EchoStar Corporation (ECHO) financials

NASDAQ · Communication Services · Telecommunications Services · 12,100 employees · CEO Charlie Ergen

Price: $96.94 -0.74%
Market cap: $15.4B
Enterprise value: $32.5B
Last report: Q2 '26 filed 2026-08-03
Next report: 2026-11-05 EPS est. $0.17

Revenue (TTM)$14.7B-5.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)7.2%+10.6 pp vs a year agoOperating income $1.05B

Net income (TTM)-$5.67B-1,363.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$271M+81.4% vs a year agoCapex $186M

Diluted EPS (TTM)-$24.94-1,694.2% vs a year agoSum of the last 4 quarters

Net cash-$17.1B+32.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $15.4B
Revenue: $14.7B
Revenue growth: -5%
Profit margin: -38.7%
P/E: -4.9×
P/S: 1.0×
EV / EBITDA: -5.8×
Free cash flow: -$271M
Net income: -$5.67B
Revenue estimate: $14.2B
Earnings: 2026-11-05
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-03): revenue in line, EPS beat by 25,441.5%Revenue $3.58B vs $3.59B expected (-0.3%); EPS $24.12 vs -$0.10 (+25,441.5%).
Revenue growth accelerating: -4.0% year on yearQ2 '26 revenue $3.58B, against an average of -5.6% over the four quarters before.
Operating margin 7.2% (TTM), +10.6 pp on a year agoOperating income grew 300.0% while revenue grew -5.2%.
Capex 1.3% of revenue (a year ago 12.9%)$186M invested in the last 4 quarters (-90.7% on a year earlier). Free cash flow -$271M.
Diluted share count up 22.3% in a year352M diluted shares in Q2 '26, 288M a year earlier.
Net debt $17.1BCash + short-term investments $496M, debt incl. leases $17.6B; a year ago net debt $25.3B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$3.58B	$3.72B	-4.0%
Gross margin	34.4%	24.4%	+10.0 pp
Operating income	$513M	-$213M	+340.4%
Operating margin	14.3%	-5.7%	+20.1 pp
Net income	$8.46B	-$306M	+2,864.3%
Diluted EPS	$24.12	-$1.06	+2,375.5%
Operating cash flow	-$9.96M	$7.51M	-232.6%
Capex	$92.3M	$747M	-87.6%
Free cash flow	-$102M	-$739M	+86.2%
R&D	$0	$0	–
Stock-based compensation	$13.1M	$8.51M	+54.2%

Reported vs consensus

2026-08-03

	Actual	Consensus	vs consensus
Revenue	$3.58B	$3.59B	-0.3%
EPS (as estimated)	$24.12	-$0.10	+25,441.5%

From the report of 2026-08-03 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Pay Tv	–	–	$542M	-8.9%	–	–	$2.19B
Retail Wireless	–	–	-$97K	+99.9%	–	–	-$319M
Network Deployment5g	–	–	–	–	–	–	–
Broadband And Satellite Services	–	–	$50.5M	+237.3%	–	–	-$1.46B
All Other And Eliminations	–	–	–	–	–	–	–
Other Segment	–	–	-$80.5M	+87.7%	–	–	–
Reporting Segments Including Other Segment	–	–	$512M	+339.2%	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$85.3M
Capex: -$186M
Buybacks: -$48.5M
Dividends: $0
Acquisitions: -$316M
Net debt issued: -$2.35B
Stock-based compensation: $43.5M
Free cash flow: -$271M
Returned to shareholders / FCF: -17.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-4.9×	20.2× 2 of 5 years	7.8× – 32.5×
EV / EBITDA	-5.8×	6.6× 3 of 5 years	0.7× – 13.6×
EV / Sales	2.2×	1.8×	0.2× – 4.0×
Price / FCF	-56.6×	8.6× 2 of 5 years	2.4× – 14.8×
Price / Book	2.0×	1.3×	0.1× – 5.4×
FCF yield	-1.8%	4.8%	-15.7% – 41.1%
Return on invested capital	1.0%	9.6%	-0.5% – 46.0%
Return on equity	-69.7%	-35.0%	-251.4% – 74.1%

