Intercompany Loan

In June 2024, we entered into an intercompany loan with DISH DBS (the “DISH Q2 2024 Intercompany Loan”) for an initial principal amount of $1.508 billion. The DISH Q2 2024 Intercompany Loan matures on August 13, 2028. Interest accrues and is payable monthly and interest payments are payable in kind. The interest rate with respect to the DISH Q2 2024 Intercompany Loan is at a variable rate, subject to adjustments based on, among other things, the weighted average cost of borrowing for DISH DBS. As of December 31, 2024, the total DISH Q2 2024 Intercompany Loan amount outstanding plus interest paid in kind was $1.577 billion. The DISH Q2 2024 Intercompany Loan is eliminated in consolidation.

DISH Q3 2024 Intercompany Loan

In September 2024, we entered into an intercompany loan with DISH DBS (the “DISH Q3 2024 Intercompany Loan”) for an initial principal amount of $481 million. The DISH Q3 2024 Intercompany Loan matures on November 13, 2028. Interest accrues and is payable monthly and interest payments are payable in kind. The interest rate with respect to the DISH Q3 2024 Intercompany Loan is at a variable rate, subject to adjustments based on, among other things, the weighted average cost of borrowing for DISH DBS. As of December 31, 2024, the total DISH Q3 2024 Intercompany Loan amount outstanding plus interest paid in kind was $493 million. The DISH Q3 2024 Intercompany Loan is eliminated in consolidation.

EchoStar 2024 Intercompany Loan

In November 2024, DISH Wireless L.L.C., our subsidiary, entered into an intercompany loan with EchoStar Financing L.L.C., a subsidiary of our parent, EchoStar, (the “EchoStar 2024 Intercompany Loan”) for a borrowing principal amount of up to $4.500 billion, with all borrowings at the sole discretion of our parent, EchoStar. The EchoStar 2024 Intercompany Loan matures on November 30, 2030. Interest accrues at an annual rate of 11.50% and is payable monthly. Interest payments are payable in kind. DISH Wireless L.L.C., at its option, may elect to repay the EchoStar 2024 Intercompany Loan amount outstanding prior to maturity in cash or assets at a redemption price equal to 100% of the principal amount. As of December 31, 2024, the total EchoStar 2024 Intercompany Loan amount outstanding plus interest paid in kind was $1.015 billion. During the year ended December 31, 2024, we recorded $5 million of “Interest expense, net of amounts capitalized” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Interest on Long-Term Debt


			Annual
		Semi-Annual	Debt Service
	Issuer	Payment Dates	Requirements (1)
			(In thousands)
7 3/4% Senior Notes due 2026	DDBS	January 1 and July 1	$	155,000
3 3/8% Convertible Notes due 2026 (2)	DISH	February 15 and August 15	$	1,526
5 1/4% Senior Secured Notes due 2026	DDBS	June 1 and December 1	$	144,375
11 3/4% Senior Secured Notes due 2027	DISH	May 15 and November 15	$	411,250
7 3/8% Senior Notes due 2028	DDBS	January 1 and July 1	$	73,750
5 3/4% Senior Secured Notes due 2028	DDBS	June 1 and December 1	$	143,750
5 1/8% Senior Notes due 2029	DDBS	June 1 and December 1	$	76,875
DISH 2021 Intercompany Loan 2026 Tranche	DISH	June 1 and December 1	$	262,201

(1)

Annual debt service requirements exclude the interest on the New DISH DBS Financing and the EchoStar 2024 Intercompany Loan, discussed below.

(2)

Interest on the New DISH DBS Financing and the EchoStar 2024 Intercompany Loan

New DISH DBS Financing. The Term Loans and the Mandatorily Redeemable Preferred Shares due 2029 have variable interest rates and payment terms upon which we may pay a portion of principal balance based on estimated variable cash flows for certain Pay-TV business metrics which could change significantly based on actual performance. The estimated annual interest requirement for the Term Loans and the Mandatorily Redeemable Preferred Shares due 2029 for the year ended December 31, 2025 is approximately $245 million.

EchoStar 2024 Intercompany Loan. The EchoStar 2024 Intercompany Loan due November 30, 2030 has a borrowing principal amount of up to $4.500 billion, with all borrowings at the sole discretion of our parent, EchoStar. Based on the December 31, 2024 amount outstanding plus interest paid in kind of $1.015 billion and assuming all future interest payments are paid in kind at the annual interest rate detailed above, the annual interest requirement for the EchoStar 2024 Intercompany Loan for the year ended December 31, 2025 is $123 million.

Our ability to meet our debt service requirements will depend on, among other factors, the successful execution of our business strategy, which is subject to uncertainties and contingencies beyond our control.

Other Debt, Finance Lease and Other Obligations

Other debt, finance lease and other obligations consisted of the following:


	As of December 31,
	2024		2023

	(In thousands)
Satellites and other finance lease obligations	$	67,199	$	123,658
Notes payable related to satellite vendor financing and other debt payable in installments through 2032 with interest rates ranging from approximately 4% to 6%		63,297		113,564
Total		130,496		237,222
Less: current portion		(59,947)		(107,717)
Other long-term debt, finance lease and other obligations, net of current portion	$	70,549	$	129,505

Finance Lease Obligations

Anik F3. Anik F3, an FSS satellite, was launched and commenced commercial operation in April 2007. This satellite was previously accounted for as a finance lease and depreciated over the term of the satellite service agreement. We leased 100% of the Ku-band capacity on Anik F3 for an initial period of 15 years. During April 2022, we extended the Anik F3 lease and as a result it is currently accounted for as an operating lease.

Nimiq 5. On May 19, 2019, we entered into a Master Transaction Agreement pursuant to which, on September 10, 2019, the satellite service agreement for Nimiq 5 was transferred to us. Nimiq 5 was launched in September 2009 and commenced commercial operation at the 72.7 degree west longitude orbital location during October 2009. This satellite was previously accounted for as a finance lease and depreciated over the term of the satellite service agreement. We leased 100% of the capacity on Nimiq 5 for an initial period of 15 years. During October 2024, we extended the Nimiq 5 lease and, as a result of the new terms, it is currently accounted for as an operating lease.

Dell Finance Lease. On July 17, 2020, we entered into a master agreement with Dell to lease certain components of our 5G Network Deployment infrastructure, including certain equipment.

The summary of future maturities of our outstanding debt as of December 31, 2024 is included in the commitments table in Note 13.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 14,292,658	$ 15,295,088	$ 16,679,407
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services	9,641,235	8,989,961	9,558,484
Cost of sales - equipment and other	1,330,927	2,201,870	1,812,591
Selling, general and administrative expenses	2,027,917	2,521,062	2,545,593
Depreciation and amortization	1,472,204	1,181,921	717,073
Impairment of long-lived assets and goodwill		225,017
Total costs and expenses	14,472,283	15,119,831	14,633,741
Operating income (loss)	(179,625)	175,257	2,045,666
Other Income (Expense):
Interest income	54,059	105,416	42,776
Interest expense, net of amounts capitalized (Note 2)	(690,222)	(38,881)	(22,781)
Other, net (Note 5)	742,705	(1,741,876)	1,038,982
Total other income (expense)	106,542	(1,675,341)	1,058,977
Income (loss) before income taxes	(73,083)	(1,500,084)	3,104,643
Income tax (provision) benefit, net	10,390	371,662	(731,736)
Net income (loss)	(62,693)	(1,128,422)	2,372,907
Less: Net income (loss) attributable to noncontrolling interests, net of tax	3,737	83,801	69,674
Net income (loss) attributable to DISH Network	(66,430)	(1,212,223)	2,303,233
Comprehensive Income (Loss):
Net income (loss)	(62,693)	(1,128,422)	2,372,907
Other comprehensive income (loss):
Foreign currency translation adjustments	(185)	356	(4,160)
Unrealized holding gains (losses) on available-for-sale debt securities	1,772	(267)	191
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)	(1,758)	304	(7)
Deferred income tax (expense) benefit, net	88	(40)	666
Total other comprehensive income (loss), net of tax	(83)	353	(3,310)
Comprehensive income (loss)	(62,776)	(1,128,069)	2,369,597
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	3,737	83,801	69,674
Comprehensive income (loss) attributable to DISH Network	(66,513)	(1,211,870)	2,299,923
Service revenue
Revenue:
Total revenue	13,770,400	14,721,682	16,014,284
Equipment sales and other revenue
Revenue:
Total revenue	$ 522,258	$ 573,406	$ 665,123

Summary of Significant Accounting Policies - Changes in goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 225,017
Impairment of goodwill	(225,017)
Goodwill, Ending Balance	0
Non-cash impairment charge	225,000
Pay-TV
Goodwill [Roll Forward]
Goodwill, Beginning Balance	6,457
Impairment of goodwill	(6,457)
Wireless
Goodwill [Roll Forward]
Goodwill, Beginning Balance	218,560
Impairment of goodwill	$ (218,560)

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Commitments and Contingencies - Wireless Spectrum Licenses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2024
Commitments and Contingencies
Period for receiving preferential international roaming rates at a reduced rate	10 years
Upfront payment			$ 95,435
Gain on sale of assets sold			21,310
Liberty Puerto Rico Asset Sale losses (gains)
Commitments and Contingencies
Consideration for sale of assets		$ 125,000
Term for consideration receivable on sale of assets		3 years
Upfront payment			95,000
Trade accounts payable			46,000
Gain on sale of assets sold			$ 21,000
Liberty Agreement
Commitments and Contingencies
Consideration for sale of assets		$ 251,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Schedule of future maturities of long-term debt, finance lease and contractual obligations


	Payments Due in the Years Ending December 31,
	Total		2025		2026		2027		2028		2029		Thereafter

	(In thousands)
Long-term debt obligations	$	21,778,720	$	908,009	$	10,455,195	$	4,341,543	$	3,549,860	$	1,502,650	$	1,021,463
Interest expense on long-term debt (1)		5,030,019		1,639,592		1,563,992		918,593		474,955		233,360		199,527
Finance lease obligations (2)		67,199		30,381		34,290		2,528		—		—		—
Interest expense on finance lease obligations (2)		7,355		5,011		2,298		46		—		—		—
Other long-term obligations (3)		9,689,749		1,882,823		1,481,336		1,157,410		1,023,439		979,359		3,165,382
Operating lease obligations (2)		5,684,284		545,077		577,160		579,203		536,551		523,216		2,923,077
Purchase obligations		2,212,259		2,207,381		4,820		58		—		—		—
Total	$	44,469,585	$	7,218,274	$	14,119,091	$	6,999,381	$	5,584,805	$	3,238,585	$	7,309,449

(1)

(2)

See Note 8 for further information on leases.

