EchoStar CORP
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
ECHO$94.62+5.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001558370-25-007050
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001558370-25-009923
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 193 previous paragraphs and 237 current paragraphs.
128 unchanged; 60 reworded; 29 added; 5 removed; 0 previous and 20 current paragraphs rearranged.
Tables are not compared: 15 previous and 29 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
Recent Developments
Current report
Wereceived a letter from the Federal Communications Commission (the “FCC”) on May 9, 2025, indicating that the FCC was beginning a review of our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-out extension granted by the FCC and mobile-satellite service (“MSS”) utilization in the 2 GHz band (the “Letter”). We responded to the FCC’s subsequent public notices with filings on May 27, 2025 and June 6, 2025. On June 11, 2025, our Chairman met with the FCC; during this meeting we explained that any reconsideration of the September 2024 grant of our construction deadline extensions, any after-the-fact change to the criteria upon which our build-out is judged, or any decision to upend the 2 GHz band’s sharing rules would threaten the viability of our current operations and future plans. While no resolution has been achieved yet, and it is possible that no such resolution will ultimately be achieved, we continue to explore an acceptable resolution of the FCC’s stated concerns in a manner that minimizes disruption to our businesses and lifts the regulatory uncertainty created by the inquiries. The FCC review has introduced the possibility of reversing prior FCC grants of authority to us. This uncertainty over our spectrum rights has effectively frozen our ability to make decisions regarding our 5G network buildout, has materially adversely impacted our ability to implement and adjust our overall business plan and has required us to re-evaluate the deployment of our resources. In light of the continued uncertainty related to the FCC inquiries, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods to make such interest payments. See Note 9 in the Notes to our Condensed Consolidated Financial Statements for further details. We remain focused on resolving the FCC’s stated concerns. We continue to progress wide-ranging efforts to explore alternative or complementary pathways that could, if successfully implemented, resolve the FCC’s stated concerns in a manner acceptable to us.
Current report
While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments. See Note 10 in the Notes to our Condensed Consolidated Financial Statements for definitions and further details. Alsosee Note 1 “Recent Developments” in the Notes to our Condensed Consolidated Financial Statements for additional information.
Current report
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024.
Current report
(1) Purchases of property and equipment, net of refunds includes satellite purchases during the three months ended June 30, 2025 and 2024 of $49 million and $36 million, respectively.
Current report
(1) Purchases of property and equipment, net of refunds includes satellite purchases during the six months ended June 30, 2025 and 2024 of $74 million and $66 million, respectively.
Current report
Pay-TV Subscribers
Current report
Service revenue.“Service revenue” totaled $4.971 billion for the six months ended June 30, 2025, a decrease of $388 million or 7.2% compared to the same period in 2024. The decrease in “Service revenue” compared to the same period in 2024 was primarily related to lower average Pay-TV subscriber base, partially offset by an increase in Pay-TV ARPU, discussed below.
Current report
DISH TV SAC. DISH TV SAC was $1,150 during the six months ended June 30, 2025 compared to $997 during the same period in 2024, an increase of $153 or 15.3%. This change was primarily attributable to an increase in advertising costs per subscriber, a higher percentage of new receivers compared to remanufactured receivers being activated on new subscriber accounts and higher commission costs due to our emphasis on acquiring higher quality subscribers. While our marketing expenditures decreased during the six months ended June 30, 2025 compared to the same period in 2024, our gross new DISH TV subscriber activations decreased at a higher rate, resulting in an increase in advertising costs per subscriber.
Current report
During the six months ended June 30, 2025 and 2024, the amount of equipment capitalized under our lease program for new DISH TV subscribers totaled $15 million and $13 million, respectively.
Current report
Service revenue.“Service revenue” totaled $824 million for the three months ended June 30, 2025, an increase of $39 million or 4.9% compared to the same period in 2024. The increase in “Service revenue” compared to the same period in 2024 was primarily related to an increase in Wireless ARPU, discussed below.
Current report
Cost of services.“Cost of services” totaled $801 million for the three months ended June 30, 2025, an increase of $56 million or 7.5% compared to the same period in 2024. The increase in “Cost of services” compared to the same period in 2024 was primarily attributable to an increase in lease expense on communication towers, transport and other related costs for our 5G Network, higher monthly dealer incentive costs due to our emphasis on acquiring higher quality, long-term subscribers and higher other variable costs, partially offset by lower network services costs per subscriber as we grow customer traffic on our 5G Network.
Current report
Cost of sales – equipment and other.“Cost of sales – equipment and other” totaled $282 million for the three months ended June 30, 2025, a decrease of $31 million or 9.9% compared to the same period in 2024. The decrease in “Cost of sales – equipment and other” compared to the same period in 2024 primarily resulted from a decrease in units shipped and higher vendor rebates, partially offset by an increase in sales of wireless devices with higher costs per unit. During the three months ended June 30, 2025, we sold a higher percentage of devices that are compatible with our 5G Network and other devices that have a higher cost per unit.
Current report
Wireless churn rate*.*Our Wireless churn rate for the six months ended June 30, 2025 was 2.75% compared to 2.99% for the same period in 2024. Our Wireless churn rates for the six months ended June 30, 2025 and 2024 were positively impacted by our emphasis on acquiring and retaining higher quality subscribers, partially offset by competitive pressures, including deeper wireless device subsidies.
Current report
Equipment sales and other revenue.“Equipment sales and other revenue” totaled $274 million for the six months ended June 30, 2025, an increase of $57 million or 26.1% compared to the same period in 2024. The increase in “Equipment sales and other revenue” compared to the same period in 2024 was primarily related to an increase in sales of wireless devices withh igher revenue per unit, partially offset by a decrease in units shipped. During the six months ended June 30, 2025, we sold a higher percentage of devices that are compatible with our 5G Network and other devices that have a higher revenue per unit.
Current report
Selling, general and administrative expenses.“Selling, general and administrative expenses” totaled $576 million during the six months ended June 30, 2025, a $123 million or 27.2% increase compared to the same period in 2024. This increase was primarily driven by higher marketing expenditures and an increase in costs to support the Wireless segment.
Current report
(1) Purchases of property and equipment, net of refunds includes satellite purchases during the three months ended June 30, 2025 and 2024 of $13 million and $1 million, respectively.
Current report
Cost of services.“Cost of services” totaled $115 million for the three months ended June 30, 2025, a decrease of $11 million, or 8.7%, as compared to 2024. The decrease was primarily attributable to lower costs of broadband services to our North American and international consumer customers and our North American enterprise customers. Our “Cost of services” represented 42.1% and 41.7% of “Service revenue” during the three months ended June 30, 2025 and 2024, respectively.
Current report
Cost of sales – equipment and other.“Cost of sales – equipment and other” totaled $64 million for the three months ended June 30, 2025, a decrease of $15 million, or 18.9%, as compared to 2024. The decrease was primarily attributable to lower costs of broadband services to our North American and international enterprise customers. Our “Cost of sales – equipment and other” represented 95.8% and 85.7% of “Equipment sales and other revenue” during the three months ended June 30, 2025 and 2024, respectively. The three months ended June 30, 2025 was negatively impacted by a one-time project charge.
