0001104659-26-089370 | 10-Q | XBRL Viewer

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Segment Reporting - Revenue, expense, operating income (loss) and OIBDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 3,576,164	$ 3,724,959	$ 7,243,653	$ 7,594,717
Cost of services:
Cost of services	1,928,151	2,461,631	3,926,419	4,893,829
Cost of sales - equipment and other	418,970	354,187	955,877	793,695
Selling, general and administrative expenses:
Subscriber acquisition costs	249,376	335,951	503,623	658,492
Selling, general and administrative expenses	298,472	293,543	683,250	568,853
Total selling, general and administrative expenses	547,848	629,494	1,186,873	1,227,345
Impairments and other	(2,286)		(68,445)
OIBDA	683,481	279,647	1,242,929	679,848
Depreciation and amortization	170,543	493,055	337,144	981,388
Total costs and expenses	3,063,226	3,938,367	6,337,868	7,896,257
Operating income (loss)	512,938	(213,408)	905,785	(301,540)
Unallocated Amounts
Interest income	40,912	65,369	70,321	130,898
Interest expense, net of amounts capitalized	(509,146)	(279,232)	(1,101,806)	(565,287)
Deconsolidation gain	9,728,958		9,728,958
Other, net	16,452	35,137	18,636	76,527
Income (loss) before income taxes	9,790,114	(392,134)	9,621,894	(659,402)
Service revenue
Revenue
Revenue	3,301,538	3,540,107	6,677,078	7,146,263
Equipment sales and other revenue
Revenue
Revenue	274,626	184,852	566,575	448,454
Programming
Cost of services:
Cost of services	1,030,380	1,179,987	2,131,300	2,396,409
Connectivity services
Cost of services:
Cost of services	413,081	737,198	829,493	1,460,375
Other
Cost of services:
Cost of services	484,690	544,446	965,626	1,037,045
Operating segment \| Pay-TV
Revenue
Revenue	2,248,534	2,462,249	4,542,798	5,000,976
Cost of services:
Cost of services	1,352,642	1,548,971	2,768,342	3,105,607
Cost of sales - equipment and other	31,934	9,446	64,035	19,118
Selling, general and administrative expenses:
Subscriber acquisition costs	86,205	87,606	156,256	174,119
Selling, general and administrative expenses	177,097	152,849	426,076	308,882
Total selling, general and administrative expenses	263,302	240,455	582,332	483,001
OIBDA	600,656	663,377	1,128,089	1,393,250
Depreciation and amortization	58,315	67,825	114,181	144,268
Total costs and expenses	1,706,193	1,866,697	3,528,890	3,751,994
Operating income (loss)	542,341	595,552	1,013,908	1,248,982
Operating segment \| Wireless
Revenue
Revenue	929,023	931,803	1,891,514	1,901,471
Cost of services:
Cost of services	479,821	497,162	960,022	962,624
Cost of sales - equipment and other	198,356	282,028	449,503	631,246
Selling, general and administrative expenses:
Subscriber acquisition costs	138,784	204,810	298,546	395,295
Selling, general and administrative expenses	61,302	46,712	118,966	84,922
Total selling, general and administrative expenses	200,086	251,522	417,512	480,217
OIBDA	50,760	(98,909)	64,477	(172,616)
Depreciation and amortization	50,857	19,250	100,356	39,437
Total costs and expenses	929,120	1,049,962	1,927,393	2,113,524
Operating income (loss)	(97)	(118,159)	(35,879)	(212,053)
Operating segment \| Broadband and Satellite Services
Revenue
Revenue	316,904	339,780	646,560	710,438
Cost of services:
Cost of services	96,951	115,232	199,303	228,357
Cost of sales - equipment and other	53,949	63,551	124,839	145,285
Selling, general and administrative expenses:
Subscriber acquisition costs	26,667	44,924	55,056	91,356
Selling, general and administrative expenses	39,138	48,374	73,039	92,038
Total selling, general and administrative expenses	65,805	93,298	128,095	183,394
Impairments and other	(275)		(275)
OIBDA	100,474	67,699	194,598	153,402
Depreciation and amortization	50,017	104,437	99,957	209,335
Total costs and expenses	266,447	376,518	551,919	766,371
Operating income (loss)	50,457	(36,738)	94,641	(55,933)
Operating segment \| Other
Revenue
Revenue	91,548	71,876	182,531	134,173
Cost of services:
Cost of services		357,087		700,167
Cost of sales - equipment and other	135,684		318,816
Selling, general and administrative expenses:
Selling, general and administrative expenses	26,993	51,864	76,993	95,562
Total selling, general and administrative expenses	26,993	51,864	76,993	95,562
Impairments and other	(2,011)		(68,170)
OIBDA	(69,118)	(337,075)	(145,108)	(661,556)
Depreciation and amortization	11,354	317,713	22,659	621,642
Total costs and expenses	172,020	726,664	350,298	1,417,371
Operating income (loss)	(80,472)	(654,788)	(167,767)	(1,283,198)
Operating segment \| Segment Total
Revenue
Revenue	3,586,009	3,805,708	7,263,403	7,747,058
Cost of services:
Cost of services	1,929,414	2,518,452	3,927,667	4,996,755
Cost of sales - equipment and other	419,923	355,025	957,193	795,649
Selling, general and administrative expenses:
Subscriber acquisition costs	251,656	337,340	509,858	660,770
Selling, general and administrative expenses	304,530	299,799	695,074	581,404
Total selling, general and administrative expenses	556,186	637,139	1,204,932	1,242,174
Impairments and other	(2,286)		(68,445)
OIBDA	682,772	295,092	1,242,056	712,480
Depreciation and amortization	170,543	509,225	337,153	1,014,682
Total costs and expenses	3,073,780	4,019,841	6,358,500	8,049,260
Operating income (loss)	512,229	(214,133)	904,903	(302,202)
Operating segment \| Service revenue \| Pay-TV
Revenue
Revenue	2,203,797	2,444,851	4,464,161	4,966,403
Operating segment \| Service revenue \| Wireless
Revenue
Revenue	864,450	823,721	1,732,633	1,633,328
Operating segment \| Service revenue \| Broadband and Satellite Services
Revenue
Revenue	233,291	271,535	480,284	546,532
Operating segment \| Service revenue \| Segment Total
Revenue
Revenue	3,301,538	3,540,107	6,677,078	7,146,263
Operating segment \| Equipment sales and other revenue \| Pay-TV
Revenue
Revenue	42,933	13,638	74,916	26,593
Operating segment \| Equipment sales and other revenue \| Wireless
Revenue
Revenue	64,553	108,082	158,405	268,143
Operating segment \| Equipment sales and other revenue \| Broadband and Satellite Services
Revenue
Revenue	76,428	60,567	151,666	149,090
Operating segment \| Equipment sales and other revenue \| Other
Revenue
Revenue	90,712	2,565	181,588	4,628
Operating segment \| Equipment sales and other revenue \| Segment Total
Revenue
Revenue	274,626	184,852	566,575	448,454
Operating segment \| Programming \| Pay-TV
Cost of services:
Cost of services	1,030,380	1,179,987	2,131,300	2,396,409
Operating segment \| Programming \| Segment Total
Cost of services:
Cost of services	1,030,380	1,179,987	2,131,300	2,396,409
Operating segment \| Connectivity services \| Pay-TV
Cost of services:
Cost of services	48,609	52,652	97,536	106,786
Operating segment \| Connectivity services \| Wireless
Cost of services:
Cost of services	323,479	332,661	648,863	653,991
Operating segment \| Connectivity services \| Broadband and Satellite Services
Cost of services:
Cost of services	43,400	50,180	87,315	99,339
Operating segment \| Connectivity services \| Other
Cost of services:
Cost of services		357,087		700,167
Operating segment \| Connectivity services \| Segment Total
Cost of services:
Cost of services	415,488	792,580	833,714	1,560,283
Operating segment \| Other \| Pay-TV
Cost of services:
Cost of services	273,653	316,332	539,506	602,412
Operating segment \| Other \| Wireless
Cost of services:
Cost of services	156,342	164,501	311,159	308,633
Operating segment \| Other \| Broadband and Satellite Services
Cost of services:
Cost of services	53,551	65,052	111,988	129,018
Operating segment \| Other \| Segment Total
Cost of services:
Cost of services	483,546	545,885	962,653	1,040,063
Eliminations
Revenue
Revenue	(9,845)	(80,749)	(19,750)	(152,341)
Cost of services:
Cost of services	(1,263)	(56,821)	(1,248)	(102,926)
Cost of sales - equipment and other	(953)	(838)	(1,316)	(1,954)
Selling, general and administrative expenses:
Subscriber acquisition costs	(2,280)	(1,389)	(6,235)	(2,278)
Selling, general and administrative expenses	(6,058)	(6,256)	(11,824)	(12,551)
Total selling, general and administrative expenses	(8,338)	(7,645)	(18,059)	(14,829)
OIBDA	709	(15,445)	873	(32,632)
Depreciation and amortization		(16,170)	(9)	(33,294)
Total costs and expenses	(10,554)	(81,474)	(20,632)	(153,003)
Operating income (loss)	709	725	882	662
Eliminations \| Pay-TV
Revenue
Revenue	1,804	3,760	3,721	7,980
Eliminations \| Wireless
Revenue
Revenue	20		476
Eliminations \| Broadband and Satellite Services
Revenue
Revenue	7,185	7,678	14,610	14,816
Eliminations \| Other
Revenue
Revenue	836	69,311	943	129,545
Eliminations \| Segment Total
Revenue
Revenue	9,845	80,749	19,750	152,341
Eliminations \| Connectivity services
Cost of services:
Cost of services	(2,407)	(55,382)	(4,221)	(99,908)
Eliminations \| Other
Cost of services:
Cost of services	$ 1,144	$ (1,439)	$ 2,973	$ (3,018)

Basic and Diluted Net Income (Loss) Per Share - EPS Amounts for Basic and Diluted Weighted-Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive securities excluded from computation of earnings per share
Net income (loss)	$ 8,462,545	$ (306,844)	$ 8,315,245	$ (510,125)
Less: Net income (loss) attributable to noncontrolling interests, net of tax	173	(712)	(242)	(1,324)
Net income (loss) attributable to EchoStar	8,462,372	(306,132)	8,315,487	(508,801)
Interest on dilutive Convertible Notes, net of tax	17,594		35,073
Net income (loss) attributable to EchoStar - Diluted	$ 8,479,966	$ (306,132)	$ 8,350,560	$ (508,801)
Weighted-average common shares outstanding - Class A and B common stock:
Basic (in shares)	290,141	287,505	289,581	287,012
Dilutive impact of Convertible Notes (in shares)	58,007		58,007
Dilutive impact of stock awards outstanding (in shares)	3,474		3,844
Diluted (in shares)	351,622	287,505	351,432	287,012
Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar (In dollar per share)	$ 29.17	$ (1.06)	$ 28.72	$ (1.77)
Diluted net income (loss) per share attributable to EchoStar (in dollars per share)	$ 24.12	$ (1.06)	$ 23.76	$ (1.77)

Prepackaged Restructuring and Deconsolidation

6 Months Ended

Jun. 30, 2026

Prepackaged Restructuring and Deconsolidation

Prepackaged Restructuring and Deconsolidation

3.	Prepackaged Restructuring and Deconsolidation

Prepackaged Restructuring

On June 30, 2026, our subsidiary, DISH DBS Corporation and certain of its subsidiaries (the “DISH DBS Filing Entities”), including DISH Wireless L.L.C. and its subsidiaries (the “DISH Wireless Filing Entities,” and together with the DISH DBS Filing Entities, the “Filing Entities”), commenced voluntary cases under chapter 11 of title 11 of the United States Bankruptcy Code (the “Prepackaged Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), Houston Division, to pursue confirmation of a joint prepackaged plan of reorganization (the "Prepackaged Chapter 11 Plan"). The Prepackaged Chapter 11 Plan restructures certain funded debt obligations of the DISH DBS Filing Entities and all claims asserted against the DISH Wireless Filing Entities. The Prepackaged Chapter 11 Cases of the DISH DBS Filing Entities and the DISH Wireless Filing Entities are jointly administered for procedural purposes and the Prepackaged Chapter 11 Plan is a joint plan for all of the Filing Entities.

The Prepackaged Chapter 11 Plan implements the terms of the RSA signed on March 19, 2026, as amended, modified or supplemented, subject to approval by the Bankruptcy Court. Holders of more than 88% of the DISH DBS Filing Entities’ secured and unsecured notes, who also hold more than $8.8 billion of claims against the DISH Wireless Filing Entities, have signed the RSA and have agreed to support the Prepackaged Chapter 11 Plan. As a result, the Filing Entities anticipate that all classes of claims will vote to accept, or be deemed to have accepted, the Prepackaged Chapter 11 Plan. The Prepackaged Chapter 11 Plan remains subject to approval by the Bankruptcy Court. The Filing Entities are targeting emergence from the Prepackaged Chapter 11 Plan during the second half of 2026.

Deconsolidation

As a result of the Prepackaged Chapter 11 Cases, pursuant to the guidance in Accounting Standards Codification 810, Consolidation (“ASC 810”), for financial reporting purposes, we no longer have a controlling financial interest in the DISH DBS Filing Entities and all other subsidiaries of DISH DBS (together the “DISH DBS Deconsolidated Subsidiaries”) or the DISH Wireless Filing Entities and all other subsidiaries of DISH Wireless (together the “DISH Wireless Deconsolidated Subsidiaries,” and together with the DISH DBS Deconsolidated Subsidiaries, collectively referred to as the “Deconsolidated Subsidiaries”), due to the oversight and control assumed by the Bankruptcy Court and as such we deconsolidated those subsidiaries for financial reporting purposes effective June 30, 2026. The financial positions and results of operations of the Deconsolidated Subsidiaries are no longer included in our condensed consolidated financial statements subsequent to the deconsolidation date. Our results of operations include the operations of the Deconsolidated Subsidiaries for the three and six months ended June 30, 2026. Upon deconsolidation, we are required to initially measure our retained noncontrolling equity investment in the Deconsolidated Subsidiaries at fair value. Based on Level 3 inputs, including the discount rate, churn rate and ARPU, we estimated this initial fair value to be $0, as the fair value of the liabilities of the Deconsolidated Subsidiaries exceeded the fair value of their assets.

Upon deconsolidation, we recorded a non-cash “Deconsolidation gain” of $9.729 billion on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2026. The deconsolidation gain is not currently taxable as the Prepackaged Chapter 11 Cases does not terminate the Deconsolidated Subsidiaries’ status as members of the consolidated tax group, preserving the tax deferral of the gain under applicable income tax regulations.

The following table presents the components of our “Deconsolidation gain”:


	As of
	June 30,
	2026
	(In thousands)
Net liabilities of the Deconsolidated Subsidiaries	$	11,427,038
Investment in Deconsolidated Subsidiaries		—
Deferred tax adjustment (1)		(1,513,571)
Allowance for credit losses (1)		(133,196)
Parent guarantees (1)		(51,313)
Deconsolidation gain	$	9,728,958

(1)	These amounts are recorded at the parent, EchoStar.

Subsequent to the deconsolidation on June 30, 2026, all intercompany balances between us and the Deconsolidated Subsidiaries are now classified as third-party transactions. Substantially all third-party receivables from the DISH Wireless Filing Entities have been fully reserved. We maintain continuing involvement with the DISH DBS Filing Entities through various arrangements, including, but not limited to, certain satellite leases and professional and shared services.

The DISH DBS Filing Entities are targeting emergence from the Prepackaged Chapter 11 Plan during the second half of 2026, subject to Bankruptcy Court approval, upon which we will regain control of the DISH DBS Deconsolidated Subsidiaries for financial reporting purposes, and reconsolidate those subsidiaries at that time based on the associated fair value of their assets and liabilities.

Advances from the Filing Entities for Vendor Disbursements

DISH DBS Filing Entities. Prior to the Prepackaged Chapter 11 Plan, the DISH DBS Filing Entities advanced funds to us for the sole designated purpose of settling certain shared services and third-party obligations on the DISH DBS Filing Entities' behalf (the “Advances from the DISH DBS Filing Entities for Vendor Disbursements”). As of June 30, 2026, Advances from the DISH DBS Filing Entities for Vendor Disbursements totaled $1.051 billion, which is recorded in “Current restricted cash, cash equivalents and marketable investment securities” with the corresponding liability recorded in “Other accrued expenses and liabilities” on our Condensed Consolidated Balance Sheets. As of June 30, 2026, we had not settled any of the DISH DBS Filing Entities' obligations.

DISH Wireless Filing Entities. Prior to the Prepackaged Chapter 11 Plan, the DISH Wireless Filing Entities advanced funds to us for the sole designated purpose of settling certain shared services and third-party obligations on the DISH Wireless Filing Entities’ behalf (the “Advances from the DISH Wireless Filing Entities for Vendor Disbursements”). As of June 30, 2026, Advances from the DISH Wireless Filing Entities for Vendor Disbursements totaled $4 million, which is recorded in “Current restricted cash, cash equivalents and marketable investment securities” with the corresponding liability recorded in “Other accrued expenses and liabilities” on our Condensed Consolidated Balance Sheets. As of June 30, 2026, we had not settled any of the DISH Wireless Filing Entities' obligations.

The Advances from the DISH DBS Filing Entities for Vendor Disbursements together with the Advances from the DISH Wireless Filing Entities for Vendor Disbursements, are collectively referred to as the “Advances from the Filing Entities for Vendor Disbursements”.

Parent Guarantees

Prior to deconsolidation, we guaranteed certain of the DISH Wireless Filing Entities’ obligations under certain contracts and leases. Concurrently with the deconsolidation, this arrangement ceased to be treated as an intercompany guarantee and as such we recorded the fair value of the parent guarantee of $51 million in “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets.

Individually Significant Component

Based on the guidance in Accounting Standards Codification 205-20, Presentation of Financial Statements—Discontinued Operations, (“ASC 205-20”) management concluded that discontinued operations presentation for the Deconsolidated Subsidiaries is not warranted as the disposal does not meet the criteria for discontinued operations.

However, the DISH Wireless Deconsolidated Subsidiaries consist primarily of our legacy 5G Network and 5G Network deployment operations in our Other segment and the DISH DBS Deconsolidated Subsidiaries consists of substantially all of our Pay-TV segment operations, and as such under Accounting Standards Codification (ASC) 360-10, Impairment and Disposal of Long-Lived Assets, each group represents an individually significant component of our consolidated financial statements. The following table summarizes our individually significant components:


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
DISH DBS Deconsolidated Subsidiaries:
Income (loss) before income taxes		$	(8,206,561)		$	414,703		$	(7,869,324)		$	879,162
Deconsolidation gain		$	5,209,671		$	—		$	5,209,671		$	—

DISH Wireless Deconsolidated Subsidiaries:
Income (loss) before income taxes		$	(417,892)		$	(1,080,850)		$	(873,241)		$	(2,090,193)
Deconsolidation gain		$	6,217,367		$	—		$	6,217,367		$	—

Financing during the Prepackaged Chapter 11 Cases

DISH DBS Filing Entities

The DISH DBS Filing Entities continue to operate their businesses in the ordinary course and manage as debtors in possession. Prior to the commencement of the Prepackaged Chapter 11 Cases, we and the DISH DBS Filing Entities operated under a centralized cash management system. As such, we will continue to provide funds to operate their businesses in the ordinary course, utilizing the Advances from DISH DBS Filing Entities for Vendor Disbursements.

DISH Wireless Filing Entities

We and the DISH Wireless Filing Entities agreed to a secured, junior, multi-draw debtor-in-possession term loan facility for an aggregate borrowing principal amount of up to $85 million (the "Parent DIP Facility") pursuant to the terms pending approval by the Bankruptcy Court. The Parent DIP Facility matures on December 31, 2026. Interest accrues at an annual rate of 11 1/2% and is payable monthly. Interest payments are payable in kind. The DISH Wireless Filing Entities, at their option, may elect to repay the Parent DIP Facility amount outstanding prior to maturity in whole or in part without premium or penalty, subject to providing prior written notice to us. We may elect to reduce the borrowing principal amount or require prepayment of the Parent DIP Facility from any supplemental liquidity obtained by the DISH Wireless Filing Entities after the Parent DIP Facility is drawn. As of June 30, 2026, no amounts had been drawn on the Parent DIP Facility.

The Parent DIP Facility is secured by a junior lien on substantially all of the DISH Wireless Filing Entities assets and ranks junior to the Prepetition Secured Loan held by the DISH DBS Filing Entities. Under the Parent DIP Facility, subject to Bankruptcy Court approval, we will have superpriority administrative expense claims senior to all other administrative and other claims against the DISH Wireless Filing Entities and liens senior in right of payment to unsecured claims but junior in right of payment to claims under the Prepetition Secured Loan.

Prior to the Prepackaged Chapter 11 Plan, the DISH DBS Filing Entities entered into a secured intercompany financing arrangement with the DISH Wireless Filing Entities (the “Prepetition Secured Loan”) for a principal amount of $75 million to provide operating liquidity to the DISH Wireless Filing Entities. The Prepetition Secured Loan matures on April 21, 2027. Interest accrues at an annual rate of 5 1/2% and is payable monthly in cash. The DISH Wireless Filing Entities, at their option, may elect to repay the Prepetition Secured Loan amount outstanding prior to maturity in whole or in part at any time without premium or penalty. The Prepetition Secured Loan is secured by a lien on substantially all of the DISH Wireless Filing Entities’ assets.

Stalking Horse Bid. In connection with the Prepackaged Chapter 11 Plan, we and the DISH Wireless Filing Entities entered into a Stalking Horse Asset Purchase Agreement (the "APA"). Under the APA, we propose to acquire substantially all of the DISH Wireless Filing Entities assets free and clear of liens and encumbrances under Section 363 of the Bankruptcy Code, establishing a baseline floor price for the estate. To ensure value maximization, FTI Capital Advisors is actively marketing the assets to third parties under a proposed competitive bidding timeline. If we are the successful bidder, we intend to credit bid up to $85 million of our Parent DIP Facility claims to reduce the cash purchase price. If we are outbid by a third party, we may serve as the designated backup bidder to ensure transaction certainty.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.	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 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, 2025. 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 is recorded as noncontrolling interests or redeemable noncontrolling interests. See Note 6 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.

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 and guarantees, fair value of options granted under our stock-based compensation plans, fair value of assets and liabilities acquired in business combinations or as part of an asset acquisition, fair value of exit or disposal cost obligations, timing and amount of asset retirement obligations, 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.

Exit and Disposal Costs

Our exit and disposal costs include, among other things, one-time employee termination benefits, costs to terminate contracts that are not a lease and other exit and disposal costs. The liability for exit and disposal costs is initially measured at fair value and we recognize the costs associated with an exit or disposal activity in the period in which the liability is incurred. The liability for our exit and disposal costs is included in “Other accrued expenses and liabilities” and “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets. Fair value is determined under the income approach primarily using the expected present value technique that utilizes the estimated future cash flows associated with the obligation, discounted at our credit-adjusted risk-free rate plus a risk premium.

Any gains and losses resulting from the difference between the recorded liability and final settlement amounts will be recognized in “Impairments and other” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The initial fair value of our exit and disposal obligations is categorized within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs. Subsequent to the initial measurement, our exit and disposal cost liability is periodically adjusted for revisions in the estimated timing and amount of future cash flows.

The following table presents the activity relating to our exit and disposal costs, included in “Other accrued expenses and liabilities” and “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets:


	One-Time Employee Termination Benefits		Contract Termination Costs		Total

	(In thousands)
Balance, December 31, 2025	$	—	$	759,419	$	759,419
Costs incurred and charged to expense (1)		—		14,346		14,346
(Gains) losses on costs paid or settled (1)		—		(36,916)		(36,916)
Costs paid or settled		—		(29,982)		(29,982)
Accretion		—		11,725		11,725
Balance, March 31, 2026	$	—	$	718,592	$	718,592
Costs incurred and charged to expense (1)		—		17,850		17,850
(Gains) losses on costs paid or settled (1)		—		(949)		(949)
Costs paid or settled		—		(63,906)		(63,906)
Accretion		—		8,725		8,725
Deconsolidated Subsidiaries		—		(680,312)		(680,312)
Balance, June 30, 2026	$	—	$	—	$	—

(1)

During the three and six months ended June 30, 2026, we incurred costs charged to expense and settled certain accrued exit costs, which increased our exit and disposal costs by $17 million and reduced our exit and disposal costs by $6 million, respectively, and we also settled certain operating lease and other liabilities for $19 million and $62 million, respectively, not shown in the table above, for a total net settlement of $2 million and $68 million, respectively, which is included in “Impairments and other” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

As of June 30, 2026, cumulative costs incurred and charged to expense were $841 million.

Capitalized Interest

We capitalize interest associated with the acquisition or construction of certain assets, including, among other things, satellites and historically our wireless spectrum licenses and build-out costs associated with our 5G Network deployment, which were deconsolidated as of June 30, 2026. 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.

As a result of the termination of the deployment of our 5G Network, we no longer have 5G Network activities that qualify for capitalization and as such ceased capitalizing interest on the 5G Network qualifying assets at the end of August 2025. As of the third quarter of 2025, substantially all capitalized interest has ceased, except for capitalized interest on our satellites under construction.

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, 2026 and December 31, 2025, 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, exit or disposal cost obligations and the assignment of purchase consideration to assets in a non-cash exchange of assets and for 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 6 for the fair value of our marketable investment securities and derivative instruments.

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 10 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 $136 million and $217 million for the three months ended June 30, 2026 and 2025, respectively. Advertising expenses totaled $277 million and $426 million for the six months ended June 30, 2026 and 2025, 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).

Additionally, customer-related research and development costs are incurred in connection with the specific requirements of a customer’s order; in such instances, the amounts for these customer funded development efforts are also included in “Cost of sales–equipment and other” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development costs totaled $14 million and $16 million for the three months ended June 30, 2026 and 2025, respectively. Research and development costs totaled $30 million and $34 million for the six months ended June 30, 2026 and 2025, respectively.

New Accounting Pronouncements

Not Yet Adopted

Disaggregation of Income Statement Expenses. In November 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.

Intangibles – Goodwill and Other – Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which removes the references to the sequential software development stages from the guidance in Subtopic 350-40. Upon the adoption of ASU 2025-06, an entity is required to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. This standard is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2025-06 will have on our condensed consolidated financial statements, related disclosures and control environment.

Adopted

Derivatives and Hedging and Revenue from Contracts with Customers. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”), which refines and increases the scope exception for non-exchange-traded contracts based on operations specific to one party, reducing complex derivative accounting, and clarifies that share-based consideration received from customers should initially follow ASC 606 revenue guidance. This standard will be effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. We have elected to early adopt ASU 2025-07 on a modified retrospective basis effective January 1, 2026. The adoption of ASU 2025-07, which impacted the accounting treatment of the forward contract for the SpaceX Stock, did not result in a cumulative-effect adjustment to the opening balance of “Accumulated earnings (deficit)” on our Condensed Consolidated Balance Sheets as of January 1, 2026 and did not have a material impact on our condensed consolidated financial statements for the current period.

