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…
Earnings analysis · 10-Q
SATS earnings analysis
Filed May 9, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-44.37
What stood out
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Revenue Decline Continues
Total revenue decreased to $3.61B, down from $3.8B in Q4 2025.
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Negative EPS Trend
Diluted EPS plummeted to -44.37, significantly worse than -4.16 in Q4 2025.
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Lower Operating Margin
Operating margin worsened to -460.5%, compared to -20.5% in the previous quarter.
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Healthy Cash Reserves for Debt
Management stated they will fund upcoming $2.75B note obligations through cash and marketable securities.
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Repayment of Term Loan
Successfully repaid approximately $202 million of the Term Loan during Q1 2026.
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Increased Focus on Strategic Transactions
Management indicated they are leveraging funds from AT&T and SpaceX transactions to stabilize cash flow.
What to watch
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High Debt Levels
With $2.75B in Senior Secured Notes due in December 2026, liquidity remains a critical concern.
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Persistent Negative Cash Flow
Q1 2026 free cash flow was -$144M, continuing the trend of negative cash flow over recent quarters.
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Market Competition Increasing
Intensifying competition in satellite broadband isn’t addressed in recent operational improvements.
Management's outlook
Management deferred numeric guidance to the upcoming earnings call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.