EchoStar Announces Financial Results for the Three Months Ended March 31, 2026

ENGLEWOOD, Colo., May 11, 2026 (GLOBE NEWSWIRE) -- EchoStar Corporation (NASDAQ: SATS) reported first quarter 2026 total revenue of $3.67 billion, compared to $3.87 billion in 2025. Net loss attributable to EchoStar in the first quarter of 2026 totaled $146.89 million, compared to $202.67 million in the year-ago quarter. Diluted loss per share was $0.51 in the first quarter of 2026, compared to $0.71 in 2025.

Pay-TV

• Net pay-TV subscribers decreased approximately 366,000 in the first quarter of 2026, compared to a decrease of approximately 381,000 in the year-ago quarter.
• The company closed the quarter with 6.63 million pay-TV subscribers, including 4.84 million DISH TV subscribers and 1.79 million Sling TV subscribers.
  
  

Retail Wireless

• Retail wireless subscribers increased by approximately 16,000 in the first quarter of 2026, compared to an increase of 150,000 in the year-ago quarter.
• The company closed the quarter with 7.53 million wireless subscribers.
  
  

Broadband and Satellite Services

• Broadband subscribers decreased by approximately 58,000 in the first quarter of 2026, compared to a decrease of 30,000 in the year-ago quarter.
• The company closed the quarter with 681,000 broadband subscribers.
  
  

Additional Details
Detailed financial data and other information are available in EchoStar’s Form 10-Q for the quarter ending March 31, 2026, filed with the Securities and Exchange Commission.

Please note that EchoStar will not host a live conference call to discuss its first quarter 2026 financial results. All financial results and related materials are available on EchoStar's investor relations website at ir.echostar.com.

Set forth below is a table highlighting certain of EchoStar's segment results for the three months ended March 31, 2026 and 2025 (all U.S. GAAP amounts reference results from operations):

	For the Three Months Ended
	March 31,
	2026				2025
	(In thousands)
Revenue
Pay-TV	$	2,294,264			$	2,538,727
Wireless		962,491				969,668
Broadband and Satellite Services		329,656				370,658
Other		90,983				62,297
Eliminations		(9,905	)			(71,592	)
Total	$	3,667,489			$	3,869,758
Net Income (loss) attributable to EchoStar	$	(146,885	)		$	(202,669	)
OIBDA
Pay-TV	$	527,433			$	729,873
Wireless		13,717				(73,707	)
Broadband and Satellite Services		94,124				85,703
Other		(75,990	)			(324,481	)
Eliminations		164				(17,187	)
Total	$	559,448			$	400,201
Adjusted OIBDA
Pay-TV	$	527,433			$	729,873
Wireless		13,717				(73,707	)
Broadband and Satellite Services		94,124				85,703
Other		(142,149	)			(324,481	)
Eliminations		164				(17,187	)
Total	$	493,289			$	400,201
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)
Pay-TV	$	88,128			$	62,388
Wireless		28,833				—
Broadband and Satellite Services		11,610				32,103
Other		4,864				283,993
	$	133,435			$	378,484

Reconciliation of GAAP to Non-GAAP Measurement:

		Pay-TV			Wireless				Broadband and Satellite Services				Other				Eliminations				Consolidated Total
For the Three Months Ended March 31, 2026		(In thousands)
Segment operating income (loss)		$	471,567		$	(35,782	)		$	44,184			$	(87,295	)		$	173			$	392,847
Depreciation and amortization			55,866			49,499				49,940				11,305				(9	)			166,601
OIBDA			527,433			13,717				94,124				(75,990	)			164				559,448
Impairments and other			—			—				—				(66,159	)			—				(66,159	)
Adjusted OIBDA		$	527,433		$	13,717			$	94,124			$	(142,149	)		$	164			$	493,289
For the Three Months Ended March 31, 2025
Segment operating income (loss)		$	653,430		$	(93,894	)		$	(19,195	)		$	(628,410	)		$	(63	)		$	(88,132	)
Depreciation and amortization			76,443			20,187				104,898				303,929				(17,124	)			488,333
OIBDA			729,873			(73,707	)			85,703				(324,481	)			(17,187	)			400,201
Impairments and other			—			—				—				—				—				—
Adjusted OIBDA		$	729,873		$	(73,707	)		$	85,703			$	(324,481	)		$	(17,187	)		$	400,201

Note on Use of Non-GAAP Financial Measures

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

Adjusted OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization" and "Impairments and other."

OIBDA and Adjusted OIBDA, which are presented by segment above, are non-GAAP measures reconciled to "Operating income (loss)" and do not purport to be alternatives to operating income (loss) as a measure of operating performance. 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, as well as in evaluating operating performance in relation to our competitors.

We believe Adjusted OIBDA is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments as it excludes one-time, non-cash items that we do not consider to be reflective of our ongoing operating performance.

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.

©2026 EchoStar. Hughes, HughesNet, DISH, and Boost Mobile are registered trademarks of one or more affiliate companies of EchoStar Corp.

