EchoStar CORP

Listed Company

SATSCIK 0001415404NasdaqLarge AcceleratedCommunications Services, NecNevadaFY ends Dec 31

Period

FY 2025

Revenue

$15.00B

Net Income

$-14.50B

Total Assets

—

Equity

—

Shares Out

47.69M

Op. Cash Flow

$-99.37M

Business

EchoStar Corporation is a holding company that operates a diversified global connectivity and media business through its subsidiaries. It offers pay‑TV services under the DISH and SLING brands, nationwide wireless services including 5G voice and broadband, and broadband and satellite technologies, equipment and managed network services. Its key business segments are Pay‑TV, Wireless and Broadband and Satellite Services. EchoStar distributes services primarily in the United States through direct sales, online channels and third‑party retailers, and serves enterprise, government, aeronautical and international customers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	15,005	15,826	17,016	18,634	19,819
Cost of services	9,445	10,136	9,510	10,111	10,717
Cost of sales - equipment and other	1,685	1,637	2,435	2,099	1,778
Selling, general and administrative expenses	2,380	2,427	2,989	3,015	2,686
Depreciation and amortization	1,586	1,930	1,598	1,175	1,214
Impairments and other (Note 1)	17,632	—	761	—	—
Total costs and expenses	32,728	16,130	17,294	16,401	16,396
Operating income (loss)	−17,723	−304	−278	2,233	3,422
Interest income	229	117	207	93	34
Interest expense, net of amounts capitalized (Note 2)	−1,522	−482	−90	−79	−111
Other, net (Note 6)	123	593	−1,771	1,088	5
Total other income (expense)	−1,170	229	−1,654	1,102	−73
Income (loss) before income taxes	−18,893	−76	−1,932	3,335	3,350
Income tax (provision) benefit, net	4,386	−49	297	−798	−828
Net income (loss)	−14,507	−125	−1,635	2,537	2,521
Less: Net income (loss) attributable to noncontrolling interests, net of tax	−10	−5	67	59	35
Net income (loss) attributable to EchoStar - Basic	−14,497	−120	−1,702	2,478	2,486
Basic (in shares)	288	274	271	270	275
Diluted (in shares)	288	274	271	308	313
Basic net income (loss) per share attributable to EchoStar (In dollar per share)	−50.41	−0.44	−6.28	9.17	9.04
Diluted net income (loss) per share attributable to EchoStar (In dollar per share)	−50.41	−0.44	−6.28	8.05	7.94
Foreign currency translation adjustments	14	−44	19	35	−22
Unrealized holding gains (losses) on available-for-sale debt securities	−78,000	2	−306,000	536,000	−694,000
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)	930,000	−2	550,000	−25,000	−25,000
Deferred income tax (expense) benefit, net	−249,000	565,000	−512,000	−359,000	519,000
Total other comprehensive income (loss), net of tax	15	−43	19	38	−27
Comprehensive income (loss)	−14,492	−167	−1,616	2,575	2,494
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	−8	−12	71	61	31
Comprehensive income (loss) attributable to EchoStar	−14,485	−155	−1,687	2,514	2,463

