EchoStar CORP (SATS) FY2025 10-K Annual Report
EchoStar CORP (SATS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
EchoStar CORP FY2025 10-K Analysis
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 specific revenue figures or YoY changes provided in text
- • Profitability and margin percentages not disclosed in excerpt
- • No segment performance details or numeric highlights included
- • 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
EchoStar CORP FY2025 Key Financial MetricsXBRL
Revenue
$15.0B
▼ -5.2% YoY
Net Income
-$14.5B
▼ -12026.9% YoY
Operating Margin
-118.1%
▼ -11619bp YoY
Net Margin
-96.6%
▼ -9586bp YoY
ROE
-251.4%
▼ -25084bp YoY
Total Assets
$43.0B
▼ -29.4% YoY
EPS (Diluted)
$-50.41
▼ -11356.8% YoY
Operating Cash Flow
-$99M
▼ -107.9% YoY
Source: XBRL data from EchoStar CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on EchoStar CORP
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.