EchoStar Corporation reported its financial results for the year ended December 31, 2025, showing a decline in revenue and a significant increase in net loss compared to the previous year.
The company’s total revenue for 2025 was $15.00 billion, down from $15.83 billion in 2024. Net loss attributable to EchoStar rose sharply to $14.50 billion in 2025, compared to $119.55 million in 2024. The company stated that the larger net loss was mainly due to non-cash asset impairments and other expenses totaling about $17.63 billion. In contrast, the prior year’s results benefited from a noncash gain of approximately $689 million related to a debt exchange offer and subsequent debt extinguishment.
EchoStar noted that if the tax-affected impact of these noncash adjustments were excluded, its net loss would have been around $1.05 billion for 2025 and $664 million for 2024. Diluted loss per share was reported at $50.41 in 2025, compared with $0.44 in the previous year.
In its pay-TV segment, EchoStar saw a decrease of approximately 168,000 subscribers during the fourth quarter of 2025, which was less than the decline of about 253,000 subscribers in the same period last year. At year-end, EchoStar had a total of seven million pay-TV subscribers—comprising about five million DISH TV customers and nearly two million Sling TV customers.
Retail wireless subscribers decreased by about 9,000 during the fourth quarter of 2025; this compares with an increase of roughly 90,000 retail wireless subscribers during the same period last year. The company finished the quarter with about 7.51 million retail wireless subscribers.
Broadband subscriber numbers also fell by approximately 44,000 during Q4 of 2025—a smaller drop than last year’s decrease of around 59,000 subscribers—leaving EchoStar with roughly 739,000 broadband customers at year-end.
EchoStar’s segment results show that pay-TV revenue declined from approximately $10.69 billion in 2024 to about $9.70 billion in 2025; wireless segment revenue increased slightly; broadband and satellite services revenue dropped from roughly $1.58 billion to about $1.46 billion over the same period.
Operating income before depreciation and amortization (OIBDA) turned negative for several segments in both quarterly and annual comparisons—most notably within broadband and satellite services as well as other business lines—while adjusted OIBDA followed similar trends.
The company provided definitions for OIBDA and Adjusted OIBDA as non-GAAP measures intended to help management and investors evaluate operating profitability without certain costs or one-time items factored into GAAP results.
EchoStar will hold an earnings conference call on March 2 at 11:00 a.m Eastern Time via its investor relations website at ir.echostar.com or by phone using conference ID (13758309).
According to its statement: “We believe OIBDA 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… We believe Adjusted OIBDA is useful…as it excludes one-time, non-cash items that we do not consider to be reflective of our ongoing operating performance.”
EchoStar operates under several brands including Boost Mobile, Sling TV, DISH TV, HughesNet among others worldwide through subsidiaries such as EchoStar Mobile Limited (Europe) and EchoStar Global Australia (Australia). More details can be found at www.echostar.com or on X (Twitter) and LinkedIn.
The press release included cautionary language regarding forward-looking statements made under provisions set out by U.S law: “These forward-looking statements are based on management’s beliefs…You are cautioned not to place undue reliance on any forward-looking statements…”