Current report
Selling, general and administrative expenses. “Selling, general and administrative expenses” totaled $93 million for the three months ended June 30, 2025, a decrease of $14 million, or 12.8%, as compared to 2024. The decrease was primarily attributable to lower bad debt expense and lower marketing expenditures.
Current report
(1) Purchases of property and equipment, net of refunds includes satellite purchases during the six months ended June 30, 2025 and 2024 of $14 million and $3 million, respectively.
Current report
Service revenue.“Service revenue” totaled $550 million for the six months ended June 30, 2025, a decrease of $69 million, or 11.2%, as compared to 2024. The decrease was primarily attributable to lower sales of broadband services to our North American and international consumer customers and our North American enterprise customers.
Current report
Equipment sales and other revenue.“Equipment sales and other revenue” totaled $160 million for the six months ended June 30, 2025, an increase of $3 million, or 2.0%, as compared to 2024. The increase was primarily attributable to higher hardware sales to our North American enterprise customers, partially offset by a decrease in hardware sales to our international enterprise customers.
Current report
Cost of services.“Cost of services” totaled $228 million for the six months ended June 30, 2025, a decrease of $28 million, or 10.9%, as compared to 2024. The decrease was primarily attributable to lower costs of broadband services to our North American and international consumer customers and our North American enterprise customers. Our “Cost of services” represented 41.5% and 41.4% of “Service revenue” during the six months ended June 30, 2025 and 2024, respectively.
Current report
Cost of sales – equipment and other.“Cost of sales – equipment and other” totaled $145 million for the six months ended June 30, 2025, an increase of $10 million, or 7.6%, as compared to 2024. The increase was primarily attributable to higher costs of equipment to our North American enterprise customers, partially offset by a decrease in equipment costs to our international enterprise customers. Our “Cost of sales – equipment and other” represented 90.8% and 86.0% of “Equipment sales and other revenue” during the six months ended June 30, 2025 and 2024, respectively. The six months ended June 30, 2025 was negatively impacted by a one-time project charge.
Current report
Selling, general and administrative expenses. “Selling, general and administrative expenses” totaled $183 million for the six months ended June 30, 2025, a decrease of $40 million, or 17.9%, as compared to 2024. The decrease was primarily attributable to lower bad debt expense and lower marketing expenditures.
Current report
Depreciation and amortization. “Depreciation and amortization” expense totaled $209 million for the six months ended June 30, 2025, a decrease of $26 million, or 11.2%, as compared to 2024. The decrease was primarily attributable to lower equipment and satellite depreciation expense.
Current report
Other, net.“Other, net” income totaled $35 million during the three months ended June 30, 2025, compared to expense of $91 million during the same period in 2024. The three months ended June 30, 2025 was positively impacted by a $37 million gain on the sale of our Fiber business, partially offset by $8 million in net losses and impairments on marketable and non-marketable investment securities. The three months ended June 30, 2024 was negatively impacted by a $66 million loss in equity in earnings, including $63 million from our portion of Invidi’s goodwill impairment, and $25 million in net losses and impairments on marketable and non-marketable investment securities. See Note 2 in the Notes to our Condensed Consolidated Financial Statements for further information.
Current report
On May 8, 2025, we issued $150 million aggregate principal amount of our 10 3/4% Senior Secured Notes due November 30, 2029. Interest accrues at an annual rate of 10 3/4% and is payable semi-annually in cash, in arrears on May 30 and November 30 of each year, which commenced on May 30, 2025.
Removed paragraphs (5)
Previous report
(1) Purchases of property and equipment, net of refunds includes satellite purchases during the three months ended March 31, 2025 and 2024 of $25 million and $30 million, respectively.
Previous report
(1) Purchases of property and equipment, net of refunds includes satellite purchases during the three months ended March 31, 2025 and 2024 of $1 million and $2 million, respectively.
Previous report
Cost of services.“Cost of services” totaled $113 million for the three months ended March 31, 2025, a decrease of $17 million, or 13.1%, as compared to 2024. The decrease was primarily attributable to lower costs of broadband services to our North American and international enterprise and consumer customers. Our “Cost of services” represented 40.8% and 41.1% of “Service revenue” during the three months ended March 31, 2025 and 2024, respectively.
Previous report
Cost of sales – equipment and other.“Cost of sales – equipment and other” totaled $82 million for the three months ended March 31, 2025, an increase of $25 million, or 44.3%, as compared to 2024. The increase was primarily attributable to the corresponding increase in equipment revenue. Our “Cost of sales – equipment and other” represented 87.2% and 86.5% of “Equipment sales and other revenue” during the three months ended March 31, 2025 and 2024, respectively.
Previous report
Selling, general and administrative expenses. “Selling, general and administrative expenses” totaled $90 million for the three months ended March 31, 2025, a decrease of $26 million, or 22.7%, as compared to 2024. The decrease was primarily attributable to lower costs to support the Broadband and Satellite Services segment and lower marketing expenditures. The three months ended March 31, 2024 was negatively impacted by higher bad debt expense.
Reworded paragraphs (60)
Previous wording
Our Pay-TV segment business strategy is to be the best provider of video services in the United States by providing products with the best technology, outstanding customer service and great value. We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). We promote our Pay-TV services by providing our subscribers with a better “price-to-value” relationship and experience than those available from other subscription television service providers. The DISH branded pay-TV service consists of, among other things, Federal Communications Commission (“FCC”) licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). We market our SLING TV services to consumers who do not subscribe to traditional satellite and cable pay-TV services, as well as to current and recent traditional pay-TV subscribers who desire a lower cost alternative.
Current wording
Our Pay-TV segment business strategy is to be the best provider of video services in the United States by providing products with the best technology, outstanding customer service and great value. We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). We promote our Pay-TV services by providing our subscribers with a better “price-to-value” relationship and experience than those available from other subscription television service providers. The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”).
Previous wording
Our Wireless segment provides wireless communication services (“Wireless” services) and products. We currently offer our Wireless services for 5G voice over new radio (“5G VoNR”) to over 222 million Americans and for 5G broadband service to over 269 million Americans, as well as a competitive portfolio of wireless devices. We offer customers value by providing choice and flexibility in our Wireless services. We offer competitive consumer plans with no annual service contracts and device financing arrangements for certain qualified subscribers.
Current wording
Our Wireless segment provides wireless communication services (“Wireless” services) and products. We currently offer our Wireless services for 5G voice over new radio (“5G VoNR”) to over 223 million Americans and for 5G broadband service to over 269 million Americans, as well as a competitive portfolio of wireless devices. We offer customers value by providing choice and flexibility in our Wireless services. We offer competitive consumer plans with no annual service contracts and device financing arrangements for certain qualified subscribers.
Previous wording
We are currently operating primarily as a mobile virtual network operator (“MVNO”) as we continue to commercialize our Wireless spectrum licenses through the completion of the nation’s first cloud-native, Open Radio Access Network (“O-RAN”) based 5G VoNR and broadband network (our “5G Network”) and grow customer traffic on our 5G Network. We are transitioning to a mobile network operator (“MNO”) as our 5G Network has become commercially available and we grow customer traffic on our 5G Network. We are currently activating Boost Mobile subscribers with compatible devices onto our 5G Network in markets where we have reached 5GVoNR. We currently offer a broad range of premium wireless devices on our 5G Network, including the Apple iPhone 15 and newer generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices. We have deployed 5G VoNR covering over 222 million Americans. Within our MVNO operations, today we depend in part on T-Mobile and AT&T to provide us with network services under the amended Master Network Services Agreement (“MNSA”) and Network Services Agreement (the “NSA”), respectively.
