EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2025

Rhea-AI Summary

EchoStar (NASDAQ: SATS) reported Q3 2025 revenue of $3.61B and nine-month revenue of $11.21B; announced formation of EchoStar Capital and leadership changes (Hamid Akhavan CEO of EchoStar Capital; Charlie Ergen CEO of EchoStar Corporation).

Q3 included two spectrum transactions: $22.65B sale to AT&T and $19B sale to SpaceX, plus an amended sale of AWS-3 spectrum for $2.6B in SpaceX stock. FCC confirmed buildout requirements satisfied. Company recognized a $16.48B one-time, non-cash impairment tied to network decommissioning. Operational data: Wireless net adds +223K, Wireless ARPU +2.6% YoY, DISH TV churn 1.33% (historic low), Sling +159K subs, Broadband backlog ~$1.5B.

Positive

• Spectrum transactions totaling $44.65B in cash proceeds
• EchoStar Capital established to invest transaction proceeds
• Wireless net adds of +223K in Q3 2025
• Broadband backlog of $1.5B at quarter-end

Negative

• One-time non-cash impairment of $16.48B
• Net loss attributable to EchoStar of $12.78B for Q3 2025
• Wireless OIBDA impacted by $16.2B impairments in Q3

Insights

Corporate Strategy Analyst

EchoStar closed large spectrum deals, resolved FCC review, and created EchoStar Capital to deploy proceeds; balance sheet impact is material.

Two transformative spectrum transactions totaling $41.65 billion plus an amended sale of unpaired AWS-3 for $2.6 billion in SpaceX stock eliminate regulatory uncertainty by meeting FCC 5G buildout and related obligations, positioning the company with substantial available capital and a new investment vehicle, EchoStar Capital.

Risks remain from the operational change: the company recorded a one-time, non-cash impairment of $16.48 billion tied to network decommissioning, which drove a large reported net loss of $(12,781,196) for the quarter; this materially alters reported profitability despite the cash proceeds. Watch near-term capital allocation decisions by EchoStar Capital and management actions under the new CEO roles over the next 12–24 months for how cash is deployed and whether the impairment materially changes operating cash generation.

Financial Results Analyst

Operating results show mixed trends: solid subscriber and ARPU gains but GAAP earnings overwhelmed by a massive non-cash impairment.

Core operating lines reported positive operational metrics: Wireless added +223K net subscribers, ARPU rose 2.6% year-over-year, Pay-TV churn hit a historic low at 1.33%, Sling TV added ~159K subscribers, and consolidated revenue was $3.61 billion for the quarter and $11.21 billion year-to-date.

However, GAAP profitability is dominated by a one-time impairment of $16.48 billion, producing a quarterly net loss of $(12,781,196) and negative OIBDA in Wireless; monitor the Form 10-Q details and management commentary on the conference call on November 6, 2025 for impairment drivers, cash versus non-cash effects, and reconciliation to Adjusted OIBDA over the next few quarters.

EchoStar Capital Division Announced to Spearhead Future Growth Opportunities

• Wireless: Net subscriber growth (+223K), improved churn (2.86%, an improvement of 13 basis points year-over-year), improved average revenue per user (ARPU) (2.6% year-over-year) and continued to have the highest prepaid ARPU in the industry.
• Pay-TV: DISH TV churn (1.33%) is at a historic low for the third quarter, growth in ARPU (+1% year-over-year) and continued increase in viewership engagement (hours/viewer). Sling TV added approximately 159K subscribers in the third quarter.
• Broadband & Satellite Services: Enterprise order backlog (future revenues) of $1.5B, primarily through gaining share in the aviation sector.
• EchoStar Corporation: Company reported total revenue of $3.61 billion for the third quarter 2025 and $11.21 billion for the nine months ended September 30, 2025.
• EchoStar Capital: New investment division established to develop future growth opportunities.

ENGLEWOOD, Colo., Nov. 6, 2025 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and nine months ended September 30, 2025, and the formation of EchoStar Capital, which will serve as a future growth engine through new business investment.