(3)

Summary of Wireless Spectrum Licenses

Build-Out Deadlines

Final

Carrying Amount

Interim

Accelerated License Areas

Extension License Areas

Expiration Date

(In thousands)

Owned:

DBS Licenses (1)

677,409

600 MHz Licenses

6,192,575

December 31, 2024 (3)

June 14, 2025 (5)

June 2029

3.45–3.55 GHz Licenses

7,329,093

May 4, 2026 (6)

May 4, 2030 (6)

May 2037

1695-1710 MHz, 1755-1780 MHz and 2155-2180 MHz (2)

972

March 2026

AWS-3

5,557,828

December 31, 2024 (4)

October 25, 2025 (7)

October 2025 (7)

Subtotal owned

19,757,877

Noncontrolling Investments:

SNR

4,271,459

December 31, 2024 (4)

October 2025 (7)

Capitalized Interest (8)

6,811,062

Total Regulatory authorizations, net

30,840,398

Leased from EchoStar (9):

700 MHz Licenses (2)

701,803

December 31, 2024 (10)

June 14, 2025 (11)

June 2033

AWS-4 Licenses (2)

1,928,688

December 31, 2024 (10)

June 14, 2025 (11)

June 2033

H Block Licenses (2)

1,671,506

December 31, 2024 (10)

June 14, 2025 (12)

June 2033

MVDDS Licenses (1)

24,000

July, August, September 2034

LMDS Licenses (1)

—

September 2028

28 GHz Licenses

2,883

October 2, 2029 (13)

October 2029

24 GHz Licenses

11,772

December 11, 2029 (13)

December 2029

37 GHz, 39 GHz and 47 GHz Licenses

202,392

June 4, 2030 (13)

June 2030

3550-3650 MHz Licenses

912,200

March 12, 2031 (13)

March 2031

3.7-3.98 GHz Licenses

2,969

July 23, 2029 (13)

July 23, 2033 (13)

July 2036

Total Leased from EchoStar

5,458,213

(1)	The build-out deadlines for these licenses have been met.

(2)	The interim build-out deadlines for these licenses are in the past.

(3)

(4)

(5)

(6)	There are a variety of build-out options and associated build-out metrics associated with these licenses. If the interim build-out requirement is not met, the final build-out requirement may be accelerated by one year from May 2030 to May 2029.

(7)

(8)	See Note 2 for further information.

(9)	See Note 1 for further information on the Sale and Transfer of Assets to EchoStar and see Note 16 for Related Party Transactions with EchoStar.

(10)

(11)

(12)

(13)	There are a variety of build-out options and associated build-out metrics associated with these licenses.

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Maturities of lease liabilities: Operating lease
2025	$ 545,077
2026	577,160
2027	579,203
2028	536,551
2029	523,216
Thereafter	2,923,077
Total lease payments	5,684,284
Less: Imputed interest	(2,083,637)
Total	3,600,647	$ 3,294,035
Less: Current portion	(510,697)	(301,172)
Long-term portion of lease obligations	3,089,950	2,992,863
Maturities of lease liabilities: Finance lease
2025	35,392
2026	36,588
2027	2,574
Total lease payments	74,554
Less: Imputed interest	(7,355)
Total	67,199	123,658
Less: Current portion	(30,381)	(56,459)
Long-term portion of lease obligations	36,818	$ 67,199
Future minimum payments for total lease liabilities
2025	580,469
2026	613,748
2027	581,777
2028	536,551
2029	523,216
Thereafter	2,923,077
Total lease payments	5,758,838
Less: Imputed interest	(2,090,992)
Total	3,667,846
Less: Current portion	(541,078)
Long-term portion of lease obligations	$ 3,126,768

Related Party Transactions - Transactions with NagraStar (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2017
Related Party Transactions
Amounts payable to NagraStar	$ 696,277	$ 673,291
NagraStar
Related Party Transactions
Ownership interest (as a percent)				50.00%
NagraStar
Related Party Transactions
Purchases from NagraStar	32,508	37,068	$ 43,416
Amounts payable to NagraStar	5,569	9,821
Commitments to NagraStar	$ 883	$ 1,727

Commitments and Contingencies - Part 2 (Details)						12 Months Ended
Commitments and Contingencies - Part 2 (Details)	Apr. 03, 2023 USD ($)	Sep. 23, 2016 USD ($)	Aug. 18, 2015 USD ($)	Jul. 15, 2015 USD ($)	Mar. 14, 2014 USD ($)	Dec. 31, 2024 item
ClearPlay
Loss contingency terms
Claim amount					$ 469,000,000
Northstar Spectrum And SNR Holdco \| AWS-3 Licenses
Loss contingency terms
Percentage of bidding credit						25.00%
Northstar Wireless or Northstar Spectrum \| AWS-3 Licenses \| Vermont National Telephone Company
Loss contingency terms
Percentage of bidding credit		25.00%
Recovery amount		$ 10,000,000,000
Bidding credit value		3,300,000,000
Northstar Wireless or Northstar Spectrum \| AWS-3 Licenses \| Minimum \| Vermont National Telephone Company
Loss contingency terms
Claim amount		5,500
Northstar Wireless or Northstar Spectrum \| AWS-3 Licenses \| Maximum \| Vermont National Telephone Company
Loss contingency terms
Claim amount		$ 11,000
Northstar Wireless or Northstar Spectrum \| SNR Licenses
Loss contingency terms
Percentage of bidding credit			25.00%
Northstar Wireless or Northstar Spectrum \| Northstar Licenses
Loss contingency terms
Bidding credit value			$ 1,961,000,000
SNR Wireless or SNR Wireless Holdco \| SNR Licenses
Loss contingency terms
Bidding credit value			$ 1,370,000,000
Pending Litigation \| TQ Delta
Loss contingency terms
Claim amount				$ 251,000,000
EBBP and ACP
Loss contingency terms
Claim amount	$ 13,900,000
Cyber-Security Class Actions
Loss contingency terms
Ten additional putative class action complaints \| item						10

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

Redeemable Noncontrolling Interests

For further information, refer to the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

Marketable Investment Securities

Receivables and Related Allowance for Credit Losses

General Accounts Receivable

Installment Receivables

Inventory

Property and Equipment

Internal Use Software

Asset Retirement Obligation

Other Investments

Equity Method Investments

Cost Method Investments

Impairment Considerations

Derivative Instruments

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

Pay-TV Satellite Fleet

Finite-Lived Intangible Assets

Indefinite-Lived Intangible Assets and Goodwill

●

FCC licenses are a non-depleting asset;

●

existing FCC licenses are integral to our business segments and will contribute to cash flows indefinitely;

●

replacement satellite applications are generally authorized by the FCC subject to certain conditions, without substantial cost under a stable regulatory, legislative and legal environment;

●

maintenance expenditures to obtain future cash flows are not significant;

●

FCC licenses are not technologically dependent; and

●

we intend to use these assets indefinitely.

Pay-TV Segment Licenses

Wireless Segment Spectrum Licenses

We combine all of our indefinite-lived Wireless segment spectrum licenses, excluding the MVDDS Licenses discussed below, into a single unit of accounting.

Changes in circumstances or market conditions could result in a write-down of any of the above Wireless segment spectrum licenses in the future.

Goodwill

The following table presents the changes in the carrying amounts of goodwill by operating segment:


Goodwill	Pay-TV		Wireless		Total

	(In thousands)
Balance, December 31, 2022, net of accumulated impairment losses	$	6,457	$	218,560	$	225,017
Impairment of goodwill		(6,457)		(218,560)		(225,017)
Balance, December 31, 2023, net of accumulated impairment losses	$	—	$	—	$	—

Capitalized Interest

Business Combinations

Long-Term Deferred Revenue and Other Long-Term Liabilities

Sales Taxes

Income Taxes

Fair Value Measurements

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Deferred Debt Issuance Costs and Debt Discounts

Revenue Recognition

Pay-TV Segment

Wireless Segment

Sales of equipment in the indirect sales channel often include credits subsequently paid to the direct distribution partner as a reimbursement for any discount promotions offered to the end consumer.

Governmental Funding

Contract Balances

Assets Recognized Related to the Costs to Obtain a Contract with a Customer

Leases

Lessee Accounting

We have lease agreements with lease and non-lease components, which are generally accounted for separately.

