SATS earnings analysis
What we found in SATS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
EchoStar Corporation's Q1 2026 results show continued challenges, with revenue declining to $3.61B, down 5.0% from Q4 2025 and down 7.3% year-over-year. Gross margin increased slightly to 23.6%, but operating margins remain deeply negative at -460.5%. EPS was recorded at -44.37, reflecting ongoing operational struggles.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline Continues
- Total revenue decreased to $3.61B, down from $3.8B in Q4 2025.
- Negative EPS Trend
- Diluted EPS plummeted to -44.37, significantly worse than -4.16 in Q4 2025.
- Lower Operating Margin
- Operating margin worsened to -460.5%, compared to -20.5% in the previous quarter.
- Healthy Cash Reserves for Debt
- Management stated they will fund upcoming $2.75B note obligations through cash and marketable securities.
- Repayment of Term Loan
- Successfully repaid approximately $202 million of the Term Loan during Q1 2026.
- Increased Focus on Strategic Transactions
- Management indicated they are leveraging funds from AT&T and SpaceX transactions to stabilize cash flow.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Debt Levels
- With $2.75B in Senior Secured Notes due in December 2026, liquidity remains a critical concern.
- Persistent Negative Cash Flow
- Q1 2026 free cash flow was -$144M, continuing the trend of negative cash flow over recent quarters.
- Market Competition Increasing
- Intensifying competition in satellite broadband isn’t addressed in recent operational improvements.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-44.37
- Gross margin
- 23.6%
- Operating margin
- -460.5%
What they said about what is next.
Management deferred numeric guidance to the upcoming earnings call.
The filing reads worse than the one before it.
What came before.
- 10-K · April 30, 2026
- EchoStar Corporation's 2025 10-K reveals a strategic realignment following its merger with DISH Network, focusing on enhancing satellite communications and broadband services. Despite experiencing revenue growth in Q4…
- 10-K · March 2, 2026
- EchoStar’s 2025 10-K documents a strategic pivot from self-built 5G infrastructure toward spectrum monetization and partner-based wireless delivery (AT&T Hybrid MNO and commercial arrangements with SpaceX). The company…
- 10-Q · May 9, 2025
- EchoStar reported Q1 revenue of $3.87B (3,869,758,000) and GAAP diluted EPS of $(0.71), roughly in line with revenue consensus and beating EPS estimate (-0.80). Revenue declined 3.6% year-over-year and operating margin…
- 10-K · February 27, 2025
- EchoStar (SATS) entered 2025 as a combined EchoStar + DISH owner (Merger closed 12/31/2023) with material operating scale: 7.778 million Pay‑TV subscribers and 6.995 million Wireless subscribers as of 12/31/2024. The…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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