EchoStar Corporation (SATS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 25	-$0.65	-$0.37	+43.1%	—	$3.8B	—
Q3 25	-$1.22	-$1.19	+2.5%	—	$3.6B	—
Q2 25	-$1.04	-$1.06	-1.9%	—	$3.7B	—
Q1 25	-$0.87	-$0.71	+18.4%	—	$3.9B	—
Q4 24	-$0.49	$1.23	+351.0%	—	$4B	—
Q3 24	-$0.3	-$0.52	-73.3%	—	$3.9B	—
Q2 24	-$0.08	-$0.76	-850.0%	—	$4B	—
Q1 24	-$0.08	-$0.4	-400.0%	—	$4B	—
Q4 23	$0.04	-$4.44	-11200.0%	—	$15.7B	—
Q3 23	-$0.01	$0.04	+500.0%	—	$4.1B	—
Q2 23	$0.2	$0.13	-35.0%	—	$4.4B	—
Q1 23	$0.2	$0.35	+75.0%	—	$4.4B	—
Q4 22	$0.29	$0.59	+103.4%	—	$499.9M	—
Q3 22	$0.37	$0.27	-27.0%	—	$497.4M	—
Q2 22	$0.27	$0.36	+33.3%	—	$499.3M	—
Q1 22	$0.27	$1.06	+292.6%	—	$501.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$50.4	—	—	$15B	—
FY24	—	-$0.44	—	—	$15.8B	—
FY23	—	-$6.28	—	—	$17B	—
FY22	—	$9.17	—	—	$18.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$1.5B	$1.8B	$1.9B	$1.9B	$19.8B	$18.6B	$17B	$15.8B	$15B
YoY change	-2.08%	-15.8%	+15.6%	+7%	+0.1%	+949.8%	-5.98%	-8.69%	-6.99%	-5.18%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	1.5B	1.8B	1.9B	1.9B	19.8B	18.6B	17B	15.8B	15B
Cost of revenue	725.2M	695.9M	740.5M	787.4M	744.4M	12.5B	12.2B	11.9B	11.8B	11.1B
Gross profit	1.1B	829.2M	1B	1.1B	1.1B	7.3B	6.4B	5.1B	4.1B	3.9B
Gross margin	59.9%	54.4%	58%	58.3%	60.6%	36.9%	34.5%	29.8%	25.6%	25.8%
Research & development	31.2M	31.7M	27.6M	25.7M	29.4M	31.8M	32.8M	—	—	—
Selling, general & administrative	325M	370.5M	436.1M	509.1M	474.9M	2.7B	3B	3B	2.4B	2.4B
Operating expenses	356.2M	402.2M	463.7M	534.9M	504.4M	2.7B	3B	3B	2.4B	2.4B
Operating income	296.2M	41.3M	101.4M	73.1M	114.2M	3.4B	2.2B	483.2M	-304.1M	-91.1M
Operating margin	16.4%	2.71%	5.75%	3.87%	6.05%	17.3%	12%	2.84%	-1.92%	-0.61%
Non-operating income, net	22.7M	66.2M	-88.1M	2.4M	-34M	4.5M	1.1B	-2.5B	593.5M	-17.5B
Pretax income	216.6M	-32.2M	-125.8M	-93.2M	-27.8M	3.3B	3.3B	-1.9B	-75.6M	-18.9B
Income tax	80.3M	-155.1M	6.6M	20.5M	24.1M	828.4M	798.4M	-296.9M	48.9M	-4.4B
Net income	180.7M	393.5M	-38.6M	-74.3M	-51.9M	2.5B	2.5B	-1.6B	-124.5M	-14.5B
Net margin	9.98%	25.8%	-2.19%	-3.94%	-2.75%	12.7%	13.6%	-9.61%	-0.79%	-96.7%
EBITDA	825.4M	642.1M	785.1M	728.7M	672.1M	4.7B	3.5B	2.3B	1.7B	1.7B
EPS	1.94	4.13	-0.42	-0.65	-0.41	9.04	9.17	-6.28	-0.44	-50.4