Lessor Accounting

Cost of Services

Pay-TV Segment

Wireless Segment

Cost of Sales - Equipment and Other

Cost of Sales – Equipment and Other

Pay-TV Segment

Wireless Segment

Advertising Costs

Research and Development

New Accounting Pronouncements

Not Yet Adopted

Stock-Based Compensation - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted stock unit activity
Total restricted stock units outstanding, beginning of period (in shares)	48,645
Granted (in shares)	79,444
Vested (in shares)	(29,843)
Forfeited and cancelled (in shares)	(7,018)
Total restricted stock units outstanding, end of period (in shares)	91,228	48,645
Weighted - Average Grant Date Fair Value
Total restricted stock units outstanding, beginning of period (in dollars per share)	$ 98.78
Granted (in dollars per share)	16.7
Vested (in dollars per share)	77.51
Forfeited and cancelled (in dollars per share)	101.09
Total restricted stock units outstanding, end of period (in dollars per share)	$ 34.08	$ 98.78
Long-Term Performance Based Plans
Restricted stock unit activity
Vested (in shares)	0
Restricted stock units
Weighted - Average Grant Date Fair Value
Granted (in dollars per share)	$ 16.7	$ 17.5	$ 88.39

Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

8.Leases

Lessee Accounting

Substantially all of our leases have remaining lease terms from one to 13 years, with a weighted average remaining lease term of 1.7 to 9.7 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements (generally communication towers), the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

Through the third quarter of 2024, our Nimiq 5 satellite was accounted for as finance lease within our Pay-TV segment. However, during October 2024, we extended the Nimiq 5 lease and as a result it is currently accounted for as an operating lease. Substantially all of our remaining leases are accounted for as operating leases, including our Anik F3 satellite lease.

The components of lease expense were as follows:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Operating lease cost (1)	$	616,519	$	516,920	$	332,385

Short-term lease cost (2)		24,308		10,521		13,328

Finance lease cost: (3)
Amortization of right-of-use assets		47,610		66,966		28,037
Interest on lease liabilities		8,799		14,090		12,145
Total finance lease cost		56,409		81,056		40,182
Total lease costs	$	697,236	$	608,497	$	385,895

(1)	The increase in operating lease cost is primarily related to communication tower leases.

(2)	Leases that have terms of 12 months or less.

(3)	The increase in finance lease cost for the year ended December 31, 2023 is primarily related to equipment for our 5G Network Deployment.

Supplemental cash flow information related to leases was as follows:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	474,964	$	346,091	$	163,320
Operating cash flows from finance leases	$	9,094	$	13,400	$	11,053
Financing cash flows from finance leases	$	56,459	$	53,467	$	42,617

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	522,747	$	741,017	$	1,398,050
Finance leases	$	—	$	53,771	$	66,312

Supplemental balance sheet information related to leases was as follows:



	As of December 31,
	2024		2023

	(In thousands)
Operating Leases:
Operating lease assets	$	3,134,938	$	2,934,862

Other current liabilities	$	510,697	$	301,172
Operating lease liabilities		3,089,950		2,992,863
Total operating lease liabilities	$	3,600,647	$	3,294,035

Finance Leases:
Property and equipment, gross	$	121,102	$	465,549
Accumulated depreciation		(73,419)		(370,768)
Property and equipment, net	$	47,683	$	94,781

Other current liabilities	$	30,381	$	56,459
Other long-term liabilities		36,818		67,199
Total finance lease liabilities	$	67,199	$	123,658

Weighted Average Remaining Lease Term:
Operating leases		9.7 years		10.7 years
Finance leases		1.7 years		2.2 years

Weighted Average Discount Rate:
Operating leases		10.3%		9.5%
Finance leases		9.3%		9.7%

Maturities of lease liabilities as of December 31, 2024 were as follows:


	Maturities of Lease Liabilities
	Operating		Finance
For the Years Ending December 31,	Leases		Leases		Total

	(In thousands)
2025	$	545,077	$	35,392	$	580,469
2026		577,160		36,588		613,748
2027		579,203		2,574		581,777
2028		536,551		—		536,551
2029		523,216		—		523,216
Thereafter		2,923,077		—		2,923,077
Total lease payments		5,684,284		74,554		5,758,838
Less: Imputed interest		(2,083,637)		(7,355)		(2,090,992)
Total		3,600,647		67,199		3,667,846
Less: Current portion		(510,697)		(30,381)		(541,078)
Long-term portion of lease obligations	$	3,089,950	$	36,818	$	3,126,768

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
Deferred tax liabilities, net	$ 8,312,490
EchoStar
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
Deferred tax liabilities, net	3,775,370
Deferred Tax On Sale Of Assets	3,857
Deferred Tax On Sale Of Spectrum Licenses	$ 37,681

Debt, Finance Lease and Other Obligations - Interest on Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Nov. 15, 2024	Oct. 10, 2024	Sep. 30, 2024	Sep. 29, 2024	Mar. 15, 2024	Dec. 31, 2023
Debt Instrument
Remaining aggregate principal amount outstanding	$ 21,778,720						$ 21,163,274
Interest rate (as a percent)	0.25%
2 3/8% Convertible Notes due 2024
Debt Instrument
Interest rate (as a percent)	2.375%					2.375%
2 3/8% Convertible Notes due 2024 \| DISH DBS Corporation ("DBS")
Debt Instrument
Remaining aggregate principal amount outstanding							951,168
Interest rate (as a percent)						2.375%
5 7/8% Senior Notes due 2024 \| DISH DBS Corporation ("DBS")
Debt Instrument
Remaining aggregate principal amount outstanding							1,982,544
Interest rate (as a percent)	5.875%	5.875%		5.875%	5.875%
7 3/4% Senior Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 155,000
Remaining aggregate principal amount outstanding	$ 2,000,000						2,000,000
Interest rate (as a percent)	7.75%			7.75%
3 3/8% Convertible Notes due 2026
Debt Instrument
Interest rate (as a percent)	3.375%
3 3/8% Convertible Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 1,526
Remaining aggregate principal amount outstanding	$ 45,209						2,908,801
Interest rate (as a percent)	3.375%		3.375%
5 1/4% Senior Secured Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 144,375
Remaining aggregate principal amount outstanding	$ 2,750,000						2,750,000
Interest rate (as a percent)	5.25%			5.25%
11 3/4% Senior Secured Notes due 2027
Debt Instrument
Interest rate (as a percent)	11.75%
11 3/4% Senior Secured Notes due 2027 \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 411,250
Remaining aggregate principal amount outstanding	$ 3,500,000						3,500,000
Interest rate (as a percent)	11.75%
7 3/8% Senior Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 73,750
Remaining aggregate principal amount outstanding	$ 1,000,000						1,000,000
Interest rate (as a percent)	7.375%			7.375%
5 1/8 % Senior Notes due 2029 \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 76,875
Remaining aggregate principal amount outstanding	$ 1,500,000						1,500,000
Interest rate (as a percent)	5.125%			5.125%
5 3/4% Senior Secured Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 143,750
Remaining aggregate principal amount outstanding	$ 2,500,000						$ 2,500,000
Interest rate (as a percent)	5.75%			5.75%
DISH 2021 Intercompany Loan 2026 Tranche \| DISH DBS Corporation ("DBS")
Debt Instrument
Annual Debt Service Requirements	$ 262,201

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting

Segment Reporting

14. Segment Reporting

Our reportable segments are strategic business units managed separately based on different business strategies, services and products.

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. “OIBDA,” defined as “Operating income (loss)” plus “Depreciation and amortization,” is the primary measure used by our CODM to evaluate segment operating performance. The CODM regularly reviews budget-to-actual variances of OIBDA when evaluating segment performance and allocating resources to each segment.

Historically, we reported three primary business segments: (1) Pay-TV; (2) Retail Wireless and (3) 5G Network Deployment. However, based on the information provided to the CODM and to align with management’s view of the business, we concluded that the Retail Wireless and 5G Network Deployment segments should be combined to a single segment, the “Wireless” segment.

We currently operate two primary business segments: (1) Pay-TV and (2) Wireless. See Note 1 for further information. Our Pay-TV segment revenue is primarily derived from Pay-TV subscriber revenue. Our Wireless segment revenue is primarily derived from Wireless subscriber revenue and selling wireless devices to subscribers.

All other and eliminations primarily include intersegment eliminations related to intercompany revenue and the related expense, which are eliminated in consolidation.

The CODM is not regularly provided assets on a segment basis; therefore, such information is not presented.

The revenue, expense, operating income (loss) and OIBDA by segment were as follows:

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts presented.


