EchoStar CORP Segments Disclosure
16.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.
Historically, we reported three primary business segments: (1) Pay-TV; (2) Wireless; and (3) Broadband and Satellite Services.
We were operating our Wireless segment primarily as an MVNO and secondarily as an MNO as we continued to commercialize our wireless spectrum licenses through the completion of our 5G Network and grow customer traffic on our 5G Network. As an MVNO, we depended on either T-Mobile or AT&T to provide us with network services under the MNSA and NSA, respectively. We had commenced our transition to an MNO as our 5G Network became commercially available and we grew our customer base on our 5G Network.
As a result of the unforeseeable actions by the FCC, as detailed, in “Recent Developments – FCC Review” in Note 1, 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 Hybrid MNO business.
To align with the information provided to the CODM and management’s view of the business, we separated the historical Wireless segment into two segments, the “Wireless” segment and the “Other” segment.
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. 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 to AT&T’s network as we transitioned to a Hybrid MNO, which we completed as of November 15, 2025.
Our Other segment primarily consists of our legacy 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 “Recent Developments – FCC Review” in Note 1, 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 have no customer traffic on our 5G Network.
We currently operate four primary business segments: (1) Pay-TV; (2) Wireless; (3) Broadband and Satellite Services; and (4) Other. See Note 1 for further information.
Our Pay-TV segment revenue is primarily derived from Pay-TV subscriber revenue. Our Wireless segment revenue is primarily derived from Wireless subscriber revenue and selling wireless devices to subscribers. 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 revenue, expense, operating income (loss) and OIBDA by segment were as follows:
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts presented. All prior period amounts have been reclassified to conform to the current period presentation.
Pay-TV | Wireless | Broadband and Satellite Services | Other | Segment Total | Eliminations | Consolidated Total | |||||||||||||||
(In thousands) | |||||||||||||||||||||
For the Year Ended December 31, 2025 | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Revenue from external customers: | |||||||||||||||||||||
Service revenue | $ | 9,633,209 | $ | 3,315,978 | $ | 1,074,543 | $ | — | $ | 14,023,730 | $ | — | $ | 14,023,730 | |||||||
Equipment sales and other revenue | 55,013 | 479,697 | 348,994 | 97,555 | 981,259 | — | 981,259 | ||||||||||||||
Intersegment revenue | 12,258 | — | 32,515 | 197,268 | 242,041 | (242,041) | — | ||||||||||||||
Total revenue | 9,700,480 | 3,795,675 | 1,456,052 | 294,823 | 15,247,030 | (242,041) | 15,004,989 | ||||||||||||||
Operating Expenses | |||||||||||||||||||||
Cost of services: | |||||||||||||||||||||
Programming | 4,639,993 | — | — | — | 4,639,993 | — | 4,639,993 | ||||||||||||||
Connectivity services (1) | 205,390 | 1,371,034 | 198,398 | 1,130,167 | 2,904,989 | (161,034) | 2,743,955 | ||||||||||||||
Other (2) | 1,150,560 | 650,731 | 257,113 | — | 2,058,404 | 2,871 | 2,061,275 | ||||||||||||||
Total cost of services | 5,995,943 | 2,021,765 | 455,511 | 1,130,167 | 9,603,386 | (158,163) | 9,445,223 | ||||||||||||||
Cost of sales - equipment and other | 40,258 | 1,225,042 | 317,000 | 105,296 | 1,687,596 | (2,497) | 1,685,099 | ||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||
Subscriber acquisition costs | 359,339 | 736,110 | 171,344 | — | 1,266,793 | (14,301) | 1,252,492 | ||||||||||||||
Selling, general and administrative expenses | 616,846 | 190,277 | 184,974 | 160,744 | 1,152,841 | (25,080) | 1,127,761 | ||||||||||||||
Total selling, general and administrative expenses | 976,185 | 926,387 | 356,318 | 160,744 | 2,419,634 | (39,381) | 2,380,253 | ||||||||||||||
Impairments and other | — | — | 1,529,982 | 16,102,029 | 17,632,011 | — | 17,632,011 | ||||||||||||||
OIBDA (3) | 2,688,094 | (377,519) | (1,202,759) | (17,203,413) | (16,095,597) | (42,000) | (16,137,597) | ||||||||||||||