Diluted EPS	1.92	4.07	-0.42	-0.65	-0.41	7.94	8.05	-6.28	-0.44	-50.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.1B	15.7B	4B	4B	3.9B	4B	3.9B	3.7B	3.6B	3.8B	3.7B	3.6B
Cost of revenue	3B	11.4B	2.9B	2.9B	2.9B	3B	2.9B	2.8B	2.8B	2.7B	2.5B	2.3B
Gross profit	1.1B	4.3B	1.1B	1B	959.8M	961.4M	998.1M	909.1M	852.4M	1.1B	1.1B	1.2B
Gross margin	27.4%	27.5%	27.3%	26.2%	24.7%	24.2%	25.8%	24.4%	23.6%	29.4%	30.9%	34.4%
Research & development	6.5M	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	762M	2.7B	—	595M	643.1M	564.2M	597.9M	629.5M	621.5M	531.4M	639M	547.8M
Operating expenses	768.5M	2.7B	—	595M	643.1M	564.2M	597.9M	629.5M	621.5M	531.4M	639M	547.8M
Operating income	-31.3M	385.3M	-15.2M	-65.4M	-160.8M	-62.7M	-88.1M	-213.4M	-160.4M	370.8M	326.7M	510.7M
Operating margin	-0.76%	2.45%	-0.38%	-1.65%	-4.13%	-1.58%	-2.28%	-5.73%	-4.44%	9.77%	8.91%	14.3%
Non-operating income, net	-168.9M	-2.5B	-26.1M	-91.5M	52.1M	659M	41.4M	35.1M	-16.5B	-1.1B	68.3M	9.7B
Pretax income	-178.2M	-2B	-110.3M	-224.1M	-179M	437.8M	-267.3M	-392.1M	-16.9B	-1.3B	-168.2M	9.8B
Income tax	-59.4M	-335.6M	-1.9M	-16.6M	-35.2M	102.7M	-64M	-85.3M	-4.2B	-81.6M	-20.9M	1.3B
Net income	-118.7M	-1.7B	-108.4M	-207.5M	-143.8M	335.1M	-203.3M	-306.8M	-12.8B	-1.2B	-147.3M	8.5B
Net margin	-2.89%	-10.6%	-2.7%	-5.25%	-3.7%	8.45%	-5.25%	-8.24%	-353.6%	-32%	-4.02%	236.6%
EBITDA	404.2M	1.8B	499M	392.7M	321.3M	461.8M	469.1M	347.7M	285.4M	631.3M	525.8M	726.4M
EPS	-0.51	—	-0.4	-0.76	-0.52	—	-0.71	-1.06	-44.4	—	-0.51	29.2
Diluted EPS	-0.51	—	-0.4	-0.76	-0.52	—	-0.71	-1.06	-44.4	—	-0.51	24.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.9B	4.6B	2.9B	4.2B	2.1B	—	4.5B	4.5B	6.3B	31.3B	26.1B
Enterprise value	4.5B	5B	3B	4.2B	2.1B	—	25.9B	27.9B	30.5B	58.4B	56.7B
Shares outstanding	93.8M	95.4M	96.3M	96.7M	97.9M	275.1M	270.1M	270.8M	274.1M	287.6M	287.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.6	11.8	—	—	—	—	1.78	—	—	—	11.9
P/S	2.16	3.04	1.62	2.22	1.1	—	0.24	0.26	0.4	2.08	2.03
P/B	0.97	1.11	0.69	1.12	0.58	—	0.2	0.22	0.31	5.38	5.34
EV/EBITDA	5.41	7.82	3.77	5.81	3.07	—	7.41	12.4	18.2	33.7	35.7
EV/Sales	2.47	3.29	1.68	2.24	1.09	—	1.39	1.64	1.93	3.89	3.83
Earnings yield	4.63%	8.49%	—	—	—	—	56.3%	—	—	—	8.43%
