EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2025

November 6, 2025
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EchoStar Capital Division Announced to Spearhead Future Growth Opportunities

  • Wireless: Net subscriber growth (+223K), improved churn (2.86%, an improvement of 13 basis points year-over-year), improved average revenue per user (ARPU) (2.6% year-over-year) and continued to have the highest prepaid ARPU in the industry.
  • Pay-TV: DISH TV churn (1.33%) is at a historic low for the third quarter, growth in ARPU (+1% year-over-year) and continued increase in viewership engagement (hours/viewer). Sling TV added approximately 159K subscribers in the third quarter.
  • Broadband & Satellite Services: Enterprise order backlog (future revenues) of $1.5B, primarily through gaining share in the aviation sector.
  • EchoStar Corporation: Company reported total revenue of $3.61 billion for the third quarter 2025 and $11.21 billion for the nine months ended September 30, 2025.
  • EchoStar Capital: New investment division established to develop future growth opportunities.

ENGLEWOOD, Colo., Nov. 6, 2025 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and nine months ended September 30, 2025, and the formation of EchoStar Capital, which will serve as a future growth engine through new business investment.

The third quarter was marked by the signing of two transformative spectrum transactions – one with AT&T for $22.65 billion and the other with SpaceX for $19 billion. The transactions were instrumental in resolving the FCC's review of the company's spectrum utilization. Following the announcements of the transactions, the FCC confirmed EchoStar had met all 5G network buildout requirements and other related obligations had been fully satisfied. In addition, EchoStar today announced an amended agreement with SpaceX to sell its unpaired AWS-3 wireless spectrum for $2.6 billion in SpaceX stock.

EchoStar Capital will be responsible for investing new capital from the recent spectrum transactions in order to fuel future growth opportunities for EchoStar Corporation. Hamid Akhavan has been appointed to serve as the Chief Executive Officer of EchoStar Capital, while Charlie Ergen, Chairman and Co-founder of EchoStar Corporation, has been appointed to serve as President and Chief Executive Officer of EchoStar Corporation and assume the operating responsibility for the Pay-TV and Wireless business units. 

"EchoStar will soon be in the unique position of having substantial available capital, vastly changing its scope of opportunities. Through EchoStar Capital we will fuel EchoStar's growth into new and complementary arenas, beyond its successful pay-TV, wireless and enterprise business units," said Hamid Akhavan, CEO, EchoStar Capital. "This is an opportune moment in time for our business to go on the offense as we build upon our 45-year institutional heritage and forge a new path forward for creating and developing opportunities in our strategic expertise domains that will provide attractive value creation for EchoStar and its shareholders."

As a result of the previously mentioned third-quarter transactions, EchoStar began the abandonment and decommission process for certain portions of its 5G network that will not be utilized in EchoStar's hybrid MNO business model resulting in a significant adverse change in the intended use of such assets. These developments resulted in a one-time, non-cash impairment charge of $16.48 billion.

 Wireless  

Wireless consists predominantly of Boost Mobile and delivered approximately $939 million in revenue for the third quarter.

  • Continued strong performance fueled by +223K subscriber net adds in Q3, closing the quarter with approximately 7.52 million total subscribers
  • Attracted and retained high-quality customers, contributing to a 13 basis-point improvement in churn year-over-year
  • Mix in subscribers with higher-priced plans and higher sales of value-added services drove 2.6% improvement in ARPU year-over-year; Wireless continues to have the highest prepaid ARPU in the industry

 Pay-TV  

Pay-TV consists of DISH TV and Sling TV and delivered approximately $2.34 billion in revenue for the third quarter.

  • Customer loyalty and high-quality subscribers further reduced DISH TV churn by 14 basis points year-over-year to (1.33%), a historic low for the third quarter
  • Introduced the popular Sling Day, Weekend and Week Pass subscriptions
  • Pay-TV ended the quarter with approximately 7.17 million subscribers

 Broadband & Satellite Services  

Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $346 million in revenue for the third quarter.

