0001558370-25-010618 | 10-Q | XBRL Viewer

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of revenue and operating income by segment


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	2,446,844	$	823,722	$	—	$	3,270,566
Equipment sales and other revenue		14,149		110,827		—		124,976
Intersegment revenue		1,256		3		(1,259)		—
Total revenue		2,462,249		934,552		(1,259)		3,395,542

Operating Expenses
Cost of services:
Programming		1,179,987		—		—		1,179,987
Connectivity services (1)		52,652		635,549		(66)		688,135
Other (2)		316,332		164,502		(424)		480,410
Total cost of services		1,548,971		800,051		(490)		2,348,532
Cost of sales - equipment and other		9,446		282,045		—		291,491
Selling, general and administrative expenses:
Subscriber acquisition costs		87,606		204,809		(616)		291,799
Selling, general and administrative expenses		152,849		95,488		(153)		248,184
Total selling, general and administrative expenses		240,455		300,297		(769)		539,983

OIBDA (3)		663,377		(447,841)		—		215,536

Depreciation and amortization		67,825		320,960		—		388,785
Total costs and expenses		1,866,697		1,703,353		(1,259)		3,568,791

Operating income (loss)	$	595,552	$	(768,801)	$	—		(173,249)

Unallocated Amounts
Interest income								15,397
Interest expense, net of amounts capitalized								(230,249)
Other, net								25,698
Income (loss) before income taxes							$	(362,403)

(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 Three Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue	$	2,658,383	$	785,135	$	—	$	3,443,518
Equipment sales and other revenue		17,786		106,966		—		124,752
Intersegment revenue		115		5		(120)		—
Total revenue		2,676,284		892,106		(120)		3,568,270

Operating Expenses
Cost of services:
Programming		1,259,042		—		—		1,259,042
Connectivity services		54,504		618,778		(5)		673,277
Other		325,137		125,649		20		450,806
Total cost of services		1,638,683		744,427		15		2,383,125
Cost of sales - equipment and other		17,837		312,983		—		330,820
Selling, general and administrative expenses:
Subscriber acquisition costs		102,635		147,308		—		249,943
Selling, general and administrative expenses		164,083		81,095		(135)		245,043
Total selling, general and administrative expenses		266,718		228,403		(135)		494,986

OIBDA		753,046		(393,707)		—		359,339

Depreciation and amortization		85,249		305,861		—		391,110
Total costs and expenses		2,008,487		1,591,674		(120)		3,600,041

Operating income (loss)	$	667,797	$	(699,568)	$	—		(31,771)

Unallocated Amounts
Interest income								10,514
Interest expense, net of amounts capitalized								(164,561)
Other, net								(64,477)
Income (loss) before income taxes							$	(250,295)


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	4,971,196	$	1,633,329	$	—	$	6,604,525
Equipment sales and other revenue		27,614		273,763		—		301,377
Intersegment revenue		2,166		8		(2,174)		—
Total revenue		5,000,976		1,907,100		(2,174)		6,905,902

Operating Expenses
Cost of services:
Programming		2,396,409		—		—		2,396,409
Connectivity services		106,786		1,256,750		(300)		1,363,236
Other		602,412		308,634		(841)		910,205
Total cost of services		3,105,607		1,565,384		(1,141)		4,669,850
Cost of sales - equipment and other		19,118		631,290		—		650,408
Selling, general and administrative expenses:
Subscriber acquisition costs		174,119		395,294		(647)		568,766
Selling, general and administrative expenses		308,882		174,269		(386)		482,765
Total selling, general and administrative expenses		483,001		569,563		(1,033)		1,051,531

OIBDA		1,393,250		(859,137)		—		534,113

Depreciation and amortization		144,268		628,198		—		772,466
Total costs and expenses		3,751,994		3,394,435		(2,174)		7,144,255

Operating income (loss)	$	1,248,982	$	(1,487,335)	$	—		(238,353)

Unallocated Amounts
Interest income								25,198
Interest expense, net of amounts capitalized								(427,504)
Other, net								25,218
Income (loss) before income taxes							$	(615,441)


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue	$	5,359,545	$	1,589,401	$	—	$	6,948,946
Equipment sales and other revenue		43,083		216,130		—		259,213
Intersegment revenue		234		5		(239)		—
Total revenue		5,402,862		1,805,536		(239)		7,208,159

Operating Expenses
Cost of services:
Programming		2,543,872		—		—		2,543,872
Connectivity services		111,701		1,259,345		(9)		1,371,037
Other		647,555		248,115		49		895,719
Total cost of services		3,303,128		1,507,460		40		4,810,628
Cost of sales - equipment and other		34,829		602,525		—		637,354
Selling, general and administrative expenses:
Subscriber acquisition costs		223,388		289,046		(11)		512,423
Selling, general and administrative expenses		332,826		162,991		(455)		495,362
Total selling, general and administrative expenses		556,214		452,037		(466)		1,007,785

OIBDA		1,508,691		(756,486)		187		752,392

Depreciation and amortization		170,651		587,533		—		758,184
Total costs and expenses		4,064,822		3,149,555		(426)		7,213,951

Operating income (loss)	$	1,338,040	$	(1,344,019)	$	187		(5,792)

Unallocated Amounts
Interest income								23,167
Interest expense, net of amounts capitalized								(335,196)
Other, net								62,865
Income (loss) before income taxes							$	(254,956)

Schedule of long-lived assets by segment


	Pay-TV		Wireless		Total

	(In thousands)
For the Three Months Ended June 30, 2025
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	78,580	$	496,117	$	574,697

For the Three Months Ended June 30, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	37,877	$	544,420	$	582,297


	Pay-TV		Wireless		Total

	(In thousands)
For the Six Months Ended June 30, 2025
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	140,968	$	786,335	$	927,303

For the Six Months Ended June 30, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	65,754	$	1,025,422	$	1,091,176

Revenue from external customers disaggregated by major revenue source


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
Category:	2025		2024		2025		2024

	(In thousands)
Pay-TV subscriber and related revenue	$	2,446,844	$	2,658,381	$	4,971,196	$	5,359,560
Wireless services and related revenue		823,722		785,135		1,633,329		1,589,401
Pay-TV equipment sales and other revenue		15,405		17,903		29,780		43,302
Wireless equipment sales and other revenue		110,830		106,971		273,771		216,135
Eliminations		(1,259)		(120)		(2,174)		(239)
Total	$	3,395,542	$	3,568,270	$	6,905,902	$	7,208,159

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

6 Months Ended

Jun. 30, 2025

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

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

4.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
	June 30,		December 31,
	2025		2024

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale	$	51	$	51
Strategic - trading/equity		10		10
Other		—		225
Total current marketable investment securities		61		286
Restricted marketable investment securities (1)		52,375		23,882
Total marketable investment securities		52,436		24,168

Restricted cash and cash equivalents (1)		262,377		254,714

Other investments, net:
Equity method investments		20,015		20,440
Other investments		3,087		15,043
Total other investments, net		23,102		35,483

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	337,915	$	314,365

(1)

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

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 Condensed 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 Condensed 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 Condensed 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 June 30, 2025, 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 June 30, 2025 and December 31, 2024, 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, cash equivalents and marketable investment securities. As of June 30, 2025 and December 31, 2024, we had $184 million and $151 million, respectively, included in “Current restricted cash, cash equivalents and marketable investment securities” on our Condensed 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 debt issued by DBS SubscriberCo. DBS SubscriberCo holds certain DISH TV subscribers and their related subscription and equipment agreements which collateralizes certain debt obligations.

Other Investments, net

We have strategic investments in certain debt and/or equity securities that are included in noncurrent “Other investments, net” on our Condensed 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.

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
	June 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(In thousands)
Cash and cash equivalents (including restricted):
Cash	$	445,874	$	—	$	—	$	445,874	$	468,799	$	—	$	—	$	468,799
Cash equivalents		175,768		471,056		—		646,824		221,083		40,907		—		261,990
Total	$	621,642	$	471,056	$	—	$	1,092,698	$	689,882	$	40,907	$	—	$	730,789

Debt securities (including restricted):
U.S. Treasury and agency securities	$	10,466	$	—	$	—	$	10,466	$	8,163	$	—	$	—	$	8,163
Commercial paper		—		15,237		—		15,237		—		—		—		—
Corporate securities		—		26,189		—		26,189		—		15,719		—		15,719
Other		—		483		51		534		—		225		51		276
Equity securities		10		—		—		10		10		—		—		10
Total	$	10,476	$	41,909	$	51	$	52,436	$	8,173	$	15,944	$	51	$	24,168

As of June 30, 2025, restricted and non-restricted marketable investment securities included debt securities of $31 million with contractual maturities within one year and $21 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.

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

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
Other, net:	2025		2024		2025		2024

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses) and impairments	$	(11,953)	$	(44)	$	(11,948)	$	(914)
Sale of Assets to EchoStar - realized gains (losses)		—		—		—		128,788
Equity in earnings (losses) of affiliates		107		(64,204)		(374)		(64,912)
Sale of Fiber business gains (losses)		37,441		—		37,441		—
Other		103		(229)		99		(97)
Total	$	25,698	$	(64,477)	$	25,218	$	62,865

Document and Entity Information - shares	6 Months Ended
Jun. 30, 2025	Jul. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-39144
Entity Registrant Name	DISH Network Corp
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Entity Central Index Key	0001001082
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Related Party Transactions - Additional Information (Details) $ in Thousands			1 Months Ended				3 Months Ended		6 Months Ended
	Aug. 19, 2016	Oct. 02, 2012	Sep. 30, 2021 item	Feb. 28, 2019	Mar. 31, 2017	Dec. 31, 2011 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) item	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	May 01, 2024
Related Party Transactions
Trade accounts receivable, net							$ 855,604		$ 855,604		$ 922,001
Trade accounts payable (Note 12)							662,474		662,474		696,277
Revenue recorded							3,395,542	$ 3,568,270	6,905,902	$ 7,208,159
Selling, general and administrative expenses							539,983	494,986	$ 1,051,531	1,007,785
Inverness Lease Agreement \| EchoStar
Related Party Transactions
Number of renewal options \| item									4
Term of renewal option									3 years
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
Professional Services Agreement
Related Party Transactions
Automatic renewal period									1 year
Hughes Broadband Master Services Agreement
Related Party Transactions
Payments to third party by related party under extension option							1,000	1,000	$ 2,000	1,000
Service revenue
Related Party Transactions
Revenue recorded							3,270,566	3,443,518	6,604,525	6,948,946
EchoStar
Related Party Transactions
Trade accounts payable (Note 12)							8,000		8,000		$ 53,000
Equipment sales and other revenue							1,000	1,000	2,000	1,000
Cost of services							1,000	1,000	2,000	2,000
Selling, general and administrative expenses							11,000	6,000	$ 16,000	11,000
EchoStar \| TT & C Agreement
Related Party Transactions
Number of renewal options \| item			3
Term of renewal option			1 year
EchoStar \| El Paso Lease Agreement
Related Party Transactions
Term of renewal option									3 years
Number of consecutive three year renewal options \| item									4
EchoStar \| Collocation And Antenna Space Agreements
Related Party Transactions
Notice period for termination of agreement									180 days
EchoStar \| Collocation And Antenna Space Agreements \| Maximum
Related Party Transactions
Notice period for termination of agreement									120 days
EchoStar \| Collocation And Antenna Space Agreements \| Minimum
Related Party Transactions
Notice period for termination of agreement									90 days
EchoStar \| 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
Minimum required notice period for termination by the reporting entity				365 days
EchoStar \| Professional Services Agreement
Related Party Transactions
Notice period for termination of agreement									60 days
Minimum notice period for termination of a specific service									30 days
EchoStar \| Tax Sharing Agreement
Related Party Transactions
Payment made for tax benefit received							13,000		$ 13,000
Related party transaction, remaining payment of tax benefit to be paid							69,000		69,000
Net amount of the allocated tax attributes payable							82,000		82,000
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 \| Hughes Broadband Master Services Agreement
Related Party Transactions
Notice period for termination of agreement					90 days
Automatic renewal period					1 year
Broadband equipment purchased from related parties							0	0
EchoStar \| Service revenue
Related Party Transactions
Revenue recorded							1,000	1,000	3,000	2,000
CONX
Related Party Transactions
General and administrative expenses							$ 1,000	$ 1,000	$ 2,000	$ 1,000
Building lease term												10 years
Master Transaction Agreement \| EchoStar \| TT & C Agreement
Related Party Transactions
Notice period for termination of agreement									12 months

Property and Equipment and Intangible Assets

6 Months Ended

Jun. 30, 2025

Property and Equipment and Intangible Assets

Property and Equipment and Intangible Assets

6.Property and Equipment and Intangible Assets

Property and Equipment

Property and equipment consisted of the following:


	Depreciable			As of
	Life			June 30,		December 31,
	(In Years)			2025		2024

				(In thousands)
Equipment leased to customers	2	-	5	$	941,313	$	1,005,750
Satellites	9	-	15		1,718,865		1,718,865
Furniture, fixtures, equipment and other	2	-	12		783,119		801,650
5G Network equipment (1)	3	-	15		5,672,959		5,382,706
Software and computer equipment	2	-	8		1,980,215		1,816,749
Buildings and improvements	5	-	40		335,995		334,213
Land		-			12,041		12,041
Construction in progress		-			1,498,158		1,544,726
Total property and equipment					12,942,665		12,616,700
Accumulated depreciation					(6,011,239)		(5,387,611)
Property and equipment, net (2)				$	6,931,426	$	7,229,089

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

(2)	As of June 30, 2025 and December 31, 2024, there were no refunds and other receipts of purchases of property and equipment.