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases
Operating lease assets	$ 66,696	$ 214,549
Other current liabilities	$ 23,198	$ 845,326
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Operating lease liabilities	$ 120,325	$ 4,137,269
Total	$ 143,523	$ 4,982,595
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Operating lease liabilities, Other Accrued Liabilities, Current	Operating lease liabilities, Other Accrued Liabilities, Current
Other current liabilities	$ 11,288	$ 41,520
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	$ 113,353	$ 2,528
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligation	Long-term Debt and Capital Lease Obligation
Total	$ 124,641	$ 44,048
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligation, Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligation, Long-term Debt and Capital Lease Obligations, Current
Operating lease, weighted average remaining lease term	7 years 10 months 24 days	9 years 6 months
Finance lease, weighted average remaining lease term	8 years 3 months 18 days	9 months 18 days
Operating lease, weighted average discount rate, percent	9.10%	9.90%
Finance lease, weighted average discount rate, percent	7.30%	10.00%
Finance Leased Equipment
Leases
Property and equipment, gross	$ 209,257	$ 83,141
Accumulated depreciation	(11,600)	(5,124)
Property and equipment, net	$ 197,657	$ 78,017

Commitments and Contingencies - Summary of wireless spectrum licenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies
AT&T Transactions - Held for Sale	$ 16,822,253
Licenses	17,116,754	$ 34,548,952
SpaceX spectrum assets
Commitments and Contingencies
Licenses	8,667,276
Wireless Spectrum Licenses
Commitments and Contingencies
Licenses	$ 8,449,478

- Definition

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

+ References

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+ Details

Revenue Recognition - Allowance for credit losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Valuation and Qualifying Accounts
Balance at beginning of period	$ 79,590	$ 82,628
Current period provision for expected credit losses	37,557	59,395
Write-offs charged against allowance	(43,050)	(44,016)
Deconsolidated Subsidiaries allowance	133,196
Foreign currency translation	141	224
Deconsolidated Subsidiaries	(40,064)
Balance at end of period	167,370	98,231
Pay-TV
Valuation and Qualifying Accounts
Balance at beginning of period	36,017	42,575
Current period provision for expected credit losses	21,163	37,059
Write-offs charged against allowance	(17,349)	(18,316)
Deconsolidated Subsidiaries allowance	133,196
Deconsolidated Subsidiaries	(39,831)
Balance at end of period	133,196	61,318
Wireless
Valuation and Qualifying Accounts
Balance at beginning of period	26,014	28,739
Current period provision for expected credit losses	11,966	13,851
Write-offs charged against allowance	(18,754)	(17,771)
Deconsolidated Subsidiaries	(233)
Balance at end of period	18,993	24,819
Broadband and Satellite Services
Valuation and Qualifying Accounts
Balance at beginning of period	17,559	11,314
Current period provision for expected credit losses	4,428	8,485
Write-offs charged against allowance	(6,947)	(7,929)
Foreign currency translation	141	224
Balance at end of period	$ 15,181	$ 12,094

Basic and Diluted Net Income (Loss) Per Share - Anti-dilutive securities (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share	20,355	24,132
Anti-dilutive stock awards
Antidilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share	148	3,724
Performance/market based options
Antidilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share	4,056	4,257
Common stock warrants
Antidilutive securities excluded from computation of earnings per share
Anti-dilutive securities excluded from computation of earnings per share	16,151	16,151

Property and Equipment and Intangible Assets

6 Months Ended

Jun. 30, 2026

Property and Equipment and Intangible Assets

Property and Equipment and Intangible Assets

8.	Property and Equipment and Intangible Assets

Property and equipment consisted of the following:


		Depreciable				As of
		Life				June 30,			December 31,
		(In Years)				2026			2025

						(In thousands)
Equipment leased to customers		2	-	4		$	88,640		$	964,013
Satellites		5	-	15			1,767,925			2,104,134
Satellites acquired under finance lease agreements (1)		8	-	15			204,251			77,116
Furniture, fixtures, equipment and other		1	-	20			246,688			971,824
Hybrid MNO		3	-	15			88,992			89,604
Software and computer equipment		1	-	8			676,058			1,341,690
Buildings and improvements		1	-	40			131,987			419,719
Land			-				30,915			42,980
Construction in progress			-				182,996			514,662
Total property and equipment							3,418,452			6,525,742
Accumulated depreciation							(1,658,131)			(4,282,227)
Property and equipment, net (2)						$	1,760,321		$	2,243,515

(1)	This increase is primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease.

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Depreciation and amortization expense consisted of the following:


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Equipment leased to customers (1)		$	34,654		$	57,810		$	70,250		$	121,022
Satellites (1)			36,208			64,283			69,215			130,263
Buildings, furniture, fixtures, equipment and other (1)			16,159			32,098			32,019			61,271
Hybrid MNO/5G Network equipment (1)			15,088			216,782			29,790			424,914
Software and computer equipment (1)			55,257			108,187			109,533			216,160
Intangible assets and other amortization expense			13,177			13,895			26,337			27,758
Total depreciation and amortization		$	170,543		$	493,055		$	337,144		$	981,388

(1)This change primarily resulted from the non-cash impairment of long-lived assets during the third and fourth quarters of 2025. For further information on our impairments, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

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, and amortization of development costs of externally marketed 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,
	2026			2025		2026		2025

	(In thousands)
Balance, beginning of period	$	446,748		$	338,506	$	448,752	$	327,031
Liabilities incurred		—			1,188		—		4,885
Liabilities settled		(151)			—		(13,472)		—
Accretion expense		11,407			8,026		22,724		15,804
Deconsolidated Subsidiaries		(457,906)			—		(457,906)		—
Balance, end of period	$	98		$	347,720	$	98	$	347,720

The corresponding assets, net of accumulated depreciation, related to asset retirement obligations were previously impaired, resulting in a net book value of zero as of June 30, 2026 and December 31, 2025.

Satellites – Pay-TV Segment

Substantially all of our Pay-TV segment was deconsolidated as of June 30, 2026. The DISH DBS Deconsolidated Entities lease capacity on our satellite fleet to maintain their Pay-TV operations.

The deconsolidated Pay-TV segment utilizes nine satellites in geosynchronous orbit approximately 22,300 miles above the equator, six of which we own and depreciate over their estimated useful life and two of which the DISH DBS Deconsolidated Entities own. We also lease one satellite from a third party, Nimiq 5, which is accounted for as a finance lease. Through May 2026, our Nimiq 5 satellite was accounted for as operating lease. However, we modified the Nimiq 5 lease effective June 2026, and it is currently accounted for as a finance lease and is depreciated over its economic life.

As of June 30, 2026, our 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 XVI		November 2012		61.5		N/A
EchoStar XXIII		March 2017		110		N/A
EchoStar XXV (1)		March 2026		110		N/A

Under Construction:
EchoStar XXVI		2028		119		N/A

Leased from Other Third-Party:
Nimiq 5 (2)		September 2009		72.7		October 2034

Owned by DISH DBS Deconsolidated Entities:
EchoStar XV		July 2010		119		N/A
EchoStar XVIII		June 2016		61.5		N/A

(1)	The EchoStar XXV satellite commenced commercial operations in June 2026.

(2)	In May 2026, we modified the Nimiq 5 lease term to October 2034.

Satellites Under Construction

EchoStar XXVI. On May 15, 2025, we entered into a contract with Lanteris 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. During the third quarter of 2025, we entered into an agreement with SpaceX for launch services for this satellite, which is expected to be launched during 2028.

Satellites – Broadband and Satellite Services Segment

Our Broadband and Satellite Services segment currently utilizes seven satellites in geosynchronous orbit approximately 22,300 miles above the equator, four of which we own and depreciate over their estimated useful life. We also lease three satellites from third parties, which are accounted for as finance leases and are depreciated over their economic life.

As of June 30, 2026, our Broadband and Satellite Services segment satellite fleet consisted of the following:


				Degree		Lease
		Launch		Orbital		Termination
Satellites		Date		Location		Date
Owned:
EchoStar XVII		July 2012		107		N/A
EchoStar XIX		December 2016		97.1		N/A
EchoStar XXI		June 2017		10.25		N/A
EchoStar XXIV		July 2023		95.2		N/A

Leased from Other Third-Party:
Eutelsat 65 West A		March 2016		65		July 2031
Telesat T19V		July 2018		63		August 2033
EchoStar 105/SES-11		October 2017		105		November 2031

Prepackaged Restructuring and Deconsolidation (Tables)

6 Months Ended

Jun. 30, 2026

Prepackaged Restructuring and Deconsolidation

Schedule of "Deconsolidation gain"


	As of
	June 30,
	2026
	(In thousands)
Net liabilities of the Deconsolidated Subsidiaries	$	11,427,038
Investment in Deconsolidated Subsidiaries		—
Deferred tax adjustment (1)		(1,513,571)
Allowance for credit losses (1)		(133,196)
Parent guarantees (1)		(51,313)
Deconsolidation gain	$	9,728,958

(1)	These amounts are recorded at the parent, EchoStar.

DISH DBS Deconsolidated Subsidiaries


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
DISH DBS Deconsolidated Subsidiaries:
Income (loss) before income taxes		$	(8,206,561)		$	414,703		$	(7,869,324)		$	879,162
Deconsolidation gain		$	5,209,671		$	—		$	5,209,671		$	—

DISH Wireless Deconsolidated Subsidiaries:
Income (loss) before income taxes		$	(417,892)		$	(1,080,850)		$	(873,241)		$	(2,090,193)
Deconsolidation gain		$	6,217,367		$	—		$	6,217,367		$	—

Property and Equipment and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of property and equipment


		Depreciable				As of
		Life				June 30,			December 31,
		(In Years)				2026			2025

						(In thousands)
Equipment leased to customers		2	-	4		$	88,640		$	964,013
Satellites		5	-	15			1,767,925			2,104,134
Satellites acquired under finance lease agreements (1)		8	-	15			204,251			77,116
Furniture, fixtures, equipment and other		1	-	20			246,688			971,824
Hybrid MNO		3	-	15			88,992			89,604
Software and computer equipment		1	-	8			676,058			1,341,690
Buildings and improvements		1	-	40			131,987			419,719
Land			-				30,915			42,980
Construction in progress			-				182,996			514,662
Total property and equipment							3,418,452			6,525,742
Accumulated depreciation							(1,658,131)			(4,282,227)
Property and equipment, net (2)						$	1,760,321		$	2,243,515

(1)	This increase is primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease.

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Schedule of depreciation and amortization expense


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Equipment leased to customers (1)		$	34,654		$	57,810		$	70,250		$	121,022
Satellites (1)			36,208			64,283			69,215			130,263
Buildings, furniture, fixtures, equipment and other (1)			16,159			32,098			32,019			61,271
Hybrid MNO/5G Network equipment (1)			15,088			216,782			29,790			424,914
Software and computer equipment (1)			55,257			108,187			109,533			216,160
Intangible assets and other amortization expense			13,177			13,895			26,337			27,758
Total depreciation and amortization		$	170,543		$	493,055		$	337,144		$	981,388

Schedule of asset retirement obligations


	For the Three Months Ended					For the Six Months Ended
	June 30,					June 30,
	2026			2025		2026		2025

	(In thousands)
Balance, beginning of period	$	446,748		$	338,506	$	448,752	$	327,031
Liabilities incurred		—			1,188		—		4,885
Liabilities settled		(151)			—		(13,472)		—
Accretion expense		11,407			8,026		22,724		15,804
Deconsolidated Subsidiaries		(457,906)			—		(457,906)		—
Balance, end of period	$	98		$	347,720	$	98	$	347,720

Pay-TV

Schedule of satellites

As of June 30, 2026, our 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 XVI		November 2012		61.5		N/A
EchoStar XXIII		March 2017		110		N/A
EchoStar XXV (1)		March 2026		110		N/A

Under Construction:
EchoStar XXVI		2028		119		N/A

Leased from Other Third-Party:
Nimiq 5 (2)		September 2009		72.7		October 2034

Owned by DISH DBS Deconsolidated Entities:
EchoStar XV		July 2010		119		N/A
EchoStar XVIII		June 2016		61.5		N/A

(1)	The EchoStar XXV satellite commenced commercial operations in June 2026.

(2)	In May 2026, we modified the Nimiq 5 lease term to October 2034.

Broadband and Satellite Services

Schedule of satellites

As of June 30, 2026, our Broadband and Satellite Services segment satellite fleet consisted of the following:


				Degree		Lease
		Launch		Orbital		Termination
Satellites		Date		Location		Date
Owned:
EchoStar XVII		July 2012		107		N/A
EchoStar XIX		December 2016		97.1		N/A
EchoStar XXI		June 2017		10.25		N/A
EchoStar XXIV		July 2023		95.2		N/A

Leased from Other Third-Party:
Eutelsat 65 West A		March 2016		65		July 2031
Telesat T19V		July 2018		63		August 2033
EchoStar 105/SES-11		October 2017		105		November 2031

Prepackaged Restructuring and Deconsolidation - Advances from filing entities (Details) - Related Party $ in Millions	Jun. 30, 2026 USD ($)
DISH DBS Deconsolidated Subsidiaries
Related Party Transaction [Line Items]
Advances from filing entities for vendor disbursements	$ 1,051
DISH Wireless Deconsolidated Subsidiaries
Related Party Transaction [Line Items]
Advances from filing entities for vendor disbursements	$ 4

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

Revenue Recognition

Summary of allowance for credit losses for trade accounts receivable


		Pay-TV		Wireless (2)		Broadband and Satellite Services		Consolidated Total

		(In thousands)
Balance, December 31, 2025		$	36,017	$	26,014	$	17,559	$	79,590
Current period provision for expected credit losses			21,163		11,966		4,428		37,557
Write-offs charged against allowance			(17,349)		(18,754)		(6,947)		(43,050)
Deconsolidated Subsidiaries allowance (1)			133,196		—		—		133,196
Foreign currency translation			—		—		141		141
Deconsolidated Subsidiaries			(39,831)		(233)		—		(40,064)
Balance, June 30, 2026		$	133,196	$	18,993	$	15,181	$	167,370


		Pay-TV		Wireless (2)		Broadband and Satellite Services		Consolidated Total

		(In thousands)
Balance, December 31, 2024		$	42,575	$	28,739	$	11,314	$	82,628
Current period provision for expected credit losses			37,059		13,851		8,485		59,395
Write-offs charged against allowance			(18,316)		(17,771)		(7,929)		(44,016)
Foreign currency translation			—		—		224		224
Balance, June 30, 2025		$	61,318	$	24,819	$	12,094	$	98,231

(1)	Includes a receivable from the DISH Wireless Deconsolidated Subsidiaries not expected to be recovered and as such recorded as allowance for credit losses. See Note 3 for further information.

(2)	Our allowance for credit losses for trade accounts receivable for our Other segment is immaterial and therefore included in the Wireless segment in the table above.

Summary of contract asset and contract liability balances


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Contract assets		$	113,912		$	138,723


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Contract liabilities (1)		$	227,656		$	607,970

(1)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Summary of activity in contract acquisition costs, net


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025

	(In thousands)
Balance, beginning of period	$	246,356		$	280,984		$	261,946		$	289,200
Additions		46,218			68,519			90,022			125,116
Amortization expense		(57,480)			(67,623)			(117,122)			(132,842)
Foreign currency translation		101			367			349			773
Deconsolidated Subsidiaries		(126,994)			—			(126,994)			—
Balance, end of period	$	108,201		$	282,247		$	108,201		$	282,247

Prepackaged Restructuring and Deconsolidation - Prepacked Restructuring (Details) $ in Billions	Jun. 30, 2026 USD ($)
DISH DBS Deconsolidated Subsidiaries
Reorganization, Chapter 11 [Line Items]
Minimum % of creditors who have signed the RSA in connection with the Chapter 11 Plan	88.00%
DISH Wireless Deconsolidated Subsidiaries
Reorganization, Chapter 11 [Line Items]
Minimum amount of debt of creditors who have signed the RSA in connection with the Chapter 11 Plan	$ 8.8

Organization and Business Activities (Details) $ / shares in Units, shares in Millions							1 Months Ended			6 Months Ended	102 Months Ended
	Jul. 28, 2026 USD ($)	Mar. 19, 2026 USD ($)	Mar. 16, 2026 USD ($)	Mar. 12, 2026 USD ($)	Sep. 07, 2025 USD ($) $ / shares shares	Aug. 25, 2025 USD ($)	Jun. 30, 2026 USD ($) item	May 31, 2026 USD ($) $ / shares shares	Sep. 30, 2024	Jun. 30, 2026 USD ($) segment item	Jun. 30, 2026 USD ($) item	Dec. 31, 2025 USD ($)	Nov. 15, 2025 USD ($)	Nov. 05, 2025 USD ($) $ / shares	Jun. 30, 2025 USD ($)	Nov. 30, 2024
Organization and Business Activities
Number of primary operating business segments \| segment										4
Interest rate (as a percent)							0.25%			0.25%	0.25%
Aggregate principal amount outstanding							$ 17,630,144,000			$ 17,630,144,000	$ 17,630,144,000	$ 26,352,557,000
Minimum percentage of debtholders		82.00%
Payment of settlement amount										125,000,000
Restructuring settlement costs										125,000,000
Transfer of third party liabilities and litigation claims				$ 6,000,000,000
Cash interest payments										413,663,000
Interim Debt Service Payments by the Trust										$ 413,663,000
Number of Pay-TV subscribers \| item							6,391,000			6,391,000	6,391,000
Number Of wireless subscribers \| item							7,375,000			7,375,000	7,375,000
5G Network customers													0
Payment to customer											$ 30,000,000,000
Population coverage									80.00%
Number of subscribers for broadband services \| item							622,000			622,000	622,000
Space Exploration Technologies Corp \| SpaceX Class A Common Stock
Organization and Business Activities
Shares issued, price per share \| $ / shares								$ 42.4
Common Stock at a ratio								5
Amended equity amount								$ 11,000,000,000
License transaction shares issued \| shares								261.8
Capitalized interest on FCC authorizations
Organization and Business Activities
Regulatory authorizations										$ 10,000,000,000
Intercompany Loan 2028 Tranche
Organization and Business Activities
Outstanding amount							$ 2,844,000,000			2,844,000,000	$ 2,844,000,000
Intercompany Loan 2026 Tranche
Organization and Business Activities
Outstanding amount							$ 4,767,000,000			$ 4,767,000,000	$ 4,767,000,000
10 3/4% Senior Secured Notes due 2029
Organization and Business Activities
Interest rate (as a percent)							10.75%			10.75%	10.75%	10.75%
Aggregate principal amount outstanding							$ 5,506,000,000			$ 5,506,000,000	$ 5,506,000,000	$ 5,506,000,000
6 3/4% Senior Secured Notes due 2030
Organization and Business Activities
Interest rate (as a percent)							6.75%			6.75%	6.75%	6.75%
Aggregate principal amount outstanding							$ 2,372,670,000			$ 2,372,670,000	$ 2,372,670,000	$ 2,372,670,000
3 7/8% Convertible Secured Notes due 2030
Organization and Business Activities
Interest rate (as a percent)							3.875%			3.875%	3.875%	3.875%
Aggregate principal amount outstanding							$ 1,942,594,000			$ 1,942,594,000	$ 1,942,594,000	$ 1,942,594,000
Echo Star 2024 Inter Company Loans
Organization and Business Activities
Interest rate (as a percent)																11.50%
Loan extinguished, amount				$ 3,890,000,000
5 1/4% Senior Secured Notes due 2026
Organization and Business Activities
Interest rate (as a percent)												5.25%
Aggregate principal amount outstanding												$ 627,000,000
6 5/8% Senior Notes due 2026
Organization and Business Activities
Interest rate (as a percent)												6.625%
Aggregate principal amount outstanding												$ 750,000,000
Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029
Organization and Business Activities
Repayments of Long-Term Debt			$ 1,600,000,000
Sling TV Holding L.L.C.
Organization and Business Activities
Number of Pay-TV subscribers \| item							1,707,000			1,707,000	1,707,000
DISH Network \| 11 3/4% Senior Secured Notes due 2027
Organization and Business Activities
Interest rate (as a percent)							11.75%			11.75%	11.75%	11.75%
Aggregate principal amount outstanding							$ 3,500,000,000			$ 3,500,000,000	$ 3,500,000,000	$ 3,500,000,000
DISH Network \| Intercompany Loan 2028 Tranche
Organization and Business Activities
Aggregate principal amount outstanding							2,844,401,000			2,844,401,000	2,844,401,000
License Purchase Agreement \| AT&T License Purchase Agreement
Organization and Business Activities
Lease extension period						99 years
Aggregate purchase price						$ 20,250,000,000
License Purchase Agreement \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Closing Proceeds	$ 20,250,000,000
Escrow fund	$ 2,400,000,000
License Purchase Agreement \| 11 3/4% Senior Secured Notes due 2027 \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Interest rate (as a percent)	11.75%
License Purchase Agreement \| 7 3/4% Senior Notes due 2026 \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Interest rate (as a percent)	7.75%
Repayments of Long-Term Debt	$ 2,000,000,000
License Purchase Agreement \| DISH Network \| 11 3/4% Senior Secured Notes due 2027 \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Repayments of Long-Term Debt	3,500,000,000
License Purchase Agreement \| DISH Network \| Intercompany Loan 2028 Tranche \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Repayments of Long-Term Debt	2,844,000,000
License Purchase Agreement \| DISH Network \| Intercompany Loan 2026 Tranche \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Loan extinguished, amount	$ 4,767,000,000
License Purchase Agreement \| DISH Network \| 11 3/4% Senior Secured Notes due 2027 \| AT&T License Purchase Agreement
Organization and Business Activities
Interest rate (as a percent)						11.75%
Aggregate principal amount outstanding															$ 3,500,000,000
License Purchase Agreement \| DISH Network \| 11 3/4% Senior Secured Notes due 2027 \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Interest rate (as a percent)	11.75%
Repayments of Long-Term Debt	$ 3,500,000,000
SpaceX License Purchase Agreement
Organization and Business Activities
Total consideration amount					$ 17,000,000,000									$ 20,000,000,000
Shares issued, price per share \| $ / shares														$ 212
Excess of total payoff consideration					8,500,000,000									$ 11,000,000,000
Aggregate amount of payments for the Interim Debt Service					$ 2,000,000,000
Cash interest payments								$ 414,000,000
Interim Debt Service Payments by the Trust							414,000,000
Interim Debt Service payments							828,000,000			828,000,000	828,000,000
SpaceX License Purchase Agreement \| SpaceX Class A Common Stock
Organization and Business Activities
Purchase price \| shares					8,500.0
Shares issued, price per share \| $ / shares					$ 212									$ 212
Additional consideration amount														$ 2,600,000,000
SpaceX License Purchase Agreement \| 10 3/4% Senior Secured Notes due 2029
Organization and Business Activities
Interest rate (as a percent)					10.75%
SpaceX License Purchase Agreement \| 6 3/4% Senior Secured Notes due 2030
Organization and Business Activities
Interest rate (as a percent)					6.75%
SpaceX License Purchase Agreement \| 3 7/8% Convertible Secured Notes due 2030
Organization and Business Activities
Interest rate (as a percent)					3.875%
Aggregate principal amount outstanding							9,821,000,000			9,821,000,000	9,821,000,000
DISH DBS Corporation ("DBS") \| Intercompany Loan
Organization and Business Activities
Outstanding amount							7,612,000,000			7,612,000,000	7,612,000,000
DISH DBS Corporation ("DBS") \| Q2 Inter Company Loan
Organization and Business Activities
Repayments of Long-Term Debt		$ 1,712,000,000
DISH DBS Corporation ("DBS") \| Q3 Inter Company Loan
Organization and Business Activities
Repayments of Long-Term Debt		$ 535,000,000
DISH DBS Corporation ("DBS") \| 5 3/4% Senior Secured Notes due 2028
Organization and Business Activities
Expected repayment of debt										2,844,000,000
DISH DBS Corporation ("DBS") \| 5 1/4% Senior Secured Notes due 2026
Organization and Business Activities
Expected repayment of debt										4,767,000,000
DISH DBS Corporation ("DBS") \| License Purchase Agreement \| Intercompany Loan \| AT&T License Purchase Agreement
Organization and Business Activities
Outstanding amount							2,844,000,000			2,844,000,000	2,844,000,000
DISH DBS Corporation ("DBS") \| License Purchase Agreement \| Intercompany Loan 2026 Tranche \| AT&T License Purchase Agreement
Organization and Business Activities
Outstanding amount							$ 4,767,000,000			$ 4,767,000,000	$ 4,767,000,000
DISH DBS Corporation ("DBS") \| License Purchase Agreement \| DISH Network \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Repayments of Long-Term Debt	3,500,000,000
DISH DBS Corporation ("DBS") \| License Purchase Agreement \| DISH Network \| Intercompany Loan 2028 Tranche \| Subsequent event \| AT&T License Purchase Agreement
Organization and Business Activities
Repayments of Long-Term Debt	$ 2,844,000,000
Dish TV
Organization and Business Activities
Number of Pay-TV subscribers \| item							4,684,000			4,684,000	4,684,000

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Hughes Systique

Schedule of transactions with related party

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

2026

2025

(In thousands)

Purchases:

Purchases from Hughes Systique

3,625

4,093

6,717

8,148

As of

June 30,

December 31,

 

2026

2025

 

(In thousands)

Amounts Payable:

Amounts payable to Hughes Systique

1,444

1,497

NagraStar

Schedule of transactions with related party

For the Three Months Ended

For the Six Months Ended

June 30,

 

2026

 

2025

 

2026

2025

(In thousands)

Purchases (including fees):

Purchases from NagraStar

6,201

7,077

12,529

14,278

As of

June 30,

December 31,

 

2026

 

2025

 

(In thousands)

Amounts Payable and Commitments:

Amounts payable to NagraStar

—

4,190

Commitments to NagraStar

—

364

Revenue Recognition - Activity in Contract Acquisition Costs, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue Recognition
Balance, beginning of period	$ 246,356	$ 280,984	$ 261,946	$ 289,200
Additions	46,218	68,519	90,022	125,116
Amortization expense	(57,480)	(67,623)	(117,122)	(132,842)
Foreign currency translation	101	367	349	773
Deconsolidated Subsidiaries	(126,994)		(126,994)
Balance, end of period	$ 108,201	$ 282,247	$ 108,201	$ 282,247

Basic and Diluted Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Basic and Diluted Net Income (Loss) Per Share

Basic and Diluted Net Income (Loss) Per Share

4.	Basic and Diluted Net Income (Loss) Per Share

We present both basic earnings per share (“EPS”) and diluted EPS. Basic EPS excludes potential dilution and is computed by dividing “Net income (loss) attributable to EchoStar” by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock awards were exercised and if our convertible notes, as detailed in Note 10, were converted. The potential dilution from stock awards is accounted for using the treasury stock method based on the average market value of our Class A common stock for the reporting period. The potential dilution from conversion of the Convertible Notes is accounted for using the if-converted method, which requires that all of the shares of our Class A common stock issuable upon conversion of the convertible notes will be included in the calculation of diluted EPS assuming conversion of the convertible notes at the beginning of the reporting period (or at time of issuance, if later) and that the interest for the convertible notes would not have been paid if our convertible notes were converted and as such we add back the after-tax interest expense for our convertible notes.

The following table presents EPS amounts for all periods and the basic and diluted weighted-average shares outstanding used in the calculation.


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

	(In thousands, except per share amounts)
Net income (loss)	$	8,462,545	$	(306,844)	$	8,315,245	$	(510,125)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		173		(712)		(242)		(1,324)
Net income (loss) attributable to EchoStar - Basic		8,462,372		(306,132)		8,315,487		(508,801)
Interest on dilutive Convertible Notes, net of tax (1)		17,594		—		35,073		—
Net income (loss) attributable to EchoStar - Diluted	$	8,479,966	$	(306,132)	$	8,350,560	$	(508,801)

Weighted-average common shares outstanding - Class A and B common stock:
Basic		290,141		287,505		289,581		287,012
Dilutive impact of Convertible Notes (1)		58,007		—		58,007		—
Dilutive impact of stock awards outstanding (1)		3,474		—		3,844		—
Diluted		351,622		287,505		351,432		287,012

Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	29.17	$	(1.06)	$	28.72	$	(1.77)
Diluted net income (loss) per share attributable to EchoStar	$	24.12	$	(1.06)	$	23.76	$	(1.77)

(1)

For the three and six months ended June 30, 2025, the interest on dilutive Convertible Notes and the dilutive impact of weighted-average shares of Class A common stock were excluded from the computation of “Diluted net income (loss) per share attributable to EchoStar” because the effect would have been anti-dilutive as a result of the net loss attributable to EchoStar in the period. As of June 30, 2025, our Convertible Notes may be converted into 58 million shares.

Certain stock awards to acquire our Class A common stock are not included in the weighted-average common shares outstanding above, as their effect is anti-dilutive. In addition, vesting of performance/market based options and rights to acquire shares of our Class A common stock granted pursuant to our performance based stock incentive plans (“Restricted Performance Units”) are both contingent upon meeting certain goals, some of which are not yet probable of being achieved. Furthermore, the warrants that we issued to certain option counterparties in connection with the Convertible Notes due 2026 are only exercisable at their expiration if the market price per share of our Class A common stock is greater than the strike price of the warrants, which strike prices range between approximately $185.75 to $245.33 per share, subject to certain adjustments. As a consequence, the following are not included in the diluted EPS calculation.


