EchoStar
ECHO · NasdaqCommunications Services, NEC · Fiscal year ends Dec 31
EchoStar reported revenue of $15B in the fiscal year ended Dec 2025, down 5.2% from the year before. Operating income was −$17.7B, an operating margin of −118.1%, and net income was −$14.5B. Operating cash flow of −$99M less capital expenditure of $966M left free cash flow of −$1.1B. Net debt was $16.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $19.8B | $18.6B | $17B | $15.8B | $15B |
| Research & development | $91M | $110M | $110M | $91M | $68M |
| Selling, general & admin | $2.7B | $3B | $3B | $2.4B | $2.4B |
| Operating income | $3.4B | $2.2B | −$278M | −$304M | −$17.7B |
| Interest expense | $96M | $57M | $90M | – | – |
| Pre-tax income | $3.3B | $3.3B | −$1.9B | −$76M | −$18.9B |
| Income tax | $828M | $798M | −$297M | $49M | −$4.4B |
| Net income | $2.5B | $2.5B | −$1.7B | −$120M | −$14.5B |
| Diluted EPS | 7.94 | 8.05 | −6.28 | −0.44 | −50.41 |
| Diluted shares | 313M | 308M | 271M | 274M | 288M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $536M | $2.5B | $1.8B | $4.3B | $1.9B |
| Receivables | $182M | $1.2B | $1.1B | $1.2B | $1.3B |
| Inventory | $103M | $626M | $665M | $455M | $381M |
| Current assets | $1.9B | $6.8B | $4.9B | $8.1B | $5.1B |
| Net PP&E | $382M | $7.9B | $9.6B | $9.2B | $2.2B |
| Goodwill | $736M | $758M | $0 | $0 | $0 |
| Total assets | $6B | $58.7B | $57.1B | $60.9B | $43B |
| Payables | – | $1B | $774M | $741M | $542M |
| Deferred revenue | $141M | $833M | $755M | $651M | $639M |
| Current liabilities | $460M | $6.4B | $8B | $5.8B | $12.4B |
| Short-term debt | $0 | – | – | – | – |
| Long-term debt | $1.5B | $1.5B | $19.7B | $25.7B | $18.7B |
| Total liabilities | $2.6B | $36.7B | $36.7B | $40.7B | $37.2B |
| Shareholders' equity | $3.4B | $21.5B | $19.9B | $20.2B | $5.8B |
| Backlog (remaining obligations) | $915M | $1.1B | $1.7B | $1.6B | $1.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.7B | $3.6B | $2.4B | $1.3B | −$99M |
| Capital expenditure | $1.6B | $3.1B | $3.1B | $1.5B | $966M |
| Free cash flow | $3B | $571M | −$668M | −$292M | −$1.1B |
| Depreciation & amortisation | $1.2B | $1.2B | $1.6B | $1.9B | $1.6B |
| Stock-based compensation | $59M | $83M | $52M | $36M | $36M |
| Share buybacks | $261M | $89M | – | – | $49M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.0% | −8.7% | −7.0% | −5.2% |
| Operating income growth (YoY) | – | −34.8% | −112.4% | – | – |
| EPS growth (YoY) | – | 1.4% | −178.0% | – | – |
| Operating margin | 17.3% | 12.0% | −1.6% | −1.9% | −118.1% |
| Net margin | 12.7% | 13.6% | −10.0% | −0.8% | −96.6% |
| Return on equityBlank when equity is negative | 75.2% | 11.8% | −8.6% | −0.6% | −251.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 61.3% | 4.3% | −0.6% | −0.6% | −57.8% |
| Free cash flow margin | 15.3% | 3.1% | −3.9% | −1.8% | −7.1% |
| Cash conversion (CFO ÷ net income) | 1.85x | 1.43x | −1.43x | −10.5x | 0.01x |
| Receivable days | 3 | 23 | 24 | 28 | 31 |
| Interest cover | 35.8x | 39.1x | −3.08x | – | – |
| Debt ÷ equity | 0.45x | 0.07x | 0.99x | 1.27x | 3.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $960M | −$1B | $17.9B | $21.4B | $16.8B |
| Current ratio | 4.19x | 1.05x | 0.61x | 1.39x | 0.42x |
Recent filings
More in Communications Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.