Depreciation and amortization | 262,866 | 117,509 | 404,645 | 844,487 | 1,629,507 | (43,958) | 1,585,549 | ||||||||||||||
Total costs and expenses | 7,275,252 | 4,290,703 | 3,063,456 | 18,342,723 | 32,972,134 | (243,999) | 32,728,135 | ||||||||||||||
Operating income (loss) | $ | 2,425,228 | $ | (495,028) | $ | (1,607,404) | $ | (18,047,900) | $ | (17,725,104) | $ | 1,958 | (17,723,146) | ||||||||
Unallocated Amounts | |||||||||||||||||||||
Interest income | 228,733 | ||||||||||||||||||||
Interest expense, net of amounts capitalized | (1,521,713) | ||||||||||||||||||||
Other, net | 122,812 | ||||||||||||||||||||
Income (loss) before income taxes | $ | (18,893,314) | |||||||||||||||||||
| (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 Year Ended December 31, 2024 | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Revenue from external customers: | |||||||||||||||||||||
Service revenue | $ | 10,602,475 | $ | 3,156,760 | $ | 1,196,891 | $ | — | $ | 14,956,126 | $ | — | $ | 14,956,126 | |||||||
Equipment sales and other revenue | 71,002 | 437,437 | 349,911 | 11,040 | 869,390 | — | 869,390 | ||||||||||||||
Intersegment revenue | 14,727 | — | 28,986 | 145,662 | 189,375 | (189,375) | — | ||||||||||||||
Total revenue | 10,688,204 | 3,594,197 | 1,575,788 | 156,702 | 16,014,891 | (189,375) | 15,825,516 | ||||||||||||||
Operating Expenses | |||||||||||||||||||||
Cost of services: | |||||||||||||||||||||
Programming | 5,060,083 | — | — | — | 5,060,083 | — | 5,060,083 | ||||||||||||||
Connectivity services | 224,112 | 1,328,311 | 203,498 | 1,304,295 | 3,060,216 | (93,719) | 2,966,497 | ||||||||||||||
Other | 1,262,311 | 552,397 | 299,242 | — | 2,113,950 | (4,908) | 2,109,042 | ||||||||||||||
Total cost of services | 6,546,506 | 1,880,708 | 502,740 | 1,304,295 | 10,234,249 | (98,627) | 10,135,622 | ||||||||||||||
Cost of sales - equipment and other | 80,271 | 1,250,656 | 308,412 | — | 1,639,339 | (2,384) | 1,636,955 | ||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||
Subscriber acquisition costs | 425,227 | 650,794 | 194,665 | — | 1,270,686 | (3,192) | 1,267,494 | ||||||||||||||
Selling, general and administrative expenses | 650,915 | 136,838 | 228,076 | 166,402 | 1,182,231 | (22,909) | 1,159,322 | ||||||||||||||
Total selling, general and administrative expenses | 1,076,142 | 787,632 | 422,741 | 166,402 | 2,452,917 | (26,101) | 2,426,816 | ||||||||||||||
Impairments and other | — | — | — | — | — | — | — | ||||||||||||||
OIBDA | 2,985,285 | (324,799) | 341,895 | (1,313,995) | 1,688,386 | (62,263) | 1,626,123 | ||||||||||||||
Depreciation and amortization | 337,331 | 153,192 | 459,796 | 1,039,920 | 1,990,239 | (60,046) | 1,930,193 | ||||||||||||||
Total costs and expenses | 8,040,250 | 4,072,188 | 1,693,689 | 2,510,617 | 16,316,744 | (187,158) | 16,129,586 | ||||||||||||||
Operating income (loss) | $ | 2,647,954 | $ | (477,991) | $ | (117,901) | $ | (2,353,915) | $ | (301,853) | $ | (2,217) | (304,070) | ||||||||
Unallocated Amounts | |||||||||||||||||||||
Interest income | 116,625 | ||||||||||||||||||||
Interest expense, net of amounts capitalized | (481,622) | ||||||||||||||||||||
Other, net | 593,497 | ||||||||||||||||||||
Income (loss) before income taxes | $ | (75,570) | |||||||||||||||||||
Pay-TV | Wireless | Broadband and Satellite Services | Other | Segment Total | Eliminations | Consolidated Total | |||||||||||||||
(In thousands) | |||||||||||||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Revenue from external customers: | |||||||||||||||||||||
Service revenue | $ | 11,377,524 | $ | 3,337,186 | $ | 1,431,053 | $ | — | $ | 16,145,763 | $ | — | $ | 16,145,763 | |||||||
Equipment sales and other revenue | 175,948 | 355,132 | 299,720 | 39,035 | 869,835 | — | 869,835 | ||||||||||||||
Intersegment revenue | 17,687 | 54 | 24,786 | 52,893 | 95,420 | (95,420) | — | ||||||||||||||
Total revenue | 11,571,159 | 3,692,372 | 1,755,559 | 91,928 | 17,111,018 | (95,420) | 17,015,598 | ||||||||||||||
Operating Expenses | |||||||||||||||||||||
Cost of services: | |||||||||||||||||||||
Programming | 5,301,968 | — | — | — | 5,301,968 | — | 5,301,968 | ||||||||||||||
Connectivity services | 245,716 | 1,501,511 | 197,358 | — | 1,944,585 | (13,533) | 1,931,052 | ||||||||||||||
Other | 1,429,944 | 520,932 | 333,517 | — | 2,284,393 | (6,986) | 2,277,407 | ||||||||||||||