Depreciation and amortization expense consisted of the following:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(In thousands)
Equipment leased to customers	$	27,217	$	34,707	$	59,942	$	71,573
Satellites		25,190		32,956		52,126		65,911
Buildings, furniture, fixtures, equipment and other		15,190		16,019		26,583		21,127
5G Network equipment		216,782		179,473		424,914		346,294
Software and computer equipment		100,970		87,845		201,978		168,514
Intangible assets and other amortization expense		3,436		40,110		6,923		84,765
Total depreciation and amortization	$	388,785	$	391,110	$	772,466	$	758,184

Cost of sales and operating expense categories included in our accompanying Condensed 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 equipment and software.

Activity relating to our asset retirement obligations, included in “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets, was as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(In thousands)
Balance, beginning of period	$	338,506	$	289,059	$	327,031	$	278,287
Liabilities incurred		1,188		4,651		4,885		8,959
Accretion expense		8,026		6,765		15,804		13,229
Balance, end of period	$	347,720	$	300,475	$	347,720	$	300,475

The corresponding assets, net of accumulated depreciation, related to asset retirement obligations were $209 million and $216 million as of June 30, 2025 and December 31, 2024, respectively.

Satellites

Pay-TV Segment. Our Pay-TV segment currently utilizes eight 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 one satellite from a third party, Nimiq 5, which is accounted for as an operating lease.

As of June 30, 2025, 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 (1)	July 2010	119	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
EchoStar XXVI	2028	119	N/A

Leased from Other Third-Party:
Nimiq 5	September 2009	72.7	October 2029

(1)	During April 2025, the EchoStar XV satellite began the process of relocating from the 61.5 degree orbital location to the 119 degree orbital location. The relocation process was completed in July 2025.

As of April 2025, we no longer lease the Anik F3 satellite.

Satellites 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 Condensed Consolidated Balance Sheets. For the six months ended June 30, 2024, capital expenditures for EchoStar XXV totaled $66 million, which includes $19 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 Condensed Consolidated Statements of Cash Flows. See Note 12 for further information.

EchoStar XXVI. On May 15, 2025, we entered into a contract with Maxar Space LLC for the construction of EchoStar XXVI, a DBS satellite that is capable of providing service to the CONUS and is intended to be used at the 119 degree orbital location. EchoStar XXVI is expected to be launched during 2028.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies

Commitments and Contingencies

9.Commitments and Contingencies

Commitments

5G Network

We initially invested a total of over $30 billion in Wireless spectrum licenses, and a portion of these licenses were included in the Wireless Spectrum License Exchange and 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 2 and Note 12 for further information. We continue to commercialize our Wireless spectrum licenses through the completion of our 5G Network. We have committed to the FCC to deploy a facilities-based 5G broadband network capable of serving increasingly larger portions of the U.S. population at different deadlines. 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

Recent Developments

Wireless Spectrum License Exchange. 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 exchanged are recorded at the net carrying value of the assets. The difference between the net carrying values of the assets transferred and/or exchanged is recorded in “Additional paid-in capital” on our Condensed Consolidated Balance Sheets. On March 21, 2025, we exchanged interests in our wholly-owned subsidiaries which hold certain 3.45-3.55 GHz Licenses with our parent, EchoStar, for interests in their wholly-owned subsidiaries that hold the 700 MHz, LMDS, C-Band – Cheyenne (3.7-3.98 GHz), 24 GHz, 28 GHz, 37GHz, 39GHz and 47GHz Licenses (together with the 3.45-3.55 GHz Licenses, the “Exchanged Wireless Spectrum Licenses”), the (“Wireless Spectrum License Exchange.”) The difference between the net carrying values of the Exchanged Wireless Spectrum Licenses of $267 million, net of tax, was recorded in “Additional paid-in capital” on our Condensed Consolidated Balance Sheets as of June 30, 2025.

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
700 MHz Licenses (2)(3)		701,803		December 31, 2024 (4)	June 14, 2025 (7)	June 2033
600 MHz Licenses		6,192,575		December 31, 2024 (5)	June 14, 2025 (8)	June 2029
LMDS Licenses (1)(3)		—				September 2028
28 GHz Licenses (3)		2,883			October 2, 2029 (9)	October 2029
24 GHz Licenses (3)		11,772			December 11, 2029 (9)	December 2029
37 GHz, 39 GHz and 47 GHz Licenses (3)		202,392			June 4, 2030 (9)	June 2030
3.7-3.98 GHz Licenses (3)		2,969	July 23, 2029 (9)		July 23, 2033 (9)	July 2036
3.45–3.55 GHz Licenses (3)		6,073,432	May 4, 2026 (10)		May 4, 2030 (10)	May 2037
1695-1710 MHz, 1755-1780 MHz and 2155-2180 MHz (2)		972				March 2026
AWS-3		5,557,828		December 31, 2024 (6)	October 25, 2025 (11)	October 2025 (11)
Subtotal owned		19,424,035

Noncontrolling Investments:
SNR		4,271,459		December 31, 2024 (6)	October 2025 (11)	October 2025 (11)

Capitalized Interest (12)		7,289,803
Total Regulatory authorizations, net	$	30,985,297

Leased from EchoStar (13):
AWS-4 Licenses (2)	$	1,928,688		December 31, 2024 (4)	June 14, 2025 (7)	June 2033
H Block Licenses (2)		1,671,506		December 31, 2024 (4)	June 14, 2025 (14)	June 2033
MVDDS Licenses (1)		24,000				July, August, September 2034
3550-3650 MHz Licenses		912,200			March 12, 2031 (9)	March 2031
3.45–3.55 GHz Licenses (3)		1,255,661	May 4, 2026 (10)		May 4, 2030 (10)	May 2037
Total Leased from EchoStar	$	5,792,055

(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)	See above for further information on the Wireless Spectrum License Exchange.

(4)

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. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. See Note 1 “Recent Developments” for additional information.

(5)

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. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. See Note 1 “Recent Developments” for additional information.

(6)

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. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. See Note 1 “Recent Developments” for additional information.

(7)

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 build-out obligations described in footnotes 4, 5 and 6 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. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. 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% 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% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites. In a June 17, 2025 filing to the FCC, we certified that 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. See Note 1 “Recent Developments” for additional information.

(8)

For the 600 MHz licenses set forth in Appendix G-2 of the Extension Request, we have certified to meeting the accelerated build-out obligations described in footnotes 4, 5 and 6 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. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. 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% 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% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites. In a June 17, 2025 filing to the FCC, we certified that 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. See Note 1 “Recent Developments” for additional information.

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

(10)	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.

(11)

For the AWS-3 licenses set forth in Appendix G-3 of the Extension Request, we have certified to meeting the accelerated build-out obligations described in footnotes 4, 5 and 6 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer reliable signal coverage to at least 75% of the population in each license area with respect to these licenses shall be extended to December 14, 2026. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered reliable signal coverage to, at least, 80% 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 reliable signal coverage to, at least, 80% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites. In a June 17, 2025 filing to the FCC, we certified that 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. See Note 1 “Recent Developments” for additional information.

(12)	See Note 2 for further information.

(13)	See Note 12 for Related Party Transactions with EchoStar.

(14)

For the H-Block licenses set forth in Appendix G-1 of the Extension Request, we have certified to meeting the accelerated build-out 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. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. 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% 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% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites. In a June 17, 2025 filing to the FCC, we certified that 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. See Note 1 “Recent Developments” for additional information.

Commercialization of Our Wireless Spectrum Licenses and Related Assets. We currently offer our Wireless services for 5G VoNR to over 223 million Americans and 5G broadband service covering over 269 million Americans. We currently expect capital expenditures, excluding capitalized interest, for our 5G Network to be approximately $10 billion, including amounts incurred to date since 2021. 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 build-out (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. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. 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. See Note 1 “Recent Developments” for additional information.

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. In addition, we will be subject to a default payment with respect to the licenses for which Northstar Wireless did not pay the gross winning bids (the “Northstar Re-Auction Payment”). The Northstar Re-Auction Payment has two components. First, if the winning bids at re-auction are less than the winning bids of Northstar Wireless, we will be responsible for the difference between the two bids. The second component is an additional payment in the amount of fifteen percent (15%) of Northstar Wireless’s bid or the subsequent winning bids, whichever is less. The amount of the Northstar Re-Auction Payment will be offset by the $334 million interim payment Northstar Wireless has already made. For example, if the winning bids in a re-auction are $1, the Northstar Re-Auction Payment would be approximately $2.226 billion, which is calculated as the difference between $2.226 billion (the Northstar winning bid amounts) and $1 (the winning bids from re-auction), plus 15% of the $1 (the winning bids from re-auction), 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, the Northstar Re-Auction Payment would be approximately $334 million, calculated as fifteen percent (15%) of $2.226 billion (Northstar Wireless’s defaulted bids). In each case, the amount of the Northstar Re-Auction Payment would be offset by the $334 million interim payment Northstar already made, resulting in a maximum exposure of $1.892 billion. We cannot predict with any degree of certainty the outcome of any re-auction or the amount of any Northstar Re-Auction Payment. The re-auction of the AWS-3 licenses has been designated as Auction 113 and the FCC is required to initiate Auction 113 by June 23, 2026.

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. In addition, we will be subject to a default payment with respect to the licenses for which SNR Wireless did not pay the gross winning bids (the “SNR Re-Auction Payment”). The SNR Re-Auction Payment has two components. First, if the winning bids at re-auction are less than the winning bids of SNR Wireless, we will be responsible for the difference between the two bids. The second component is an additional payment in the amount of fifteen percent (15%) of SNR Wireless’s bid or the subsequent winning bids, whichever is less. The amount of the SNR Re-Auction Payment will be offset by the $182 million interim payment SNR Wireless has already made. For example, if the winning bids in a re-auction are $1, the SNR Re-Auction Payment would be approximately $1.211 billion, which is calculated as the difference between $1.211 billion (the SNR winning bid amounts) and $1 (the winning bids from re-auction), plus 15% of the $1 (the winning bids from re-auction). If the winning bids from re-auction of the AWS-3 licenses retained by the FCC are greater than or equal to the winning bids of SNR Wireless, the SNR Re-Auction Payment would be approximately $182 million, calculated as fifteen percent (15%) of $1.211 billion (SNR Wireless’s defaulted bids). In each case, the amount of the SNR Re-Auction Payment would be offset by the $182 million interim payment SNR already made, resulting in a maximum exposure of $1.029 billion. We cannot predict with any degree of certainty the outcome of any re-auction or the amount of any SNR Re-Auction Payment. The re-auction of the AWS-3 licenses has been designated as Auction 113 and the FCC is required to initiate Auction 113 by June 23, 2026.

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.

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 DISH Network’s 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. Briefing is underway. 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, but on May 20, 2025, it affirmed the patent’s validity.

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. On February 24, 2025, the Court granted other defendants’ motions to dismiss the claims arising from the 213 patent, the 422 patent, the 681 patent and the 802 patent on the grounds that they claimed in eligible subject matter. In a claim construction order issued on April 18, 2025, the Court found that the asserted claim of the 539 patent is invalid as indefinite. 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 July 22, 2025, the United States Patent and Trademark Office issued final written decisions invalidating the asserted claims of the 249 patent and the 518 patent.

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. Pursuant to the parties’ stipulation, the case was stayed from October 30, 2024 through May 29, 2025 to facilitate a mediation, but the parties did not reach a settlement.

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 cyber-security 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 a First Amended Complaint that abandoned the original allegations. In their First Amended Complaint, plaintiffs alleged that, during the class period, the defendants concealed problems concerning the 5G network build-out 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 First Amended Complaint, the plaintiffs filed a Second 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. The defendants filed a motion to dismiss the Second Amended Complaint, and on March 20, 2025, the Court granted the motion without granting plaintiffs permission to further amend. On April 18, 2025, the plaintiffs filed a notice of appeal, and briefing is underway.

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. On March 31, 2025, the case was dismissed pursuant to a stipulation under which Mesa Digital gave DISH Wireless a covenant not to sue on any of its patents, without any payment from DISH Wireless. This matter is now concluded.

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. On July 7, 2025, the case was dismissed under the terms of a non-material confidential settlement.

Peninsula Technologies, LLC

On April 15, 2025, Peninsula Technologies filed two lawsuits against our wholly-owned subsidiary DISH Wireless L.L.C. in the United States District Court for the Eastern District of Texas. In the first lawsuit, Peninsula Technologies alleges infringement of U.S. Patent Nos. 9,844,009 (the “009 patent”), entitled “Power Headroom Report In A Wireless Device With Carrier Aggregation”; 11,792,743 (the “743 patent”), entitled “Transmit Power Priority Based On Cell Types In Wireless Devices”; 11,824,810 (the “4,810 patent”), entitled “Restarting A Deactivation Timer Of A Secondary Cell In A Wireless Network”; and 11,917,549 (the “549 patent”), entitled “Scaling Transmission Power Of Uplink Signals Of A Wireless Device.” In the second lawsuit, Peninsula Technologies alleges infringement of U.S. Patent Nos. 11,438,810 (the “8,810 patent”), entitled “Communication Of Configuration Parameters Of Radio Resources Of An Unlicensed Cell”; 11,570,844 (the “844 patent”), entitled “Release Message In Small Data Transmission Procedure”; 11,723,109 (the “109 patent”), entitled “Downlink Data Of Small Data Transmission Procedure”; and 12,144,057 (the “057 patent”), entitled “Release Message In Small Data Transmission Procedure.” Generally, the asserted patents relate to 5G network operations. On July 16, 2025, Peninsula Technologies filed a First Amended Complaint in the second action, which dropped the 8,810 Patent.