		As of June 30,
		2026		2025

		(In thousands)
Anti-dilutive stock awards		148		3,724
Performance/market based options		4,056		4,257
Common stock warrants		16,151		16,151
Total		20,355		24,132

Debt, Finance Lease and Other Obligations (Tables)

6 Months Ended

Jun. 30, 2026

Debt, Finance Lease and Other Obligations

Schedule of carrying amount and fair value of our debt facilities


			As of
			June 30, 2026						December 31, 2025
	Issuer/Borrower		Carrying Amount			Fair Value			Carrying Amount			Fair Value

			(In thousands)
7 3/4% Senior Notes due 2026 (1)(3)	DDBS		$	—		$	—		$	2,000,000		$	1,977,500
5 1/4% Senior Secured Notes due 2026	HSSC			627,283			536,766			627,283			604,776
6 5/8% Senior Notes due 2026	HSSC			750,000			435,000			750,000			691,313
3 3/8% Convertible Notes due 2026	DISH			45,209			44,303			45,209			44,564
5 1/4% Senior Secured Notes due 2026 (1)	DDBS			—			—			2,750,000			2,673,440
11 3/4% Senior Secured Notes due 2027 (2)	DISH			3,500,000			3,596,495			3,500,000			3,646,440
7 3/8% Senior Notes due 2028 (1)	DDBS			—			—			1,000,000			970,280
5 3/4% Senior Secured Notes due 2028 (1)	DDBS			—			—			2,500,000			2,450,000
DISH 2021 Intercompany Loan 2028 Tranche (3)	DISH			2,844,401			2,844,401			—			—
5 1/8% Senior Notes due 2029 (1)	DDBS			—			—			1,500,000			1,331,430
Term Loan due 2029 (4)	DBS SubscriberCo			—			—			1,608,374			1,608,374
Mandatorily Redeemable Preferred Shares due 2029 (4)	DBS SubscriberCo			—			—			178,708			178,708
10 3/4% Senior Secured Notes due 2029	ECHO			5,506,000			5,953,363			5,506,000			6,144,476
3 7/8% Convertible Secured Notes due 2030 (5)	ECHO			1,942,594			6,045,255			1,942,594			6,581,334
6 3/4% Senior Secured Notes due 2030	ECHO			2,372,670			2,412,365			2,372,670			2,436,447
Other notes payable				41,987			41,987			71,719			71,719
Subtotal				17,630,144		$	21,909,935			26,352,557		$	31,410,801
Unamortized deferred financing costs and other debt discounts, net				(323,082)						(416,734)
Finance lease obligations (6)				124,641						44,048
Total				17,431,703						25,979,871
Less: current portion				(1,446,316)						(7,321,269)
Total debt, finance lease and other obligations, net of current portion			$	15,985,387					$	18,658,602

(1)	Effective June 30, 2026, as a result of filing the Prepackaged Chapter 11 Cases, all long-term debt issued by DISH DBS has been deconsolidated from our Condensed Consolidated Balance Sheets. See Note 3 for further information.

(2)	On July 28, 2026, concurrently with the AT&T Closing, the aggregate principal balance of $3.5 billion for the DISH Network 11 3/4% Senior Secured Notes due November 15, 2027 were redeemed in full.

(3)

Effective June 30, 2026, as a result of filing the Prepackaged Chapter 11 Cases, the DISH 2021 Intercompany Loan 2028 Tranche was classified as third-party debt. On July 28, 2026, concurrently with the AT&T Closing, approximately $2.844 billion outstanding under the DISH 2021 Intercompany Loan 2028 Tranche due to DISH DBS was satisfied in full by DISH Network. The DISH DBS Deconsolidated Subsidiaries used these proceeds to fully repay the aggregate principal balance of $2.0 billion for the DISH DBS 7 3/4% Senior Notes due on July 1, 2026.

(4)

During the six months ended June 30, 2026, we repaid approximately $202 million of our Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029. On March 16, 2026, we prepaid without penalty, the remaining balance of our Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029 totaling approximately $1.6 billion.

(5)

Beginning on October 1, 2025, and ending at the close of business on June 30, 2026, our 3 7/8% Convertible Secured Notes due 2030 are convertible, at the option of the holders. These notes are convertible, at our election, into cash, a total of approximately 58 million shares of our Class A common stock, or a combination thereof. These notes may continue to be convertible in future periods and determination of convertibility is calculated quarterly based on, among other things, the trading price of our Class A common stock. See below for the description of our 3 7/8% Convertible Secured Notes due 2030 and further information on the quarterly calculation to determine convertibility.

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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
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+ Details

Prepackaged Restructuring and Deconsolidation - Deconsolidation (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)
Prepackaged Restructuring and Deconsolidation
Deconsolidation gain (Note 3)		$ 9,728,958	$ 9,728,958
DISH DBS filing entities And DISH Wireless filing entities
Prepackaged Restructuring and Deconsolidation
Initial fair value of deconsolidated entities	$ 0	$ 0	$ 0
Deconsolidation gain (Note 3)	$ 9,728,958

Prepackaged Restructuring and Deconsolidation - Debtor-in-Possession Facility (Details) $ in Millions	Jun. 30, 2026 USD ($)
Prepackaged Restructuring and Deconsolidation
Interest rate (as a percent)	0.25%
Chapter11 Debtor In Possession \| Stalking Horse Asset Purchase Agreement (APA)
Prepackaged Restructuring and Deconsolidation
Maximum credit bid for sale of assets under Chapter 11	$ 85
Chapter11 Debtor In Possession \| DISH Wireless Deconsolidated Subsidiaries \| Parent DIP Facility
Prepackaged Restructuring and Deconsolidation
Aggregate principal amount	$ 85
Interest rate (as a percent)	11.50%
Proceeds from New DISH DBS Financing	$ 0
Chapter11 Debtor In Possession \| DISH Wireless Deconsolidated Subsidiaries \| Prepetition Secured Loan
Prepackaged Restructuring and Deconsolidation
Aggregate principal amount	$ 75
Interest rate (as a percent)	5.50%

Inventory (Tables)

6 Months Ended

Jun. 30, 2026

Inventory

Schedule of inventory


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Finished goods		$	240,003		$	273,817
Work-in-process and service repairs			44,396			60,147
Consignment			6,553			7,951
Raw materials			31,438			38,732
Total inventory (1)		$	322,390		$	380,647

(1)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases
Operating cash flows from operating leases	$ 63,397	$ 284,667
Operating cash flows from finance leases	763	2,314
Financing cash flows from finance leases	904	11,406
Right-of-use assets obtained in exchange for lease obligations: Operating leases	28,223	$ 110,400
Right-of-use assets obtained in exchange for lease obligations: Finance leases	$ 125,546

Leases - Lease Income Maturity (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Future operating lease payments to be received
2026 (remaining six months)	$ 9,078
2027	8,874
2028	4,517
2029	3,286
2030	2,182
Thereafter	708
Total lease payments to be received	$ 28,645

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Schedule of activity in exit and disposal costs


	One-Time Employee Termination Benefits		Contract Termination Costs		Total

	(In thousands)
Balance, December 31, 2025	$	—	$	759,419	$	759,419
Costs incurred and charged to expense (1)		—		14,346		14,346
(Gains) losses on costs paid or settled (1)		—		(36,916)		(36,916)
Costs paid or settled		—		(29,982)		(29,982)
Accretion		—		11,725		11,725
Balance, March 31, 2026	$	—	$	718,592	$	718,592
Costs incurred and charged to expense (1)		—		17,850		17,850
(Gains) losses on costs paid or settled (1)		—		(949)		(949)
Costs paid or settled		—		(63,906)		(63,906)
Accretion		—		8,725		8,725
Deconsolidated Subsidiaries		—		(680,312)		(680,312)
Balance, June 30, 2026	$	—	$	—	$	—

(1)

Summary of Significant Accounting Policies - Exit and disposal costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026
Restructuring Cost
Beginning balance	$ 718,592	$ 759,419	$ 759,419
Costs incurred and charged to expense	$ 17,850	$ 14,346
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges and Other	Asset Impairment Charges and Other
(Gains) losses on costs paid or settled	$ (949)	$ (36,916)
Costs paid or settled	(63,906)	(29,982)
Accretion	8,725	11,725
Deconsolidated Subsidiaries			(680,312)
Ending balance		718,592
Disposal costs	17,000		(6,000)
Settlement of operating lease and other liabilities	19,000		62,000
Total net settlement	2,000		68,000
Cumulative costs incurred			841,000
One-Time Employee Termination Benefits
Restructuring Cost
Beginning balance	0	0	0
Costs incurred and charged to expense	0	0
(Gains) losses on costs paid or settled	0	0
Costs paid or settled	0	0
Accretion	0	0
Deconsolidated Subsidiaries			0
Ending balance	0	0	0
Contract Termination Costs
Restructuring Cost
Beginning balance	718,592	759,419	759,419
Costs incurred and charged to expense	17,850	14,346
(Gains) losses on costs paid or settled	(949)	(36,916)
Costs paid or settled	(63,906)	(29,982)
Accretion	$ 8,725	11,725
Deconsolidated Subsidiaries			$ (680,312)
Ending balance		$ 718,592

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Maturities of lease liabilities: Operating Leases
2026 (remaining six months)	$ 16,319
2027	30,175
2028	25,685
2029	23,258
2030	20,463
Thereafter	82,427
Total lease payments	198,327
Less: Imputed interest	(54,804)
Total	143,523	$ 4,982,595
Less: Current portion	(23,198)	(845,326)
Long-term portion of lease obligations	120,325	4,137,269
Maturities of lease liabilities: Finance Leases
2026 (remaining six months)	10,000
2027	20,000
2028	20,000
2029	20,000
2030	20,000
Thereafter	76,667
Total lease payments	166,667
Less: Imputed interest	(42,026)
Total	124,641	44,048
Less: Current portion	(11,288)	(41,520)
Long-term portion of lease obligations	113,353	$ 2,528
Maturities of lease liabilities: Total
2026 (remaining six months)	26,319
2027	50,175
2028	45,685
2029	43,258
2030	40,463
Thereafter	159,094
Total lease payments	364,994
Less: Imputed interest	(96,830)
Total	268,164
Less: Current portion	(34,486)
Long-term portion of lease obligations	$ 233,678

Supplemental Data - Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Supplemental Data - Statements of Cash Flows
Cash paid for interest (including capitalized interest)	$ 715,676	$ 1,012,699
Interest paid in kind on long-term debt		125,559
Interim Debt Service Payments by the Trust	413,663
Cash paid for income taxes, net of (refunds)	17,874	15,014
Total capitalized interest	15,440	625,918
Employee benefits paid in Class A common stock	34,854
Assets financed under financing lease obligations	125,546
Accrued capital expenditures	$ 25,098	113,152
Asset retirement obligation		$ 4,885

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies

Commitments and Contingencies

11.	Commitments and Contingencies

Commitments

Recent Developments

FCC Review

In the third quarter of 2025, we resolved the review by the Federal Communications Commission (the “FCC”) into EchoStar’s compliance with its build-out milestones and other obligations regarding EchoStar’s federal spectrum licenses. We had previously received a letter from the FCC on May 9, 2025, indicating that the FCC was beginning a review of our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-out extension granted by the FCC and mobile-satellite service (“MSS”) utilization in the 2 GHz band (the “May 9 Letter”). We responded to the FCC’s subsequent public notices with filings on May 27, 2025 and June 6, 2025.

During the second quarter and the beginning of the third quarter of 2025, the potential ramifications of the FCC review to our business required us to, among other things, reevaluate the deployment of our resources and as a result, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods.

The FCC review introduced the possibility of reversing prior FCC grants of authority to us. The FCC made it clear that it viewed our spectrum as being underutilized and deemed our continued ownership of such spectrum licenses inconsistent with the public interest, and that we must sell a material amount of spectrum licenses or face a wide-ranging license revocation. Accordingly, as a result of these unforeseeable actions by the FCC that were outside of our control, we entered into the AT&T Transactions and SpaceX Transactions, as defined below, whereby we agreed to sell a material amount of our spectrum licenses for cash and an Amended Equity Amount, as defined below. In August 2025, following these transactions, we began the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in our Hybrid MNO business, as defined in “Segments-Wireless” below. Furthermore, we believe the FCC’s actions and the resulting AT&T Transactions and SpaceX Transactions constitute one or more force majeure events under certain of our 5G Network-related contracts.

On September 8, 2025, we received a follow-up letter from the FCC (the “September 8 Letter”). The September 8 Letter states, among other things, that FCC Chairman Carr has “asked FCC staff to bring the agency’s investigation to conclusion” by directing FCC staff to: “(1) dismiss VTel Wireless’s petition for reconsideration; (2) confirm that EchoStar holds exclusive terrestrial and MSS rights over the AWS-4 spectrum to which it is currently licensed; and (3) find that relevant FCC buildout and other related obligations have been satisfied by EchoStar in view of the company’s current FCC milestones.”

Wireless Spectrum Licenses

We have invested a total of over $30 billion in wireless spectrum licenses. The $30 billion of investments related to wireless spectrum licenses does not include $10 billion of capitalized interest related to the carrying value of such licenses. See Note 2 for further information. A significant number of these licenses are included in the AT&T Transactions and SpaceX Transactions as detailed in Note 1 “Recent Developments.”

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 since we satisfied the remaining Extension Request commitments, as defined and detailed in the footnotes to the table above. See “Recent Developments – FCC Review” above for further information on the FCC’s completed review of our compliance with our obligations regarding our federal spectrum licenses.

On May 28, 2026, we, through our relevant subsidiaries, filed requests for certain extensions and waivers of applicable time limits for our 700 MHz, AWS-3, CBRS, MVDDS, C-Band and mmWave licenses (“2026 Request”). The 2026 Request is currently pending with the FCC.

Our wireless spectrum licenses are summarized in the table below:


		As of June 30, 2026
		Carrying Amount
		(In thousands)
AT&T Transactions - Held for Sale (1)		$	16,822,253

SpaceX Transactions - Restricted Licenses (1)			8,667,276
Remaining Wireless Spectrum Licenses			8,449,478
Total Regulatory authorizations, including restricted, net		$	17,116,754

(1)	See Note 1 for further information.

AWS-3 Auction

Northstar Wireless is a wholly-owned subsidiary of Northstar Spectrum, which is an entity 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, prior to February 16, 2024, by us and SNR Management.

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.

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.

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.

Recent Developments – Auction 113. The re-auction of the AWS-3 licenses has been designated as Auction 113. We filed an application with the FCC to participate as a potential bidder in Auction 113 and on March 26, 2026, the FCC announced that we were qualified to participate in Auction 113. On April 8, 2026, we paid $25 million to the FCC as a deposit for Auction 113.

On May 28, 2026, the FCC and EchoStar entered into a settlement agreement (the “Settlement Agreement”) regarding EchoStar’s assumption of payment obligations arising from its AWS-3 Auction defaults.

Auction 113 began on June 2, 2026 and concluded on June 23, 2026. On June 23, 2026, the FCC announced that our wholly-owned subsidiary, Conundrum Wireless L.L.C., was the winning bidder of two AWS-3 licenses, with an aggregate winning bid totaling approximately $1.3 million. Our deposit exceeded the price of our winning bids and we received a refund of approximately $23.7 million in July 2026. The FCC has not yet issued the licenses to Conundrum Wireless L.L.C.

On June 26, 2026, the FCC issued a letter to us confirming that, pursuant to the terms of the Settlement Agreement, the NorthStar Re-Auction Payment and SNR Re-Auction Payment have been satisfied and our obligation to pay the FCC has been fulfilled.

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.

Individual Litigations Commenced by Certain Tower and Infrastructure Vendors

DISH Wireless L.L.C. is currently a defendant in multiple, independent legal actions in various jurisdictions brought by various tower and infrastructure vendors. While these actions involve certain overlapping defenses generally related to the abandonment and decommissioning of certain portions of our 5G Network that will not be utilized in our Hybrid MNO business, in light of the FCC forcing us and certain of our affiliates to sell the spectrum on which our 5G Network was based, each action represents a separate and distinct proceeding.

In connection with the Deconsolidated Subsidiaries during the period, we removed certain previously disclosed legal proceedings involving such subsidiaries from our consolidated litigation disclosures.

American Towers

On October 20, 2025, American Towers LLC, SpectraSite Communications, LLC and InSite Wireless Group, LLC (collectively “ATC”) filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the United States District Court for the District of Colorado. ATC seeks a declaration that DISH Wireless has not been excused from performing its obligations under the parties’ Strategic Collocation Agreement, which relates to tower facilities for our 5G Network. DISH Wireless previously notified ATC that DISH Wireless’s performance is excused in light of the FCC forcing us and certain of our affiliates to sell the spectrum on which our 5G Network was based, which constituted, among other legal remedies, a force majeure event. On June 15, 2026, ATC filed an amended complaint that added interference claims against us. Following the filing of the Prepackaged Chapter 11 Cases by the DISH Wireless Filing Entities, on July 21, 2026, DISH Wireless filed an adversary proceeding in that bankruptcy proceeding against ATC and others to confirm that the resulting automatic stay of this action as against DISH Wireless also applies to us.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Comcast Business Communications

On February 27, 2026, Comcast Business Communications, LLC filed a declaratory judgment lawsuit against us and our wholly-owned subsidiary DISH Wireless L.L.C. in the United States District Court for the District of Colorado. Comcast Business Communications is seeking a declaratory judgment that DISH Wireless is not excused from performing any of its obligations under those parties’ Master Service Agreement, which relates to fiber connections for our 5G Network. It also alleges that we interfered with DISH Wireless’s performance under the Master Services Agreement. Comcast Business Communications is seeking $54 million in damages. DISH Wireless previously notified Comcast Business Communications that DISH Wireless’s performance is excused in light of the FCC forcing us and certain of our affiliates to sell the spectrum on which our 5G Network was based which constituted, among other legal remedies, a force majeure event. Following the filing of the Prepackaged Chapter 11 Cases by the DISH Wireless Filing Entities, on July 21, 2026, DISH Wireless filed an adversary proceeding in that bankruptcy proceeding against Comcast Business Communications and others to confirm that the resulting automatic stay of this action against DISH Wireless also applies to us.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Crown Castle

On November 20, 2025, Crown Castle-affiliated lessors who entered into a Master Lease Agreement (“MLA”) with DISH Wireless L.L.C., which relates to tower facilities for our 5G Network, and Crown Castle Fiber LLC, which entered into a Master Product Agreement (“MPA”) with DISH Wireless L.L.C., which relates to fiber and other infrastructure for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the United States District Court for the District of Colorado. The Crown Castle plaintiffs are seeking declaratory judgments confirming that DISH Wireless is not excused from performing any of its obligations under the parties’ agreements. DISH Wireless previously notified the Crown Castle plaintiffs that DISH Wireless’s performance is excused in light of the FCC forcing us and certain of our affiliates to sell the spectrum on which our 5G Network was based, which constituted, among other legal remedies, a force majeure event. On January 30, 2026, the Crown Castle plaintiffs filed an amended complaint that added claims for breach of the MPA and MLA based on unpaid invoices; added us as a defendant for allegedly tortiously interfering with the MLA and the MPA; and added our wholly owned subsidiary DISH Purchasing Corporation as a defendant for allegedly breaching the parties’ Deployment Services Agreement by failing to pay $9.5 million. Following the filing of the Prepackaged Chapter 11 Cases by the DISH Wireless Filing Entities, on July 21, 2026, DISH Wireless filed an adversary proceeding in that bankruptcy proceeding against the Crown Castle plaintiffs and others to confirm that the resulting automatic stay of this action as against DISH Wireless also applies to DISH Purchasing Corporation and us.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Other Litigations

Active Wireless Technologies

On November 26, 2025, Active Wireless Technologies LLC filed a complaint against our wholly owned subsidiary DISH Wireless L.L.C. in the United States District Court for the Eastern District of Texas. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. The complaint alleges infringement of United States Patent No. 10,805,955 (the “955 patent”), entitled “Terminal apparatus, base station apparatus, communication method, and integrated circuit”; United States Patent No. 10,855,432 (the “432 patent”), entitled “User equipments, base stations and methods”; United States Patent No. 10,531,443 (the “443 patent”), entitled “Physical uplink control channel (PUCCH) format adaptation for 5G NR”; United States Patent No. 11,019,557 (the “557 patent”), entitled “Apparatus and method for acquisition of periodically broadcasted system information in wireless communication”; United States Patent No. 10,785,764 (the “764 patent), entitled “Information change transmission method and device for single-cell multicast service”; and United States Patent No. 10,601,566 (the “566 patent), entitled “Multiple slot long physical uplink control channel (PUCCH) design for 5G NR.” On the same day, Active Wireless also sued seven other companies on the same patents: Qualcomm; T-Mobile; TCL Technology Group; BLU Products; HTC Corporation; LG Electronics; and OnePlus Technology. Generally, the patents relate to cellular handset signaling, control logic, and dynamic resource and performance management.

On December 16, 2025, Active Wireless asserted the same six patents against us and others, including the manufacturer of our Celero handsets, in the International Trade Commission (“ITC”). The ITC instituted a resulting investigation concerning “Certain Wireless Communication Devices and Components Thereof.” In light of the ITC investigation, the Texas court proceeding was stayed as of February 10, 2026. On March 24, 2026, DISH Wireless sued Active Wireless in the United States District Court for the District of Colorado for breach of its obligation to license its standard-essential patents on reasonable and non-discriminatory (“RAND”) terms. At the request of Active Wireless, on April 28, 2026, both we and the manufacturer of our Celero handsets were dismissed from the ITC proceeding. On May 1, 2026, in the Texas action, Active Wireless filed an amended complaint, which adds a claim alleging that DISH Wireless violated its RAND obligations. This matter is now stayed as a result of the filing of the Prepackaged Chapter 11 Cases by DISH Wireless L.L.C.

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. In the event that the ITC determines that we infringe the asserted patents, we may be subject to exclusion orders that prevent importation of devices that practice the asserted patents. We cannot predict with any degree of certainty the outcome of the suits or determine the extent of any potential liability or damages.

Adeia

On March 31, 2026, Adeia Technologies Inc., Adeia Media Holdings Inc. and Adeia Media Solutions Inc. filed a complaint against us and our wholly owned subsidiaries DISH Network Corporation, DISH DBS Corporation, DISH Network L.L.C., DISH Media Sales L.L.C., Sling TV Holding L.L.C. and Sling TV L.L.C. in the United States District Court for the District of Colorado. The plaintiff, a licensing company that was spun off after the merger of Rovi and Xperi, is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. The complaint alleges infringement of United States Patent No. 8,219,927 (the “927 patent”), entitled “Revealing of truncated content on scrollable grid”; United States Patent No. 8,239,546 (the “546 patent”), entitled “Global access control for segmented streaming delivery”; United States Patent No. 8,327,013 (the “013 patent”), entitled “Dynamic index file creation for media streaming”; United States Patent No. 9,369,758 (the “758 patent”), entitled “Multifunction multimedia device”; and United States Patent No. 9,661,049 (the “049 patent”), entitled “Systems and methods of providing interspersed manifest file specifications for adaptive video streaming.” Generally, the patents relate to video streaming program guides, content delivery, access control, ad-insertions, and message overlays. The defendants have filed a notice of the automatic stay as a result of the filing of the Prepackaged Chapter 11 Cases by DISH DBS Corporation, DISH Network L.L.C., Sling TV Holding L.L.C. and Sling TV L.L.C.

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.

ClearPlay, Inc.

On March 13, 2014, ClearPlay, Inc. (“ClearPlay”), filed a complaint against us and our wholly-owned subsidiaries DISH Network and DISH Network L.L.C., and our 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 No. 6,898,799 (the “799 patent”), entitled “Multimedia Content Navigation and Playback”; United States Patent No. 7,526,784 (the “784 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; United States Patent No. 7,543,318 (the “318 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; United States Patent No. 7,577,970 (the “970 patent”), entitled “Multimedia Content Navigation and Playback”; and United States Patent No. 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 boxes 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 DISH Network as defendants, leaving DISH Network L.L.C. and DISH Technologies L.L.C. as the sole defendants.

In October and November 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 in November and December, 2020, the United States Patent and Trademark Office granted each request for reexamination. On May through July 2021, the United States Patent and Trademark Office issued Ex Parte Reexamination Certificates confirming the patentability of the challenged claims.

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. On December 12, 2023, the Court denied ClearPlay’s motion to alter or amend the judgment. ClearPlay appealed to the United States Court of Appeals for the Federal Circuit, but on May 26, 2026, it affirmed the judgment in favor of the DISH defendants. Post-opinion proceedings at the Federal Circuit have been stayed as a result of the filing of the Prepackaged Chapter 11 Cases by DISH Network L.L.C.

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.

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 plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. The complaint alleges infringement of United States Patent No. 8,929,710 (the “710 patent”) and United States 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. Digital Broadcasting Solutions appealed those final written decisions, and DISH Network L.L.C. and DISH Technologies L.L.C. cross-appealed as to the single patent claim that wasn’t invalidated. Briefing was completed on October 17, 2025. DISH Network L.L.C. and DISH Technologies L.L.C. have filed a notice of the automatic stay as a result of the filing of the Prepackaged Chapter 11 Cases. The underlying federal court 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.

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.

Entropic Communications, LLC (first action)

On March 9, 2022, Entropic Communications, LLC (“Entropic”) filed a complaint against our wholly-owned subsidiaries DISH Network, 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 plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. The complaint alleges infringement of United States Patent No. 7,130,576 (the “576 patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; United States Patent No. 7,542,715 (the “715 Patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; and United States 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.

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’s expert claims that the DISH defendants owe damages of $212 million. In light of the filing of the Prepackaged Chapter 11 Cases by DISH Network L.L.C. and DISH Technologies L.L.C., the Court has stayed the case.

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.

Entropic Communications, LLC (second action)

On February 10, 2023, Entropic filed a second lawsuit against our wholly-owned subsidiaries DISH Network, 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 United States Patent No. 7,295,518 (the “518 patent”), entitled “Broadband network for coaxial cable using multi-carrier modulation”; United States Patent No. 7,594,249 (the “249 patent”), entitled “Network interface device and broadband local area network using coaxial cable”; United States Patent No. 7,889,759 (the “759 patent”), entitled “Broadband cable network utilizing common bit-loading”; United States Patent No. 8,085,802 (the “802 Patent”), entitled “Multimedia over coaxial cable access protocol”; United States Patent No. 9,838,213 (the “213 patent”), entitled “Parameterized quality of service architecture in a network”; United States Patent No. 10,432,422 (the “422 patent”), entitled “Parameterized quality of service architecture in a network”; United States Patent No. 8,631,450 (the “450 patent”), entitled “Broadband local area network”; United States Patent No. 8,621,539 (the “539 patent”), entitled “Physical layer transmitter for use in a broadband local area network”; United States Patent No. 8,320,566 (the “0,566 patent”), entitled “Method and apparatus for performing constellation scrambling in a multimedia home network”; United States Patent No. 10,257,566 (the “7,566 patent”), entitled “Broadband local area network”; United States Patent No. 8,228,910 (the “910 Patent”), entitled “Aggregating network packets for transmission to a destination mode”; and United States 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, but on November 14, 2025, following a review by its Director, the United States Patent and Trademark Office issued a new final written decision upholding the validity of a subset of claims from the 249 patent. Entropic has appealed the decisions to the United States Court of Appeals for the Federal Circuit. Notices of the automatic stay have been filed in both the trial court and the Federal Circuit.

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.

