What it does
EchoStar is a communications holding company with four operating segments: Pay-TV, Wireless, Broadband and Satellite Services, and Other. Its consumer video business sells subscription television through DISH TV, which uses satellites to deliver channel packages to homes, and SLING TV, which streams live and on-demand programming over the internet.
Its Wireless segment sells nationwide mobile service, phones and related services principally under the Boost Mobile and Gen Mobile brands. Plans include high-speed data, unlimited talk and text, without annual service contracts. EchoStar now operates a Hybrid MNO model: it retains its 5G network core, billing and provisioning capabilities, while AT&T supplies parts of the network including base stations, radios, radio-access-network software and spectrum.
Its Broadband and Satellite Services business sells satellite broadband technology, internet access, network equipment, managed services and communications solutions. These offerings serve households, small and medium-sized businesses, enterprises, governments, mobile-system operators and aviation customers. The segment also installs gateways and terminals for other satellite systems.
The Other segment contains legacy 5G-network assets and deployment operations that are not used in the Hybrid MNO business. EchoStar stopped deploying its 5G network and began abandoning and decommissioning portions of it in 2025. As of November 15, 2025, it had moved all customer traffic from that network to AT&T’s network.
How it makes money
EchoStar earns recurring revenue mainly from monthly subscriptions. Pay-TV subscribers pay for DISH TV programming packages or SLING TV streaming plans, with additional revenue from premium channels, sports, movie, Latino and international programming, on-demand content, pay-per-view events, cloud DVR services and direct-to-consumer offerings. DISH TV also generates equipment-related activity through receiver systems and installation, while EchoStar provides digital broadcast and transmission services to third-party pay-TV providers.
Wireless revenue comes from monthly mobile plans, device sales and services such as device payment and protection plans, international calling and text plans, and financing arrangements for qualified subscribers. Wireless service revenue was $3.316 billion for the year ended December 31, 2025. The business had 7.511 million Wireless subscribers at year-end.
Broadband and Satellite Services earns revenue from consumer internet subscriptions and from enterprise and government contracts for network technologies, managed services, equipment, hardware, satellite capacity, ground systems and terminals. Many enterprise customers have long-term service contracts.
For the year ended December 31, 2025, EchoStar reported total revenue of $15.005 billion; no consolidated total for the latest quarter is provided here. It had 6.998 million Pay-TV subscribers and 739,000 Broadband subscribers as of December 31, 2025.
EchoStar has also agreed to sell spectrum licenses to AT&T and SpaceX. These are asset transactions rather than recurring operating revenue. The AT&T agreement contemplated a cash purchase price subject to adjustments, while the amended SpaceX transaction includes cash and SpaceX Class A common stock consideration.
Customers and how it sells
EchoStar’s Pay-TV operations serve consumers in the United States. DISH TV reaches homes through satellite equipment and installation, while SLING TV is sold to internet users, including households seeking an alternative to traditional satellite or cable television. EchoStar markets through direct channels, websites, advertising and independent retailers; DISH TV activations also come through small retailers, direct-marketing groups, electronics stores, nationwide retailers and telecommunications companies.
Wireless services are offered nationwide in the United States through Boost Mobile and Gen Mobile. The segment had 7.511 million subscribers at December 31, 2025. Wireless plans target consumers seeking monthly service without annual contracts, including subscribers buying devices, protection plans and international calling or texting options.
Broadband and Satellite Services serves consumer households and small-to-medium-sized businesses in the Americas. Its enterprise and government customers include retailers, financial institutions, aircraft-connectivity providers, lottery agencies, companies operating multi-branch networks and the U.S. government. It also serves enterprise, aeronautical and government markets with satellite capacity and communications services.
Management said on the Q2 2026 earnings call that Hughes continued to serve customers and channel partners during its Chapter 11 process.
Suppliers and costs
EchoStar relies on AT&T for key elements of its Hybrid MNO wireless model. AT&T provides base stations, radios, radio-access-network software and spectrum frequencies, while EchoStar operates the network core and billing and provisioning software. AT&T agreed to provide Hybrid MNO services through December 31, 2031 after EchoStar met specified data thresholds; the arrangement includes minimum purchase commitments.
Before the Hybrid MNO transition, EchoStar depended on T-Mobile or AT&T for mobile network services as an MVNO. Its wireless costs include network services, data usage, customer retention, dealer incentives, device costs, marketing and subscriber-acquisition spending.
Pay-TV requires meaningful upfront spending on subscriber equipment, satellite-dish and receiver installation, and incentives paid to independent distributors. Broadband and Satellite Services assembles some products internally and outsources portions of manufacturing and components to third parties.
EchoStar recorded $17.632 billion of non-cash asset impairments and other expenses during 2025, mainly after it ended deployment of portions of its 5G network and assessed broadband and satellite assets.
- Revenue$15.0B
- Cost of revenue−$11.1B
- Selling, general and administrative−$2.4B
- Other operating costs−$19.2B
- Operating income−$17.7B
Competitive position
Pay-TV competes with traditional satellite and cable providers, large telecommunications companies, broadband providers and internet video distributors. Named streaming competitors include Netflix, Hulu, Apple+, Prime Video, YouTube TV, Disney+, ESPN+, Paramount+, HBO Max, STARZ, ESPN Unlimited, FOX One, Peacock, Fubo, Philo and Tubi. Competition includes promotional pricing and bundles that combine video, broadband and wireless services.