Current wording
We are currently operating primarily as a mobile virtual network operator (“MVNO”) as we continue to commercialize our Wireless spectrum licenses through the completion of the nation’s first cloud-native, Open Radio Access Network (“O-RAN”) based 5G VoNR and broadband network (our “5G Network”) and grow customer traffic on our 5G Network. We are transitioning to a mobile network operator (“MNO”) as our 5G Network has become commercially available and we grow customer traffic on our 5G Network. We are currently activating Boost Mobile subscribers with compatible devices onto our 5G Network in markets where we have reached 5GVoNR. We currently offer a broad range of premium wireless devices on our 5G Network, including the Apple iPhone 15 and newer generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices. We have deployed 5G VoNR covering over 223 million Americans. Within our MVNO operations, today we depend in part on T-Mobile and AT&T to provide us with network services under the amended Master Network Services Agreement (“MNSA”) and Network Services Agreement (the “NSA”), respectively.
Previous wording
We have committed to the FCC to deploy afacilities-based 5G broadband network capable of serving increasingly larger portions of the U.S. population at different deadlines. In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments andin a January 10, 2025 filing to the FCC, we certified to meeting the accelerated buildout (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request)due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments. See Note 10 in the Notes to our Condensed Consolidated Financial Statements for definitions and further details.
Current wording
We have committed to the FCC to deploy afacilities-based 5G broadband network capable of serving increasingly larger portions of the U.S. population at different deadlines. In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments andin a January 10, 2025 filing to the FCC, we certified to meeting the accelerated build-out (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request)due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026.
Previous wording
During 2024 and the first three months of 2025, we experienced inflationary pressures in our commodity and labor costs resulting from the macroeconomic environment in the United States, which has impacted our overall operating results. In addition, changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.
Current wording
During 2024 and the first six months of 2025, we experienced inflationary pressures in our commodity and labor costs resulting from the macroeconomic environment in the United States, which has impacted our overall operating results. In addition, changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.
Previous wording
Other, net. The main components of “Other, net” are gains and losses realized on the sale and/or conversion of marketable and non-marketable investment securities and derivative instruments, impairment of marketable and non-marketable investment securities, unrealized gains and losses from changes in fair value of certain marketable and non-marketable investment securities and derivative instruments, foreign currency transaction gains and losses, debt extinguishment gains and losses, and equity in earnings and losses of our affiliates.
Current wording
Other, net. The main components of “Other, net” are gains and losses realized on the sale and/or conversion of marketable and non-marketable investment securities and derivative instruments, impairment of marketable and non-marketable investment securities, unrealized gains and losses from changes in fair value of certain marketable and non-marketable investment securities and derivative instruments, the sale of businesses or business assets gains and losses, foreign currency transaction gains and losses, debt extinguishment gains and losses, and equity in earnings and losses of our affiliates.
Previous wording
Total revenue. Our consolidated revenue totaled $3.870 billion for the three months ended March 31, 2025, a decrease of $145 million or 3.6% compared to the same period in 2024. The net decrease primarily resulted from the decrease in revenue from our Pay-TV segment and to a lesser extent our Broadband and Satellite Services segment, partially offset by the increase in revenue from our Wireless segment.
Current wording
Total revenue. Our consolidated revenue totaled $3.725 billion for the three months ended June 30, 2025, a decrease of $228 million or 5.8% compared to the same period in 2024. The net decrease primarily resulted from the decrease in revenue from our Pay-TV segment and to a lesser extent our Broadband and Satellite Services segment, partially offset by the increase in revenue from our Wireless segment.
Previous wording
Total operating income (loss). Our consolidated operating loss totaled $88 million for the three months ended March 31, 2025, an increase in operating loss of $73 million compared to the same period in 2024. This change primarily resulted from an increase in operating loss from our Wireless segment and a decrease in operating income from our Pay-TV segment, partially offset by a decrease in operating loss from our Broadband and Satellite Services segment.
Current wording
Total operating income (loss). Our consolidated operating loss totaled $302 million for the six months ended June 30, 2025, an increase in operating loss of $221 million compared to the same period in 2024. This change primarily resulted from an increase in operating loss from our Wireless segment and a decrease in operating income from our Pay-TV segment, partially offset by a decrease in operating loss from our Broadband and Satellite Services segment.
Previous wording
We offer Pay-TV services under the DISH brand and the SLING brand. As of March 31, 2025, we had 7.397 million Pay-TV subscribers in the United States, including 5.503 million DISH TV subscribers and 1.894 million SLING TV subscribers.
Current wording
We offer Pay-TV services under the DISH brand and the SLING brand. As of June 30, 2025, we had 7.108 million Pay-TV subscribers in the United States, including 5.323 million DISH TV subscribers and 1.785 million SLING TV subscribers.
Previous wording
Our Pay-TV services also face increased competition from programmers and other companies who distribute video directly to consumers over the Internet, as well as traditional satellite television providers, cable companies and large telecommunications companies that are rapidly increasing their Internet-based video offerings and direct-to-consumer exclusive and non-exclusive content. We also face competition from providers of video content, many of which are providers of programming content to us, that distribute content over the Internet including services with live-linear television programming, as well as single programmer offerings and offerings of large libraries of on-demand content, including in certain cases original content. These product offerings include, but are not limited to: Netflix, Hulu, Apple+, Prime Video, YouTube TV, Disney+, ESPN+, Paramount+, Max, STARZ, Peacock, Fubo, Philo and Tubi and certain bundles of these offerings.
Current wording
Our Pay-TV services also face increased competition from programmers and other companies who distribute video directly to consumers over the Internet, as well as traditional satellite television providers, cable companies and large telecommunications companies that are rapidly increasing their Internet-based video offerings and direct-to-consumer exclusive and non-exclusive content. We also face competition from providers of video content, many of which are providers of programming content to us, that distribute content over the Internet including services with live-linear television programming, as well as single programmer offerings and offerings of large libraries of on-demand content, including in certain cases original content. These product offerings include, but are not limited to: Netflix, Hulu, Apple+, Prime Video, YouTube TV, Disney+, ESPN+, Paramount+, HBO Max, STARZ, Peacock, Fubo, Philo and Tubi and certain bundles of these offerings.
Previous wording
DISH TV subscribers*.*We lost approximately 183,000 net DISH TV subscribers during the three months ended March 31, 2025 compared to the loss of approximately 213,000 net DISH TV subscribers during the same period in 2024. This decrease in net DISH TV subscriber losses primarily resulted from a lower DISH TV churn rate, partially offset by lower gross new DISH TV subscriber activations.
Current wording
DISH TV subscribers*.*We lost approximately 152,000 net DISH TV subscribers during the three months ended June 30, 2025 compared to the loss of approximately 182,000 net DISH TV subscribers during the same period in 2024. This decrease in net DISH TV subscriber losses primarily resulted from a lower DISH TV churn rate, partially offset by lower gross new DISH TV subscriber activations.