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, 2025, 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, but dismissed the appeal on July 3, 2025. This matter is now concluded.

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. As a result, DISH Network L.L.C. and DISH Technologies L.L.C. filed a motion to terminate their petition before the United States Patent and Trademark Office, which was granted on June 5, 2025. On July 28, 2025, the District Court dismissed the litigation. This matter is now concluded.

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 , but the case is continuing against the retailers.

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. The Court has set a trial date of November 8, 2027.

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 the debt issued by DBS SubscriberCo, 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.” In a report and recommendation issued on April 7, 2025, a magistrate judge recommended that the government’s motion be granted. Vermont National’s objections to that recommendation have been fully briefed to the Court.

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 - Intersegment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment information
Total revenue	$ 3,395,542	$ 3,568,270	$ 6,905,902	$ 7,208,159
Cost of services	2,348,532	2,383,125	4,669,850	4,810,628
Cost of sales - equipment and other	291,491	330,820	650,408	637,354
Subscriber acquisition costs	291,799	249,943	568,766	512,423
Selling, general and administrative expenses	248,184	245,043	482,765	495,362
Total selling, general and administrative expenses	539,983	494,986	1,051,531	1,007,785
OIBDA	215,536	359,339	534,113	752,392
Depreciation and amortization	388,785	391,110	772,466	758,184
Total costs and expenses	3,568,791	3,600,041	7,144,255	7,213,951
Operating income (loss)	(173,249)	(31,771)	(238,353)	(5,792)
Interest income	15,397	10,514	25,198	23,167
Interest expense, net of amounts capitalized (Note 2)	(230,249)	(164,561)	(427,504)	(335,196)
Other, net	25,698	(64,477)	25,218	62,865
Income (loss) before income taxes	(362,403)	(250,295)	(615,441)	(254,956)
Service revenue
Segment information
Total revenue	3,270,566	3,443,518	6,604,525	6,948,946
Equipment sales and other revenue
Segment information
Total revenue	124,976	124,752	301,377	259,213
Programming
Segment information
Cost of services	1,179,987	1,259,042	2,396,409	2,543,872
Connectivity services
Segment information
Cost of services	688,135	673,277	1,363,236	1,371,037
Other
Segment information
Cost of services	480,410	450,806	910,205	895,719
Eliminations
Segment information
Total revenue	(1,259)	(120)	(2,174)	(239)
Cost of services	(490)	15	(1,141)	40
Subscriber acquisition costs	(616)		(647)	(11)
Selling, general and administrative expenses	(153)	(135)	(386)	(455)
Total selling, general and administrative expenses	(769)	(135)	(1,033)	(466)
OIBDA				187
Total costs and expenses	(1,259)	(120)	(2,174)	(426)
Operating income (loss)				187
Eliminations \| Connectivity services
Segment information
Cost of services	(66)	(5)	(300)	(9)
Eliminations \| Other
Segment information
Cost of services	(424)	20	(841)	49
Pay-TV \| Operating segment
Segment information
Total revenue	2,462,249	2,676,284	5,000,976	5,402,862
Cost of services	1,548,971	1,638,683	3,105,607	3,303,128
Cost of sales - equipment and other	9,446	17,837	19,118	34,829
Subscriber acquisition costs	87,606	102,635	174,119	223,388
Selling, general and administrative expenses	152,849	164,083	308,882	332,826
Total selling, general and administrative expenses	240,455	266,718	483,001	556,214
OIBDA	663,377	753,046	1,393,250	1,508,691
Depreciation and amortization	67,825	85,249	144,268	170,651
Total costs and expenses	1,866,697	2,008,487	3,751,994	4,064,822
Operating income (loss)	595,552	667,797	1,248,982	1,338,040
Pay-TV \| Operating segment \| Service revenue
Segment information
Total revenue	2,446,844	2,658,383	4,971,196	5,359,545
Pay-TV \| Operating segment \| Equipment sales and other revenue
Segment information
Total revenue	14,149	17,786	27,614	43,083
Pay-TV \| Operating segment \| Programming
Segment information
Cost of services	1,179,987	1,259,042	2,396,409	2,543,872
Pay-TV \| Operating segment \| Connectivity services
Segment information
Cost of services	52,652	54,504	106,786	111,701
Pay-TV \| Operating segment \| Other
Segment information
Cost of services	316,332	325,137	602,412	647,555
Pay-TV \| Eliminations
Segment information
Total revenue	1,256	115	2,166	234
Wireless \| Operating segment
Segment information
Total revenue	934,552	892,106	1,907,100	1,805,536
Cost of services	800,051	744,427	1,565,384	1,507,460
Cost of sales - equipment and other	282,045	312,983	631,290	602,525
Subscriber acquisition costs	204,809	147,308	395,294	289,046
Selling, general and administrative expenses	95,488	81,095	174,269	162,991
Total selling, general and administrative expenses	300,297	228,403	569,563	452,037
OIBDA	(447,841)	(393,707)	(859,137)	(756,486)
Depreciation and amortization	320,960	305,861	628,198	587,533
Total costs and expenses	1,703,353	1,591,674	3,394,435	3,149,555
Operating income (loss)	(768,801)	(699,568)	(1,487,335)	(1,344,019)
Wireless \| Operating segment \| Service revenue
Segment information
Total revenue	823,722	785,135	1,633,329	1,589,401
Wireless \| Operating segment \| Equipment sales and other revenue
Segment information
Total revenue	110,827	106,966	273,763	216,130
Wireless \| Operating segment \| Connectivity services
Segment information
Cost of services	635,549	618,778	1,256,750	1,259,345
Wireless \| Operating segment \| Other
Segment information
Cost of services	164,502	125,649	308,634	248,115
Wireless \| Eliminations
Segment information
Total revenue	$ 3	$ 5	$ 8	$ 5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT) - USD ($) $ in Thousands	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Noncontrolling Interests	Redeemable Noncontrolling Interests	Total
Balance at Dec. 31, 2023	$ 4,916,120	$ (2,676)	$ 11,876,627	$ 2,103	$ 438,382	$ 16,792,174
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	6,115					6,115
Other comprehensive income (loss) and other	(62)	17				(45)
Asset Transfer to EchoStar, including 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
Net income (loss) attributable to noncontrolling interests				32	3,616	32
Net income (loss) attributable to DISH Network			(13,879)			(13,879)
Balance at Mar. 31, 2024	1,267,147	(2,279)	(140,479)	443,987		1,568,376
Balance at Dec. 31, 2023	4,916,120	(2,676)	11,876,627	2,103	$ 438,382	16,792,174
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)						(24)
Net income (loss) attributable to DISH Network						(225,728)
Balance at Jun. 30, 2024	1,414,580	(2,320)	(352,328)	444,012		1,503,944
Balance at Mar. 31, 2024	1,267,147	(2,279)	(140,479)	443,987		1,568,376
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	6,923					6,923
Other comprehensive income (loss)		(41)				(41)
Orbital II Transfer from EchoStar	140,510					140,510
Net income (loss) attributable to noncontrolling interests				25		25
Net income (loss) attributable to DISH Network			(211,849)			(211,849)
Balance at Jun. 30, 2024	1,414,580	(2,320)	(352,328)	444,012		1,503,944
Balance at Dec. 31, 2024	5,435,387	(2,759)	(193,030)	444,076		5,683,674
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	4,648					4,648
Other comprehensive income (loss) and other	(691)	(16)				(707)
Wireless Spectrum License Exchange, net of deferred taxes of $50,456	(267,561)			96		(267,465)
Net income (loss) attributable to noncontrolling interests				34		34
Net income (loss) attributable to DISH Network			(189,529)			(189,529)
Balance at Mar. 31, 2025	5,171,783	(2,775)	(382,559)	444,206		5,230,655
Balance at Dec. 31, 2024	5,435,387	(2,759)	(193,030)	444,076		5,683,674
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)						(87)
Wireless Spectrum License Exchange, net of deferred taxes of $50,456						(267,000)
Net income (loss) attributable to DISH Network						(462,654)
Balance at Jun. 30, 2025	5,177,144	(2,846)	(655,684)	444,230		4,962,844
Balance at Mar. 31, 2025	5,171,783	(2,775)	(382,559)	444,206		5,230,655
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	5,361					5,361
Other comprehensive income (loss)		(71)				(71)
Net income (loss) attributable to noncontrolling interests				24		24
Net income (loss) attributable to DISH Network			(273,125)			(273,125)
Balance at Jun. 30, 2025	$ 5,177,144	$ (2,846)	$ (655,684)	$ 444,230		$ 4,962,844

Debt and Finance Lease Obligations - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2024	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Nov. 30, 2024
Debt Instrument
Carrying Value		$ 23,072,414	$ 23,072,414		$ 21,778,720
Fair Value		21,488,404	21,488,404		20,222,039
Unamortized deferred financing costs and other debt discounts, net		(106,442)	(106,442)		(157,662)
Finance lease obligations		55,793	55,793		67,199
Total long-term debt and finance lease obligations (including current portion)		23,021,765	23,021,765		21,688,257
Less: current portion		(1,042,012)	(1,042,012)		(933,481)
Total debt, finance lease and other obligations, net of current portion		$ 21,979,753	21,979,753		20,754,776
Interest paid in cash			$ 641,535	$ 629,947
0% Convertible Notes due 2025
Debt Instrument
Interest rate (as a percent)		0.00%	0.00%
3 3/8% Convertible Notes due 2026
Debt Instrument
Interest rate (as a percent)		3.375%	3.375%
5 1/4% Senior Secured Notes due 2026
Debt Instrument
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%	11.75%
5 3/4% Senior Secured Notes due 2028
Debt Instrument
Interest rate (as a percent)		5.75%	5.75%
DISH 2021 Intercompany Loan 2026 Tranche
Debt Instrument
Carrying Value		$ 4,767,289	$ 4,767,289		4,767,289
Fair Value		4,767,289	4,767,289		4,767,289
EchoStar 2024 Intercompany Loan
Debt Instrument
Carrying Value		2,666,444	2,666,444		1,014,522
Fair Value		2,625,370	2,625,370		1,014,522
Interest rate (as a percent)						11.50%
Additional debt		847,000	1,557,000
Interest paid in cash		59,000	95,000
Intercompany Loan
Debt Instrument
Additional debt	$ 4,700,000
Interest paid in cash		131,000	131,000
DISH DBS Corporation ("DBS") \| 0% Convertible Notes due 2025
Debt Instrument
Carrying Value		138,403	138,403		138,403
Fair Value		$ 125,717	$ 125,717		124,916
Interest rate (as a percent)		0.00%	0.00%
DISH DBS Corporation ("DBS") \| 7 3/4% Senior Notes due 2026
Debt Instrument
Carrying Value		$ 2,000,000	$ 2,000,000		2,000,000
Fair Value		$ 1,779,660	$ 1,779,660		1,678,640
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	$ 45,209		45,209
Fair Value		$ 37,987	$ 37,987		38,495
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		2,750,000
Fair Value		$ 2,502,500	$ 2,502,500		2,507,780
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		3,500,000
Fair Value		3,605,000	3,605,000		3,708,460
DISH DBS Corporation ("DBS") \| 7 3/8% Senior Notes due 2028
Debt Instrument
Carrying Value		1,000,000	1,000,000		1,000,000
Fair Value		$ 722,500	$ 722,500		715,680
Interest rate (as a percent)		7.375%	7.375%
DISH DBS Corporation ("DBS") \| 5 3/4% Senior Secured Notes due 2028
Debt Instrument
Carrying Value		$ 2,500,000	$ 2,500,000		2,500,000
Fair Value		$ 2,175,000	$ 2,175,000		2,143,350
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		1,500,000
Fair Value		$ 987,480	$ 987,480		959,610
Interest rate (as a percent)		5.125%	5.125%
DISH DBS Corporation ("DBS") \| Mortgages and other notes payable
Debt Instrument
Carrying Value		$ 38,402	$ 38,402		63,297
Fair Value		38,402	38,402		63,297
DBS Subscriber Co \| Term Loan due 2025
Debt Instrument
Carrying Value		166,667	166,667		500,000
Fair Value		166,667	166,667		500,000
Debt repurchased		333,000	333,000
Debt repurchased		166,000	166,000
DBS Subscriber Co \| Term Loan due 2029
Debt Instrument
Carrying Value		1,800,000	1,800,000		1,800,000
Fair Value		1,761,313	1,761,313		1,800,000
DBS Subscriber Co \| Mandatorily Redeemable Preferred Shares due 2029
Debt Instrument
Carrying Value		200,000	200,000		200,000
Fair Value		$ 193,519	$ 193,519		$ 200,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue:
Total revenue	$ 3,395,542	$ 3,568,270	$ 6,905,902	$ 7,208,159
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services	2,348,532	2,383,125	4,669,850	4,810,628
Cost of sales - equipment and other	291,491	330,820	650,408	637,354
Selling, general and administrative expenses	539,983	494,986	1,051,531	1,007,785
Depreciation and amortization	388,785	391,110	772,466	758,184
Total costs and expenses	3,568,791	3,600,041	7,144,255	7,213,951
Operating income (loss)	(173,249)	(31,771)	(238,353)	(5,792)
Other Income (Expense):
Interest income	15,397	10,514	25,198	23,167
Interest expense, net of amounts capitalized (Note 2)	(230,249)	(164,561)	(427,504)	(335,196)
Other, net (Note 4)	25,698	(64,477)	25,218	62,865
Total other income (expense)	(189,154)	(218,524)	(377,088)	(249,164)
Income (loss) before income taxes	(362,403)	(250,295)	(615,441)	(254,956)
Income tax (provision) benefit, net	89,302	38,471	152,845	32,901
Net income (loss)	(273,101)	(211,824)	(462,596)	(222,055)
Less: Net income (loss) attributable to noncontrolling interests, net of tax	24	25	58	3,673
Net income (loss) attributable to DISH Network	(273,125)	(211,849)	(462,654)	(225,728)
Comprehensive Income (Loss):
Net income (loss)	(273,101)	(211,824)	(462,596)	(222,055)
Other comprehensive income (loss):
Foreign currency translation adjustments	(65)	(32)	(75)	(13)
Unrealized holding gains (losses) on available-for-sale debt securities	(5)	(9)	(8)	1,739
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)	(3)		(8)	(1,750)
Deferred income tax (expense) benefit, net	2		4
Total other comprehensive income (loss), net of tax	(71)	(41)	(87)	(24)
Comprehensive income (loss)	(273,172)	(211,865)	(462,683)	(222,079)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	24	25	58	3,673
Comprehensive income (loss) attributable to DISH Network	(273,196)	(211,890)	(462,741)	(225,752)
Service revenue
Revenue:
Total revenue	3,270,566	3,443,518	6,604,525	6,948,946
Equipment sales and other revenue
Revenue:
Total revenue	$ 124,976	$ 124,752	$ 301,377	$ 259,213

Leases

6 Months Ended

Jun. 30, 2025

Leases

Leases

7.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, with a weighted average remaining lease term of 1.3 to 9.4 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. In addition, through the first quarter of 2025, our Anik F3 satellite was accounted for as an operating lease within our Pay-TV segment and as of April 2025 we no longer lease this satellite. Substantially all of our remaining leases are accounted for as operating leases.

