Short answer
EchoStar CORP (SATS) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $15.0B (−5.2% year over year) and net income of −$14.5B.
- Top risk flagged: Regulatory risk: FCC stopped accepting new ACP program enrollments Feb 7, 2024, ended funding June 1, 2024 causing Wireless ACP subscriber losses
FY2025 key financial metrics · XBRL
- Revenue
- $15.0B
- −5.2% YoY
- Net income
- −$14.5B
- −12026.9% YoY
- Operating margin
- -118.1%
- −116.2 pp YoY
- EPS (diluted)
- −$50.41
- −11356.8% YoY
- ROE
- -251.4%
- −250.8 pp YoY
- Operating cash flow
- −$99M
- −107.9% YoY
Source: XBRL data from the EchoStar CORP (SATS) FY2025 10-K on SEC EDGAR. USD.
EchoStar CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: provider of Pay-TV, Wireless, Broadband and Satellite services with complex IT and network products integration
- Strategic shift: terminated 5G Network deployment post-AT&T and SpaceX spectrum license transactions, began network decommission for unused assets
- Notable metric: total debt $25.98 billion as of Dec 31, 2025, raising substantial doubt about going concern status
- New emphasis: significant investments in cybersecurity and risk mitigation amid rising sophisticated cyber-attacks and regulatory data privacy risks
- Unusual fact: going concern qualification due to insufficient cash and financing, potential for Chapter 11 considered if liquidity not secured
Management Discussion & Analysis
- No cash flow, buybacks, dividends, or capex amounts mentioned
- Forward-looking risks: competition, regulatory uncertainty around FCC licenses, supply chain delays, and increasing programming costs
Risk Factors
- Regulatory risk: FCC stopped accepting new ACP program enrollments Feb 7, 2024, ended funding June 1, 2024 causing Wireless ACP subscriber losses
- Macroeconomic risk: Pay-TV subscriber base declined 10.0% in 2025 to 6.998 million, reducing service revenue by $971 million (9.1%) YoY
- Operational risk: Rising retransmission rates for local broadcast programming may exceed pricing power, pressuring margins and subscriber retention
- Market disruption: Launch of ESPN Unlimited and FOX One OTT sports packages in Aug 2025 increasing competition for live-linear content
- Financial risk: DISH TV subscriber acquisition cost increased 20.5% to $1,204 in 2025 driven by higher ad, commission, and equipment costs
Generated from the filing text; verify against the original. How to read a 10-K
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