The third quarter was marked by the signing of two transformative spectrum transactions – one with AT&T for $22.65 billion and the other with SpaceX for $19 billion. The transactions were instrumental in resolving the FCC's review of the company's spectrum utilization. Following the announcements of the transactions, the FCC confirmed EchoStar had met all 5G network buildout requirements and other related obligations had been fully satisfied. In addition, EchoStar today announced an amended agreement with SpaceX to sell its unpaired AWS-3 wireless spectrum for $2.6 billion in SpaceX stock.

EchoStar Capital will be responsible for investing new capital from the recent spectrum transactions in order to fuel future growth opportunities for EchoStar Corporation. Hamid Akhavan has been appointed to serve as the Chief Executive Officer of EchoStar Capital, while Charlie Ergen, Chairman and Co-founder of EchoStar Corporation, has been appointed to serve as President and Chief Executive Officer of EchoStar Corporation and assume the operating responsibility for the Pay-TV and Wireless business units. 

"EchoStar will soon be in the unique position of having substantial available capital, vastly changing its scope of opportunities. Through EchoStar Capital we will fuel EchoStar's growth into new and complementary arenas, beyond its successful pay-TV, wireless and enterprise business units," said Hamid Akhavan, CEO, EchoStar Capital. "This is an opportune moment in time for our business to go on the offense as we build upon our 45-year institutional heritage and forge a new path forward for creating and developing opportunities in our strategic expertise domains that will provide attractive value creation for EchoStar and its shareholders."

As a result of the previously mentioned third-quarter transactions, EchoStar began the abandonment and decommission process for certain portions of its 5G network that will not be utilized in EchoStar's hybrid MNO business model resulting in a significant adverse change in the intended use of such assets. These developments resulted in a one-time, non-cash impairment charge of $16.48 billion.

Wireless

Wireless consists predominantly of Boost Mobile and delivered approximately $939 million in revenue for the third quarter.

• Continued strong performance fueled by +223K subscriber net adds in Q3, closing the quarter with approximately 7.52 million total subscribers
• Attracted and retained high-quality customers, contributing to a 13 basis-point improvement in churn year-over-year
• Mix in subscribers with higher-priced plans and higher sales of value-added services drove 2.6% improvement in ARPU year-over-year; Wireless continues to have the highest prepaid ARPU in the industry

Pay-TV

Pay-TV consists of DISH TV and Sling TV and delivered approximately $2.34 billion in revenue for the third quarter.

• Customer loyalty and high-quality subscribers further reduced DISH TV churn by 14 basis points year-over-year to (1.33%), a historic low for the third quarter
• Introduced the popular Sling Day, Weekend and Week Pass subscriptions
• Pay-TV ended the quarter with approximately 7.17 million subscribers

Broadband & Satellite Services

Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $346 million in revenue for the third quarter.

• Approximately $1.5 billion contracted backlog revenue at the end of Q3
• Broadband & Satellite Services ended the quarter with approximately 783,000 subscribers

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands)
Revenue
Pay-TV	$	2,341,183		$	2,618,031		$	7,342,159		$	8,020,893
Wireless		938,946			898,396			2,846,352			2,705,130
Broadband and Satellite Services		345,820			386,709			1,056,258			1,163,306
All Other & Eliminations		(11,691)			(12,152)			(35,794)			(30,751)
Total	$	3,614,258		$	3,890,984		$	11,208,975		$	11,858,578
Net Income (loss) attributable to EchoStar	$	(12,781,196)		$	(141,812)		$	(13,289,997)		$	(454,779)
OIBDA
Pay-TV	$	610,437		$	676,003		$	2,003,687		$	2,184,514
Wireless		(16,653,884)			(437,360)			(17,520,928)			(1,195,295)
Broadband and Satellite Services		(207,597)			77,526			(54,195)			239,205
All Other & Eliminations		460			498			700			555
Total	$	(16,250,584)		$	316,667		$	(15,570,736)		$	1,228,979
Adjusted OIBDA
Pay-TV	$	610,437		$	676,003		$	2,003,687		$	2,184,514
Wireless		(454,540)			(437,360)			(1,321,584)			(1,195,295)
Broadband and Satellite Services		74,527			77,526			227,929			239,205
All Other & Eliminations		460			498			700			555
Total	$	230,884		$	316,667		$	910,732		$	1,228,979
Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations)
Pay-TV	$	98,553		$	53,357		$	239,521		$	165,275
Wireless		214,671			396,596			1,123,867			1,506,237
Broadband and Satellite Services		45,334			44,913			120,555			172,083
	$	358,558		$	494,866		$	1,483,943		$	1,843,595

