EchoStar Corp (NASDAQ: SATS) is a telecommunications company that operates pay-TV, wireless, and broadband and satellite services businesses in the United States. It generates revenue through recurring subscriber service fees and equipment sales, with service revenue of $3.316 billion and equipment and other revenue of $479.7 million in FY2025, totaling $3.796 billion. The company operates two primary subscriber-facing segments: Pay-TV, which includes the DISH TV direct-broadcast satellite service and the SLING TV streaming platform, and Wireless, which provides talk, text, and data services. EchoStar carries a heavy debt load, with $6.127 billion in debt maturing across July, August, and December 2026, against $2.984 billion in cash and marketable investment securities as of December 31, 2025. Charlie Ergen beneficially owns approximately 51.3% of total equity securities and approximately 90.4% of total voting power as of the filing date. Pending transactions include the AT&T Transactions and SpaceX Transactions, which together are expected to generate over $44 billion in proceeds.

Revenue model

Subscription-based service fees from Pay-TV subscribers (DISH TV and SLING TV) and Wireless subscribers, supplemented by equipment sales. Service revenue was $3.316 billion in FY2025 and $10.614 billion in FY2024, reflecting the impact of segment changes. Equipment and other revenue was $479.7 million in FY2025.

Products and services

DISH TV (direct-broadcast satellite pay-TV), SLING TV (streaming pay-TV), wireless talk/text/data services, broadband services, and satellite services marketed to selected sectors.

Customers and end markets

Residential pay-TV subscribers (DISH TV and SLING TV), wireless subscribers in the United States. End markets include consumer video, consumer wireless, broadband, and satellite communications services.

Value-chain role

Retail service provider and network operator. Operates satellite and wireless network infrastructure, acquires and retains subscribers directly, and sources programming from third-party networks. Holds wireless spectrum licenses including AWS-3 spectrum subject to FCC re-auction proceedings.

Geographic exposure

United States. The company's consumer pay-TV, wireless, and broadband services are domestic. Satellite communications equipment exports are subject to U.S. export control regulations under the EAR and ITAR.

Competitors

Verizon, AT&T, T-Mobile, Metro PCS (T-Mobile), Cricket Wireless (AT&T), Visible (Verizon), Tracfone Wireless (Verizon), Total Wireless (Verizon), Mint Mobile (T-Mobile), Consumer Cellular, Spectrum Mobile, Xfinity Mobile, Cable television providers, Broadband providers

Source: SEC 10-K, filed 2026-03-02

Industry: Communications Services, NEC Peers: Anterix Inc AST SpaceMobile Inc Bandwidth Inc Lumen Technologies Inc Charge Enterprises, Inc. Cogent Communications Holdings Inc Iridium Communications Inc Globalstar Inc Liberty Latin America Ltd