Err Content IP

On November 3, 2025, Err Content IP, LLC filed a complaint against EchoStar Communications Corporation, the predecessor to our wholly-owned subsidiary DISH Network Corporation, in the United States District Court for the Southern District of Texas. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. The complaint alleges infringement of United States Patent No. 10,721,542 (the “542 Patent”), entitled “Bandwidth shaping client to capture, transform, cache, and upload images from a remote point of recordation to a network service.” The infringement allegations generally relate to using AirPlay to watch content from the DISH Anywhere app on a paired television screen. On December 3, 2025 Err Content filed an amended complaint adding allegations of induced and contributory infringement. On February 2, 2026, upon the parties’ joint motion, the case was transferred to the United States District Court for the District of Colorado. A notice of the automatic stay as to DISH Network L.L.C., which is the real party-in-interest, has been filed.

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.

Headwater Research

On August 28 and 29, 2025, Headwater Research LLC filed five separate lawsuits in the United States District Court for the Eastern District of Texas against our wholly-owned subsidiaries DISH Network Corporation, DISH Network L.L.C. and DISH Wireless L.L.C. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. The first complaint alleges infringement of United States Patent No. 8,639,935 (the “935 patent”), entitled “Automated device provisioning and activation”; United States Patent No. 9,609,510 (the “510 patent”), entitled “Automated credential porting for mobile devices”; United States Patent No. 9,973,930 (the “930 patent”), entitled “End user device that secures an association of application to service policy with an application certificate check”; United States Patent No. 11,096,055 (the “055 patent”), entitled “Automated device provisioning and activation”; United States Patent No. 11,405,429 (the “429 patent”), entitled “Security techniques for device assisted services”; United States Patent No. 11,966,464 (the “464 patent), entitled “Security techniques for device assisted services”; and United States Patent No. 11,985,155 (the “155 patent”), entitled “Automated device provisioning and activation.”

The second complaint alleges infringement of United States Patent No. 9,179,359 (the “359 patent”), entitled “Wireless end-user device with differentiated network access status for different device applications;” United States Patent No. 9,277,445 (the “445 patent”), entitled “Wireless end-user device with differential traffic control policy list and applying foreground classification to wireless data service;” and United States Patent No. 9,609,544 (the “544 patent”), entitled “Device-assisted services for protecting network capacity.”

The third complaint alleges infringement of United States Patent No. 8,666,364, (the “364 patent”), entitled “Verifiable device assisted service usage billing with integrated accounting, mediation accounting, and multiaccount;” United States Patent No. 9,143,976 (the “976 patent”), entitled “Wireless end-user device with differentiated network access and access status for background and foreground device applications;” and United States Patent No. 9,647,918 (the “918 patent”), entitled “Mobile device and method attributing media services network usage to requesting application.”

The fourth complaint alleges infringement of United States Patent No. 8,635,335 (the “335 patent”), entitled “System and method for wireless network offloading”; United States Patent No. 10,791,471 (the “471 patent”), entitled “System and method for wireless network offloading”; and United States Patent No. 10,237,757 (the “757 patent”), entitled “System and method for wireless network offloading.”

The fifth complaint alleges infringement of United States Patent No. 8,023,425 (the “425 patent”), entitled “Verifiable service billing for intermediate networking devices”; United States Patent No. 8,631,102 (the “102 patent”), entitled “Automated device provisioning and activation”; and United States Patent No. 8,799,451 (the “451 patent”), entitled “Verifiable service policy implementation for intermediate networking devices.”

The asserted patents generally relate to eSIM management, data management, application data traffic management, wireless data offloading and tethering operations. Headwater also has filed complaints against Apple, Google, Motorola, Samsung, Verizon, T-Mobile, AT&T, Sprint, Amazon, Charter, and Comcast. In light of the filing of the Prepackaged Chapter 11 Cases by DISH Wireless L.L.C. and DISH Network L.L.C., the Court has stayed all five cases.

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.

Hughes Telecomunicações do Brasil v. State of São Paulo Treasury Department

On December 12, 2019, Hughes Telecomunicações do Brasil (“HTB”) filed a tax annulment claim in the Judicial Court of São Paulo, claiming that a tax assessment from the State Treasury of São Paulo, for the period from January 2013 to December 2014, was based on an erroneous interpretation of an exemption to the ICMS (a state tax on, among other things, communications).

In June 2022, a judicial expert determined that HTB’s interpretation of the exemption was correct. Nonetheless, in July 2023, the Court entered judgment against HTB, and in October 2023, rejected HTB’s request for clarification. In November 2023, HTB filed an appeal to the Court of Justice, but on February 25, 2025, the Court of Justice ruled against HTB. On March 14, 2025, HTB filed a motion seeking clarification, but that motion was denied on October 24, 2025. HTB has filed a new motion for clarification. HTB reached a settlement with the Treasury under which it will have up to 48 months to pay approximately 44 million Brazilian Reals (USD $8.2 million) to the State Treasury of São Paulo, of which 75% may be satisfied with “precatórios,” which are court ordered obligations issued by the Brazilian government (federal, state or municipal) that are officially recognized and tradeable instruments. This matter is now concluded.

Jones 401(k) Litigation

On December 20, 2021, four former employees filed a class action complaint in the United States District Court for the District of Colorado against our wholly-owned subsidiary DISH Network, its Board of Directors, and its Retirement Plan Committee 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 retention and 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. On July 23, 2026, the Court denied DISH Network’s motion for summary judgment. The plaintiffs’ expert claims damages of $16.7 million, which is reduced to $10.7 million when Fidelity revenue sharing is credited.

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 our wholly-owned subsidiary DISH Network 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 DISH Network allegedly maintained a deficient cybersecurity and information technology infrastructure, were unable to properly secure customer data and DISH Network’s 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, DISH Network’s Senior Vice President and Chief Accounting Officer; John Swieringa, our President, Technology and Chief Operating Officer; Dave Mayo, DISH Network’s former Executive Vice President of Network Development; Marc Rouanne, DISH Network’s former Executive Vice President and Chief Network Officer; and Stephen Bye, DISH Network’s 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. The plaintiffs appealed to the United States Court of Appeals for the Tenth Circuit, and on February 17, 2026, that court unanimously affirmed the trial court’s dismissal. This matter is now concluded.

NewSpace India Limited

In October 2025, NewSpace India Limited (“NSIL”) sued our majority-owned subsidiary Hughes Communications India Private Limited (“HCIPL”), claiming that HCIPL unlawfully terminated the parties’ agreement for HCIPL to take capacity on the GSAT 20 satellite. HCIPL had terminated the parties’ agreement on December 6, 2024, citing, among other reasons, NSIL’s failure to meet the contractual provision for a timely launch. NSIL seeks a declaration that HCIPL’s termination was premature and void, a temporary and permanent injunction restraining HCIPL from terminating or breaching the agreement, and damages of approximately 10.6 billion Indian Rupees (USD $117 million). The Court entered an ex parte interim injunction requiring HCIPL to maintain assets equal to the amount at issue.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Sling Pass Litigation

On August 26, 2025, ESPN Enterprises, Inc. and other Disney affiliates (“Disney”) sued our wholly-owned subsidiary DISH Network L.L.C. in the United States District Court for the Southern District of New York. Disney contends that Sling TV’s Day Pass, Weekend Pass and Week Pass subscriptions breach its carriage agreement with DISH Network. Disney sought a preliminary injunction to enjoin the Passes, but the Court denied its motion on November 17, 2025. Disney filed an amended complaint on December 19, 2025, adding a claim for breach of the implied covenant of good faith and fair dealing, and allegations of using Disney marks to advertise the passes over Disney’s objection and for interest on late payments. DISH Network L.L.C. has asserted antitrust and breach of contract counterclaims against Disney. The case has been stayed in light of the filing of the Prepackaged Chapter 11 Cases by DISH Network L.L.C.

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

Sound View Innovations, LLC

On December 30, 2019, Sound View Innovations, LLC filed one complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. and a second complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. 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. 6,725,456 (the “456 patent”), entitled “Methods and Apparatus for Ensuring Quality of Service in an Operating System”; United States Patent No. 6,708,213 (the “213 patent), entitled “Method for Streaming Multimedia Information Over Public Networks”; and United States Patent No. 6,757,796 (the “796 patent”), entitled “Method and System for Caching Streaming Live Broadcasts transmitted Over a Network.” Generally, the 456 patent and the 133 patent relate to database functionality, and the 213 patent and the 796 patent relate to content delivery networks for streaming video.

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 after our supplier took a license to the database patents — the 456 patent and the 133 patent. 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, but on April 3, 2026, the United States Patent and Trademark Office issued a reexamination certificate confirming the patentability of the challenged claims. Thus, all invalidity challenges at the United States Patent and Trademark Office have been resolved, and the two asserted CDN patents remain intact and unlicensed. 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 resolution of Sound View’s appeal in a parallel action asserting the 213 patent against Hulu. The United States Court of Appeals for the Federal Circuit issued its opinion in the parallel Hulu matter on January 29, 2026.

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. DISH Wireless has filed a notice of the automatic stay resulting from its filing of the Prepackaged Chapter 11 Cases.

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.

State of New York ex rel. Rodriguez

In March 2020, the same two private “relators” filed a second case against DISH Wireless, SPRINT and T-Mobile in the Supreme Court of New York for New York County, under the New York False Claims Act. The defendants only became aware of the lawsuit when it was unsealed in May 2026. As in the Illinois action, the operative Third Amended Complaint alleges that the defendants knowingly causing authorized Boost Mobile retailers to make false records and statements regarding sales taxes on Device Setup Charges because of the way they allegedly managed the point-of-sale system that the retailers used.

The Plaintiffs seek to recover triple the amount of allegedly unpaid taxes, penalties, attorneys’ fees and costs. DISH Wireless has filed a notice of the automatic stay resulting from its bankruptcy filing.

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 our wholly-owned subsidiaries DISH Network, DISH DBS Corporation and DISH Network L.L.C. in the United States District Court for the District of Delaware. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. 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 us, and our 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.

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, DISH Network 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 DISH Network. 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 DISH Network’s 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 DISH Network’s 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 DISH Network’s 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 DISH Network’s petition. On February 10, 2018, the United States Patent and Trademark Office issued a final written decision on DISH Network’s 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. A notice of the automatic stay as to DISH Network L.L.C. has been filed.

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.

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 plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. 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.”

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.

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.

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. On May 5, 2026, DISH Wireless entered into a settlement with the United States to resolve these claims. This matter is now concluded.

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 3/4% Senior Secured Notes due 2028 and 7 3/4% 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 original complaint, the Trustee contended 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 (collectively, the “September 2024 Transactions”). The defendants moved to dismiss the second amended complaint and, on August 21, 2025, the Court granted the motion to dismiss the claims that were based on the September 2024 Transactions but otherwise denied the motion. On March 20, 2026, the parties filed a stipulation to dismiss the lawsuit with prejudice, pursuant to the Restructuring Support Agreement. This matter is now concluded.

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 our wholly-owned subsidiaries, DISH Network, American AWS-3 Wireless I L.L.C., American II, American III, and DISH Wireless Holding L.L.C.; Charles W. Ergen (our Chairman, President and Chief Executive Officer) and Cantey M. Ergen (a member of our Board of Directors); 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, as have subsequent motions by Vtel to augment the record and reopen discovery.

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.

Prepackaged Restructuring and Deconsolidation - Parent Guarantees (Details) $ in Thousands	Jun. 30, 2026 USD ($)
DISH DBS filing entities And DISH Wireless filing entities
Prepackaged Restructuring and Deconsolidation
Parent guarantees	$ 51,313

Property and Equipment and Intangible Assets - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026 USD ($) item
Pay-TV
Property and Equipment
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator	9
Owned satellites \| $	6
Number of satellites owned by DISH DBS Deconsolidated Entities \| $	2
Number of satellites leased	1
Broadband and Satellite Services
Property and Equipment
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator	7
Owned satellites	4
Number of satellites leased	3

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Other Income Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other Income (Expense)
Realized and unrealized gains (losses) and impairments on investments and other	$ 11,209	$ (8,377)	$ 8,472	$ 15,925
Early debt redemption gains (losses)				11,465
Foreign currency transaction gains (losses)	932	3,429	2,792	5,678
Equity in earnings (losses) of affiliates	3,251	2,539	6,101	4,183
Asset sales and other gains (losses)		37,441		37,441
Other	1,060	105	1,271	1,835
Total	$ 16,452	$ 35,137	$ 18,636	$ 76,527

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Property and Equipment and Intangible Assets - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Depreciation and amortization expense
Depreciation and amortization	$ 170,543	$ 493,055	$ 337,144	$ 981,388
Equipment leased to customers
Depreciation and amortization expense
Depreciation and amortization	34,654	57,810	70,250	121,022
Satellites
Depreciation and amortization expense
Depreciation and amortization	36,208	64,283	69,215	130,263
Buildings, furniture, fixtures, equipment and other
Depreciation and amortization expense
Depreciation and amortization	16,159	32,098	32,019	61,271
Hybrid MNO/5G Network equipment
Depreciation and amortization expense
Depreciation and amortization	15,088	216,782	29,790	424,914
Software and computer equipment
Depreciation and amortization expense
Depreciation and amortization	55,257	108,187	109,533	216,160
Intangible assets and other amortization expense
Depreciation and amortization expense
Depreciation and amortization	$ 13,177	$ 13,895	$ 26,337	$ 27,758

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Other investments, net:
Current restricted cash, cash equivalents and marketable investment securities	$ 1,055,678	$ 175,838
Marketable investment securities with contractual maturities within one year	107,000
Marketable investment securities with contractual maturities longer than one year through year five	8,000
Financial liability fair value	$ 72,000	$ 56,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
NagraStar
Other investments, net:
Ownership interest (as a percent)	50.00%
Invidi Technologies Corporation
Other investments, net:
Ownership interest (as a percent)	35.00%
TerreStar Solutions, Inc
Other investments, net:
Ownership interest (as a percent)	33.00%
Deluxe/EchoStar LLC
Other investments, net:
Ownership interest (as a percent)	50.00%
Broadband Connectivity Solutions
Other investments, net:
Ownership interest (as a percent)	20.00%
Commercial paper \| Maximum
Other investments, net:
Debt term of Maturity	365 days
Corporate securities \| Maximum
Other investments, net:
Debt term of Maturity	18 months

Debt, Finance Lease and Other Obligations

6 Months Ended

Jun. 30, 2026

Debt, Finance Lease and Other Obligations

Debt, Finance Lease and Other Obligations

10.	Debt, Finance Lease and Other Obligations

Fair Value of our Debt

The following table summarizes the carrying amount and fair value of our debt facilities as of June 30, 2026 and December 31, 2025:


			As of
			June 30, 2026						December 31, 2025
	Issuer/Borrower		Carrying Amount			Fair Value			Carrying Amount			Fair Value

			(In thousands)
7 3/4% Senior Notes due 2026 (1)(3)	DDBS		$	—		$	—		$	2,000,000		$	1,977,500
5 1/4% Senior Secured Notes due 2026	HSSC			627,283			536,766			627,283			604,776
6 5/8% Senior Notes due 2026	HSSC			750,000			435,000			750,000			691,313
3 3/8% Convertible Notes due 2026	DISH			45,209			44,303			45,209			44,564
5 1/4% Senior Secured Notes due 2026 (1)	DDBS			—			—			2,750,000			2,673,440
11 3/4% Senior Secured Notes due 2027 (2)	DISH			3,500,000			3,596,495			3,500,000			3,646,440
7 3/8% Senior Notes due 2028 (1)	DDBS			—			—			1,000,000			970,280
5 3/4% Senior Secured Notes due 2028 (1)	DDBS			—			—			2,500,000			2,450,000
DISH 2021 Intercompany Loan 2028 Tranche (3)	DISH			2,844,401			2,844,401			—			—
5 1/8% Senior Notes due 2029 (1)	DDBS			—			—			1,500,000			1,331,430
Term Loan due 2029 (4)	DBS SubscriberCo			—			—			1,608,374			1,608,374
Mandatorily Redeemable Preferred Shares due 2029 (4)	DBS SubscriberCo			—			—			178,708			178,708
10 3/4% Senior Secured Notes due 2029	ECHO			5,506,000			5,953,363			5,506,000			6,144,476
3 7/8% Convertible Secured Notes due 2030 (5)	ECHO			1,942,594			6,045,255			1,942,594			6,581,334
6 3/4% Senior Secured Notes due 2030	ECHO			2,372,670			2,412,365			2,372,670			2,436,447
Other notes payable				41,987			41,987			71,719			71,719
Subtotal				17,630,144		$	21,909,935			26,352,557		$	31,410,801
Unamortized deferred financing costs and other debt discounts, net				(323,082)						(416,734)
Finance lease obligations (6)				124,641						44,048
Total				17,431,703						25,979,871
Less: current portion				(1,446,316)						(7,321,269)
Total debt, finance lease and other obligations, net of current portion			$	15,985,387					$	18,658,602

(1)	Effective June 30, 2026, as a result of filing the Prepackaged Chapter 11 Cases, all long-term debt issued by DISH DBS has been deconsolidated from our Condensed Consolidated Balance Sheets. See Note 3 for further information.

(2)	On July 28, 2026, concurrently with the AT&T Closing, the aggregate principal balance of $3.5 billion for the DISH Network 11 3/4% Senior Secured Notes due November 15, 2027 were redeemed in full.

(3)

(4)

(5)

(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).

DISH DBS Senior Notes

We elected not to make the approximately $183 million cash interest payment due on June 1, 2026 for the DISH DBS 5 1/4% Senior Secured Notes due 2026, 5 3/4% Senior Secured Notes due 2028 and 5 1/8% Senior Notes due 2029 (the “June 1, 2026 DISH DBS Senior Notes Interest Payments”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the June 1, 2026 DISH DBS Senior Notes Interest Payments before such non-payment would have been an Event of Default, as defined in the related indenture. On June 18, 2026, we made the scheduled June 1, 2026 DISH DBS Senior Notes Interest Payments originally due June 1, 2026, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payments.

In addition, on June 29, 2026, we elected to make the approximately $114 million cash interest payment due on July 1, 2026 for the DISH DBS 7 3/4% Senior Notes due 2026 and the DISH DBS 7 3/8% Senior Notes due 2028.

Effective June 30, 2026, as a result of filing the Prepackaged Chapter 11 Cases, all long-term debt issued by DISH DBS has been deconsolidated from our Condensed Consolidated Balance Sheets. See Note 3 for further information.

HSSC Senior Notes

5 1/4% Senior Secured Notes due 2026

During the year ended December 31, 2025, we repurchased approximately $123 million of our 5 1/4% Senior Secured Notes due 2026 in open market trades. The remaining balance of approximately $627 million matures on August 1, 2026. The issuer of the 5 1/4% Senior Secured Notes due 2026, our subsidiary Hughes Satellite Systems Corporation (“HSSC”), does not currently have the necessary cash and cash equivalents and marketable investment securities and/or projected future cash flows or committed financing to fund this obligation. HSSC will need to raise additional capital, refinance and/or restructure all or a portion of such obligation prior to maturity, which may not be available on favorable terms or at all. In addition, we may or may not provide additional liquidity to HSSC in the future necessary to meet this obligation.

6 5/8% Unsecured Senior Notes due 2026

Our 6 5/8% Unsecured Senior Notes due 2026 with a principal balance of approximately $750 million mature on August 1, 2026. The issuer of the 6 5/8% Unsecured Senior Notes due 2026, our subsidiary HSSC, does not currently have the necessary cash and cash equivalents and marketable investment securities and/or projected future cash flows or committed financing to fund this obligation. HSSC will need to raise additional capital, refinance and/or restructure all or a portion of such obligation prior to maturity, which may not be available on favorable terms or at all. In addition, we may or may not provide additional liquidity to HSSC in the future necessary to meet this obligation.

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.

EchoStar Convertible Secured Notes

The EchoStar Convertible Secured Notes are:

●

senior unsecured obligations of EchoStar and guaranteed by the Spectrum Assets Guarantors (as defined below) and the Equity Pledge Guarantors (as defined below) on a senior secured basis;

●

secured equally and ratably with certain other secured indebtedness on a first-priority basis, subject to permitted liens, certain exceptions and the first lien intercreditor agreement, by: (i) a lien on all licenses, authorizations and permits issued from time to time by the FCC for use of the AWS-3 Spectrum and for the use of the AWS-4 Spectrum (the “Spectrum Assets”) held by certain of our subsidiaries that hold any Spectrum Assets (each, a “Spectrum Assets Guarantor”); (ii) the proceeds of any Spectrum Assets sale; (iii) other wireless licenses (valued by third-party) of similar value which can be substituted for the Spectrum Assets; and (iv) a lien on the equity interests held by an entity that directly owns any equity interests in any Spectrum Assets Guarantor (each, a “Equity Pledge Guarantor”);

●

ranked equally in right of payment, without giving effect to collateral arrangements, with all of our and the Spectrum Assets Guarantors’ or Equity Pledge Guarantors’ existing and future senior indebtedness;

●

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

The indentures related to our EchoStar Convertible Secured Notes contain restrictive covenants that, among other things, impose limitations on the ability of EchoStar and the Spectrum Assets Guarantors and the Equity Pledge Guarantors to:

●

incur or guarantee additional debt;

●

make certain investments and other restricted payments;

●

create liens;

●

enter into transactions with affiliates;

●

merge or consolidate with another company;

●

transfer or sell assets;

●

allow to exist certain restrictions on paying dividends or other payments; and

●

engage in new activities (applicable to guarantors).

Pursuant to the related indenture, we were required to appoint independent appraisers to determine the aggregate Appraised Value (as defined in the related indenture) of the Spectrum Assets within 60 days following the issue date of the EchoStar Senior Secured Notes and Convertible Secured Notes. Based on the independent appraisals and in accordance with the definition of “Appraised Value” in the related indenture, the Initial Appraisal (as defined in the related indenture) was determined to be $33.1 billion, with a LTV Ratio (as defined in the related indenture) of approximately 0.3 to 1.00.

We will also be required to obtain a forfeiture appraisal of the Spectrum Assets (the “Spectrum Assets Forfeiture Appraisal”) within 60 days of the forfeiture date if wireless spectrum licenses that form part of the Spectrum Assets accounting for more than 10% of the aggregate MHz-POPs of all such licenses constituting the Spectrum Assets are forfeited to the FCC as a result of our failure to meet its build-out milestones with respect to such forfeited licenses.

If the loan-to-value ratio with respect to the Spectrum Assets as of the date of the Spectrum Assets Forfeiture Appraisal is greater than 0.375 to 1.00, then within 60 days following the date of the delivery of the Spectrum Assets Forfeiture Appraisal, we will be required to add additional Spectrum Assets Guarantors and/or pledge (or cause to be pledged) cash or additional wireless spectrum licenses as Spectrum Assets to comply with the required loan-to-value ratio of 0.375 to 1.00.

3 7/8% Convertible Secured Notes due 2030

On November 12, 2024, we issued $1.906 billion aggregate principal amount of our 3 7/8% Convertible Secured Notes due November 30, 2030 (“Convertible Notes due 2030”). Interest accrues at an annual rate of 3 7/8% and is payable semi-annually in arrears on May 30 and November 30 of each year, commencing on May 30, 2025. Interest payments are, at our option, payable in cash or in kind for the first four interest payment periods; provided that no payment in kind interest may be paid for any interest period if the payment of interest on the 6 3/4% Senior Secured Notes due 2030 or certain other indebtedness during such period is made in cash. Interest payments from and including the fifth interest payment period (which will be payable on May 30, 2027) and thereafter must be paid in cash.

We may not redeem the Convertible Notes due 2030 prior to November 30, 2027. The Convertible Notes due 2030 are redeemable, in whole or in part, at any time on or after November 30, 2027 at the redemption prices and subject to the conversion rights and other conditions specified in the related indenture.

If a “fundamental change” (as defined in the related indenture) occurs prior to the maturity date of the Convertible Notes due 2030, holders may require us to repurchase for cash all or part of their Convertible Notes due 2030 at a specified make-whole price equal to 100% of the principal amount of such Convertible Notes due 2030, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

Subject to the terms of the related indenture, the Convertible Notes due 2030 may be converted at an initial conversion rate of 29.73507 shares of our Class A common stock per $1,000 principal amount of Convertible Notes due 2030 (equivalent to an initial conversion price of approximately $33.63 per share of our Class A common stock) (the “Initial Conversion Rate”), at any time on or after May 30, 2030 through the second scheduled trading day preceding the maturity date. Holders of the Convertible Notes due 2030 will also have the right to convert the Convertible Notes due 2030 at the Initial Conversion Rate prior to May 30, 2030, 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.

Beginning on October 1, 2025, and ending at the close of business on June 30, 2026, the Convertible Notes due 2030 are convertible, at the option of the holders. The Convertible Notes due 2030 are convertible, at our election, into cash, approximately 58 million shares of our Class A common stock or a combination thereof. These notes may continue to be convertible in future periods and any determination regarding the convertibility of the Convertible Notes due 2030 during future periods will be made in accordance with the terms of the related indenture. The Convertible Notes due 2030 became convertible because the last reported sale price of shares of our Class A common stock, for at least 20 trading days during the period of 30 consecutive trading days ending on, and including, the last trading day of the calendar quarter ended September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026, respectively, was greater than 130% of the conversion price in effect on each applicable trading day.

DISH Convertible Notes

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 tendered for exchange and cancelled 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 our 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 our 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, we will settle our conversion obligation in cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election.

Convertible Note Hedge and Warrant Transactions

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

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

In connection with the offering of the Convertible Notes due 2026, we entered into convertible note hedge transactions with certain option counterparties. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes due 2026, the number of shares of DISH Network Class A Common Stock underlying the Convertible Notes due 2026, which initially gives us the option to purchase approximately 46 million shares of DISH Network Class A Common Stock at a price of approximately $65.18 per share, which in connection with the completion of the Merger converted into approximately 16 million shares of EchoStar Class A Common Stock at a price of approximately $185.76 per share. The total cost of the original convertible note hedge transactions was $635 million.

Concurrently with entering into the convertible note hedge transactions, we also entered into warrant transactions with each option counterparty whereby we sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of DISH Network Class A common stock, which initially gives the option counterparties the option to purchase approximately 46 million shares of DISH Network Class A common stock at a price of approximately $86.08 per share, which in connection with the completion of the Merger converted into approximately 16 million shares of EchoStar Class A Common Stock at price ranges of approximately $185.75 to $245.33 per share.

We received $376 million in cash proceeds from the original sale of these warrants. In accordance with accounting guidance on hedge and warrant transactions, the net cost incurred in connection with the convertible note hedge and warrant transactions are recorded as a reduction in “Additional paid-in capital” within “Stockholders’ Equity (Deficit)” on our Condensed Consolidated Balance Sheets as of December 31, 2016.

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

Intercompany Loans

Effective June 30, 2026, as a result of filing the Prepackaged Chapter 11 Cases, the DISH 2021 Intercompany Loan 2028 Tranche was classified as third-party debt. All other intercompany loans are eliminated in consolidations.

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 1/4% 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 1/2% per annum in excess of the Cash Accrual Rate for the applicable tranche. As of June 30, 2026, the total DISH 2021 Intercompany Loan amount outstanding plus interest paid in kind was $7.612 billion, which is comprised of the DISH 2021 Intercompany Loan 2026 Tranche of approximately $4.767 billion and the DISH 2021 Intercompany Loan 2028 Tranche of approximately $2.844 billion. On July 28, 2026, concurrently with the AT&T Closing, approximately $2.844 billion outstanding under the DISH 2021 Intercompany Loan 2028 Tranche due to DISH DBS was satisfied in full by DISH Network.

DISH 2021 Intercompany Loan 2026 Tranche. In January 2024, we completed a series of assignments resulting in the transfer of the receivable in respect to the DISH 2021 Intercompany Loan 2026 Tranche of $4.7 billion from DISH DBS to EchoStar Intercompany Receivable Company L.L.C., our direct wholly-owned subsidiary, such that amounts owed in respect of the DISH 2021 Intercompany Loan 2026 Tranche will now be paid by DISH Network to EchoStar Intercompany Receivable Company L.L.C. As of June 30, 2026, the total DISH 2021 Intercompany Loan 2026 Tranche amount outstanding plus interest paid in kind was $4.767 billion. On July 28, 2026, we contributed our receivable for the DISH 2021 Intercompany Loan 2026 Tranche to DISH Network. As a result of this contribution, the $4.767 billion outstanding balance of the DISH 2021 Intercompany Loan 2026 Tranche including interest paid in kind was extinguished.

