EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2025

8/1/25 6:30:00 AM ET

Telecommunications Equipment

Consumer Discretionary

Get the next $SATS alert in real time by email

Wireless: Net subscriber growth (+212K), improved churn (2.69%, an improvement of 24 basis points year-over-year), improved average revenue per user (ARPU) (4.1% year-over-year) and the highest prepaid ARPU in the industry.
Pay TV: Lowest DISH TV churn (1.29%) in over a decade (excluding the pandemic), growth in ARPU (+3% year-over-year) and increased viewership engagement (hours/viewer).
Broadband & Satellite Services: Increased enterprise order backlog (future revenues) by 8% to $1.6B primarily through gaining share in the attractive Aero sector.

ENGLEWOOD, Colo., Aug. 1, 2025 /PRNewswire/ -- EchoStar Corporation (NASDAQ:SATS) announced its financial results for the three and six months ended June 30, 2025.

The company's unabated focus on driving operational efficiencies, exceptional customer experiences and profitable growth investment continues to deliver results across the enterprise and reconfirms the company's plan to deliver positive Operating Free Cash Flow, as previously defined. EchoStar's assets across satellite, wireless, video, managed services and U.S.-based manufacturing led to improvements in many key metrics and reported total revenue of $3.72 billion for the second quarter 2025 and $7.60 billion for the six months ended June 30, 2025.

"EchoStar performed well in the second quarter and was in line with our high performance expectations," said Hamid Akhavan, president and CEO, EchoStar Corporation. "Our Retail Wireless business continues to make progress and we have now had five consecutive quarters of growth with our Boost Mobile brand. Our Pay-TV ARPU and churn rate improvement continues to impress, and our enterprise business is gaining ground globally within the aviation sector as the industry's only future-proof in-flight connectivity solution."

Wireless

Wireless consists predominantly of Boost Mobile and network wireless services, and delivered approximately $935 million in revenue for the second quarter.

Continued strong performance fueled by +212K subscriber net adds in Q2, closing the quarter with approximately 7.36 million total subscribers
Attracted and retained high-quality customers, contributing to a 24 basis point improvement in churn year-over-year
Mix in subscribers with higher priced plans and higher sales of value-added services drove 4.1% improvement in ARPU year-over-year – the highest pre-paid ARPU in the industry
Boost Mobile Network rated best in 5G Reliability and 5G Coverage in Atlanta; Charlotte, N.C.; Cincinnati; Cleveland; Columbus, Ohio; Dallas-Fort Worth; Detroit; Houston; Miami; New York City; Orlando, Fla.; Philadelphia; Raleigh, N.C; St. Louis; and its hometown market of Denver by OpenSignal

Pay-TV

Pay TV consists of DISH TV and Sling TV. Performance for Pay-TV delivered approximately $2.46 billion in revenue for the second quarter.

Continued focus on operational efficiency, higher priced programming packages per subscriber and improved user experiences helped increase ARPU (+3%)
Customer loyalty and high-quality subscribers further reduced DISH TV churn (1.29%) and drove a 10 basis point reduction in churn year-over-year
Pay-TV closed the quarter with approximately 7.11 million subscribers

Broadband & Satellite Services

Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $340 million in revenue for the second quarter.

Announced membership in Airbus HBCplus program enhancing ability to serve airlines as a factory line fit option at Airbus
Approximately $1.6 billion contracted backlog revenue at the end of Q2 (+5% year-over-year)
Broadband & Satellite Services closed the quarter with approximately 819,000 subscribers

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Revenue
Pay-TV	$	2,462,249	$	2,676,284	$	5,000,976	$	5,402,862
Wireless		934,631		892,728		1,907,406		1,806,734
Broadband and Satellite Services		339,780		394,011		710,438		776,597
All Other & Eliminations		(11,701)		(10,272)		(24,103)		(18,599)
Total	$	3,724,959	$	3,952,751	$	7,594,717	$	7,967,594

Net Income (loss) attributable to EchoStar	$	(306,132)	$	(205,591)	$	(508,801)	$	(312,967)

