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Company file · ECHO

EchoStar

Retail Wireless was EchoStar's fastest-growing segment in FY2025, up 5.6%

Revenue fell 5.2% to $15.0B in FY2025, from $15.8B in FY2024. It posted a net loss of $14.5B. Pay Tv was the largest segment, at 65% of revenue.

Key facts

EchoStar (Nasdaq: ECHO) closed fiscal 2025 on Dec 31, 2025 with revenue of $15.0B, down 5.2% from a year before; net income came to −$14.5B, compared with −$120M. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.1B, down 68.8% on the same stretch of the prior year, and net income of $2.8B. Broken down by segment, Pay Tv led with 65% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Mar 2, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026).

Revenue$15.0BFY2025 · −5.2% vs FY2024
Net income−$14.5BFY2025 · vs −$120M in FY2024
Operating cash flow−$99MFY2025
Cash & equivalents$13.4Bat Sep 30, 2026 · +613.6% vs FY2025 end
Total debt$9.7Bat Sep 30, 2026 · −62.8% vs FY2025 end
Diluted shares288MFY2025 avg · +4.9% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $17.0B17.0Net income FY2023: −$1.7B−1.7FY2023Revenue FY2024: $15.8B15.8Net income FY2024: −$120M−0.12FY2024Revenue FY2025: $15.0B15.0Net income FY2025: −$14.5B−14.5FY2025Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-K FY2025, filed Mar 2, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $3.9B3.9FY2026 Q1: $3.7B3.7Q1FY2025 Q2: $3.7B3.7FY2026 Q2: $3.6B3.6Q2FY2025 Q3: $3.6B3.6FY2026 Q3: $1.1B1.1Q3Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-Q filed May 11, 2026 · 10-Q filed Aug 3, 2026 · 10-Q filed Nov 3, 2026

How it makes money

FY2025 total by categoryPay Tv: $9.7B (65%)Retail Wireless: $3.8B (25%)Broadband and Satellite Services: $1.5B (10%)$15.0BFY2025 totalData: Ticker Sage, from SEC EDGARtickersage.com

By segment, FY2025

  • LineAmountSharevs FY2024
  • Pay Tv$9.7B65%−9.2%
  • Retail Wireless$3.8B25%+5.6%
  • Broadband and Satellite Services$1.5B10%−7.6%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Pay Tv (65%), Retail Wireless (25%) and Broadband and Satellite Services (10%), as shares of total revenue. Total revenue was $15.0B.

By segment: three-year mixShare of the total each fiscal year
Pay TvRetail WirelessBroadband and Satellite Services

Source: 10-K FY2025

By product or service, FY2025

Services$14.0B93%−6.2%
Equipment Sales and Other Revenue$981M7%+12.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$1.1B Q3 2026
$3.6B Q3 2025
68.8% decrease
Net income
$2.8B Q3 2026
−$12.8B Q3 2025
n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: EchoStar 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

By segment

Retail Wireless
$905M Q3 2026
$937M Q3 2025
3.4% decrease
Broadband and Satellite Services
$119M Q3 2026
$346M Q3 2025
65.5% decrease
Pay Tv
$73M Q3 2026
$2.3B Q3 2025
96.9% decrease

Source: EchoStar 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

  • Cash & equivalents $13.4B at Sep 30, 2026, vs $1.9B at FY2025 end.
  • Total debt $9.7B at Sep 30, 2026, vs $26.0B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $341M vs $326M a year earlier.

The bull case and the bear case

The bull case

  • Retail Wireless revenue grew 5.6% in FY2025 to $3.8B. 10-K, FY2025

The bear case

  • Revenue fell 5.2% in FY2025 to $15.0B, from $15.8B a year earlier. 10-K, FY2025
  • It reported a net loss of $14.5B in FY2025. 10-K, FY2025
  • Operating cash flow fell 107.9% in FY2025 to −$99M. 10-K, FY2025
  • Diluted shares rose 4.9% in FY2025, which spreads profit across more shares. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

EchoStar is in the wireless telecommunication services industry, part of the communication services sector. The SEC files it under Communications Services, Nec.

