SATS

MKT CAP:$34B

EchoStar Corporation

Market Cap

$34B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$119.15+$6.97 (+6.21%)

Apr 24, 2026

Company Details

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in two segments, Hughes and EchoStar Satellite Services (ESS). The Hughes segment offers broadband network t...

CEO

Hamid Akhavan-Malayeri

IPO Date

Jan 2, 2008

Website

www.echostar.com

Key Metrics TTM

Revenue

$15.2B

-45.4% YoY

Net Income

-$13.0B

EPS (Diluted)

-$44.97

Free Cash Flow

-$1.1B

Revenue / Share

$52.68

Gross Margin

27.4%

Operating Margin

-112.1%

Net Margin

-85.4%

FCF Margin

-7.2%

P/S

2.2x

P/E

—

Earnings Reports

Q4 2025

May 8, 2026

PENDING

Q3 2025

Nov 6, 2025

$3.6BEPS -$44.37

Q2 2025

Aug 1, 2025

$3.7B-5.8%EPS -$1.06

Q1 2025

May 9, 2025

$3.9B-3.6%EPS -$0.71

Q4 2024

Feb 27, 2025

$4.0B-74.7%EPS $1.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$506M	$306M	$42M
Q4 18	$531M	$329M	-$20M
Q2 20	$459M	$286M	$35M
Q3 20	$474M	$290M	$37M
Q2 21	$500M	$306M	$65M
Q3 21	$505M	$304M	$63M
Q1 23	$4.4B	$1.4B	$353M
Q2 23	$4.4B	$1.4B	$252M
Q3 23	$4.1B	$1.1B	-$31M
Q4 23	$15.7B	$4.3B	-$373M
Q1 24	$4.0B	$1.1B	-$15M
Q2 24	$4.0B	$1.0B	-$65M
Q4 24	$4.0B	$961M	-$63M
Q1 25	$3.9B	$1.4B	-$88M
Q2 25	$3.7B	$909M	-$213M
Q3 25	$3.6B	$852M	-$16.6B

Valuation

Quarter	P/S	P/E
Q4 17	—	—
Q4 18	—	—
Q2 20	1.2x	10.8x
Q3 20	1.3x	11.6x
Q2 21	1.2x	—
Q3 21	1.2x	27.0x
Q1 23	0.3x	4.4x
Q2 23	0.1x	2.7x
Q3 23	0.3x	11.4x
Q4 23	0.1x	—
Q1 24	0.1x	—
Q2 24	0.2x	—
Q4 24	0.2x	—
Q1 25	0.4x	—
Q2 25	0.5x	—
Q3 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$135M	-$27M
Q4 18	$191M	$44M
Q2 20	$174M	$71M
Q3 20	$120M	$13M
Q2 21	$192M	$100M
Q3 21	$119M	$21M
Q1 23	$790M	$24M
Q2 23	$749M	-$185M
Q3 23	$482M	-$350M
Q4 23	$2.1B	-$762M
Q1 24	$451M	-$68M
Q2 24	$480M	$132M
Q4 24	$46M	-$607M
Q1 25	$207M	-$52M
Q2 25	$8M	-$739M
Q3 25	$112M	$309M

Capital Expenditures

Quarter	CapEx
Q4 17	$162M
Q4 18	$147M
Q2 20	$103M
Q3 20	$107M
Q2 21	$92M
Q3 21	$98M
Q1 23	$766M
Q2 23	$935M
Q3 23	$833M
Q4 23	$2.9B
Q1 24	$520M
Q2 24	$347M
Q4 24	$653M
Q1 25	$258M
Q2 25	$747M
Q3 25	$198M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-37.5%	-34.6%
Q2 21	-1.2%	-6.3%
Q3 21	-4.9%	-19.7%
Q1 23	+854.9%	+849.9%
Q2 23	+820.1%	+840.2%
Q3 23	+722.0%	+852.8%
Q4 23	+3013.0%	+3538.0%
Q1 24	-8.5%	-0.1%
Q2 24	-9.3%	-2.1%
Q4 24	-3.5%	-2.7%
Q1 25	-75.4%	-75.4%
Q2 25	-7.2%	-2.3%
Q3 25	-8.6%	+404.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$3M	0.6%
Q4 18	$2M	0.4%
Q2 20	$0	0.0%
Q3 20	$2M	0.5%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$43M	0.3%
Q1 24	$0	0.0%
Q2 24	$11M	0.3%
Q4 24	$8M	0.2%
Q1 25	$8M	0.2%
Q2 25	$9M	0.2%
Q3 25	$12M	0.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 17	$8M	$38M	$64M	—
Q4 18	$7M	$43M	$76M	—
Q2 20	$7M	—	—	—
Q3 20	$8M	—	—	—
Q2 21	$7M	—	—	—
Q3 21	$8M	—	—	—
Q1 23	$8M	—	—	$701M
Q2 23	$7M	—	—	$759M
Q3 23	$6M	—	—	$762M
Q1 24	—	—	—	$624M
Q2 24	$29M	$431M	$164M	—
Q4 24	—	$357M	$207M	—
Q1 25	—	$389M	$209M	—
Q2 25	—	$412M	$217M	—
Q3 25	—	—	—	$621M