Reconciliation of GAAP to Non-GAAP Measurement:

For the Three Months Ended  September 30, 2025		Pay-TV			Wireless			Broadband and Satellite Services						Consolidated
											Eliminations
		(In thousands)
Segment operating income (loss)		$	549,388		$	(16,883,499)		$	(308,327)		$	563		$	(16,641,875)
Depreciation and amortization			61,049			229,615			100,730			(103)			391,291
OIBDA			610,437			(16,653,884)			(207,597)			460			(16,250,584)
Impairments and other			—			16,199,344			282,124			—			16,481,468
Adjusted OIBDA		$	610,437		$	(454,540)		$	74,527		$	460		$	230,884
For the Three Months Ended  September 30, 2024
Segment operating income (loss)		$	588,501		$	(714,062)		$	(36,116)		$	910		$	(160,767)
Depreciation and amortization			87,502			276,702			113,642			(412)			477,434
OIBDA			676,003			(437,360)			77,526			498			316,667
Impairments and other			—			—			—			—			—
Adjusted OIBDA		$	676,003		$	(437,360)		$	77,526		$	498		$	316,667
For the Nine Months Ended  September 30, 2025		Pay-TV			Wireless			Broadband and Satellite Services						Consolidated
											Eliminations
		(In thousands)
Segment operating income (loss)		$	1,798,370		$	(18,378,749)		$	(364,260)		$	1,224		$	(16,943,415)
Depreciation and amortization			205,317			857,821			310,065			(524)			1,372,679
OIBDA			2,003,687			(17,520,928)			(54,195)			700			(15,570,736)
Impairments and other			—			16,199,344			282,124			—			16,481,468
Adjusted OIBDA		$	2,003,687		$	(1,321,584)		$	227,929		$	700		$	910,732
For the Nine Months Ended  September 30, 2024
Segment operating income (loss)		$	1,926,361		$	(2,059,532)		$	(110,256)		$	2,047		$	(241,380)
Depreciation and amortization			258,153			864,237			349,461			(1,492)			1,470,359
OIBDA			2,184,514			(1,195,295)			239,205			555			1,228,979
Impairments and other			—			—			—			—			—
Adjusted OIBDA		$	2,184,514		$	(1,195,295)		$	239,205		$	555		$	1,228,979

Note on Use of Non-GAAP Financial Measures

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

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

OIBDA and Adjusted OIBDA, which are presented by segment above, are non-GAAP measures reconciled to "Operating income (loss)" and do not purport to be alternatives to operating income (loss) as a measure of operating performance. We believe OIBDA 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.

We believe Adjusted OIBDA is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments as it excludes one-time, non-cash items that we do not consider to be reflective of our ongoing operating performance.