The components of lease expense were as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(In thousands)
Operating lease cost	$	160,246	$	150,330	$	321,468	$	311,124

Short-term lease cost (1)		4,956		2,934		12,151		5,862

Finance lease cost:
Amortization of right-of-use assets		7,358		13,419		14,757		27,364
Interest on lease liabilities		1,342		2,397		2,844		5,189
Total finance lease cost		8,700		15,816		17,601		32,553
Total lease costs	$	173,902	$	169,080	$	351,220	$	349,539

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

Supplemental cash flow information related to leases was as follows:


	For the Six Months Ended
	June 30,
	2025		2024

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	272,204	$	220,891
Operating cash flows from finance leases	$	2,314	$	5,299
Financing cash flows from finance leases	$	11,406	$	29,627

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	109,394	$	313,628
Finance leases	$	—	$	—

Supplemental balance sheet information related to leases was as follows:



	As of
	June 30,		December 31,
	2025		2024

	(In thousands)
Operating Leases:
Operating lease assets	$	3,097,445	$	3,134,938

Other current liabilities	$	549,878	$	510,697
Operating lease liabilities		3,060,585		3,089,950
Total operating lease liabilities	$	3,610,463	$	3,600,647

Finance Leases:
Property and equipment, gross	$	121,102	$	121,102
Accumulated depreciation		(88,176)		(73,419)
Property and equipment, net	$	32,926	$	47,683

Other current liabilities	$	34,088	$	30,381
Other long-term liabilities		21,705		36,818
Total finance lease liabilities	$	55,793	$	67,199

Weighted Average Remaining Lease Term:
Operating leases		9.4 years		9.7 years
Finance leases		1.3 years		1.7 years

Weighted Average Discount Rate:
Operating leases		10.3%		10.3%
Finance leases		9.6%		9.3%

Maturities of lease liabilities as of June 30, 2025 were as follows:


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

	(In thousands)
2025 (remaining six months)	$	287,950	$	21,672	$	309,622
2026		593,302		36,588		629,890
2027		596,420		2,574		598,994
2028		557,434		—		557,434
2029		539,296		—		539,296
Thereafter		3,018,333		—		3,018,333
Total lease payments		5,592,735		60,834		5,653,569
Less: Imputed interest		(1,982,272)		(5,041)		(1,987,313)
Total		3,610,463		55,793		3,666,256
Less: Current portion		(549,878)		(34,088)		(583,966)
Long-term portion of lease obligations	$	3,060,585	$	21,705	$	3,082,290

Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting

Segment Reporting

10.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.

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 Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	2,446,844	$	823,722	$	—	$	3,270,566
Equipment sales and other revenue		14,149		110,827		—		124,976
Intersegment revenue		1,256		3		(1,259)		—
Total revenue		2,462,249		934,552		(1,259)		3,395,542

Operating Expenses
Cost of services:
Programming		1,179,987		—		—		1,179,987
Connectivity services (1)		52,652		635,549		(66)		688,135
Other (2)		316,332		164,502		(424)		480,410
Total cost of services		1,548,971		800,051		(490)		2,348,532
Cost of sales - equipment and other		9,446		282,045		—		291,491
Selling, general and administrative expenses:
Subscriber acquisition costs		87,606		204,809		(616)		291,799
Selling, general and administrative expenses		152,849		95,488		(153)		248,184
Total selling, general and administrative expenses		240,455		300,297		(769)		539,983

OIBDA (3)		663,377		(447,841)		—		215,536

Depreciation and amortization		67,825		320,960		—		388,785
Total costs and expenses		1,866,697		1,703,353		(1,259)		3,568,791

Operating income (loss)	$	595,552	$	(768,801)	$	—		(173,249)

Unallocated Amounts
Interest income								15,397
Interest expense, net of amounts capitalized								(230,249)
Other, net								25,698
Income (loss) before income taxes							$	(362,403)

(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 Three Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue	$	2,658,383	$	785,135	$	—	$	3,443,518
Equipment sales and other revenue		17,786		106,966		—		124,752
Intersegment revenue		115		5		(120)		—
Total revenue		2,676,284		892,106		(120)		3,568,270

Operating Expenses
Cost of services:
Programming		1,259,042		—		—		1,259,042
Connectivity services		54,504		618,778		(5)		673,277
Other		325,137		125,649		20		450,806
Total cost of services		1,638,683		744,427		15		2,383,125
Cost of sales - equipment and other		17,837		312,983		—		330,820
Selling, general and administrative expenses:
Subscriber acquisition costs		102,635		147,308		—		249,943
Selling, general and administrative expenses		164,083		81,095		(135)		245,043
Total selling, general and administrative expenses		266,718		228,403		(135)		494,986

OIBDA		753,046		(393,707)		—		359,339

Depreciation and amortization		85,249		305,861		—		391,110
Total costs and expenses		2,008,487		1,591,674		(120)		3,600,041

Operating income (loss)	$	667,797	$	(699,568)	$	—		(31,771)

Unallocated Amounts
Interest income								10,514
Interest expense, net of amounts capitalized								(164,561)
Other, net								(64,477)
Income (loss) before income taxes							$	(250,295)


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	4,971,196	$	1,633,329	$	—	$	6,604,525
Equipment sales and other revenue		27,614		273,763		—		301,377
Intersegment revenue		2,166		8		(2,174)		—
Total revenue		5,000,976		1,907,100		(2,174)		6,905,902

Operating Expenses
Cost of services:
Programming		2,396,409		—		—		2,396,409
Connectivity services		106,786		1,256,750		(300)		1,363,236
Other		602,412		308,634		(841)		910,205
Total cost of services		3,105,607		1,565,384		(1,141)		4,669,850
Cost of sales - equipment and other		19,118		631,290		—		650,408
Selling, general and administrative expenses:
Subscriber acquisition costs		174,119		395,294		(647)		568,766
Selling, general and administrative expenses		308,882		174,269		(386)		482,765
Total selling, general and administrative expenses		483,001		569,563		(1,033)		1,051,531

OIBDA		1,393,250		(859,137)		—		534,113

Depreciation and amortization		144,268		628,198		—		772,466
Total costs and expenses		3,751,994		3,394,435		(2,174)		7,144,255

Operating income (loss)	$	1,248,982	$	(1,487,335)	$	—		(238,353)

Unallocated Amounts
Interest income								25,198
Interest expense, net of amounts capitalized								(427,504)
Other, net								25,218
Income (loss) before income taxes							$	(615,441)


	Pay-TV		Wireless		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue	$	5,359,545	$	1,589,401	$	—	$	6,948,946
Equipment sales and other revenue		43,083		216,130		—		259,213
Intersegment revenue		234		5		(239)		—
Total revenue		5,402,862		1,805,536		(239)		7,208,159

Operating Expenses
Cost of services:
Programming		2,543,872		—		—		2,543,872
Connectivity services		111,701		1,259,345		(9)		1,371,037
Other		647,555		248,115		49		895,719
Total cost of services		3,303,128		1,507,460		40		4,810,628
Cost of sales - equipment and other		34,829		602,525		—		637,354
Selling, general and administrative expenses:
Subscriber acquisition costs		223,388		289,046		(11)		512,423
Selling, general and administrative expenses		332,826		162,991		(455)		495,362
Total selling, general and administrative expenses		556,214		452,037		(466)		1,007,785

OIBDA		1,508,691		(756,486)		187		752,392

Depreciation and amortization		170,651		587,533		—		758,184
Total costs and expenses		4,064,822		3,149,555		(426)		7,213,951

Operating income (loss)	$	1,338,040	$	(1,344,019)	$	187		(5,792)

Unallocated Amounts
Interest income								23,167
Interest expense, net of amounts capitalized								(335,196)
Other, net								62,865
Income (loss) before income taxes							$	(254,956)

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 Three Months Ended June 30, 2025
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	78,580	$	496,117	$	574,697

For the Three Months Ended June 30, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	37,877	$	544,420	$	582,297


	Pay-TV		Wireless		Total

	(In thousands)
For the Six Months Ended June 30, 2025
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	140,968	$	786,335	$	927,303

For the Six Months Ended June 30, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)	$	65,754	$	1,025,422	$	1,091,176

The revenue from external customers disaggregated by major revenue source was as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
Category:	2025		2024		2025		2024

	(In thousands)
Pay-TV subscriber and related revenue	$	2,446,844	$	2,658,381	$	4,971,196	$	5,359,560
Wireless services and related revenue		823,722		785,135		1,633,329		1,589,401
Pay-TV equipment sales and other revenue		15,405		17,903		29,780		43,302
Wireless equipment sales and other revenue		110,830		106,971		273,771		216,135
Eliminations		(1,259)		(120)		(2,174)		(239)
Total	$	3,395,542	$	3,568,270	$	6,905,902	$	7,208,159

- 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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases

Summary of components of Lease Expense


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(In thousands)
Operating lease cost	$	160,246	$	150,330	$	321,468	$	311,124

Short-term lease cost (1)		4,956		2,934		12,151		5,862

Finance lease cost:
Amortization of right-of-use assets		7,358		13,419		14,757		27,364
Interest on lease liabilities		1,342		2,397		2,844		5,189
Total finance lease cost		8,700		15,816		17,601		32,553
Total lease costs	$	173,902	$	169,080	$	351,220	$	349,539

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

Summary of Supplemental cash flow information related to leases


	For the Six Months Ended
	June 30,
	2025		2024

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	272,204	$	220,891
Operating cash flows from finance leases	$	2,314	$	5,299
Financing cash flows from finance leases	$	11,406	$	29,627

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	109,394	$	313,628
Finance leases	$	—	$	—

Summary of supplemental balance sheet information related to leases



	As of
	June 30,		December 31,
	2025		2024

	(In thousands)
Operating Leases:
Operating lease assets	$	3,097,445	$	3,134,938

Other current liabilities	$	549,878	$	510,697
Operating lease liabilities		3,060,585		3,089,950
Total operating lease liabilities	$	3,610,463	$	3,600,647

Finance Leases:
Property and equipment, gross	$	121,102	$	121,102
Accumulated depreciation		(88,176)		(73,419)
Property and equipment, net	$	32,926	$	47,683

Other current liabilities	$	34,088	$	30,381
Other long-term liabilities		21,705		36,818
Total finance lease liabilities	$	55,793	$	67,199

Weighted Average Remaining Lease Term:
Operating leases		9.4 years		9.7 years
Finance leases		1.3 years		1.7 years

Weighted Average Discount Rate:
Operating leases		10.3%		10.3%
Finance leases		9.6%		9.3%

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 (remaining six months)	$	287,950	$	21,672	$	309,622
2026		593,302		36,588		629,890
2027		596,420		2,574		598,994
2028		557,434		—		557,434
2029		539,296		—		539,296
Thereafter		3,018,333		—		3,018,333
Total lease payments		5,592,735		60,834		5,653,569
Less: Imputed interest		(1,982,272)		(5,041)		(1,987,313)
Total		3,610,463		55,793		3,666,256
Less: Current portion		(549,878)		(34,088)		(583,966)
Long-term portion of lease obligations	$	3,060,585	$	21,705	$	3,082,290

Summary of maturities of finance lease liabilities


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

	(In thousands)
2025 (remaining six months)	$	287,950	$	21,672	$	309,622
2026		593,302		36,588		629,890
2027		596,420		2,574		598,994
2028		557,434		—		557,434
2029		539,296		—		539,296
Thereafter		3,018,333		—		3,018,333
Total lease payments		5,592,735		60,834		5,653,569
Less: Imputed interest		(1,982,272)		(5,041)		(1,987,313)
Total		3,610,463		55,793		3,666,256
Less: Current portion		(549,878)		(34,088)		(583,966)
Long-term portion of lease obligations	$	3,060,585	$	21,705	$	3,082,290