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. 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, DISH Network 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. On March 19, 2026, the total outstanding balance of the DISH Q2 2024 Intercompany Loan including interest paid in kind of $1.712 billion was paid in full and discharged.

DISH Q3 2024 Intercompany Loan

In September 2024, DISH Network 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. On March 19, 2026, the total outstanding balance of the DISH Q3 2024 Intercompany Loan including interest paid in kind of $535 million was paid in full and discharged.

EchoStar 2024 Intercompany Loan

In November 2024, EchoStar Financing L.L.C., our subsidiary, entered into an intercompany loan with DISH Wireless L.L.C., a subsidiary of DISH Network, for a borrowing principal amount of up to $4.500 billion (the “EchoStar 2024 Intercompany Loan”). The EchoStar 2024 Intercompany Loan matures on November 30, 2030. Interest accrues at an annual rate of 11 1/2% 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. On March 12, 2026, we contributed our receivable for the EchoStar 2024 Intercompany Loan to DISH Network. As a result of this contribution, the total outstanding balance of the EchoStar 2024 Intercompany Loan including interest paid in kind of $3.890 billion was extinguished.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 21, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33807
Entity Registrant Name	EchoStar Corporation
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	26-1232727
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
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	ECHO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001415404
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		159,142,240
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		131,348,468

Basic and Diluted Net Income (Loss) Per Share - Narrative (Details) - Class A common stock	Jun. 30, 2026 $ / shares
Minimum
Antidilutive securities excluded from computation of earnings per share
Exercise price of warrants	$ 185.75
Maximum
Antidilutive securities excluded from computation of earnings per share
Exercise price of warrants	$ 245.33

Revenue Recognition

6 Months Ended

Jun. 30, 2026

Revenue Recognition

Revenue Recognition

13.	Revenue Recognition

Contract Balances

Our allowance for credit losses for trade accounts receivable were as follows:


		Pay-TV		Wireless (2)		Broadband and Satellite Services		Consolidated Total

		(In thousands)
Balance, December 31, 2025		$	36,017	$	26,014	$	17,559	$	79,590
Current period provision for expected credit losses			21,163		11,966		4,428		37,557
Write-offs charged against allowance			(17,349)		(18,754)		(6,947)		(43,050)
Deconsolidated Subsidiaries allowance (1)			133,196		—		—		133,196
Foreign currency translation			—		—		141		141
Deconsolidated Subsidiaries			(39,831)		(233)		—		(40,064)
Balance, June 30, 2026		$	133,196	$	18,993	$	15,181	$	167,370


		Pay-TV		Wireless (2)		Broadband and Satellite Services		Consolidated Total

		(In thousands)
Balance, December 31, 2024		$	42,575	$	28,739	$	11,314	$	82,628
Current period provision for expected credit losses			37,059		13,851		8,485		59,395
Write-offs charged against allowance			(18,316)		(17,771)		(7,929)		(44,016)
Foreign currency translation			—		—		224		224
Balance, June 30, 2025		$	61,318	$	24,819	$	12,094	$	98,231

(1)	Includes a receivable from the DISH Wireless Deconsolidated Subsidiaries not expected to be recovered and as such recorded as allowance for credit losses. See Note 3 for further information.

(2)	Our allowance for credit losses for trade accounts receivable for our Other segment is immaterial and therefore included in the Wireless segment in the table above.

Contract assets arise when we recognize revenue for providing a service in advance of billing our customers. Our contract assets typically relate to our long-term contracts where we recognize revenue using the cost-based input method and the revenue recognized exceeds the amount billed to the customer.

Our contract assets also include receivables related to sales-type leases recognized over the lease term as the customer is billed. Contract assets are amortized as the customer is billed for services. Contract assets are recorded in “Trade accounts receivable, net” on our Condensed Consolidated Balance Sheets.

The following table summarizes our contract asset balances:


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Contract assets		$	113,912		$	138,723

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

The following table summarizes our contract liability balances:


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Contract liabilities (1)		$	227,656		$	607,970

(1)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Our beginning of period contract liability recorded as customer contract revenue during 2026 was $561 million.

Performance Obligations

Pay-TV and Wireless Segments

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

Broadband and Satellite Services Segment

As of June 30, 2026, the remaining performance obligations for our customer contracts was approximately $1.3 billion. Performance obligations expected to be satisfied within one year and greater than one year are 29% and 71%, respectively. This amount and percentages exclude leasing arrangements and agreements with consumer customers.

Contract Acquisition Costs

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


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025

	(In thousands)
Balance, beginning of period	$	246,356		$	280,984		$	261,946		$	289,200
Additions		46,218			68,519			90,022			125,116
Amortization expense		(57,480)			(67,623)			(117,122)			(132,842)
Foreign currency translation		101			367			349			773
Deconsolidated Subsidiaries		(126,994)			—			(126,994)			—
Balance, end of period	$	108,201		$	282,247		$	108,201		$	282,247

- Definition

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

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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Total current marketable investment securities	$ 56,205	$ 1,100,891
Total marketable investment securities	163,634	1,153,851
Restricted cash and cash equivalents	1,003,330	299,081
Equity method investments	67,547	85,014
Other investments	145,015	109,032
Total other investments, net	212,562	194,046
Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	1,379,526	1,646,978
Current marketable investment securities - Strategic - available-for-sale
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Total current marketable investment securities	51	51
Current marketable investment securities - Strategic - trading/equity
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Total current marketable investment securities	48,272	37,378
Current marketable investment securities - Other
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Total current marketable investment securities	7,882	1,063,462
Restricted marketable investment securities
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Total marketable investment securities	$ 107,429	$ 52,960

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Use of Estimates

Exit and Disposal Costs


	One-Time Employee Termination Benefits		Contract Termination Costs		Total

	(In thousands)
Balance, December 31, 2025	$	—	$	759,419	$	759,419
Costs incurred and charged to expense (1)		—		14,346		14,346
(Gains) losses on costs paid or settled (1)		—		(36,916)		(36,916)
Costs paid or settled		—		(29,982)		(29,982)
Accretion		—		11,725		11,725
Balance, March 31, 2026	$	—	$	718,592	$	718,592
Costs incurred and charged to expense (1)		—		17,850		17,850
(Gains) losses on costs paid or settled (1)		—		(949)		(949)
Costs paid or settled		—		(63,906)		(63,906)
Accretion		—		8,725		8,725
Deconsolidated Subsidiaries		—		(680,312)		(680,312)
Balance, June 30, 2026	$	—	$	—	$	—

(1)

As of June 30, 2026, cumulative costs incurred and charged to expense were $841 million.

Capitalized Interest

Fair Value Measurements

●

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

●

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

Advertising Costs

Research and Development

New Accounting Pronouncements

Not Yet Adopted

Adopted

Prepackaged Restructuring and Deconsolidation - Deconsolidation gain (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Prepackaged Restructuring and Deconsolidation
Allowance for credit losses	$ (167,370)	$ (167,370)	$ (167,370)	$ (79,590)
Deconsolidation gain		9,728,958	9,728,958
DISH DBS filing entities And DISH Wireless filing entities
Prepackaged Restructuring and Deconsolidation
Net liabilities of the Deconsolidated Subsidiaries	11,427,038	11,427,038	11,427,038
Deferred tax adjustment	(1,513,571)
Allowance for credit losses	(133,196)	(133,196)	(133,196)
Parent guarantees	(51,313)	$ (51,313)	$ (51,313)
Deconsolidation gain	$ 9,728,958

Prepackaged Restructuring and Deconsolidation - Individually Significant Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Prepackaged Restructuring and Deconsolidation
Income (loss) before income taxes	$ 9,790,114	$ (392,134)	$ 9,621,894	$ (659,402)
Deconsolidation gain	9,728,958		9,728,958
DISH DBS Deconsolidated Subsidiaries
Prepackaged Restructuring and Deconsolidation
Income (loss) before income taxes	(8,206,561)	414,703	(7,869,324)	879,162
Deconsolidation gain	5,209,671		5,209,671
DISH Wireless Deconsolidated Subsidiaries
Prepackaged Restructuring and Deconsolidation
Income (loss) before income taxes	(417,892)	$ (1,080,850)	(873,241)	$ (2,090,193)
Deconsolidation gain	$ 6,217,367		$ 6,217,367

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

Related Party Transactions

14.	Related Party Transactions

CONX

CONX Corp. is a special purpose acquisition company partially owned by Charles W. Ergen, our Chairman, President and Chief Executive Officer (“CONX”). On May 1, 2024, we and CONX entered into a definitive purchase and sale agreement, which provides for CONX’s purchase from us of the commercial real estate property in Littleton, Colorado, comprising the corporate headquarters of DISH Wireless. Concurrently with the transaction closing on May 1, 2024, we entered into an agreement to lease back the property from CONX for an initial 10-year term. During the three months ended June 30, 2026 and 2025, 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, 2026 and 2025, we recorded $2 million and $2 million, respectively, for this lease in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Hughes Systique Corporation

We own 42% of Hughes Systique Corporation (“Hughes Systique”) and contract with Hughes Systique for software development services.

The table below summarizes our transactions with Hughes Systique:

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

2026

2025

(In thousands)

Purchases:

Purchases from Hughes Systique

3,625

4,093

6,717

8,148

As of

June 30,

December 31,

 

2026

2025

 

(In thousands)

Amounts Payable:

Amounts payable to Hughes Systique

1,444

1,497

NagraStar

The DISH DBS Deconsolidated Subsidiaries 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. The investment in NagraStar was accounted for using the equity method. Effective June 30, 2026, we have deconsolidated our investment in NagraStar.

The table below summarizes our transactions with NagraStar:

For the Three Months Ended

For the Six Months Ended

June 30,

 

2026

 

2025

 

2026

2025

(In thousands)

Purchases (including fees):

Purchases from NagraStar

6,201

7,077

12,529

14,278

As of

June 30,

December 31,

 

2026

 

2025

 

(In thousands)

Amounts Payable and Commitments:

Amounts payable to NagraStar

—

4,190

Commitments to NagraStar

—

364

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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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, 2026

Leases

Schedule of components of lease expense


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Operating lease cost		$	122,407		$	166,505		$	250,398		$	333,862

Short-term lease cost (1)			2,507			3,051			5,638			8,341

Finance lease cost:
Amortization of right-of-use assets			4,389			13,238			7,496			26,469
Interest on lease liabilities			1,395			1,342			2,223			2,844
Total finance lease cost			5,784			14,580			9,719			29,313
Total lease costs		$	130,698		$	184,136		$	265,755		$	371,516

(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,
		2026			2025

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	63,397		$	284,667
Operating cash flows from finance leases		$	763		$	2,314
Financing cash flows from finance leases		$	904		$	11,406

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		$	28,223		$	110,400
Finance leases		$	125,546		$	—

Summary of supplemental balance sheet information related to leases


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Operating Leases: (1)
Operating lease assets		$	66,696		$	214,549

Other current liabilities		$	23,198		$	845,326
Operating lease liabilities			120,325			4,137,269
Total operating lease liabilities		$	143,523		$	4,982,595

Finance Leases: (2)
Property and equipment, gross		$	209,257		$	83,141
Accumulated depreciation			(11,600)			(5,124)
Property and equipment, net		$	197,657		$	78,017

Other current liabilities		$	11,288		$	41,520
Other long-term liabilities			113,353			2,528
Total finance lease liabilities		$	124,641		$	44,048

Weighted Average Remaining Lease Term:
Operating leases			7.9 years			9.5 years
Finance leases			8.3 years			0.8 years

Weighted Average Discount Rate:
Operating leases			9.1%			9.9%
Finance leases			7.3%			10.0%

(1)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries, offset by an increase primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease.

Summary of maturities of lease liabilities


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

		(In thousands)
2026 (remaining six months)		$	16,319		$	10,000		$	26,319
2027			30,175			20,000			50,175
2028			25,685			20,000			45,685
2029			23,258			20,000			43,258
2030			20,463			20,000			40,463
Thereafter			82,427			76,667			159,094
Total lease payments			198,327			166,667			364,994
Less: Imputed interest			(54,804)			(42,026)			(96,830)
Total			143,523			124,641			268,164
Less: Current portion			(23,198)			(11,288)			(34,486)
Long-term portion of lease obligations		$	120,325		$	113,353		$	233,678

Schedule of lease revenue


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Lease revenue:
Sales-type lease revenue		$	812		$	1,787		$	1,573		$	3,984
Operating lease revenue			4,381			2,014			8,185			4,415
Total lease revenue		$	5,193		$	3,801		$	9,758		$	8,399

Schedule of operating lease payments to be received


For the Years Ending December 31,		Total
		(In thousands)
2026 (remaining six months)		$	9,078
2027			8,874
2028			4,517
2029			3,286
2030			2,182
Thereafter			708
Total lease payments to be received		$	28,645

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

6 Months Ended

Jun. 30, 2026

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

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

6.	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,
		2026			2025

		(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale		$	51		$	51
Strategic - trading/equity			48,272			37,378
Other			7,882			1,063,462
Total current marketable investment securities			56,205			1,100,891
Restricted marketable investment securities (1)			107,429			52,960
Total marketable investment securities			163,634			1,153,851

Restricted cash and cash equivalents (1)			1,003,330			299,081

Other investments, net:
Equity method investments			67,547			85,014
Other investments			145,015			109,032
Total other investments, net			212,562			194,046

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	(2)	$	1,379,526		$	1,646,978

(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.

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

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 “Stockholders’ 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).

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, 2026, 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, 2026 and December 31, 2025, 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, 2026 and December 31, 2025, we had $1.056 billion and $176 million, respectively, included in “Current restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets.

As of June 30, 2026, our current restricted cash, cash equivalents and marketable investment securities of $1.056 billion consisted of the Advances from the Filing Entities for Vendor Disbursements, representing amounts the Filing Entities advanced us for the sole designated purpose of settling third-party obligations on the Filing Entities' behalf.

As of December 31, 2025, our current restricted cash, cash equivalents and marketable investment securities of $176 million primarily consisted of amounts required as collateral for our letters of credit and funds received by our subsidiary, DISH DBS Issuer LLC (“DBS SubscriberCo”), from subscriber payments and certain other revenue, which were required to be restricted per the terms of the debt issued by DBS SubscriberCo. DBS SubscriberCo previously held certain DISH TV subscribers and their related subscription and equipment agreements which collateralized certain debt obligations. The Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029 issued by DBS SubscriberCo were redeemed on March 16, 2026 and therefore we no longer have amounts required to be restricted per the terms of the debt.

Other Investments, net

We have strategic investments in certain debt and/or equity securities, as well as loan receivables, 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. We have the ability and intent to hold our loan receivables to maturity and as such, these instruments are recorded at amortized cost.

NagraStar L.L.C. The DISH DBS Deconsolidated Subsidiaries 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. Effective June 30, 2026, we have deconsolidated our investment in NagraStar.

Invidi Technologies Corporation. The DISH DBS Deconsolidated Subsidiaries 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. Effective June 30, 2026, we have deconsolidated our investment in Invidi.

TerreStar Solutions, Inc. We own a 33% interest in TerreStar Solutions, Inc. (“TSI”), an entity that provides wireless mobile communication coverage in Canada using a satellite user terminal. TSI’s wireless communications system is based on a satellite and ground-based technology, which provides communication services in hard-to-reach areas and provides a nationwide interoperable, survivable and critical communications infrastructure. TSI also holds and leases certain 2 GHz wireless spectrum licenses in Canada.

Deluxe/EchoStar LLC. We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada.

Broadband Connectivity Solutions (Restricted) Limited. We own 20% of Broadband Connectivity Solutions (Restricted) Limited (together with its subsidiaries, “BCS”), a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 satellite.

We also hold investments that are not accounted for using the equity method of accounting, which are measured at fair value if a readily determinable fair value is available. 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, 2026												December 31, 2025
		Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total

		(In thousands)
Cash and cash equivalents (including restricted):
Cash		$	405,271		$	—		$	—		$	405,271		$	420,971		$	—		$	—		$	420,971
Cash equivalents			286,148			751,899			—			1,038,047			407,354			1,353,830			—			1,761,184
Total		$	691,419		$	751,899		$	—		$	1,443,318		$	828,325		$	1,353,830		$	—		$	2,182,155

Debt securities (including restricted):
U.S. Treasury and agency securities		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Commercial paper			—			—			—			—			—			370,755			—			370,755
Corporate securities			—			106,994			—			106,994			—			731,195			—			731,195
Other			—			8,317			51			8,368			—			14,472			51			14,523
Equity securities			48,272			—			—			48,272			37,378			—			—			37,378
Total		$	48,272		$	115,311		$	51		$	163,634		$	37,378		$	1,116,422		$	51		$	1,153,851

As of June 30, 2026, restricted and non-restricted marketable investment securities included debt securities of $107 million with contractual maturities within one year and $8 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.

Our loan receivables are included in “Other investments, net” on our Condensed Consolidated Balance Sheets and are non-publicly traded and therefore categorized within Level 3 of the fair value hierarchy

Derivative and/or Financial Liability Instruments

We may purchase and hold derivative and/or financial liability instruments for, among other reasons, strategic or speculative purposes. As of June 30, 2026 and December 31, 2025, we held certain financial liability instruments with a fair value of $72 million and $56 million, respectively, which is included in “Other accrued expenses and liabilities” on our Condensed Consolidated Balance Sheets and is categorized within Level 1 of the fair value hierarchy. All changes in fair value of the financial liability instruments were recorded in “Other, net” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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:		2026			2025		2026			2025

		(In thousands)
Realized and unrealized gains (losses) and impairments on investments and other		$	11,209		$	(8,377)	$	8,472		$	15,925
Early debt redemption gains (losses)			—			—		—			11,465
Foreign currency transaction gains (losses)			932			3,429		2,792			5,678
Equity in earnings (losses) of affiliates			3,251			2,539		6,101			4,183
Asset sales and other gains (losses)			—			37,441		—			37,441
Other			1,060			105		1,271			1,835
Total		$	16,452		$	35,137	$	18,636		$	76,527

Other Investments- Variable Interest Entity

On May 22, 2026, pursuant to the Amended and Restated License Purchase Agreement, we completed the Spectrum Transfer Closing, whereby we transferred to the Trust the SpaceX Spectrum Assets.

We hold a variable interest in the Trust, but management has determined we are not the primary beneficiary; accordingly, the Trust’s accounts are not consolidated within our financial statements. However, because the transfer of the SpaceX Spectrum Assets did not meet the criteria for derecognition under ASC 610-20 Gains and Losses from the Derecognition of Nonfinancial Assets, the SpaceX Spectrum Assets continue to be recognized on our Condensed Consolidated Balance Sheets. Our maximum exposure to loss resulting from our involvement with the Trust is mathematically limited to the carrying value of the SpaceX Spectrum Assets, totaling $8.667 billion as of June 30, 2026. In the hypothetical event of a total loss of value or a termination of the arrangement, the legal rights to the SpaceX Spectrum Assets would revert to EchoStar, and our maximum economic loss would be inherently mitigated by the residual market value of the underlying spectrum.

The Trust is providing a guarantee on the SpaceX Spectrum Assets and the Seller Notes. As of June 30, 2026, the aggregate principal amount outstanding of the Seller Notes was $9.821 billion and is secured by the AWS-4 and AWS-3 Licenses held by the Trust, and the Trust. In addition, the Trust will continue the Interim Debt Service payments on our behalf through the Spectrum Acquisition Closing, which is secured on a junior lien basis by the AWS-4 and H-Block Licenses. The Interim Debt Service payments are dependent upon SpaceX funding these interest payments via the Trust. See Note 1 for further information.

Leases - Lease Income By Lease Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Lease revenue:
Sales-type lease revenue	$ 812	$ 1,787	$ 1,573	$ 3,984
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax
Operating lease revenue	$ 4,381	$ 2,014	$ 8,185	$ 4,415
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax
Total lease revenue	$ 5,193	$ 3,801	$ 9,758	$ 8,399
Sales-type lease receivable	$ 17,000		$ 17,000		$ 20,000

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Investments Measured at Fair Value On A Recurring Basis (Details) - Fair value measurements on recurring basis - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair value of marketable securities
Cash and cash equivalents (including restricted)	$ 1,443,318	$ 2,182,155
Total	163,634	1,153,851
Cash
Fair value of marketable securities
Cash and cash equivalents (including restricted)	405,271	420,971
Cash equivalents
Fair value of marketable securities
Cash and cash equivalents (including restricted)	1,038,047	1,761,184
Commercial paper
Fair value of marketable securities
Total		370,755
Corporate securities
Fair value of marketable securities
Total	106,994	731,195
Other
Fair value of marketable securities
Total	8,368	14,523
Equity securities
Fair value of marketable securities
Equity securities	48,272	37,378
Level 1
Fair value of marketable securities
Cash and cash equivalents (including restricted)	691,419	828,325
Total	48,272	37,378
Level 1 \| Cash
Fair value of marketable securities
Cash and cash equivalents (including restricted)	405,271	420,971
Level 1 \| Cash equivalents
Fair value of marketable securities
Cash and cash equivalents (including restricted)	286,148	407,354
Level 1 \| Equity securities
Fair value of marketable securities
Equity securities	48,272	37,378
Level 2
Fair value of marketable securities
Cash and cash equivalents (including restricted)	751,899	1,353,830
Total	115,311	1,116,422
Level 2 \| Cash equivalents
Fair value of marketable securities
Cash and cash equivalents (including restricted)	751,899	1,353,830
Level 2 \| Commercial paper
Fair value of marketable securities
Total		370,755
Level 2 \| Corporate securities
Fair value of marketable securities
Total	106,994	731,195
Level 2 \| Other
Fair value of marketable securities
Total	8,317	14,472
Level 3
Fair value of marketable securities
Total	51	51
Level 3 \| Other
Fair value of marketable securities
Total	$ 51	$ 51

Debt, Finance Lease and Other Obligations - Fair Value of Debt (Details) $ in Thousands, EquityInstruments in Millions			6 Months Ended	9 Months Ended
	Jul. 28, 2026 USD ($)	Mar. 16, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($) EquityInstruments	Jun. 29, 2026	Dec. 31, 2025 USD ($)	Aug. 25, 2025	Jun. 30, 2025 USD ($)
Debt Instrument
Aggregate principal amount outstanding			$ 17,630,144	$ 17,630,144		$ 26,352,557
Fair Value			21,909,935	21,909,935		31,410,801
Unamortized deferred financing costs and other debt discounts, net			(323,082)	(323,082)		(416,734)
Finance lease obligations			124,641	124,641		44,048
Total long-term debt, finance lease and other obligations (including current portion)			17,431,703	17,431,703		25,979,871
Less: current portion			(1,446,316)	(1,446,316)		(7,321,269)
Total debt, finance lease and other obligations, net of current portion			$ 15,985,387	$ 15,985,387		18,658,602
Interest rate (as a percent)			0.25%	0.25%
7 3/4% Senior Notes due 2026 \| DDBS
Debt Instrument
Aggregate principal amount outstanding						2,000,000
Fair Value						$ 1,977,500
Interest rate (as a percent)			7.75%	7.75%	7.75%	7.75%
7 3/4% Senior Notes due 2026 \| DDBS \| Subsequent event
Debt Instrument
Interest rate (as a percent)	7.75%
Repayment of debt	$ 2,000,000
5 1/4% Senior Secured Notes due 2026
Debt Instrument
Aggregate principal amount outstanding						$ 627,000
Interest rate (as a percent)						5.25%
Debt repurchased						$ 123,000
5 1/4% Senior Secured Notes due 2026 \| HSSC
Debt Instrument
Aggregate principal amount outstanding			$ 627,283	$ 627,283		627,283
Fair Value			$ 536,766	$ 536,766		$ 604,776
Interest rate (as a percent)			5.25%	5.25%		5.25%
6 5/8% Senior Notes due 2026
Debt Instrument
Aggregate principal amount outstanding						$ 750,000
Interest rate (as a percent)						6.625%
6 5/8% Senior Notes due 2026 \| HSSC
Debt Instrument
Aggregate principal amount outstanding			$ 750,000	$ 750,000		$ 750,000
Fair Value			$ 435,000	$ 435,000		$ 691,313
Interest rate (as a percent)			6.625%	6.625%		6.625%
3 3/8% Convertible Notes due 2026 \| DISH Network
Debt Instrument
Aggregate principal amount outstanding			$ 45,209	$ 45,209		$ 45,209
Fair Value			$ 44,303	$ 44,303		$ 44,564
Interest rate (as a percent)			3.375%	3.375%		3.375%
5 1/4% Senior Secured Notes due 2026 \| DDBS
Debt Instrument
Aggregate principal amount outstanding						$ 2,750,000
Fair Value						$ 2,673,440
Interest rate (as a percent)			5.25%	5.25%		5.25%
11 3/4% Senior Secured Notes due 2027 \| DISH Network
Debt Instrument
Aggregate principal amount outstanding			$ 3,500,000	$ 3,500,000		$ 3,500,000
Fair Value			$ 3,596,495	$ 3,596,495		$ 3,646,440
Interest rate (as a percent)			11.75%	11.75%		11.75%
7 3/8% Senior Notes due 2028 \| DDBS
Debt Instrument
Aggregate principal amount outstanding						$ 1,000,000
Fair Value						$ 970,280
Interest rate (as a percent)			7.375%	7.375%	7.375%	7.375%
5 3/4% Senior Secured Notes due 2028 \| DDBS
Debt Instrument
Aggregate principal amount outstanding						$ 2,500,000
Fair Value						$ 2,450,000
Interest rate (as a percent)			5.75%	5.75%		5.75%
DISH 2021 Intercompany Loan 2028 Tranche \| DISH Network
Debt Instrument
Aggregate principal amount outstanding			$ 2,844,401	$ 2,844,401
Fair Value			$ 2,844,401	$ 2,844,401
5 1/8 % Senior Notes due 2029 \| DDBS
Debt Instrument
Aggregate principal amount outstanding						$ 1,500,000
Fair Value						$ 1,331,430
Interest rate (as a percent)			5.125%	5.125%		5.125%
Term Loan due 2029 \| DBS SubscriberCo
Debt Instrument
Aggregate principal amount outstanding						$ 1,608,374
Fair Value						1,608,374
Repayment of debt			$ 202,000
Mandatorily Redeemable Preferred Shares due 2029 \| DBS SubscriberCo
Debt Instrument
Aggregate principal amount outstanding						178,708
Fair Value						178,708
10 3/4% Senior Secured Notes due 2029
Debt Instrument
Aggregate principal amount outstanding			5,506,000	$ 5,506,000		5,506,000
Fair Value			$ 5,953,363	$ 5,953,363		$ 6,144,476
Interest rate (as a percent)			10.75%	10.75%		10.75%
3 7/8% Convertible Secured Notes due 2030
Debt Instrument
Aggregate principal amount outstanding			$ 1,942,594	$ 1,942,594		$ 1,942,594
Fair Value			$ 6,045,255	$ 6,045,255		$ 6,581,334
Interest rate (as a percent)			3.875%	3.875%		3.875%
Number shares issued in conversion \| EquityInstruments				58
6 3/4% Senior Secured Notes due 2030
Debt Instrument
Aggregate principal amount outstanding			$ 2,372,670	$ 2,372,670		$ 2,372,670
Fair Value			$ 2,412,365	$ 2,412,365		$ 2,436,447
Interest rate (as a percent)			6.75%	6.75%		6.75%
Other notes payable
Debt Instrument
Aggregate principal amount outstanding			$ 41,987	$ 41,987		$ 71,719
Fair Value			41,987	$ 41,987		$ 71,719
Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029
Debt Instrument
Repayment of debt		$ 1,600,000
Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029 \| DBS SubscriberCo
Debt Instrument
Repayment of debt			$ 1,600,000
AT&T License Purchase Agreement \| 7 3/4% Senior Notes due 2026 \| License Purchase Agreement \| Subsequent event
Debt Instrument
Interest rate (as a percent)	7.75%
Repayment of debt	$ 2,000,000
AT&T License Purchase Agreement \| 11 3/4% Senior Secured Notes due 2027 \| License Purchase Agreement \| Subsequent event
Debt Instrument
Interest rate (as a percent)	11.75%
AT&T License Purchase Agreement \| 11 3/4% Senior Secured Notes due 2027 \| DISH Network \| License Purchase Agreement \| Subsequent event
Debt Instrument
Repayment of debt	$ 3,500,000
AT&T License Purchase Agreement \| 11 3/4% Senior Secured Notes due 2027 \| DISH Network \| License Purchase Agreement
Debt Instrument
Aggregate principal amount outstanding								$ 3,500,000
Interest rate (as a percent)							11.75%
AT&T License Purchase Agreement \| 11 3/4% Senior Secured Notes due 2027 \| DISH Network \| License Purchase Agreement \| Subsequent event
Debt Instrument
Interest rate (as a percent)	11.75%
Repayment of debt	$ 3,500,000
AT&T License Purchase Agreement \| DISH 2021 Intercompany Loan 2028 Tranche \| DISH Network \| License Purchase Agreement \| Subsequent event
Debt Instrument
Repayment of debt	$ 2,844,000