Previous wording
DISH TV churn rate*.*Our DISH TV churn rate for the three months ended March 31, 2025 was 1.36% compared to 1.53% for the same period in 2024. Our DISH TV churn rate for the three months ended March 31, 2025 was positively impacted by our emphasis on acquiring and retaining higher quality subscribers. Our DISH TV churn rate continues to be adversely impacted by external factors, such as, among other things, cord cutting, shifting consumer behavior and increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive marketing, bundled discount offers combining broadband, video and/or wireless services and other discounted promotional offers. Our DISH TV churn rate is also impacted by internal factors, such as, among other things, our ability to consistently provide outstanding customer service, price increases, our ability to control piracy and other forms of fraud and the level of our retention efforts.
Current wording
DISH TV churn rate*.*Our DISH TV churn rate for the three months ended June 30, 2025 was 1.29% compared to 1.39% for the same period in 2024. Our DISH TV churn rates for the three months ended June 30, 2025 and 2024 were positively impacted by our continued emphasis on acquiring and retaining higher quality subscribers. Our DISH TV churn rate continues to be adversely impacted by external factors, such as, among other things, cord cutting, shifting consumer behavior and increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive marketing, bundled discount offers combining broadband, video and/or wireless services and other discounted promotional offers. Our DISH TV churn rate is also impacted by internal factors, such as, among other things, our ability to consistently provide outstanding customer service, price increases, our ability to control piracy and other forms of fraud and the level of our retention efforts.
Previous wording
Service revenue.“Service revenue” totaled $2.524 billion for the three months ended March 31, 2025, a decrease of $177 million or 6.5% compared to the same period in 2024. The decrease in “Service revenue” compared to the same period in 2024 was primarily related to lower average Pay-TV subscriber base, partially offset by an increase in Pay-TV ARPU, discussed below.
Current wording
Service revenue.“Service revenue” totaled $2.447 billion for the three months ended June 30, 2025, a decrease of $212 million or 8.0% compared to the same period in 2024. The decrease in “Service revenue” compared to the same period in 2024 was primarily related to lower average Pay-TV subscriber base, partially offset by an increase in Pay-TV ARPU, discussed below.
Previous wording
Pay-TV ARPU. Pay-TV ARPU was $110.64 during the three months ended March 31, 2025 versus $107.38 during the same period in 2024. The $3.26 or 3.0% increase in Pay-TV ARPU was primarily attributable to the DISH TV and SLING TV programming price increases. The DISH TV and SLING TV programming package price increases were effective in the third and fourth quarter of 2024.
Current wording
Pay-TV ARPU. Pay-TV ARPU was $111.74 during the three months ended June 30, 2025 versus $108.42 during the same period in 2024. The $3.32 or 3.1% increase in Pay-TV ARPU was primarily attributable to the DISH TV and SLING TV programming price increases. The DISH TV and SLING TV programming package price increases were effective in the third and fourth quarter of 2024, respectively.
Previous wording
Cost of services.“Cost of services” totaled $1.557 billion during the three months ended March 31, 2025, a decrease of $108 million or 6.5% compared to the same period in 2024. The decrease in “Cost of services” was primarily attributable to a lower average Pay-TV subscriber base, partially offset by higher programming costs per subscriber. Programming costs per subscriber increased during the three months ended March 31, 2025 due to rate increases in certain of our programming contracts, including the renewal of certain contracts at higher rates, particularly for local broadcast channels. “Cost of services” represented 61.7% and 61.6% of “Service revenue” during the three months ended March 31, 2025 and 2024, respectively.
Current wording
Cost of services.“Cost of services” totaled $1.549 billion during the three months ended June 30, 2025, a decrease of $90 million or 5.5% compared to the same period in 2024. The decrease in “Cost of services” was primarily attributable to a lower average Pay-TV subscriber base, partially offset by higher programming costs per subscriber. Programming costs per subscriber increased during the three months ended June 30, 2025 due to rate increases in certain of our programming contracts, including the renewal of certain contracts at higher rates, particularly for local broadcast channels. “Cost of services” represented 63.3% and 61.6% of “Service revenue” during the three months ended June 30, 2025 and 2024, respectively. This increase primarily related to higher programming costs per subscriber.
Previous wording
Selling, general and administrative expenses.“Selling, general and administrative expenses” totaled $243 million during the three months ended March 31, 2025, a $47 million or 16.3% decrease compared to the same period in 2024. This change was primarily driven by a decrease in subscriber acquisition costs resulting from lower marketing expenditures and lower gross new DISH TV subscriber activations and a decrease in personnel costs.
Current wording
Selling, general and administrative expenses.“Selling, general and administrative expenses” totaled $240 million during the three months ended June 30, 2025, a $26 million or 9.9% decrease compared to the same period in 2024. This change was primarily driven by a decrease in subscriber acquisition costs resulting from lower marketing expenditures and lower gross new DISH TV subscriber activations, and a decrease in personnel costs.
Previous wording
Depreciation and amortization.“Depreciation and amortization” expense totaled $76 million during the three months ended March 31, 2025, a $9 million or 10.5% decrease compared to the same period in 2024. This change wasprimarily driven bya decrease in depreciation expense from equipment leased to new and existing DISH TV subscribers andthe expiration of our Nimiq 5 finance lease in September 2024.
Current wording
Depreciation and amortization.“Depreciation and amortization” expense totaled $68 million during the three months ended June 30, 2025, a $17 million or 20.4% decrease compared to the same period in 2024. This change wasprimarily driven bya decrease in depreciation expense from equipment leased to new and existing DISH TV subscribers andthe expiration of our Nimiq 5 finance lease in September 2024.
Previous wording
DISH TV SAC. DISH TV SAC was $1,149 during the three months ended March 31, 2025 compared to $1,054 during the same period in 2024, an increase of $95 or 9.0%. This change was primarily attributable to a higher percentage of new receivers being activated on new subscriber accounts, higher commission costs due to our emphasis on acquiring higher quality subscribers and higher installation costs.
Current wording
DISH TV SAC. DISH TV SAC was $1,150 during the three months ended June 30, 2025 compared to $938 during the same period in 2024, an increase of $212 or 22.6%. This change was primarily attributable to an increase in advertising costs per subscriber, a higher percentage of new receivers compared to remanufactured receivers being activated on new subscriber accounts and higher commission costs due to our emphasis on acquiring higher quality subscribers.
Previous wording
During each of the three months ended March 31, 2025 and 2024, the amount of equipment capitalized under our lease program for new DISH TV subscribers totaled $7 million.
Current wording
During the three months ended June 30, 2025 and 2024, the amount of equipment capitalized under our lease program for new DISH TV subscribers totaled $8 million and $6 million, respectively.
Previous wording
SLING TV subscribers*.*We lost approximately 198,000 net SLING TV subscribers during the three months ended March 31, 2025 compared to the loss of approximately 135,000 net SLING TV subscribers during the same period in 2024. The increase in net SLING TV subscriber losses was primarily related to lower SLING TV subscriber activations due to our emphasis on acquiring higher quality subscribers and higher SLING TV subscriber disconnects in 2025. We continue to experience increased competition, including competition from other subscription video on-demand and live-linear OTT service providers, many of which are providers of our content and offer football and other seasonal sports programming direct to subscribers on an a la carte basis.