  • Approximately $1.5 billion contracted backlog revenue at the end of Q3
  • Broadband & Satellite Services ended the quarter with approximately 783,000 subscribers

Set forth below is a table highlighting certain of EchoStar's segment results for the three and nine months ended September 30, 2025 and 2024 (all U.S. GAAP amounts reference results from operations):

 For the Three Months Ended
September 30,  


 For the Nine Months Ended
September 30,  




 2025  


 2024  


 2025  


 2024  


(in thousands)

 Revenue  












Pay-TV

$

2,341,183


$

2,618,031


$

7,342,159


$

8,020,893

Wireless


938,946



898,396



2,846,352



2,705,130

Broadband and Satellite Services


345,820



386,709



1,056,258



1,163,306

All Other & Eliminations


(11,691)



(12,152)



(35,794)



(30,751)

Total

$

3,614,258


$

3,890,984


$

11,208,975


$

11,858,578













 Net Income (loss) attributable to EchoStar  

$

(12,781,196)


$

(141,812)


$

(13,289,997)


$

(454,779)













 OIBDA  












Pay-TV

$

610,437


$

676,003


$

2,003,687


$

2,184,514

Wireless


(16,653,884)



(437,360)



(17,520,928)



(1,195,295)

Broadband and Satellite Services


(207,597)



77,526



(54,195)



239,205

All Other & Eliminations


460



498



700



555

Total

$

(16,250,584)


$

316,667


$

(15,570,736)


$

1,228,979













 Adjusted OIBDA  












Pay-TV

$

610,437


$

676,003


$

2,003,687


$

2,184,514

Wireless


(454,540)



(437,360)



(1,321,584)



(1,195,295)

Broadband and Satellite Services


74,527



77,526



227,929



239,205

All Other & Eliminations


460



498



700



555

Total

$

230,884


$

316,667


$

910,732


$

1,228,979













 Purchases of property and equipment, net of refunds, (including capitalized interest
related to regulatory authorizations)  







Pay-TV

$

98,553


$

53,357


$

239,521


$

165,275

Wireless


214,671



396,596



1,123,867



1,506,237

Broadband and Satellite Services


45,334



44,913



120,555



172,083


$

358,558


$

494,866


$

1,483,943


$

1,843,595

Reconciliation of GAAP to Non-GAAP Measurement:

 For the Three Months Ended 
September 30, 2025  


 Pay-TV  


 Wireless  


 Broadband and
Satellite Services  




 Consolidated   

 Eliminations  



(In thousands)

Segment operating income (loss)


$

549,388


$

(16,883,499)


$

(308,327)


$

563


$

(16,641,875)

Depreciation and amortization



61,049



229,615



100,730



(103)



391,291

 OIBDA  



610,437



(16,653,884)



(207,597)



460



(16,250,584)

Impairments and other



—



16,199,344



282,124



—



16,481,468

 Adjusted OIBDA  


$

610,437


$

(454,540)


$

74,527


$

460


$

230,884

















 For the Three Months Ended 
September 30, 2024  















Segment operating income (loss)


$

588,501


$

(714,062)


$

(36,116)


$

910


$

(160,767)

Depreciation and amortization



87,502



276,702



113,642



(412)



477,434

 OIBDA  



676,003



(437,360)



77,526



498



316,667

Impairments and other



—



—



—



—



—

 Adjusted OIBDA  


$

676,003


$

(437,360)


$

77,526


$

498


$

316,667

































 For the Nine Months Ended 
September 30, 2025  


 Pay-TV  


 Wireless  


 Broadband and
Satellite Services  




 Consolidated   

 Eliminations  



(In thousands)

Segment operating income (loss)


$

1,798,370


$

(18,378,749)


$

(364,260)


$

1,224


$

(16,943,415)

Depreciation and amortization



205,317



857,821



310,065



(524)



1,372,679

 OIBDA  



2,003,687



(17,520,928)



(54,195)



700



(15,570,736)

Impairments and other



—



16,199,344



282,124



—



16,481,468

 Adjusted OIBDA  


$

2,003,687


$

(1,321,584)


$

227,929


$

700


$

910,732

















 For the Nine Months Ended 
September 30, 2024  















Segment operating income (loss)


$

1,926,361


$

(2,059,532)


$

(110,256)


$

2,047


$

(241,380)

Depreciation and amortization



258,153



864,237



349,461



(1,492)



1,470,359

 OIBDA  



2,184,514



(1,195,295)



239,205



555



1,228,979

Impairments and other



—



—



—



—



—

 Adjusted OIBDA  


$

2,184,514


$

(1,195,295)


$

239,205


$

555


$

1,228,979

 Note on Use of Non-GAAP Financial Measures  

OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization."

Adjusted OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization" and "impairments and other."

OIBDA and Adjusted OIBDA, which are presented by segment above, are non-GAAP measures reconciled to "Operating income (loss)" and do not purport to be alternatives to operating income (loss) as a measure of operating performance. We believe OIBDA is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

We believe Adjusted OIBDA is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments as it excludes one-time, non-cash items that we do not consider to be reflective of our ongoing operating performance.