Commitments and Contingencies (Details) $ in Thousands			6 Months Ended	54 Months Ended	210 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 17, 2025	Aug. 18, 2015 USD ($)	Jun. 30, 2025 USD ($) site item	Jun. 30, 2025 USD ($) item	Jun. 30, 2025 USD ($) item	Dec. 31, 2024 USD ($)
Commitments and Contingencies
Regulatory authorizations, net			$ 30,985,297	$ 30,985,297	$ 30,985,297	$ 30,840,398
Percentage of coverage obligations			80.00%
5G Network
Commitments and Contingencies
Payment to customer			$ 30,000,000		30,000,000
Number of Cell Sites Deployed \| site			24,000
600 MHz Licenses
Commitments 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%		75.00%
3.45-3.55 GHz Licenses
Commitments and Contingencies
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
Commitments and Contingencies
Minimum Percentage Of Population to be Provided with Reliable Signal Coverage To Met			80.00%
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%		75.00%
Certain of 700 MHz Licenses, AWS-4 Licenses, H Block Licenses areas
Commitments and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area			85.00%
H Block Licenses
Commitments 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%		75.00%
Minimum percentage offering 5G broadband service			80.00%
Certain of other 700 MHz Licenses, AWS-4 Licenses, H Block Licenses
Commitments and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Economic Area			80.00%
Certain of 600 MHz License Areas
Commitments and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Partial Economic Area			85.00%
Certain of 600 MHz Licenses
Commitments and Contingencies
Minimum Percentage Of Population to whom Five G Services Offered in Each Partial Economic Area			80.00%
MHz 700 Licenses and AWS-4 Licenses
Commitments 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%		75.00%
Certain of AWS-3 and SNR License Areas
Commitments and Contingencies
Minimum Percentage Of Population to be Provided with Reliable Signal Coverage To Met			85.00%
SNR Wireless Management LLC
Commitments and Contingencies
Regulatory authorizations, net			$ 4,271,459	4,271,459	4,271,459
Wireless
Commitments and Contingencies
Payment to customer			24,000,000
Regulatory authorizations, net			$ 19,424,035	$ 19,424,035	$ 19,424,035
Number of Americans, Provided With Five G Deployment Services			223,000	223,000	223,000
Number of Americans To Whom Five G Broadband Service Is Provided			269,000	269,000	269,000
Network development current and future expenditures				$ 10,000,000
DBS Licenses.
Commitments and Contingencies
Regulatory authorizations, net			$ 677,409	677,409	$ 677,409
700 MHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			$ 701,803	701,803	701,803
Minimum percentage offering 5G broadband service			80.00%
600 MHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			$ 6,192,575	6,192,575	6,192,575
Minimum percentage offering 5G broadband service			80.00%
28 GHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			$ 2,883	2,883	2,883
24 GHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			11,772	11,772	11,772
37 GHz, 39 GHz and 47 GHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			202,392	202,392	202,392
3.45-3.55 GHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			6,073,432	6,073,432	6,073,432
3.45-3.55 GHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			1,255,661	1,255,661	1,255,661
1695-1710 MHz, 1755-1780 MHz, and 2155-2180 MHz
Commitments and Contingencies
Regulatory authorizations, net			972	972	972
AWS-3 Licenses
Commitments and Contingencies
Regulatory authorizations, net			$ 5,557,828	5,557,828	5,557,828
AWS-3 Licenses \| Certain of Other AWS-3 and SNR Licenses
Commitments and Contingencies
Minimum percentage offering 5G broadband service			80.00%
AWS-4 Licenses
Commitments and Contingencies
Regulatory authorizations, net			$ 1,928,688	1,928,688	1,928,688
H Block Licenses
Commitments and Contingencies
Regulatory authorizations, net			1,671,506	1,671,506	1,671,506
MVDDS
Commitments and Contingencies
Regulatory authorizations, net			24,000	24,000	24,000
3550-3650 MHz Licenses
Commitments and Contingencies
Regulatory authorizations, net			912,200	912,200	912,200
Ghz 3.7 to 3.98
Commitments and Contingencies
Regulatory authorizations, net			2,969	2,969	2,969
Capitalized Interest
Commitments and Contingencies
Payment to customer			7,000,000
Regulatory authorizations, net			7,289,803	7,289,803	7,289,803
EchoStar
Commitments and Contingencies
Regulatory authorizations, net			$ 5,792,055	$ 5,792,055	$ 5,792,055
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
Commitments relating to AWS-3 Auction
Interim Payment Percentage			15.00%
Interim payment			$ 334,000
Re-Auction payment			2,226,000
Overpayment Of Interim Payment			334,000
Northstar Wireless or Northstar Spectrum \| Maximum
Commitments relating to AWS-3 Auction
Re-Auction payment			2,921,000
Northstar Wireless or Northstar Spectrum \| Maximum \| Northstar Manager LLC
Commitments relating to AWS-3 Auction
Re-Auction payment			$ 1,892,000
Northstar Wireless or Northstar Spectrum \| Northstar Licenses
Commitments relating to AWS-3 Auction
Bidding credit value		$ 1,961,000
Number of wireless spectrum licenses \| item			261	261	261
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
Commitments relating to AWS-3 Auction
Interim Payment Percentage			15.00%
Interim payment			$ 182,000
Re-Auction payment			1,211,000
Non-payment gross winning bids			1,211,000	$ 1,211,000	$ 1,211,000
Overpayment Of Interim Payment			182,000
SNR Wireless or SNR Wireless Holdco \| Maximum
Commitments relating to AWS-3 Auction
Re-Auction payment			$ 1,029,000
SNR Wireless or SNR Wireless Holdco \| American III
Commitments relating to AWS-3 Auction
Number of wireless spectrum licenses \| item			244	244	244
SNR Wireless or SNR Wireless Holdco \| SNR Licenses
Commitments relating to AWS-3 Auction
Bidding credit value		$ 1,370,000
Prior Arrangement \| Northstar Licenses
Commitments relating to AWS-3 Auction
Non-payment gross winning bids			$ 2,226,000	$ 2,226,000	$ 2,226,000
Prior Arrangement \| Northstar Wireless or Northstar Spectrum
Commitments relating to AWS-3 Auction
Number Of Licenses Returned \| item			84
Non-payment gross winning bids			$ 2,226,000	$ 2,226,000	$ 2,226,000
Prior Arrangement \| SNR Wireless or SNR Wireless Holdco \| SNR Licenses
Commitments relating to AWS-3 Auction
Number Of Licenses Returned \| item			113

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies

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
700 MHz Licenses (2)(3)		701,803		December 31, 2024 (4)	June 14, 2025 (7)	June 2033
600 MHz Licenses		6,192,575		December 31, 2024 (5)	June 14, 2025 (8)	June 2029
LMDS Licenses (1)(3)		—				September 2028
28 GHz Licenses (3)		2,883			October 2, 2029 (9)	October 2029
24 GHz Licenses (3)		11,772			December 11, 2029 (9)	December 2029
37 GHz, 39 GHz and 47 GHz Licenses (3)		202,392			June 4, 2030 (9)	June 2030
3.7-3.98 GHz Licenses (3)		2,969	July 23, 2029 (9)		July 23, 2033 (9)	July 2036
3.45–3.55 GHz Licenses (3)		6,073,432	May 4, 2026 (10)		May 4, 2030 (10)	May 2037
1695-1710 MHz, 1755-1780 MHz and 2155-2180 MHz (2)		972				March 2026
AWS-3		5,557,828		December 31, 2024 (6)	October 25, 2025 (11)	October 2025 (11)
Subtotal owned		19,424,035

Noncontrolling Investments:
SNR		4,271,459		December 31, 2024 (6)	October 2025 (11)	October 2025 (11)

Capitalized Interest (12)		7,289,803
Total Regulatory authorizations, net	$	30,985,297

Leased from EchoStar (13):
AWS-4 Licenses (2)	$	1,928,688		December 31, 2024 (4)	June 14, 2025 (7)	June 2033
H Block Licenses (2)		1,671,506		December 31, 2024 (4)	June 14, 2025 (14)	June 2033
MVDDS Licenses (1)		24,000				July, August, September 2034
3550-3650 MHz Licenses		912,200			March 12, 2031 (9)	March 2031
3.45–3.55 GHz Licenses (3)		1,255,661	May 4, 2026 (10)		May 4, 2030 (10)	May 2037
Total Leased from EchoStar	$	5,792,055

(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)	See above for further information on the Wireless Spectrum License Exchange.

(4)

(5)

(6)

(7)

(8)

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

(10)	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.

(11)

(12)	See Note 2 for further information.

(13)	See Note 12 for Related Party Transactions with EchoStar.

(14)

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

6 Months Ended

Jun. 30, 2025

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
	June 30,		December 31,
	2025		2024

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale	$	51	$	51
Strategic - trading/equity		10		10
Other		—		225
Total current marketable investment securities		61		286
Restricted marketable investment securities (1)		52,375		23,882
Total marketable investment securities		52,436		24,168

Restricted cash and cash equivalents (1)		262,377		254,714

Other investments, net:
Equity method investments		20,015		20,440
Other investments		3,087		15,043
Total other investments, net		23,102		35,483

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	337,915	$	314,365

(1)

Schedule of fair value measurements


	As of
	June 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(In thousands)
Cash and cash equivalents (including restricted):
Cash	$	445,874	$	—	$	—	$	445,874	$	468,799	$	—	$	—	$	468,799
Cash equivalents		175,768		471,056		—		646,824		221,083		40,907		—		261,990
Total	$	621,642	$	471,056	$	—	$	1,092,698	$	689,882	$	40,907	$	—	$	730,789

Debt securities (including restricted):
U.S. Treasury and agency securities	$	10,466	$	—	$	—	$	10,466	$	8,163	$	—	$	—	$	8,163
Commercial paper		—		15,237		—		15,237		—		—		—		—
Corporate securities		—		26,189		—		26,189		—		15,719		—		15,719
Other		—		483		51		534		—		225		51		276
Equity securities		10		—		—		10		10		—		—		10
Total	$	10,476	$	41,909	$	51	$	52,436	$	8,173	$	15,944	$	51	$	24,168

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
Other, net:	2025		2024		2025		2024

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses) and impairments	$	(11,953)	$	(44)	$	(11,948)	$	(914)
Sale of Assets to EchoStar - realized gains (losses)		—		—		—		128,788
Equity in earnings (losses) of affiliates		107		(64,204)		(374)		(64,912)
Sale of Fiber business gains (losses)		37,441		—		37,441		—
Other		103		(229)		99		(97)
Total	$	25,698	$	(64,477)	$	25,218	$	62,865

Property and Equipment and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2025

Property and Equipment and Intangible Assets

Schedule of property and equipment


	Depreciable			As of
	Life			June 30,		December 31,
	(In Years)			2025		2024

				(In thousands)
Equipment leased to customers	2	-	5	$	941,313	$	1,005,750
Satellites	9	-	15		1,718,865		1,718,865
Furniture, fixtures, equipment and other	2	-	12		783,119		801,650
5G Network equipment (1)	3	-	15		5,672,959		5,382,706
Software and computer equipment	2	-	8		1,980,215		1,816,749
Buildings and improvements	5	-	40		335,995		334,213
Land		-			12,041		12,041
Construction in progress		-			1,498,158		1,544,726
Total property and equipment					12,942,665		12,616,700
Accumulated depreciation					(6,011,239)		(5,387,611)
Property and equipment, net (2)				$	6,931,426	$	7,229,089

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

(2)	As of June 30, 2025 and December 31, 2024, there were no refunds and other receipts of purchases of property and equipment.

Schedule of depreciation and amortization expense


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(In thousands)
Equipment leased to customers	$	27,217	$	34,707	$	59,942	$	71,573
Satellites		25,190		32,956		52,126		65,911
Buildings, furniture, fixtures, equipment and other		15,190		16,019		26,583		21,127
5G Network equipment		216,782		179,473		424,914		346,294
Software and computer equipment		100,970		87,845		201,978		168,514
Intangible assets and other amortization expense		3,436		40,110		6,923		84,765
Total depreciation and amortization	$	388,785	$	391,110	$	772,466	$	758,184

Summary of asset retirement obligations


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(In thousands)
Balance, beginning of period	$	338,506	$	289,059	$	327,031	$	278,287
Liabilities incurred		1,188		4,651		4,885		8,959
Accretion expense		8,026		6,765		15,804		13,229
Balance, end of period	$	347,720	$	300,475	$	347,720	$	300,475

Schedule of pay-TV satellite fleet

As of June 30, 2025, 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 (1)	July 2010	119	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
EchoStar XXVI	2028	119	N/A

Leased from Other Third-Party:
Nimiq 5	September 2009	72.7	October 2029

(1)	During April 2025, the EchoStar XV satellite began the process of relocating from the 61.5 degree orbital location to the 119 degree orbital location. The relocation process was completed in July 2025.

Related Party Transactions

6 Months Ended

Jun. 30, 2025

Related Party Transactions

Related Party Transactions

12.Related Party Transactions

Related Party Transactions with EchoStar, our Parent, and its subsidiaries.

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 December 31, 2023, when 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.

Sale and Transfer of Assets

Recent Transactions

Wireless Spectrum License Exchange. On March 21, 2025, we exchanged interests in our wholly-owned subsidiaries which hold certain 3.45-3.55 GHz Licenses with our parent, EchoStar, for interests in their wholly-owned subsidiaries that hold the 700 MHz, LMDS, C-Band – Cheyenne (3.7-3.98 GHz), 24 GHz, 28 GHz, 37GHz, 39GHz and 47GHz Licenses.