Current wording
SLING TV subscribers*.*We lost approximately 307,000 net SLING TV subscribers during the six months ended June 30, 2025 compared to the loss of approximately 57,000 net SLING TV subscribers during the same period in 2024. The increase in net SLING TV subscriber losses was primarily related to lower SLING TV subscriber activations due to our emphasis on acquiring higher quality subscribers and higher SLING TV subscriber disconnects in 2025. We continue to experience increased competition, including competition from other subscription video on-demand and live-linear OTT service providers, many of which are providers of our content and offer football and other seasonal sports programming direct to subscribers on an a la carte basis.
Previous wording
DISH TV subscribers, gross*.*During the three months ended March 31, 2025, we activated approximately 46,000 gross new DISH TV subscribers compared to approximately 79,000 gross new DISH TV subscribers during the same period in 2024, a decrease of 41.8%. This decrease in our gross new DISH TV subscriber activations was primarily related to lower marketing expenditures, the lack of demand and shifting consumer behavior, as well as increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive short term introductory pricing and bundled offers combining broadband, video and/or wireless services and other discounted promotional offers and direct-to-consumer offerings by certain of our programmers. Our gross new DISH TV subscriber activations continue to be negatively impacted by an emphasis on acquiring higher quality subscribers.
Current wording
DISH TV subscribers, gross*.*During the six months ended June 30, 2025, we activated approximately 103,000 gross new DISH TV subscribers compared to approximately 155,000 gross new DISH TV subscribers during the same period in 2024, a decrease of 33.5%. This decrease in our gross new DISH TV subscriber activations was primarily related to lower marketing expenditures, the lack of demand and shifting consumer behavior, as well as increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive short term introductory pricing and bundled offers combining broadband, video and/or wireless services and other discounted promotional offers and direct-to-consumer offerings by certain of our programmers. Our gross new DISH TV subscriber activations continue to be negatively impacted by an emphasis on acquiring higher quality subscribers.
Previous wording
Our Wireless segment provides Wireless communication services and products. We currently offer our Wireless services for 5G VoNRto over 222 million Americans and for 5G broadband service to over 269 million Americans, as well as a competitive portfolio of wireless devices. We offer nationwide Wireless services to subscribers primarily under our Boost Mobile and Gen Mobile brands.
Current wording
Our Wireless segment provides Wireless communication services and products. We currently offer our Wireless services for 5G VoNRto over 223 million Americans and for 5G broadband service to over 269 million Americans, as well as a competitive portfolio of wireless devices. We offer nationwide Wireless services to subscribers primarily under our Boost Mobile and Gen Mobile brands.
Previous wording
We are currently operating primarily as an MVNO as we continue to commercialize and grow customer traffic on our 5G Network. We are transitioning to an MNO as our 5G Network has become commercially available and we grow customer traffic on our 5G Network. We are currently activating Boost Mobile subscribers with compatible devices onto our 5G Network in markets where we have reached 5GVoNR. We currently offer a broad range of premium wireless devices on our 5G Network, including the Apple iPhone 15 and newer generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices. We have deployed 5G VoNR covering over 222 million Americans. Within our MVNO operations, today we depend in part on T-Mobile and AT&T to provide us with network services under the MNSA and NSA, respectively. As of March 31, 2025, we had 7.145 million Wireless subscribers.
Current wording
We are currently operating primarily as an MVNO as we continue to commercialize and grow customer traffic on our 5G Network. We are transitioning to an MNO as our 5G Network has become commercially available and we grow customer traffic on our 5G Network. We are currently activating Boost Mobile subscribers with compatible devices onto our 5G Network in markets where we have reached 5GVoNR. We currently offer a broad range of premium wireless devices on our 5G Network, including the Apple iPhone 15 and newer generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices and accessories. We have deployed 5G VoNR covering over 223 million Americans. Within our MVNO operations, today we depend in part on T-Mobile and AT&T to provide us with network services under the MNSA and NSA, respectively. As of June 30, 2025, we had 7.357 million Wireless subscribers.
Previous wording
*ACP Subscribers.*A portion of our Wireless subscriber base and revenue was comprised of subscribers who received benefits under the ACP program. The FCC began taking steps to wind down the ACP program and stopped accepting new applications and enrollments on February 7, 2024. Households enrolled in the ACP program continued to receive the benefit on their service through April 2024. In May 2024, households received a partial benefit and on June 1, 2024 the ACP program funding concluded and households no longer received their benefit. Although we implemented plans to retain and/or migrate these subscribers to lower priced service plans, these subscribers began deactivating in the second and third quarters of 2024. As of December 31, 2024, we had no Wireless ACP subscribers. Generally, ACP subscribers have lower Wireless ARPU than other Wireless subscribers and as a result, any loss of ACP subscribers had a nominal impact on pre-tax net income.
Current wording
*ACP Subscribers.*Historically, a portion of our Wireless subscriber base and revenue was comprised of subscribers who received benefits under the ACP program. The FCC began taking steps to wind down the ACP program and stopped accepting new applications and enrollments on February 7, 2024. Households enrolled in the ACP program continued to receive the benefit on their service through April 2024. In May 2024, households received a partial benefit and on June 1, 2024 the ACP program funding concluded and households no longer received their benefit. Although we implemented plans to retain and/or migrate these subscribers to lower priced service plans, these subscribers began deactivating in the second and third quarters of 2024. As of December 31, 2024, we had no Wireless ACP subscribers. Generally, ACP subscribers have lower Wireless ARPU than other Wireless subscribers and as a result, any loss of ACP subscribers had a nominal impact on pre-tax net income.
Previous wording
Our Wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments andin a January 10, 2025 filing to the FCC, we certified to meeting the accelerated buildout (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request)due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments. See Note 10 in the Notes to our Condensed Consolidated Financial Statements for definitions and further details.
Current wording
Our Wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments andin a January 10, 2025 filing to the FCC, we certified to meeting the accelerated build-out (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request)due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments. See Note 10 in the Notes to our Condensed Consolidated Financial Statements for definitions and further details. Alsosee Note 1 “Recent Developments” in the Notes to our Condensed Consolidated Financial Statements for additional information.
Previous wording
We may need to make significant additional investments or partner with others to, among other things, continue our 5G Network deployment and further commercialize, build-out and integrate these licenses and related assets and any additional acquired licenses and related assets, as well as to comply with regulations applicable to such licenses. Depending on the nature and scope of such activities, any such investments or partnerships could vary significantly. In addition, as we continue our 5G Network deployment, we have and may continue to incur significant additional expenses related to, among other things, research and development, wireless testing and ongoing upgrades to the wireless network infrastructure, software and third-party integration. As a result of these investments, among other factors, we will need to raise additional capital, which may not be available on favorable terms or at all. We may also determine that additional wireless spectrum licenses may be required for our 5G Network deployment, which will enhance our ability to compete effectively with other wireless service providers.