The condensed consolidated financial statements of EchoStar for the period ended September 30, 2025, are attached to this press release. Detailed financial data and other information are available in EchoStar's Form 10-Q for the period ended September 30, 2025, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Thursday, November 6, 2025, at 11 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar's investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13756616) or ask for the "EchoStar Corporation Q3 2025 Earnings Conference Call." Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "goal," "seek," "estimate," "expect," "intend," "project," "continue," "future," "will," "would," "can," "may," "plans," and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See "Risk Factors" in EchoStar's Annual Report on Form 10-K for the period ended December 31, 2024, and subsequent quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

 ECHOSTAR CORPORATION  


 CONDENSED CONSOLIDATED BALANCE SHEETS  


(Dollars in thousands, except share amounts)


(Unaudited)








 As of    


  September 30,   


 December 31,  


 2025  


 2024  

 Assets  






Current Assets:




Cash and cash equivalents

$

2,431,742


$

4,305,393

Current restricted cash, cash equivalents and marketable investment securities


169,575



150,898



Marketable investment securities


1,482,828



1,242,036

Trade accounts receivable, net of allowance for credit losses of $91,384 and $82,628,
respectively


1,127,101



1,198,731

Inventory


416,068



455,197

Prepaids and other assets


384,301



655,233

Other current assets


20,675



88,255

Total current assets


6,032,290



8,095,743







 Noncurrent Assets:  






Restricted cash, cash equivalents and marketable investment securities 


174,352



169,627

Property and equipment, net 


3,084,793



9,187,132

Regulatory authorizations, net


34,924,214



39,442,166

Other investments, net


193,272



202,327

Operating lease assets


291,846



3,260,768

Intangible assets, net 


62,949



74,939

Other noncurrent assets, net


507,650



505,985

Total noncurrent assets


39,239,076



52,842,944

Total assets

$

45,271,366


$

60,938,687







 Liabilities and Stockholders' Equity (Deficit)  






 Current Liabilities:  






Trade accounts payable

$

668,186


$

740,984

Deferred revenue and other


652,398



650,940

Accrued programming


1,222,607



1,339,072

Accrued interest


631,933



352,499

Other accrued expenses and liabilities


2,267,668



1,804,516

Current portion of debt, finance lease and other obligations


4,519,619



943,029

Total current liabilities


9,962,411



5,831,040







 Long-Term Obligations, Net of Current Portion:  






Long-term debt, finance lease and other obligations, net of current portion


21,791,251



25,660,288



Deferred tax liabilities, net


680,784



4,988,653

Operating lease liabilities 


4,266,240



3,211,407

Long-term deferred revenue and other long-term liabilities


1,563,809



1,002,074

Total long-term obligations, net of current portion


28,302,084



34,862,422

Total liabilities


38,264,495



40,693,462







Commitments and Contingencies












 Stockholders' Equity (Deficit):   






Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 158,248,208 and
155,048,676 shares issued, 156,459,188 and 155,048,676 shares outstanding, respectively


159



155

Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 shares
issued and outstanding


131



131

Additional paid-in capital


8,849,985



8,768,360

Accumulated other comprehensive income (loss)


(178,779)



(195,711)

Accumulated earnings (deficit)


(1,671,560)



11,618,437

Treasury stock, at cost, 1,789,020 shares


(48,512)



—

Total EchoStar stockholders' equity (deficit)


6,951,424



20,191,372

Noncontrolling interests


55,447



53,853

Total stockholders' equity (deficit)


7,006,871



20,245,225

Total liabilities and stockholders' equity (deficit)

$

45,271,366


$

60,938,687

 

 ECHOSTAR CORPORATION  


 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS   


(Dollars in thousands, except per share amounts)


(Unaudited)














 For the Three Months Ended September 30,   


 For the Nine Months Ended September 30,   


 2025  


 2024  


 2025  


 2024  

 Revenue:  












Service revenue

$

3,427,947


$

3,671,674


$

10,574,210


$

11,233,429

Equipment sales and other revenue


186,311



219,310



634,765



625,149

Total revenue


3,614,258



3,890,984



11,208,975



11,858,578













 Costs and Expenses (exclusive of depreciation and amortization):  












Cost of services


2,370,363



2,538,149



7,264,192



7,602,809

Cost of sales - equipment and other 


391,524



393,024



1,185,219



1,164,200

Selling, general and administrative expenses


621,487



643,144



1,848,832



1,862,590

Depreciation and amortization 


391,291



477,434



1,372,679



1,470,359

Impairments and other


16,481,468



—



16,481,468



—

Total costs and expenses


20,256,133



4,051,751



28,152,390



12,099,958













Operating income (loss)


