EchoStar CORP ECHO
EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada. EchoStar Corporation together with its subsidiaries are referred to as "EchoStar," the "Company," "we," "us" and/or "our," unless otherwise required by the context. Our Class A common stock is publicly traded on the NASDAQ Global Select Market ("NASDAQ") under the symbol "SATS." Our principal executive offices are located at 9601 South Meridian Boulevard, Englewood, Colorado 80112 and our telephone number is (303) 723- 1000.
In the third quarter of 2025, we resolved the review by the Federal Communications Commission (the "FCC") into EchoStar's compliance with its build-out milestones and other obligations regarding EchoStar's federal spectrum licenses. We had previously received a letter from the FCC on May 9, 2025, indicating that the FCC was beginning a review of our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-out extension granted by the FCC and mobile-satellite service ("MSS") utilization in the 2 GHz band (the "May 9 Letter"). We responded to the FCC's subsequent public notices with filings on May 27, 2025 and June 6, 2025.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Pay-TV - Pay-TV subscriber and related revenue
- Wireless - Wireless services and related revenue
- Broadband and Satellite Services - Broadband and satellite services and other revenue
- Wireless - Equipment sales and other revenue
- Broadband and Satellite Services - Equipment sales and other revenue
- Other - Equipment sales and other revenue
- Other
| Segment | FY2025 |
|---|---|
| Pay-TV - Pay-TV subscriber and related revenue | $9.64B |
| Wireless - Wireless services and related revenue | $3.32B |
| Broadband and Satellite Services - Broadband and satellite services and other revenue | $1.08B |
| Wireless - Equipment sales and other revenue | $479.7M |
| Broadband and Satellite Services - Equipment sales and other revenue | $374.1M |
| Other - Equipment sales and other revenue | $294.8M |
| Other | $57.8M |
As the company reported it, from the “Segment Reporting - Revenue from External Customers (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.00B | $15.83B | $17.02B | $18.63B | $19.82B | $1.89B | $1.89B | $1.76B | $1.53B | $1.81B |
| Cost of revenue | — | — | — | — | — | — | — | — | $546.3M | $521.2M |
| Gross profit | — | — | — | — | — | — | — | — | $978.8M | $1.29B |
| R&D | $68.0M | $91.0M | $110.0M | $110.0M | $91.0M | $29.4M | $25.7M | $27.6M | $31.7M | $31.2M |
| SG&A | $2.38B | $2.43B | $2.99B | $3.02B | $2.69B | $474.9M | $509.1M | $436.1M | $370.5M | $325.0M |
| Total operating expenses | $32.73B | $16.13B | $17.29B | $16.40B | $16.40B | $1.78B | $1.81B | $1.73B | $1.49B | $1.51B |
| Operating income | -$17.72B | -$304.1M | -$277.9M | $2.23B | $3.42B | $112.5M | $73.1M | $36.1M | $30.6M | $296.2M |
| Interest expense | — | — | — | $57.2M | $95.5M | $147.9M | $251.0M | $219.3M | $184.4M | $123.5M |
| Pre-tax income | -$18.89B | -$75.6M | -$1.93B | $3.34B | $3.35B | -$27.8M | -$93.2M | -$125.8M | -$32.2M | $216.6M |
| Income tax | $4.39B | $48.9M | $296.9M | $798.4M | $828.4M | $24.1M | $20.5M | $6.6M | $155.1M | $80.3M |
| Net income | -$14.50B | -$119.5M | -$1.70B | $2.54B | $2.52B | -$51.9M | -$74.3M | -$38.6M | $392.6M | $179.9M |
| EPS, basic | -50.41 | -0.44 | -6.28 | 9.17 | 9.04 | -0.41 | -0.65 | -0.42 | 4.13 | 1.94 |
| EPS, diluted | -50.41 | -0.44 | -6.28 | 8.05 | 7.94 | -0.41 | -0.65 | -0.42 | 4.07 | 1.92 |