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Year Ended December 31, 2024
Revenue
Revenue from external customers:
Service revenue	$	10,613,640	$	3,156,760	$	—	$	13,770,400
Equipment sales and other revenue		72,841		449,417		—		522,258
Intersegment revenue		1,723		—		(1,723)		—
Total Revenue		10,688,204		3,606,177		(1,723)		14,292,658

Operating Expenses
Cost of services:
Programming		5,060,083		—		—		5,060,083
Connectivity services (1)		224,112		2,566,462		(1,487)		2,789,087
Other (2)		1,262,311		529,328		426		1,792,065
Total cost of services		6,546,506		3,095,790		(1,061)		9,641,235
Cost of services - equipment and other		80,271		1,250,656		—		1,330,927
Selling, general and administrative expenses:
Subscriber acquisition costs		425,227		650,794		(11)		1,076,010
Selling, general and administrative expenses		650,735		301,823		(651)		951,907
Total selling, general and administrative expenses		1,075,962		952,617		(662)		2,027,917

OIBDA (3)		2,985,465		(1,692,886)		—		1,292,579

Depreciation and amortization		337,331		1,134,873		—		1,472,204
Total costs and expenses		8,040,070		6,433,936		(1,723)		14,472,283

Operating income (loss)	$	2,648,134	$	(2,827,759)	$	—		(179,625)

Unallocated Amounts
Interest income								54,059
Interest expense, net of amounts capitalized								(690,222)
Other, net								742,705
Income (loss) before income taxes							$	(73,083)

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud based service, satellite and transmission, and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Year Ended December 31, 2023
Revenue
Revenue from external customers:
Service revenue	$	11,384,460	$	3,337,222	$	—	$	14,721,682
Equipment sales and other revenue		178,486		394,920		—		573,406
Intersegment revenue		8,213		18		(8,231)		—
Total Revenue		11,571,159		3,732,160		(8,231)		15,295,088

Operating Expenses
Cost of services:
Programming		5,301,968		—		—		5,301,968
Connectivity services		245,716		1,530,184		—		1,775,900
Other		1,429,944		482,149		—		1,912,093
Total cost of services		6,977,628		2,012,333		—		8,989,961
Cost of services - equipment and other		91,164		2,110,706		—		2,201,870
Selling, general and administrative expenses:
Subscriber acquisition costs		687,338		701,814		(1,502)		1,387,650
Selling, general and administrative expenses		727,470		412,671		(6,729)		1,133,412
Total selling, general and administrative expenses		1,414,808		1,114,485		(8,231)		2,521,062
Impairments for long-lived assets and goodwill		6,457		218,560		—		225,017

OIBDA		3,081,102		(1,723,924)		—		1,357,178

Depreciation and amortization		381,292		800,629		—		1,181,921
Total costs and expenses		8,871,349		6,256,713		(8,231)		15,119,831

Operating income (loss)	$	2,699,810	$	(2,524,553)	$	—		175,257

Unallocated Amounts
Interest income								105,416
Interest expense, net of amounts capitalized								(38,881)
Other, net								(1,741,876)
Income (loss) before income taxes							$	(1,500,084)


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Year Ended December 31, 2022
Revenue
Revenue from external customers:
Service revenue	$	12,360,392	$	3,653,892	$	—	$	16,014,284
Equipment sales and other revenue		139,013		526,110		—		665,123
Intersegment revenue		5,987		16		(6,003)		—
Total Revenue		12,505,392		4,180,018		(6,003)		16,679,407

Operating Expenses
Cost of services:
Programming		5,584,877		—		—		5,584,877
Connectivity services		261,942		1,680,811		(16)		1,942,737
Other		1,576,608		454,262		—		2,030,870
Total cost of services		7,423,427		2,135,073		(16)		9,558,484
Cost of services - equipment and other		97,315		1,715,276		—		1,812,591
Selling, general and administrative expenses:
Subscriber acquisition costs		879,620		512,721		(280)		1,392,061
Selling, general and administrative expenses		742,661		416,578		(5,707)		1,153,532
Total selling, general and administrative expenses		1,622,281		929,299		(5,987)		2,545,593

OIBDA		3,362,369		(599,630)		—		2,762,739

Depreciation and amortization		428,471		288,602		—		717,073
Total costs and expenses		9,571,494		5,068,250		(6,003)		14,633,741

Operating income (loss)	$	2,933,898	$	(888,232)	$	—		2,045,666

Unallocated Amounts
Interest income								42,776
Interest expense, net of amounts capitalized								(22,781)
Other, net								1,038,982
Income (loss) before income taxes							$	3,104,643

The purchases of property and equipment, net of refunds, (including capitalized interest related to Regulatory authorizations) by segment were as follows:



	Pay-TV		Wireless		Total

	(In thousands)
For the Year Ended December 31, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	172,309	$	1,985,630	$	2,157,939

For the Year Ended December 31, 2023
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	242,736	$	3,748,624	$	3,991,360

For the Year Ended December 31, 2022
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	131,093	$	3,580,518	$	3,711,611

Geographic Information. Revenue is attributed to geographic regions based upon the customer billing location. Long-lived assets are associated with the geographic regions based upon the location where the asset resides. All revenue was derived from North America, with all service revenue coming from the United States. Substantially all of our long-lived assets reside in the United States.

The revenue from external customers disaggregated by major revenue source was as follows:



	For the Years Ended December 31,
Category:	2024		2023		2022

	(In thousands)
Pay-TV subscriber and related revenue	$	10,613,653	$	11,385,961	$	12,360,601
Wireless services and related revenue		3,156,760		3,337,240		3,653,909
Pay-TV equipment sales and other revenue		74,551		185,198		144,791
Wireless equipment sales and other revenue		449,417		394,920		526,109
Eliminations		(1,723)		(8,231)		(6,003)
Total	$	14,292,658	$	15,295,088	$	16,679,407

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Schedule of changes in the carrying amounts of goodwill by operating segment


Goodwill	Pay-TV		Wireless		Total

	(In thousands)
Balance, December 31, 2022, net of accumulated impairment losses	$	6,457	$	218,560	$	225,017
Impairment of goodwill		(6,457)		(218,560)		(225,017)
Balance, December 31, 2023, net of accumulated impairment losses	$	—	$	—	$	—

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease assets	$ 3,134,938	$ 2,934,862
Other current liabilities	$ 510,697	$ 301,172
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Operating lease liabilities	$ 3,089,950	$ 2,992,863
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating lease liabilities	Operating lease liabilities
Total	$ 3,600,647	$ 3,294,035
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable, Current, Operating lease liabilities	Accounts Payable, Current, Operating lease liabilities
Other current liabilities	$ 30,381	$ 56,459
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligations, Current
Other long-term liabilities	$ 36,818	$ 67,199
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long Term Debt And Finance Lease Obligations Net Of Current Portion	Long Term Debt And Finance Lease Obligations Net Of Current Portion
Total	$ 67,199	$ 123,658
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Current, Long Term Debt And Finance Lease Obligations Net Of Current Portion	Long-term Debt and Capital Lease Obligations, Current, Long Term Debt And Finance Lease Obligations Net Of Current Portion
Operating Lease, Weighted Average Remaining Lease Term	9 years 8 months 12 days	10 years 8 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	1 year 8 months 12 days	2 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	10.30%	9.50%
Finance Lease, Weighted Average Discount Rate, Percent	9.30%	9.70%
Property and equipment
Leases
Property and equipment, gross	$ 121,102	$ 465,549
Accumulated depreciation	(73,419)	(370,768)
Property and equipment, net	$ 47,683	$ 94,781

Marketable Investments, Restricted Cash and Cash Equivalents, and Other Investment Securities - Other Income Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income (Expense)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$ (30,730)	$ 4,085	$ 26,186
Sale of Assets to EchoStar - realized gains (losses)	128,788
Derivative instruments - net realized and/or unrealized gains (losses)		(1,793,387)	1,015,387
Gains (losses) related to early redemption of debt		73,024	(922)
Equity in earnings (losses) of affiliates	(67,214)	(3,835)	2,616
Liberty Puerto Rico Asset Sale	21,310
EchoStar Exchange Offers debt extinguishment gains (losses)	688,661
Other	1,890	(21,763)	(4,285)
Total	$ 742,705	$ (1,741,876)	$ 1,038,982
Interest rate (as a percent)	0.25%

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating cash flows from operating leases	$ 474,964	$ 346,091	$ 163,320
Operating cash flows from finance leases	9,094	13,400	11,053
Financing cash flows from finance leases	56,459	53,467	42,617
Right-of-use assets obtained in exchange for lease obligations: Operating leases	$ 522,747	741,017	1,398,050
Right-of-use assets obtained in exchange for lease obligations: Finance leases		$ 53,771	$ 66,312

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease cost	$ 616,519	$ 516,920	$ 332,385
Short-term lease cost	24,308	10,521	13,328
Finance lease cost: Amortization of right-of-use assets	47,610	66,966	28,037
Finance lease cost: Interest on lease liabilities	8,799	14,090	12,145
Total finance lease cost	56,409	81,056	40,182
Total lease costs	$ 697,236	$ 608,497	$ 385,895

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities	$ 286	$ 8,122
Total marketable investment securities	24,168	27,894
Restricted cash and cash equivalents	254,714	89,107
Equity method investments (3)	20,440	126,179
Cost method investments	2,950	3,448
Fair value method investments	12,093	39,198
Total other investments, net	35,483	168,825
Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	314,365	285,826
New DISH DBS Financing
Marketable investment securities, restricted cash and other investment securities
Restricted cash and cash equivalents	151,000
Current marketable investment securities - strategic - available-for-sale
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities	51	144
Current marketable investment securities - strategic - trading/equity
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities	10	7,799
Other investment securities
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities	225	179
Restricted marketable investment securities
Marketable investment securities, restricted cash and other investment securities
Total marketable investment securities	$ 23,882	$ 19,772