OIBDA
Pay-TV	$	663,377	$	753,001	$	1,393,250	$	1,508,511
Wireless		(451,980)		(394,439)		(867,044)		(757,935)
Broadband and Satellite Services		67,699		82,392		153,402		161,679
All Other & Eliminations		551		1,202		240		57
Total	$	279,647	$	442,156	$	679,848	$	912,312

Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations)
Pay-TV	$	78,580	$	54,006	$	140,968	$	111,918
Wireless		625,203		560,468		909,196		1,109,641
Broadband and Satellite Services		43,118		56,559		75,221		127,170
	$	746,901	$	671,033	$	1,125,385	$	1,348,729

Reconciliation of GAAP to Non-GAAP Measurement:

For the Three Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services				Consolidated
For the Three Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated
	(In thousands)
Segment operating income (loss)	$	595,552	$	(772,948)	$	(36,738)	$	726	$	(213,408)
Depreciation and amortization		67,825		320,968		104,437		(175)		493,055
OIBDA	$	663,377	$	(451,980)	$	67,699	$	551	$	279,647

For the Three Months Ended June 30, 2024
For the Three Months Ended June 30, 2024

Segment operating income (loss)	$	667,752	$	(700,302)	$	(34,586)	$	1,767	$	(65,369)
Depreciation and amortization		85,249		305,863		116,978		(565)		507,525
OIBDA	$	753,001	$	(394,439)	$	82,392	$	1,202	$	442,156


For the Six Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services				Consolidated
For the Six Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated
	(In thousands)
Segment operating income (loss)	$	1,248,982	$	(1,495,250)	$	(55,933)	$	661	$	(301,540)
Depreciation and amortization		144,268		628,206		209,335		(421)		981,388
OIBDA	$	1,393,250	$	(867,044)	$	153,402	$	240	$	679,848

For the Six Months Ended June 30, 2024
For the Six Months Ended June 30, 2024

Segment operating income (loss)	$	1,337,860	$	(1,345,470)	$	(74,140)	$	1,137	$	(80,613)
Depreciation and amortization		170,651		587,535		235,819		(1,080)		992,925
OIBDA	$	1,508,511	$	(757,935)	$	161,679	$	57	$	912,312

Note on Use of Non-GAAP Financial Measures

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

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to "Operating income (loss)" 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.

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

EchoStar will host a conference call to discuss its earnings on Day, August 1, 2025, at 12 p.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar's investor relations website at ir.echostar.com. To attend the call, please dial: (888) 484-6065 (U.S.) or +1 (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13755124) or ask for the "EchoStar Corporation Q2 2025 Earnings Conference Call." Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

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

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

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

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED BALANCE SHEETS
	(Dollars in thousands, except share amounts)
	(Unaudited)

	As of
	June 30,		December 31,
	2025		2024
Assets
Current Assets:
Cash and cash equivalents	$	2,345,085	$	4,305,393
Current restricted cash, cash equivalents and marketable investment securities		184,012		150,898
Marketable investment securities		1,988,001		1,242,036
Trade accounts receivable, net of allowance for credit losses of $98,231 and $82,628, respectively		1,158,592		1,198,731
Inventory		375,118		455,197
Prepaids and other assets		771,171		655,233
Other current assets		94,247		88,255
Total current assets		6,916,226		8,095,743

Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		176,004		169,627
Property and equipment, net		8,773,656		9,187,132
Regulatory authorizations, net		40,029,923		39,442,166
Other investments, net		191,792		202,327
Operating lease assets		3,218,062		3,260,768
Intangible assets, net		66,903		74,939
Other noncurrent assets, net		509,831		505,985
Total noncurrent assets		52,966,171		52,842,944
Total assets	$	59,882,397	$	60,938,687

Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	745,587	$	740,984
Deferred revenue and other		638,989		650,940
Accrued programming		1,251,114		1,339,072
Accrued interest		308,917		352,499
Other accrued expenses and liabilities		1,675,958		1,804,516
Current portion of debt, finance lease and other obligations		1,053,230		943,029
Total current liabilities		5,673,795		5,831,040

Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion		25,401,688		25,660,288
Deferred tax liabilities, net		4,809,572		4,988,653
Operating lease liabilities		3,178,737		3,211,407
Long-term deferred revenue and other long-term liabilities		1,027,111		1,002,074
Total long-term obligations, net of current portion		34,417,108		34,862,422
Total liabilities		40,090,903		40,693,462

