EchoStar posted FY 2025 total revenue of USD 15.0 billion (down 5.2%) and an operating loss of USD 17.7 billion, reflecting USD 17.6 billion in “Impairments and other.” Net loss attributable to shareholders was USD 14.5 billion, with net interest expense (net of amounts capitalized) of USD 1.5 billion and an income tax benefit of USD 4.4 billion (effective tax rate: 23.2%). By segment in FY 2025, Pay-TV revenue was USD 9.7 billion (down 9.2%) with operating income of USD 2.4 billion; Pay-TV ended the year with 7.0 million subscribers, Pay-TV ARPU of USD 110.39, and DISH TV churn of 1.31%. Wireless revenue was USD 3.8 billion (up 5.6%) with an operating loss of USD 495.0 million; Wireless ended FY 2025 with 7.5 million subscribers, Wireless ARPU of USD 37.41, and churn of 2.84%. Broadband and Satellite Services revenue was USD 1.5 billion (down 7.6%) with an operating loss of USD 1.6 billion, including USD 1.5 billion of impairments; broadband subscribers ended at 0.739 million. EchoStar said it resolved an FCC review in Q3 2025 and, amid FCC pressure to address spectrum underutilization, agreed to sell a material amount of spectrum via transactions with AT&T and SpaceX. The AT&T deal contemplates USD 22.650 billion in cash for its 3.45 GHz and 600 MHz licenses (closing expected in H1 2026, subject to approvals), while the amended SpaceX transaction increases total consideration to approximately USD 20 billion with up to USD 11 billion in SpaceX Class A stock (with a two-step closing process, including a Spectrum Acquisition Closing expected around November 30, 2027). EchoStar also said it transitioned Boost customer traffic to AT&T’s network and completed migration to a Hybrid MNO model as of November 15, 2025, while beginning abandonment and decommissioning of portions of its 5G network not used in the Hybrid MNO business. EchoStar ended FY 2025 with USD 3.160 billion in cash, cash equivalents, current restricted cash and current marketable investment securities, and reported FY 2025 free cash flow of negative USD 1.741 billion. The company said substantial doubt exists about its ability to continue as a going concern because funding is not deemed committed until the AT&T and SpaceX transactions close.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. EchoStar Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-021817), on March 02, 2026, and is solely responsible for the information contained therein.