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EchoStar Corporation

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EchoStar Corporation • NASDAQ
$73.29 ▲ 3.40% (+2.41)
Market Cap $21.10 B
52w High $85.37
52w Low $14.90
Dividend Yield 0%
P/E -1.63
Volume 1.72M
Outstanding Shares 287.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.614B ▼ $640.487M ▼ $-12.781B ▼ -353.633% ▼ $-44.37 ▼ $-16.168B ▼
Q2-2025 $3.725B ▼ $1.123B ▼ $-306.132M ▼ -8.218% ▼ $-1.06 ▼ $380.153M ▼
Q1-2025 $3.87B ▼ $1.526B ▲ $-202.669M ▼ -5.237% ▼ $-0.71 ▼ $507.12M ▼
Q4-2024 $3.967B ▲ $1.024B ▼ $335.233M ▲ 8.451% ▲ $1.22 ▲ $1.117B ▲
Q3-2024 $3.891B $1.121B $-214.125M -5.503% $-0.79 $379.974M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.084B ▼ $45.271B ▼ $38.264B ▼ $6.951B ▼
Q2-2025 $4.333B ▼ $59.882B ▼ $40.091B ▼ $19.736B ▼
Q1-2025 $5.059B ▼ $60.572B ▼ $40.509B ▼ $20.008B ▼
Q4-2024 $5.547B ▲ $60.939B ▲ $40.693B ▲ $20.191B ▲
Q3-2024 $674.4M $57.547B $38.047B $19.443B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.781B ▼ $111.681M ▲ $149.679M ▲ $-196.875M ▼ $64.511M ▲ $309.377M ▲
Q2-2025 $-306.844M ▼ $7.512M ▼ $-143.002M ▲ $-34.15M ▲ $-168.389M ▲ $-739.389M ▼
Q1-2025 $-203.281M ▼ $206.755M ▲ $-1.657B ▲ $-331.847M ▼ $-1.78B ▼ $-51.672M ▲
Q4-2024 $335.119M ▲ $45.553M ▼ $-1.871B ▼ $3.614B ▲ $1.786B ▼ $-607.476M ▼
Q3-2024 $-141.812M $276.16M $-329.233M $2.314B $2.261B $-57.524M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Equipment sales and other revenue
Equipment sales and other revenue
 $220.00M ▲$240.00M ▲$260.00M ▲$180.00M ▼
Service revenue
Service revenue
 $3.67Bn ▲$3.72Bn ▲$3.61Bn ▼$3.54Bn ▼

Five-Year Company Overview

Income Statement

Income Statement EchoStar’s income statement shows a company in the middle of a major transition. Revenue has stepped up sharply in the last two years, helped by the DISH combination and broader service offerings. However, profitability has not kept pace. Operating results are slightly negative, and bottom‑line earnings have swung between modest profits in earlier years and meaningful losses more recently, especially around the merger period. This suggests integration costs, heavy depreciation, and network build‑out spending are weighing on margins. In short, the top line is growing on a much larger base, but the business is still working through a period of pressured profitability and volatility in earnings quality.

Balance Sheet

Balance Sheet The balance sheet has become much larger and more complex. Total assets have expanded several‑fold, reflecting satellites, network infrastructure, and the inclusion of DISH‑related assets. Alongside this, debt levels have also risen significantly, creating a more leveraged capital structure. Equity is substantial but now sits against a high level of liabilities, so financial risk is higher than in the past. Cash balances have improved from last year but remain relatively small compared with the size of the business and its debt. Overall, EchoStar now looks like a highly asset‑intensive, debt‑heavy communications platform that must manage leverage carefully while it invests for future growth.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive, which is a key strength and suggests the core services are cash‑generative even when accounting profits are under pressure. The challenge is that capital spending on satellites and networks has been very heavy, turning free cash flow negative in the most recent years. Earlier in the period, when investment was lower, free cash flow was positive but modest. Today, EchoStar is clearly in an investment phase, funding long‑term projects that may only pay off years down the line. This means cash flow is more dependent on access to financing and disciplined spending until those projects start to deliver stronger returns.

Competitive Edge

Competitive Edge Competitively, EchoStar sits in a unique niche: it combines a large satellite footprint, valuable spectrum, and the DISH distribution and brand presence. This gives the company strong incumbency in rural broadband, government and enterprise connectivity, and satellite TV. Its satellite fleet and spectrum rights are difficult and expensive for rivals to replicate, creating meaningful barriers to entry. At the same time, competition is intensifying from low‑Earth‑orbit constellations like Starlink, from fiber and cable on the ground, and from mobile operators expanding 5G. Execution on bundling, service quality, and pricing will be critical as EchoStar tries to turn its infrastructure advantage into durable, profitable customer relationships in a crowded and fast‑moving market.

Innovation and R&D

Innovation and R&D Innovation is at the core of EchoStar’s strategy. The company is pushing forward on multiple fronts: next‑generation high‑capacity satellites such as JUPITER 3, hybrid satellite‑cellular offerings like HughesNet Fusion, and ambitious plans for 5G non‑terrestrial networks and direct‑to‑device services. It is also building a global satellite network aimed at low‑power IoT connections, which could open new revenue streams from industrial and sensor‑based applications. These initiatives, combined with Open RAN 5G experimentation and new LEO constellations, show a clear bet on converged satellite‑terrestrial connectivity. The flip side is execution risk: timelines stretch over many years, capital needs are heavy, and the ultimate customer uptake is uncertain. Success would significantly enhance EchoStar’s strategic position, but the path is neither quick nor risk‑free.

Summary

EchoStar today is a much larger, more leveraged, and more complex communications company than it was a few years ago, driven by the DISH merger and aggressive investment in next‑generation networks. Revenues have scaled up, but profits are under pressure as the company absorbs integration costs and pours money into satellites and 5G‑related infrastructure. The balance sheet and cash flows reflect a classic “build‑out” phase: strong underlying operating cash, negative free cash flow, and higher debt. Strategically, EchoStar benefits from hard‑to‑replicate assets—satellites, spectrum, and brands—that give it a real moat in certain segments, especially rural and specialized connectivity. Its long‑term upside is tied to whether it can execute on 5G, direct‑to‑device, and IoT plans while managing leverage and capital intensity. Overall, this is a transformation story: significant potential, matched by significant execution, funding, and competitive risks over the coming years.

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