Key Financial Data
- Q4 Total revenue: $3.796 billion (-4.3% year-over)
- Q4 Pay television revenue: $2.358 billion (-11.6%)
- Q4 Wireless revenue: $957.6 million (+6.3%)
- Q4 Broadband & satellite revenue: $399.8 million (-3.1%)
- Q4 Net income: -$1.207 billion
- FY25 Total revenue: $15 billion (-5.2%)
- FY25 Pay TV revenue: $9.7 billion (-9.2%)
- FY25 Wireless revenue: $3.796 billion (+5.6%)
- FY25 Broadband & satellite revenue: $1.456 billion (-7.6%)
- FY25 net income: -$14.497 billion
- FY25 Total pay TV subscribers: 7 million
- FY25 Total Dish TV subscribers: 5.02 million
- FY25 Total Sling TV subscribers: 1.98 million
- Q4 Net pay TV additions: -168,000
- Read more Q4 2025 media earnings coverage
Echostar swung to a steep loss in 2025 as non-cash asset impairments weighed heavily on its bottom line, even as the company showed modest improvements in certain operating metrics during the fourth quarter (Q4) of the year.
The Colorado-based pay TV and broadband company reported full year revenue of $15 billion, down 5.2 percent compared to the $15.8 billion earned during 2024. The decline was primarily attributed to ongoing pressure in its pay TV business and new competition on the broadband side that was partially offset by growth in its wireless and equipment sales businesses.
For the fourth quarter, revenue totaled $3.8 billion, a decrease of 4.3 percent from $4 billion during Q4 2024.
Echostar reported a net loss attributable to the company of $14.5 billion for 2025, compared to a loss of $119.5 million in 2024. The company said the 2025 result was primarily attributable to $17.6 billion in non-cash asset impairments and other expenses.
Excluding tax-affected non-cash adjustments, Echostar said its net loss would have been about $1.1 billion, compared to $664 million in 2024.
During Q4, Echostar posted a net loss of $1.2 billion, compared to net income of $335.2 million in the year-ago quarter. Total OIBDA was negative $566.9 million, compared to positive $397.1 million in the prior year period. Adjusted OIBDA improved to $583.7 million, up 47.0 percent from $397.1 million in the fourth quarter of 2024.
By segment, pay TV revenue earned from its Dish Network and Sling TV businesses earned $2.4 billion during Q4, down 11.6 percent year-over-year. For the full year, Dish and Sling TV revenue declined 9.2 percent to $9.7 billion. The company ended the year with 7 million pay TV customers, including 1.9 million that subscribe to Sling TV.
Wireless revenue rose 6.3 percent in the fourth quarter to $957.6 million and increased 5.6 percent for the year to $3.8 billion. Broadband and satellite services revenue declined 3.1 percent in the quarter to $399.8 million and fell 7.6 percent for the year to $1.5 billion.
Stock Price
In retail wireless, Echostar closed the year with 7.5 million subscribers after losing about 9,000 customers in the fourth quarter. That compared to net additions of 90,000 subscribers in the year-ago quarter.
Broadband subscribers totaled 739,000 at year-end, reflecting a net loss of about 44,000 customers in the fourth quarter, compared to a loss of 59,000 in the prior year period.