| Shares, diluted (wtd. avg.) | 287.6M | 274.1M | 270.8M | 307.7M | 313.1M | 97.9M | 96.7M | 96.2M | 96.7M | 94.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.88B | $4.31B | $1.91B | $2.56B | $8.28B | $4.36B | $1.52B | $928.3M | $2.43B | $2.57B |
| Short-term investments | $1.10B | $1.24B | $623.0M | $1.81B | $1.01B | $1.64B | $940.6M | $2.28B | $814.2M | $522.5M |
| Receivables | $1.27B | $1.20B | $1.12B | $1.18B | $182.1M | $184.0M | $196.6M | $201.1M | $196.8M | $182.5M |
| Inventory | $380.6M | $455.2M | $665.2M | $626.0M | $103.1M | $98.0M | $79.6M | $75.4M | $83.6M | $62.6M |
| Total current assets | $5.13B | $8.10B | $4.89B | $6.76B | $1.93B | $2.91B | $2.84B | $3.58B | $3.72B | $3.72B |
| Property, plant and equipment | $2.24B | $9.19B | $9.56B | $7.90B | $382.1M | $449.4M | — | $2.53B | $3.47B | $3.40B |
| Goodwill | $0 | $0 | $0 | $757.5M | $736.1M | $511.6M | $507.0M | $504.2M | $504.2M | $504.2M |
| Other intangibles | $54.4M | $74.7M | $172.7M | — | — | $478.8M | $478.6M | $430.0M | $471.3M | $80.7M |
| Total assets | $43.02B | $60.94B | $57.11B | $58.75B | $6.05B | $7.07B | $7.15B | $8.66B | $8.75B | $9.01B |
| Accounts payable | $541.7M | $741.0M | $774.0M | $1.02B | — | — | — | — | — | — |
| Short-term debt | — | — | — | — | $0 | $898.2M | $0 | — | — | — |
| Total current liabilities | $12.36B | $5.83B | $8.02B | $6.44B | $460.1M | $1.43B | $496.0M | $1.35B | $413.9M | $531.4M |
| Long-term debt | — | $1.98B | $951.0M | $1.50B | $1.50B | $1.50B | $2.39B | $3.30B | $3.37B | $3.36B |
| Total liabilities | $37.20B | $40.69B | $36.72B | $36.70B | $2.63B | $3.47B | $3.41B | $4.51B | $4.57B | $5.00B |
| Retained earnings | -$2.88B | $11.62B | $11.74B | $13.44B | $656.5M | $583.6M | $632.8M | $694.1M | $734.0M | $314.2M |
| Total equity | $5.77B | $20.19B | $19.95B | $21.59B | $18.99B | $17.43B | $3.75B | $4.16B | $4.18B | $4.01B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$99.4M | $1.25B | $2.43B | $3.62B | $4.66B | $534.4M | $656.3M | $734.5M | $726.9M | $803.3M |
| Depreciation and amortisation | $1.59B | $1.93B | $1.60B | $1.17B | $1.21B | $238.0M | $190.9M | $269.0M | $235.7M | $378.6M |
| Stock-based compensation | $36.3M | $36.4M | $51.5M | $83.0M | $59.4M | $8.9M | $9.4M | $10.0M | $10.1M | $15.2M |
| Capital expenditure | $965.7M | $1.54B | $3.10B | $3.05B | $1.62B | $408.8M | $418.6M | $555.1M | $583.2M | $722.3M |
| Investing cash flow | -$1.40B | -$3.05B | -$2.81B | -$9.06B | -$4.25B | -$1.14B | $822.0M | -$2.10B | -$867.9M | -$632.2M |
| Financing cash flow | -$910.3M | $4.48B | -$277.1M | -$274.4M | $3.52B | -$15.6M | -$885.3M | -$136.6M | $72.0K | $1.48B |
| Buybacks | $48.5M | — | — | $89.3M | $261.4M | $43.5M | $0 | $33.3M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001415404-26-000009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.81B | $1.53B | $1.76B | $1.89B | $1.89B | $19.82B | $18.63B | $17.02B | $15.83B | $15.00B |
| Gross profit | $1.29B | $978.8M | — | — | — | — | — | — | — | — |
| Net income | $179.9M | $392.6M | -$38.6M | -$74.3M | -$51.9M | $2.52B | $2.54B | -$1.70B | -$119.5M | -$14.50B |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Bankruptcy or receivership The company has entered bankruptcy or had a receiver appointed. Item 1.03
- Debt acceleration or default Something has triggered a lender's right to demand early repayment - usually a covenant breach. Item 2.04
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Other event Item 8.01
- Officer or director change Item 5.02
- Other event Item 8.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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