EchoStar reported full-year revenue of $15.00 billion for 2025, a decline from $15.83 billion in the prior year. The company recorded a net loss of $14.50 billion, or $50.41 per diluted share, primarily reflecting $17.63 billion of non-cash asset impairments; on an adjusted basis, net loss narrowed to $1.05 billion.

The Pay-TV segment generated OIBDA of $2.69 billion in 2025, down from $2.99 billion in 2024, while the wireless division posted an OIBDA loss of $377.5 million compared with $324.8 million the prior year. Broadband and Satellite Services delivered adjusted OIBDA of $327.2 million versus $341.9 million a year earlier, resulting in consolidated adjusted OIBDA of $1.49 billion versus $1.63 billion.

In the fourth quarter, EchoStar’s Pay-TV base fell by 168,000 subscribers to 7.00 million, including 5.02 million DISH TV and 1.98 million Sling TV customers. Retail wireless subscribers declined by 9,000 to 7.51 million, and broadband connections decreased by 44,000 to 739,000, reflecting continued market headwinds.

The $17.63 billion non-cash impairment charge related to asset write-downs drove the sizable GAAP loss, skewing full-year results. Excluding these one-time charges, adjusted OIBDA of $1.49 billion and a narrower net loss highlight underlying operational profitability across key business segments.