Commitments and Contingencies

Stockholders' Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 156,299,276 and 155,048,676 shares issued and outstanding, respectively		156		155
Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 shares issued and outstanding		131		131
Additional paid-in capital		8,809,264		8,768,360
Accumulated other comprehensive income (loss)		(183,181)		(195,711)
Accumulated earnings (deficit)		11,109,636		11,618,437
Total EchoStar stockholders' equity (deficit)		19,736,006		20,191,372
Noncontrolling interests		55,488		53,853
Total stockholders' equity (deficit)		19,791,494		20,245,225
Total liabilities and stockholders' equity (deficit)	$	59,882,397	$	60,938,687

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	(Dollars in thousands, except per share amounts)
	(Unaudited)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Revenue:
Service revenue	$	3,540,107	$	3,742,086	$	7,146,263	$	7,561,755
Equipment sales and other revenue		184,852		210,665		448,454		405,839
Total revenue		3,724,959		3,952,751		7,594,717		7,967,594

Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		2,461,631		2,507,478		4,893,829		5,064,660
Cost of sales - equipment and other		354,187		408,093		793,695		771,176
Selling, general and administrative expenses		629,494		595,024		1,227,345		1,219,446
Depreciation and amortization		493,055		507,525		981,388		992,925
Total costs and expenses		3,938,367		4,018,120		7,896,257		8,048,207

Operating income (loss)		(213,408)		(65,369)		(301,540)		(80,613)

Other Income (Expense):
Interest income		65,369		13,929		130,898		44,391
Interest expense, net of amounts capitalized		(279,232)		(81,166)		(565,287)		(180,574)
Other, net		35,137		(91,498)		76,527		(117,608)
Total other income (expense)		(178,726)		(158,735)		(357,862)		(253,791)

Income (loss) before income taxes		(392,134)		(224,104)		(659,402)		(334,404)
Income tax (provision) benefit, net		85,290		16,646		149,277		18,571
Net income (loss)		(306,844)		(207,458)		(510,125)		(315,833)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		(712)		(1,867)		(1,324)		(2,866)
Net income (loss) attributable to EchoStar	$	(306,132)	$	(205,591)	$	(508,801)	$	(312,967)

Weighted-average common shares outstanding - Class A and B common stock:
Basic		287,505		271,592		287,012		271,555
Diluted		287,505		271,592		287,012		271,555

Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(1.06)	$	(0.76)	$	(1.77)	$	(1.15)
Diluted net income (loss) per share attributable to EchoStar	$	(1.06)	$	(0.76)	$	(1.77)	$	(1.15)

		ECHOSTAR CORPORATION
		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	(In thousands)
		(Unaudited)

		For the Six Months Ended
		June 30,
		2025		2024
Cash Flows From Operating Activities:
Net income (loss)		$	(510,125)	$	(315,833)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization			981,388		992,925
Realized and unrealized losses (gains) on investments, impairments and other			(64,831)		49,312
Non-cash, stock-based compensation			16,123		19,693
Deferred tax expense (benefit)			(174,719)		(35,300)
Changes in allowance for credit losses			15,603		33,108
Change in long-term deferred revenue and other long-term liabilities			420		8,139
Other, net			115,365		125,969
Changes in operating assets and operating liabilities, net			(164,957)		52,971
Net cash flows from operating activities			214,267		930,984

Cash Flows From Investing Activities:
Purchases of marketable investment securities			(2,247,724)		(21,847)
Sales and maturities of marketable investment securities			1,526,245		501,512
Purchases of property and equipment			(551,600)		(866,922)
Capitalized interest related to regulatory authorizations			(573,785)		(481,807)
Purchases of regulatory authorizations, including deposits			—		(1,104)
Sale of assets to CONX			—		26,719
Sale of Fiber business			47,207		—
Other, net			(64)		(4,716)
Net cash flows from investing activities			(1,799,721)		(848,165)

Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations			(46,272)		(52,758)
Redemption and repurchases of term loans, convertible and senior notes			(456,049)		(951,170)
Proceeds from issuance of convertible and senior notes			150,000		—
Debt issuance costs and debt (discount) premium			(946)		—
Early debt extinguishment gains (losses) of convertible and senior notes			11,465		—
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan			6,994		1,832
Purchase of SNR Management's ownership interest in SNR HoldCo			—		(441,998)
Other, net			(31,189)		2
Net cash flows from financing activities			(365,997)		(1,444,092)

Effect of exchange rates on cash and cash equivalents			2,965		(3,701)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents			(1,948,486)		(1,364,974)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period			4,593,804		1,911,601
Cash, cash equivalents, restricted cash and cash equivalents, end of period		$	2,645,318	$	546,627

View original content to download multimedia:https://www.prnewswire.com/news-releases/echostar-announces-financial-results-for-the-three-and-six-months-ended-june-30-2025-302519349.html

SOURCE EchoStar Corporation

Get the next $SATS alert in real time by email

Recent Analyst Ratings for

$SATS

Date	Price Target	Rating	Analyst
12/16/2024	$25.00	Equal-Weight	Morgan Stanley
10/1/2024		Strong Buy → Mkt Perform	Raymond James
8/12/2024	$12.00	Neutral → Underweight	JP Morgan
1/17/2024	$18.00	Neutral	JP Morgan
8/7/2023	$28.00	Outperform → Strong Buy	Raymond James
11/4/2022	$57.00 → $27.00	Strong Buy → Outperform	Raymond James
2/25/2022	$64.00 → $60.00	Strong Buy	Raymond James
11/10/2021	$63.00 → $64.00	Strong Buy	Raymond James

More analyst ratings

EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2025

8/1/25 6:30:00 AM ET

$SATS

Telecommunications Equipment

Consumer Discretionary

Get the next $SATS alert in real time by email

Wireless: Net subscriber growth (+212K), improved churn (2.69%, an improvement of 24 basis points year-over-year), improved average revenue per user (ARPU) (4.1% year-over-year) and the highest prepaid ARPU in the industry.
Pay TV: Lowest DISH TV churn (1.29%) in over a decade (excluding the pandemic), growth in ARPU (+3% year-over-year) and increased viewership engagement (hours/viewer).
Broadband & Satellite Services: Increased enterprise order backlog (future revenues) by 8% to $1.6B primarily through gaining share in the attractive Aero sector.

ENGLEWOOD, Colo., Aug. 1, 2025 /PRNewswire/ -- EchoStar Corporation (NASDAQ:SATS) announced its financial results for the three and six months ended June 30, 2025.

Wireless

Wireless consists predominantly of Boost Mobile and network wireless services, and delivered approximately $935 million in revenue for the second quarter.

Continued strong performance fueled by +212K subscriber net adds in Q2, closing the quarter with approximately 7.36 million total subscribers
Attracted and retained high-quality customers, contributing to a 24 basis point improvement in churn year-over-year
Mix in subscribers with higher priced plans and higher sales of value-added services drove 4.1% improvement in ARPU year-over-year – the highest pre-paid ARPU in the industry
Boost Mobile Network rated best in 5G Reliability and 5G Coverage in Atlanta; Charlotte, N.C.; Cincinnati; Cleveland; Columbus, Ohio; Dallas-Fort Worth; Detroit; Houston; Miami; New York City; Orlando, Fla.; Philadelphia; Raleigh, N.C; St. Louis; and its hometown market of Denver by OpenSignal

Pay-TV

Pay TV consists of DISH TV and Sling TV. Performance for Pay-TV delivered approximately $2.46 billion in revenue for the second quarter.

Continued focus on operational efficiency, higher priced programming packages per subscriber and improved user experiences helped increase ARPU (+3%)
Customer loyalty and high-quality subscribers further reduced DISH TV churn (1.29%) and drove a 10 basis point reduction in churn year-over-year
Pay-TV closed the quarter with approximately 7.11 million subscribers

Broadband & Satellite Services

Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $340 million in revenue for the second quarter.

