EchoStar CORP
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
ECHO$104.16+2.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · For the Years Ended December 31, | |||||||||
| · · 2025 · · 2024 · · 2023 | |||||||||
| Cash Flows From Operating Activities: | | | | | | | | | |
| Net income (loss) | | $(14,506,939) | | $(124,515) | | $(1,634,824) | |||
| Adjustments to reconcile net income (loss) to net cash flows from operating activities: | | | | | | | | | |
| Depreciation and amortization | | | 1,585,549 | | | 1,930,193 | | | 1,597,923 |
| Impairments and other (Note 1) | | | 17,632,011 | | | — | | | 761,099 |
| Realized and unrealized losses (gains) and impairments on investments and other | | | (1,562) | | | 73,217 | | | (46,888) |
| Realized and unrealized losses (gains) on derivatives | | | — | | | — | | | 1,693,387 |
| Asset sales and other losses (gains) | | | (100,028) | | | (50,418) | | | — |
| EchoStar exchange offers debt extinguishment losses (gains) | | | — | | | (688,661) | | | — |
| Non-cash, stock-based compensation | | | 36,272 | | | 36,383 | | | 51,514 |
| Interest expense paid in kind on long-term debt | | | 95,120 | | | 30,439 | | | — |
| Deferred tax expense (benefit) | | | (4,412,902) | | | 28,281 | | | (337,222) |
| Changes in allowance for credit losses | | | (3,038) | | | 8,238 | | | 14,600 |
| Change in long-term deferred revenue and other long-term liabilities | | | (50,654) | | | 12,555 | | | 15,825 |
| Other, net | | | 60,359 | | | 151,299 | | | (10,305) |
| Changes in operating assets and operating liabilities: | | | | | | | | | |
| Trade accounts receivable | | | (28,546) | | | 9,569 | | | 61,279 |
| Prepaid and accrued income taxes | | | (10,431) | | | 43,430 | | | 15,836 |
| Inventory | | | 59,368 | | | 189,648 | | | (37,981) |
| Other operating assets and operating liabilities | | | 7,895 | | | (129,046) | | | 95,741 |
| Trade accounts payable | | | (130,828) | | | 108,982 | | | 4,108 |
| Deferred revenue and other | | | (11,313) | | | (103,718) | | | (78,555) |
| Accrued programming and other accrued expenses | | | (319,707) | | | (273,179) | | | 267,110 |
| Net cash flows from operating activities | | | (99,374) | | | 1,252,697 | | | 2,432,647 |
| | | | | | | | | | |
| Cash Flows From Investing Activities: | | | | | | | | | |
| Purchases of marketable investment securities | | | (3,069,138) | | | (1,253,543) | | | (2,407,546) |
| Sales and maturities of marketable investment securities | | | 3,228,293 | | | 573,031 | | | 3,710,544 |
| Purchases of property and equipment (Note 8) | | | (965,730) | | | (1,544,877) | | | (3,100,921) |
| Refunds and other receipts of purchases of property and equipment | | | — | | | — | | | 38,611 |
| Capitalized interest related to regulatory authorizations (Note 2) | | | (676,311) | | | (951,747) | | | (1,162,473) |
| Proceeds from other debt investments | | | — | | | — | | | 148,448 |
| Purchases of regulatory authorizations, including deposits | | | — | | | (1,104) | | | (2,009) |
| Sale of assets to CONX | | | — | | | 26,719 | | | — |
| Liberty Puerto Rico asset sale | | | — | | | 95,435 | | | — |
| Sale of Fiber business | | | 47,207 | | | — | | | — |
| Other, net | | | 31,073 | | | 7,736 | | | (33,386) |
| Net cash flows from investing activities | | | (1,404,606) | | | (3,048,350) | | | (2,808,732) |
| | | | | | | | | | |
| Cash Flows From Financing Activities: | | | | | | | | | |
| Repayment of debt, finance lease and other obligations | | | (70,063) | | | (108,961) | | | (121,981) |
| Redemption and repurchases of debt (Note 10) | | | (974,037) | | | (2,933,714) | | | (1,643,469) |
| Proceeds from issuance of debt (Note 10) | | | 150,000 | | | 7,886,000 | | | 1,500,000 |
| Debt issuance costs and debt (discount) premium | | | (946) | | | (316,789) | | | 21,635 |
| Proceeds from issuance of PIPE shares | | | — | | | 400,000 | | | — |
| Early debt redemption gains (losses) | | | 11,465 | | | — | | | 73,024 |
| Class A common stock repurchases | | | (48,512) | | | — | | | — |
| Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan | | | 49,199 | | | 4,192 | | | 10,598 |
| Purchase of SNR Management's ownership interest in SNR HoldCo | | | — | | | (441,998) | | | — |
| Purchase of Northstar Manager, LLC's ownership interest in Northstar Spectrum | | | — | | | — | | | (109,432) |
| Other, net | | | (27,419) | | | (5,153) | | | (7,496) |
| Net cash flows from financing activities | | | (910,313) | | | 4,483,577 | | | (277,121) |
| | | | | | | | | | |
| Effect of exchange rates on cash and cash equivalents | | | 2,644 | | | (5,721) | | | 3,004 |
| | | | | | | | | | |
| Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | | | (2,411,649) | | | 2,682,203 | | | (650,202) |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 6) | | | 4,593,804 | | | 1,911,601 | | | 2,561,803 |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 6) | | $2,182,155 | | $4,593,804 | | | 1,911,601 | ||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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