Total cost of services | 6,977,628 | 2,022,443 | 530,875 | — | 9,530,946 | (20,519) | 9,510,427 | ||||||||||||||
Cost of sales - equipment and other | 91,164 | 1,133,377 | 241,570 | 977,329 | 2,443,440 | (8,536) | 2,434,904 | ||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||
Subscriber acquisition costs | 687,338 | 701,814 | 227,754 | — | 1,616,906 | (6,391) | 1,610,515 | ||||||||||||||
Selling, general and administrative expenses | 727,470 | 157,297 | 258,625 | 255,380 | 1,398,772 | (20,133) | 1,378,639 | ||||||||||||||
Total selling, general and administrative expenses | 1,414,808 | 859,111 | 486,379 | 255,380 | 3,015,678 | (26,524) | 2,989,154 | ||||||||||||||
Impairments and other | 6,457 | 98,657 | 536,082 | 119,903 | 761,099 | — | 761,099 | ||||||||||||||
OIBDA | 3,081,102 | (421,216) | (39,347) | (1,260,684) | 1,359,855 | (39,841) | 1,320,014 | ||||||||||||||
Depreciation and amortization | 381,292 | 221,968 | 419,262 | 620,685 | 1,643,207 | (45,284) | 1,597,923 | ||||||||||||||
Total costs and expenses | 8,871,349 | 4,335,556 | 2,214,168 | 1,973,297 | 17,394,370 | (100,863) | 17,293,507 | ||||||||||||||
Operating income (loss) | $ | 2,699,810 | $ | (643,184) | $ | (458,609) | $ | (1,881,369) | $ | (283,352) | $ | 5,443 | (277,909) | ||||||||
Unallocated Amounts | |||||||||||||||||||||
Interest income | 207,374 | ||||||||||||||||||||
Interest expense, net of amounts capitalized | (90,357) | ||||||||||||||||||||
Other, net | (1,770,792) | ||||||||||||||||||||
Income (loss) before income taxes | $ | (1,931,684) | |||||||||||||||||||
The purchases of property and equipment, net of refunds, (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 Year Ended December 31, 2025 | |||||||||||||||
Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations) | $ | 288,595 | $ | 35,848 | $ | 144,949 | $ | 1,172,649 | $ | 1,642,041 | |||||
For the Year Ended December 31, 2024 | |||||||||||||||
Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations) | $ | 218,473 | $ | — | $ | 212,581 | $ | 2,065,570 | $ | 2,496,624 | |||||
For the Year Ended December 31, 2023 | |||||||||||||||
Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations) | $ | 242,736 | $ | — | $ | 233,423 | $ | 3,748,624 | $ | 4,224,783 | |||||
Geographic Information. Revenue is attributed to geographic regions based upon the customer billing location. Long-lived assets are associated with the geographic regions based upon the location where the asset resides. Geographic regions consist of: (i) North America, including the U.S. and its territories, Mexico, and Canada; (ii) Foreign, including South and Central America, Asia, Africa, Australia, Europe, India, and the Middle East.
The following table summarizes revenue by geographic region:
For the Years Ended December 31, | |||||||||
Revenue: | | 2025 | | 2024 | 2023 | ||||
(In thousands) | |||||||||
North America | $ | 14,717,241 | $ | 15,508,769 | $ | 16,670,377 | |||
Foreign | 287,748 | 316,747 | 345,221 | ||||||
Total revenue | $ | 15,004,989 | $ | 15,825,516 | $ | 17,015,598 | |||
The following table summarizes long-lived assets by geographic region:
As of December 31, | ||||||
Long-lived assets: | | 2025 | | 2024 | ||
(In thousands) | ||||||
North America | $ | 36,968,298 | $ | 51,729,583 | ||
Foreign | 38,718 | 160,483 | ||||
Total long-lived assets | $ | 37,007,016 | $ | 51,890,066 | ||
The revenue from customers disaggregated by major revenue source was as follows:
For the Years Ended December 31, | |||||||||
Category: | 2025 | | 2024 | 2023 | |||||
| (In thousands) | ||||||||
Pay-TV subscriber and related revenue | $ | 9,642,661 | $ | 10,613,653 | $ | 11,385,961 | |||
Wireless services and related revenue | 3,315,978 | 3,156,760 | 3,337,240 | ||||||
Broadband and satellite services and other revenue | 1,081,986 | 1,204,938 | 1,443,616 | ||||||
Pay-TV equipment sales and other revenue | 57,819 | 74,551 | 185,198 | ||||||
Wireless equipment sales and other revenue | 479,697 | 437,437 | 355,132 | ||||||
Broadband equipment and other revenue | 374,066 | 370,850 | 311,943 | ||||||
Other equipment and other revenue | 294,823 | 156,702 | 91,928 | ||||||
Eliminations | (242,041) | (189,375) | (95,420) | ||||||
Total | $ | 15,004,989 | $ | 15,825,516 | $ | 17,015,598 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.