Stock-Based Compensation - Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock option activity
Total options outstanding, end of period (in shares)	4,300,088
Weighted-Average Exercise Price
Total options outstanding at the end of the period (in dollars per share)	$ 84.39
Long-Term Performance Based Plans
Stock option activity
Total options outstanding, end of period (in shares)	208,024
Weighted-Average Exercise Price
Total options outstanding at the end of the period (in dollars per share)	$ 60.37
Employee Stock Option [Member]
Stock option activity
Total options outstanding, beginning of period (in shares)	9,887,330
Granted (in shares)	4,316,849
Exercised (in shares)	(116,393)
Forfeited and cancelled (in shares)	(4,565,652)
Total options outstanding, end of period (in shares)	9,522,134	9,887,330
Exercisable at the end of the period (in shares)	1,999,301
Weighted-Average Exercise Price
Total options outstanding, beginning of the period (in dollars per share)	$ 70.36
Granted (in dollars per share)	14.66
Exercised (in dollars per share)	14.04
Forfeited and cancelled (in dollars per share)	51.66
Total options outstanding at the end of the period (in dollars per share)	54.75	$ 70.36
Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 54.2
Share-based compensation additional disclosures
Tax benefit from stock awards exercised	$ 316	$ 1,384	$ 573
Aggregate intrinsic value and weighted- average remaining contractual life
Granted (in shares)	4,316,849
Aggregate intrinsic value	$ 33,164
Aggregate intrinsic value of stock options exercisable	$ 6,200
Weighted- average remaining contractual life outstanding	7 years 1 month 6 days
Weighted- average remaining contractual life exercisable	6 years 4 months 13 days
Employee Stock Option [Member] \| Long-Term Performance Based Plans
Stock option activity
Total options outstanding, end of period (in shares)	4,300,088
Weighted-Average Exercise Price
Total options outstanding at the end of the period (in dollars per share)	$ 84.39
Stock Option Exchange Offer
Stock option activity
Forfeited and cancelled (in shares)	(3,000,000)
Aggregate intrinsic value and weighted- average remaining contractual life
Granted	3,000,000

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue Recognition

Schedule of allowance for credit losses


	Pay-TV		Wireless		Total

	(In thousands)
Balance, December 31, 2021	$	32,947	$	5,587	$	38,534
Current period provision for expected credit losses		75,518		4,146		79,664
Write-offs charged against allowance		(67,823)		(6,022)		(73,845)
Acquisitions		—		78		78
Balance, December 31, 2022	$	40,642	$	3,789	$	44,431
Current period provision for expected credit losses		56,421		10,881		67,302
Write-offs charged against allowance		(61,743)		4,001		(57,742)
Balance, December 31, 2023	$	35,320	$	18,671	$	53,991
Current period provision for expected credit losses		56,729		24,989		81,718
Write-offs charged against allowance		(49,474)		(14,921)		(64,395)
Balance, December 31, 2024	$	42,575	$	28,739	$	71,314

Schedule of contract liability balances



	As of December 31,
	2024		2023

	(In thousands)
Contract liabilities	$	566,118	$	586,867

Schedule of the activity in our contract acquisition costs, net



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	287,276	$	381,401	$	458,006
Additions		217,197		278,077		346,577
Amortization expense		(273,551)		(372,202)		(423,182)
Balance, end of period	$	230,922	$	287,276	$	381,401

Income Taxes and Accounting for Uncertainty in Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes and Accounting for Uncertainty in Income Taxes
Unrecognized tax benefits if recognized, could favorably affect our effective tax rate	$ 631
Interest and penalty (credit) expense	52	$ 39	$ 22
Accrued interest and penalties	$ 216	$ 164

Property and Equipment and Intangible Assets - Regulatory Authorizations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Indefinite-lived intangible assets
Regulatory authorizations, net	$ 30,840,398	$ 38,114,249
SNR Wireless or SNR Wireless Holdco
Indefinite-lived intangible assets
Regulatory authorizations, net	4,271,459	4,271,459
Wireless
Indefinite-lived intangible assets
Regulatory authorizations, net	19,757,877	19,838,635
DBS Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	677,409	677,409
600 MHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	6,192,575	6,213,335
3.45-3.55 GHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	7,329,093	7,327,989
1695-1710 MHz, 1755-1780 MHz, and 2155-2180 MHz
Indefinite-lived intangible assets
Regulatory authorizations, net	972	972
AWS-3
Indefinite-lived intangible assets
Regulatory authorizations, net	5,557,828	5,618,930
Capitalized Interest
Indefinite-lived intangible assets
Regulatory authorizations, net	6,811,062	8,523,682
700 MHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	701,803	711,871
AWS-4 Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	1,928,688	1,940,000
H Block Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	1,671,506	1,671,506
MVDDS Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	24,000	24,000
28 GHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	2,883	2,883
24 GHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	11,772	11,772
37 GHz, 39 GHz and 47 GHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	202,392	202,533
3550-3650 MHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	912,200	912,939
3.7-3.98 GHz Licenses
Indefinite-lived intangible assets
Regulatory authorizations, net	2,969	2,969
Total Leased from EchoStar
Indefinite-lived intangible assets
Regulatory authorizations, net	$ 5,458,213	$ 5,480,473

Stock-Based Compensation - Valuation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Non-cash stock-based compensation expense recognized	$ 24,945	$ 36,143	$ 71,450
Black-Scholes option valuation model, assumptions
Dividend yield (as a percent)	0.00%
Employee Stock Option [Member]
Black-Scholes option valuation model, assumptions
Fair value of options granted (in dollars per share)	$ 14.66	$ 28.24	$ 63.9
Employee Stock Option [Member] \| Minimum
Black-Scholes option valuation model, assumptions
Risk free interest rate (as a percent)	3.58%	3.58%	1.35%
Volatility factor (as a percent)	37.10%	34.30%	32.67%
Expected term of options	3 years 3 months 18 days	4 years 1 month 6 days	4 years 1 month 6 days
Fair value of options granted (in dollars per share)	$ 5.15	$ 7.4	$ 5.97
Employee Stock Option [Member] \| Maximum
Black-Scholes option valuation model, assumptions
Risk free interest rate (as a percent)	4.49%	4.61%	4.02%
Volatility factor (as a percent)	46.39%	41.25%	34.84%
Expected term of options	6 years 8 months 12 days	6 years 7 months 6 days	6 years
Fair value of options granted (in dollars per share)	$ 12.4	$ 7.77	$ 9.27

