EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2025

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  • Wireless: Net subscriber growth (+212K), improved churn (2.69%, an improvement of 24 basis points year-over-year), improved average revenue per user (ARPU) (4.1% year-over-year) and the highest prepaid ARPU in the industry.
  • Pay TV: Lowest DISH TV churn (1.29%) in over a decade (excluding the pandemic), growth in ARPU (+3% year-over-year) and increased viewership engagement (hours/viewer).
  • Broadband & Satellite Services: Increased enterprise order backlog (future revenues) by 8% to $1.6B primarily through gaining share in the attractive Aero sector.

ENGLEWOOD, Colo., Aug. 1, 2025 /PRNewswire/ — EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and six months ended June 30, 2025.


EchoStar (PRNewsfoto/EchoStar Corporation)

The company’s unabated focus on driving operational efficiencies, exceptional customer experiences and profitable growth investment continues to deliver results across the enterprise and reconfirms the company’s plan to deliver positive Operating Free Cash Flow, as previously defined. EchoStar’s assets across satellite, wireless, video, managed services and U.S.-based manufacturing led to improvements in many key metrics and reported total revenue of $3.72 billion for the second quarter 2025 and $7.60 billion for the six months ended June 30, 2025.  

“EchoStar performed well in the second quarter and was in line with our high performance expectations,” said Hamid Akhavan, president and CEO, EchoStar Corporation. “Our Retail Wireless business continues to make progress and we have now had five consecutive quarters of growth with our Boost Mobile brand. Our Pay-TV ARPU and churn rate improvement continues to impress, and our enterprise business is gaining ground globally within the aviation sector as the industry’s only future-proof in-flight connectivity solution.”

Wireless

Wireless consists predominantly of Boost Mobile and network wireless services, and delivered approximately $935 million in revenue for the second quarter.

  • Continued strong performance fueled by +212K subscriber net adds in Q2, closing the quarter with approximately 7.36 million total subscribers
  • Attracted and retained high-quality customers, contributing to a 24 basis point improvement in churn year-over-year
  • Mix in subscribers with higher priced plans and higher sales of value-added services drove 4.1% improvement in ARPU year-over-year – the highest pre-paid ARPU in the industry
  • Boost Mobile Network rated best in 5G Reliability and 5G Coverage in Atlanta; Charlotte, N.C.; Cincinnati; Cleveland; Columbus, Ohio; Dallas-Fort Worth; Detroit; Houston; Miami; New York City; Orlando, Fla.; Philadelphia; Raleigh, N.C; St. Louis; and its hometown market of Denver by OpenSignal

Pay-TV

Pay TV consists of DISH TV and Sling TV. Performance for Pay-TV delivered approximately $2.46 billion in revenue for the second quarter.

  • Continued focus on operational efficiency, higher priced programming packages per subscriber and improved user experiences helped increase ARPU (+3%)
  • Customer loyalty and high-quality subscribers further reduced DISH TV churn (1.29%) and drove a 10 basis point reduction in churn year-over-year
  • Pay-TV closed the quarter with approximately 7.11 million subscribers

Broadband & Satellite Services

Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $340 million in revenue for the second quarter.

  • Announced membership in Airbus HBCplus program enhancing ability to serve airlines as a factory line fit option at Airbus
  • Approximately $1.6 billion contracted backlog revenue at the end of Q2 (+5% year-over-year)
  • Broadband & Satellite Services closed the quarter with approximately 819,000 subscribers

Set forth below is a table highlighting certain of EchoStar’s segment results for the three and six months ended June 30, 2025 and 2024 (all U.S. GAAP amounts reference results from operations):

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2025

2024

2025

2024

(in thousands)

Revenue

Pay-TV

$

2,462,249

$

2,676,284

$

5,000,976

$

5,402,862

Wireless

934,631

892,728

1,907,406

1,806,734

Broadband and Satellite Services

339,780

394,011

710,438

776,597

All Other & Eliminations

(11,701)

(10,272)

(24,103)

(18,599)

Total

$

3,724,959

$

3,952,751

$

7,594,717

$

7,967,594

Net Income (loss) attributable to EchoStar

$

(306,132)

$

(205,591)

$

(508,801)

$

(312,967)

OIBDA

Pay-TV

$

663,377

$

753,001

$

1,393,250

$

1,508,511

Wireless

(451,980)

(394,439)

(867,044)

(757,935)

Broadband and Satellite Services

67,699

82,392

153,402

161,679

All Other & Eliminations

551

1,202

240

57

Total

$

279,647

$

442,156

$

679,848

$

912,312

Purchases of property and equipment, net of refunds, (including capitalized
interest related to regulatory authorizations)

Pay-TV

$

78,580

$

54,006

$

140,968

$

111,918

Wireless

625,203

560,468

909,196

1,109,641

Broadband and Satellite Services

43,118

56,559

75,221

127,170

$

746,901

$

671,033

$

1,125,385

$

1,348,729

 