FCF yield	1.48%	2.43%	5.16%	4.15%	4.19%	—	-169.1%	-40.8%	-19.8%	-5.57%	-1.75%
PEG	—	—	—	—	—	—	—	—	—	—	-0

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59.9%	54.4%	58%	58.3%	60.6%	36.9%	34.5%	29.8%	25.6%	25.8%	34.4%
Operating margin	16.4%	2.71%	5.75%	3.87%	6.05%	17.3%	12%	2.84%	-1.92%	-0.61%	8.91%
Net margin	9.98%	25.8%	-2.19%	-3.94%	-2.75%	12.7%	13.6%	-9.61%	-0.79%	-96.7%	-97.6%
ROE	4.51%	9.42%	-0.93%	-1.98%	-1.44%	73.9%	11.5%	-8.02%	-0.62%	-249.6%	-112.3%
ROA	2.01%	4.5%	-0.45%	-1.04%	-0.73%	41.7%	4.32%	-2.86%	-0.2%	-33.7%	0.4%
ROIC	4.08%	0.9%	2.38%	1.93%	3.17%	73.3%	3.91%	1.1%	-0.68%	-0.28%	3.35%
Return on tangible assets	2.68%	6.01%	-0.59%	-1.51%	-1.08%	66.2%	-13.9%	8.02%	0.69%	55.4%	-111.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	7.01	8.98	2.66	5.72	2.04	4.19	1.05	0.61	1.39	0.42	0.3
Quick ratio	6.89	8.78	2.61	5.56	1.97	3.96	0.95	0.53	1.31	0.38	5.12
Debt / equity	0.91	0.87	0.8	0.67	0.7	0.48	1.17	1.27	1.47	5.18	5.15
Debt / assets	0.41	0.42	0.38	0.35	0.36	0.27	0.44	0.45	0.49	0.7	0.45
Net debt / EBITDA	0.68	0.61	0.12	0.06	-0.02	0.02	6.12	10.4	14.5	15.7	7.86
Interest coverage	2.75	0.83	0.43	0.63	0.81	31.1	43.1	-20.4	0.84	-11.4	-3.18
Effective tax rate	37%	0%	0%	0%	0%	24.7%	23.9%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.3	16	18.3	19.5	19.3	72	69	62.8	57.7	52.2	51.4
EPS (basic)	1.94	4.13	-0.42	-0.65	-0.41	9.04	9.17	-6.28	-0.44	-50.4	-50.4
EPS (diluted)	1.92	4.07	-0.42	-0.65	-0.41	7.94	8.05	-6.28	-0.44	-50.4	-50.2
Book value per share	42.7	43.8	43.2	38.7	36.8	12.4	81.6	75.3	73.9	20.2	19.5
FCF per share	0.62	1.18	1.53	1.8	0.89	7.76	-28.2	-6.77	-4.54	-6.06	-2.35
Cash per share	33	34	33.4	25.4	25.9	5.62	15.9	9.03	20.2	10.4	5.23
Capex per share	0.26	0.05	0.81	0	0	5.89	11.3	11.3	5.64	2.35	0.29

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.33%	0.28%	4.4%	0%	0%	8.17%	16.4%	18%	9.76%	4.51%	0.7%
Capex / operating cash flow	3.22%	0.59%	12.5%	0%	0%	34.9%	63%	-1.1K%	75.9%	-680.6%	-120.2%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.1B	$15.7B	$4B	$4B	$3.9B	$4B	$3.9B	$3.7B	$3.6B	$3.8B	$3.7B	$3.6B
YoY change	+726.1%	+3K%	-8.5%	-9.27%	-5.3%	-74.7%	-3.61%	-5.76%	-7.11%	-4.31%	-5.23%	-3.99%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.1B	3.2B	3.2B	2.5B	2.5B	1.5B	4.3B	2.4B	5.5B	3B