Wireless competes with Verizon, AT&T and T-Mobile, which EchoStar identifies as larger nationwide mobile-network operators with scale advantages. Other named competitors include Metro PCS, Cricket Wireless, Visible, Tracfone Wireless, Total Wireless, Mint Mobile, Consumer Cellular, Spectrum Mobile and Xfinity Mobile. Competition centers on price, service plans, devices, customer experience, coverage and service quality.
Broadband and Satellite Services competes with telecommunications carriers, terrestrial broadband providers and satellite providers. ViaSat and SpaceX are named competitors in North American consumer satellite internet; both also operate in South America, and SpaceX also operates in Central America. ViaSat and SpaceX compete in in-flight connectivity, while Gilat Satellite Networks, ViaSat and ST Engineering iDirect compete in satellite-technology platforms.
Our reading: EchoStar’s Pay-TV distribution assets, subscriber base and satellite operations provide an established delivery platform, but internet video and bundled offerings constrain its differentiation. [item1]
Our reading: Its Hybrid MNO model retains control of the network core but depends on AT&T for radio-network components, so this is a limited source of operating control rather than a full wireless-network moat. [item1]
Our reading: Satellite capacity, network technologies, installed ground equipment and enterprise contracts support its broadband position, although it faces terrestrial and satellite alternatives across its markets. [item1]
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| AT&T | U.S. nationwide wireless services | High |
| Verizon | U.S. nationwide wireless services | High |
| T-Mobile | U.S. nationwide wireless services | High |
| Metro PCS | U.S. value wireless services | Medium |
| Cricket Wireless | U.S. value wireless services | Medium |
| Visible | U.S. value wireless services | Medium |
| Tracfone Wireless | U.S. value wireless services | Medium |
| Total Wireless | U.S. value wireless services | Medium |
Growth opportunities
EchoStar’s operating growth initiatives span wireless subscriber acquisition, broadband connectivity and video customer retention. Its Wireless strategy is to grow the subscriber base by acquiring and retaining customers with competitive offers, device choice and customer service. During 2025, it added approximately 576,000 net Wireless subscribers, activated approximately 2.638 million gross new Wireless subscribers and ended the year with 7.511 million subscribers.
Wireless service revenue rose to $3.316 billion in 2025, supported by a higher average subscriber base and higher ARPU. EchoStar attributed the ARPU increase to a shift toward higher-priced service plans and increased sales of value-added services. The Hybrid MNO transition changes the cost structure by combining EchoStar’s network core with AT&T network services.
In broadband and satellite services, EchoStar supplies consumer satellite internet in the Americas, enterprise networking, government communications, aviation connectivity, satellite capacity, ground systems and terminals. Its future commercial arrangements with SpaceX are intended to let Wireless subscribers access Starlink Direct to Cell text, voice and broadband services after the applicable spectrum transfer. The arrangements also include a fee-based referral program for existing HughesNet and new Starlink customers, and EchoStar has begun installation and other services for new Starlink customers.
Management said on the Q2 2026 earnings call that it had strategic initiatives intended to reinvigorate Boost Mobile, while also saying the wireless business had lost subscribers in the quarter.
- $19.8BFY2021
- $18.6BFY2022
- $17.0BFY2023
- $15.8BFY2024
- $15.0BFY2025
Structural risks
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The AT&T and SpaceX spectrum transactions remain subject to closing conditions, including regulatory approvals. Delayed or failed closings could reduce expected cash, change leverage and limit anticipated benefits.
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EchoStar and certain subsidiaries did not have the cash on hand, projected future cash flow or committed financing to fund obligations over the following twelve months as of December 31, 2025, creating substantial doubt about their ability to continue as a going concern.
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EchoStar had $25.980 billion of total debt, finance lease and other obligations outstanding as of December 31, 2025. Debt can restrict financial flexibility, increase cash needed for principal and interest, and make additional financing harder to obtain.
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The company faces intense competition in video, broadband and wireless services. Competitive responses may require more acquisition and retention spending, or result in fewer activations and higher subscriber churn.
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Spectrum licenses and wireless operations are regulated and subject to build-out, renewal and other requirements. Non-compliance can lead to accelerated requirements, license modification, cancellation or non-renewal.
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Management said on the Q2 2026 earnings call that Hughes filed Chapter 11 bankruptcy, limited to Hughes entities, and that the duration of the restructuring was unknown.
Bottom line
Our reading
Our reading: EchoStar combines mature subscription businesses in pay-TV and wireless with satellite broadband, enterprise connectivity and a changing spectrum portfolio. Its wireless model now rests on operating a network core alongside AT&T’s radio-network services, while the company has agreed to sell substantial spectrum holdings to AT&T and SpaceX. [item1; item7]
Our reading: The main constraints are intense competition, dependence on network partners, regulatory obligations, debt and uncertainty around transaction closings and the Hughes restructuring. [item1; item1a; call_prepared]