ECHO
Updated: 24/09/2026, 20:20:18
EchoStar Corp. engages in the design, development, and distribution of digital set-top boxes and products for direct-to-home satellite service providers. It operates through the following business segments: Pay-TV, Retail Wireless, and Broadband and Satellite Services. The Pay-TV segment business strategy is to be the best provider of video services in the United States by providing products with the best technology, outstanding customer service, and great value. The Retail Wireless segment offers Retail Wireless services as well as a competitive portfolio of wireless devices. The Broadband and Satellite Services segment business strategy is to maintain and improve leadership position and competitive advantage through development of technologies and services marketed to selected sectors within the consumer, enterprise and government markets globally. The company was founded by Charlie William Ergen, Candy Ergen, and James DeFranco in 1980 and is headquartered in Englewood, CO.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
15.0B
FY 2025 · Reported
Net income
-14.5B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$-1.1B
FY 2025 · Calculated
R&D intensity
0.5%
FY 2025 · Calculated
Share repurchases
0.0B
FY 2025 · Reported
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Broadband and Satellite Services segment strategy and products
Broadband and Satellite Services: consumer broadband internet, enterprise/government managed services and equipment, in-flight connectivity, leveraging the EchoStar XXIV satellite
“We have leveraged the EchoStar XXIV satellite to deliver satellite services to unserved and underserved consumer markets in the Americas as well as enterprise, aeronautical and government markets.”
Wireless segment overview
Wireless segment offers nationwide services under Boost Mobile and Gen Mobile brands; 7.511 million subscribers as of Dec 31, 2025; transitioned to Hybrid MNO using AT&T's network as of Nov 15, 2025
“As of December 31, 2025, we had 7.511 million Wireless subscribers.”
Wireless spectrum investment
Invested over $30 billion in wireless spectrum licenses (excluding $10 billion capitalized interest); 5G Network deployment terminated August 2025 and spectrum being sold in AT&T/SpaceX Transactions
“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.”
Pay-TV programming costs rising
Pay-TV programming costs rising per subscriber, especially local broadcast and sports, faster than wages or inflation; may not be able to pass costs to subscribers
“The pay-TV industry has continued to experience an increase in the cost of programming, especially local broadcast channels and sports programming. In addition, certain programming costs are rising at a much faster rate than wages or inflation.”
Substantial debt outstanding
Substantial debt outstanding; Indenture covenants could limit activities and adversely affect liquidity
“We have substantial debt outstanding and may incur additional debt, and covenants in our Indentures could limit our ability to undertake certain types of activities and adversely affect our liquidity.”
Pay-TV ARPU and DISH TV SAC metrics FY2024
Pay-TV ARPU $108.90 in 2024 vs $104.56 in 2023 (+4.2%); DISH TV SAC $999 vs $1,118 (-10.6%)
“Pay-TV ARPU was $108.90 during the year ended December 31, 2024 versus $104.56 during the same period in 2023.”
Going concern doubt
Company lacks cash, projected cash flows, or committed financing to fund obligations over next twelve months, raising substantial doubt about ability to continue as a going concern
“We, and certain of our subsidiaries, currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our, and certain of our subsidiaries, ability to continue as a going concern.”
Under the Hybrid MNO transition completed November 15, 2025, EchoStar migrated all customer traffic to AT&T's network and depends on AT&T under the NSA; AT&T is also counterparty to the pending AT&T Transactions for spectrum sales.
“In light of the AT&T Transactions, we transitioned to a Hybrid MNO under which we continue to operate our 5G Network core and utilize AT&T’s network services and secondarily as an MVNO utilizing network services under the MNSA and the NSA.”
Wireless spectrum licenses are subject to FCC build-out and renewal requirements; FCC review precipitated the AT&T and SpaceX Transactions and termination of 5G Network deployment.
“As a result of the unforeseeable actions by the FCC, as detailed in “Recent Developments – FCC Review” in Note 1 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K, we entered into the AT&T Transactions and SpaceX Transactions, whereby we agreed to sell a material amount of our spectrum licenses.”
Wireless subscribers receive network services via the MNSA with T-Mobile; failure, interruption or termination of the MNSA would materially harm the business.
“Through the MNSA and the NSA, we depend on T-Mobile and AT&T to provide network services to our Wireless subscribers.”
SpaceX (via Starlink) is a primary competitor in North American consumer satellite broadband and in-flight connectivity, and is also counterparty to the pending SpaceX Transactions and a potential investment affecting EchoStar's stock price.
“Our primary satellite competitors in the North American consumer market are ViaSat and SpaceX.”
Pay-TV business depends on third-party programmers for content; carriage interruptions have negatively impacted subscriber additions and rising programming costs drive churn and rates.
“We depend on others to provide the programming that we offer to our Pay-TV subscribers and, if we fail to obtain or lose access to certain programming, our Pay-TV subscriber activations and our subscriber churn rate may be negatively impacted.”
Wireless cost of services rose 7.5% in 2025 partly reflecting network services; under the Hybrid MNO, AT&T network services are a key input cost and NSA minimum commitments create fixed obligations.
“our minimum commitments, any system failure in their wireless networks, interruption in the services provided to us and/or the termination of the MNSA or the NSA could have a material adverse effect on our business, financial condition and results of operations”
Wireless subscriber activations depend on independent third parties (Target, Best Buy, Walmart, Boost-branded stores) representing a meaningful percentage of gross new activations.
“We depend on independent third parties to solicit orders for our services that represent a meaningful percentage of our total gross new subscriber activations.”
Persistent cyber-attacks, including state-sponsored attacks intensified during geopolitical conflict, threaten operations, subscriber churn, and reputation.
“Data breaches and other cybersecurity events have become increasingly commonplace, including, but not limited to, as a result of the intensification of state-sponsored cyber-attacks during periods of geopolitical conflict.”
ViaSat competes in in-flight connectivity, North American consumer satellite broadband, and as a satellite technology platform supplier-competitor.
“In the in-flight connectivity market, we compete against direct and indirect providers of in-flight WiFi services, such as ViaSat Communications, Inc., which is owned by ViaSat, Inc.”
Broadband and Satellite Services revenue relies on long-term contracts with enterprise customers (retailers, financial institutions, aircraft connectivity providers, lottery agencies, multi-branch networks) and the U.S. government.
“Most of our enterprise customers have long-term contracts with us for the services they purchase.”
Government subsidized subscribers (ACP, Lifeline, Gen Mobile) have different economics with higher churn and lower SAC; ACP funding concluded June 1, 2024 driving deactivations.
“Our Government subsidized subscribers have different subscriber economics than our core Wireless subscribers, including a significantly higher churn rate and lower subscriber acquisition costs.”
Changes in trade policies including tariffs could increase equipment costs and disrupt the supply chain for devices and network equipment.
“Changes in trade policies, including, but not limited to, tariffs and other restrictions, could, among other things, increase our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.”
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