Commitments and Contingencies (Details)				12 Months Ended				180 Months Ended
Commitments and Contingencies (Details)	Sep. 29, 2023	Jul. 13, 2016	Aug. 18, 2015 USD ($)	Dec. 31, 2024 USD ($) site item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Oct. 12, 2023 USD ($)	Sep. 20, 2022 USD ($)	Jun. 14, 2022 USD ($)
Commitment and Contingencies
2025				$ 7,218,274,000
2026				14,119,091,000
2027				6,999,381,000
2028				5,584,805,000
2029				3,238,585,000
Thereafter				7,309,449,000
Total				44,469,585,000
Unrecognized tax benefits				678,096,000	$ 436,128,000	$ 431,640,000	$ 388,837,000	$ 431,640,000
Unrecognized tax benefits To Be settle in Next 12 months				0
Regulatory authorizations, net				$ 30,840,398,000	38,114,249,000
Litigation accrual										$ 3,900,000
Interest rate (as a percent)				0.25%
Carrying amount				$ 63,629,000
Contractual Obligation				$ 44,469,585,000
Percentage of coverage obligations				80.00%
Impairment of long-lived assets					225,017,000
5G Network Development
Commitment and Contingencies
Payment to customer				$ 30,000,000,000				$ 30,000,000,000
Number of Cell Sites Deployed \| site				24,000
600 MHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				$ 6,192,575,000	6,213,335,000
Minimum Percentage Of Population for which Five G Services to be Offered, Shall be Extended				75.00%
Minimum Percentage Of Population to whom Five G Services to be Offered to Extend the Final Deadline				80.00%
Minimum Percentage of New Subscribers Provisioned with certified 5G Device				75.00%
Minimum percentage offering 5G broadband service				80.00%
3.45-3.55 GHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				$ 7,329,093,000	7,327,989,000
Acceleration Term of Final Build-Out Requirement, if Interim Build-out Requirement is Not Met				1 year
Certain of Other AWS-3 and SNR Licenses
Commitment and Contingencies
Minimum Percentage Of Population for which Five G Services to be Offered, Shall be Extended				75.00%
Minimum Percentage Of Population to whom Five G Services to be Offered to Extend the Final Deadline				80.00%
Minimum Percentage of New Subscribers Provisioned with certified 5G Device				75.00%
Minimum percentage offering 5G broadband service				80.00%
Certain of 700 MHz Licenses, AWS-4 Licenses, H Block Licenses areas
Commitment and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area				85.00%
H Block Licenses
Commitment and Contingencies
Regulatory authorizations, net				$ 1,671,506,000	1,671,506,000
Minimum Percentage Of Population for which Five G Services to be Offered, Shall be Extended				75.00%
Minimum Percentage Of Population to whom Five G Services to be Offered to Extend the Final Deadline				80.00%
Minimum Percentage of New Subscribers Provisioned with certified 5G Device				75.00%
Minimum percentage offering 5G broadband service				80.00%
Capitalized interest on FCC authorizations
Commitment and Contingencies
Regulatory authorizations, net				$ 6,811,062,000	8,523,682,000
Certain of other 700 MHz Licenses, AWS-4 Licenses, H Block Licenses
Commitment and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area				80.00%
Certain of 600 MHz License Areas
Commitment and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area				85.00%
Certain of 600 MHz Licenses
Commitment and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area				80.00%
MHz 700 Licenses and AWS-4 Licenses
Commitment and Contingencies
Minimum Percentage Of Population for which Five G Services to be Offered, Shall be Extended				70.00%
Minimum Percentage Of Population to whom Five G Services to be Offered to Extend the Final Deadline				80.00%
Minimum Percentage of New Subscribers Provisioned with certified 5G Device				75.00%
Minimum percentage offering 5G broadband service				80.00%
Certain of AWS-3 license areas
Commitment and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area				85.00%
Certain of AWS-3 other licenses
Commitment and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area				80.00%
Maximum
Commitment and Contingencies
Programming Contracts term				10 years
Minimum
Commitment and Contingencies
Percentage of population for deploy 5G services	70.00%
Programming Contracts term				1 year
Minimum \| MHz 700 Licenses and AWS-4 Licenses
Commitment and Contingencies
Minimum percentage of population having access to average download speed				70.00%
SNR Wireless Management LLC
Commitment and Contingencies
Regulatory authorizations, net				$ 4,271,459,000
7 3/4% Senior Notes due 2026
Commitment and Contingencies
Loan balance maturity period		10 years
Wireless
Commitment and Contingencies
Payment to customer				24,000,000,000
Regulatory authorizations, net				19,757,877,000	19,838,635,000
Number of Americans, Provided With Five G Deployment Services											220,000,000
Network development current and future expenditures					10,000,000,000	$ 10,000,000,000	$ 10,000,000,000
DBS Licenses.
Commitment and Contingencies
Regulatory authorizations, net				677,409,000
600 MHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				6,192,575,000
Ghz 3.45 to 3.55
Commitment and Contingencies
Regulatory authorizations, net				7,329,093,000
1695-1710 MHz, 1755-1780 MHz, and 2155-2180 MHz
Commitment and Contingencies
Regulatory authorizations, net				972,000
AWS 3 Auction
Commitment and Contingencies
Regulatory authorizations, net				5,557,828,000
AWS-4 Licenses
Commitment and Contingencies
Regulatory authorizations, net				1,928,688,000
700 MHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				701,803,000
H Block Licenses
Commitment and Contingencies
Regulatory authorizations, net				1,671,506,000
MVDDS
Commitment and Contingencies
Regulatory authorizations, net				24,000,000
28 GHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				2,883,000
24 GHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				11,772,000
37 GHz, 39 GHz and 47 GHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				202,392,000
3550-3650 MHz Licenses
Commitment and Contingencies
Regulatory authorizations, net				912,200,000
Ghz 3.7 to 3.98
Commitment and Contingencies
Regulatory authorizations, net				2,969,000
Capitalized Interest
Commitment and Contingencies
Payment to customer				7,000,000,000
Regulatory authorizations, net				6,811,062,000
EchoStar
Commitment and Contingencies
Regulatory authorizations, net				$ 5,458,213,000
5 G Network Deployment
Commitment and Contingencies
Number of Americans To Whom Five G Broadband Service Is Provided											268,000,000
Northstar Spectrum
Commitments relating to AWS-3 Auction
Value of ownership rights accrued									$ 109,000,000
Northstar Spectrum And SNR Holdco \| AWS-3 Licenses
Commitments relating to AWS-3 Auction
Percentage of bidding credit				25.00%
Northstar Wireless or Northstar Spectrum
Commitment and Contingencies
Interim payment percentage				15.00%
Re-Auction payment				$ 1,892,000,000
Overpayment of interim payment				$ 334,000,000
Northstar Wireless or Northstar Spectrum \| Northstar Licenses
Commitment and Contingencies
Number of wireless spectrum licenses \| item				261
Commitments relating to AWS-3 Auction
Bidding credit value			$ 1,961,000,000
Northstar Wireless or Northstar Spectrum \| SNR Licenses
Commitments relating to AWS-3 Auction
Percentage of bidding credit			25.00%
SNR Wireless or SNR Wireless Holdco
Commitment and Contingencies
Regulatory authorizations, net				$ 4,271,459,000	$ 4,271,459,000
Non-payment gross winning bids				$ 1,211,000,000
Interim payment percentage				15.00%
Re-Auction payment				$ 1,029,000,000.000
Overpayment of interim payment				$ 182,000,000
SNR Wireless or SNR Wireless Holdco \| American III
Commitment and Contingencies
Number of wireless spectrum licenses \| item				244
SNR Wireless or SNR Wireless Holdco \| SNR Licenses
Commitments relating to AWS-3 Auction
Bidding credit value			$ 1,370,000,000
Prior Arrangement \| Northstar Licenses
Commitment and Contingencies
Non-payment gross winning bids				$ 2,226,000,000
Commitments relating to AWS-3 Auction
Number of licenses returned \| item				84
Prior Arrangement \| SNR Wireless or SNR Wireless Holdco \| SNR Licenses
Commitments relating to AWS-3 Auction
Number of licenses returned \| item				113
DISH DBS Corporation ("DBS") \| 5 3/4% Senior Secured Notes due 2028
Commitment and Contingencies
Interest rate (as a percent)				5.75%
DISH DBS Corporation ("DBS") \| 7 3/4% Senior Notes due 2026
Commitment and Contingencies
Interest rate (as a percent)				7.75%
Long-term debt obligations
Commitment and Contingencies
2025				$ 908,009,000
2026				10,455,195,000
2027				4,341,543,000
2028				3,549,860,000
2029				1,502,650,000
Thereafter				1,021,463,000
Total				21,778,720,000
Contractual Obligation				21,778,720,000
Interest expense on long-term debt
Commitment and Contingencies
2025				1,639,592,000
2026				1,563,992,000
2027				918,593,000
2028				474,955,000
2029				233,360,000
Thereafter				199,527,000
Total				5,030,019,000
Contractual Obligation				5,030,019,000
Finance lease obligations
Commitment and Contingencies
2025				30,381,000
2026				34,290,000
2027				2,528,000
Total				67,199,000
Contractual Obligation				67,199,000
Interest expense on finance lease obligations
Commitment and Contingencies
2025				5,011,000
2026				2,298,000
2027				46,000
Total				7,355,000
Contractual Obligation				7,355,000
Satellite-related obligations
Commitment and Contingencies
2025				1,882,823,000
2026				1,481,336,000
2027				1,157,410,000
2028				1,023,439,000
2029				979,359,000
Thereafter				3,165,382,000
Total				9,689,749,000
Contractual Obligation				9,689,749,000
Operating lease obligations
Commitment and Contingencies
2025				545,077,000
2026				577,160,000
2027				579,203,000
2028				536,551,000
2029				523,216,000
Thereafter				2,923,077,000
Total				5,684,284,000
Contractual Obligation				5,684,284,000
Purchase obligations
Commitment and Contingencies
2025				2,207,381,000
2026				4,820,000
2027				58,000
Total				2,212,259,000
Contractual Obligation				$ 2,212,259,000

Segment Reporting - Intersegment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment information
Total revenue	$ 14,292,658	$ 15,295,088	$ 16,679,407
Cost of services	9,641,235	8,989,961	9,558,484
Cost of services - equipment and other	1,330,927	2,201,870	1,812,591
Subscriber acquisition costs	1,076,010	1,387,650	1,392,061
Selling, general and administrative expenses	951,907	1,133,412	1,153,532
Total selling, general and administrative expenses	2,027,917	2,521,062	2,545,593
Impairment of long-lived assets and goodwill		225,017
OIBDA	1,292,579	1,357,178	2,762,739
Depreciation and amortization	1,472,204	1,181,921	717,073
Total costs and expenses	14,472,283	15,119,831	14,633,741
Operating income (loss)	(179,625)	175,257	2,045,666
Interest income	54,059	105,416	42,776
Interest expense, net of amounts capitalized (Note 2)	(690,222)	(38,881)	(22,781)
Other, net	742,705	(1,741,876)	1,038,982
Income (loss) before income taxes	(73,083)	(1,500,084)	3,104,643
Service revenue
Segment information
Total revenue	13,770,400	14,721,682	16,014,284
Equipment sales and other revenue
Segment information
Total revenue	522,258	573,406	665,123
Programming
Segment information
Cost of services	5,060,083	5,301,968	5,584,877
Connectivity services
Segment information
Cost of services	2,789,087	1,775,900	1,942,737
Other
Segment information
Cost of services	1,792,065	1,912,093	2,030,870
Eliminations
Segment information
Total revenue	(1,723)	(8,231)	(6,003)
Cost of services	(1,061)		(16)
Subscriber acquisition costs	(11)	(1,502)	(280)
Selling, general and administrative expenses	(651)	(6,729)	(5,707)
Total selling, general and administrative expenses	(662)	(8,231)	(5,987)
Total costs and expenses	(1,723)	(8,231)	(6,003)
Eliminations \| Equipment sales and other revenue
Segment information
Total revenue	(1,723)
Eliminations \| Connectivity services
Segment information
Cost of services	(1,487)		(16)
Eliminations \| Other
Segment information
Cost of services	426
Pay-TV \| Operating segment
Segment information
Total revenue	10,688,204	11,571,159	12,505,392
Cost of services	6,546,506	6,977,628	7,423,427
Cost of services - equipment and other	80,271	91,164	97,315
Subscriber acquisition costs	425,227	687,338	879,620
Selling, general and administrative expenses	650,735	727,470	742,661
Total selling, general and administrative expenses	1,075,962	1,414,808	1,622,281
Impairment of long-lived assets and goodwill		6,457
OIBDA	2,985,465	3,081,102	3,362,369
Depreciation and amortization	337,331	381,292	428,471
Total costs and expenses	8,040,070	8,871,349	9,571,494
Operating income (loss)	2,648,134	2,699,810	2,933,898
Pay-TV \| Operating segment \| Service revenue
Segment information
Total revenue	10,613,640	11,384,460	12,360,392
Pay-TV \| Operating segment \| Equipment sales and other revenue
Segment information
Total revenue	72,841	178,486	139,013
Pay-TV \| Operating segment \| Programming
Segment information
Cost of services	5,060,083	5,301,968	5,584,877
Pay-TV \| Operating segment \| Connectivity services
Segment information
Cost of services	224,112	245,716	261,942
Pay-TV \| Operating segment \| Other
Segment information
Cost of services	1,262,311	1,429,944	1,576,608
Pay-TV \| Eliminations
Segment information
Total revenue		8,213	5,987
Pay-TV \| Eliminations \| Equipment sales and other revenue
Segment information
Total revenue	1,723
Wireless \| Operating segment
Segment information
Total revenue	3,606,177	3,732,160	4,180,018
Cost of services	3,095,790	2,012,333	2,135,073
Cost of services - equipment and other	1,250,656	2,110,706	1,715,276
Subscriber acquisition costs	650,794	701,814	512,721
Selling, general and administrative expenses	301,823	412,671	416,578
Total selling, general and administrative expenses	952,617	1,114,485	929,299
Impairment of long-lived assets and goodwill		218,560
OIBDA	(1,692,886)	(1,723,924)	(599,630)
Depreciation and amortization	1,134,873	800,629	288,602
Total costs and expenses	6,433,936	6,256,713	5,068,250
Operating income (loss)	(2,827,759)	(2,524,553)	(888,232)
Wireless \| Operating segment \| Service revenue
Segment information
Total revenue	3,156,760	3,337,222	3,653,892
Wireless \| Operating segment \| Equipment sales and other revenue
Segment information
Total revenue	449,417	394,920	526,110
Wireless \| Operating segment \| Connectivity services
Segment information
Cost of services	2,566,462	1,530,184	1,680,811
Wireless \| Operating segment \| Other
Segment information
Cost of services	$ 529,328	482,149	454,262
Wireless \| Eliminations
Segment information
Total revenue		$ 18	$ 16

