ECHO EchoStar CORP

Overview and Growth

Fiscal 2025 results for EchoStar CORP combined $15.00B of revenue with net loss of $14.50B and an operating cash outflow of $99.37M. The $15.00B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 5.2% below fiscal 2024 revenue of $15.83B, marking a top-line contraction. The company reported diluted EPS of -$50.41, adding a shareholder-level measure to the absolute income figures considered below. At period end, total assets were $43.02B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.35x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $5.56B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 37.1% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was an operating loss of $17.72B, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 118.1%, showing the shortfall after operating costs. The company ended the period with a net loss of $14.50B, extending the operating result through all remaining items. Net margin was -96.6%, reflecting a loss equal to 96.6% of reported revenue. The company reported negative EBITDA of $16.14B, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. Before income taxes, the company recorded a loss of $18.89B, bridging the operating result to the final net loss. Pretax margin was -125.9%, reflecting a pre-tax loss equal to 125.9% of revenue. The company recognized an income-tax benefit of $4.39B, increasing after-tax earnings relative to the pretax result. The net loss equaled 249.4% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 33.7%, placing the bottom-line deficit against the company’s resource base. Compared with a $119.55M net loss in fiscal 2024, the current loss increased to $14.50B.

Liquidity and Capital Structure

Total assets were $43.02B, supported by $37.20B of liabilities and $5.81B of shareholder equity. At period end, current assets of $5.13B compared with current liabilities of $12.36B, defining the company’s short-term resource position. Current assets covered only 0.42x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $1.88B, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 15.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled 13.5% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 86.5%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 4.4%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 29.4% lower than fiscal 2024 assets of $60.94B, measuring the company’s own balance-sheet change. Reported equity changed 71.3% from $20.25B in fiscal 2024, placing the current capital base lower year over year. The reported cash balance changed 56.3% from $4.31B in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities used $99.37M of cash, resulting in an operating cash outflow for the year. The company spent $965.73M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $1.07B cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 7.1%. The cash deficit after capital spending represented 2.5% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.