Reconciliation of GAAP to Non-GAAP Measurement:

For the Three Months Ended 
June 30, 2025

Pay-TV

Wireless

Broadband and
Satellite Services

Consolidated 

Eliminations

(In thousands)

Segment operating income (loss)

$

595,552

$

(772,948)

$

(36,738)

$

726

$

(213,408)

Depreciation and amortization

67,825

320,968

104,437

(175)

493,055

OIBDA

$

663,377

$

(451,980)

$

67,699

$

551

$

279,647

For the Three Months Ended 
June 30, 2024

Segment operating income (loss)

$

667,752

$

(700,302)

$

(34,586)

$

1,767

$

(65,369)

Depreciation and amortization

85,249

305,863

116,978

(565)

507,525

OIBDA

$

753,001

$

(394,439)

$

82,392

$

1,202

$

442,156

For the Six Months Ended 
June 30, 2025

Pay-TV

Wireless

Broadband and

Satellite Services

Consolidated 

Eliminations

(In thousands)

Segment operating income (loss)

$

1,248,982

$

(1,495,250)

$

(55,933)

$

661

$

(301,540)

Depreciation and amortization

144,268

628,206

209,335

(421)

981,388

OIBDA

$

1,393,250

$

(867,044)

$

153,402

$

240

$

679,848

For the Six Months Ended 
June 30, 2024

Segment operating income (loss)

$

1,337,860

$

(1,345,470)

$

(74,140)

$

1,137

$

(80,613)

Depreciation and amortization

170,651

587,535

235,819

(1,080)

992,925

OIBDA

$

1,508,511

$

(757,935)

$

161,679

$

57

$

912,312

Note on Use of Non-GAAP Financial Measures

OIBDA is defined as “Operating income (loss)” plus “Depreciation and amortization.”

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to “Operating income (loss)” and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

The condensed consolidated financial statements of EchoStar for the period ended June 30, 2025, are attached to this press release. Detailed financial data and other information are available in EchoStar’s Form 10-Q for the period ended June 30, 2025, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Day, August 1, 2025, at 12 p.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To attend the call, please dial: (888) 484-6065 (U.S.) or +1 (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13755124) or ask for the “EchoStar Corporation Q2 2025 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2024, and subsequent quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

ECHOSTAR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)

As of  

 June 30, 

December 31,

2025

2024

Assets

Current Assets:

Cash and cash equivalents

$

2,345,085

$

4,305,393

Current restricted cash, cash equivalents and marketable investment securities

184,012

150,898

Marketable investment securities

1,988,001

1,242,036

Trade accounts receivable, net of allowance for credit losses of $98,231
and $82,628, respectively

1,158,592

1,198,731

Inventory

375,118

455,197

Prepaids and other assets

771,171

655,233

Other current assets

94,247

88,255

Total current assets

6,916,226

8,095,743

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities 

176,004

169,627

Property and equipment, net 

8,773,656

9,187,132

Regulatory authorizations, net

40,029,923

39,442,166

Other investments, net

191,792

202,327

Operating lease assets

3,218,062

3,260,768

Intangible assets, net 

66,903

74,939

Other noncurrent assets, net

509,831

505,985

Total noncurrent assets

52,966,171

52,842,944

Total assets

$

59,882,397

$

60,938,687

Liabilities and Stockholders’ Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

745,587

$

740,984

Deferred revenue and other

638,989

650,940

Accrued programming

1,251,114

1,339,072

Accrued interest

308,917

352,499

Other accrued expenses and liabilities

1,675,958

1,804,516

Current portion of debt, finance lease and other obligations

1,053,230

943,029

Total current liabilities

5,673,795

5,831,040

Long-Term Obligations, Net of Current Portion:

Long-term debt, finance lease and other obligations, net of current portion

25,401,688

25,660,288

Deferred tax liabilities, net

4,809,572

4,988,653

Operating lease liabilities 

3,178,737

3,211,407

Long-term deferred revenue and other long-term liabilities

1,027,111

1,002,074

Total long-term obligations, net of current portion

34,417,108

34,862,422

Total liabilities

40,090,903

40,693,462

Commitments and Contingencies

Stockholders’ Equity (Deficit): 

Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,

156,299,276 and 155,048,676 shares issued and outstanding, respectively

156

155

Class B common stock, $0.001 par value, 800,000,000 shares authorized,

131,348,468 shares issued and outstanding

131

131

Additional paid-in capital

8,809,264

8,768,360

Accumulated other comprehensive income (loss)

(183,181)

(195,711)

Accumulated earnings (deficit)

11,109,636

11,618,437

Total EchoStar stockholders’ equity (deficit)

19,736,006

20,191,372

Noncontrolling interests

55,488

53,853

Total stockholders’ equity (deficit)