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,883	4,305	1,821	2,498	536
Current restricted cash, cash equivalents and marketable investment securities	176	151	—	—	—
Marketable investment securities	1,101	1,242	623	1,810	1,010
Trade accounts receivable, net of allowance for credit losses of $79,590 and $82,628, respectively	1,274	1,199	1,122	1,183	182
Inventory	381	455	665	626	—
Prepaids and other assets	284	655	644	618	—
Other current assets	35	88	16	24	198
Total current assets	5,133	8,096	4,892	6,758	1,927
Restricted cash, cash equivalents and marketable investment securities	176	170	118	117	—
Property and equipment, net	2,244	9,187	9,562	7,905	—
Regulatory authorizations, net	34,549	39,442	38,573	37,396	470
Other investments, net	194	202	314	525	298
Operating lease assets	215	3,261	3,065	2,824	149
Intangible assets, net	54	75	173	1,113	—
Other noncurrent assets, net	452	506	411	2,111	338
Total noncurrent assets	37,883	52,843	52,217	51,991	4,118
Total assets	43,016	60,939	57,109	58,748	6,045
Trade accounts payable	542	741	774	1,024	—
Deferred revenue and other	639	651	755	833	141
Accrued programming	1,224	1,339	1,428	1,299	—
Accrued interest	309	352	298	298	—
Other accrued expenses and liabilities	2,328	1,805	1,718	1,436	209
Current portion of debt, finance lease and other obligations (Note 10)	7,321	943	3,047	1,553	0
Total current liabilities	12,363	5,831	8,019	6,443	460
Long-term debt, finance lease and other obligations, net of current portion (Note 10)	18,659	25,660	19,717	1,497	1,496
Deferred tax liabilities, net	599	4,989	5,014	5,355	404
Operating lease liabilities	4,137	3,211	3,121	2,809	135
Long-term deferred revenue and other long-term liabilities	1,446	1,002	849	748	—
Total long-term obligations, net of current portion	24,841	34,862	28,702	30,255	2,171
Total liabilities	37,204	40,693	36,721	36,698	2,631
Commitments and Contingencies (Note 15)	—	—	—	—	—
Additional paid-in capital	8,876	8,768	8,302	8,223	—
Accumulated other comprehensive income (loss)	−183	−196	−160	−175	−212
Accumulated earnings (deficit)	−2,879	11,618	11,738	13,440	656
Treasury stock, at cost	−49	—	—	−526	−437
Total EchoStar stockholders' equity (deficit)	5,766	20,191	19,880	21,488	3,354
Noncontrolling interests	46	54	70	98	60
Total stockholders' equity (deficit)	5,812	20,245	19,950	21,586	18,988
Total liabilities and stockholders' equity (deficit)	43,016	60,939	57,109	58,748	6,045

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Realized and unrealized losses (gains) and impairments on investments and other	−2	73	−47	−72	−8
Realized and unrealized losses (gains) on derivatives	—	—	1,693	−1,015	13
Asset sales and other losses (gains)	−100	−50	—	—	—
EchoStar exchange offers debt extinguishment losses (gains)	—	−689	—	—	—
Non-cash, stock-based compensation	36	36	52	83	59
Interest expense paid in kind on long-term debt	95	30	—	—	—
Deferred tax expense (benefit)	−4,413	28	−337	730	640
Changes in allowance for credit losses	−3	8	15	7	−35
Change in long-term deferred revenue and other long-term liabilities	−51	13	16	83	66
Other, net	60	151	−10	251	136
Trade accounts receivable	−29	10	61	−75	207
Prepaid and accrued income taxes	−10	43	16	−36	81
Inventory	59	190	−38	16	−176
Other operating assets and operating liabilities	8	−129	96	—	—
Trade accounts payable	−131	109	4	91	86
Deferred revenue and other	−11	−104	−79	−72	−62
Accrued programming and other accrued expenses	−320	−273	267	−106	−41
Net cash flows from operating activities	−99	1,253	2,433	3,621	4,655
Purchases of marketable investment securities	−3,069	−1,254	−2,408	−1,966	−6,339
Sales and maturities of marketable investment securities	3,228	573	3,711	4,160	4,391
Purchases of property and equipment (Note 8)	−966	−1,545	−3,101	−3,050	−1,619
Refunds and other receipts of purchases of property and equipment	—	—	39	—	—
Capitalized interest related to regulatory authorizations (Note 2)	−676	−952	−1,162	−984	−778
Proceeds from other debt investments	—	—	148	—	—
Purchases of regulatory authorizations, including deposits	—	−1	−2	−7,207	−123
Sale of assets to CONX	—	27	—	—	—
Liberty Puerto Rico asset sale	—	95	—	—	—
Sale of Fiber business	47	—	—	—	—
Other, net	31	8	−33	−12	−117
Net cash flows from investing activities	−1,405	−3,048	−2,809	−9,060	−4,247
Repayment of debt, finance lease and other obligations	−70	−109	−122	−86	−90
Redemption and repurchases of debt (Note 10)	−974	−2,934	−1,643	−2,057	−2,902
Proceeds from issuance of debt (Note 10)	150	7,886	1,500	2,000	6,750
Debt issuance costs and debt (discount) premium	−946,000	−317	22	−51	−34
Proceeds from issuance of PIPE shares	—	400	—	—	—
Early debt redemption gains (losses)	11	—	73	—	—
Class A common stock repurchases	−49	—	—	−89	−261
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan	49	4	11	27	—
Purchase of ownership interest	—	−442	−109	—	0
Other, net	−27	−5	−7	−18	−16
Net cash flows from financing activities	−910	4,484	−277	−274	3,515
Effect of exchange rates on cash and cash equivalents	3	−6	3	−2	−4
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	−2,412	2,682	−650	−5,715	3,920

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