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Other Investments- Variable Interest Entity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule of Investments [Line Items]
Aggregate principal amount outstanding	$ 17,630,144	$ 26,352,557
3 7/8% Convertible Secured Notes due 2030
Schedule of Investments [Line Items]
Aggregate principal amount outstanding	1,942,594	$ 1,942,594
3 7/8% Convertible Secured Notes due 2030 \| SpaceX License Purchase Agreement
Schedule of Investments [Line Items]
Aggregate principal amount outstanding	9,821,000
SpaceX spectrum assets
Schedule of Investments [Line Items]
Carrying value of the SpaceX Spectrum Assets	$ 8,667,000

- Definition

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

+ References

+ Details

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory
Finished goods	$ 240,003	$ 273,817
Work-in-process and service repairs	44,396	60,147
Consignment	6,553	7,951
Raw materials	31,438	38,732
Total inventory	$ 322,390	$ 380,647

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 439,988	$ 1,883,074
Current restricted cash, cash equivalents and marketable investment securities (Note 6)	1,055,678	175,838
Marketable investment securities	56,205	1,100,891
Trade accounts receivable, net of allowance for credit losses of $167,370 and $79,590, respectively	905,613	1,273,849
Inventory	322,390	380,647
Prepaids and other assets	229,671	284,194
Regulatory authorizations held for sale, net (Note 11)	16,822,253
Other current assets	21,926	34,678
Total current assets	19,853,724	5,133,171
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities	55,081	176,203
Property and equipment, net	1,760,321	2,243,515
Regulatory authorizations, including restricted, net (Note 11)	17,116,754	34,548,952
Other investments, net	212,562	194,046
Operating lease assets	66,696	214,549
Intangible assets, net	49,124	54,413
Other noncurrent assets, net	311,136	451,506
Total noncurrent assets	19,571,674	37,883,184
Total assets	39,425,398	43,016,355
Current Liabilities:
Trade accounts payable	251,882	541,706
Deferred revenue and other	221,389	639,173
Accrued programming		1,224,222
Accrued interest	170,350	309,462
Other accrued expenses and liabilities	1,727,475	2,327,587
Current portion of debt, finance lease and other obligations (Note 10)	1,446,316	7,321,269
Total current liabilities	3,817,412	12,363,419
Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion (Note 10)	15,985,387	18,658,602
Deferred tax liabilities, net	3,406,850	598,590
Operating lease liabilities	120,325	4,137,269
Long-term deferred revenue and other long-term liabilities	1,894,020	1,446,477
Total long-term obligations, net of current portion	21,406,582	24,840,938
Total liabilities	25,223,994	37,204,357
Commitments and Contingencies (Note 11)
Stockholders' Equity (Deficit):
Additional paid-in capital	8,949,104	8,875,937
Accumulated other comprehensive income (loss)	(182,530)	(183,188)
Accumulated earnings (deficit)	5,436,744	(2,878,743)
Treasury stock, at cost, 1,789,020 shares	(48,512)	(48,512)
Total EchoStar stockholders' equity (deficit)	14,155,098	5,765,784
Noncontrolling interests	46,306	46,214
Total stockholders' equity (deficit)	14,201,404	5,811,998
Total liabilities and stockholders' equity (deficit)	39,425,398	43,016,355
Class A common stock
Stockholders' Equity (Deficit):
Common stock	161	159
Class B common stock
Stockholders' Equity (Deficit):
Common stock	$ 131	$ 131

Property and Equipment and Intangible Assets - Asset retirement obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Activity relating to our asset retirement obligations
Balance, beginning of period	$ 446,748	$ 338,506	$ 448,752	$ 327,031
Liabilities incurred		1,188		4,885
Liabilities settled	(151)		(13,472)
Accretion expense	11,407	8,026	22,724	15,804
Deconsolidated Subsidiaries	(457,906)		(457,906)
Balance, end of period	98	$ 347,720	98	$ 347,720
Corresponding assets, net of accumulated depreciation, related to asset retirement obligations	$ 0		$ 0		$ 0

Debt, Finance Lease and Other Obligations - Intercompany Loan (Details) $ in Millions				1 Months Ended	6 Months Ended
	Mar. 19, 2026 USD ($)	Mar. 12, 2026 USD ($)	Feb. 11, 2022 USD ($)	Nov. 30, 2024 USD ($)	Jun. 30, 2026 USD ($) tranche	Dec. 31, 2025	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)
Debt Instrument
Interest rate (as a percent)					0.25%
DISH DBS Corporation ("DBS")
Debt Instrument
Interest payment in kind (in percent)					0.50%
DISH DBS Corporation ("DBS") \| EchoStar Intercompany Receivable Company L.L.C.
Debt Instrument
Outstanding amount					$ 4,767
5 1/4% Senior Secured Notes due 2026
Debt Instrument
Interest rate (as a percent)						5.25%
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 \| EchoStar Intercompany Receivable Company L.L.C.
Debt Instrument
Amount of transfer of loan receivable									$ 4,700
Intercompany Loan \| DISH DBS Corporation ("DBS")
Debt Instrument
Additional debt			$ 1,500
Minimum interest payment due (in percent)					50.00%
Period After Issuance First Payment In Kind Due					2 years
Outstanding amount					$ 7,612
Number of tranche \| tranche					2
Intercompany Loan \| DISH DBS Corporation ("DBS") \| License Purchase Agreement \| AT&T License Purchase Agreement
Debt Instrument
Outstanding amount					$ 2,844
Intercompany Loan 2026 Tranche
Debt Instrument
Outstanding amount					4,767
Intercompany Loan 2026 Tranche \| DISH DBS Corporation ("DBS") \| License Purchase Agreement \| AT&T License Purchase Agreement
Debt Instrument
Outstanding amount					4,767
Intercompany Loan 2028 Tranche
Debt Instrument
Outstanding amount					$ 2,844
Q2 Inter Company Loan \| DISH DBS Corporation ("DBS")
Debt Instrument
Aggregate principal amount								$ 1,508
Repayment of debt	$ 1,712
Q3 Inter Company Loan \| DISH DBS Corporation ("DBS")
Debt Instrument
Aggregate principal amount							$ 481
Repayment of debt	$ 535
Echo Star 2024 Inter Company Loans
Debt Instrument
Interest rate (as a percent)				11.50%
Aggregate principal amount				$ 4,500
Redemption price as a percentage of principal amount				100.00%
Loan extinguished, amount		$ 3,890

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 3,576,164	$ 3,724,959	$ 7,243,653	$ 7,594,717
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services	1,928,151	2,461,631	3,926,419	4,893,829
Cost of sales - equipment and other	418,970	354,187	955,877	793,695
Selling, general and administrative expenses	547,848	629,494	1,186,873	1,227,345
Depreciation and amortization	170,543	493,055	337,144	981,388
Impairments and other	(2,286)		(68,445)
Total costs and expenses	3,063,226	3,938,367	6,337,868	7,896,257
Operating income (loss)	512,938	(213,408)	905,785	(301,540)
Other Income (Expense):
Interest income	40,912	65,369	70,321	130,898
Interest expense, net of amounts capitalized (Note 2)	(509,146)	(279,232)	(1,101,806)	(565,287)
Deconsolidation gain (Note 3)	9,728,958		9,728,958
Other, net (Note 6)	16,452	35,137	18,636	76,527
Total other income (expense)	9,277,176	(178,726)	8,716,109	(357,862)
Income (loss) before income taxes	9,790,114	(392,134)	9,621,894	(659,402)
Income tax (provision) benefit, net	(1,327,569)	85,290	(1,306,649)	149,277
Net income (loss)	8,462,545	(306,844)	8,315,245	(510,125)
Less: Net income (loss) attributable to noncontrolling interests, net of tax	173	(712)	(242)	(1,324)
Net income (loss) attributable to EchoStar	$ 8,462,372	$ (306,132)	$ 8,315,487	$ (508,801)
Weighted-average common shares outstanding - Class A and B common stock:
Basic (in shares)	290,141	287,505	289,581	287,012
Diluted (in shares)	351,622	287,505	351,432	287,012
Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar (In dollar per share)	$ 29.17	$ (1.06)	$ 28.72	$ (1.77)
Diluted net income (loss) per share attributable to EchoStar (In dollar per share)	$ 24.12	$ (1.06)	$ 23.76	$ (1.77)
Comprehensive Income (Loss):
Net income (loss)	$ 8,462,545	$ (306,844)	$ 8,315,245	$ (510,125)
Other comprehensive income (loss):
Foreign currency translation adjustments	(883)	6,221	2,003	15,485
Unrealized holding gains (losses) on available-for-sale debt securities	(32)	(236)	(1,286)	(1,282)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)	(33)	(129)	223	1,128
Deferred income tax (expense) benefit, net	244	(15)	52	158
Total other comprehensive income (loss), net of tax	(704)	5,841	992	15,489
Comprehensive income (loss)	8,461,841	(301,003)	8,316,237	(494,636)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	213	445	92	1,635
Comprehensive income (loss) attributable to EchoStar	8,461,628	(301,448)	8,316,145	(496,271)
Service revenue
Revenue:
Total revenue	3,301,538	3,540,107	6,677,078	7,146,263
Equipment sales and other revenue
Revenue:
Total revenue	$ 274,626	$ 184,852	$ 566,575	$ 448,454

Leases

6 Months Ended

Jun. 30, 2026

Leases

Leases

9.	Leases

Lessee Accounting

Prior to the filing of the Prepackaged Chapter 11 Cases, we had non-cancelable operating leases for, among other things, communication towers related to the DISH Wireless Deconsolidated Subsidiaries, which represented substantially all of our operating leases.

We enter into non-cancelable operating and finance leases for, among other things, 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 12 years, with a weighted average remaining lease term of 7.9 to 8.3 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements, the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

Our Eutelsat 65 West A, Telesat T19V and EchoStar 105/SES-11 satellites are accounted for as finance leases within our Broadband and Satellite Services segment. 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 leased this satellite. In addition, through May 2026, our Nimiq 5 satellite was accounted for as an operating lease. However, we modified the Nimiq 5 lease effective June 2026, and it is currently accounted for as a finance lease within our Pay-TV segment and is depreciated over its economic life.

The components of lease expense were as follows:


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Operating lease cost		$	122,407		$	166,505		$	250,398		$	333,862

Short-term lease cost (1)			2,507			3,051			5,638			8,341

Finance lease cost:
Amortization of right-of-use assets			4,389			13,238			7,496			26,469
Interest on lease liabilities			1,395			1,342			2,223			2,844
Total finance lease cost			5,784			14,580			9,719			29,313
Total lease costs		$	130,698		$	184,136		$	265,755		$	371,516

(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,
		2026			2025

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	63,397		$	284,667
Operating cash flows from finance leases		$	763		$	2,314
Financing cash flows from finance leases		$	904		$	11,406

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		$	28,223		$	110,400
Finance leases		$	125,546		$	—

Supplemental balance sheet information related to leases was as follows:


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Operating Leases: (1)
Operating lease assets		$	66,696		$	214,549

Other current liabilities		$	23,198		$	845,326
Operating lease liabilities			120,325			4,137,269
Total operating lease liabilities		$	143,523		$	4,982,595

Finance Leases: (2)
Property and equipment, gross		$	209,257		$	83,141
Accumulated depreciation			(11,600)			(5,124)
Property and equipment, net		$	197,657		$	78,017

Other current liabilities		$	11,288		$	41,520
Other long-term liabilities			113,353			2,528
Total finance lease liabilities		$	124,641		$	44,048

Weighted Average Remaining Lease Term:
Operating leases			7.9 years			9.5 years
Finance leases			8.3 years			0.8 years

Weighted Average Discount Rate:
Operating leases			9.1%			9.9%
Finance leases			7.3%			10.0%

(1)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries, offset by an increase primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease.

Maturities of lease liabilities as of June 30, 2026 were as follows:


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

		(In thousands)
2026 (remaining six months)		$	16,319		$	10,000		$	26,319
2027			30,175			20,000			50,175
2028			25,685			20,000			45,685
2029			23,258			20,000			43,258
2030			20,463			20,000			40,463
Thereafter			82,427			76,667			159,094
Total lease payments			198,327			166,667			364,994
Less: Imputed interest			(54,804)			(42,026)			(96,830)
Total			143,523			124,641			268,164
Less: Current portion			(23,198)			(11,288)			(34,486)
Long-term portion of lease obligations		$	120,325		$	113,353		$	233,678

Lessor Accounting

We lease satellite capacity, communications equipment and real estate to certain of our customers.

The following table presents our lease revenue by type of lease:


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Lease revenue:
Sales-type lease revenue		$	812		$	1,787		$	1,573		$	3,984
Operating lease revenue			4,381			2,014			8,185			4,415
Total lease revenue		$	5,193		$	3,801		$	9,758		$	8,399

Substantially all of our net investment in sales-type leases consisted of lease receivables totaling $17 million and $20 million as of June 30, 2026 and December 31, 2025, respectively.

The following table presents future operating lease payments to be received as of June 30, 2026:


For the Years Ending December 31,		Total
		(In thousands)
2026 (remaining six months)		$	9,078
2027			8,874
2028			4,517
2029			3,286
2030			2,182
Thereafter			708
Total lease payments to be received		$	28,645

Segment Reporting - Purchases of property and equipment, net of refunds (Details) - Operating segment - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	$ 92,299	$ 746,901	$ 225,734	$ 1,125,385
Pay-TV
Segment Reporting
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	55,262	78,580	143,390	140,968
Wireless
Segment Reporting
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	28,992		57,825
Broadband and Satellite Services
Segment Reporting
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	6,942	43,118	18,552	75,221
Other
Segment Reporting
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	$ 1,103	$ 625,203	$ 5,967	$ 909,196

Revenue Recognition - Additional Information (Details) $ in Billions	Jun. 30, 2026 USD ($)
Revenue Recognition
Remaining performance obligation	$ 1.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue Recognition
Remaining performance obligation period	1 year
Remaining performance obligation, percentage	29.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01
Revenue Recognition
Remaining performance obligation period
Remaining performance obligation, percentage	71.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Inventory

6 Months Ended

Jun. 30, 2026

Inventory

Inventory

7.	Inventory

Inventory consisted of the following:


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Finished goods		$	240,003		$	273,817
Work-in-process and service repairs			44,396			60,147
Consignment			6,553			7,951
Raw materials			31,438			38,732
Total inventory (1)		$	322,390		$	380,647

(1)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule10b5-1 Arrangement Modified	false
Rule10b5-1 Arrangement Modified	false

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases
Operating lease cost	$ 122,407	$ 166,505	$ 250,398	$ 333,862
Short-term lease cost	2,507	3,051	5,638	8,341
Finance lease cost: Amortization of right-of-use assets	4,389	13,238	7,496	26,469
Finance lease cost: Interest on lease liabilities	1,395	1,342	2,223	2,844
Total finance lease cost	5,784	14,580	9,719	29,313
Total lease costs	$ 130,698	$ 184,136	$ 265,755	$ 371,516

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property and Equipment
Advertising expenses	$ 136	$ 217	$ 277	$ 426
Research and Development
Research and development costs	$ 14	$ 16	$ 30	$ 34

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Schedule of revenue, expense, operating income (loss) and OIBDA by segment and purchases of property and equipment, net of refunds


	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Three Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue	$	2,203,797	$	864,450	$	233,291	$	—	$	3,301,538	$	—	$	3,301,538
Equipment sales and other revenue		42,933		64,553		76,428		90,712		274,626		—		274,626
Intersegment revenue		1,804		20		7,185		836		9,845		(9,845)		—
Total revenue		2,248,534		929,023		316,904		91,548		3,586,009		(9,845)		3,576,164

Operating Expenses
Cost of services:
Programming		1,030,380		—		—		—		1,030,380		—		1,030,380
Connectivity services (1)		48,609		323,479		43,400		—		415,488		(2,407)		413,081
Other (2)		273,653		156,342		53,551		—		483,546		1,144		484,690
Total cost of services		1,352,642		479,821		96,951		—		1,929,414		(1,263)		1,928,151
Cost of sales - equipment and other		31,934		198,356		53,949		135,684		419,923		(953)		418,970
Selling, general and administrative expenses:
Subscriber acquisition costs		86,205		138,784		26,667		—		251,656		(2,280)		249,376
Selling, general and administrative expenses		177,097		61,302		39,138		26,993		304,530		(6,058)		298,472
Total selling, general and administrative expenses		263,302		200,086		65,805		26,993		556,186		(8,338)		547,848
Impairments and other		—		—		(275)		(2,011)		(2,286)		—		(2,286)

OIBDA (3)		600,656		50,760		100,474		(69,118)		682,772		709		683,481

Depreciation and amortization		58,315		50,857		50,017		11,354		170,543		—		170,543
Total costs and expenses		1,706,193		929,120		266,447		172,020		3,073,780		(10,554)		3,063,226

Operating income (loss)	$	542,341	$	(97)	$	50,457	$	(80,472)	$	512,229	$	709		512,938

Unallocated Amounts
Interest income														40,912
Interest expense, net of amounts capitalized														(509,146)
Deconsolidation gain														9,728,958
Other, net														16,452
Income (loss) before income taxes													$	9,790,114

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, data, 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		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	2,444,851	$	823,721	$	271,535	$	—	$	3,540,107	$	—	$	3,540,107
Equipment sales and other revenue		13,638		108,082		60,567		2,565		184,852		—		184,852
Intersegment revenue		3,760		—		7,678		69,311		80,749		(80,749)		—
Total revenue		2,462,249		931,803		339,780		71,876		3,805,708		(80,749)		3,724,959

Operating Expenses
Cost of services:
Programming		1,179,987		—		—		—		1,179,987		—		1,179,987
Connectivity services		52,652		332,661		50,180		357,087		792,580		(55,382)		737,198
Other		316,332		164,501		65,052		—		545,885		(1,439)		544,446
Total cost of services		1,548,971		497,162		115,232		357,087		2,518,452		(56,821)		2,461,631
Cost of sales - equipment and other		9,446		282,028		63,551		—		355,025		(838)		354,187
Selling, general and administrative expenses:
Subscriber acquisition costs		87,606		204,810		44,924		—		337,340		(1,389)		335,951
Selling, general and administrative expenses		152,849		46,712		48,374		51,864		299,799		(6,256)		293,543
Total selling, general and administrative expenses		240,455		251,522		93,298		51,864		637,139		(7,645)		629,494

OIBDA		663,377		(98,909)		67,699		(337,075)		295,092		(15,445)		279,647

Depreciation and amortization		67,825		19,250		104,437		317,713		509,225		(16,170)		493,055
Total costs and expenses		1,866,697		1,049,962		376,518		726,664		4,019,841		(81,474)		3,938,367

Operating income (loss)	$	595,552	$	(118,159)	$	(36,738)	$	(654,788)	$	(214,133)	$	725		(213,408)

Unallocated Amounts
Interest income														65,369
Interest expense, net of amounts capitalized														(279,232)
Deconsolidation gain														—
Other, net														35,137
Income (loss) before income taxes													$	(392,134)


	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue	$	4,464,161	$	1,732,633	$	480,284	$	—	$	6,677,078	$	—	$	6,677,078
Equipment sales and other revenue		74,916		158,405		151,666		181,588		566,575		—		566,575
Intersegment revenue		3,721		476		14,610		943		19,750		(19,750)		—
Total revenue		4,542,798		1,891,514		646,560		182,531		7,263,403		(19,750)		7,243,653

Operating Expenses
Cost of services:
Programming		2,131,300		—		—		—		2,131,300		—		2,131,300
Connectivity services (1)		97,536		648,863		87,315		—		833,714		(4,221)		829,493
Other (2)		539,506		311,159		111,988		—		962,653		2,973		965,626
Total cost of services		2,768,342		960,022		199,303		—		3,927,667		(1,248)		3,926,419
Cost of sales - equipment and other		64,035		449,503		124,839		318,816		957,193		(1,316)		955,877
Selling, general and administrative expenses:
Subscriber acquisition costs		156,256		298,546		55,056		—		509,858		(6,235)		503,623
Selling, general and administrative expenses		426,076		118,966		73,039		76,993		695,074		(11,824)		683,250
Total selling, general and administrative expenses		582,332		417,512		128,095		76,993		1,204,932		(18,059)		1,186,873
Impairments and other		—		—		(275)		(68,170)		(68,445)		—		(68,445)

OIBDA (3)		1,128,089		64,477		194,598		(145,108)		1,242,056		873		1,242,929

Depreciation and amortization		114,181		100,356		99,957		22,659		337,153		(9)		337,144
Total costs and expenses		3,528,890		1,927,393		551,919		350,298		6,358,500		(20,632)		6,337,868

Operating income (loss)	$	1,013,908	$	(35,879)	$	94,641	$	(167,767)	$	904,903	$	882		905,785

Unallocated Amounts
Interest income														70,321
Interest expense, net of amounts capitalized														(1,101,806)
Deconsolidation gain														9,728,958
Other, net														18,636
Income (loss) before income taxes													$	9,621,894


	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	4,966,403	$	1,633,328	$	546,532	$	—	$	7,146,263	$	—	$	7,146,263
Equipment sales and other revenue		26,593		268,143		149,090		4,628		448,454		—		448,454
Intersegment revenue		7,980		—		14,816		129,545		152,341		(152,341)		—
Total revenue		5,000,976		1,901,471		710,438		134,173		7,747,058		(152,341)		7,594,717

Operating Expenses
Cost of services:
Programming		2,396,409		—		—		—		2,396,409		—		2,396,409
Connectivity services		106,786		653,991		99,339		700,167		1,560,283		(99,908)		1,460,375
Other		602,412		308,633		129,018		—		1,040,063		(3,018)		1,037,045
Total cost of services		3,105,607		962,624		228,357		700,167		4,996,755		(102,926)		4,893,829
Cost of sales - equipment and other		19,118		631,246		145,285		—		795,649		(1,954)		793,695
Selling, general and administrative expenses:
Subscriber acquisition costs		174,119		395,295		91,356		—		660,770		(2,278)		658,492
Selling, general and administrative expenses		308,882		84,922		92,038		95,562		581,404		(12,551)		568,853
Total selling, general and administrative expenses		483,001		480,217		183,394		95,562		1,242,174		(14,829)		1,227,345

OIBDA		1,393,250		(172,616)		153,402		(661,556)		712,480		(32,632)		679,848

Depreciation and amortization		144,268		39,437		209,335		621,642		1,014,682		(33,294)		981,388
Total costs and expenses		3,751,994		2,113,524		766,371		1,417,371		8,049,260		(153,003)		7,896,257

Operating income (loss)	$	1,248,982	$	(212,053)	$	(55,933)	$	(1,283,198)	$	(302,202)	$	662		(301,540)

Unallocated Amounts
Interest income														130,898
Interest expense, net of amounts capitalized														(565,287)
Deconsolidation gain														—
Other, net														76,527
Income (loss) before income taxes													$	(659,402)


		Pay-TV			Wireless			Broadband and Satellite Services			Other		Consolidated Total

		(In thousands)
For the Three Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	55,262		$	28,992		$	6,942		$	1,103	$	92,299

For the Three Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	78,580		$	—		$	43,118		$	625,203	$	746,901


		Pay-TV			Wireless			Broadband and Satellite Services			Other		Consolidated Total

		(In thousands)
For the Six Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	143,390		$	57,825		$	18,552		$	5,967	$	225,734

For the Six Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	140,968		$	—		$	75,221		$	909,196	$	1,125,385

Schedule of revenue from customers disaggregated by major revenue source


		For the Three Months Ended					For the Six Months Ended
		June 30,					June 30,
Category:		2026			2025		2026			2025

		(In thousands)
Pay-TV subscriber and related revenue			2,205,012			2,446,844	$	4,466,710		$	4,971,196
Wireless services and related revenue			864,450			823,722		1,732,633			1,633,329
Broadband and satellite services and other revenue			234,943			273,441		483,602			550,385
Pay-TV equipment sales and other revenue			43,522			15,405		76,088			29,780
Wireless equipment sales and other revenue			64,573			108,081		158,881			268,142
Broadband equipment and other revenue			81,961			66,339		162,958			160,053
Other equipment and other revenue			91,548			71,876		182,531			134,173
Eliminations			(9,845)			(80,749)		(19,750)			(152,341)
Total revenue		$	3,576,164		$	3,724,959	$	7,243,653		$	7,594,717

Segment Reporting - Revenue from External Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting
Revenues	$ 3,576,164	$ 3,724,959	$ 7,243,653	$ 7,594,717
Eliminations
Segment Reporting
Eliminations	(9,845)	(80,749)	(19,750)	(152,341)
Pay-TV \| Operating segment \| Pay-TV subscriber and related revenue
Segment Reporting
Revenues	2,205,012	2,446,844	4,466,710	4,971,196
Pay-TV \| Operating segment \| Equipment sales and other revenue
Segment Reporting
Revenues	43,522	15,405	76,088	29,780
Wireless \| Operating segment \| Wireless services and related revenue
Segment Reporting
Revenues	864,450	823,722	1,732,633	1,633,329
Wireless \| Operating segment \| Equipment sales and other revenue
Segment Reporting
Revenues	64,573	108,081	158,881	268,142
Broadband and Satellite Services \| Operating segment \| Broadband and satellite services and other revenue
Segment Reporting
Revenues	234,943	273,441	483,602	550,385
Broadband and Satellite Services \| Operating segment \| Equipment sales and other revenue
Segment Reporting
Revenues	81,961	66,339	162,958	160,053
Other \| Operating segment \| Equipment sales and other revenue
Segment Reporting
Revenues	$ 91,548	$ 71,876	$ 182,531	$ 134,173

Leases (Details)	6 Months Ended
Leases (Details)	Jun. 30, 2026	Dec. 31, 2025
Leases
Operating lease, weighted average remaining lease term	7 years 10 months 24 days	9 years 6 months
Finance lease, weighted average remaining lease term	8 years 3 months 18 days	9 months 18 days
Option to extend - Operating	true
Option to extend - Finance	true
Option to terminate - Operating	true
Option to terminate - Finance	true
Minimum
Leases
Operating lease, lease term	1 year
Finance lease, lease term	1 year
Maximum
Leases
Operating lease, lease term	12 years
Finance lease, lease term	12 years
Option to terminate period - Operating	1 year
Option to terminate period - Finance	1 year

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	May 01, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transactions
Amounts payable to related party		$ 251,882		$ 251,882		$ 541,706
Hughes Systique
Related Party Transactions
Ownership interest (as a percent)		42.00%		42.00%
Purchases from related party		$ 3,625	$ 4,093	$ 6,717	$ 8,148
Amounts payable to related party		$ 1,444		$ 1,444		$ 1,497
NagraStar
Related Party Transactions
Ownership interest (as a percent)		50.00%		50.00%
Purchases from related party		$ 6,201	7,077	$ 12,529	14,278
Amounts payable to related party			4,190		4,190
Commitments to related party			364		364
NagraStar \| DISH DBS Deconsolidated Subsidiaries
Related Party Transactions
Ownership interest (as a percent)		50.00%		50.00%
Related Party \| CONX
Related Party Transactions
Sale leaseback transaction	10 years
Related Party \| CONX \| Maximum
Related Party Transactions
Sale and leaseback transaction, lease expense		$ 1,000	$ 1,000	$ 2,000	$ 2,000

Supplemental Data - Statements of Cash Flows

6 Months Ended

Jun. 30, 2026

Supplemental Data - Statements of Cash Flows

Supplemental Data - Statements of Cash Flows

5.	Supplemental Data - Statements of Cash Flows

The following table presents certain supplemental cash flow and other non-cash data. See Note 3 for non-cash data related to the Prepackaged Chapter 11 Plan and Deconsolidated Entities. Also see Note 9 for supplemental cash flow and non-cash data related to leases.


