ECHONasdaqCommunications Services, NECUS GAAP · USD

EchoStar CORP

EchoStar Corp. is a U.S.-based holding company with operations split across Pay-TV, Wireless, Broadband and Satellite Services, and Other. The business combines consumer video distribution, wireless spectrum commercialization, and satellite-based connectivity and equipment for consumer, enterprise, aviation, and government customers.

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Revenue15.0bn USD
−5.2 %y/y
Operating profit (EBIT)-17.7bn USD
−5,728.6 %y/y
EBIT margin-118.1%
−116.2 ppy/y
Net income-14.5bn USD
−12,026.9 %y/y
Free cash flow-1,065m USD
−264.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20-1001020bn USD2020: 1.9 bn USD2020: EBIT 0.11 bn USD20202021: 19.8 bn USD2021: EBIT 3.4 bn USD20212022: 18.6 bn USD2022: EBIT 2.2 bn USD20222023: 17.0 bn USD2023: EBIT -0.28 bn USD20232024: 15.8 bn USD2024: EBIT -0.30 bn USD20242025: 15.0 bn USD2025: EBIT -17.7 bn USD202515.0-17.7
RevenueOperating profit (EBIT)

Business

Share of revenue
Pay-TV45 %

Satellite television subscriptions, related equipment, and subscriber services.

Wireless20 %

Wireless service delivered through a hybrid MNO/MVNO model and spectrum monetization.

Broadband and Satellite Services30 %

Consumer broadband, enterprise satellite services, managed services, and equipment.

Other5 %

Non-core activities, including segment items tied to restructuring and asset actions.

Products

Reported · share of revenue
93.5%FY2025100 %
  • Services93.5 %
  • Equipment Sales and Other Revenue6.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

EchoStar sells to consumer households, small and medium-sized businesses, and enterprise and government customers that need connectivity across wide geographies. Its broadband and satellite business also serves aviation customers, mobile system operators, and organizations with critical communications needs such as retailers, financial institutions, and lottery agencies.

Consumer households

Buy Pay-TV and broadband internet services for home connectivity and entertainment.

Small and medium-sized businesses

Buy broadband and satellite connectivity where terrestrial options are limited or less reliable.

Enterprise and government

Buy managed satellite services, equipment, and communications solutions for critical operations.

Aviation customers

Buy in-flight connectivity solutions for commercial and business aviation.

Wireless subscribers

Buy wireless service through EchoStar's hybrid MNO and MVNO arrangements.

Strategy

EchoStar is pivoting its wireless strategy after FCC pressure and spectrum transactions, moving from a full 5G network buildout toward a hybrid MNO model. At the same time, it is focusing on monetizing satellite capacity, improving broadband subscriber economics, and preserving liquidity through debt reduction, asset sales, and selective capital spending.

Hybrid MNO transitionShort term

Reduces dependence on a fully owned 5G buildout while keeping wireless service in market.

Spectrum monetization and portfolio resetShort term

Spectrum sales help unlock value and respond to regulatory constraints on the wireless strategy.

Broadband and satellite capacity utilizationMedium term

Higher utilization supports recurring service revenue and improves economics of satellite assets.

Liquidity preservation and debt reductionShort term

The company needs to fund obligations while navigating impairments, capex, and restructuring.

Geography

EchoStar is headquartered in the United States and its operating risks, supply chain, and regulatory exposure are heavily tied to U.S. markets. Its broadband and satellite services also reach the Americas and international customers, while equipment sourcing and network deployment depend on suppliers in China and other countries.

Risks

EchoStar faces elevated execution and financial risk from its wireless pivot, large asset impairments, and a going-concern warning in recent filings. It also remains exposed to FCC regulation, satellite launch and construction risk, cyber risk, and supply-chain disruptions tied to tariffs and overseas sourcing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Liquidity and going-concern pressure1Asset impairment risk3FCC regulatory intervention2Satellite and launch execution risk4Supply chain and tariff exposure5Cyber and systems disruption6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Liquidity and going-concern pressureImpact: CriticalLikelihood: High

    Recent filings state the company and some subsidiaries may not have sufficient cash or committed financing.

    ExposureDebt serviceCapexOperating obligations
  2. FCC regulatory interventionImpact: CriticalLikelihood: Medium

    The wireless model and spectrum utilization are directly constrained by FCC review and build-out requirements.

    Exposure: Wireless spectrum licenses and 5G network strategy

  3. Asset impairment riskImpact: HighLikelihood: High

    Spectrum strategy changes and annual impairment testing can trigger large write-downs.

    Exposure5G network assetsSatellite assetsIntangibles
  4. Satellite and launch execution riskImpact: HighLikelihood: Medium

    Delays, anomalies, launch failure, or orbital issues can disrupt service capacity and increase costs.

    ExposureSatellite constructionDeploymentOperations
  5. Supply chain and tariff exposureImpact: MediumLikelihood: High

    The company depends on suppliers in China and other countries for network and satellite equipment.

    ExposureWireless devicesSatellite infrastructurePay-TV hardware
  6. Cyber and systems disruptionImpact: MediumLikelihood: Medium

    Connectivity businesses depend on secure, continuous IT and network operations.

    Exposure: Customer service continuity and data integrity

Accounting

Judgemental items
Goodwill and intangible asset impairment

The company records annual and triggering-event impairment tests that can materially reduce earnings and asset values.

Impact: Large non-cash charges in 2025

Long-lived asset impairment

5G network abandonment and satellite asset reviews require recoverability assessments.

Impact: Can materially affect operating income and balance sheet carrying values

Revenue mix between services and equipment

Service revenue is recurring while equipment sales are more episodic, affecting quarterly comparability.

Impact: Revenue and margin volatility

Debt extinguishment and financing costs

Debt redemptions and exchange offers can create gains or losses and alter interest expense.

Impact: Net income and cash flow presentation

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Last updated: 24/09/2026