EchoStar Corporation
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsEchoStar Corp is a communications services provider undergoing a major restructuring after deconsolidating its Pay-TV and Other segments following prepackaged Chapter 11 bankruptcy filings.
What they do
EchoStar operates in four primary segments: Pay-TV (DISH and SLING brands), Wireless (Boost Mobile and Gen Mobile), Broadband and Satellite Services, and Other. As of June 30, 2026, the Pay-TV segment and substantially all of the Other segment were deconsolidated for financial reporting purposes due to bankruptcy proceedings. The Wireless segment operates as a hybrid MNO, utilizing AT&T's network services while maintaining its own 5G Network core.
Revenue drivers
- Pay-TV — Offers DISH satellite and SLING streaming services; represents substantially all of the Pay-TV segment, which was deconsolidated as of June 30, 2026.
- Wireless — Provides nationwide wireless services under Boost Mobile and Gen Mobile; includes device sales and service revenue; transitioned to a hybrid MNO model using AT&T's network.
- Broadband and Satellite Services — Includes satellite broadband and related services; a primary segment remaining after deconsolidation.
- Other — Includes various smaller operations; substantially all expenses from this segment were deconsolidated as of June 30, 2026.
Recent performance
For the fiscal year 2025, EchoStar reported revenue of $15.00B, down from $15.83B in 2024, and a net loss of $14.50B, compared to a net loss of $119.5M in 2024. Operating cash flow turned negative at -$99.4M in 2025, versus $1.25B in 2024. In the quarter ended June 30, 2026, revenue was $3.58B, and the company recorded a non-cash deconsolidation gain of $9.729 billion upon deconsolidating subsidiaries. The deconsolidation removes substantially all of the Pay-TV and Other segments from future results.
Strategy
EchoStar is executing a prepackaged Chapter 11 plan for its DISH DBS and DISH Wireless filing entities, targeting emergence in the second half of 2026. Upon emergence, the company expects to regain control of the deconsolidated subsidiaries and reconsolidate them based on fair value. In the Wireless segment, the company has transitioned to a hybrid MNO model, migrating all customer traffic to AT&T's network while maintaining its own 5G core. The company also continues to focus on its Broadband and Satellite Services segment.
Risks
- Bankruptcy proceedings — The prepackaged Chapter 11 cases are subject to Bankruptcy Court approval; failure to confirm the plan could delay or alter the restructuring.
- Deconsolidation impact — Substantially all of the Pay-TV and Other segments have been deconsolidated, removing a major revenue source and causing significant volatility in reported results.
- Reconsolidation uncertainty — Upon emergence, the company will reconsolidate the deconsolidated subsidiaries at fair value, which could lead to substantial adjustments and potential impairments.
- Liquidity constraints — Cash and equivalents were $440.0M as of June 30, 2026, with negative operating cash flow in 2025, raising concerns about near-term liquidity.
Outlook
Management expects the Filing Entities to emerge from the prepackaged Chapter 11 plan during the second half of 2026, subject to Bankruptcy Court approval. Upon emergence, the company will reconsolidate the DISH DBS subsidiaries, returning substantially all of the Pay-TV operations to its financial statements. Prospectively, beginning in Q3 2026, results will be materially different as the deconsolidated operations are excluded. The company continues to target a hybrid MNO model for its Wireless segment.