2024 Transactions

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”).

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” as defined in Note 8, the “Asset Transfer to EchoStar”).

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”).

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.

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, 2024.

“Trade accounts payable”

As of June 30, 2025 and December 31, 2024, trade accounts payable to EchoStar was $8 million and $53 million, respectively. These amounts are recorded in “Trade accounts payable” on our Condensed Consolidated Balance Sheets.

“Service revenue”

During the three months ended June 30, 2025 and 2024, we received $1 million and $1 million, respectively, for services provided to EchoStar. During the six months ended June 30, 2025 and 2024, we received $3 million and $2 million, respectively, for services provided to EchoStar. These amounts are recorded in “Service revenue” on our Condensed 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 an initial term that ended in September 2021, (the “MTA TT&C Agreement”). 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 ending in September 2025. Either party is able to terminate the MTA TT&C Agreement for any reason upon 12 months’ notice.

“Equipment sales and other revenue”

During each of the three months ended June 30, 2025 and 2024, we received $1 million for services provided to EchoStar. During the six months ended June 30, 2025 and 2024, we received $2 million and $1 million, respectively, for services provided to EchoStar. These amounts are recorded in “Equipment sales and other revenue” on our Condensed 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 term of each lease is set forth below:

●

El Paso Lease Agreement. Effective 2012, EchoStar leases certain space from us at 1285 Joe Battle Blvd., El Paso, Texas for an initial term that ended in August 2015 and renewal options for four consecutive three-year terms ending in July 2027.

●

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

Whidbey Island 5G Network Test Bed Subcontract. Effective 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. In addition, EchoStar leases certain wireless spectrum and receives construction and related services. EchoStar may terminate this agreement at any time by providing written notice to us.

Collocation and Antenna Space Agreements. We entered into certain agreements pursuant to which we provide certain collocation and antenna space to EchoStar. EchoStar may terminate certain of these agreements with 180 days’ prior written notice to us and for certain other agreements with prior written notice no more than 120 days but no less than 90 days prior to the end of the then-current term. The term of each agreement is set forth below:

●

Effective March 2017 for an initial term that ended in February 2022 and renewal options ending in February 2034 at the following locations: Cheyenne, Wyoming; Gilbert, Arizona; Monee, Illinois; Englewood, Colorado; and Spokane, Washington.

●

Effective August 2017 for an initial term that ended in August 2022 and renewal options ending in August 2034 at the following locations: Monee, Illinois and Spokane, Washington. In March 2024, EchoStar provided a termination notice for one of the Spokane, Washington agreements, effective April 2024.

●

Effective January 2022 for an initial term ending December 2026 and renewal options ending in December 2038 at the following location: Englewood, Colorado.

●

Effective October 2020 with renewal options ending in October 2037 at the following location: Cheyenne, Wyoming.

“Cost of services”

During each of the three months ended June 30, 2025 and 2024, we incurred $1 million of costs for services provided to us by EchoStar. During each of the six months ended June 30, 2025 and 2024, we incurred $2 million of costs for services provided to us by EchoStar. These amounts are recorded in “Cost of services” on our Condensed 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. As a result of the Wireless Spectrum License Exchange (as defined in Note 9), effective March 21, 2025, we amended the Spectrum Manager Lease Agreement pursuant to which we currently have the right to lease wireless spectrum licenses AWS-4, H-Block, 12GHz (MVDDS), CBRS (3550-3650 MHz) and 3.45-3.55 GHz 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 Condensed 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 2012, we and EchoStar entered into a Distribution Agreement (the “Distribution Agreement”) pursuant to which we have the right, but not the obligation, to market, sell and distribute the EchoStar satellite Internet service (the “Service”) and to purchase certain broadband equipment from EchoStar to support the sale of the Service for an extended initial term that ended 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 pursuant to the terms and conditions of the Distribution Agreement.

Hughes Equipment and Services Agreement. In February 2019, we and EchoStar entered into an agreement pursuant to which EchoStar will provide us with satellite Internet service and equipment for the transmission of certain data related to our 5G Network. This agreement had an initial term that ended February 2024 with automatic renewal for successive one-year terms unless terminated by us with at least 180 days’ written notice to EchoStar or by EchoStar with at least 365 days’ written notice to us.

“Selling, general and administrative expenses”

During the three months ended June 30, 2025 and 2024, we incurred $11 million and $6 million, respectively, for selling, general and administrative expenses for services provided to us by EchoStar. During the six months ended June 30, 2025 and 2024, we incurred $16 million and $11 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 Condensed 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 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 2017, we leased certain space from EchoStar at 100 Inverness Terrace East, Englewood, Colorado. This lease terminated in August 2024.

Professional Services Agreement. Effective January 2010, we and EchoStar entered into the Professional Services Agreement, pursuant to which EchoStar has the right, but not the obligation, to receive the following services from us, among others: 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. In February 2017 and in September 2019, we and EchoStar amended the Professional Services Agreement to, among other things, provide certain transition services to each other. The Professional Services Agreement renews automatically for successive one-year periods, 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 Condensed 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 June 30, 2025, we have paid $13 million of the tax benefit received, leaving $69 million remaining to be paid.

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.

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, we and EchoStar entered into the Master Services Agreement (“MSA”) pursuant to which we, among other things: (i) have the right, but not the obligation, to market, promote and solicit orders for the EchoStar satellite Internet service and related equipment; and (ii) install service equipment with respect to activations we generate. Payments from EchoStar for services provided are recorded in “Service revenue” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three months ended June 30, 2025 and 2024, these payments were $1 million and less than $1 million, respectively. For the six months ended June 30, 2025 and 2024, these payments were $2 million and $1 million, respectively. The MSA had an initial term that ended March 2022 with automatic renewal for successive one-year terms. 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, EchoStar will continue to provide the satellite Internet service to subscribers and make certain payments to us pursuant to the terms and conditions of the MSA. For each of the three months ended June 30, 2025 and 2024, we purchased zero broadband equipment from EchoStar 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. 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 three months ended June 30, 2025 and 2024, we recorded $1 million and $1 million, respectively, for this lease in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the six months ended June 30, 2025 and 2024, we recorded $2 million and $1 million, respectively, for this lease in “Selling, general and administrative expenses” on our Condensed 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 Condensed 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 Condensed Consolidated Balance Sheets or expensed as “Selling, general and administrative expenses” or “Cost of services” on our Condensed 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 Condensed Consolidated Balance Sheets. Our investment in NagraStar is accounted for using the equity method.

The table below summarizes our transactions with NagraStar:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(In thousands)
Purchases (including fees):
Purchases from NagraStar	$	7,077	$	8,526	$	14,278	$	17,127

	As of
	June 30,		December 31,
	2025		2024

	(In thousands)
Amounts Payable and Commitments:
Amounts payable to NagraStar	$	4,517	$	5,569
Commitments to NagraStar	$	1,702	$	883

- 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
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-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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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/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Debt and Finance Lease Obligations

6 Months Ended

Jun. 30, 2025

Debt and Finance Lease Obligations

Debt and Finance Lease Obligations

8.Debt and Finance Lease Obligations

Fair Value of our Debt

The following table summarizes the carrying amount and fair value of our debt facilities as of June 30, 2025 and December 31, 2024:


		As of
		June 30, 2025				December 31, 2024
	Issuer	Carrying Amount		Fair Value		Carrying Amount		Fair Value

		(In thousands)
0% Convertible Notes due 2025	DISH	$	138,403	$	125,717	$	138,403	$	124,916
Term Loan due 2025 (1)	DBS SubscriberCo		166,667		166,667		500,000		500,000
7 3/4% Senior Notes due 2026	DDBS		2,000,000		1,779,660		2,000,000		1,678,640
3 3/8% Convertible Notes due 2026	DISH		45,209		37,987		45,209		38,495
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,502,500		2,750,000		2,507,780
11 3/4% Senior Secured Notes due 2027	DISH		3,500,000		3,605,000		3,500,000		3,708,460
7 3/8% Senior Notes due 2028	DDBS		1,000,000		722,500		1,000,000		715,680
5 3/4% Senior Secured Notes due 2028	DDBS		2,500,000		2,175,000		2,500,000		2,143,350
5 1/8% Senior Notes due 2029	DDBS		1,500,000		987,480		1,500,000		959,610
Term Loan due 2029 (2)	DBS SubscriberCo		1,800,000		1,761,313		1,800,000		1,800,000
Mandatorily Redeemable Preferred Shares due 2029 (2)(5)	DBS SubscriberCo		200,000		193,519		200,000		200,000
DISH 2021 Intercompany Loan 2026 Tranche (3)	Intercompany		4,767,289		4,767,289		4,767,289		4,767,289
EchoStar 2024 Intercompany Loan (4)	Intercompany		2,666,444		2,625,370		1,014,522		1,014,522
Other notes payable			38,402		38,402		63,297		63,297
Subtotal			23,072,414	$	21,488,404		21,778,720	$	20,222,039
Unamortized deferred financing costs and other debt discounts, net			(106,442)				(157,662)
Finance lease obligations (6)			55,793				67,199
Total			23,021,765				21,688,257
Less: current portion (2)			(1,042,012)				(933,481)
Total debt, finance lease and other obligations, net of current portion		$	21,979,753			$	20,754,776

(1)	During the three and six months ended June 30, 2025, we redeemed approximately $166 million and $333 million, respectively, of our Term Loan due 2025. The remaining balance of approximately $167 million is paid monthly and the final payment is due September 30, 2025.

(2)

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 will pay a portion of principal balance based on the variable cash flows for certain Pay-TV business metrics which are an estimate and could change significantly based on actual performance.

(3)	The DISH 2021 Intercompany Loan 2026 Tranche is not publicly traded and the estimated fair value of the assets associated with the underlying collateral are greater than or equal to carrying value, therefore the carrying value is deemed to be the fair value.

(4)

During the three and six months ended June 30, 2025, we borrowed an addition principal amount of $847 million and $1.557 billion, respectively, under the EchoStar 2024 Intercompany Loan. In addition, during the three and six months ended June 30, 2025, we made interest payments in kind of $59 million and $95 million, respectively.

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

(6)	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). We estimated the fair value of our non-publicly traded debt based on, among other things, available trade information and/or valuations performed by a third-party (Level 3).

Senior Notes and Convertible Notes

The below summaries are not complete and are qualified in entirety by reference to the full and complete text of the applicable indentures.

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. A portion of these notes were extinguished and an aggregate principal amount of $138 million remains outstanding. These notes will not bear interest, and the principal amount of the Notes will not increase over time.

The Convertible Notes due 2025 are:

●

our general unsecured obligations;

●

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

●

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

●

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

●

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

●

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 also had 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. A portion of these notes were extinguished and an aggregate principal amount of $45 million remains outstanding. 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:

●

our general unsecured obligations;

●

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

●

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

●

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

●

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

●

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.

DISH DBS Unsecured Senior Notes

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. We elected not to make the approximately $78 million cash interest payment due on July 1, 2025 (the “7 3/4% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 7 3/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On July 30, 2025, we made the scheduled 7 3/4% Interest Payment originally due July 1, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

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. We elected not to make the approximately $37 million cash interest payment due on July 1, 2025 (the “7 3/8% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 7 3/8% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On July 30, 2025, we made the scheduled 7 3/8% Interest Payment originally due July 1, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

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. We elected not to make the approximately $38 million cash interest payment due on June 2, 2025 (the “5 1/8% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 1/8% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 1/8% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

DISH DBS Senior Secured Notes

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. We elected not to make the approximately $72 million cash interest payment due on June 2, 2025 (the “5 1/4% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 1/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 1/4% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

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. We elected not to make the approximately $72 million cash interest payment due on June 2, 2025 (the “5 3/4% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 3/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 3/4% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

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 “DISH DBS 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 and prospectively, 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 0.50% per annum in excess of the Cash Accrual Rate for the applicable tranche.

As of June 30, 2025, 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 June 30, 2025, 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 June 30, 2025, 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 Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2025, we made $131 million in 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.

