ECHOEchoStar

Communication · Communications Services · Nasdaq

EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada. 10-K, Item 1

Employees: 12,100
Headquarters: Englewood, CO
CEO: Cantey Ergen

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Dilution: new shares, stock pay and buybacks

prospectuses (S-3, 424B) of the last three years and the 10-K cash flow From EDGAR

Shares offered

Since Nov 11, 2023: 1 convertible offering, 1 registration of shares for a merger, units or notes, 2 shelf registrations; also 1 notes offering, 2 resales by holders.

Nov 12, 2024 Convertible notes: $5.4B 424B5
Nov 7, 2024 Shares for a merger, units or notes 424B3
Jan 4, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR
Jan 2, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR

“Aggregate Principal Amount of 10.75% Senior Secured Notes due 2029 and $29,999,993 Aggregate Principal Amount of 3.875% Convertible Senior Secured Notes due 2030 EchoStar Corporation (“EchoStar,” “we” or the “Company”), is offering $5,355,999,854 Aggregate Principal Amount of 10.75% Senior Secured Notes due 2029 (the “New Senior Spectrum Secured Notes”) and $29,999,993 Aggregate Principal Amount of 3.875% …”
424B5, Nov 12, 2024 ↗

Every offering filing →

Paid in stock

$36.3M

stock-based pay, year to Dec 31, 2025

Bought back

$48.5M

cash paid for its own shares, year to Dec 31, 2025: 1.3× the stock pay

Diluted shares: 287.59M in the year to Dec 31, 2025 2025 +4.9%2024 +1.2%2023 -12.0%2022 -1.7%

Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How

Where the cash came from and where it went

Last year 3 years 5 years

FY2025, from the cash flow statement in the 10-K, added up.

Came from

Debt raised ProceedsFromIssuanceOfSeniorLongTermDebt, 0001104659-26-021817	$150.0M
Cash on hand used CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001104659-26-021817	$2.4B

Went to

Operating cash flow (outflow) NetCashProvidedByUsedInOperatingActivities, 0001104659-26-021817	$99.4M
Capital spending PaymentsToAcquirePropertyPlantAndEquipment, 0001104659-26-021817	$965.7M
Buybacks PaymentsForRepurchaseOfCommonStock, 0001104659-26-021817	$48.5M
Other, net investments bought and sold, other financing and investing lines, and exchange rates	$1.4B

Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.

Each CEO's years

The CEO of each fiscal year as named in the proxy's pay versus performance table, and what the 10-Ks show for those years. Facts, not a grade.

Mr. Ergen

FY2025 · 1 year in the table

Operating cash flow: -$99.4M
Capital spending: $965.7M
Buybacks: $48.5M
Stock-based pay: $36.3M
Diluted shares since FY2024: +4.9%
Revenue since FY2024: -5%
Debt since FY2024: -$623.4M
CEO pay (reported): $13.2M

The proxy that names the CEO ↗

Buybacks, year to Dec 31, 2025

$48.5M

cash paid for its own shares

Paid in stock to employees

$36.3M

buybacks were 1.3× this

Share count, 1 year

+4.9%

more shares: owners are diluted

Share count, 3 years

-6.5%

diluted average shares

Fiscal year to	Buybacks	Dividends	Stock pay	Shares issued for cash	Diluted shares
2025-12-31	$48.5M	-	$36.3M	-	287.59M
2024-12-31	-	-	$36.4M	-	274.08M
2023-12-31	-	-	$51.5M	-	270.84M
2022-12-31	$89.3M	-	$83.0M	$0	307.73M
2021-12-31	$261.4M	-	$59.4M	$408K	313.12M

From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.

Price paid per share

What ECHO paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.

Cheapest year

$17.79

fiscal year to Dec 31, 2010

Dearest year

$34.95

fiscal year to Dec 31, 2018

Average over these years

$24.04

$428.3M spent

Fiscal year to	Shares bought	Spent	Average price
2022-12-31	3.98M	$89.3M	$22.43
2021-12-31	10.94M	$261.6M	$23.91
2020-12-31	1.91M	$43.5M	$22.80
2018-12-31	953K	$33.3M	$34.95
2010-12-31	34K	$605K	$17.79

Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out. The latest year with both numbers tagged is 2022.

Work on ECHO in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ECHO/export.csv") into a cell.