EchoStar reports 3 segments: Pay Tv, Retail Wireless and Broadband and Satellite Services.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the wireless telecommunication services industry. They are not a summary of EchoStar’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. CompetitionRivals and new platforms compete for audiences, advertisers and subscribers.
  2. Advertising and consumer spendingAd budgets and subscriptions follow the economy.
  3. Content and rights costsProgramming, rights and network costs can rise faster than revenue.
  4. RegulationMedia, privacy and competition rules can limit what it can do.
  5. Technology changeShifts in how people watch, listen and connect can make products less relevant.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$17.0B$15.8B$15.0B
Net income−$1.7B−$120M−$14.5B
Operating cash flow$2.4B$1.3B−$99M
Cash & equivalents (year end)$1.8B$4.3B$1.9B
Total debt (year end)$22.8B$26.6B$26.0B
Diluted shares271M274M288M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

    Recent filings

    FormFiledPeriod
    10-QNov 3, 2026Sep 30, 2026
    DEF 14ASep 18, 2026Oct 30, 2026
    10-QAug 3, 2026Jun 30, 2026
    10-QMay 11, 2026Mar 31, 2026
    10-KMar 2, 2026Dec 31, 2025

    Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

    Common questions about EchoStar

    How does EchoStar make money?

    Fiscal 2025 revenue: $15.0B. By segment in FY2025: Pay Tv (65%), Retail Wireless (25%) and Broadband and Satellite Services (10%), as shares of total revenue. Total revenue was $15.0B. Source: 10-K for fiscal 2025, filed Mar 2, 2026.

    What was EchoStar's revenue in fiscal 2025?

    $15.0B, down 5.2% from fiscal 2024 ($15.8B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $17.0B. Source: 10-K for fiscal 2025, filed Mar 2, 2026.

    Is EchoStar profitable?

    Net income was −$14.5B in fiscal 2025 (compared with −$120M; fiscal 2024 was −$120M). That counts as a GAAP loss. The latest quarter, ended Sep 30, 2026: net income was $2.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 2, 2026.

    What did EchoStar report in its latest quarterly filing?

    For the three months to Sep 30, 2026: revenue $1.1B (down 68.8% from $3.6B) and net income $2.8B (compared with −$12.8B from −$12.8B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026.

    How much cash and debt does EchoStar have?

    As of Sep 30, 2026: $13.4B of cash and cash equivalents, $9.7B of total debt. Total debt here is the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Nov 3, 2026.

    What are the main risks EchoStar faces?

    EchoStar's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Mar 2, 2026. Risks that are common among companies in the wireless telecommunication services industry include Competition; advertising and consumer spending; content and rights costs; regulation; technology change. The first: Rivals and new platforms compete for audiences, advertisers and subscribers. Source: 10-K, Item 1A Risk Factors.

    Where do these EchoStar numbers come from?

    The 10-K filed Mar 2, 2026 (fiscal 2025) and the 10-Q filed Nov 3, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

    Tracked funds that report owning EchoStar

    From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

    Disclosures

    Editor holdings in ECHO
    The editor holds no position in EchoStar (ECHO). As of Nov 11, 2026.
    Trading rule
    The editor does not buy or sell ECHO from 3 days before to 3 days after this page is published or substantively updated.
    Compensation
    Nobody paid for this page. No affiliate links on this page.
    Sources
    The company's SEC filings, linked next to each number or, for charts, in the source line under them.
    Last updated
    Nov 9, 2026

    General education, the same for every reader. Not a recommendation to buy, sell or hold ECHO, and it doesn't consider your situation.

    Compare with peers

    CompanyFiscal yearRevenueRevenue growthNet income
    EchoStarECHOFY2025$15.0B−5.2%−$14.5B
    T-MobileTMUSFY2025$88.3B+8.5%$11.0B
    MetaFY2025$201.0B+22.2%$60.5B

    Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

    More company files

    New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.