Current wording
We will need to make significant additional investments or partner with others to, among other things, continue our 5G Network deployment and further commercialize, build-out and integrate these licenses and related assets and any additional acquired licenses and related assets, as well as to comply with regulations applicable to such licenses. Depending on the nature and scope of such activities, any such investments or partnerships could vary significantly. In addition, as we continue our 5G Network deployment, we have and may continue to incur significant additional expenses related to, among other things, research and development, wireless testing and ongoing upgrades to the wireless network infrastructure, software and third-party integration. As a result of these investments, among other factors, we will need to raise additional capital, which may not be available on favorable terms or at all. We may also determine that additional wireless spectrum licenses may be required for our 5G Network deployment, which will enhance our ability to compete effectively with other wireless service providers.
Previous wording
Additional primary competitors to our Wireless segment include, but are not limited to, Metro PCS (owned by T-Mobile), Cricket Wireless (owned by AT&T), Visible (owned by Verizon), Tracfone Wireless (owned by Verizon), Total Wireless (owned by Verizon) and other MVNOs such as Consumer Cellular, Mint Mobile (owned by T-Mobile), Spectrum Mobile and Xfinity Mobile.
Current wording
Additional primary competitors to our Wireless segment include, but are not limited to, Metro PCS (owned by T-Mobile), Cricket Wireless (owned by AT&T), Visible (owned by Verizon), Tracfone Wireless (owned by Verizon), Total Wireless (owned by Verizon), Mint Mobile (owned by T-Mobile) and other MVNOs such as Consumer Cellular, Spectrum Mobile and Xfinity Mobile.
Previous wording
Wireless subscribers*.*We added approximately 150,000 net Wireless subscribers during the three months ended March 31, 2025 compared to the loss of approximately 81,000 net Wireless subscribers during the same period in 2024. The change in net Wireless subscribers primarily resulted from a lower Wireless churn rate, higher net Government subsidized subscribers and higher gross new Wireless subscriber activations compared to the same period in 2024. In addition, the three months ended March 31, 2024 was negatively impacted by net losses of Government subsidized subscribers as a result of the ACP program no longer accepting new applications and/or enrollments as of February 7, 2024. See “Wireless Segment – ACP Subscribers” for further information.
Current wording
Wireless subscribers*.*We added approximately 212,000 net Wireless subscribers during the three months ended June 30, 2025 compared to the loss of approximately 16,000 net Wireless subscribers during the same period in 2024. The change in net Wireless subscribers primarily resulted from higher net Government subsidized subscribers, a lower Wireless churn rate, and higher gross new Wireless subscriber activations compared to the same period in 2024. In addition, the three months ended June 30, 2024 was negatively impacted by net losses of Government subsidized subscribers as a result of the ACP program funding concluding on June 1, 2024. See “Wireless Segment – ACP Subscribers” for further information.
Previous wording
Wireless subscribers, gross*.*During the three months ended March 31, 2025, we activated approximately 657,000 gross new Wireless subscribers compared to approximately 580,000 gross new Wireless subscribers during the same period in 2024, an increase of 13.3%. This increase in gross new Wireless subscribers primarily resulted from higher marketing expenditures, new subscriber offers and promotions and growth in digital channels. Our gross new Wireless subscribers continue to be negatively impacted by our emphasis on acquiring and retaining higher quality subscribers and increased competitive pressures, including aggressive competitor marketing, discounted service plans and deeper wireless device subsidies.
Current wording
Wireless subscribers, gross*.*During the three months ended June 30, 2025, we activated approximately 634,000 gross new Wireless subscribers compared to approximately 606,000 gross new Wireless subscribers during the same period in 2024, an increase of 4.6%. This increase in gross new Wireless subscribers primarily resulted from higher marketing expenditures, new subscriber offers and promotions and growth in digital channels. Our gross new Wireless subscribers continue to be negatively impacted by our emphasis on acquiring and retaining higher quality subscribers and increased competitive pressures, including aggressive competitor marketing, discounted service plans and deeper wireless device subsidies.
Previous wording
Wireless churn rate*.*Our Wireless churn rate for the three months ended March 31, 2025 was 2.83% compared to 3.05% for the same period in 2024. Our Wireless churn rate for the three months ended March 31, 2025 was positively impacted by our emphasis on acquiring and retaining higher quality subscribers, partially offset by competitive pressures, including deeper wireless device subsidies.
Current wording
Wireless churn rate*.*Our Wireless churn rate for the three months ended June 30, 2025 was 2.69% compared to 2.93% for the same period in 2024. Our Wireless churn rates for the three months ended June 30, 2025 and 2024 were positively impacted by our emphasis on acquiring and retaining higher quality subscribers, partially offset by competitive pressures, including deeper wireless device subsidies.
Previous wording
Wireless ARPU. Wireless ARPU was $37.89 during the three months ended March 31, 2025 versus $36.69 during the same period in 2024. The $1.20 or 3.3% increase in Wireless ARPU was primarily attributable to, among other things, a shift in subscriber plan mix to higher priced service plans and increased sales of value added services.
Current wording
Wireless ARPU. Wireless ARPU was $37.40 during the three months ended June 30, 2025 versus $35.91 during the same period in 2024. The $1.49 or 4.1% increase in Wireless ARPU was primarily attributable to, among other things, a shift in subscriber plan mix to higher priced service plans and increased sales of value added services.
Previous wording
Equipment sales and other revenue.“Equipment sales and other revenue” totaled $163 million for the three months ended March 31, 2025, an increase of $53 million or 48.7% compared to the same period in 2024. The increase in “Equipment sales and other revenue” compared to the same period in 2024 was primarily related to an increase in units shipped and wireless devices withh igher revenue per unit shipped due to unit mix. During the three months ended March 31, 2025, we shipped a higher percentage of devices that are compatible with our 5G Network and other devices that have a higher revenue per unit.
Current wording
Equipment sales and other revenue.“Equipment sales and other revenue” totaled $111 million for the three months ended June 30, 2025, an increase of $3 million or 3.1% compared to the same period in 2024. The increase in “Equipment sales and other revenue” compared to the same period in 2024 was primarily related to an increase in sales of wireless devices withh igher revenue per unit, partially offset by a decrease in units shipped. During the three months ended June 30, 2025, we sold a higher percentage of devices that are compatible with our 5G Network and other devices that have a higher revenue per unit.
Previous wording
Selling, general and administrative expenses.“Selling, general and administrative expenses” totaled $272 million during the three months ended March 31, 2025, a $49 million or 21.7% increase compared to the same period in 2024. This increase was primarily driven by higher marketing expenditures.
Current wording
Selling, general and administrative expenses.“Selling, general and administrative expenses” totaled $303 million during the three months ended June 30, 2025, a $75 million or 32.7% increase compared to the same period in 2024. This increase was primarily driven by higher marketing expenditures and an increase in costs to support the Wireless segment.
Previous wording
Depreciation and amortization. “Depreciation and amortization” expense totaled $307 million during the three months ended March 31, 2025, a $26 million or 9.1% increase compared to the same period in 2024. This change was primarily driven by an increase in depreciation and amortization expense related to 5G Network assets being placed in service during 2024. This increase waspartially offset bya decrease in amortization expense from subscriber relationships related to the Boost Mobile acquisition in 2020, which became fully amortized during the second quarter of 2024.