		For the Six Months Ended
		June 30,
		2026		2025

		(In thousands)
Cash paid for interest (including capitalized interest)		$	715,676	$	1,012,699
Interest paid in kind on long-term debt			—		125,559
Interim Debt Service Payments by the Trust (1)			413,663		—
Cash paid for income taxes, net of (refunds)			17,874		15,014
Total capitalized interest (2)			15,440		625,918
Employee benefits paid in Class A common stock			34,854		—
Assets financed under financing lease obligations			125,546		—
Accrued capital expenditures			25,098		113,152
Asset retirement obligation (3)			—		4,885

(1)	See Note 1 for further information.

(2)	See Note 2 for further information.

(3)	See Note 8 for further information.

Organization and Business Activities

6 Months Ended

Jun. 30, 2026

Organization and Business Activities.

Organization and Business Activities

1.	Organization and Business Activities

Principal Business

EchoStar Corporation 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. EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada. Its subsidiaries (which together with EchoStar Corporation are referred to as “EchoStar,” the “Company,” “we,” “us” and/or “our,” unless otherwise required by the context) and until June 30, 2026 operated four primary business segments: (1) Pay-TV; (2) Wireless; (3) Broadband and Satellite Services; and (4) Other. Substantially all of our Pay-TV segment and our Other segment were deconsolidated as of June 30, 2026. The financial positions of the Deconsolidated Subsidiaries are no longer included in our condensed consolidated financial statements subsequent to the deconsolidation date. Our results of operations include the operations of the Deconsolidated Subsidiaries through and including the deconsolidation date of June 30, 2026. See Note 3 for further information.

Recent Developments

AT&T License Purchase Agreement

On August 25, 2025, we and AT&T Mobility II LLC, a Delaware limited liability company, and subsidiary of AT&T Inc. (“AT&T”) entered into a License Purchase Agreement (the “AT&T License Purchase Agreement,” and the transactions contemplated thereby, the “AT&T Transactions”).

Pursuant to the terms and subject to the conditions set forth in the AT&T License Purchase Agreement, we have agreed to sell all our 3.45–3.55 GHz and 600 MHz spectrum licenses (collectively, the “3.45 GHz and 600 MHz Licenses”), and to a 99-year extension of existing leases for AT&T’s exclusive use of certain wireless spectrum licenses in Hawaii for proceeds of $20.250 billion in cash. The AT&T License Purchase Agreement also extends to AT&T the right to lease certain 3.45 GHz licenses from us, which AT&T exercised, subject to a short-term spectrum manager lease, at the end of the third quarter of 2025.

The AT&T License Purchase Agreement provides that, at the closing of the AT&T Transactions, any amounts outstanding under that certain Loan and Security Agreement, dated November 26, 2021, between DISH DBS as lender and DISH Network will be repaid in full using proceeds from the AT&T Transactions to the respective holders of the DISH 2021 Intercompany Loan (the “DISH 2021 Intercompany Loan Payoff”). As of June 30, 2026, the DISH 2021 Intercompany Loan Payoff includes $2.844 billion due to DISH DBS for the DISH 2021 Intercompany Loan 2028 Tranche and $4.767 billion due to us for the DISH 2021 Intercompany Loan 2026 Tranche. The DISH 2021 Intercompany Loan is secured by the 3.45 GHz Licenses and certain other wireless spectrum licenses. See Note 10 for definitions and further information.

In addition, all outstanding 11 3/4% Senior Secured Notes due November 15, 2027 issued pursuant to that certain Secured Indenture, dated November 15, 2022 (“DISH Secured Indenture”), by and among DISH Network Corporation, the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and collateral agent, will be redeemed concurrently with the closing in accordance with the terms of the DISH Secured Indenture (the “Redemption”). As of June 30, 2026, the aggregate principal amount outstanding of our 11 3/4% Senior Secured Notes due November 15, 2027 was $3.5 billion and is secured by the 600 MHz Licenses.

AT&T Transactions Closing Updates

On May 12, 2026, the AT&T Transactions received regulatory approvals from both the Federal Communications Commission (“FCC”) and the United States Department of Justice (the “DOJ”). Upon receipt of the regulatory approvals, the 3.45 GHz and 600 MHz Licenses held in our Other segment were reclassified from noncurrent assets “Regulatory authorizations, including restricted, net” to current assets “Regulatory authorizations held for sale, net” on our Condensed Consolidated Balance Sheets as of June 30, 2026.

On July 28, 2026, we and AT&T completed the closing of the AT&T Transactions (the “AT&T Closing”), pursuant to which we sold all our 3.45 GHz and 600 MHz Licenses and entered into a 99-year extension of existing leases for AT&T’s exclusive use of certain wireless spectrum licenses in Hawaii. In connection with the AT&T Closing, we received proceeds of $20.250 billion in cash from AT&T and AT&T directly remitted $2.4 billion into the mandated Wireless Creditor Trust (as defined below). Concurrently with the AT&T Closing, approximately $2.844 billion outstanding under the DISH 2021 Intercompany Loan 2028 Tranche due to DISH DBS was satisfied in full by DISH Network. The DISH DBS Deconsolidated Subsidiaries used these proceeds to fully repay the aggregate principal balance of $2.0 billion for the DISH DBS 7 3/4% Senior Notes due on July 1, 2026. The repayment in full for the DISH DBS 7 3/4% Senior Notes due on July 1, 2026 and the discharge of the related Indenture obligations were authorized by the Bankruptcy Court presiding over the DISH DBS Filing Entities’ pending restructuring proceedings. In addition, the aggregate principal balance of $3.5 billion for the DISH Network 11 3/4% Senior Secured Notes due 2027 were redeemed in full. Furthermore, on July 28, 2026, we contributed our receivable for the DISH 2021 Intercompany Loan 2026 Tranche to DISH Network. As a result of this contribution, the $4.767 billion outstanding balance of the DISH 2021 Intercompany Loan 2026 Tranche including interest paid in kind was extinguished.

As a condition of the FCC’s regulatory approval of the AT&T Transactions, the FCC mandated the establishment of a trust fund in the amount of $2.4 billion (the “Wireless Creditor Trust”). The Wireless Creditor Trust is managed by a FCC approved third-party trustee and used to pay obligations to persons or entities that may obtain a final judgment, arbitration award or settlement for amounts due in connection with the construction, operation, maintenance, decommissioning and provisioning of goods or services related to communications sites and the communications network associated with the 3.45 GHz and 600 MHz Licenses being sold in the AT&T Transactions.

The description of the AT&T License Purchase Agreement is not complete and is qualified in its entirety by reference to the License Purchase Agreement filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2025.

SpaceX License Purchase Agreement

On September 7, 2025, we, Space Exploration Technologies Corp., a Texas corporation (“SpaceX”), and Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”), entered into a License Purchase Agreement (the “SpaceX License Purchase Agreement,” and the transactions contemplated thereby, the “Initial SpaceX Transactions”).

Pursuant to the terms and subject to the conditions set forth in the SpaceX License Purchase Agreement, we agreed to sell to SpaceX our rights and licenses related to an aggregate of 50 MHz of spectrum in frequency ranges 2000–2020, 2180–2200, 1915–1920 and 1995– 2000 (the “AWS-4 and H-Block Licenses” and such spectrum, “the Spectrum”) granted by the FCC, together with certain international authorizations, filings, concessions, licenses, rights and priorities related to that spectrum and certain assets associated therewith (collectively, the “Foreign Assets”).

The transfer of the AWS-4 and H-Block Licenses consists of two steps: first, the AWS-4 and H-Block Licenses were transferred by us to the Trust (the “Spectrum Transfer Closing”), and second, the AWS-4 and H-Block Licenses will be transferred by the Trust to SpaceX (the “Spectrum Acquisition Closing”). The Foreign Assets will be transferred directly to SpaceX at the Spectrum Acquisition Closing, to the extent the required regulatory approvals have been obtained by such date; provided, however, that the failure to obtain such approvals will not delay or prevent the Spectrum Acquisition Closing.

The consideration for the Initial SpaceX Transactions payable at the Spectrum Acquisition Closing is $17 billion (the “Total Consideration Amount”). A portion of the Total Consideration Amount (such amount, the “Total Payoff Consideration Amount”) will be used to: (i) fully pay off all outstanding amounts owed on the 10 3/4% Senior Secured Notes due 2029 (the “10 3/4% Secured Notes”) and the 6 3/4% Senior Secured due 2030 (the “6 3/4% Secured Notes”) and (ii) settle the anticipated redemption and conversions of the 3 7/8% Convertible Secured Notes due 2030 (the “Convertible Notes due 2030” and, together with the 10 3/4% Secured Notes and the 6 3/4% Secured Notes, the “Seller Notes”).

The remaining amount after paying off the Seller Notes (the “Purchase Price”) will be paid by SpaceX to us as follows: (i) up to $8.5 billion will be paid in SpaceX’s Class A Common Stock, valued at $212 per share, prior to the stock split discussed below, (the “Equity Amount”); and (ii) any amount of the Purchase Price exceeding $8.5 billion will be paid in cash. If the Total Payoff Consideration Amount exceeds $8.5 billion, we may elect to pay the excess in cash, our Class A Common Stock (with respect to the Convertible Notes due 2030), or both, to maintain our receipt of the full Equity Amount. However, if we elect not to pay such excess amount, the Equity Amount will be reduced dollar-for-dollar to ensure that the combined Equity Amount and Total Payoff Consideration Amount do not exceed the Total Consideration Amount. As of June 30, 2026, the aggregate principal amount outstanding of the Seller Notes was $9.821 billion and is secured by the AWS-4 and AWS-3 Licenses, and the Trust.

The Spectrum Acquisition Closing is expected to occur on or about November 30, 2027, following the expiration of the make-whole period for the Seller Notes and the date on which the Convertible Notes due 2030 become eligible for redemption. If SpaceX elects to proceed with the Spectrum Acquisition Closing prior to November 30, 2027, SpaceX will be responsible for any additional amounts required to satisfy the Seller Notes, other than additional amounts payable as a result of a default under the Seller Notes.

In connection with the SpaceX License Purchase Agreement and the Initial SpaceX Transactions, on September 7, 2025, SpaceX and the Trust entered into a Credit Agreement, pursuant to which SpaceX has agreed upon the Spectrum Transfer Closing to loan to the Trust (via automatically cancellable loans) amounts sufficient to make debt service payments on the Seller Notes through at least November 30, 2027 (the “Interim Debt Service”), which will be secured on a junior lien basis by the AWS-4 and H-Block Licenses. The aggregate amount of payments for the Interim Debt Service through November 30, 2027 will equal approximately $2 billion and will be settled via a loan between us and SpaceX that automatically cancels upon the completion of the Spectrum Acquisition Closing. The Credit Agreement is generally on standard commercial terms and conditions and, as a beneficiary of the Credit Agreement, we have the ability to enforce the parties obligations under the Agreement.

As part of the Spectrum Transfer Closing, discussed below in “SpaceX Transactions Closing Updates,” in May 2026, SpaceX reimbursed us $414 million for cash interest payments we previously made on the Seller Notes (the “SpaceX Reimbursement of Cash Interim Debt Service Payments”). In addition, in June 2026, the Trust made interest payments on our behalf of $414 million on the Seller Notes (the “Interim Debt Service Payments by the Trust”). As of June 30, 2026, Interim Debt Service payments totaled approximately $828 million, which are recorded in “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets, which will be recognized as a gain upon the closing of the SpaceX Transactions.

The SpaceX License Purchase Agreement also provides for future long-term commercial agreements that will enable us to offer our Wireless subscribers access to SpaceX’s next-generation Starlink Direct to Cell text and voice and broadband services utilizing certain rights and licenses related to the Spectrum that are to be conveyed by us to SpaceX at the Spectrum Acquisition Closing. The commercial agreements will also provide for a fee-based referral program that lets us refer existing customers and new Starlink customers to SpaceX. As of December 31, 2025, we had begun to utilize certain of the rights conveyed under the SpaceX License Purchase Agreement. In addition, we also have begun performing installation and other services for new Starlink customers.

Amended and Restated License Purchase Agreement

On November 5, 2025, we, SpaceX and Trust, entered into an Amended and Restated License Purchase Agreement (the “Amended and Restated SpaceX License Purchase Agreement,” and the transactions contemplated thereby, the “Amended SpaceX Transactions”), and, together with the Initial SpaceX Transactions, (the “SpaceX Transactions”). The Amended and Restated License Purchase Agreement amends and restates in its entirety the SpaceX License Purchase Agreement, dated as of September 7, 2025, by and among us, SpaceX and Trust.

Pursuant to the Amended and Restated SpaceX License Purchase Agreement, we and SpaceX have agreed to revise the terms of the previously announced transaction to include the transfer of up to an aggregate of 15 MHz of AWS spectrum in the frequency range of 1695–1710 MHz for each relevant license area (the “AWS-3 Licenses”) from us to SpaceX in exchange for additional consideration of $2.6 billion, all of which will be paid in SpaceX’s Class A Common Stock, valued at $212 per share, prior to the stock split discussed below. As a result of this change, the total consideration for the SpaceX Transactions has increased from $17 billion to approximately $20 billion, with up to $11 billion to be paid in SpaceX’s Class A Common Stock, valued at $212 per share, prior to the stock split discussed below, (the “Amended Equity Amount”).

Except as set forth above, the material terms of the Amended and Restated SpaceX License Purchase Agreement are substantially the same as the terms of the SpaceX License Purchase Agreement.

SpaceX Transactions Closing Updates

In May 2026, SpaceX issued a 5-for-1 stock split on SpaceX’s Class A Common Stock and as a result the Amended Equity Amount up to $11 billion to be paid in SpaceX’s Class A Common Stock is payable through the issuance of approximately 261.8 million shares of SpaceX’s Class A common stock at a fixed value of $42.40 per share (the “SpaceX Stock”).

On May 12, 2026, the SpaceX Transactions received regulatory approval from the FCC. The DOJ waiting period had previously expired. On May 22, 2026, pursuant to the Amended and Restated License Purchase Agreement, we completed the Spectrum Transfer Closing, whereby we transferred to the Trust: (i) the AWS-4 and H-Block Licenses; and (ii) the AWS-3 Licenses (together, the “SpaceX Spectrum Assets”). The Spectrum Acquisition Closing remains targeted for November 30, 2027, subject to the satisfaction or waiver of the applicable closing conditions, set forth in the Amended and Restated License Purchase Agreement. The Amended and Restated SpaceX License Purchase Agreement also provides for specified termination rights.

The foregoing description of the Amended and Restated SpaceX License Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated SpaceX License Purchase Agreement filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2025.

Restructuring Support Agreement

On March 19, 2026, we, DISH Network, DISH DBS and certain of DISH DBS’s subsidiaries entered into a restructuring support agreement (the “RSA” and the transactions contemplated thereby, the “Transactions”) with an ad hoc group representing more than 82% of holders of debt securities issued by DISH DBS.

Pursuant to the RSA, and subject to the terms and conditions set forth therein, DISH DBS agreed to prepay, without penalty, certain of its debt securities.

In addition, on March 16, 2026, we prepaid without penalty, the remaining balance of our Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due 2029 totaling approximately $1.6 billion.

Intercompany Loans and Other Settlements

See Note 10 for definitions and further information on our intercompany loans.

On March 12, 2026, we contributed our receivable from DISH Network under the EchoStar 2024 Intercompany Loan, to DISH Network. As a result of this contribution, the total outstanding balance of the EchoStar 2024 Intercompany Loan including interest paid in kind of $3.890 billion was extinguished.

On March 19, 2026, pursuant to the RSA, DISH Network repaid in full its intercompany loans with DISH DBS, the total outstanding balance of the DISH Q2 2024 Intercompany Loan including interest paid in kind of $1.712 billion and the total outstanding balance of the DISH Q3 2024 Intercompany Loan including interest paid in kind of $535 million.

The RSA also contemplates (i) repayment of the DISH 2021 Intercompany Loan 2028 Tranche of approximately $2.844 billion, which is expected to occur at the closing of the AT&T Transactions using proceeds from the AT&T Transactions, (ii) repayment or other satisfaction and discharge of the DISH 2021 Intercompany Loan 2026 Tranche of approximately $4.767 billion, and (iii) payment of a settlement amount to consenting creditors of approximately $125 million (the “RSA Settlement”). During the six months ended June 30, 2026, we recorded $125 million of RSA Settlement costs included in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In connection with the RSA, DISH DBS and the consenting creditors agreed that all pending litigation between the parties would be dismissed with prejudice and on March 20, 2026, the parties filed a joint stipulation for dismissal of the litigation with prejudice. The foregoing description of the RSA does not purport to be complete and is qualified in its entirety by reference to the RSA, filed as an exhibit to this Quarterly Report on Form 10-Q.

On June 30, 2026, in connection with the filing of the Prepackaged Chapter 11 Cases, the terms of the RSA were implemented by the Prepackaged Chapter 11 Plan, subject to approval by the Bankruptcy Court. See Note 3 for definitions and further information. On July 28, 2026, concurrently with the AT&T Closing, approximately $2.844 billion outstanding under the DISH 2021 Intercompany Loan 2028 Tranche due to DISH DBS was satisfied in full by DISH Network. In addition, on July 28, 2026, we contributed our receivable for the DISH 2021 Intercompany Loan 2026 Tranche to DISH Network. As a result of this contribution, the $4.767 billion outstanding balance of the DISH 2021 Intercompany Loan 2026 Tranche including interest paid in kind was extinguished.

Purchase and Sale Agreement

On March 12, 2026, DISH Network and certain of its subsidiaries entered into a purchase and sale agreement with DISH DBS, pursuant to which DISH DBS purchased all of the equity of an affiliate and related assets. The transactions also included the transfer of approximately $6 billion of third-party liabilities and related litigation claims. These liabilities and related litigation claims have limited recourse solely to the purchased affiliate.

Future Capital Requirements

As a result of the AT&T Closing and satisfaction of our obligation to pay the FCC, substantial doubt regarding our ability to continue as a going concern does not exist.

On July 28, 2026, in connection with the AT&T Closing, we received proceeds of $20.250 billion in cash from AT&T. Concurrently with the AT&T Closing, approximately $2.844 billion outstanding under the DISH 2021 Intercompany Loan 2028 Tranche due to DISH DBS was satisfied in full by DISH Network. The DISH DBS Deconsolidated Subsidiaries used these proceeds to fully repay the aggregate principal balance of $2.0 billion for the DISH DBS 7 3/4% Senior Notes due on July 1, 2026. The repayment in full for the DISH DBS 7 3/4% Senior Notes due on July 1, 2026 and the discharge of the related Indenture obligations were authorized by the Bankruptcy Court presiding over the DISH DBS Filing Entities’ pending restructuring proceedings. In addition, the aggregate principal balance of $3.5 billion for the DISH Network 11 3/4% Senior Secured Notes due November 15, 2027 were redeemed in full. Furthermore, on July 28, 2026, we contributed our receivable for the DISH 2021 Intercompany Loan 2026 Tranche to DISH Network. As a result of this contribution, the $4.767 billion outstanding balance of the DISH 2021 Intercompany Loan 2026 Tranche including interest paid in kind was extinguished.

Segments

Pay-TV

We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers.

The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). As of June 30, 2026, we had 6.391 million Pay-TV subscribers in the United States, including 4.684 million DISH TV subscribers and 1.707 million SLING TV subscribers.

Wireless

Our Wireless segment provides wireless communication services (“Wireless” services) and products. We offer nationwide Wireless services to subscribers primarily under our Boost Mobile® and Gen Mobile® brands. We currently offer a broad range of premium wireless devices, including the latest generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices. As of June 30, 2026, we had 7.375 million Wireless subscribers.

Prior to November 15, 2025, we were operating primarily as an MVNO utilizing network services under the MNSA and the NSA and secondarily as an MNO. In light of the AT&T Transactions, we transitioned to a hybrid MNO business model under which we continue to operate our 5G Network core and utilize AT&T’s network services (“Hybrid MNO”) and secondarily as an MVNO utilizing network services under the MNSA and the NSA. We migrated all customer traffic from our 5G Network, defined below, to AT&T’s network as we transitioned to a Hybrid MNO, which we completed as of November 15, 2025.

Broadband and Satellite Services

We offer broadband satellite technologies and broadband internet products and services to consumer customers. We provide broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions to government and enterprise customers. We have leveraged our satellite fleet to deliver satellite services to unserved and underserved consumer markets in the Americas as well as enterprise, aeronautical and government markets. We also design, provide and install gateway and terminal equipment to customers for other satellite systems. In addition, we design, develop, construct and provide telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers.

We offer a robust suite of integrated, multi-transport solutions to enable airline and airline service providers to deliver reliable in-flight network connectivity serving both commercial and business aviation. Revenue in our satellite services business depends largely on our ability to make continuous use of our available satellite capacity on behalf of existing customers and our ability to enter into commercial relationships with new customers. As of June 30, 2026, we had 622,000 Broadband subscribers.

Other

Our Other segment primarily consists of our legacy cloud-native, Open Radio Access Network (“O-RAN”) based 5G VoNR and broadband network (our “5G Network”) and 5G Network deployment operations that will not be utilized in the Wireless segment’s Hybrid MNO business. As a result of the unforeseeable actions by the FCC, as detailed in Note 11 “Recent Developments – FCC Review,” we entered into the AT&T Transactions and SpaceX Transactions, whereby we agreed to sell a material amount of our spectrum licenses. In August 2025, following these transactions, we terminated our deployment of our 5G Network, after meeting certain interim and final build-out requirements established by the FCC, and we began the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in the Wireless segment’s Hybrid MNO business. As of November 15, 2025, we had no customer traffic on our 5G Network.

Our wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. 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 September 2024 FCC Extension Request “Extension Request”) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request) due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026.

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 since we satisfied the remaining Extension Request commitments. Also see Note 11 “Recent Developments – FCC Review” for further information on the FCC’s completed review of our compliance with our obligations regarding our federal spectrum licenses.

On May 28, 2026, we, through our relevant subsidiaries, filed requests for certain extensions and waivers of applicable time limits for our 700 MHz, AWS-3, CBRS, MVDDS, C-Band, and mmWave licenses (“2026 Request”). The 2026 Request is currently pending with the FCC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income (loss)	$ 8,315,245	$ (510,125)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	337,144	981,388
Impairments and other	(68,445)
Deconsolidation gain (Note 3)	(9,728,958)
Realized and unrealized losses (gains) and impairments on investments and other	(8,472)	(64,831)
Non-cash, stock-based compensation	23,363	16,123
Interest expense paid in kind on long-term debt		114,756
Deferred tax expense (benefit)	1,289,307	(174,719)
Changes in allowance for credit losses	(5,352)	15,603
Change in long-term deferred revenue and other long-term liabilities	(82,222)	420
Other, net	100,005	609
Changes in operating assets and operating liabilities, net	56,709	(164,957)
Net cash flows from operating activities	228,324	214,267
Cash Flows From Investing Activities:
Purchases of marketable investment securities	(577,120)	(2,247,724)
Sales and maturities of marketable investment securities	1,571,636	1,526,245
Purchases of property and equipment (Note 8)	(225,734)	(551,600)
Capitalized interest related to regulatory authorizations (Note 2)		(573,785)
SpaceX Reimbursement of Cash Interim Debt Service Payments (Note 1)	413,663
Cash divested from the Deconsolidated Entities	(362,968)
Sale of Fiber business		47,207
Other, net	(7,743)	(64)
Net cash flows from investing activities	811,734	(1,799,721)
Cash Flows From Financing Activities:
Repayment of debt, finance lease and other obligations	(16,221)	(46,272)
Redemption and repurchases of debt (Note 10)	(1,787,082)	(456,049)
Proceeds from issuance of debt (Note 10)		150,000
Debt issuance costs and debt (discount) premium		(946)
Early debt redemption gains (losses)		11,465
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan	21,689	6,994
Other, net	2,700	(31,189)
Net cash flows from financing activities	(1,778,914)	(365,997)
Effect of exchange rates on cash and cash equivalents	19	2,965
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	(738,837)	(1,948,486)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 6)	2,182,155	4,593,804
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 6)	$ 1,443,318	$ 2,645,318

Segment Reporting (Details)	6 Months Ended
Segment Reporting (Details)	Jun. 30, 2026 segment
Segment Reporting
Number of primary operating business segments	4
Number of reportable segments not disclosed flag	true

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Allowance for credit losses on trade accounts receivable	$ 167,370	$ 79,590
Treasury Stock, Shares	1,789,020
Class A common stock
Current Assets:
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, shares issued	160,892,524	159,266,457
Common stock, shares outstanding	159,103,504	157,477,437
Class B common stock
Current Assets:
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	131,348,468	131,348,468
Common stock, shares outstanding	131,348,468	131,348,468

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

6 Months Ended

Jun. 30, 2026

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,
		2026			2025

		(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale		$	51		$	51
Strategic - trading/equity			48,272			37,378
Other			7,882			1,063,462
Total current marketable investment securities			56,205			1,100,891
Restricted marketable investment securities (1)			107,429			52,960
Total marketable investment securities			163,634			1,153,851

Restricted cash and cash equivalents (1)			1,003,330			299,081

Other investments, net:
Equity method investments			67,547			85,014
Other investments			145,015			109,032
Total other investments, net			212,562			194,046

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	(2)	$	1,379,526		$	1,646,978

(1)

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Schedule of fair value measurements


		As of
		June 30, 2026												December 31, 2025
		Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total

		(In thousands)
Cash and cash equivalents (including restricted):
Cash		$	405,271		$	—		$	—		$	405,271		$	420,971		$	—		$	—		$	420,971
Cash equivalents			286,148			751,899			—			1,038,047			407,354			1,353,830			—			1,761,184
Total		$	691,419		$	751,899		$	—		$	1,443,318		$	828,325		$	1,353,830		$	—		$	2,182,155

Debt securities (including restricted):
U.S. Treasury and agency securities		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Commercial paper			—			—			—			—			—			370,755			—			370,755
Corporate securities			—			106,994			—			106,994			—			731,195			—			731,195
Other			—			8,317			51			8,368			—			14,472			51			14,523
Equity securities			48,272			—			—			48,272			37,378			—			—			37,378
Total		$	48,272		$	115,311		$	51		$	163,634		$	37,378		$	1,116,422		$	51		$	1,153,851

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:		2026			2025		2026			2025

		(In thousands)
Realized and unrealized gains (losses) and impairments on investments and other		$	11,209		$	(8,377)	$	8,472		$	15,925
Early debt redemption gains (losses)			—			—		—			11,465
Foreign currency transaction gains (losses)			932			3,429		2,792			5,678
Equity in earnings (losses) of affiliates			3,251			2,539		6,101			4,183
Asset sales and other gains (losses)			—			37,441		—			37,441
Other			1,060			105		1,271			1,835
Total		$	16,452		$	35,137	$	18,636		$	76,527

Basic and Diluted Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Basic and Diluted Net Income (Loss) Per Share

Schedule of EPS amounts for all periods and the basic and diluted weighted-average shares outstanding used in the calculation


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

	(In thousands, except per share amounts)
Net income (loss)	$	8,462,545	$	(306,844)	$	8,315,245	$	(510,125)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		173		(712)		(242)		(1,324)
Net income (loss) attributable to EchoStar - Basic		8,462,372		(306,132)		8,315,487		(508,801)
Interest on dilutive Convertible Notes, net of tax (1)		17,594		—		35,073		—
Net income (loss) attributable to EchoStar - Diluted	$	8,479,966	$	(306,132)	$	8,350,560	$	(508,801)

Weighted-average common shares outstanding - Class A and B common stock:
Basic		290,141		287,505		289,581		287,012
Dilutive impact of Convertible Notes (1)		58,007		—		58,007		—
Dilutive impact of stock awards outstanding (1)		3,474		—		3,844		—
Diluted		351,622		287,505		351,432		287,012

Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	29.17	$	(1.06)	$	28.72	$	(1.77)
Diluted net income (loss) per share attributable to EchoStar	$	24.12	$	(1.06)	$	23.76	$	(1.77)

(1)

Schedule of anti-dilutive securities not included in the diluted EPS calculation


		As of June 30,
		2026		2025

		(In thousands)
Anti-dilutive stock awards		148		3,724
Performance/market based options		4,056		4,257
Common stock warrants		16,151		16,151
Total		20,355		24,132

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting

Segment Reporting

12.	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 Chairman, 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.

