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ECHOEchoStar

Communication · Communications Services · Nasdaq

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FY2025 at a glance

Sales down 5.2%, free cash flow down to -$1.1B

XBRL, from each 10-K

RevenueStatements ↓

$15.0B

from $15.8B in FY2024

FY2016FY2025

Net incomeStatements ↓

-$14.5B

from -$119.5M in FY2024

FY2016FY2025

Free cash flowStatements ↓

-$1.1B

from -$292.2M in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$-50.41

from $-0.44 in FY2024

FY2016FY2025

Operating marginStatements ↓

-118.1%

from -1.9% in FY2024

FY2016FY2025

Total debtStatements ↓

$26.0B

from $26.6B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	27.58	Sales (ttm)	12.2B	Net income (ttm)	1.1B	Sales growth	-5.2%	EPS growth	-	Sales Q/Q	-68.8%
Free cash flow	-532.8M	Gross margin	-	Oper. margin	2.3%	Net margin	8.8%	FCF margin	-4.4%	ROE	6.3%
ROA	2.9%	R&D / sales	0.5%	Dividend	-	Debt/Eq	0.57	Curr. ratio	10.16	Cash	13.4B
Op. cash flow (ttm)	-84.0M	EBITDA	-16.1B	EBITDA margin	-107.5%	Net debt	-3.8B	Quick ratio	9.90	Stock pay / sales	0.2%
Shares out.	351.2M	Shares Y/Y	+4.9%	Book / share	48.25	Cash / share	38.26	Sales / share	34.65	Asset turnover	0.34
Days sales out.	31	Sales 3Y CAGR	-7.0%	Sales 5Y CAGR	+51.4%	Employees	12,100	Sales / employee	1.0M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Operating margin narrowed to -118.1%-1.9% → -118.1% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

ECHO against Communication peers

Ten years, side by side → · All 19 →

ECHOPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 19 companies, the better end on the right. Hover a dot for the company.

Sales growth

-5.2%19th of 19 · median +6.8%

Net margin

8.8%11th of 19 · median 9.2%

Return on equity

6.3%17th of 19 · median 12.7%

Free cash flow margin

-4.4%16th of 16 · median 10.0%

Debt / equity (less is better)

0.577th of 17 · median 0.94

ECHO and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
ECHO EchoStar	$12.2B	-5.2%	-	8.8%	6.3%	-4.4%	0.57
FOXA Fox Corporation (Class A)	$18.0B	+5.1%	-	11.3%	16.3%	12.3%	0.53
NWSA News Corp (Class A)	$9.2B	+6.8%	-	6.8%	7.3%	7.8%	0.24
APP AppLovin	$7.6B	+70.0%	88.8%	65.9%	152.0%	-	1.07
TTWO Take-Two Interactive	$6.4B	+18.2%	56.6%	-3.8%	-6.5%	1.5%	0.69
TKO TKO Group Holdings	$5.5B	-3.1%	-	5.2%	8.5%	-	1.37

Profitability

0 of 3

!
Net margin below the peer median8.8% vs 9.2%
!
Return on equity below 15%6.3%
!
A profit in 4 of 10 years

Net margin, FY2016 to FY2025: 9.9% → -96.6%

Balance sheet

3 of 3

✓
Debt smaller than equityDebt / equity 0.57 on the latest balance sheet (peer median 0.94)
✓
Current assets cover current liabilitiesCurrent ratio 10.16
✓
More cash than debtNet cash $4.9B

Debt / equity at each year end, FY2016 to FY2025: 0.86 → 4.51

What the debt is made of ↓

Cash and shareholders

1 of 2

!
Free cash flow positive in 7 of 10 years−$1.1B last year
✓
Share count down over 5 years−2.1%

Free cash flow, FY2016 to FY2025: 81.0M → -1.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 15.0B Net income -14.5B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $15.0B of revenue came from

by product, year to Dec 31, 2025

Service revenue $14.0B · 93%
Equipment sales and other revenue $981.3M · 7%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ECHO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue15.0B

Net income-14.5B

Free cash flow-1.1B

EPS (diluted)-50.41

Diluted shares287.6M

The segments changed

10-K filed 2026-03-02

Compared with the 10-K of Feb 27, 2025: new segments Other, Reporting Segments Including Other .

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Reporting Segments Including Other	15.2B	101.6%	-4.8%
Pay Tv	9.7B	64.6%	-9.2%
Retail Wireless	3.8B	25.3%	+5.6%
Broadband And Satellite Services	1.5B	9.7%	-7.6%
Other	294.8M	2.0%	+88.1%

10-K 0001104659-26-021817, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Service revenue	14.0B	93.5%	-6.2%
Equipment sales and other revenue	981.3M	6.5%	+12.9%

10-K 0001104659-26-021817, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
North America	14.7B	98.1%	-5.1%
Foreign	287.7M	1.9%	-9.2%