Current wording
Depreciation and amortization. “Depreciation and amortization” expense totaled $321 million during the three months ended June 30, 2025, a $15 million or 4.9% increase compared to the same period in 2024. This change was primarily driven by an increase in depreciation and amortization expense related to 5G Network assets being placed in service during 2024 and 2025. This increase waspartially offset bya decrease in amortization expense from subscriber relationships related to the Boost Mobile acquisition in 2020, which became fully amortized during the second quarter of 2024.
Previous wording
Service revenue.“Service revenue” totaled $810 million for the three months ended March 31, 2025, an increase of $5 million or 0.7% compared to the same period in 2024. The increase in “Service revenue” compared to the same period in 2024 was primarily related to an increase in Wireless ARPU, discussed below, partially offset by a lower average Wireless subscriber base.
Current wording
Service revenue.“Service revenue” totaled $1.633 billion for the six months ended June 30, 2025, an increase of $44 million or 2.8% compared to the same period in 2024. The increase in “Service revenue” compared to the same period in 2024 was primarily related to an increase in Wireless ARPU, discussed below, partially offset by a lower average Wireless subscriber base.
Previous wording
Cost of services.“Cost of services” totaled $766 million for the three months ended March 31, 2025, an increase of $2 million compared to the same period in 2024. The increase in “Cost of services” compared to the same period in 2024 was primarily attributable to an increase in lease expense on communication towers, transport and other related costs for our 5G Network, partially offset by a lower average Wireless subscriber base and lower network services costs per subscriber.
Current wording
Cost of services.“Cost of services” totaled $1.567 billion for the six months ended June 30, 2025, an increase of $58 million or 3.8% compared to the same period in 2024. The increase in “Cost of services” compared to the same period in 2024 was primarily attributable to an increase in lease expense on communication towers, transport and other related costs for our 5G Network, higher monthly dealer incentive costs due to our emphasis on acquiring higher quality, long-term subscribers and higher other variable costs. These increases were partially offset by a lower average Wireless subscriber base and lower network services costs per subscriber as we grow customer traffic on our 5G Network.
Previous wording
Cost of sales – equipment and other.“Cost of sales – equipment and other” totaled $349 million for the three months ended March 31, 2025, an increase of $60 million or 20.6% compared to the same period in 2024. The increase in “Cost of sales – equipment and other” compared to the same period in 2024 was primarily resulted from an increase in units shipped and wireless devices with higher costs per unit shipped due to unit mix, partially offset by higher vendor rebates. During the three months ended March 31, 2025, we shipped a higher percentage of devices that are compatible with our 5G Network and other devices that have a higher cost per unit.
Current wording
Cost of sales – equipment and other.“Cost of sales – equipment and other” totaled $631 million for the six months ended June 30, 2025, an increase of $29 million or 4.8% compared to the same period in 2024. The increase in “Cost of sales – equipment and other” compared to the same period in 2024 primarily resulted from an increase in sales of wireless devices with higher costs per unit, partially offset by a decrease in units shipped and higher vendor rebates. During the six months ended June 30, 2025, we sold a higher percentage of devices that are compatible with our 5G Network and other devices that have a higher cost per unit.
Previous wording
Broadband subscribers. We lost approximately 30,000 net Broadband subscribers for the three months ended March 31, 2025 compared to the loss of approximately 26,000 net Broadband subscribers during the same period in 2024. The increase in net Broadband subscriber losses was primarily due to lower gross subscriber additions, partially offset by lower subscriber disconnects due to expanded satellite capacity and increased subscriber service satisfaction. We continue to experience increased competition from satellite-based competitors and other technologies.
Current wording
Broadband subscribers. We lost approximately 34,000 net Broadband subscribers for the three months ended June 30, 2025 compared to the loss of approximately 23,000 net Broadband subscribers during the same period in 2024. The increase in net Broadband subscriber losses was primarily due to lower gross subscriber additions, partially offset by lower subscriber disconnects due to expanded satellite capacity and increased subscriber service satisfaction. We continue to experience increased competition from satellite-based competitors and other technologies.
Previous wording
Service revenue.“Service revenue” totaled $277 million for the three months ended March 31, 2025, a decrease of $40 million, or 12.7%, as compared to 2024. The decrease was primarily attributable to lower sales of broadband services to our North American and international consumer customers and our North American enterprise customers.
Current wording
Service revenue.“Service revenue” totaled $273 million for the three months ended June 30, 2025, a decrease of $29 million, or 9.6%, as compared to 2024. The decrease was primarily attributable to lower sales of broadband services to our North American and international consumer customers and our North American enterprise customers.
Previous wording
Equipment sales and other revenue.“Equipment sales and other revenue” totaled $94 million for the three months ended March 31, 2025, an increase of $28 million, or 43.1%, as compared to 2024. The increase was primarily attributable to higher hardware sales to our North American enterprise customers.
Current wording
Equipment sales and other revenue.“Equipment sales and other revenue” totaled $66 million for the three months ended June 30, 2025, a decrease of $25 million, or 27.5%, as compared to 2024. The decrease was primarily attributable to lower hardware sales to our North American and international enterprise customers.
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Current report — wording carried from elsewhere
We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). We market our SLING TV services to consumers who do not subscribe to traditional satellite and cable pay-TV services, as well as to current and recent traditional pay-TV subscribers who desire a lower cost alternative.
Current report — wording carried from elsewhere
Total operating income (loss). Our consolidated operating loss totaled $213 million for the three months ended June 30, 2025, an increase in operating loss of $148 million compared to the same period in 2024. This change primarily resulted from an increase in operating loss from our Wireless segment and to a lesser extent our Broadband and Satellite Services segment and a decrease in operating income from our Pay-TV segment.
Current report — wording carried from elsewhere
Total revenue. Our consolidated revenue totaled $7.595 billion for the six months ended June 30, 2025, a decrease of $373 million or 4.7% compared to the same period in 2024. The net decrease primarily resulted from the decrease in revenue from our Pay-TV segment and to a lesser extent our Broadband and Satellite Services segment, partially offset by the increase in revenue from our Wireless segment.
Current report — wording carried from elsewhere
SLING TV subscribers*.*We lost approximately 109,000 net SLING TV subscribers during the three months ended June 30, 2025 compared to the addition of approximately 78,000 net SLING TV subscribers during the same period in 2024. The change in net SLING TV subscribers was primarily related to lower SLING TV subscriber activations due to our emphasis on acquiring higher quality subscribers. We continue to experience increased competition, including competition from other subscription video on-demand and live-linear OTT service providers, many of which are providers of our content and offer football and other seasonal sports programming direct to subscribers on an a la carte basis.
Current report — wording carried from elsewhere
DISH TV subscribers, gross*.*During the three months ended June 30, 2025, we activated approximately 57,000 gross new DISH TV subscribers compared to approximately 76,000 gross new DISH TV subscribers during the same period in 2024, a decrease of 25.0%. This decrease in our gross new DISH TV subscriber activations was primarily related to the lack of demand and shifting consumer behavior, as well as increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive short term introductory pricing and bundled offers combining broadband, video and/or wireless services and other discounted promotional offers and direct-to-consumer offerings by certain of our programmers. Our gross new DISH TV subscriber activations continue to be negatively impacted by an emphasis on acquiring higher quality subscribers.
