$ECHO

EchoStar CORP

CIK:0001415404|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 3,576,164	$ 3,724,959	$ 7,243,653	$ 7,594,717
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services	1,928,151	2,461,631	3,926,419	4,893,829
Cost of sales - equipment and other	418,970	354,187	955,877	793,695
Selling, general and administrative expenses	547,848	629,494	1,186,873	1,227,345
Depreciation and amortization	170,543	493,055	337,144	981,388
Impairments and other	(2,286)		(68,445)
Total costs and expenses	3,063,226	3,938,367	6,337,868	7,896,257
Operating income (loss)	512,938	(213,408)	905,785	(301,540)
Other Income (Expense):
Interest income	40,912	65,369	70,321	130,898
Interest expense, net of amounts capitalized (Note 2)	(509,146)	(279,232)	(1,101,806)	(565,287)
Deconsolidation gain (Note 3)	9,728,958		9,728,958
Other, net (Note 6)	16,452	35,137	18,636	76,527
Total other income (expense)	9,277,176	(178,726)	8,716,109	(357,862)
Income (loss) before income taxes	9,790,114	(392,134)	9,621,894	(659,402)
Income tax (provision) benefit, net	(1,327,569)	85,290	(1,306,649)	149,277
Net income (loss)	8,462,545	(306,844)	8,315,245	(510,125)
Less: Net income (loss) attributable to noncontrolling interests, net of tax	173	(712)	(242)	(1,324)
Net income (loss) attributable to EchoStar	$ 8,462,372	$ (306,132)	$ 8,315,487	$ (508,801)
Weighted-average common shares outstanding - Class A and B common stock:
Basic (in shares)	290,141	287,505	289,581	287,012
Diluted (in shares)	351,622	287,505	351,432	287,012
Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar (In dollar per share)	$ 29.17	$ (1.06)	$ 28.72	$ (1.77)
Diluted net income (loss) per share attributable to EchoStar (In dollar per share)	$ 24.12	$ (1.06)	$ 23.76	$ (1.77)
Comprehensive Income (Loss):
Net income (loss)	$ 8,462,545	$ (306,844)	$ 8,315,245	$ (510,125)
Other comprehensive income (loss):
Foreign currency translation adjustments	(883)	6,221	2,003	15,485
Unrealized holding gains (losses) on available-for-sale debt securities	(32)	(236)	(1,286)	(1,282)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)	(33)	(129)	223	1,128
Deferred income tax (expense) benefit, net	244	(15)	52	158
Total other comprehensive income (loss), net of tax	(704)	5,841	992	15,489
Comprehensive income (loss)	8,461,841	(301,003)	8,316,237	(494,636)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	213	445	92	1,635
Comprehensive income (loss) attributable to EchoStar	8,461,628	(301,448)	8,316,145	(496,271)
Service revenue
Revenue:
Total revenue	3,301,538	3,540,107	6,677,078	7,146,263
Equipment sales and other revenue
Revenue:
Total revenue	$ 274,626	$ 184,852	$ 566,575	$ 448,454

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income (loss)	$ 8,315,245	$ (510,125)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	337,144	981,388
Impairments and other	(68,445)
Deconsolidation gain (Note 3)	(9,728,958)
Realized and unrealized losses (gains) and impairments on investments and other	(8,472)	(64,831)
Non-cash, stock-based compensation	23,363	16,123
Interest expense paid in kind on long-term debt		114,756
Deferred tax expense (benefit)	1,289,307	(174,719)
Changes in allowance for credit losses	(5,352)	15,603
Change in long-term deferred revenue and other long-term liabilities	(82,222)	420
Other, net	100,005	609
Changes in operating assets and operating liabilities, net	56,709	(164,957)
Net cash flows from operating activities	228,324	214,267
Cash Flows From Investing Activities:
Purchases of marketable investment securities	(577,120)	(2,247,724)
Sales and maturities of marketable investment securities	1,571,636	1,526,245
Purchases of property and equipment (Note 8)	(225,734)	(551,600)
Capitalized interest related to regulatory authorizations (Note 2)		(573,785)
SpaceX Reimbursement of Cash Interim Debt Service Payments (Note 1)	413,663
Cash divested from the Deconsolidated Entities	(362,968)
Sale of Fiber business		47,207
Other, net	(7,743)	(64)
Net cash flows from investing activities	811,734	(1,799,721)
Cash Flows From Financing Activities:
Repayment of debt, finance lease and other obligations	(16,221)	(46,272)
Redemption and repurchases of debt (Note 10)	(1,787,082)	(456,049)
Proceeds from issuance of debt (Note 10)		150,000
Debt issuance costs and debt (discount) premium		(946)
Early debt redemption gains (losses)		11,465
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan	21,689	6,994
Other, net	2,700	(31,189)
Net cash flows from financing activities	(1,778,914)	(365,997)
Effect of exchange rates on cash and cash equivalents	19	2,965
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	(738,837)	(1,948,486)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 6)	2,182,155	4,593,804
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 6)	$ 1,443,318	$ 2,645,318

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 439,988	$ 1,883,074
Current restricted cash, cash equivalents and marketable investment securities (Note 6)	1,055,678	175,838
Marketable investment securities	56,205	1,100,891
Trade accounts receivable, net of allowance for credit losses of $167,370 and $79,590, respectively	905,613	1,273,849
Inventory	322,390	380,647
Prepaids and other assets	229,671	284,194
Regulatory authorizations held for sale, net (Note 11)	16,822,253
Other current assets	21,926	34,678
Total current assets	19,853,724	5,133,171
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities	55,081	176,203
Property and equipment, net	1,760,321	2,243,515
Regulatory authorizations, including restricted, net (Note 11)	17,116,754	34,548,952
Other investments, net	212,562	194,046
Operating lease assets	66,696	214,549
Intangible assets, net	49,124	54,413
Other noncurrent assets, net	311,136	451,506
Total noncurrent assets	19,571,674	37,883,184
Total assets	39,425,398	43,016,355
Current Liabilities:
Trade accounts payable	251,882	541,706
Deferred revenue and other	221,389	639,173
Accrued programming		1,224,222
Accrued interest	170,350	309,462
Other accrued expenses and liabilities	1,727,475	2,327,587
Current portion of debt, finance lease and other obligations (Note 10)	1,446,316	7,321,269
Total current liabilities	3,817,412	12,363,419
Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion (Note 10)	15,985,387	18,658,602
Deferred tax liabilities, net	3,406,850	598,590
Operating lease liabilities	120,325	4,137,269
Long-term deferred revenue and other long-term liabilities	1,894,020	1,446,477
Total long-term obligations, net of current portion	21,406,582	24,840,938
Total liabilities	25,223,994	37,204,357
Commitments and Contingencies (Note 11)
Stockholders' Equity (Deficit):
Additional paid-in capital	8,949,104	8,875,937
Accumulated other comprehensive income (loss)	(182,530)	(183,188)
Accumulated earnings (deficit)	5,436,744	(2,878,743)
Treasury stock, at cost, 1,789,020 shares	(48,512)	(48,512)
Total EchoStar stockholders' equity (deficit)	14,155,098	5,765,784
Noncontrolling interests	46,306	46,214
Total stockholders' equity (deficit)	14,201,404	5,811,998
Total liabilities and stockholders' equity (deficit)	39,425,398	43,016,355
Class A common stock
Stockholders' Equity (Deficit):
Common stock	161	159
Class B common stock
Stockholders' Equity (Deficit):
Common stock	$ 131	$ 131