Financial profile · Q3 FY2026

A communications portfolio reshaped by divestitures and subsidiary deconsolidations

Across the multi-year record, reported scale has shifted sharply, operating earnings have been uneven, and capital spending has at times exceeded operating cash generation. The latest restructuring makes reported results more sensitive to asset transactions and changes in which businesses are consolidated, alongside recurring service performance.

What changed

The spectrum sale and midyear subsidiary deconsolidations materially changed EchoStar’s asset base and reporting perimeter. As a result, recent earnings and revenue are less directly comparable with the prior-year business and less representative of recurring service economics alone.

What matters next

Whether the remaining consolidated businesses sustain positive operating cash flow as transaction-related gains and restructuring effects leave the comparisons.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
1.8B 1.9B 1.8B 1.9B 1.9B 2B 2B 17B 15.8B 15B
(725.2m) (758.5m) (740.5m) (787.4m) (744.4m) (783.7m) (862.1m) (11.9B) (11.8B) (11.1B)
1.1B 1.1B 1B 1.1B 1.1B 1.2B 1.1B 5.1B 4.1B 3.9B
(789.1m) (919.9m) (920.8m) (1B) (1B) (984.8m) (945.6m) (4.6B) (4.4B) (4B)
(325m) (366m) (436.1m) (509.1m) (474.9m) (461.7m) (455.2m) (3B) (2.4B) (2.4B)
R&D
(31.2m) (31.7m) (27.6m) (25.7m) (29.4m) (31.8m) (32.8m) — — —
(432.9m) (522.2m) (457.1m) (490.8m) (525m) (491.3m) (457.6m) (1.6B) (1.9B) (1.6B)
296.2m 207.1m 101.3m 73.1m 114.2m 217.2m 190.3m 483.2m (304.1m) (91.1m)
(81.7m) (98.9m) (173.2m) (166.1m) (140.5m) (21m) 40.4m (1.7B) (516.2m) (1.3B)
123.5m 217.2m 219.3m 251m 147.9m 95.5m 57.2m 90.4m 481.6m 1.5B
0 (14.1m) (65.2m) 0 (1.7m) (55.5m) (700k) (727.9m) 688.7m (17.5B)
— — — — — — — — 50.4m —
2.1m 6.6m 11.2m (200k) 200k (12.4m) 3.2m (21.9m) 5.6m 2.7m
216.6m 100.7m (125.8m) (93.2m) (27.8m) 128.3m 233.2m (1.9B) (75.6m) (18.9B)
(80.3m) (19.2m) (6.6m) (20.5m) (24.1m) (65.6m) (66.7m) 296.9m (48.9m) 4.4B
136.4m 81.5m (132.4m) (113.7m) (51.9m) 62.7m 166.5m (1.6B) (124.5m) (14.5B)
(800k) (900k) (1.8m) 11.3m 11.8m 10.2m 10.5m (67.2m) 5m 9.8m
181.7m 393.8m (40.5m) (62.9m) (40.2m) 72.9m 177.1m (1.7B) (119.5m) (14.5B)
1.92 4.07 (0.42) (0.65) (0.41) 0.81 2.10 (6.28) (0.44) (50.41)