10-K 0001104659-26-021817, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1.8B	1.9B	1.8B	1.9B	1.9B	19.8B	18.6B	17.0B	15.8B	15.0B
Cost of revenue	204.0M	212.2M	-	-	-	-	-	-	-	-
R&D	31.2M	31.7M	27.6M	25.7M	29.4M	91.0M	110.0M	110.0M	91.0M	68.0M
SG&A	325.0M	370.5M	436.1M	509.1M	474.9M	2.7B	3.0B	3.0B	2.4B	2.4B
Operating income	296.2M	30.6M	36.1M	73.1M	112.5M	3.4B	2.2B	-277.9M	-304.1M	-17.7B
Interest expense	123.5M	184.4M	219.3M	251.0M	147.9M	95.5M	57.2M	90.4M	-	-
Pretax income	216.6M	-32.2M	-125.8M	-93.2M	-27.8M	3.3B	3.3B	-1.9B	-75.6M	-18.9B
Income tax	80.3M	-155.1M	6.6M	20.5M	24.1M	828.4M	798.4M	-296.9M	48.9M	-4.4B
Net income	179.9M	392.6M	-40.5M	-62.9M	-40.1M	2.5B	2.5B	-1.7B	-119.5M	-14.5B
EPS (diluted)	1.92	4.07	-0.42	-0.65	-0.41	7.94	8.05	-6.28	-0.44	-50.41
Diluted shares	94.4M	96.7M	96.2M	96.7M	97.9M	313.1M	307.7M	270.8M	274.1M	287.6M
Depreciation & amortization	432.9M	385.7M	457.1M	490.8M	238.0M	1.2B	1.2B	1.6B	1.9B	1.6B
EBITDA	729.1M	416.2M	493.3M	563.8M	350.5M	4.6B	3.4B	1.3B	1.6B	-16.1B
Operating margin	16.4%	1.6%	2.1%	3.9%	6.0%	17.3%	12.0%	-1.6%	-1.9%	-118.1%
Net margin	9.9%	20.8%	-2.3%	-3.3%	-2.1%	12.5%	13.3%	-10.0%	-0.8%	-96.6%
Revenue growth	-	+4.1%	-6.5%	+7.0%	+0.1%	+950%	-6.0%	-8.7%	-7.0%	-5.2%
EPS growth	-	+112%	-110%	-	-	-	+1.4%	-178%	-	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.6B	2.4B	928.3M	1.5B	896.0M	535.9M	2.5B	1.8B	4.3B	1.9B
Short-term investments	522.5M	814.2M	2.3B	940.6M	1.6B	1.0B	1.8B	623.0M	1.2B	1.1B
Receivables	182.5M	196.8M	201.1M	196.6M	184.0M	182.1M	1.2B	1.1B	1.2B	1.3B
Inventory	62.6M	83.6M	75.4M	79.6M	98.0M	103.1M	626.0M	665.2M	455.2M	380.6M
Current assets	3.7B	3.7B	3.6B	2.8B	2.9B	1.9B	6.8B	4.9B	8.1B	5.1B
Property & equipment	3.4B	3.5B	2.5B	2.5B	449.4M	382.1M	7.9B	9.6B	9.2B	2.2B
Goodwill	504.2M	504.2M	504.2M	507.0M	511.6M	736.1M	757.5M	0	0	0
Total assets	9.0B	8.8B	8.7B	7.2B	7.1B	6.0B	58.7B	57.1B	60.9B	43.0B
Accounts payable	-	-	-	-	-	-	1.0B	774.0M	741.0M	541.7M
Current liabilities	531.4M	413.9M	1.3B	496.0M	1.4B	460.1M	6.4B	8.0B	5.8B	12.4B
Total debt	3.4B	3.4B	3.3B	2.4B	2.4B	1.5B	1.5B	22.8B	26.6B	26.0B
Total liabilities	5.0B	4.6B	4.5B	3.4B	3.5B	2.6B	36.7B	36.7B	40.7B	37.2B
Shareholders' equity	3.9B	4.2B	4.1B	3.7B	3.5B	3.4B	21.5B	19.9B	20.2B	5.8B
Retained earnings	314.2M	721.3M	694.1M	632.8M	583.6M	656.5M	13.4B	11.7B	11.6B	-2.9B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	803.3M	726.9M	734.5M	656.3M	534.4M	4.7B	3.6B	2.4B	1.3B	-99.4M
Capital spending	722.3M	583.2M	555.1M	418.6M	408.8M	1.6B	3.1B	3.1B	1.5B	965.7M
Free cash flow	81.0M	143.7M	179.4M	237.7M	125.6M	3.0B	570.7M	-668.3M	-292.2M	-1.1B
Stock-based pay (added back)	15.2M	10.1M	10.0M	9.4M	8.9M	59.4M	83.0M	51.5M	36.4M	36.3M
Buybacks	0	0	33.3M	0	43.5M	261.4M	89.3M	-	-	48.5M
Acquisitions	-	-	-	-	0	0	7.9M	-	-	-
Debt raised	1.5B	0	0	-	-	6.8B	2.0B	1.5B	2.5B	150.0M
Debt repaid	0	0	70.2M	920.9M	0	-	-	-	-	-
Investing cash flow	-632.2M	-867.9M	-2.1B	822.0M	-1.1B	-4.2B	-9.1B	-2.8B	-3.0B	-1.4B
Financing cash flow	1.5B	72K	-136.6M	-885.3M	-15.6M	3.5B	-274.4M	-277.1M	4.5B	-910.3M

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	15.2M	10.1M	10.0M	9.4M	8.9M	59.4M	83.0M	51.5M	36.4M	36.3M
Stock-based pay / revenue	0.8%	0.5%	0.6%	0.5%	0.5%	0.3%	0.4%	0.3%	0.2%	0.2%
Operating lease cost	-	-	-	24.3M	24.0M	111.3M	355.9M	538.8M	639.7M	624.2M
Operating lease cash paid	-	-	-	22.6M	21.8M	93.2M	186.4M	367.4M	504.6M	572.1M
Finance lease principal paid	-	-	-	29.3M	811K	63.1M	42.7M	53.5M	56.5M	23.2M
Right-of-use assets	-	-	0	114.0M	128.3M	149.2M	2.8B	3.1B	3.3B	214.5M
Operating lease liabilities	-	-	-	111.6M	129.6M	151.7M	3.0B	3.4B	3.7B	5.0B
Finance lease liabilities	-	-	-	1.1M	552K	123K	123.4M	123.7M	67.2M	44.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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