Key Highlights

  • Total Revenue was USD 1,127.6 million versus USD 3,614.3 million, with service revenue of USD 1,030.9 million in the quarter.
  • Operating income was USD 147.8 million versus an operating loss of 16,641.9 million, including 16,481.5 million of impairments.
  • Other income included a USD 3,106.8 million AT&T Transactions gain and a USD 439.2 million deconsolidation gain in the quarter.
  • Net income was USD 2,782.2 million versus a net loss of USD 12,781.3 million, and diluted EPS was USD 7.97.

Revenue and Operating Income

EchoStar Corporation (NASDAQ:ECHO) filed its Quarterly Report for the period ended September 30, 2026. The company reported that changes in its results primarily resulted from the Deconsolidated Subsidiaries and the AT&T Transactions. Total revenue was USD 1,127,611 thousand, compared with USD 3,614,258 thousand in the third quarter of 2025.

Service revenue was USD 1,030,877 thousand versus USD 3,427,947 thousand, and equipment sales and other revenue was USD 96,734 thousand versus USD 186,311 thousand. For the nine months, total revenue was USD 8,371,264 thousand versus USD 11,208,975 thousand.

Cost of services was USD 480,411 thousand versus USD 2,370,363 thousand, cost of sales for equipment and other was USD 170,428 thousand versus USD 391,524 thousand, and selling, general and administrative expenses were USD 234,579 thousand versus USD 621,487 thousand. Depreciation and amortization was USD 86,364 thousand versus USD 391,291 thousand, and impairments and other was USD 8,079 thousand versus USD 16,481,468 thousand.

Total costs and expenses were USD 979,861 thousand versus USD 20,256,133 thousand. Operating Income was USD 147,750 thousand versus an operating loss of USD 16,641,875 thousand.

Analyst estimates were EPS of USD 0.17 against reported EPS of USD 7.97.

Gains, Net Income and Per Share Results

Interest income was USD 106,115 thousand versus USD 53,187 thousand, and interest expense, net of amounts capitalized, was USD 312,230 thousand versus USD 377,072 thousand. The deconsolidation gain was USD 439,153 thousand, and the AT&T Transactions gain was USD 3,106,788 thousand. Total other income was USD 3,251,217 thousand versus total other expense of USD 294,932 thousand.

Income before income taxes was USD 3,398,967 thousand versus a loss of USD 16,936,807 thousand, and the income tax provision was USD 616,849 thousand versus a benefit of USD 4,155,459 thousand. Net income was USD 2,782,118 thousand versus a net loss of USD 12,781,348 thousand, and net income attributable to EchoStar was USD 2,782,249 thousand.

Basic net income per share attributable to EchoStar was USD 9.57 versus a net loss per share of USD 44.37, and diluted net income per share was USD 7.97. For the nine months, net income attributable to EchoStar was USD 11,097,736 thousand versus a net loss of USD 13,289,997 thousand, and diluted net income per share was USD 31.74 versus a net loss of USD 46.25. The nine-month results included a deconsolidation gain of USD 10,168,111 thousand.

Wireless Business, Cash and Balance Sheet

The company reported 7.193 million Wireless subscribers as of September 30, 2026. Before November 15, 2025, it operated primarily as an MVNO and secondarily as an MNO. In light of the AT&T Transactions, it transitioned to a hybrid MNO model under which it continues to operate its 5G network core and uses AT&T's network services.

Cash and cash equivalents were USD 13,437,355 thousand at September 30, 2026, compared with USD 1,883,074 thousand at December 31, 2025. Marketable Investment securities were USD 531,344 thousand versus USD 1,100,891 thousand, and total current Assets were USD 14,948,547 thousand versus USD 5,133,171 thousand. Advances to the Deconsolidated Subsidiaries, net of allowance for Credit losses, were USD 195,844 thousand.

Net cash flows from Operating Activities for the nine months were USD 341,367 thousand versus USD 325,948 thousand.

Items to Follow

Investors can follow the Wireless subscriber base, which was 7.193 million at September 30, 2026, and the company's commercial agreements with SpaceX related to Starlink Direct to Cell services, tied to spectrum rights to be conveyed at the Spectrum Acquisition Closing.

Other items include interest expense, which was USD 312,230 thousand in the quarter, advances to the Deconsolidated Subsidiaries, and the cash balance of USD 13,437,355 thousand.