Key Highlights

● Third-quarter Net Income was about $2.78 billion, driven largely by accounting gains.

● Cash and equivalents stood near $13.4 billion at September 30, 2026.

● Total Debt fell to roughly $9.66 billion from about $25.98 billion.

● A $17 billion spectrum agreement with SpaceX is expected to close around November 30, 2027.

EchoStar Corporation (NASDAQ:ECHO) now trades on Nasdaq under the ticker ECHO, having moved from SATS on June 24, 2026, and its latest quarterly filing describes a company reshaped by spectrum sales. For the third quarter ended September 30, 2026, EchoStar reported net income of about $2.78 billion, driven largely by accounting gains tied to the AT&T (NYSE:T) transaction and Subsidiary deconsolidation. Cash and equivalents stood near $13.4 billion at quarter-end.

Latest Company Context

EchoStar announced the ticker change on June 22, 2026, with founder and chairman Charlie Ergen saying the new symbol reflects growth beyond a pure-play satellite company. In its Form 10-Q for the quarter ended September 30, 2026, the company reported Revenue of about $1.13 billion, compared with $3.61 billion a year earlier, and Operating Income of about $148 million. The company filing notes that deconsolidation of subsidiaries distorts year-over-year comparisons. Diluted Earnings per Share were $7.97, including a roughly $3.11 billion gain on the AT&T transactions and a $439 million deconsolidation gain. Those are accounting results, not recurring operating earnings. The Class A and Class B share counts reported on October 26, 2026 were about 159.6 million and 131.3 million, respectively.

Key Business and index Drivers

The AT&T spectrum sale, covering 3.45 GHz and 600 MHz licenses, closed on July 28, 2026, after FCC and DOJ approvals on May 12. EchoStar received $20.25 billion in cash, while AT&T placed $2.4 billion into a Wireless Creditor Trust. The company used proceeds to repay $2.0 billion of DISH DBS notes and redeem $3.5 billion of DISH Network secured notes. Total debt was roughly $9.66 billion at September 30, 2026, versus about $25.98 billion at the end of 2025, per the filing. The second transaction, a $17 billion agreement with SpaceX (NASDAQ:SPCX) for AWS-4 and H-Block spectrum, remains pending, with closing expected on or about November 30, 2027. Up to $8.5 billion of the price may be paid in SpaceX stock at a reference $212 per share before a stock split.

What Investors Should Watch

Several items may matter in the coming quarters. First, how EchoStar deploys its large cash balance, since the filing shows $13.4 billion in cash and equivalents alongside about $9.8 billion of principal on Seller Notes tied to the SpaceX deal. Second, the regulatory and timing path to the expected November 2027 SpaceX closing, including the roughly $2 billion of interim debt service SpaceX agreed to provide through that date. Third, the performance of the remaining operating businesses once the transactions are stripped out, because reported revenue now reflects deconsolidation. Finally, any updates on the value and eventual settlement of the SpaceX stock component, which depends on valuation terms set in the agreement.

Cash-Rich With a Second Payment Pending

EchoStar's story has shifted from a leveraged satellite and wireless operator toward a cash-rich company awaiting a second large spectrum payment. Confirmed facts include the closed AT&T deal, the lower debt load and the pending SpaceX transaction; the strategic use of proceeds remains an open question rather than a forecast.