SATS
EchoStar Corporation103.64
-0.29-0.28%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Towers litigated; decom costs narrowed
Q&A detailed EchoStar's tower payment stoppage as force majeure after FCC spectrum probe, noting hundreds of settlements but protracted litigation from holdouts since lawyers took over. Management tightened decommissioning and tax cash estimates to $5-7B, down from prior $7-10B range. DISH Wireless sits very close to EBITDA breakeven, with Charlie now hands-on pushing profitable new customers. EchoStar bets big on SpaceX as direct-to-device leader, with customer service agreement in place. Tower fights will drag. Hamid stayed vague on spectrum sale proceeds allocation amid SpaceX IPO uncertainties. Investors eye litigation outcomes and Q2 updates—no Q1 call planned.
Key Stats
Market Cap
29.84BP/E (TTM)
-Basic EPS (TTM)
-45.02Dividend Yield
0%Recent Filings
8-K
DISH DBS inks deleveraging RSA
EchoStar, DISH Network, and DISH DBS signed a Restructuring Support Agreement on March 19, 2026, with holders of over 82% of DISH DBS notes, committing to transactions that significantly deleverage DISH DBS. On March 16, DBS SubscriberCo prepaid $1.6B in 11.25% term loans and 13.75% preferred interests without penalty. Deal adds M&A flexibility while dismissing all pending litigation. Cash sweeps start 2027.
10-K
FY2025 results
EchoStar's FY2025 10-K reveals massive $17.6B non-cash impairments in Q3-Q4 from abandoning 5G network portions post-AT&T ($22.7B cash) and SpaceX ($20B, ~$11B equity) spectrum deals, slashing Other segment assets after FCC-mandated sales. Pay-TV shed 780K subs to 7.0M amid cord-cutting, yet ARPU rose 1.4% to $110 amid hikes; Wireless grew 516K to 7.5M with Hybrid MNO shift, ARPU up 2.3%. Debt tops $26B with $6.5B due 2026; $3B cash strains liquidity amid going concern warning. Q4 Hybrid MNO transition stabilized Wireless churn at 2.84%. Deals pending H1 2026 close; pending deals risk delays.
8-K
Akhavan moves to EchoStar Capital CEO
EchoStar shifted Hamid Akhavan from CEO to head of new EchoStar Capital division on November 6, 2025, formalizing it via December 26 letter agreement through 2026. Base salary holds at $2.5M with up to $2.5M bonus; final tranche of 233,918 stock options accelerates on qualifying termination. Future equity rests with Chairman and committee. No new grants planned.
10-Q
Q3 FY2025 results
EchoStar's Q3 revenue dipped 7.1% y/y to $3.614B, with Pay-TV down 10.6% y/y from subscriber losses yet ARPU up 1.0% y/y to $109.97 on price hikes; Wireless grew 4.5% y/y to $939M on 7.7% subscriber gains to 7.520M, ARPU +2.6% y/y to $37.22. Operating loss exploded to $(16.642)B from $16.481B impairments on 5G network decommissioning after AT&T ($22.65B, H1 2026 close) and SpaceX ($17B, Nov 2027 close) spectrum deals, recognizing no goodwill. Cash fell to $2.432B with $326M operating cash flow but $1.484B capex; $26.3B debt looms with $4.5B current. Free cash flow negative. AT&T deal pays off $7.6B intercompany loans secured by sold spectrum.
8-K
EchoStar ups SpaceX spectrum sale
EchoStar amended its deal with SpaceX on November 5, 2025, adding 15 MHz of AWS-3 spectrum (1695–1710 MHz) for $2.6B in SpaceX Class A stock at $212/share, lifting total consideration to $19.6B with up to $11.1B in stock. Leadership shuffled too: Ergen steps in as Chairman, President, and CEO; Akhavan shifts to CEO of new EchoStar Capital division. Deal awaits regulatory nods. Operations unchanged.
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