Receivables	178.7M	240.6M	176.6M	167.3M	159.7M	164.6M	1.2B	1.1B	1.2B	1.3B
Inventory	62.6M	83.6M	75.4M	79.6M	98M	103.1M	626M	665.2M	455.2M	380.6M
Total current assets	3.7B	3.7B	3.6B	2.8B	2.9B	1.9B	6.8B	4.9B	8.1B	5.1B
Property, plant & equipment	3.2B	3.3B	2.4B	2.5B	2.4B	2.4B	10.2B	12.1B	11.9B	2B
Goodwill & intangibles	2.3B	2.2B	2.2B	2.2B	2.3B	2.2B	77B	77.5B	79B	69.2B
Total assets	9B	8.8B	8.7B	7.2B	7.1B	6B	58.7B	57.1B	60.9B	43B
Accounts payable	171.4M	113.2M	123.1M	126M	123.1M	109.8M	1B	774M	741M	541.7M
Short-term debt	33M	40.6M	919.6M	14.7M	912.9M	16.8M	1.6B	3B	943M	7.3B
Total current liabilities	531.4M	413.9M	1.3B	496M	1.4B	460.1M	6.4B	8B	5.8B	12.4B
Long-term debt	3.6B	3.6B	2.4B	2.5B	1.6B	1.6B	24.2B	22.8B	28.9B	22.8B
Total liabilities	5B	4.6B	4.5B	3.4B	3.5B	2.6B	36.7B	36.7B	40.7B	37.2B
Shareholders' equity	4B	4.2B	4.2B	3.7B	3.6B	3.4B	22.1B	20.4B	20.2B	5.8B
Total debt	3.7B	3.6B	3.3B	2.5B	2.5B	1.6B	25.7B	25.9B	29.8B	30.1B
Net debt	1.1B	1.2B	2.4B	981.3M	1.6B	1.1B	23.2B	24.1B	25.5B	28.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2B	2.4B	766.4M	520.6M	674.4M	5.5B	5.1B	4.3B	3.9B	3B	1.5B	496.2M
Receivables	183M	1.1B	1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.1B	1.3B	1.3B	905.6M
Inventory	167.5M	665.2M	633M	557.3M	441.7M	455.2M	413.4M	375.1M	416.1M	380.6M	395.1M	322.4M
Total current assets	2.5B	4.9B	3.1B	2.8B	5B	8.1B	7.6B	6.9B	6B	5.1B	3.5B	19.9B
Property, plant & equipment	2.3B	12.1B	12.1B	12.1B	11.9B	11.9B	11.7B	11.5B	2.9B	2B	2B	1.7B
Goodwill & intangibles	2.2B	77.5B	77.9B	78.3B	78.5B	79B	79.6B	80.2B	70B	69.2B	69.2B	34.3B
Total assets	6.2B	57.1B	55.6B	55.3B	57.5B	60.9B	60.6B	59.9B	45.3B	43B	41.4B	39.4B
Accounts payable	83.8M	774M	573.3M	655.5M	707.5M	741M	690.5M	745.6M	668.2M	541.7M	579.9M	251.9M
Short-term debt	17.9M	3B	2.1B	2.1B	2.5B	943M	1B	1.1B	4.5B	7.3B	6.2B	1.4B
Total current liabilities	396.7M	8B	7B	7B	7.5B	5.8B	6.1B	5.7B	10B	12.4B	11.8B	3.8B
Long-term debt	1.6B	22.8B	22.9B	22.8B	24.7B	28.9B	28.5B	28.6B	26.1B	22.8B	22B	16.1B
Total liabilities	2.6B	36.7B	35.7B	35.6B	38B	40.7B	40.5B	40.1B	38.3B	37.2B	35.7B	25.2B
Shareholders' equity	3.7B	20.4B	19.8B	19.6B	19.5B	20.2B	20.1B	19.8B	7B	5.8B	5.7B	14.2B
Total debt	1.6B	25.9B	24.9B	24.9B	27.2B	29.8B	29.5B	29.6B	30.6B	30.1B	28.2B	17.6B
