EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2026

ENGLEWOOD, Colo., Aug. 03, 2026 (GLOBE NEWSWIRE) -- EchoStar Corporation (NASDAQ: ECHO) reported second quarter 2026 total revenue of $3.58 billion, compared to $3.72 billion in 2025. Net income attributable to EchoStar in the second quarter of 2026 totaled $8.46 billion, compared to a net loss of $306.13 million in the year-ago quarter. The net income in 2026 was primarily attributable to a non-cash gain on deconsolidation totaling approximately $9.73 billion. Excluding the tax affected impact of the non-cash adjustment for 2026, the net income attributable to EchoStar would have been approximately $49.46 million. Diluted earnings per share was $24.12 in the second quarter of 2026, compared to a loss of $1.06 in 2025.

Pay-TV

Net pay-TV subscribers decreased approximately 241,000 in the second quarter of 2026, compared to a decrease of approximately 261,000 in the year-ago quarter.
The company closed the quarter with 6.39 million pay-TV subscribers, including 4.68 million DISH TV subscribers and 1.71 million Sling TV subscribers.

Retail Wireless

Retail wireless subscribers decreased by approximately 118,000 in the second quarter of 2026, compared to an increase of 212,000 in the year-ago quarter.
The company closed the quarter with 7.38 million wireless subscribers.

Broadband and Satellite Services

Broadband subscribers decreased by approximately 59,000 in the second quarter of 2026, compared to a decrease of 34,000 in the year-ago quarter.
The company closed the quarter with 622,000 broadband subscribers.

Additional Details

Detailed financial data and other information are available in EchoStar’s Form 10-Q for the quarter ending June 30, 2026, filed with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Monday, August 3, 2026, at 12:00 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: (877) 484-6065 (U.S.) or +1 (201) 689-8846. When prompted on dial-in, please utilize the conference ID 13762022 or ask for the "EchoStar Corporation Q2 2026 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.

Set forth below is a table highlighting certain of EchoStar's segment results for the three months ended June 30, 2026 and 2025 (all U.S. GAAP amounts reference results from operations):

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
	(In thousands)
Revenue
Pay-TV	$	2,248,534		$	2,462,249		$	4,542,798		$	5,000,976
Wireless		929,023			931,803			1,891,514			1,901,471
Broadband and Satellite Services		316,904			339,780			646,560			710,438
Other		91,548			71,876			182,531			134,173
Eliminations		(9,845	)		(80,749	)		(19,750	)		(152,341	)
Total	$	3,576,164		$	3,724,959		$	7,243,653		$	7,594,717

Net Income (loss) attributable to EchoStar	$	8,462,372		$	(306,132	)	$	8,315,487		$	(508,801	)

OIBDA
Pay-TV	$	600,656		$	663,377		$	1,128,089		$	1,393,250
Wireless		50,760			(98,909	)		64,477			(172,616	)
Broadband and Satellite Services		100,474			67,699			194,598			153,402
Other		(69,118	)		(337,075	)		(145,108	)		(661,556	)
Eliminations		709			(15,445	)		873			(32,632	)
Total	$	683,481		$	279,647		$	1,242,929		$	679,848

Adjusted OIBDA
Pay-TV	$	600,656		$	663,377		$	1,128,089		$	1,393,250
Wireless		50,760			(98,909	)		64,477			(172,616	)
Broadband and Satellite Services		100,199			67,699			194,323			153,402
Other		(71,129	)		(337,075	)		(213,278	)		(661,556	)
Eliminations		709			(15,445	)		873			(32,632	)
Total	$	681,195		$	279,647		$	1,174,484		$	679,848

Purchases of property and equipment (including capitalized interest related to regulatory authorizations)
Pay-TV	$	55,262		$	78,580		$	143,390		$	140,968
Wireless		28,992			—			57,825			—
Broadband and Satellite Services		6,942			43,118			18,552			75,221
Other		1,103			625,203			5,967			909,196
	$	92,299		$	746,901		$	225,734		$	1,125,385

Reconciliation of GAAP to Non-GAAP Measurement:

	Pay-TV		Wireless			Broadband and Satellite Services			Other			Eliminations			Consolidated Total
For the Three Months Ended June 30, 2026	(In thousands)
Segment operating income (loss)	$	542,341	$	(97	)	$	50,457		$	(80,472	)	$	709		$	512,938
Depreciation and amortization		58,315		50,857			50,017			11,354			—			170,543
OIBDA		600,656		50,760			100,474			(69,118	)		709			683,481
Impairments and other		—		—			(275	)		(2,011	)		—			(2,286	)
Adjusted OIBDA	$	600,656	$	50,760		$	100,199		$	(71,129	)	$	709		$	681,195