Revenue Segments

Quarter	All Other Segments And Eliminations	EchoStar Satellite Services Business	Hughes Business Segment	Equipment Product	Product, Lease	Service	Services, Design, Development And Construction	Services, Lease	Equipment sales and other revenue	Service revenue
Q4 17	$5M	$96M	$405M	—	—	—	—	—	—	—
Q2 21	—	—	—	$31M	$2M	$419M	$35M	$13M	—	—
Q3 21	—	—	—	$25M	$2M	$420M	$45M	$13M	—	—
Q1 24	—	—	—	—	—	—	—	—	$195M	$3.8B
Q2 24	—	—	—	—	—	—	—	—	$211M	$3.7B
Q4 24	—	—	—	—	—	—	—	—	$244M	$3.7B
Q1 25	—	—	—	—	—	—	—	—	$264M	$3.6B
Q2 25	—	—	—	—	—	—	—	—	$185M	$3.5B

Revenue by Geography

Quarter	All Other Geographic Segments	North America	South And Central America
Q2 20	$35M	$391M	$34M
Q3 20	$35M	$400M	$39M
Q2 21	$40M	$413M	$47M
Q3 21	$39M	$421M	$45M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$889M	$635M	$1.5B
Q2 22	$992M	$530M	$1.5B
Q3 22	$901M	$667M	$1.6B
Q4 22	$2.5B	$1.8B	$4.3B
Q1 23	$920M	$755M	$1.7B
Q2 23	$702M	$1.2B	$1.9B
Q3 23	$1.1B	$895M	$2.0B
Q4 23	$1.8B	$623M	$2.4B
Q1 24	$614M	$153M	$766M
Q2 24	$419M	$101M	$521M
Q3 24	$623M	$52M	$674M
Q4 24	$4.3B	$1.2B	$5.5B
Q1 25	$2.5B	$2.5B	$5.1B
Q2 25	$2.3B	$2.0B	$4.3B
Q3 25	$2.6B	$1.5B	$4.1B
Q4 25	$1.9B	$176M	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	96M	+1.7%	—
Q4 18	95M	-0.5%	—
Q2 20	98M	+2.6%	—
Q3 20	98M	+0.1%	+3.9%
Q2 21	91M	-7.4%	-5.4%
Q3 21	89M	-2.4%	-7.2%
Q1 23	83M	-5.9%	-14.9%
Q2 23	84M	+0.5%	-14.5%
Q3 23	84M	+0.1%	-7.6%
Q4 23	257M	+206.0%	+189.9%
Q1 24	272M	+5.8%	+225.8%
Q2 24	272M	+0.0%	+224.2%
Q4 24	286M	+5.5%	+241.6%
Q1 25	287M	+0.0%	+11.7%
Q2 25	288M	+0.3%	+5.9%
Q3 25	288M	+0.2%	+6.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 17	$241.0K	2K
Q4 18	$241.2K	2K
Q2 20	$199.8K	2K
Q3 20	$205.9K	2K
Q2 21	$208.3K	2K
Q3 21	$210.3K	2K
Q1 23	$2M	2K
Q2 23	$2M	2K
Q3 23	$2M	2K
Q4 23	$7M	2K
Q1 24	$2M	2K
Q2 24	$2M	2K
Q4 24	$289.6K	14K
Q1 25	$282.5K	14K
Q2 25	$271.9K	14K
Q3 25	$263.8K	14K

Revenue / Employee