Announced membership in Airbus HBCplus program enhancing ability to serve airlines as a factory line fit option at Airbus
Approximately $1.6 billion contracted backlog revenue at the end of Q2 (+5% year-over-year)
Broadband & Satellite Services closed the quarter with approximately 819,000 subscribers

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Revenue
Pay-TV	$	2,462,249	$	2,676,284	$	5,000,976	$	5,402,862
Wireless		934,631		892,728		1,907,406		1,806,734
Broadband and Satellite Services		339,780		394,011		710,438		776,597
All Other & Eliminations		(11,701)		(10,272)		(24,103)		(18,599)
Total	$	3,724,959	$	3,952,751	$	7,594,717	$	7,967,594

Net Income (loss) attributable to EchoStar	$	(306,132)	$	(205,591)	$	(508,801)	$	(312,967)

OIBDA
Pay-TV	$	663,377	$	753,001	$	1,393,250	$	1,508,511
Wireless		(451,980)		(394,439)		(867,044)		(757,935)
Broadband and Satellite Services		67,699		82,392		153,402		161,679
All Other & Eliminations		551		1,202		240		57
Total	$	279,647	$	442,156	$	679,848	$	912,312

Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations)
Pay-TV	$	78,580	$	54,006	$	140,968	$	111,918
Wireless		625,203		560,468		909,196		1,109,641
Broadband and Satellite Services		43,118		56,559		75,221		127,170
	$	746,901	$	671,033	$	1,125,385	$	1,348,729

Reconciliation of GAAP to Non-GAAP Measurement:

For the Three Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services				Consolidated
For the Three Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated
	(In thousands)
Segment operating income (loss)	$	595,552	$	(772,948)	$	(36,738)	$	726	$	(213,408)
Depreciation and amortization		67,825		320,968		104,437		(175)		493,055
OIBDA	$	663,377	$	(451,980)	$	67,699	$	551	$	279,647

For the Three Months Ended June 30, 2024
For the Three Months Ended June 30, 2024

Segment operating income (loss)	$	667,752	$	(700,302)	$	(34,586)	$	1,767	$	(65,369)
Depreciation and amortization		85,249		305,863		116,978		(565)		507,525
OIBDA	$	753,001	$	(394,439)	$	82,392	$	1,202	$	442,156


For the Six Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services				Consolidated
For the Six Months Ended June 30, 2025	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated
	(In thousands)
Segment operating income (loss)	$	1,248,982	$	(1,495,250)	$	(55,933)	$	661	$	(301,540)
Depreciation and amortization		144,268		628,206		209,335		(421)		981,388
OIBDA	$	1,393,250	$	(867,044)	$	153,402	$	240	$	679,848

For the Six Months Ended June 30, 2024
For the Six Months Ended June 30, 2024

Segment operating income (loss)	$	1,337,860	$	(1,345,470)	$	(74,140)	$	1,137	$	(80,613)
Depreciation and amortization		170,651		587,535		235,819		(1,080)		992,925
OIBDA	$	1,508,511	$	(757,935)	$	161,679	$	57	$	912,312

Note on Use of Non-GAAP Financial Measures

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

About EchoStar Corporation

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

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED BALANCE SHEETS
	(Dollars in thousands, except share amounts)
	(Unaudited)

	As of
	June 30,		December 31,
	2025		2024
Assets
Current Assets:
Cash and cash equivalents	$	2,345,085	$	4,305,393
Current restricted cash, cash equivalents and marketable investment securities		184,012		150,898
Marketable investment securities		1,988,001		1,242,036
Trade accounts receivable, net of allowance for credit losses of $98,231 and $82,628, respectively		1,158,592		1,198,731
Inventory		375,118		455,197
Prepaids and other assets		771,171		655,233
Other current assets		94,247		88,255
Total current assets		6,916,226		8,095,743

Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		176,004		169,627
Property and equipment, net		8,773,656		9,187,132
Regulatory authorizations, net		40,029,923		39,442,166
Other investments, net		191,792		202,327
Operating lease assets		3,218,062		3,260,768
Intangible assets, net		66,903		74,939
Other noncurrent assets, net		509,831		505,985
Total noncurrent assets		52,966,171		52,842,944
Total assets	$	59,882,397	$	60,938,687

Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	745,587	$	740,984
Deferred revenue and other		638,989		650,940
Accrued programming		1,251,114		1,339,072
Accrued interest		308,917		352,499
Other accrued expenses and liabilities		1,675,958		1,804,516
Current portion of debt, finance lease and other obligations		1,053,230		943,029
Total current liabilities		5,673,795		5,831,040

Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion		25,401,688		25,660,288
Deferred tax liabilities, net		4,809,572		4,988,653
Operating lease liabilities		3,178,737		3,211,407
Long-term deferred revenue and other long-term liabilities		1,027,111		1,002,074
Total long-term obligations, net of current portion		34,417,108		34,862,422
Total liabilities		40,090,903		40,693,462

Commitments and Contingencies

Stockholders' Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 156,299,276 and 155,048,676 shares issued and outstanding, respectively		156		155
Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 shares issued and outstanding		131		131
Additional paid-in capital		8,809,264		8,768,360
Accumulated other comprehensive income (loss)		(183,181)		(195,711)
Accumulated earnings (deficit)		11,109,636		11,618,437
Total EchoStar stockholders' equity (deficit)		19,736,006		20,191,372
Noncontrolling interests		55,488		53,853
Total stockholders' equity (deficit)		19,791,494		20,245,225
Total liabilities and stockholders' equity (deficit)	$	59,882,397	$	60,938,687

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	(Dollars in thousands, except per share amounts)
	(Unaudited)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Revenue:
Service revenue	$	3,540,107	$	3,742,086	$	7,146,263	$	7,561,755
Equipment sales and other revenue		184,852		210,665		448,454		405,839
Total revenue		3,724,959		3,952,751		7,594,717		7,967,594

Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		2,461,631		2,507,478		4,893,829		5,064,660
Cost of sales - equipment and other		354,187		408,093		793,695		771,176
Selling, general and administrative expenses		629,494		595,024		1,227,345		1,219,446
Depreciation and amortization		493,055		507,525		981,388		992,925
Total costs and expenses		3,938,367		4,018,120		7,896,257		8,048,207

Operating income (loss)		(213,408)		(65,369)		(301,540)		(80,613)

Other Income (Expense):
Interest income		65,369		13,929		130,898		44,391
Interest expense, net of amounts capitalized		(279,232)		(81,166)		(565,287)		(180,574)
Other, net		35,137		(91,498)		76,527		(117,608)
Total other income (expense)		(178,726)		(158,735)		(357,862)		(253,791)

Income (loss) before income taxes		(392,134)		(224,104)		(659,402)		(334,404)
Income tax (provision) benefit, net		85,290		16,646		149,277		18,571
Net income (loss)		(306,844)		(207,458)		(510,125)		(315,833)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		(712)		(1,867)		(1,324)		(2,866)
Net income (loss) attributable to EchoStar	$	(306,132)	$	(205,591)	$	(508,801)	$	(312,967)

Weighted-average common shares outstanding - Class A and B common stock:
Basic		287,505		271,592		287,012		271,555
Diluted		287,505		271,592		287,012		271,555

Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(1.06)	$	(0.76)	$	(1.77)	$	(1.15)
Diluted net income (loss) per share attributable to EchoStar	$	(1.06)	$	(0.76)	$	(1.77)	$	(1.15)

		ECHOSTAR CORPORATION
		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	(In thousands)
		(Unaudited)

		For the Six Months Ended
		June 30,
		2025		2024
Cash Flows From Operating Activities:
Net income (loss)		$	(510,125)	$	(315,833)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization			981,388		992,925
Realized and unrealized losses (gains) on investments, impairments and other			(64,831)		49,312
Non-cash, stock-based compensation			16,123		19,693
Deferred tax expense (benefit)			(174,719)		(35,300)
Changes in allowance for credit losses			15,603		33,108
Change in long-term deferred revenue and other long-term liabilities			420		8,139
Other, net			115,365		125,969
Changes in operating assets and operating liabilities, net			(164,957)		52,971
Net cash flows from operating activities			214,267		930,984