Property and Equipment and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and equipment
Total property and equipment	$ 12,616,700	$ 12,729,331
Accumulated depreciation	(5,387,611)	(5,327,384)
Property and equipment, net	$ 7,229,089	7,401,947
Minimum
Property and equipment
Depreciable Life	2 years
Maximum
Property and equipment
Depreciable Life	40 years
Equipment leased to customers
Property and equipment
Total property and equipment	$ 1,005,750	$ 1,181,193
Equipment leased to customers \| Minimum
Property and equipment
Depreciable Life	2 years	2 years
Equipment leased to customers \| Maximum
Property and equipment
Depreciable Life	5 years	5 years
Satellites
Property and equipment
Total property and equipment	$ 1,718,865	$ 1,718,865
Satellites \| Minimum
Property and equipment
Depreciable Life	6 years	6 years
Satellites \| Maximum
Property and equipment
Depreciable Life	15 years	15 years
Satellites acquired under finance lease agreements
Property and equipment
Total property and equipment		$ 344,447
Depreciable Life		15 years
Furniture, fixtures, equipment and other
Property and equipment
Total property and equipment	$ 801,650	$ 908,924
Furniture, fixtures, equipment and other \| Minimum
Property and equipment
Depreciable Life	2 years	2 years
Furniture, fixtures, equipment and other \| Maximum
Property and equipment
Depreciable Life	12 years	12 years
5G Network Deployment equipment
Property and equipment
Total property and equipment	$ 5,382,706	$ 4,263,327
5G Network Deployment equipment \| Minimum
Property and equipment
Depreciable Life	3 years	3 years
5G Network Deployment equipment \| Maximum
Property and equipment
Depreciable Life	15 years	15 years
Software and computer equipment
Property and equipment
Total property and equipment	$ 1,816,749	$ 2,111,305
Software and computer equipment \| Minimum
Property and equipment
Depreciable Life	2 years	2 years
Software and computer equipment \| Maximum
Property and equipment
Depreciable Life	8 years	8 years
Buildings and improvements
Property and equipment
Total property and equipment	$ 334,213	$ 381,757
Buildings and improvements \| Minimum
Property and equipment
Depreciable Life	5 years	5 years
Buildings and improvements \| Maximum
Property and equipment
Depreciable Life	40 years	40 years
Land
Property and equipment
Total property and equipment	$ 12,041	$ 17,513
Construction in progress
Property and equipment
Total property and equipment	1,544,726	1,802,000
Construction in progress \| Pay-TV
Property and equipment
Total property and equipment	268,423	162,055
Construction in progress \| Wireless
Property and equipment
Total property and equipment	$ 1,276,303	$ 1,639,945

Property and Equipment and Intangible Assets - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item
Property and equipment
Number of other satellites to be relocated in the event of failure or loss of any satellite	1
Capital expenditures \| $	$ 121
Capital expenditure included in purchases of property and equipment \| $	74
Capital expenditure included in "Other, net" \| $	$ 47
Pay-TV
Property and equipment
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator	9
Owned satellites	7
Number of satellites leased	2

Other Comprehensive Income (Loss) - Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss)
Balance	$ 16,790,071
Balance	5,239,598	$ 16,790,071
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Balance	(2,679)	(3,004)
Foreign currency translation adjustments	(99)	325
Balance	(2,778)	(2,679)
Unrealized/Recognized Gains (Losses)
Accumulated Other Comprehensive Income (Loss)
Balance	3	(25)
Other comprehensive income (loss) before reclassification	1,343	(202)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,327)	230
Balance	19	3
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Balance	(2,676)	(3,029)
Foreign currency translation adjustments	(99)	325
Other comprehensive income (loss) before reclassification	1,343	(202)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,327)	230
Balance	$ (2,759)	$ (2,676)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Employee Benefit Plans (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Purchase Plan
Employer matching contribution as a percentage of voluntary employee contributions under 401(k) plan	50.00%
Employer maximum annual contribution per employee under 401(k) plan	$ 5,000
Expense recognized related to 401(k) plan
Matching contributions, net of forfeitures	17,852,000	$ 14,532,000	$ 12,800,000
Discretionary stock contributions, net of forfeitures	$ 13,906,000	$ 70,000	$ 14,564,000
Employee Stock Purchase Plan
Employee Stock Purchase Plan
Minimum number of calendar quarters to be employed for full-time employees to be eligible to participate in the ESPP	3 months
Maximum fair value of capital stock permitted to be purchased by employees in any one year under ESPP	$ 25,000
Employee Stock Purchase Plan \| Class A common stock
Employee Stock Purchase Plan
Number of shares authorized to be issued under Employee Stock Purchase Plan (ESPP)	8.0
Purchase price as percentage of closing market price on the last business day of each calendar quarter under ESPP	85.00%
Employee Stock Purchase Plan \| Class A common stock \| Maximum
Employee Stock Purchase Plan
Shares of common stock available for future grant under stock incentive plans	3.4

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Other Comprehensive Income (Loss)

Schedule of tax effects allocated to component of other comprehensive income (loss)


	For the Years Ended December 31,
	2024						2023						2022
	Before		Tax		Net		Before		Tax		Net		Before		Tax		Net
	Tax		(Expense)		of Tax		Tax		(Expense)		of Tax		Tax		(Expense)		of Tax
	Amount		Benefit		Amount		Amount		Benefit		Amount		Amount		Benefit		Amount

	(In thousands)
Foreign currency translation adjustments	$	(185)	$	86	$	(99)	$	356	$	(31)	$	325	$	(4,160)	$	710	$	(3,450)
Unrealized holding gains (losses) on available-for-sale securities		1,772		(429)		1,343		(267)		65		(202)		191		(46)		145
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		(1,758)		431		(1,327)		304		(74)		230		(7)		2		(5)
Other comprehensive income (loss)	$	(171)	$	88	$	(83)	$	393	$	(40)	$	353	$	(3,976)	$	666	$	(3,310)

Schedule of accumulated other comprehensive income (loss)


		Foreign		Unrealized/
		Currency		Recognized
		Translation		Gains
Accumulated Other Comprehensive Income (Loss)		Adjustment		(Losses)	Total

	(In thousands)
Balance, December 31, 2022	$	(3,004)	$	(25)	$	(3,029)
Foreign currency translation adjustments		325		—		325
Other comprehensive income (loss) before reclassification		—		(202)		(202)
Amounts reclassified from accumulated other comprehensive income (loss)		—		230		230
Balance, December 31, 2023	$	(2,679)	$	3	$	(2,676)
Foreign currency translation adjustments		(99)		—		(99)
Other comprehensive income (loss) before reclassification		—		1,343		1,343
Amounts reclassified from accumulated other comprehensive income (loss)		—		(1,327)		(1,327)
Balance, December 31, 2024	$	(2,778)	$	19	$	(2,759)

Property and Equipment and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2022
Property and Equipment and Intangible Assets
Impairment charge for goodwill	$ 225,017
Goodwill	$ 0	$ 0	$ 225,017

