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

Rhea-AI Summary

EchoStar (NASDAQ: SATS) reported mixed Q2 2025 financial results with total revenue of $3.72 billion. The company's Wireless segment showed strong performance with 212,000 net subscriber additions and improved churn to 2.69%. Pay-TV achieved its lowest DISH TV churn (1.29%) in over a decade with 3% ARPU growth. Broadband & Satellite Services increased enterprise backlog by 8% to $1.6 billion.

Key segment revenues for Q2 2025: Pay-TV at $2.46 billion, Wireless at $935 million, and Broadband & Satellite Services at $340 million. However, the company reported a net loss of $306.1 million, higher than the $205.6 million loss in Q2 2024. Total OIBDA decreased to $279.6 million from $442.2 million year-over-year.

[ "Wireless segment added 212,000 net subscribers with 4.1% ARPU improvement", "DISH TV achieved lowest churn rate (1.29%) in over a decade with 3% ARPU growth", "Enterprise backlog increased 8% to $1.6B, driven by Aero sector gains", "Boost Mobile Network rated best in 5G Reliability and Coverage in 15 major markets" ]

Positive

• None.

Negative

• Net loss increased to $306.1 million from $205.6 million year-over-year
• Total revenue declined to $3.72B from $3.95B in Q2 2024
• OIBDA decreased to $279.6M from $442.2M year-over-year
• Wireless segment operating loss widened to $772.9M from $700.3M in Q2 2024

Insights

Financial Analyst

EchoStar reports mixed Q2 results with wireless subscriber growth but widening losses and declining revenue across segments.

EchoStar's Q2 2025 earnings reveal contradictory performance signals across its three main business segments. While the company highlighted several positive operational metrics, the financial fundamentals show concerning trends.

The wireless segment demonstrated solid subscriber growth with +212K net adds, bringing total subscribers to 7.36 million. Churn improved by 24 basis points year-over-year, and ARPU increased by 4.1%, which the company claims is the highest in the prepaid industry. However, despite these operational improvements, wireless segment revenue of $935 million still delivered a substantial operating loss of $773 million.

For Pay-TV, which remains the company's largest revenue generator at $2.46 billion, there's evidence of effective customer retention with DISH TV churn dropping to 1.29%, described as the lowest in over a decade. ARPU increased by 3% year-over-year, suggesting successful value extraction from a declining subscriber base. However, comparing year-over-year numbers shows total Pay-TV revenue declined by approximately 8%.

The company's Broadband & Satellite Services segment is facing challenges with revenue of $340 million, down from $394 million in the same quarter last year, representing a 13.7% decline. The $1.6 billion enterprise backlog represents future contracted revenue, but current performance shows deterioration.

Most concerning is the company's overall net loss of $306 million, which has worsened significantly from the $206 million loss in Q2 2024. Total revenue dropped from $3.95 billion to $3.72 billion, a 5.8% decline. OIBDA (Operating Income Before Depreciation and Amortization) fell from $442 million to $280 million, representing a 36.7% reduction in this key operational metric.

The wireless segment's heavy capital expenditures of $625 million signal continued network investment, but growing operating losses raise questions about the timeline to profitability. Management's reference to delivering "positive Operating Free Cash Flow" suggests they recognize investor concerns about cash burn, but without providing specific timeline commitments.

• 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,
	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
											Eliminations
		(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
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
											Eliminations
		(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
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

 

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SOURCE EchoStar Corporation

FAQ

What were EchoStar's (SATS) Q2 2025 revenue and net loss?

EchoStar reported Q2 2025 revenue of $3.72 billion and a net loss of $306.1 million, compared to a loss of $205.6 million in Q2 2024.

How many subscribers did EchoStar's Wireless segment add in Q2 2025?

EchoStar's Wireless segment added 212,000 net subscribers in Q2 2025, marking five consecutive quarters of growth for the Boost Mobile brand.

What was DISH TV's churn rate in Q2 2025?

DISH TV achieved a 1.29% churn rate, its lowest in over a decade (excluding the pandemic period), along with a 3% year-over-year ARPU increase.

How much is EchoStar's enterprise backlog in Q2 2025?

EchoStar's enterprise backlog increased 8% year-over-year to $1.6 billion, primarily driven by gains in the Aero sector.

What were the segment revenues for EchoStar in Q2 2025?

EchoStar's Q2 2025 segment revenues were: Pay-TV at $2.46 billion, Wireless at $935 million, and Broadband & Satellite Services at $340 million.