EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2025

Core Viewpoint - EchoStar Corporation reported a significant net loss of $14.50 billion for 2025, primarily due to non-cash asset impairments and other expenses totaling approximately $17.63 billion, contrasting with a net loss of $119.55 million in 2024 [1]. Financial Performance - Total revenue for 2025 was $15.00 billion, down from $15.83 billion in 2024 [1]. - The diluted loss per share increased to $50.41 in 2025 from $0.44 in 2024 [1]. - Excluding non-cash adjustments, the net loss would have been approximately $1.05 billion for 2025 compared to $664 million for 2024 [1]. Subscriber Metrics - Pay-TV net subscribers decreased by approximately 168,000 in Q4 2025, compared to a decrease of 253,000 in the same quarter of 2024, ending with 7.00 million subscribers [1]. - Retail wireless subscribers decreased by approximately 9,000 in Q4 2025, contrasting with an increase of 90,000 in Q4 2024, totaling 7.51 million subscribers [1]. - Broadband subscribers decreased by approximately 44,000 in Q4 2025, compared to a decrease of 59,000 in Q4 2024, closing with 739,000 subscribers [1]. Segment Results - Pay-TV revenue for Q4 2025 was $2.36 billion, down from $2.67 billion in Q4 2024 [1]. - Wireless revenue increased to $957.63 million in Q4 2025 from $900.87 million in Q4 2024 [1]. - Broadband and Satellite Services revenue decreased to $399.79 million in Q4 2025 from $412.48 million in Q4 2024 [1]. Operating Income and Expenses - The total operating loss for 2025 was $17.72 billion, compared to a loss of $304.07 million in 2024 [2]. - Total costs and expenses for 2025 were $32.73 billion, significantly higher than $16.13 billion in 2024 [2]. - Impairments and other expenses accounted for $17.63 billion in 2025, compared to none in 2024 [2]. Cash Flow and Assets - Cash and cash equivalents decreased to $2.18 billion at the end of 2025 from $4.59 billion at the end of 2024 [3]. - Total assets decreased to $43.02 billion in 2025 from $60.94 billion in 2024 [2]. - Current liabilities increased significantly to $12.36 billion in 2025 from $5.83 billion in 2024 [2].