For the Three Months Ended June 30, 2025
Segment operating income (loss)	$	595,552	$	(118,159	)	$	(36,738	)	$	(654,788	)	$	725		$	(213,408	)
Depreciation and amortization		67,825		19,250			104,437			317,713			(16,170	)		493,055
OIBDA		663,377		(98,909	)		67,699			(337,075	)		(15,445	)		279,647
Impairments and other		—		—			—			—			—			—
Adjusted OIBDA	$	663,377	$	(98,909	)	$	67,699		$	(337,075	)	$	(15,445	)	$	279,647

	Pay-TV		Wireless			Broadband and Satellite Services			Other			Eliminations			Consolidated Total
For the Six Months Ended June 30, 2026	(In thousands)
Segment operating income (loss)	$	1,013,908	$	(35,879	)	$	94,641		$	(167,767	)	$	882		$	905,785
Depreciation and amortization		114,181		100,356			99,957			22,659			(9	)		337,144
OIBDA		1,128,089		64,477			194,598			(145,108	)		873			1,242,929
Impairments and other		—		—			(275	)		(68,170	)		—			(68,445	)
Adjusted OIBDA	$	1,128,089	$	64,477		$	194,323		$	(213,278	)	$	873		$	1,174,484

For the Six Months Ended June 30, 2025
Segment operating income (loss)	$	1,248,982	$	(212,053	)	$	(55,933	)	$	(1,283,198	)	$	662		$	(301,540	)
Depreciation and amortization		144,268		39,437			209,335			621,642			(33,294	)		981,388
OIBDA		1,393,250		(172,616	)		153,402			(661,556	)		(32,632	)		679,848
Impairments and other		—		—			—			—			—			—
Adjusted OIBDA	$	1,393,250	$	(172,616	)	$	153,402		$	(661,556	)	$	(32,632	)	$	679,848

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: ECHO) 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, 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
	June 30,			December 31,
	2026			2025
Assets
Current Assets:
Cash and cash equivalents	$	439,988		$	1,883,074
Current restricted cash, cash equivalents and marketable investment securities		1,055,678			175,838
Marketable investment securities		56,205			1,100,891
Trade accounts receivable, net of allowance for credit losses of $167,370 and $79,590, respectively		905,613			1,273,849
Inventory		322,390			380,647
Prepaids and other assets		229,671			284,194
Regulatory authorizations held for sale, net		16,822,253			—
Other current assets		21,926			34,678
Total current assets		19,853,724			5,133,171

Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		55,081			176,203
Property and equipment, net		1,760,321			2,243,515
Regulatory authorizations, including restricted, net		17,116,754			34,548,952
Other investments, net		212,562			194,046
Operating lease assets		66,696			214,549
Intangible assets, net		49,124			54,413
Other noncurrent assets, net		311,136			451,506
Total noncurrent assets		19,571,674			37,883,184
Total assets	$	39,425,398		$	43,016,355

Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	251,882		$	541,706
Deferred revenue and other		221,389			639,173
Accrued programming		—			1,224,222
Accrued interest		170,350			309,462
Other accrued expenses and liabilities		1,727,475			2,327,587
Current portion of debt, finance lease and other obligations		1,446,316			7,321,269
Total current liabilities		3,817,412			12,363,419

Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion		15,985,387			18,658,602
Deferred tax liabilities, net		3,406,850			598,590
Operating lease liabilities		120,325			4,137,269
Long-term deferred revenue and other long-term liabilities		1,894,020			1,446,477
Total long-term obligations, net of current portion		21,406,582			24,840,938
Total liabilities		25,223,994			37,204,357

Commitments and Contingencies

Stockholders’ Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 160,892,524 and 159,266,457 shares issued, 159,103,504 and 157,477,437 shares outstanding, respectively		161			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		8,949,104			8,875,937
Accumulated other comprehensive income (loss)		(182,530	)		(183,188	)
Accumulated earnings (deficit)		5,436,744			(2,878,743	)
Treasury stock, at cost, 1,789,020 shares		(48,512	)		(48,512	)
Total EchoStar stockholders’ equity (deficit)		14,155,098			5,765,784
Noncontrolling interests		46,306			46,214
Total stockholders’ equity (deficit)		14,201,404			5,811,998
Total liabilities and stockholders’ equity (deficit)	$	39,425,398		$	43,016,355

ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Revenue:
Service revenue	$	3,301,538		$	3,540,107		$	6,677,078		$	7,146,263
Equipment sales and other revenue		274,626			184,852			566,575			448,454
Total revenue		3,576,164			3,724,959			7,243,653			7,594,717

Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		1,928,151			2,461,631			3,926,419			4,893,829
Cost of sales - equipment and other		418,970			354,187			955,877			793,695
Selling, general and administrative expenses		547,848			629,494			1,186,873			1,227,345
Depreciation and amortization		170,543			493,055			337,144			981,388
Impairments and other		(2,286	)		—			(68,445	)		—
Total costs and expenses		3,063,226			3,938,367			6,337,868			7,896,257

Operating income (loss)		512,938			(213,408	)		905,785			(301,540	)

Other Income (Expense):
Interest income		40,912			65,369			70,321			130,898
Interest expense, net of amounts capitalized		(509,146	)		(279,232	)		(1,101,806	)		(565,287	)
Deconsolidation gain		9,728,958			—			9,728,958			—
Other, net		16,452			35,137			18,636			76,527
Total other income (expense)		9,277,176			(178,726	)		8,716,109			(357,862	)

Income (loss) before income taxes		9,790,114			(392,134	)		9,621,894			(659,402	)
Income tax (provision) benefit, net		(1,327,569	)		85,290			(1,306,649	)		149,277
Net income (loss)		8,462,545			(306,844	)		8,315,245			(510,125	)

Less: Net income (loss) attributable to noncontrolling interests, net of tax		173			(712	)		(242	)		(1,324	)
Net income (loss) attributable to EchoStar	$	8,462,372		$	(306,132	)	$	8,315,487		$	(508,801	)

Weighted-average common shares outstanding - Class A and B common stock:
Basic		290,141			287,505			289,581			287,012
Diluted		351,622			287,505			351,432			287,012

Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	29.17		$	(1.06	)	$	28.72		$	(1.77	)
Diluted net income (loss) per share attributable to EchoStar	$	24.12		$	(1.06	)	$	23.76		$	(1.77	)

ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	For the Six Months Ended
	June 30,
	2026			2025
Cash Flows From Operating Activities:
Net income (loss)	$	8,315,245		$	(510,125	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		337,144			981,388
Impairments and other		(68,445	)		—
Deconsolidation gain		(9,728,958	)		—
Realized and unrealized losses (gains) and impairments on investments and other		(8,472	)		(64,831	)
Non-cash, stock-based compensation		23,363			16,123
Interest expense paid in kind on long-term debt		—			114,756
Deferred tax expense (benefit)		1,289,307			(174,719	)
Changes in allowance for credit losses		(5,352	)		15,603
Change in long-term deferred revenue and other long-term liabilities		(82,222	)		420
Other, net		100,005			609
Changes in operating assets and operating liabilities, net		56,709			(164,957	)
Net cash flows from operating activities		228,324			214,267

Cash Flows From Investing Activities:
Purchases of marketable investment securities		(577,120	)		(2,247,724	)
Sales and maturities of marketable investment securities		1,571,636			1,526,245
Purchases of property and equipment		(225,734	)		(551,600	)
Capitalized interest related to regulatory authorizations		—			(573,785	)
SpaceX Reimbursement of Cash Interim Debt Service Payments		413,663			—
Cash divested from the Deconsolidated Entities		(362,968	)		—
Sale of Fiber business		—			47,207
Other, net		(7,743	)		(64	)
Net cash flows from investing activities		811,734			(1,799,721	)

Cash Flows From Financing Activities:
Repayment of debt, finance lease and other obligations		(16,221	)		(46,272	)
Redemption and repurchases of debt		(1,787,082	)		(456,049	)
Proceeds from issuance of debt		—			150,000
Debt issuance costs and debt (discount) premium		—			(946	)
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		21,689			6,994
Other, net		2,700			(31,189	)
Net cash flows from financing activities		(1,778,914	)		(365,997	)

Effect of exchange rates on cash and cash equivalents		19			2,965

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents		(738,837	)		(1,948,486	)
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	$	1,443,318		$	2,645,318

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