(16,641,875)



(160,767)



(16,943,415)



(241,380)













 Other Income (Expense):  












Interest income


53,187



11,200



184,085



55,591

Interest expense, net of amounts capitalized


(377,072)



(81,503)



(942,359)



(262,077)

Other, net


28,953



52,107



105,480



(65,501)

Total other income (expense)


(294,932)



(18,196)



(652,794)



(271,987)













Income (loss) before income taxes


(16,936,807)



(178,963)



(17,596,209)



(513,367)

Income tax (provision) benefit, net


4,155,459



35,162



4,304,736



53,733

Net income (loss)


(12,781,348)



(143,801)



(13,291,473)



(459,634)

Less: Net income (loss) attributable to noncontrolling interests, net of tax


(152)



(1,989)



(1,476)



(4,855)

Net income (loss) attributable to EchoStar

$

(12,781,196)


$

(141,812)


$

(13,289,997)


$

(454,779)













 Weighted-average common shares outstanding - Class A and B
common stock:   












Basic


288,051



271,736



287,362



271,616

Diluted


288,051



271,736



287,362



271,616













 Earnings per share - Class A and B common stock:  












Basic net income (loss) per share attributable to EchoStar

$

(44.37)


$

(0.52)


$

(46.25)


$

(1.67)

Diluted net income (loss) per share attributable to EchoStar

$

(44.37)


$

(0.52)


$

(46.25)


$

(1.67)

 

 ECHOSTAR CORPORATION  



 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  


(In thousands) 



(Unaudited)










 For the Nine Months Ended  



 September 30,   



 2025  


 2024  

 Cash Flows From Operating Activities:  







Net income (loss)


$

(13,291,473)


$

(459,634)

 Adjustments to reconcile net income (loss) to net cash flows from operating activities:  







Depreciation and amortization



1,372,679



1,470,359

Impairments and other



16,481,468



—

Realized and unrealized losses (gains) and impairments on investments and other



(28,884)



41,929

Asset sales and other (gains) losses



(59,474)



(50,418)

Non-cash, stock-based compensation



27,994



28,298

Interest expense paid in kind on long-term debt



95,120



—

Deferred tax expense (benefit)



(4,328,557)



(85,300)

Changes in allowance for credit losses



8,756



8,037

Change in long-term deferred revenue and other long-term liabilities



36,677



15,996

Other, net



32,073



131,029

Changes in operating assets and operating liabilities, net



(20,431)



106,848

 Net cash flows from operating activities  



325,948



1,207,144








 Cash Flows From Investing Activities:  







Purchases of marketable investment securities



(2,767,979)



(29,166)

Sales and maturities of marketable investment securities



2,549,229



563,421

Purchases of property and equipment



(807,632)



(1,200,606)

Capitalized interest related to regulatory authorizations



(676,311)



(642,989)

Purchases of regulatory authorizations, including deposits 



—



(1,104)

Sale of assets to CONX



—



26,719

Liberty Puerto Rico asset sale



—



95,435

Sale of Fiber business



47,207



—

Other, net



5,444



10,892

 Net cash flows from investing activities  



(1,650,042)



(1,177,398)








 Cash Flows From Financing Activities:  







Repayment of long-term debt, finance lease and other obligations



(60,032)



(101,197)

Redemption and repurchases of term loans, convertible and senior notes



(622,716)



(951,170)

Proceeds from issuance of convertible and senior notes



150,000



—

Debt issuance costs and debt (discount) premium



(946)



—

Proceeds from New DISH DBS Financing



—



2,500,000

Debt issuance costs and debt (discount) premium from New DISH DBS Financing



—



(136,208)

Early debt extinguishment gains (losses) of convertible and senior notes



11,465



—

Class A common stock repurchases



(48,512)



—

Net proceeds from Class A common stock options exercised and stock issued under the
Employee Stock Purchase Plan



35,846



4,347

Purchase of SNR Management's ownership interest in SNR HoldCo



—



(441,998)

Other, net



(27,977)



(4,185)

 Net cash flows from financing activities   



(562,872)



869,589








Effect of exchange rates on cash and cash equivalents



2,991



(3,458)








 Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents  



(1,883,975)



895,877

Cash, cash equivalents, restricted cash and cash equivalents, beginning of period



4,593,804



1,911,601

Cash, cash equivalents, restricted cash and cash equivalents, end of period


$

2,709,829


$

2,807,478

 

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