Current report — wording carried from elsewhere
DISH TV subscribers*.*We lost approximately 335,000 net DISH TV subscribers during the six months ended June 30, 2025 compared to the loss of approximately 395,000 net DISH TV subscribers during the same period in 2024. This decrease in net DISH TV subscriber losses primarily resulted from a lower DISH TV churn rate, partially offset by lower gross new DISH TV subscriber activations.
Current report — wording carried from elsewhere
DISH TV churn rate*.*Our DISH TV churn rate for the six months ended June 30, 2025 was 1.33% compared to 1.46% for the same period in 2024. Our DISH TV churn rates for the six months ended June 30, 2025 and 2024 were positively impacted by our continued emphasis on acquiring and retaining higher quality subscribers. Our DISH TV churn rate continues to be adversely impacted by external factors, such as, among other things, cord cutting, shifting consumer behavior and increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive marketing, bundled discount offers combining broadband, video and/or wireless services and other discounted promotional offers. Our DISH TV churn rate is also impacted by internal factors, such as, among other things, our ability to consistently provide outstanding customer service, price increases, our ability to control piracy and other forms of fraud and the level of our retention efforts.
Current report — wording carried from elsewhere
Pay-TV ARPU. Pay-TV ARPU was $111.18 during the six months ended June 30, 2025 versus $107.89 during the same period in 2024. The $3.29 or 3.0% increase in Pay-TV ARPU was primarily attributable to the DISH TV and SLING TV programming price increases. The DISH TV and SLING TV programming package price increases were effective in the third and fourth quarter of 2024, respectively.
Current report — wording carried from elsewhere
Cost of services.“Cost of services” totaled $3.106 billion during the six months ended June 30, 2025, a decrease of $198 million or 6.0% compared to the same period in 2024. The decrease in “Cost of services” was primarily attributable to a lower average Pay-TV subscriber base, partially offset by higher programming costs per subscriber. Programming costs per subscriber increased during the three months ended June 30, 2025 due to rate increases in certain of our programming contracts, including the renewal of certain contracts at higher rates, particularly for local broadcast channels. “Cost of services” represented 62.5% and 61.6% of “Service revenue” during the six months ended June 30, 2025 and 2024, respectively. This increase primarily related to higher programming costs per subscriber.
Current report — wording carried from elsewhere
Selling, general and administrative expenses.“Selling, general and administrative expenses” totaled $483 million during the six months ended June 30, 2025, a $73 million or 13.2% decrease compared to the same period in 2024. This change was primarily driven by a decrease in subscriber acquisition costs resulting from lower marketing expenditures and lower gross new DISH TV subscriber activations and a decrease in personnel costs.
Current report — wording carried from elsewhere
Depreciation and amortization.“Depreciation and amortization” expense totaled $144 million during the six months ended June 30, 2025, a $26 million or 15.5% decrease compared to the same period in 2024. This change wasprimarily driven bya decrease in depreciation expense from equipment leased to new and existing DISH TV subscribers andthe expiration of our Nimiq 5 finance lease in September 2024.
Current report — wording carried from elsewhere
Wireless subscribers*.*We added approximately 362,000 net Wireless subscribers during the six months ended June 30, 2025 compared to the loss of approximately 97,000 net Wireless subscribers during the same period in 2024. The change in net Wireless subscribers primarily resulted from higher net Government subsidized subscribers, a lower Wireless churn rate and higher gross new Wireless subscriber activations compared to the same period in 2024. In addition, the six months ended June 30, 2024 was negatively impacted by net losses of Government subsidized subscribers as a result of the ACP program funding concluding on June 1, 2024. See “Wireless Segment – ACP Subscribers” for further information.
Current report — wording carried from elsewhere
Wireless subscribers, gross*.*During the sixmonths ended June 30, 2025, we activated approximately 1.291 million gross new Wireless subscribers compared to approximately 1.186 million gross new Wireless subscribers during the same period in 2024, an increase of 8.9%. This increase in gross new Wireless subscribers primarily resulted from higher marketing expenditures, new subscriber offers and promotions and growth in digital channels. Our gross new Wireless subscribers continue to be negatively impacted by our emphasis on acquiring and retaining higher quality subscribers and increased competitive pressures, including aggressive competitor marketing, discounted service plans and deeper wireless device subsidies.
Current report — wording carried from elsewhere
Wireless ARPU. Wireless ARPU was $37.64 during the six months ended June 30, 2025 versus $36.30 during the same period in 2024. The $1.34 or 3.7% increase in Wireless ARPU was primarily attributable to, among other things, a shift in subscriber plan mix to higher priced service plans and increased sales of value added services.
Current report — wording carried from elsewhere
Depreciation and amortization. “Depreciation and amortization” expense totaled $628 million during the six months ended June 30, 2025, a $41 million or 6.9% increase compared to the same period in 2024. This change was primarily driven by an increase in depreciation and amortization expense related to 5G Network assets being placed in service during 2024 and 2025. This increase waspartially offset bya decrease in amortization expense from subscriber relationships related to the Boost Mobile acquisition in 2020, which became fully amortized during the second quarter of 2024.
Current report — wording carried from elsewhere
Broadband subscribers. We lost approximately 64,000 net Broadband subscribers for the six months ended June 30, 2025 compared to the loss of approximately 49,000 net Broadband subscribers during the same period in 2024. The increase in net Broadband subscriber losses was primarily due to lower gross subscriber additions, partially offset by lower subscriber disconnects due to expanded satellite capacity and increased subscriber service satisfaction. We continue to experience increased competition from satellite-based competitors and other technologies.
Current report — wording carried from elsewhere
Interest income.“Interest income” totaled $65 million during the three months ended June 30, 2025, an increase of $51 million compared to the same period in 2024. This increase primarily resulted from higher average cash and marketable investment securities balances during the three months ended June 30, 2025.
Current report — wording carried from elsewhere
Interest expense, net of amounts capitalized.“Interest expense, net of amounts capitalized” totaled $565 million during the six months ended June 30, 2025, an increase of $385 million compared to the same period in 2024. This increase primarily resulted from interest expense related to debt issuances in the third and fourth quarters of 2024, partially offset by the redemption of debt that matured in March and November 2024 and debt tendered for exchange and cancelled in the fourth quarter of 2024. In addition, the six months ended June 30, 2025 was positively impacted by a $101 million increase in capitalized interest compared to the same period in 2024 due to a higher capitalization rate. See Note 2 in the Notes to our Condensed Consolidated Financial Statements for further information.
Current report — wording carried from elsewhere
Income tax (provision) benefit, net. Our income tax benefit was $149 million during the six months ended June 30, 2025, an increase of $131 million compared to the same period in 2024. The change was primarily related to a decrease in “Income (loss) before income taxes” and the change in our effective tax rate. Our effective tax rate during the six months ended June 30, 2024 was impacted by federal, state and foreign valuation allowances.
Current report — wording carried from elsewhere
10 3/4% Senior Secured Notes due**2029