The DISH 2021 Intercompany Loan was initially secured by 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. During the first quarter of 2025, we exercised our right to exchange certain of the 3.45-3.55 GHz Licenses for certain other previously unencumbered wireless spectrum licenses of equal or greater value based upon the most recent third-party valuation, which we acquired as part of the Wireless Spectrum License Exchange, detailed and defined in Note 9. The DISH 2021 Intercompany Loan is not included as collateral for the DISH DBS Senior Secured Notes, and the DISH DBS 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. As of June 30, 2025, the total DISH Q2 2024 Intercompany Loan amount outstanding plus interest paid in kind was $1.631 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. As of June 30, 2025, the total DISH Q3 2024 Intercompany Loan amount outstanding plus interest paid in kind was $510 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, for a borrowing principal amount of up to $4.500 billion (the “EchoStar 2024 Intercompany Loan”), 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. During the three and six months ended June 30, 2025, we borrowed an addition principal amount of $847 million and $1.557 billion, respectively. As of June 30, 2025, the total EchoStar 2024 Intercompany Loan amount outstanding plus interest paid in kind was $2.666 billion. During the three and six months ended June 30, 2025, we recorded $59 million and $95 million, respectively, of “Interest expense, net of amounts capitalized” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 830,321	$ 476,075
Current restricted cash, cash equivalents and marketable investment securities	184,012	150,898
Marketable investment securities	61	286
Trade accounts receivable, net of allowance for credit losses of $86,137 and $71,314, respectively (Note 12)	855,604	922,001
Inventory	196,320	303,328
Prepaids and other assets	701,865	588,892
Other current assets	42,812	37,786
Total current assets	2,810,995	2,479,266
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities	130,740	127,698
Property and equipment, net	6,931,426	7,229,089
Regulatory authorizations, net	30,985,297	30,840,398
Other investments, net	23,102	35,483
Operating lease assets	3,097,445	3,134,938
Intangible assets, net	56,950	63,857
Other noncurrent assets, net	308,117	283,780
Total noncurrent assets	41,533,077	41,715,243
Total assets	44,344,072	44,194,509
Current Liabilities:
Trade accounts payable (Note 12)	662,474	696,277
Deferred revenue and other	551,466	569,071
Accrued programming	1,251,114	1,339,072
Other accrued expenses and liabilities	1,534,159	1,641,168
Current portion of debt, finance lease and other obligations (Note 8)	1,042,012	933,481
Total current liabilities	5,267,853	5,407,411
Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion (Note 8)	14,546,020	14,972,965
Intercompany Loans (Note 8)	7,433,733	5,781,811
Deferred tax liabilities, net	8,090,394	8,312,490
Operating lease liabilities	3,060,585	3,089,950
Long-term deferred revenue and other long-term liabilities	982,643	946,208
Total long-term obligations, net of current portion	34,113,375	33,103,424
Total liabilities	39,381,228	38,510,835
Commitments and Contingencies (Note 9)
Stockholder's Equity (Deficit):
Additional paid-in capital	5,177,144	5,435,387
Accumulated other comprehensive income (loss)	(2,846)	(2,759)
Accumulated earnings (deficit)	(655,684)	(193,030)
Total DISH Network stockholder's equity (deficit)	4,518,614	5,239,598
Noncontrolling interests	444,230	444,076
Total stockholder's equity (deficit)	4,962,844	5,683,674
Total liabilities and stockholder's equity (deficit)	44,344,072	44,194,509
Related party
Current Liabilities:
Accrued interest	21,850	21,850
Nonrelated party
Current Liabilities:
Accrued interest	$ 204,778	$ 206,492

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash Flows From Operating Activities:
Net income (loss)	$ (462,596)	$ (222,055)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	772,466	758,184
Realized and unrealized losses (gains) on investments, impairments and other	(25,493)	914
Realized losses (gains) on Sale of Assets to EchoStar		(128,788)
Non-cash, stock-based compensation	10,009	13,038
Deferred tax expense (benefit)	(171,635)	(45,666)
Changes in allowance for credit losses	14,823	29,544
Change in long-term deferred revenue and other long-term liabilities	110,827	74,388
Other, net	7,678	93,306
Changes in operating assets and operating liabilities, net	(175,564)	130,846
Net cash flows from operating activities	80,515	703,711
Cash Flows From Investing Activities:
Purchases of marketable investment securities	(54,517)	(10,730)
Sales and maturities of marketable investment securities	26,894	31,618
Purchases of property and equipment (Note 6)	(476,379)	(692,352)
Capitalized interest related to regulatory authorizations (Note 2)	(450,924)	(398,824)
Purchases of regulatory authorizations, including deposits		(1,104)
Sale of Assets to EchoStar (Note 12)		245,800
700 MHz Spectrum Sale to EchoStar (Note 12)		1,024,857
Sale of Fiber business	47,207
Other, net	1,824	(37,733)
Net cash flows from investing activities	(905,895)	161,532
Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations	(36,301)	(49,652)
Redemption and repurchases of term loans, convertible and senior notes	(333,333)	(951,170)
Proceeds from EchoStar 2024 Intercompany Loan (Note 8)	1,556,895
Other, net	28	(61)
Net cash flows from financing activities	1,187,289	(1,000,883)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	361,909	(135,640)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 4)	730,789	462,748
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 4)	$ 1,092,698	$ 327,108

Organization and Business Activities (Details) item in Thousands, person in Millions, $ in Millions	6 Months Ended	210 Months Ended
	Jun. 30, 2025 USD ($) person item segment	Jun. 30, 2025 USD ($) item
Organization and Business Activities
Number of primary operating business segments \| segment	2
Cash and cash equivalents and marketable investment securities	$ 830	$ 830
Number of Pay-TV subscribers \| item	7,108	7,108
Number of Americans nationwide for deployment of 5G services \| person	223
Number of American subscribers for 5G broadband service \| person	269
Number Of wireless subscribers \| item	7,357	7,357
Percentage of coverage obligations	80.00%
7 3/4% Senior Notes due 2026
Organization and Business Activities
Total debts	$ 2,000	$ 2,000
5G Network Development
Organization and Business Activities
Payment to customer	$ 30,000	$ 30,000
Sling TV Holding L.L.C.
Organization and Business Activities
Number of Pay-TV subscribers \| item	1,785	1,785
Northstar Wireless or Northstar Spectrum
Organization and Business Activities
Re-Auction payment	$ 2,226
Northstar Wireless or Northstar Spectrum \| Maximum
Organization and Business Activities
Re-Auction payment	$ 2,921
Dish TV
Organization and Business Activities
Number of Pay-TV subscribers \| item	5,323	5,323
Wireless
Organization and Business Activities
Payment to customer	$ 24,000
Capitalized Interest
Organization and Business Activities
Payment to customer	$ 7,000

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required for complete financial statements prepared under GAAP. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Our results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. 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, 2024. Certain prior period amounts have been reclassified to conform to the current period presentation.

Principles of Consolidation

We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and variable interest entities (“VIEs”) where we have been determined to be the primary beneficiary. The portion of equity in a subsidiary not attributable, directly or indirectly, to us 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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation.

Redeemable Noncontrolling Interests

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 related 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 condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

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 substantially all activities related to the project are suspended.

We are currently commercializing our 5G Network. As a result, the interest expense is being capitalized based on the carrying amount of the 5G Network qualifying assets and the capitalization rate applied to those assets. 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 interest on those assets.

Capitalized interest totaled $245 million and $230 million for the three months ended June 30, 2025 and 2024, respectively, and $513 million and $452 million for the six months ended June 30, 2025 and 2024, respectively, which reduced “Interest expense, net of amounts capitalized” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The carrying amount of the 5G Network qualifying assets remained consistent during the three and six months ended June 30, 2025 and 2024. The change in capitalized interest primarily resulted from the increase in the capitalization rate as a result of our financing transactions during the third and fourth quarters of 2024.

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:

●

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

●

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

●

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 June 30, 2025 and December 31, 2024, 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 4 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 Condensed 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 non-publicly traded debt are based on, among other things, available trade information, valuations performed by a third-party, 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. The non-publicly traded debt is categorized within Level 3 of the fair value hierarchy. See Note 8 for the fair value of our debt.

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, 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 Condensed Consolidated Balance Sheets, and then amortized in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Advertising Costs

We recognize advertising expense when incurred as a component of “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Advertising expenses totaled $183 million and $126 million for the three months ended June 30, 2025 and 2024, respectively. Advertising expenses totaled $356 million and $249 million for the six months ended June 30, 2025 and 2024, 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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development costs totaled $6 million and $7 million for the three months ended June 30, 2025 and 2024, respectively. Research and development costs totaled $13 million and $14 million for the six months ended June 30, 2025 and 2024, respectively.

New Accounting Pronouncements

Not Yet Adopted

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 is effective for fiscal years beginning after December 15, 2024. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and the adoption of the standard will impact certain of our income tax 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 condensed consolidated financial statements, related disclosures and control environment.

Property and Equipment and Intangible Assets - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2025 item	Jun. 30, 2024 USD ($)
Property and equipment
Capital expenditures \| $		$ 66
Capital expenditure included in purchases of property and equipment \| $		19
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 \| item	8
Owned satellites \| item	7
Number of satellites leased \| item	1

Property and Equipment and Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Property and equipment
Total property and equipment	$ 12,942,665	$ 12,616,700
Accumulated depreciation	(6,011,239)	(5,387,611)
Property and equipment, net	6,931,426	7,229,089
Other receipts purchases of property and equipment	0	0
Equipment leased to customers
Property and equipment
Total property and equipment	$ 941,313	1,005,750
Equipment leased to customers \| Minimum
Property and equipment
Depreciable Life	2 years
Equipment leased to customers \| Maximum
Property and equipment
Depreciable Life	5 years
Satellites
Property and equipment
Total property and equipment	$ 1,718,865	1,718,865
Satellites \| Minimum
Property and equipment
Depreciable Life	9 years
Satellites \| Maximum
Property and equipment
Depreciable Life	15 years
Furniture, fixtures, equipment and other
Property and equipment
Total property and equipment	$ 783,119	801,650
Furniture, fixtures, equipment and other \| Minimum
Property and equipment
Depreciable Life	2 years
Furniture, fixtures, equipment and other \| Maximum
Property and equipment
Depreciable Life	12 years
5G Network equipment
Property and equipment
Total property and equipment	$ 5,672,959	5,382,706
5G Network equipment \| Minimum
Property and equipment
Depreciable Life	3 years
5G Network equipment \| Maximum
Property and equipment
Depreciable Life	15 years
Software and computer equipment
Property and equipment
Total property and equipment	$ 1,980,215	1,816,749
Software and computer equipment \| Minimum
Property and equipment
Depreciable Life	2 years
Software and computer equipment \| Maximum
Property and equipment
Depreciable Life	8 years
Buildings and improvements
Property and equipment
Total property and equipment	$ 335,995	334,213
Buildings and improvements \| Minimum
Property and equipment
Depreciable Life	5 years
Buildings and improvements \| Maximum
Property and equipment
Depreciable Life	40 years
Land
Property and equipment
Total property and equipment	$ 12,041	12,041
Construction in progress
Property and equipment
Total property and equipment	$ 1,498,158	$ 1,544,726

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 16, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Redeemable Noncontrolling Interest
Total capitalized interest		$ 245,000	$ 230,000	$ 512,851	$ 451,887
Advertising Costs
Advertising expenses		183,000	126,000	356,000	249,000
Research and Development
Research and development cost		$ 6,000	$ 7,000	$ 13,000	$ 14,000
SNR HoldCo \| EchoStar SNR HoldCo LLC
Redeemable Noncontrolling Interest
Purchase of ownership interests	$ 442,000

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($) item	Dec. 31, 2024 USD ($)
Other investment securities:
Current restricted cash, cash equivalents and marketable investment securities	$ 184,012	$ 150,898
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:
Current restricted cash, cash equivalents and marketable investment securities	$ 184,000	$ 151,000
Commercial paper \| Maximum
Other investment securities:
Debt term of Maturity	365 days
Corporate securities \| Maximum
Other investment securities:
Debt term of Maturity	18 months

Commitments and Contingencies - Part 2 (Details)						6 Months Ended
Commitments and Contingencies - Part 2 (Details)	Apr. 03, 2023 USD ($)	Mar. 21, 2023 USD ($)	Sep. 23, 2016 USD ($)	Aug. 18, 2015 USD ($)	Jul. 17, 2015 USD ($)	Jun. 30, 2025 item	Sep. 20, 2022 USD ($)
Loss contingency terms
Litigation accrual							$ 3,900,000
5 3/4% Senior Secured Notes due 2028
Loss contingency terms
Interest rate (as a percent)						5.75%
DISH DBS Corporation ("DBS") \| 5 3/4% Senior Secured Notes due 2028
Loss contingency terms
Interest rate (as a percent)						5.75%
DISH DBS Corporation ("DBS") \| 7 3/4% Senior Notes due 2026
Loss contingency terms
Interest rate (as a percent)						7.75%
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 \| ClearPlay
Loss contingency terms
Claim amount		$ 469,000,000
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

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) $ in Thousands	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) segment	Jun. 30, 2024 USD ($)
Segment information
Number of primary operating business segments \| segment			2
Revenue recorded	$ 3,395,542	$ 3,568,270	$ 6,905,902	$ 7,208,159
Purchases of property and equipment (including capitalized interest related to FCC authorizations)	574,697	582,297	927,303	1,091,176
Wireless services and related revenue
Segment information
Revenue recorded	823,722	785,135	1,633,329	1,589,401
Pay-TV video and related revenue
Segment information
Revenue recorded	2,446,844	2,658,381	4,971,196	5,359,560
Pay-TV
Segment information
Purchases of property and equipment (including capitalized interest related to FCC authorizations)	78,580	37,877	140,968	65,754
Pay-TV \| Equipment sales and other revenue
Segment information
Revenue recorded	15,405	17,903	29,780	43,302
Wireless
Segment information
Purchases of property and equipment (including capitalized interest related to FCC authorizations)	496,117	544,420	786,335	1,025,422
Wireless \| Equipment sales and other revenue
Segment information
Revenue recorded	110,830	106,971	273,771	216,135
Operating segment \| Pay-TV
Segment information
Revenue recorded	2,462,249	2,676,284	5,000,976	5,402,862
Operating segment \| Retail Wireless
Segment information
Revenue recorded	934,552	892,106	1,907,100	1,805,536
All other
Segment information
Revenue recorded	(1,259)	(120)	(2,174)	(239)
All other \| Pay-TV
Segment information
Revenue recorded	1,256	115	2,166	234
All other \| Retail Wireless
Segment information
Revenue recorded	$ 3	$ 5	$ 8	$ 5

Leases (Details)	6 Months Ended
Leases (Details)	Jun. 30, 2025
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 3 months 18 days
Finance lease, weighted average remaining lease term	1 year 3 months 18 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 4 months 24 days
Finance lease, weighted average remaining lease term	9 years 4 months 24 days
Option to terminate period - Operating	1 year
Option to terminate period - Finance	1 year