Cash Flows From Investing Activities:
Purchases of marketable investment securities			(2,247,724)		(21,847)
Sales and maturities of marketable investment securities			1,526,245		501,512
Purchases of property and equipment			(551,600)		(866,922)
Capitalized interest related to regulatory authorizations			(573,785)		(481,807)
Purchases of regulatory authorizations, including deposits			—		(1,104)
Sale of assets to CONX			—		26,719
Sale of Fiber business			47,207		—
Other, net			(64)		(4,716)
Net cash flows from investing activities			(1,799,721)		(848,165)

Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations			(46,272)		(52,758)
Redemption and repurchases of term loans, convertible and senior notes			(456,049)		(951,170)
Proceeds from issuance of convertible and senior notes			150,000		—
Debt issuance costs and debt (discount) premium			(946)		—
Early debt extinguishment gains (losses) of convertible and senior notes			11,465		—
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan			6,994		1,832
Purchase of SNR Management's ownership interest in SNR HoldCo			—		(441,998)
Other, net			(31,189)		2
Net cash flows from financing activities			(365,997)		(1,444,092)

Effect of exchange rates on cash and cash equivalents			2,965		(3,701)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents			(1,948,486)		(1,364,974)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period			4,593,804		1,911,601
Cash, cash equivalents, restricted cash and cash equivalents, end of period		$	2,645,318	$	546,627

View original content to download multimedia:https://www.prnewswire.com/news-releases/echostar-announces-financial-results-for-the-three-and-six-months-ended-june-30-2025-302519349.html

SOURCE EchoStar Corporation

Get the next $SATS alert in real time by email

Recent Analyst Ratings for

$SATS

Date	Price Target	Rating	Analyst
12/16/2024	$25.00	Equal-Weight	Morgan Stanley
10/1/2024		Strong Buy → Mkt Perform	Raymond James
8/12/2024	$12.00	Neutral → Underweight	JP Morgan
1/17/2024	$18.00	Neutral	JP Morgan
8/7/2023	$28.00	Outperform → Strong Buy	Raymond James
11/4/2022	$57.00 → $27.00	Strong Buy → Outperform	Raymond James
2/25/2022	$64.00 → $60.00	Strong Buy	Raymond James
11/10/2021	$63.00 → $64.00	Strong Buy	Raymond James

More analyst ratings

EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2025

Crush Q3 2025 with the Best AI Superconnector

Recent Analyst Ratings for
$SATS

EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2025

Crush Q3 2025 with the Best AI Superconnector

Recent Analyst Ratings for
$SATS

$SATS
SEC Filings

Amendment: SEC Form SCHEDULE 13G/A filed by EchoStar Corporation

SEC Form 10-Q filed by EchoStar Corporation

Amendment: SEC Form SCHEDULE 13D/A filed by EchoStar Corporation

$SATS
Analyst Ratings

Morgan Stanley resumed coverage on EchoStar with a new price target

EchoStar downgraded by Raymond James

EchoStar downgraded by JP Morgan with a new price target

$SATS
Insider Purchases

CHAIRMAN Ergen Charles W bought $43,499,994 worth of shares (1,551,355 units at $28.04) (SEC Form 4)

Defranco James bought $1,482,800 worth of shares (110,000 units at $13.48), increasing direct ownership by 56% to 306,951 units (SEC Form 4)

Defranco James bought $1,188,600 worth of shares (90,000 units at $13.21), increasing direct ownership by 84% to 196,951 units (SEC Form 4)

$SATS
Press Releases

Boost Mobile Adds Google Pixel 10, Pixel 10 Pro and Pixel 10 Pro XL to Its Device Lineup

Sling TV Launches New Select Service -- Big Entertainment, Slim Price

Sling TV Launches Industry-First $4.99 Day Pass Redefining How Viewers Watch Live TV

$SATS
Insider Trading

SEC Form 4 filed by CHAIRMAN Ergen Charles W

SEC Form 4 filed by Large owner Ergen Two-Year July 2024 Sats Grat

SEC Form 4 filed by CHAIRMAN Ergen Charles W

$SATS
Large Ownership Changes

Amendment: SEC Form SC 13D/A filed by EchoStar Corporation

SEC Form SC 13G filed by EchoStar Corporation

Amendment: SEC Form SC 13G/A filed by EchoStar Corporation

$SATS
Financials

$SATS
Leadership Updates