19,791,494

20,245,225

Total liabilities and stockholders’ equity (deficit)

$

59,882,397

$

60,938,687

 

ECHOSTAR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(Dollars in thousands, except per share amounts)

(Unaudited)

For the Three Months Ended June 30, 

For the Six Months Ended June 30, 

2025

2024

2025

2024

Revenue:

Service revenue

$

3,540,107

$

3,742,086

$

7,146,263

$

7,561,755

Equipment sales and other revenue

184,852

210,665

448,454

405,839

Total revenue

3,724,959

3,952,751

7,594,717

7,967,594

Costs and Expenses (exclusive of depreciation and amortization):

Cost of services

2,461,631

2,507,478

4,893,829

5,064,660

Cost of sales – equipment and other 

354,187

408,093

793,695

771,176

Selling, general and administrative expenses

629,494

595,024

1,227,345

1,219,446

Depreciation and amortization 

493,055

507,525

981,388

992,925

Total costs and expenses

3,938,367

4,018,120

7,896,257

8,048,207

Operating income (loss)

(213,408)

(65,369)

(301,540)

(80,613)

Other Income (Expense):

Interest income

65,369

13,929

130,898

44,391

Interest expense, net of amounts capitalized

(279,232)

(81,166)

(565,287)

(180,574)

Other, net

35,137

(91,498)

76,527

(117,608)

Total other income (expense)

(178,726)

(158,735)

(357,862)

(253,791)

Income (loss) before income taxes

(392,134)

(224,104)

(659,402)

(334,404)

Income tax (provision) benefit, net

85,290

16,646

149,277

18,571

Net income (loss)

(306,844)

(207,458)

(510,125)

(315,833)

Less: Net income (loss) attributable to noncontrolling interests, net of tax

(712)

(1,867)

(1,324)

(2,866)

Net income (loss) attributable to EchoStar

$

(306,132)

$

(205,591)

$

(508,801)

$

(312,967)

Weighted-average common shares outstanding – Class A and B
common stock: 

Basic

287,505

271,592

287,012

271,555

Diluted

287,505

271,592

287,012

271,555

Earnings per share – Class A and B common stock:

Basic net income (loss) per share attributable to EchoStar

$

(1.06)

$

(0.76)

$

(1.77)

$

(1.15)

Diluted net income (loss) per share attributable to EchoStar

$

(1.06)

$

(0.76)

$

(1.77)

$

(1.15)

 

ECHOSTAR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) 

(Unaudited)

For the Six Months Ended

June 30, 

2025

2024

Cash Flows From Operating Activities:

Net income (loss)

$

(510,125)

$

(315,833)

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

Depreciation and amortization

981,388

992,925

Realized and unrealized losses (gains) on investments, impairments and other

(64,831)

49,312

Non-cash, stock-based compensation

16,123

19,693

Deferred tax expense (benefit)

(174,719)

(35,300)

Changes in allowance for credit losses

15,603

33,108

Change in long-term deferred revenue and other long-term liabilities

420

8,139

Other, net

115,365

125,969

Changes in operating assets and operating liabilities, net

(164,957)

52,971

Net cash flows from operating activities

214,267

930,984

Cash Flows From Investing Activities:

Purchases of marketable investment securities

(2,247,724)

(21,847)

Sales and maturities of marketable investment securities

1,526,245

501,512

Purchases of property and equipment

(551,600)

(866,922)

Capitalized interest related to regulatory authorizations

(573,785)

(481,807)

Purchases of regulatory authorizations, including deposits 

—

(1,104)

Sale of assets to CONX

—

26,719

Sale of Fiber business

47,207

—

Other, net

(64)

(4,716)

Net cash flows from investing activities

(1,799,721)

(848,165)

Cash Flows From Financing Activities:

Repayment of long-term debt, finance lease and other obligations

(46,272)

(52,758)

Redemption and repurchases of term loans, convertible and senior notes

(456,049)

(951,170)

Proceeds from issuance of convertible and senior notes

150,000

—

Debt issuance costs and debt (discount) premium

(946)

—

Early debt extinguishment gains (losses) of convertible and senior notes

11,465

—

Net proceeds from Class A common stock options exercised and stock issued under the

Employee Stock Purchase Plan

6,994

1,832

Purchase of SNR Management’s ownership interest in SNR HoldCo

—

(441,998)

Other, net

(31,189)

2

Net cash flows from financing activities 

(365,997)

(1,444,092)

Effect of exchange rates on cash and cash equivalents

2,965

(3,701)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents

(1,948,486)

(1,364,974)

Cash, cash equivalents, restricted cash and cash equivalents, beginning of period

4,593,804

1,911,601

Cash, cash equivalents, restricted cash and cash equivalents, end of period

$

2,645,318

$

546,627

 

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SOURCE EchoStar Corporation

 

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