The condensed consolidated financial statements of EchoStar for the period ended September 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 September 30, 2025, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Thursday, November 6, 2025, at 11 a.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: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13756616) or ask for the "EchoStar Corporation Q3 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
	September 30,			December 31,
	2025			2024
Assets
Current Assets:
Cash and cash equivalents	$	2,431,742		$	4,305,393
Current restricted cash, cash equivalents and marketable investment securities		169,575			150,898
Marketable investment securities		1,482,828			1,242,036
Trade accounts receivable, net of allowance for credit losses of $91,384 and $82,628, respectively		1,127,101			1,198,731
Inventory		416,068			455,197
Prepaids and other assets		384,301			655,233
Other current assets		20,675			88,255
Total current assets		6,032,290			8,095,743
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		174,352			169,627
Property and equipment, net		3,084,793			9,187,132
Regulatory authorizations, net		34,924,214			39,442,166
Other investments, net		193,272			202,327
Operating lease assets		291,846			3,260,768
Intangible assets, net		62,949			74,939
Other noncurrent assets, net		507,650			505,985
Total noncurrent assets		39,239,076			52,842,944
Total assets	$	45,271,366		$	60,938,687
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	668,186		$	740,984
Deferred revenue and other		652,398			650,940
Accrued programming		1,222,607			1,339,072
Accrued interest		631,933			352,499
Other accrued expenses and liabilities		2,267,668			1,804,516
Current portion of debt, finance lease and other obligations		4,519,619			943,029
Total current liabilities		9,962,411			5,831,040
Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion		21,791,251			25,660,288
Deferred tax liabilities, net		680,784			4,988,653
Operating lease liabilities		4,266,240			3,211,407
Long-term deferred revenue and other long-term liabilities		1,563,809			1,002,074
Total long-term obligations, net of current portion		28,302,084			34,862,422
Total liabilities		38,264,495			40,693,462
Commitments and Contingencies
Stockholders' Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 158,248,208 and 155,048,676 shares issued, 156,459,188 and 155,048,676 shares outstanding, respectively		159			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		8,849,985			8,768,360
Accumulated other comprehensive income (loss)		(178,779)			(195,711)
Accumulated earnings (deficit)		(1,671,560)			11,618,437
Treasury stock, at cost, 1,789,020 shares		(48,512)			—
Total EchoStar stockholders' equity (deficit)		6,951,424			20,191,372
Noncontrolling interests		55,447			53,853
Total stockholders' equity (deficit)		7,006,871			20,245,225
Total liabilities and stockholders' equity (deficit)	$	45,271,366		$	60,938,687

 

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	(Dollars in thousands, except per share amounts)
	(Unaudited)
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue:
Service revenue	$	3,427,947		$	3,671,674		$	10,574,210		$	11,233,429
Equipment sales and other revenue		186,311			219,310			634,765			625,149
Total revenue		3,614,258			3,890,984			11,208,975			11,858,578
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		2,370,363			2,538,149			7,264,192			7,602,809
Cost of sales - equipment and other		391,524			393,024			1,185,219			1,164,200
Selling, general and administrative expenses		621,487			643,144			1,848,832			1,862,590
Depreciation and amortization		391,291			477,434			1,372,679			1,470,359
Impairments and other		16,481,468			—			16,481,468			—
Total costs and expenses		20,256,133			4,051,751			28,152,390			12,099,958
Operating income (loss)		(16,641,875)			(160,767)			(16,943,415)			(241,380)
Other Income (Expense):
Interest income		53,187			11,200			184,085			55,591
Interest expense, net of amounts capitalized		(377,072)			(81,503)			(942,359)			(262,077)
Other, net		28,953			52,107			105,480			(65,501)
Total other income (expense)		(294,932)			(18,196)			(652,794)			(271,987)
Income (loss) before income taxes		(16,936,807)			(178,963)			(17,596,209)			(513,367)
Income tax (provision) benefit, net		4,155,459			35,162			4,304,736			53,733
Net income (loss)		(12,781,348)			(143,801)			(13,291,473)			(459,634)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		(152)			(1,989)			(1,476)			(4,855)
Net income (loss) attributable to EchoStar	$	(12,781,196)		$	(141,812)		$	(13,289,997)		$	(454,779)
Weighted-average common shares outstanding - Class A and B common stock:
Basic		288,051			271,736			287,362			271,616
Diluted		288,051			271,736			287,362			271,616
Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(44.37)		$	(0.52)		$	(46.25)		$	(1.67)
Diluted net income (loss) per share attributable to EchoStar	$	(44.37)		$	(0.52)		$	(46.25)		$	(1.67)