Net debt	548.5M	24.1B	24.3B	24.5B	26.6B	25.5B	27B	27.3B	28.1B	28.2B	26.9B	17.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	180.7M	393.5M	-38.6M	-74.3M	-51.9M	2.5B	2.5B	-1.6B	-124.5M	-14.5B
Depreciation & amortization	495.1M	533.8M	598.2M	588.2M	525M	1.2B	1.2B	1.6B	1.9B	1.6B
Stock-based compensation	15.2M	10.1M	10M	9.4M	8.9M	59.4M	83M	51.5M	36.4M	36.3M
Change in working capital	-65.7M	71.6M	18.7M	21.8M	-34.6M	8.1M	-17.9M	-132.1M	-30.5M	-103.4M
Operating cash flow	748.3M	732M	619M	589.8M	457.3M	4.6B	4.8B	-272.5M	2B	-99.4M
Capital expenditure	24.1M	4.3M	77.5M	0	0	-1.6B	-3.1B	-3.1B	-1.5B	-676.3M
Investing cash flow	113.4M	-251.3M	-1.5B	1.3B	-695M	-3.3B	-868.8M	-1.6B	-2.1B	-438.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-33.3M	0	-43.5M	-261.4M	-89.3M	0	0	-48.5M
Financing cash flow	1.4B	-44.2M	-150.4M	-962.4M	-26.6M	3.4B	-301.9M	-287.7M	4.1B	-959.5M
Net change in cash	2.3B	436.5M	-1B	929.4M	-264.3M	4.7B	3.7B	-2.2B	4B	-1.5B
Free cash flow	57.8M	112.3M	147.7M	174M	86.9M	2.1B	-7.6B	-1.8B	-1.2B	-1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-118.7M	-1.7B	-108.4M	-207.5M	-143.8M	335.1M	-203.3M	-306.8M	-12.8B	-1.2B	-147.3M	8.5B
Depreciation & amortization	397.2M	1.3B	485.4M	507.5M	477.4M	459.8M	488.3M	493.1M	391.3M	212.9M	166.6M	170.5M
Stock-based compensation	10.4M	43.3M	9.1M	10.6M	8.6M	8.1M	7.6M	8.5M	11.9M	8.3M	10.2M	13.1M
Change in working capital	25.9M	-6.9M	-18.6M	12.4M	-68.5M	-129.4M	-28.1M	-120.8M	—	—	277.6M	—
Operating cash flow	297.3M	-485.2M	416.9M	464.8M	251.5M	829.8M	244.5M	7.5M	111.7M	-425.3M	238.3M	-10M
Capital expenditure	-829.7M	—	-519.6M	-347.3M	-333.7M	-344.3M	-258.4M	-453.7M	-102.5M	0	0	0
Investing cash flow	7.7M	1.2B	-79M	-286.3M	-168.1M	-1.6B	-1.5B	103M	405.7M	403.5M	982.5M	417.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	—	—	0	—	—
Financing cash flow	-94.1M	-1.8B	-1.4B	-25.6M	2.3B	3.2B	-334.4M	-188.6M	-177.2M	-360.8M	-1.8B	-9.6M
Net change in cash	210.9M	-1.1B	-1.1B	152.9M	2.4B	2.5B	-1.6B	-78.1M	340.2M	-382.6M	-570.2M	398.4M
Free cash flow	-516.5M	-1.9B	-227.5M	-191.3M	-218.7M	-607.5M	-171.7M	-739.4M	-246.9M	-583.4M	104.8M	-102.3M

EchoStar Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement