EchoStar CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EchoStar CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,810	1,886	1,763	1,886	1,888	19,819	18,634	17,016	15,826	15,005
Cost of revenue	204	212				10,717	10,111	9,510	10,136	9,445
Gross profit	1,607	1,673				9,101	8,523	7,505	5,690	5,560
Research and development	31.2	31.7	27.6	25.7	29.4	91	110	110	91	68
Selling, general and administrative	325	371	436	509	475	2,686	3,015	2,989	2,427	2,380
Operating income	296	30.6	36.1	73.1	112	3,422	2,233	-278	-304	-17,723
Interest expense	123	184	219	251	148	95.5	57.2	90.4
Interest income				2.5
Other non-operating income	-77.6	5.36	11.2	-0.17	0.2	-72.5	1,102	-1,654	229	-1,170
Pre-tax income	217	-32.2	-126	-93.2	-27.8	3,350	3,335	-1,932	-75.6	-18,893
Income tax	80.3	-155	6.58	20.5	24.1	828	798	-297	48.9	-4,386
Income from continuing operations	137	123	-134	-102	-40.2	72.9
Net income to minority interests	0.76	0.93	1.84			35.2	59.2	67.2	-4.97	-9.76
Net income	180	393	-40.5	-62.9	-40.2	2,486	2,478	-1,702	-120	-14,497
EBITDA	729	416	493	564	350	4,636	3,408	1,320	1,626	-16,138
EPS, basic	19.02	40.48	-4.12	-6.37	-4.02	9.04	9.17	-6.28	-0.44	-50.41
EPS, diluted	18.82	39.90	-4.12	-6.37	-4.02	7.94	8.05	-6.28	-0.44	-50.41
Shares, basic (weighted)	9.57	9.73	9.82	9.87	9.99	275	270	271	274	288
Shares, diluted (weighted)	9.63	9.87	9.82	9.87	9.99	313	308	271	274	288

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,571	2,431	928	1,519	896	536	2,498	1,821	4,305	1,883
Short-term investments	523	814	2,282	941	1,638	1,010	1,810	623	1,242	1,101
Receivables	183	197	201	197	184	182	1,183	1,122	1,199	1,274
Inventory	62.6	83.6	75.4	79.6	98	103	626	665	455	381
Other current assets	10.9	91.7	166	180	190	198	23.9	16.1	88.3	34.7
Total current assets	3,723	3,716	3,581	2,836	2,908	1,927	6,758	4,892	8,096	5,133
Property, plant and equipment	3,398	3,465	2,535	2,529	449	382	7,905	9,562	9,187	2,244
Lease right-of-use assets			0	114	128	149	2,824	3,065	3,261	215
Goodwill	504	504	504	507	512	736	758	0	0	0
Intangible assets	80.7	471	430	479	479			173	74.7	54.4
Long-term investments							170	475	12.1
Other non-current assets	179	215	338	335	353	338	2,111	411	506	452
Total assets	9,009	8,750	8,661	7,154	7,073	6,045	58,748	57,109	60,939	43,016
Accounts payable	170	108	121	124	122	109	1,024	774	741	542
Accrued liabilities	53.5	47.8	54.2	50.8	62.3	63.9	39.9
Deferred revenue		66	72.3	101	105	141	833	755	651	639
Short-term debt	33	40.6	920	0	898	0	1,553	3,047	943	7,321
Total current liabilities	531	414	1,345	496	1,425	460	6,443	8,019	5,831	12,363
Long-term debt	3,622	3,594	2,386	2,389	1,495	1,496	1,497	19,717	25,660	18,659
Lease liabilities			0	96.9	115	135	2,809	3,121	3,211	4,137
Other non-current liabilities			80.3	74.9
Total liabilities	5,002	4,573	4,506	3,409	3,466	2,631	36,698	36,721	40,693	37,204
Total debt	3,358	3,365	3,304	2,389	2,393	1,496	1,497	22,764	26,603	25,980
Paid-in capital	3,829	3,669	3,703	3,290	3,321	3,346	3,367	8,302	8,768	8,876
Retained earnings	314	721	694	633	584	656	13,440	11,738	11,618	-2,879
Treasury stock	-98.2	-98.2	-131	-131	-175	-437	-526			-48.5
Other comprehensive income	-125	-130	-125	-122	-188	-212	-175	-160	-196	-183
Shareholders' equity	3,920	4,163	4,140	3,670	3,542	3,354	21,488	19,880	20,191	5,766
Minority interests			15.3	75.7	64.9	60.3	98.2	69.7	53.9	46.2
Total equity	4,007	4,177	4,155	3,746	17,431	18,988	21,586	19,950	20,245	5,812
Total liabilities and equity	9,009	8,750	8,661	7,154	7,073	6,045	58,748	57,109	60,939	43,016
Shares outstanding				4.86