Until June 30, 2026, we operated four primary business segments: (1) Pay-TV; (2) Wireless; (3) Broadband and Satellite Services; and (4) Other. Substantially all of our Pay-TV segment and our Other segment were deconsolidated as of June 30, 2026. The financial positions of the Deconsolidated Subsidiaries are no longer included in our condensed consolidated financial statements subsequent to the deconsolidation date. Our results of operations include the operations of the Deconsolidated Subsidiaries through and including the deconsolidation date of June 30, 2026. See Note 1 and Note 3 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. Our Broadband and Satellite Services segment revenue is primarily derived from Broadband subscriber revenue, broadband services revenue and communications equipment sales and leases. Our Other segment revenue is primarily derived from intercompany MNO revenue and leased spectrum revenue.

All 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 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. All prior period amounts have been reclassified to conform to the current period presentation.

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


	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Three Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue	$	2,203,797	$	864,450	$	233,291	$	—	$	3,301,538	$	—	$	3,301,538
Equipment sales and other revenue		42,933		64,553		76,428		90,712		274,626		—		274,626
Intersegment revenue		1,804		20		7,185		836		9,845		(9,845)		—
Total revenue		2,248,534		929,023		316,904		91,548		3,586,009		(9,845)		3,576,164

Operating Expenses
Cost of services:
Programming		1,030,380		—		—		—		1,030,380		—		1,030,380
Connectivity services (1)		48,609		323,479		43,400		—		415,488		(2,407)		413,081
Other (2)		273,653		156,342		53,551		—		483,546		1,144		484,690
Total cost of services		1,352,642		479,821		96,951		—		1,929,414		(1,263)		1,928,151
Cost of sales - equipment and other		31,934		198,356		53,949		135,684		419,923		(953)		418,970
Selling, general and administrative expenses:
Subscriber acquisition costs		86,205		138,784		26,667		—		251,656		(2,280)		249,376
Selling, general and administrative expenses		177,097		61,302		39,138		26,993		304,530		(6,058)		298,472
Total selling, general and administrative expenses		263,302		200,086		65,805		26,993		556,186		(8,338)		547,848
Impairments and other		—		—		(275)		(2,011)		(2,286)		—		(2,286)

OIBDA (3)		600,656		50,760		100,474		(69,118)		682,772		709		683,481

Depreciation and amortization		58,315		50,857		50,017		11,354		170,543		—		170,543
Total costs and expenses		1,706,193		929,120		266,447		172,020		3,073,780		(10,554)		3,063,226

Operating income (loss)	$	542,341	$	(97)	$	50,457	$	(80,472)	$	512,229	$	709		512,938

Unallocated Amounts
Interest income														40,912
Interest expense, net of amounts capitalized														(509,146)
Deconsolidation gain														9,728,958
Other, net														16,452
Income (loss) before income taxes													$	9,790,114

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, data, 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		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	2,444,851	$	823,721	$	271,535	$	—	$	3,540,107	$	—	$	3,540,107
Equipment sales and other revenue		13,638		108,082		60,567		2,565		184,852		—		184,852
Intersegment revenue		3,760		—		7,678		69,311		80,749		(80,749)		—
Total revenue		2,462,249		931,803		339,780		71,876		3,805,708		(80,749)		3,724,959

Operating Expenses
Cost of services:
Programming		1,179,987		—		—		—		1,179,987		—		1,179,987
Connectivity services		52,652		332,661		50,180		357,087		792,580		(55,382)		737,198
Other		316,332		164,501		65,052		—		545,885		(1,439)		544,446
Total cost of services		1,548,971		497,162		115,232		357,087		2,518,452		(56,821)		2,461,631
Cost of sales - equipment and other		9,446		282,028		63,551		—		355,025		(838)		354,187
Selling, general and administrative expenses:
Subscriber acquisition costs		87,606		204,810		44,924		—		337,340		(1,389)		335,951
Selling, general and administrative expenses		152,849		46,712		48,374		51,864		299,799		(6,256)		293,543
Total selling, general and administrative expenses		240,455		251,522		93,298		51,864		637,139		(7,645)		629,494

OIBDA		663,377		(98,909)		67,699		(337,075)		295,092		(15,445)		279,647

Depreciation and amortization		67,825		19,250		104,437		317,713		509,225		(16,170)		493,055
Total costs and expenses		1,866,697		1,049,962		376,518		726,664		4,019,841		(81,474)		3,938,367

Operating income (loss)	$	595,552	$	(118,159)	$	(36,738)	$	(654,788)	$	(214,133)	$	725		(213,408)

Unallocated Amounts
Interest income														65,369
Interest expense, net of amounts capitalized														(279,232)
Deconsolidation gain														—
Other, net														35,137
Income (loss) before income taxes													$	(392,134)


	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue	$	4,464,161	$	1,732,633	$	480,284	$	—	$	6,677,078	$	—	$	6,677,078
Equipment sales and other revenue		74,916		158,405		151,666		181,588		566,575		—		566,575
Intersegment revenue		3,721		476		14,610		943		19,750		(19,750)		—
Total revenue		4,542,798		1,891,514		646,560		182,531		7,263,403		(19,750)		7,243,653

Operating Expenses
Cost of services:
Programming		2,131,300		—		—		—		2,131,300		—		2,131,300
Connectivity services (1)		97,536		648,863		87,315		—		833,714		(4,221)		829,493
Other (2)		539,506		311,159		111,988		—		962,653		2,973		965,626
Total cost of services		2,768,342		960,022		199,303		—		3,927,667		(1,248)		3,926,419
Cost of sales - equipment and other		64,035		449,503		124,839		318,816		957,193		(1,316)		955,877
Selling, general and administrative expenses:
Subscriber acquisition costs		156,256		298,546		55,056		—		509,858		(6,235)		503,623
Selling, general and administrative expenses		426,076		118,966		73,039		76,993		695,074		(11,824)		683,250
Total selling, general and administrative expenses		582,332		417,512		128,095		76,993		1,204,932		(18,059)		1,186,873
Impairments and other		—		—		(275)		(68,170)		(68,445)		—		(68,445)

OIBDA (3)		1,128,089		64,477		194,598		(145,108)		1,242,056		873		1,242,929

Depreciation and amortization		114,181		100,356		99,957		22,659		337,153		(9)		337,144
Total costs and expenses		3,528,890		1,927,393		551,919		350,298		6,358,500		(20,632)		6,337,868

Operating income (loss)	$	1,013,908	$	(35,879)	$	94,641	$	(167,767)	$	904,903	$	882		905,785

Unallocated Amounts
Interest income														70,321
Interest expense, net of amounts capitalized														(1,101,806)
Deconsolidation gain														9,728,958
Other, net														18,636
Income (loss) before income taxes													$	9,621,894


	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	4,966,403	$	1,633,328	$	546,532	$	—	$	7,146,263	$	—	$	7,146,263
Equipment sales and other revenue		26,593		268,143		149,090		4,628		448,454		—		448,454
Intersegment revenue		7,980		—		14,816		129,545		152,341		(152,341)		—
Total revenue		5,000,976		1,901,471		710,438		134,173		7,747,058		(152,341)		7,594,717

Operating Expenses
Cost of services:
Programming		2,396,409		—		—		—		2,396,409		—		2,396,409
Connectivity services		106,786		653,991		99,339		700,167		1,560,283		(99,908)		1,460,375
Other		602,412		308,633		129,018		—		1,040,063		(3,018)		1,037,045
Total cost of services		3,105,607		962,624		228,357		700,167		4,996,755		(102,926)		4,893,829
Cost of sales - equipment and other		19,118		631,246		145,285		—		795,649		(1,954)		793,695
Selling, general and administrative expenses:
Subscriber acquisition costs		174,119		395,295		91,356		—		660,770		(2,278)		658,492
Selling, general and administrative expenses		308,882		84,922		92,038		95,562		581,404		(12,551)		568,853
Total selling, general and administrative expenses		483,001		480,217		183,394		95,562		1,242,174		(14,829)		1,227,345

OIBDA		1,393,250		(172,616)		153,402		(661,556)		712,480		(32,632)		679,848

Depreciation and amortization		144,268		39,437		209,335		621,642		1,014,682		(33,294)		981,388
Total costs and expenses		3,751,994		2,113,524		766,371		1,417,371		8,049,260		(153,003)		7,896,257

Operating income (loss)	$	1,248,982	$	(212,053)	$	(55,933)	$	(1,283,198)	$	(302,202)	$	662		(301,540)

Unallocated Amounts
Interest income														130,898
Interest expense, net of amounts capitalized														(565,287)
Deconsolidation gain														—
Other, net														76,527
Income (loss) before income taxes													$	(659,402)

The purchases of property and equipment (including capitalized interest related to regulatory authorizations) by segment were as follows:


		Pay-TV			Wireless			Broadband and Satellite Services			Other		Consolidated Total

		(In thousands)
For the Three Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	55,262		$	28,992		$	6,942		$	1,103	$	92,299

For the Three Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	78,580		$	—		$	43,118		$	625,203	$	746,901


		Pay-TV			Wireless			Broadband and Satellite Services			Other		Consolidated Total

		(In thousands)
For the Six Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	143,390		$	57,825		$	18,552		$	5,967	$	225,734

For the Six Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	140,968		$	—		$	75,221		$	909,196	$	1,125,385

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


		For the Three Months Ended					For the Six Months Ended
		June 30,					June 30,
Category:		2026			2025		2026			2025

		(In thousands)
Pay-TV subscriber and related revenue			2,205,012			2,446,844	$	4,466,710		$	4,971,196
Wireless services and related revenue			864,450			823,722		1,732,633			1,633,329
Broadband and satellite services and other revenue			234,943			273,441		483,602			550,385
Pay-TV equipment sales and other revenue			43,522			15,405		76,088			29,780
Wireless equipment sales and other revenue			64,573			108,081		158,881			268,142
Broadband equipment and other revenue			81,961			66,339		162,958			160,053
Other equipment and other revenue			91,548			71,876		182,531			134,173
Eliminations			(9,845)			(80,749)		(19,750)			(152,341)
Total revenue		$	3,576,164		$	3,724,959	$	7,243,653		$	7,594,717

- 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.

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+ Details

Supplemental Data - Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Data - Statements of Cash Flows

Schedule of supplemental cash flow and other non-cash data


		For the Six Months Ended
		June 30,
		2026		2025

		(In thousands)
Cash paid for interest (including capitalized interest)		$	715,676	$	1,012,699
Interest paid in kind on long-term debt			—		125,559
Interim Debt Service Payments by the Trust (1)			413,663		—
Cash paid for income taxes, net of (refunds)			17,874		15,014
Total capitalized interest (2)			15,440		625,918
Employee benefits paid in Class A common stock			34,854		—
Assets financed under financing lease obligations			125,546		—
Accrued capital expenditures			25,098		113,152
Asset retirement obligation (3)			—		4,885

(1)	See Note 1 for further information.

(2)	See Note 2 for further information.

(3)	See Note 8 for further information.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Class A and B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Treasury Stock	Noncontrolling Interests	Total
Balance at Dec. 31, 2024	$ 286	$ 8,768,360	$ (195,711)	$ 11,618,437		$ 53,853	$ 20,245,225
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common stock		2,534					2,534
Non-cash, stock-based compensation		7,609					7,609
Other comprehensive income (loss)			7,846			1,802	9,648
Net income (loss) attributable to noncontrolling interests						(612)	(612)
Net income (loss) attributable to EchoStar				(202,669)			(202,669)
Other		955					955
Balance at Mar. 31, 2025	286	8,779,458	(187,865)	11,415,768		55,043	20,062,690
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common stock	1	21,292					21,293
Non-cash, stock-based compensation		8,514					8,514
Other comprehensive income (loss)			4,684			1,157	5,841
Net income (loss) attributable to noncontrolling interests						(712)	(712)
Net income (loss) attributable to EchoStar				(306,132)			(306,132)
Balance at Jun. 30, 2025	287	8,809,264	(183,181)	11,109,636		55,488	19,791,494
Balance at Dec. 31, 2025	290	8,875,937	(183,188)	(2,878,743)	$ (48,512)	46,214	5,811,998
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common stock	1	7,512					7,513
Non-cash, stock-based compensation		10,233					10,233
Other comprehensive income (loss)			1,402			294	1,696
Net income (loss) attributable to noncontrolling interests						(415)	(415)
Net income (loss) attributable to EchoStar				(146,885)			(146,885)
Other		(6,737)					(6,737)
Balance at Mar. 31, 2026	291	8,886,945	(181,786)	(3,025,628)	(48,512)	46,093	5,677,403
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common stock	1	14,175					14,176
Non-cash, stock-based compensation		47,984					47,984
Other comprehensive income (loss)			(744)			40	(704)
Net income (loss) attributable to noncontrolling interests						173	173
Net income (loss) attributable to EchoStar				8,462,372			8,462,372
Balance at Jun. 30, 2026	$ 292	$ 8,949,104	$ (182,530)	$ 5,436,744	$ (48,512)	$ 46,306	$ 14,201,404

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Revenue Recognition - Contract Asset and Contract Liability Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Contract Asset and Contract Liability Balances
Contract assets	$ 113,912	$ 138,723
Contract liabilities	227,656	$ 607,970
Customer Contract
Contract Asset and Contract Liability Balances
Contract liabilities	$ 561,000

- Definition

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

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies

Summary of wireless spectrum licenses


		As of June 30, 2026
		Carrying Amount
		(In thousands)
AT&T Transactions - Held for Sale (1)		$	16,822,253

SpaceX Transactions - Restricted Licenses (1)			8,667,276
Remaining Wireless Spectrum Licenses			8,449,478
Total Regulatory authorizations, including restricted, net		$	17,116,754

(1)	See Note 1 for further information.

Commitments and Contingencies (Details) R$ in Millions, ₨ in Billions									1 Months Ended			6 Months Ended	102 Months Ended
	Apr. 08, 2026 USD ($)	Feb. 27, 2026 USD ($)	Jan. 30, 2026 USD ($)	Apr. 03, 2023 USD ($)	Sep. 23, 2016 USD ($)	Aug. 18, 2015 USD ($)	Jul. 17, 2015 USD ($)	Mar. 14, 2014 USD ($)	Oct. 31, 2025 INR (₨)	Oct. 31, 2025 USD ($)	Sep. 30, 2024	Jun. 30, 2026 USD ($) item	Jun. 30, 2026 USD ($)	Jul. 28, 2026	Jun. 30, 2026 BRL (R$) item	Jun. 30, 2026 USD ($) item	Jun. 29, 2026	Jun. 23, 2026 USD ($)	Dec. 31, 2025
Commitments and Contingencies
Payment to customer													$ 30,000,000,000
FCC deposit	$ 25,000,000
Number of winning bid license																		2
Aggregate winning bid																		$ 1,300,000
Refund receivable																		$ 23,700,000
Interest rate (as a percent)															0.25%	0.25%
Jones 401(k) Litigation
Commitments and Contingencies
Claim amount												$ 16,700,000
Jones 401(k) Litigation \| Credit of Fidelity Revenue Share
Commitments and Contingencies
Claim amount												10,700,000
Comcast
Commitments and Contingencies
Claim amount		$ 54,000,000	$ 9,500,000
ClearPlay \| Pending Litigation
Commitments and Contingencies
Claim amount								$ 469,000,000
DDBS \| 5 3/4% Senior Secured Notes due 2028
Commitments and Contingencies
Interest rate (as a percent)															5.75%	5.75%			5.75%
DDBS \| 7 3/4% Senior Notes due 2026
Commitments and Contingencies
Interest rate (as a percent)															7.75%	7.75%	7.75%		7.75%
TQ Delta \| Pending Litigation
Commitments and Contingencies
Claim amount							$ 251,000,000
Entropic Communications, LLC \| Pending Litigation
Commitments and Contingencies
Claim amount												$ 212,000,000
NewSpace India Limited
Commitments and Contingencies
Claim amount									₨ 10.6	$ 117,000,000
Hughes Telecomunicaes do Brasil \| Tax annulment claim
Commitments and Contingencies
Maximum period available for repayment												48 months
Litigation accrual															R$ 44	$ 8,200,000
Percentage of court adjudicated claims to be satisfied															75.00%	75.00%
Northstar Spectrum And SNR Holdco
Commitments and Contingencies
Adjustment to interim payment												$ 182,000,000
Re-Auction payment												$ 1,029,000,000.000
Northstar Spectrum And SNR Holdco \| AWS-3 Licenses
Commitments and Contingencies
Percentage of bidding credit												25.00%
Northstar Wireless or Northstar Spectrum
Commitments and Contingencies
Additional payment percentage												15.00%
Adjustment to interim payment												$ 334,000,000
Re-Auction payment												$ 1,892,000,000
Non-payment gross winning bids																$ 2,226,000,000
Interim payment percentage												15.00%
Overpayment of interim payment												$ 334,000,000
Northstar Wireless or Northstar Spectrum \| AWS-3 Licenses \| Vermont National Telephone Company
Commitments and Contingencies
Percentage of bidding credit					25.00%
Bidding credit value					$ 3,300,000,000
Recovery amount					10,000,000,000
Northstar Wireless or Northstar Spectrum \| AWS-3 Licenses \| Vermont National Telephone Company \| Minimum
Commitments and Contingencies
Claim amount					5,500
Northstar Wireless or Northstar Spectrum \| AWS-3 Licenses \| Vermont National Telephone Company \| Maximum
Commitments and Contingencies
Claim amount					$ 11,000
Northstar Wireless or Northstar Spectrum \| SNR Licenses
Commitments and Contingencies
Percentage of bidding credit						25.00%
Bidding credit value						$ 1,961,000,000
Northstar Wireless or Northstar Spectrum \| Northstar Licenses
Commitments and Contingencies
Number of wireless spectrum licenses \| item															261	261
SNR
Commitments and Contingencies
Adjustment to interim payment												182,000,000
Re-Auction payment												$ 1,211,000,000
Non-payment gross winning bids																$ 1,211,000,000
Interim payment percentage												15.00%
SNR \| American III
Commitments and Contingencies
Number of wireless spectrum licenses \| item															244	244
SNR \| SNR Licenses
Commitments and Contingencies
Bidding credit value						$ 1,370,000,000
Dish Wireless LLC \| Universal Service Administrative Company
Commitments and Contingencies
Claim amount				$ 13,900,000
Prior Arrangement \| Northstar Wireless or Northstar Spectrum
Commitments and Contingencies
Number of licenses returned \| item												84
Re-Auction payment												$ 2,226,000,000
Non-payment gross winning bids																$ 2,226,000,000
Prior Arrangement \| SNR \| SNR Licenses
Commitments and Contingencies
Number of licenses returned \| item												113
Subsequent event \| DDBS \| 7 3/4% Senior Notes due 2026
Commitments and Contingencies
Interest rate (as a percent)														7.75%
Capitalized interest on FCC authorizations
Commitments and Contingencies
Capitalized interest												$ 10,000,000,000
Regulatory authorizations																$ 10,000,000,000
Wireless
Commitments and Contingencies
Percentage of coverage obligations											80.00%
5G Network
Commitments and Contingencies
Payment to customer												$ 30,000,000,000

Property and Equipment and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property and Equipment
Total property and equipment	$ 3,418,452	$ 6,525,742
Accumulated depreciation	(1,658,131)	(4,282,227)
Property and equipment, net	1,760,321	2,243,515
Equipment leased to customers
Property and Equipment
Total property and equipment	$ 88,640	$ 964,013
Equipment leased to customers \| Minimum
Property and Equipment
Depreciable Life (In Years)	2 years	2 years
Equipment leased to customers \| Maximum
Property and Equipment
Depreciable Life (In Years)	4 years	4 years
Satellites
Property and Equipment
Total property and equipment	$ 1,767,925	$ 2,104,134
Satellites \| Minimum
Property and Equipment
Depreciable Life (In Years)	5 years	5 years
Satellites \| Maximum
Property and Equipment
Depreciable Life (In Years)	15 years	15 years
Satellites acquired under finance lease agreements
Property and Equipment
Total property and equipment	$ 204,251	$ 77,116
Satellites acquired under finance lease agreements \| Minimum
Property and Equipment
Depreciable Life (In Years)	8 years	8 years
Satellites acquired under finance lease agreements \| Maximum
Property and Equipment
Depreciable Life (In Years)	15 years	15 years
Furniture, fixtures, equipment and other
Property and Equipment
Total property and equipment	$ 246,688	$ 971,824
Furniture, fixtures, equipment and other \| Minimum
Property and Equipment
Depreciable Life (In Years)	1 year	1 year
Furniture, fixtures, equipment and other \| Maximum
Property and Equipment
Depreciable Life (In Years)	20 years	20 years
Hybrid MNO
Property and Equipment
Total property and equipment	$ 88,992	$ 89,604
Hybrid MNO \| Minimum
Property and Equipment
Depreciable Life (In Years)	3 years	3 years
Hybrid MNO \| Maximum
Property and Equipment
Depreciable Life (In Years)	15 years	15 years
Software and computer equipment
Property and Equipment
Total property and equipment	$ 676,058	$ 1,341,690
Software and computer equipment \| Minimum
Property and Equipment
Depreciable Life (In Years)	1 year	1 year
Software and computer equipment \| Maximum
Property and Equipment
Depreciable Life (In Years)	8 years	8 years
Buildings and improvements
Property and Equipment
Total property and equipment	$ 131,987	$ 419,719
Buildings and improvements \| Minimum
Property and Equipment
Depreciable Life (In Years)	1 year	1 year
Buildings and improvements \| Maximum
Property and Equipment
Depreciable Life (In Years)	40 years	40 years
Land
Property and Equipment
Total property and equipment	$ 30,915	$ 42,980
Construction in progress
Property and Equipment
Total property and equipment	$ 182,996	$ 514,662

Debt, Finance Lease and Other Obligations - Senior Notes and Convertible Notes (Details) $ / shares in Units, EquityInstruments in Millions		3 Months Ended			6 Months Ended		9 Months Ended
	Nov. 12, 2024 USD ($) period $ / shares shares	Jun. 30, 2026 USD ($) D $ / shares	Dec. 31, 2025 USD ($) D $ / shares	Sep. 30, 2025 D	Jun. 30, 2026 USD ($) D $ / shares shares	Jun. 30, 2025 shares	Jun. 30, 2026 USD ($) EquityInstruments $ / shares	Jun. 29, 2026 USD ($)	Aug. 08, 2016 USD ($)
Debt Instrument
Interest rate (as a percent)		0.25%			0.25%		0.25%
Aggregate principal amount outstanding		$ 17,630,144,000	$ 26,352,557,000		$ 17,630,144,000		$ 17,630,144,000
Class A common stock
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001
DISH DBS Senior Notes interest payment due on June 1, 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Amount of cash interest payment elected not to make or pay		$ 183,000,000			$ 183,000,000		$ 183,000,000
Grace period \| D					30
5 1/4% Senior Secured Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		5.25%	5.25%		5.25%		5.25%
Aggregate principal amount outstanding			$ 2,750,000,000
5 3/4% Senior Secured Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		5.75%	5.75%		5.75%		5.75%
Aggregate principal amount outstanding			$ 2,500,000,000
5 1/8 % Senior Notes due 2029 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		5.125%	5.125%		5.125%		5.125%
Aggregate principal amount outstanding			$ 1,500,000,000
DISH DBS Senior Notes interest payment due on July 1, 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Cash interest								$ 114,000,000
7 3/4% Senior Notes due 2026 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		7.75%	7.75%		7.75%		7.75%	7.75%
Aggregate principal amount outstanding			$ 2,000,000,000
7 3/8% Senior Notes due 2028 \| DISH DBS Corporation ("DBS")
Debt Instrument
Interest rate (as a percent)		7.375%	7.375%		7.375%		7.375%	7.375%
Aggregate principal amount outstanding			$ 1,000,000,000
EchoStar Notes
Debt Instrument
Period to obtain Initial appraisal of collateral					60 days
Fair value of collateral		$ 33,100,000,000			$ 33,100,000,000		$ 33,100,000,000
loan-to-value ratio					0.3
Period to obtain forfeiture					60 days
Percentage of the aggregate MHz-POPs					10.00%
Threshold loan to value ratio					0.375
Period to add additional collateral					60 days
3 7/8% Convertible Secured Notes due 2030
Debt Instrument
Aggregate principal amount	$ 1,906,000,000
Interest rate (as a percent)		3.875%	3.875%		3.875%		3.875%
Redemption price as a percentage of principal amount	100.00%
Aggregate principal amount outstanding		$ 1,942,594,000	$ 1,942,594,000		$ 1,942,594,000		$ 1,942,594,000
Number of interest payment periods \| period	4
Number shares issued in conversion \| EquityInstruments							58
Threshold trading days \| D		20	20	20
Threshold consecutive trading days		30	30	30
Threshold conversion price		130.00%	130.00%	130.00%
Convertible notes converted into shares \| shares						58,000,000
3 7/8% Convertible Secured Notes due 2030 \| Class A common stock
Debt Instrument
Denomination of principal amount of debt	$ 1,000
Convertible notes converted rate, shares \| shares	29.73507
Conversion price per share \| $ / shares	$ 33.63
6 3/4% Senior Secured Notes due 2030
Debt Instrument
Interest rate (as a percent)		6.75%	6.75%		6.75%		6.75%
Aggregate principal amount outstanding		$ 2,372,670,000	$ 2,372,670,000		$ 2,372,670,000		$ 2,372,670,000
3 3/8% Convertible Notes due 2026 \| DISH Network
Debt Instrument
Aggregate principal amount									$ 3,000,000,000
Interest rate (as a percent)		3.375%	3.375%		3.375%		3.375%
Redemption price as a percentage of principal amount					100.00%
Aggregate principal amount outstanding		$ 45,209,000	$ 45,209,000		$ 45,209,000		$ 45,209,000
3 3/8% Convertible Notes due 2026 \| Class A common stock
Debt Instrument
Denomination of principal amount of debt		$ 1,000			$ 1,000		$ 1,000
Convertible notes converted rate, shares \| shares					5.383
Conversion price per share \| $ / shares		$ 185.76			$ 185.76		$ 185.76
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Convertible note hedges
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares		65.18			$ 65.18		65.18
Cash proceeds from the sale of warrants					$ 376,000,000
Conversion of convertible securities \| shares					16,000,000
Convertible notes converted into shares \| shares					46,000,000
Conversion of shares \| shares					16,000,000
Total cost of convertible notes					$ 635,000,000
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Convertible note hedges \| DISH Network
Debt Instrument
Share price (in dollars per share) \| $ / shares		185.76			$ 185.76		185.76
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Convertible note hedges \| Minimum \| DISH Network
Debt Instrument
Share price (in dollars per share) \| $ / shares		185.75			185.75		185.75
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Convertible note hedges \| Maximum \| DISH Network
Debt Instrument
Share price (in dollars per share) \| $ / shares		245.33			245.33		245.33
3 3/8% Convertible Notes due 2026 \| Class A common stock \| Common stock warrants
Debt Instrument
Common stock par value (in dollars per share) \| $ / shares		$ 86.08			$ 86.08		$ 86.08
Convertible notes converted into warrants \| shares					46,000,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,462,372	$ (146,885)	$ (306,132)	$ (202,669)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details