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, 2025 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
	March 31,				December 31,
	2026				2025
Assets
Current Assets:
Cash and cash equivalents	$	1,343,780			$	1,883,074
Current restricted cash, cash equivalents and marketable investment securities		—				175,838
Marketable investment securities		172,323				1,100,891
Trade accounts receivable, net of allowance for credit losses of $83,611 and $79,590, respectively		1,258,708				1,273,849
Inventory		395,123				380,647
Prepaids and other assets		359,657				284,194
Other current assets		19,849				34,678
Total current assets		3,549,440				5,133,171
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		176,759				176,203
Property and equipment, net		2,200,571				2,243,515
Regulatory authorizations, net		34,550,802				34,548,952
Other investments, net		208,655				194,046
Operating lease assets		217,635				214,549
Intangible assets, net		51,236				54,413
Other noncurrent assets, net		420,594				451,506
Total noncurrent assets		37,826,252				37,883,184
Total assets	$	41,375,692			$	43,016,355
Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	579,907			$	541,706
Deferred revenue and other		620,733				639,173
Accrued programming		1,137,147				1,224,222
Accrued interest		626,229				309,462
Other accrued expenses and liabilities		2,564,432				2,327,587
Current portion of debt, finance lease and other obligations		6,237,306				7,321,269
Total current liabilities		11,765,754				12,363,419
Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion		18,015,274				18,658,602
Deferred tax liabilities, net		575,102				598,590
Operating lease liabilities		3,985,604				4,137,269
Long-term deferred revenue and other long-term liabilities		1,356,555				1,446,477
Total long-term obligations, net of current portion		23,932,535				24,840,938
Total liabilities		35,698,289				37,204,357
Commitments and Contingencies
Stockholders’ Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 159,722,874 and 159,266,457 shares issued, 157,933,854 and 157,477,437 shares outstanding, respectively		160				159
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		8,886,945				8,875,937
Accumulated other comprehensive income (loss)		(181,786	)			(183,188	)
Accumulated earnings (deficit)		(3,025,628	)			(2,878,743	)
Treasury stock, at cost, 1,789,020 shares		(48,512	)			(48,512	)
Total EchoStar stockholders’ equity (deficit)		5,631,310				5,765,784
Noncontrolling interests		46,093				46,214
Total stockholders’ equity (deficit)		5,677,403				5,811,998
Total liabilities and stockholders’ equity (deficit)	$	41,375,692			$	43,016,355

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	(Dollars in thousands, except per share amounts)
	(Unaudited)
	For the Three Months Ended
	March 31,
	2026				2025
Revenue:
Service revenue	$	3,375,540			$	3,606,156
Equipment sales and other revenue		291,949				263,602
Total revenue		3,667,489				3,869,758
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		1,998,268				2,432,198
Cost of sales - equipment and other		536,907				439,508
Selling, general and administrative expenses		639,025				597,851
Depreciation and amortization		166,601				488,333
Impairments and other		(66,159	)			—
Total costs and expenses		3,274,642				3,957,890
Operating income (loss)		392,847				(88,132	)
Other Income (Expense):
Interest income		29,409				65,529
Interest expense, net of amounts capitalized		(592,660	)			(286,055	)
Other, net		2,184				41,390
Total other income (expense)		(561,067	)			(179,136	)
Income (loss) before income taxes		(168,220	)			(267,268	)
Income tax (provision) benefit, net		20,920				63,987
Net income (loss)		(147,300	)			(203,281	)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		(415	)			(612	)
Net income (loss) attributable to EchoStar	$	(146,885	)		$	(202,669	)
Weighted-average common shares outstanding - Class A and B common stock:
Basic		289,014				286,513
Diluted		289,014				286,513
Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(0.51	)		$	(0.71	)
Diluted net income (loss) per share attributable to EchoStar	$	(0.51	)		$	(0.71	)

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	(In thousands)
	(Unaudited)
	For the Three Months Ended
	March 31,
	2026				2025
Cash Flows From Operating Activities:
Net income (loss)	$	(147,300	)		$	(203,281	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		166,601				488,333
Impairments and other		(66,159	)			—
Realized and unrealized losses (gains) and impairments on investments and other		2,737				(35,769	)
Non-cash, stock-based compensation		10,233				7,609
Interest expense paid in kind on long-term debt		—				57,073
Deferred tax expense (benefit)		(28,582	)			(68,902	)
Changes in allowance for credit losses		4,021				(1,987	)
Change in long-term deferred revenue and other long-term liabilities		(60,073	)			(2,772	)
Other, net		79,253				(5,446	)
Changes in operating assets and operating liabilities,net		277,553				(28,103	)
Net cash flows from operating activities		238,284				206,755
Cash Flows From Investing Activities:
Purchases of marketable investment securities		(577,181	)			(1,807,779	)
Sales and maturities of marketable investment securities		1,521,282				553,812
Purchases of property and equipment		(133,435	)			(258,427	)
Capitalized interest related to regulatory authorizations		—				(120,057	)
Other, net		38,429				(4,268	)
Net cash flows from investing activities		849,095				(1,636,719	)
Cash Flows From Financing Activities:
Repayment of debt, finance lease and other obligations		(5,654	)			(24,671	)
Redemption and repurchases of debt		(1,787,082	)			(289,383	)
Early debt redemption gains (losses)		—				11,465
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan		7,513				2,534
Other, net		1,727				(31,792	)
Net cash flows from financing activities		(1,783,496	)			(331,847	)
Effect of exchange rates on cash and cash equivalents		(240	)			1,714
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents		(696,357	)			(1,760,097	)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period		2,182,155				4,593,804
Cash, cash equivalents, restricted cash and cash equivalents, end of period	$	1,485,798			$	2,833,707

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