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	181	393	-38.6	-74.3	-51.9	2,521	2,537	-1,635	-125	-14,507
Depreciation and amortization	433	386	457	491	238	1,214	1,175	1,598	1,930	1,586
Stock-based compensation	15.2	10.1	9.99	9.35	8.89	59.4	83	51.5	36.4	36.3
Deferred income tax	58.7	-159	7.29	15.1	14.3	640	730	-337	28.3	-4,413
Change in inventory	-4.81	-19.3	5.65			-176	16.2	-38	190	59.4
Cash from operations	803	727	735	656	534	4,655	3,621	2,433	1,253	-99.4
Capital expenditures	-722	-583	-555	-419	-409	-1,619	-3,050	-3,101	-1,545	-966
Acquisitions					0	0	-7.89
Purchases of investments			-2,973	-993	-2,800	-6,339	-1,966	-2,408	-1,254	-3,069
Sales and maturities of investments	80	17.8	1.56	0	160	411	37.9	3,711	573	3,228
Cash from investing	-632	-868	-2,098	822	-1,142	-4,247	-9,060	-2,809	-3,048	-1,405
Debt issued	1,500	0	0			6,750	2,000	1,500	2,500	150
Debt repaid	0	0	-70.2	-921	0
Stock issued	13.1	35.5	4.42	67.3	0.86	0.41	0
Share buybacks	0	0	-33.3	0	-43.5	-261	-89.3			-48.5
Cash from financing	1,476	0.07	-137	-885	-15.6	3,515	-274	-277	4,484	-910
Exchange rate effect	0.14	1.35	-2.23	-0.58	-1.39	-3.75	-2.31	3	-5.72	2.64
Net change in cash	1,647	-140	-1,503	592	-625	3,920	-5,715	-650	2,682	-2,412
Free cash flow	81	144	179	238	126	3,036	571	-668	-292	-1,065
Interest paid	78.3	208	241	195	139	87.9	56.7	1,401	1,430	2,087
Income taxes paid	11.7	11	5.21	3.58	15.3	98.5	98.9	15.6	-11.7	34

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $104.16 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.9%	Gross profit / revenue.
Operating margin	2.3%	Operating income / revenue.
EBITDA margin	7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	96.4%	Pre-tax income / revenue.
Net margin	81.3%	Net income / revenue.
FCF margin	-4.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.7%	Cash from operations / revenue.
Effective tax rate	15.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	58.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	27.2%	Net income / average total assets.
Return on invested capital (ROIC)	1.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.4%	Research and development expense / revenue.
SG&A / revenue	16.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	51.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-13.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-1,092.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-107.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-71.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-35.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-29.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	43.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	95.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	10.2x	Current assets / current liabilities.
Quick ratio	9.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	9.49x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.6%	Total debt / total assets.
Liabilities / assets	53.2%	Total liabilities / total assets.
Net debt	-$4.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-4.74x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$13.48B	Current assets - current liabilities.
Tangible book value	$16.95B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	8.96x	Revenue / average property, plant and equipment.
Inventory turnover	55.3x	Cost of revenue / average inventory.
Days inventory	7 days	365 x average inventory / cost of revenue.
Receivables turnover	30.3x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	3 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-5.4%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$28.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$34.65	Revenue / diluted weighted shares.
FCF per share	-$1.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.24	Cash from operations / diluted weighted shares.
Book value per share	$48.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$48.25	Tangible book value / shares outstanding.
Cash per share	$39.78	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$30.26B	Share price x shares outstanding.
Enterprise value	$25.95B	Market cap + total debt - cash - short-term investments.
P/E	3.06x	Market cap / net income. Only when net income is positive.
P/S	2.49x	Market cap / revenue.
P/B	1.79x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.79x	Market cap / tangible book value, when positive.
EV/Sales	2.13x	Enterprise value / revenue.
EV/EBIT	94.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	28.5x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.8%	Free cash flow / market cap.
Earnings yield	32.7%	Net income / market cap (the inverse of P/E).

What was EchoStar CORP's revenue in fiscal 2025?

EchoStar CORP reported revenue of $15.00B for fiscal 2025, 5.2% lower than the year before.

Was EchoStar CORP profitable in fiscal 2025?

No. It reported a net loss of $14.50B.

How much free cash flow did EchoStar CORP generate in fiscal 2025?

Cash from operations of $99.4M minus capital expenditures of $965.7M left free cash flow of -$1.07B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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