SATS (EchoStar Corporation) Stock Financials & Earnings

SATSEchoStar Corporation

Mkt Cap$32B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Revenue (TTM)$15.0B

Net Income (TTM)-$23.3B

EPS (TTM)-$50.32

Free Cash Flow (TTM)-$1.1B

Gross Margin34.6%

Op. Margin-8.3%

Net Margin-155.1%

FCF Margin-7.1%

P/S Ratio (TTM)2.1x

P/E Ratio (TTM)—

YoY Rev Growth-5.2%

Employees—

Earnings Reports

▶Q4 2025NEW

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 H...

CEO Hamid Akhavan-MalayeriIPO Jan 2, 2008www.echostar.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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
Q3 24	$3.9B	$960M	-$161M
Q4 24	$4.0B	$961M	-$63M
Q1 25	$3.9B	$1.4B	-$88M
Q2 25	$3.7B	$909M	-$213M
Q3 25	$3.6B	$480M	-$160M
Q4 25	$3.8B	$2.4B	-$780M

Valuation

Quarter	P/S	P/E
Q1 23	5.4x	93.7x
Q2 23	3.3x	59.1x
Q3 23	2.4x	84.3x
Q4 23	1.1x	—
Q1 24	1.1x	—
Q2 24	1.1x	—
Q3 24	1.2x	—
Q4 24	2.0x	—
Q1 25	2.0x	—
Q2 25	2.1x	—
Q3 25	2.1x	—
Q4 25	2.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
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
Q3 24	$276M	-$58M
Q4 24	$46M	-$607M
Q1 25	$207M	-$52M
Q2 25	$8M	-$739M
Q3 25	$112M	$309M
Q4 25	-$425M	-$583M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$766M
Q2 23	$935M
Q3 23	$833M
Q4 23	$2.9B
Q1 24	$520M
Q2 24	$347M
Q3 24	$334M
Q4 24	$653M
Q1 25	$258M
Q2 25	$747M
Q3 25	$198M
Q4 25	$158M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+774.8%	+783.8%
Q2 23	+772.5%	+805.2%
Q3 23	+726.1%	+819.3%
Q4 23	+3042.9%	+3488.1%
Q1 24	-8.5%	-0.1%
Q2 24	-9.3%	-2.1%
Q3 24	-5.3%	-2.1%
Q4 24	-74.7%	-74.9%
Q1 25	-3.6%	-1.8%
Q2 25	-5.8%	-2.0%
Q3 25	-7.1%	-6.8%
Q4 25	-4.3%	+13.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%
Q3 24	$0	0.0%
Q4 24	$8M	0.2%
Q1 25	$8M	0.2%
Q2 25	$9M	0.2%
Q3 25	$12M	0.3%
Q4 25	-$28M	-0.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$8M	—	—	$701M
Q2 23	$7M	—	—	$759M
Q3 23	$6M	—	—	$762M
Q1 24	—	—	—	$624M
Q2 24	$29M	$431M	$164M	—
Q3 24	—	$433M	$210M	—
Q4 24	—	$357M	$207M	—
Q1 25	—	$389M	$209M	—
Q2 25	—	$412M	$217M	—
Q3 25	$19M	—	—	$621M
Q4 25	—	—	—	$531M

Revenue Segments

Quarter	Equipment sales and other revenue	Service revenue
Q1 24	$195M	$3.8B
Q2 24	$211M	$3.7B
Q3 24	$219M	$3.7B
Q4 24	$244M	$3.7B
Q1 25	$264M	$3.6B
Q2 25	$185M	$3.5B

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
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
Q1 23	83M	+0.4%
Q2 23	84M	+0.5%
Q3 23	84M	+0.1%
Q4 23	257M	+206.0%
Q1 24	272M	+5.8%
Q2 24	272M	+0.0%
Q3 24	272M	+0.1%
Q4 24	286M	+5.4%
Q1 25	287M	+0.0%
Q2 25	288M	+0.3%
Q3 25	288M	+0.2%
Q4 25	288M	-0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$783K	4K
FY 15	$714K	4K
FY 16	$764K	4K
FY 17	$898K	2K
FY 18	$951K	2K
FY 19	$820K	2K
FY 20	$787K	2K
FY 21	$8M	3K
FY 22	$8M	2K
FY 23	$7M	2K
FY 24	$1M	14K
FY 25	$1M	12K