 

		ECHOSTAR CORPORATION
		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	(In thousands)
		(Unaudited)
		For the Nine Months Ended
		September 30,
		2025			2024
Cash Flows From Operating Activities:
Net income (loss)		$	(13,291,473)		$	(459,634)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization			1,372,679			1,470,359
Impairments and other			16,481,468			—
Realized and unrealized losses (gains) and impairments on investments and other			(28,884)			41,929
Asset sales and other (gains) losses			(59,474)			(50,418)
Non-cash, stock-based compensation			27,994			28,298
Interest expense paid in kind on long-term debt			95,120			—
Deferred tax expense (benefit)			(4,328,557)			(85,300)
Changes in allowance for credit losses			8,756			8,037
Change in long-term deferred revenue and other long-term liabilities			36,677			15,996
Other, net			32,073			131,029
Changes in operating assets and operating liabilities, net			(20,431)			106,848
Net cash flows from operating activities			325,948			1,207,144
Cash Flows From Investing Activities:
Purchases of marketable investment securities			(2,767,979)			(29,166)
Sales and maturities of marketable investment securities			2,549,229			563,421
Purchases of property and equipment			(807,632)			(1,200,606)
Capitalized interest related to regulatory authorizations			(676,311)			(642,989)
Purchases of regulatory authorizations, including deposits			—			(1,104)
Sale of assets to CONX			—			26,719
Liberty Puerto Rico asset sale			—			95,435
Sale of Fiber business			47,207			—
Other, net			5,444			10,892
Net cash flows from investing activities			(1,650,042)			(1,177,398)
Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations			(60,032)			(101,197)
Redemption and repurchases of term loans, convertible and senior notes			(622,716)			(951,170)
Proceeds from issuance of convertible and senior notes			150,000			—
Debt issuance costs and debt (discount) premium			(946)			—
Proceeds from New DISH DBS Financing			—			2,500,000
Debt issuance costs and debt (discount) premium from New DISH DBS Financing			—			(136,208)
Early debt extinguishment gains (losses) of convertible and senior notes			11,465			—
Class A common stock repurchases			(48,512)			—
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan			35,846			4,347
Purchase of SNR Management's ownership interest in SNR HoldCo			—			(441,998)
Other, net			(27,977)			(4,185)
Net cash flows from financing activities			(562,872)			869,589
Effect of exchange rates on cash and cash equivalents			2,991			(3,458)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents			(1,883,975)			895,877
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		$	2,709,829		$	2,807,478

 

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SOURCE EchoStar Corporation

FAQ

What did EchoStar (SATS) report for Q3 2025 revenue on Nov 6, 2025?

EchoStar reported Q3 2025 revenue of $3.61 billion.

How large were EchoStar's spectrum transactions announced in Q3 2025 (SATS)?

EchoStar signed spectrum deals of $22.65B with AT&T and $19B with SpaceX, plus an amended AWS-3 sale of $2.6B in SpaceX stock.

Why did EchoStar (SATS) record a $16.48B impairment in Q3 2025?

The $16.48B charge reflects one-time, non-cash impairment from decommissioning network assets no longer used after the spectrum transactions.

What were key operational metrics for EchoStar Wireless (SATS) in Q3 2025?

Wireless reported +223K net adds, ARPU up 2.6% YoY, and ended Q3 with ~7.52M subscribers.

How did EchoStar's Pay-TV segment perform in Q3 2025 (SATS)?

Pay-TV revenue was about $2.34B, DISH TV churn fell to 1.33%, and Sling added ~159K subscribers.

What is EchoStar Capital and who will lead it for SATS?

EchoStar Capital is a new investment division to deploy proceeds from the spectrum transactions; Hamid Akhavan was named CEO.

Did the FCC accept EchoStar's spectrum transactions and buildout compliance?

Yes; the FCC confirmed EchoStar met 5G buildout requirements and related obligations were satisfied following the transactions.