Debt and Finance Lease Obligations - Narratives (Details) - USD ($)		6 Months Ended
	Jun. 13, 2016	Jun. 30, 2025	Dec. 31, 2024	Nov. 26, 2021	May 24, 2021	Dec. 21, 2020	Jul. 01, 2020	Aug. 08, 2016	Jun. 16, 2016
Debt Instrument
Remaining aggregate principal amount outstanding		$ 23,072,414,000	$ 21,778,720,000
Common stock par value (in dollars per share)		$ 0	$ 0
0% Convertible Notes due 2025
Debt Instrument
Interest rate (as a percent)		0.00%
0% Convertible Notes due 2025 \| Class A common stock
Debt Instrument
Aggregate principal amount		$ 1,000
Convertible notes converted rate, shares		8.566
Common stock par value (in dollars per share)		$ 116.74
0% Convertible Notes due 2025 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		0.00%
Aggregate principal amount						$ 2,000,000,000
Debt Instrument, Redemption Price, Percentage		100.00%
Remaining aggregate principal amount outstanding		$ 138,403,000	$ 138,403,000
Redemption price as a percentage of principal amount		100.00%
3 3/8% Convertible Notes due 2026
Debt Instrument
Interest rate (as a percent)		3.375%
Aggregate principal amount								$ 3,000,000,000
Debt Instrument, Redemption Price, Percentage		100.00%
Redemption price as a percentage of principal amount		100.00%
3 3/8% Convertible Notes due 2026 \| Class A common stock
Debt Instrument
Aggregate principal amount		$ 1,000
Convertible notes converted rate, shares		5.383
Common stock par value (in dollars per share)		$ 185.76
3 3/8% Convertible Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		3.375%
Remaining aggregate principal amount outstanding		$ 45,209,000	45,209,000
7 3/4% Senior Notes due 2026
Debt Instrument
Aggregate principal amount									$ 2,000,000,000
Term of loan	10 years
7 3/4% Senior Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		7.75%
Remaining aggregate principal amount outstanding		$ 2,000,000,000	2,000,000,000
Cash interest payment due		$ 78,000,000
Grace period for interest payment		30 days
7 3/8% Senior Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		7.375%
Aggregate principal amount							$ 1,000,000,000
Remaining aggregate principal amount outstanding		$ 1,000,000,000	1,000,000,000
Cash interest payment due		$ 37,000,000
Grace period for interest payment		30 days
5 1/8 % Senior Notes due 2029
Debt Instrument
Aggregate principal amount					$ 1,500,000,000
5 1/8 % Senior Notes due 2029 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		5.125%
Remaining aggregate principal amount outstanding		$ 1,500,000,000	1,500,000,000
Cash interest payment due		$ 38,000,000
Grace period for interest payment		30 days
7 3/8% Second Lien Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		7.375%
5 1/4% Senior Secured Notes due 2026
Debt Instrument
Interest rate (as a percent)		5.25%
5 1/4% Senior Secured Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		5.25%
Aggregate principal amount				$ 2,750,000,000
Remaining aggregate principal amount outstanding		$ 2,750,000,000	2,750,000,000
Cash interest payment due		$ 72,000,000
Grace period for interest payment		30 days
5 3/4% Senior Secured Notes due 2028
Debt Instrument
Interest rate (as a percent)		5.75%
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%
Remaining aggregate principal amount outstanding		$ 2,500,000,000	$ 2,500,000,000
Cash interest payment due		$ 72,000,000
Grace period for interest payment		30 days

Supplemental Data - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Mar. 31, 2024
Supplemental Data - Statements of Cash Flows
Cash paid for interest (including capitalized interest)				$ 641,535	$ 629,947
Cash paid for interest DISH 2021 Intercompany Loan 2026 Tranche				131,100	64,582
Cash paid for income taxes, net of (refunds)				14,367	(26,520)
Total capitalized interest	$ 245,000		$ 230,000	512,851	451,887
Accrued capital expenditures				109,719	142,568
Asset retirement obligation	1,188		4,651	4,885	8,959
Wireless Spectrum License Exchange, net of deferred taxes of $50,456				267,465
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
Deferred tax on exchange of wireless spectrum license		$ 50,456		50,456
Deferred tax liabilities, net	8,090,394			8,090,394		$ 8,312,490
Cash paid for income taxes to EchoStar, net of (refunds)	$ 0		0	$ 0	0
EchoStar
Supplemental Data - Statements of Cash Flows
Deferred tax liabilities, net			$ 3,775,370		$ 3,775,370		$ 3,775,370

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current Assets:
Allowance for credit losses on trade accounts receivable	$ 86,137	$ 71,314
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

Debt and Finance Lease Obligations - Intercompany Loan and the EchoStar 2024 Intercompany Loan (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 11, 2022	Nov. 30, 2024	Jan. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2024	Nov. 26, 2021
Debt Instrument
Interest payable				$ 22,000		$ 22,000
Interest paid in cash						641,535	$ 629,947
Interest expense, net of amounts capitalized				$ 230,249	$ 164,561	$ 427,504	335,196
DISH DBS Corporation ("DBS")
Debt Instrument
Minimum interest payment due (in percent)						50.00%
5 1/4% Senior Secured Notes due 2026
Debt Instrument
Interest rate (as a percent)				5.25%		5.25%
5 1/4% Senior Secured Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)				5.25%		5.25%
5 3/4% Senior Secured Notes due 2028
Debt Instrument
Interest rate (as a percent)				5.75%		5.75%
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%		5.75%
Intercompany Loan
Debt Instrument
Additional debt			$ 4,700,000
Intercompany Loan Paid In Kind Term						2 years
Fixed Percentage added to per annum interest rate						0.25%
Cash Accrual Fixed Percentage added to per annum interest rate						0.50%
Outstanding amount				$ 4,767,000		$ 4,767,000
Interest paid in cash				131,000		131,000
Intercompany Loan \| DISH DBS Corporation ("DBS")
Debt Instrument
Additional debt	$ 1,500,000
Outstanding amount				7,612,000		7,612,000
Intercompany Loan 2028 Tranche \| DISH DBS Corporation ("DBS")
Debt Instrument
Outstanding amount				2,844,000		2,844,000
DISH Q2 2024 Intercompany Loan
Debt Instrument
Aggregate principal amount					1,508,000		1,508,000
Outstanding debt					$ 1,631,000		$ 1,631,000
DISH Q3 2024 Intercompany Loan
Debt Instrument
Aggregate principal amount								$ 481,000
Outstanding debt								$ 510,000
EchoStar 2024 Intercompany Loan
Debt Instrument
Interest rate (as a percent)		11.50%
Additional debt				847,000		1,557,000
Interest paid in cash				59,000		95,000
Redemption price as a percentage of principal amount		100.00%
Interest expense, net of amounts capitalized				59,000		95,000
Outstanding debt				$ 2,666,000		$ 2,666,000
EchoStar 2024 Intercompany Loan \| Maximum
Debt Instrument
Aggregate principal amount		$ 4,500,000

Revenue Recognition - Allowance for credit losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Balance at beginning of period	$ 71,314	$ 53,991
Current period provision for expected credit losses	50,910	58,668
Write-offs charged against allowance	(36,087)	(29,124)
Balance at end of period	86,137	83,535
Pay-TV
Balance at beginning of period	42,575	35,320
Current period provision for expected credit losses	37,059	29,780
Write-offs charged against allowance	(18,316)	(22,713)
Balance at end of period	61,318	42,387
Wireless
Balance at beginning of period	28,739	18,671
Current period provision for expected credit losses	13,851	28,888
Write-offs charged against allowance	(17,771)	(6,411)
Balance at end of period	$ 24,819	$ 41,148

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Leases
Operating lease assets	$ 3,097,445	$ 3,134,938
Other current liabilities	$ 549,878	$ 510,697
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Operating lease liabilities	$ 3,060,585	$ 3,089,950
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating lease liabilities	Operating lease liabilities
Total	$ 3,610,463	$ 3,600,647
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable, Current, Operating lease liabilities	Accounts Payable, Current, Operating lease liabilities
Other current liabilities	$ 34,088	$ 30,381
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	$ 21,705	$ 36,818
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	$ 55,793	$ 67,199
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 leases, Weighted Average Remaining Lease Term	9 years 4 months 24 days	9 years 8 months 12 days
Finance leases, Weighted Average Remaining Lease Term	1 year 3 months 18 days	1 year 8 months 12 days
Operating leases, Weighted Average Discount Rate, Percent	10.30%	10.30%
Finance leases, Weighted Average Discount Rate, Percent	9.60%	9.30%
Property and equipment
Leases
Property and equipment, gross	$ 121,102	$ 121,102
Accumulated depreciation	(88,176)	(73,419)
Property and equipment, net	$ 32,926	$ 47,683

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Maturities of lease liabilities: Operating lease
2025 (remaining six months)	$ 287,950
2026	593,302
2027	596,420
2028	557,434
2029	539,296
Thereafter	3,018,333
Total lease payments	5,592,735
Less: Imputed interest	(1,982,272)
Total	3,610,463	$ 3,600,647
Less: Current portion	(549,878)	(510,697)
Long-term portion of lease obligations	3,060,585	3,089,950
Maturities of lease liabilities: Finance leases
2025 (remaining six months)	21,672
2026	36,588
2027	2,574
Total lease payments	60,834
Less: Imputed interest	(5,041)
Total	55,793	67,199
Less: Current portion	(34,088)	(30,381)
Long-term portion of lease obligations	21,705	$ 36,818
Future minimum payments for total lease liabilities
2025 (remaining six months)	309,622
2026	629,890
2027	598,994
2028	557,434
2029	539,296
Thereafter	3,018,333
Total lease payments	5,653,569
Less: Imputed interest	(1,987,313)
Total	3,666,256
Less: Current portion	(583,966)
Long-term portion of lease obligations	$ 3,082,290

Revenue Recognition - Contract liability balances (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Contract liabilities	$ 540,598	$ 566,118
Customer Contract
Contract liabilities	$ 542,000

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Inventory
Finished goods	$ 165,439	$ 262,722
Work-in-process and service repairs	24,416	27,432
Consignment	4,127	10,110
Raw materials	2,338	3,064
Total inventory	$ 196,320	$ 303,328

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Investments Measured at Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair value of marketable securities
Debt securities	$ 31,000
Debt securities with contractual maturities extending longer than one year through and including five years	21,000
Fair value measurements on recurring basis
Fair value of marketable securities
Cash Equivalents (including restricted)	1,092,698	$ 730,789
Total	52,436	24,168
Fair value measurements on recurring basis \| Cash
Fair value of marketable securities
Cash Equivalents (including restricted)	445,874	468,799
Fair value measurements on recurring basis \| Cash equivalents
Fair value of marketable securities
Cash Equivalents (including restricted)	646,824	261,990
Fair value measurements on recurring basis \| U.S. Treasury and agency securities
Fair value of marketable securities
Total	10,466	8,163
Fair value measurements on recurring basis \| Commercial paper
Fair value of marketable securities
Total	15,237
Fair value measurements on recurring basis \| Corporate securities
Fair value of marketable securities
Total	26,189	15,719
Fair value measurements on recurring basis \| Other (including restricted)
Fair value of marketable securities
Total	534	276
Fair value measurements on recurring basis \| Equity securities
Fair value of marketable securities
Equity securities	10	10
Fair value measurements on recurring basis \| Level 1
Fair value of marketable securities
Cash Equivalents (including restricted)	621,642	689,882
Total	10,476	8,173
Fair value measurements on recurring basis \| Level 1 \| Cash
Fair value of marketable securities
Cash Equivalents (including restricted)	445,874	468,799
Fair value measurements on recurring basis \| Level 1 \| Cash equivalents
Fair value of marketable securities
Cash Equivalents (including restricted)	175,768	221,083
Fair value measurements on recurring basis \| Level 1 \| U.S. Treasury and agency securities
Fair value of marketable securities
Total	10,466	8,163
Fair value measurements on recurring basis \| Level 1 \| Equity securities
Fair value of marketable securities
Equity securities	10	10
Fair value measurements on recurring basis \| Level 2
Fair value of marketable securities
Cash Equivalents (including restricted)	471,056	40,907
Total	41,909	15,944
Fair value measurements on recurring basis \| Level 2 \| Cash equivalents
Fair value of marketable securities
Cash Equivalents (including restricted)	471,056	40,907
Fair value measurements on recurring basis \| Level 2 \| Commercial paper
Fair value of marketable securities
Total	15,237
Fair value measurements on recurring basis \| Level 2 \| Corporate securities
Fair value of marketable securities
Total	26,189	15,719
Fair value measurements on recurring basis \| Level 2 \| Other (including restricted)
Fair value of marketable securities
Total	483	225
Fair value measurements on recurring basis \| Level 3
Fair value of marketable securities
Total	51	51
Fair value measurements on recurring basis \| Level 3 \| Other (including restricted)
Fair value of marketable securities
Total	$ 51	$ 51

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities	$ 61	$ 286
Total marketable investment securities	52,436	24,168
Restricted cash and cash equivalents	262,377	254,714
Equity method investments	20,015	20,440
Other investments	3,087	15,043
Total other investments, net	23,102	35,483
Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	337,915	314,365
Current marketable investment securities - strategic - available-for-sale
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities	51	51
Current marketable investment securities - strategic - trading/equity
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities	10	10
Other investment securities
Marketable investment securities, restricted cash and other investment securities
Total current marketable investment securities		225
Restricted marketable investment securities
Marketable investment securities, restricted cash and other investment securities
Total marketable investment securities	$ 52,375	$ 23,882