- Definition

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net income (loss)	$ (62,693)	$ (1,128,422)	$ 2,372,907
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,472,204	1,181,921	717,073
Impairment of long-lived assets and goodwill		225,017
Realized and unrealized losses (gains) on investments, impairments and other	30,730	(77,109)	(25,264)
Realized and unrealized losses (gains) on derivatives		1,693,387	(1,015,387)
Realized losses (gains) on Sale of Assets to EchoStar (Note1)	(128,788)
Liberty Puerto Rico Asset Sale losses (gains) (Note 13)	(21,310)
EchoStar Exchange Offers debt extinguishment losses (gains) (Note 9)	(688,661)
Non-cash, stock-based compensation	24,945	36,143	71,450
Deferred tax expense (benefit)	(16,251)	(374,910)	702,735
Equity in (earnings) losses of affiliates	67,214	3,835	(2,616)
Changes in allowance for credit losses	17,323	9,560	5,819
Change in long-term deferred revenue and other long-term liabilities	82,368	24,436	86,039
Other, net	152,144	205,199	238,472
Changes in current assets and current liabilities:
Trade accounts receivable	(130,900)	33,189	(24,234)
Prepaid and accrued income taxes	44,977	3,053	(36,115)
Inventory	176,191	2,658	36,722
Other current assets	(61,058)	(36,967)	27,992
Trade accounts payable	108,124	13,507	79,116
Deferred revenue and other	(68,591)	(73,003)	(52,105)
Accrued programming and other accrued expenses	(252,855)	255,545	(90,504)
Net cash flows from operating activities	745,113	1,997,039	3,092,100
Cash Flows From Investing Activities:
Purchases of marketable investment securities	(33,696)	(1,383,102)	(898,326)
Sales and maturities of marketable investment securities	36,842	2,253,639	3,023,236
Purchases of property and equipment (Note 7)	(1,286,132)	(2,828,887)	(2,727,302)
Capitalized interest related to regulatory authorizations (Note 2)	(871,807)	(1,162,473)	(984,309)
Purchases of regulatory authorizations, including deposits	(1,104)	(2,009)	(7,206,865)
Sale of Assets to EchoStar (Note 1)	245,800
700 MHz Spectrum Sale to EchoStar (Note 1)	1,036,500
Liberty Puerto Rico Asset Sale (Note 13)	95,435
Other, net (Note 5)	(36,066)	14,075	6,527
Net cash flows from investing activities	(814,228)	(3,108,757)	(8,787,039)
Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations	(104,015)	(119,202)	(83,117)
Redemption and repurchases of convertible and senior notes	(2,933,714)	(1,643,469)	(2,056,821)
Proceeds from issuance of senior notes		1,500,000	2,000,000
Debt issuance costs and debt (discount) premium		21,635	(51,121)
Proceeds from New DISH DBS Financing (Note 9)	2,500,000
Debt issuance costs and debt (discount) premium from New DISH DBS Financing	(134,510)
Proceeds from EchoStar 2024 Intercompany Loan (Note 9)	1,009,460
Early debt extinguishment gains (losses) of convertible and senior notes		73,024
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan		8,594	18,132
Purchase of Northstar Manager, LLC's ownership interest in Northstar Spectrum		(109,432)
Other, net	(65)	(4,665)	(18,413)
Net cash flows from financing activities	337,156	(273,515)	(191,340)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	268,041	(1,385,233)	(5,886,279)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 5)	462,748	1,847,981	7,734,260
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 5)	730,789	$ 462,748	$ 1,847,981
Liberty Puerto Rico Asset Sale losses (gains)
Cash Flows From Investing Activities:
Liberty Puerto Rico Asset Sale (Note 13)	$ 95,000

Related Party Transactions - Additional Information (Details) $ in Thousands			1 Months Ended				12 Months Ended
	Aug. 19, 2016	Oct. 02, 2012	Sep. 30, 2021 item	Feb. 28, 2019	Mar. 31, 2017	Dec. 31, 2011 USD ($)	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 01, 2024
Related Party Transactions
Trade accounts receivable, net							$ 922,001	$ 890,333
Trade accounts payable (Note 16)							696,277	673,291
Revenue recorded							14,292,658	15,295,088	$ 16,679,407
Cost of sales - equipment and other							1,330,927	2,201,870	1,812,591
Selling, general and administrative expenses							$ 2,027,917	2,521,062	2,545,593
Inverness Lease Agreement \| EchoStar
Related Party Transactions
Number of renewal options \| item							4
Term of renewal option							3 years
Professional Services Agreement
Related Party Transactions
Automatic renewal period							1 year
Hughes Broadband Distribution Agreement
Related Party Transactions
Term of renewal option		1 year
Hughes Broadband Distribution Agreement \| Minimum
Related Party Transactions
Notice period for termination of agreement		180 days
Hughes Broadband Master Services Agreement
Related Party Transactions
Payments to third party by related party under extension option							$ 6,000	2,000	8,000
Service revenue
Related Party Transactions
Revenue recorded							13,770,400	14,721,682	16,014,284
Satellite hosting operations and maintenance services
Related Party Transactions
Cost of sales - equipment and other							0	5,000	5,000
EchoStar
Related Party Transactions
Trade accounts receivable, net							0	4,000
Trade accounts payable (Note 16)							53,000	13,000
Equipment sales and other revenue							4,000	3,000	2,000
Cost of services							4,000	8,000	12,000
Selling, general and administrative expenses							$ 21,000	12,000	14,000
EchoStar \| El Paso Lease Agreement
Related Party Transactions
Number of consecutive three year renewal options \| item							4
Term of renewal option							3 years
EchoStar \| Cheyenne Lease Agreement
Related Party Transactions
Number of renewal options \| item							12
Term of renewal option							1 year
Renewal notice period							180 days
EchoStar \| Collocation And Antenna Space Agreements
Related Party Transactions
Term of renewal option							3 years
Notice period for termination of agreement							180 days
EchoStar \| 100 Inverness Lease Agreement
Related Party Transactions
Notice period for termination of agreement					180 days
EchoStar \| Professional Services Agreement
Related Party Transactions
Automatic renewal period							1 year
Notice period for termination of agreement							60 days
Minimum notice period for termination of a specific service							30 days
EchoStar \| Patent Cross-License Agreements
Related Party Transactions
Payments to third party						$ 10,000
EchoStar \| Rovi License Agreement
Related Party Transactions
Agreement term	10 years
Amount paid to related party							$ 0
EchoStar \| Tax Sharing Agreement
Related Party Transactions
Payment made for tax benefit received							13,000
Related party transaction, remaining payment of tax benefit to be paid							69,000
Net amount of the allocated tax attributes payable							$ 82,000
EchoStar \| TT & C Agreement
Related Party Transactions
Number of renewal options \| item			3
Term of renewal option			1 year
EchoStar \| Prior TT&C Agreement
Related Party Transactions
Term of renewal option							1 year
EchoStar \| Service revenue
Related Party Transactions
Revenue recorded							$ 5,000	5,000	4,000
HNS \| Collocation And Antenna Space Agreements
Related Party Transactions
Number of renewal options \| item							4
Term of renewal option							3 years
Agreement term from commencement of service date							5 years
HNS \| Collocation And Antenna Space Agreements \| Maximum
Related Party Transactions
Notice period for termination of agreement							120 days
HNS \| Collocation And Antenna Space Agreements \| Minimum
Related Party Transactions
Notice period for termination of agreement							90 days
HNS \| Hughes Broadband Master Services Agreement
Related Party Transactions
Notice period for termination of agreement					90 days
Broadband equipment purchased from related parties							$ 1,000	$ 0	$ 7,000
Agreement term					5 years
Automatic renewal period					1 year
HNS \| Hughes Equipment and Services Agreement
Related Party Transactions
Term of renewal option				1 year
Minimum required notice period for termination of agreement by related party				180 days
Agreement term				5 years
Minimum required notice period for termination by the reporting entity				365 days
CONX
Related Party Transactions
General and administrative expenses							$ 2,000
Building lease term										10 years
Master Transaction Agreement \| EchoStar \| TT & C Agreement
Related Party Transactions
Notice period for termination of agreement							12 months
Master Transaction Agreement \| EchoStar \| TT & C Agreement \| Minimum
Related Party Transactions
Notice period for termination of agreement							90 days

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 15, 2024	Sep. 30, 2024	Sep. 29, 2024	Feb. 28, 2017
Other investment securities:
Impairment of fair value method investment	$ 27,000
Equity in earnings (losses) of affiliates	(67,214)	$ (3,835)	$ 2,616
Derivative asset	0
Restricted cash and cash equivalents include receivable of debt	$ 254,714	$ 89,107
Interest rate (as a percent)	0.25%
NagraStar
Other investment securities:
Ownership interest (as a percent)							50.00%
Number of technologies provided to customers \| item	3
Invidi Technologies Corporation
Other investment securities:
Ownership interest (as a percent)	35.00%
New DISH DBS Financing
Other investment securities:
Restricted cash and cash equivalents include receivable of debt	$ 151,000
DISH DBS Corporation ("DBS") \| 5 1/4% Senior Secured Notes due 2026
Other investment securities:
Interest rate (as a percent)	5.25%				5.25%
DISH DBS Corporation ("DBS") \| 5 7/8% Senior Notes due 2024
Other investment securities:
Interest rate (as a percent)	5.875%			5.875%	5.875%	5.875%
Commercial paper \| Maximum
Other investment securities:
Debt term of Maturity	365 days
Corporate securities \| Maximum
Other investment securities:
Debt term of Maturity	18 months
Other, net \| Invidi Technologies Corporation
Other investment securities:
Equity in earnings (losses) of affiliates	$ 63,000