Analysts

Consensus target $134.00 (+38.2%)
range $115.00 – $150.00 · rating Buy

Strong buy1

Buy4

Hold0

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$14.2B	-5.5%	$24.51	+148.6%	4.0×	4
FY2027	$13.2B	-7.0%	$2.99	-87.8%	32.4×	6
FY2028	$12.3B	-6.7%	$3.34	+11.9%	29.0×	6
FY2029	$11.7B	-4.7%	$10.03	+199.9%	9.7×	3
FY2030	$11.2B	-4.3%	$10.88	+8.5%	8.9×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 319 figures EchoStar Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$252M	$746M	-66.2%	$542M	$741M	-26.9%
Accounts Receivable, after Allowance for Credit Loss, Current	$906M	$1.16B	-21.8%	$1.27B	$1.2B	+6.3%
Accounts Receivable, Allowance for Credit Loss	$167M	$98.2M	+70.4%	$79.6M	$82.6M	-3.7%
Accounts Receivable, Allowance for Credit Loss, Current	$167M	$98.2M	+70.4%	$79.6M	$82.6M	-3.7%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.66B	$9B	-81.6%	$4.28B	$8.23B	-48.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$183M	-$183M	+0.4%	-$183M	-$196M	+6.4%
Additional Paid in Capital, Common Stock	$8.95B	$8.81B	+1.6%	$8.88B	$8.77B	+1.2%
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature	–	–	–	$4.32M	–	–
Adjustments to Additional Paid in Capital, Other	-$6.74M2026-03-31	$955K	-805.4%	$955K	–	–
Advertising Expense	$136M	$217M	-37.3%	$775M	$745M	+4.0%
Amortization of Intangible Assets	–	–	–	$16M	$98M	-83.7%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-461K	454K	-201.5%	23M	27.5M	-16.5%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$48M	$8.51M	+463.6%	$36.3M	$36.4M	-0.3%
Asset Retirement Obligation	$98K	$348M	-100.0%	$449M	$327M	+37.2%
Asset Retirement Obligation, Accretion Expense	$11.4M	$8.03M	+42.1%	$36M	$27.8M	+29.6%
Asset Retirement Obligation, Legally Restricted Assets, Fair Value	$0	$209M	-100.0%	$0	$216M	-100.0%
Asset Retirement Obligation, Liabilities Incurred	$02025-12-31	$6.92M	-100.0%	$5.22M	$20.9M	-75.0%
Asset Retirement Obligation, Liabilities Settled	$151K	–	–	–	–	–
Asset Retirement Obligation, Revision of Estimate	$02025-12-31	–	–	$80.5M	–	–
Assets	$39.4B	$59.9B	-34.2%	$43B	$60.9B	-29.4%
Assets, Current	$19.9B	$6.92B	+187.1%	$5.13B	$8.1B	-36.6%
Assets, Noncurrent	$19.6B	$53B	-63.0%	$37.9B	$52.8B	-28.3%
Business Exit Costs	-$20.2M2025-12-31	–	–	$786M	–	–
Capitalized Contract Cost, Amortization	$57.5M	$67.6M	-15.0%	$272M	$322M	-15.5%
Capitalized Contract Cost, Net	$108M	$282M	-61.7%	$262M	$289M	-9.4%
Cash and Cash Equivalents, at Carrying Value	$440M	$2.35B	-81.2%	$1.88B	$4.31B	-56.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.44B	$2.65B	-45.4%	$2.18B	$4.59B	-52.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$42.5M	-$168M	+74.8%	-$2.41B	$2.68B	-189.9%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$213K	$445K	-52.1%	-$7.64M	-$12.3M	+37.7%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$8.46B	-$301M	+2,907.0%	-$14.5B	-$155M	-9,232.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$8.46B	-$301M	+2,911.2%	-$14.5B	-$167M	-8,553.9%
Contract with Customer, Asset, after Allowance for Credit Loss	$114M	$149M	-23.7%	$139M	$108M	+28.3%
Contract with Customer, Liability	$228M	$629M	-63.8%	$608M	$649M	-6.3%
Contract with Customer, Liability, Current	$221M	$639M	-65.4%	$639M	$651M	-1.8%
Contractual Obligation	$45.9B2025-12-31	$53.1B	-13.5%	$45.9B	$53.1B	-13.5%
Contractual Obligation, to be Paid, after Year Five	$4.22B2025-12-31	$10.7B	-60.4%	$4.22B	$10.7B	-60.4%
Contractual Obligation, to be Paid, Year Five	$5.88B2025-12-31	$9.27B	-36.6%	$5.88B	$9.27B	-36.6%
Contractual Obligation, to be Paid, Year Four	$9.22B2025-12-31	$6.27B	+47.0%	$9.22B	$6.27B	+47.0%
Contractual Obligation, to be Paid, Year One	$13.2B2025-12-31	$7.82B	+69.1%	$13.2B	$7.82B	+69.1%
Contractual Obligation, to be Paid, Year Three	$6.06B2025-12-31	$7.72B	-21.4%	$6.06B	$7.72B	-21.4%
Contractual Obligation, to be Paid, Year Two	$7.35B2025-12-31	$11.4B	-35.6%	$7.35B	$11.4B	-35.6%
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$1.93B	$2.46B	-21.7%	$9.45B	$10.1B	-6.8%
Costs and Expenses	$3.06B	$3.94B	-22.2%	$32.7B	$16.1B	+102.9%
Costs Incurred, Asset Retirement Obligation Incurred	$02025-12-31	$6.92M	-100.0%	$85.7M	$20.9M	+309.4%
Current Federal Tax Expense (Benefit)	–	–	–	-$2.23M	-$20.2M	+89.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$13.5M	$17.9M	-24.7%
Current Income Tax Expense (Benefit)	–	–	–	$26.5M	$20.7M	+28.4%
Current State and Local Tax Expense (Benefit)	–	–	–	$15.3M	$23M	-33.6%
Debt and Lease Obligation	$17.4B	$26.5B	-34.1%	$26B	$26.6B	-2.3%
Debt Conversion, Converted Instrument, Warrants or Options Issued	46M2026-03-31	–	–	–	–	–
Debt Instrument, Interest Rate, Stated Percentage	0.3%	0.3%	0.0%	0.3%	0.3%	0.0%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$323M	$484M	-33.3%	$417M	$556M	-25.0%
Deconsolidation, Gain (Loss), Amount	$9.73B	–	–	–	–	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$3.83B	-$35.8M	-10,579.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$24.2M	-$23.7M	-2.4%
Deferred Income Tax Expense (Benefit)	$1.32B	-$106M	+1,345.4%	-$4.41B	$28.3M	-15,703.8%
Deferred Income Tax Liabilities, Net	$3.41B	$4.81B	-29.2%	$599M	$4.99B	-88.0%
Deferred Long-term Liability Charges	$1.89B	$1.03B	+84.4%	$1.45B	$1B	+44.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$562M	-$60.9M	-821.6%
Deferred Tax Assets, Deferred Income	$4.53M2025-12-31	$6.37M	-28.9%	$4.53M	$6.37M	-28.9%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02