EchoStar (ECHO) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$12,167	$3,569	(6.0%)	$11,461	(5.8%)
Adj. EBITDA	($3,573)	$364	67.0%	($2,802)	21.6%
Free Cash Flow	($533)	$128	122.0%	($3,640)	(583.3%)
Net Debt, end of period	($3,781)	($3,910)		($141)	96.3%
Net Debt / Adj. EBITDA	NA	NA		NA
Total Liquidity, end of period	$13,437	$13,566		$9,797	(27.1%)

The credit over the next year

EchoStar is now mostly a cash pile plus two consumer businesses: it held $14.0 billion of cash and securities at September 30, 2026 against about $9.7 billion of debt, and the remaining Seller Notes are to be repaid from the SpaceX spectrum sale targeted to close around November 30, 2027. Over the next year the operating swing comes from DISH DBS, back in the accounts from October 1, 2026, where Pay-TV subscribers are falling about 11% a year at roughly $112 of monthly revenue each, and from Boost Mobile, where ARPU is rising and network cost per subscriber is falling on AT&T-hosted service but net subscriber losses reached 182,000 in the third quarter. Whether Pay-TV losses slow and Boost stops shrinking decides how much cash the operating units add or burn before the SpaceX proceeds arrive, while the Hughes and DISH Wireless chapter 11 cases remain the main risk of claims reaching the parent.

Leverage cannot be projected: Adj. EBITDA is negative or missing.
The company burns $3.64bn of cash over the next year on the starting case, so liquidity has to fund it.
Net debt grows from -$3.78bn to -$141mm.
Liquidity a year out is $9.80bn, against $13.44bn today.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$13,437.4
10.75% Senior Secured Notes due 2029	5,506.0	108.1%*	7.67%	NA	Bearish
6.75% Senior Secured Notes due 2030	2,372.7	101.4%*	6.34%	NA	Bearish
Other Notes Payable	9.9	100.0%	N/a	NA	Bearish
3.875% Convertible Secured Notes due 2030	1,942.6	100.0%	N/a	NA	Bearish
Total Debt	$9,656.2			NA
Net Debt	($3,781.1)			NA

Last Twelve Months

Revenue	$12,167
Implied Costs	(15,740)
Adj. EBITDA	($3,573)
(-) Interest Expense	(1,659)
(-) Capex	(449)
Memo: FCF	($533)
Total Liquidity	$13,437.4

Next 12 months, starting case▼ Revenue $12.17bn → $11.46bn▲ Adj. EBITDA -$3.57bn → -$2.80bn▼ Free cash flow -$533mm → -$3.64bn▶ Net leverage NA → NA▼ Liquidity $13.44bn → $9.80bn

EchoStar

			9/30/26				Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$13,437.4
Undrawn Revolver			N/a
Total Liquidity			$13,437.4

10.75% Senior Secured Notes due 2029	10.75%	11/30/2029	5,506.0	108.1%*	7.67%	Bearish
6.75% Senior Secured Notes due 2030	6.75%	11/30/2030	2,372.7	101.4%*	6.34%	Bearish
Other Notes Payable	N/a	N/a	9.9	100.0%	N/a	Bearish
Total Secured Debt			$7,888.6				1.7x	2.3x	3.7x	4.7x	NA	NA	NA	NA
Net Secured Debt			($5,548.8)				-1.2x	-1.6x	-2.6x	-3.3x	NA	NA	NA	NA

3.875% Convertible Secured Notes due 2030	3.875%	2030	1,942.6	100.0%	N/a	Bearish
Other debt, discounts and issuance costs	N/a	N/a	(174.9)
Total Debt			$9,656.2				2.1x	2.8x	4.5x	5.8x	NA	NA	NA	NA
Net Debt			($3,781.1)				-0.8x	-1.1x	-1.8x	-2.3x	NA	NA	NA	NA
				Adj. EBITDA			$4,696	$3,491	$2,129	$1,663	($8,836)	($3,573)	($2,802)	($2,312)

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$19,819	$18,634	$17,016	$15,826	$15,005	$12,167	$11,461	$10,769
Y/Y Growth		(6.0%)	(8.7%)	(7.0%)	(5.2%)		(5.8%)	(6.0%)
Implied Costs	(15,123)	(15,144)	(14,887)	(14,163)	(23,841)	(15,740)	(14,263)	(13,081)
Adj. EBITDA	$4,696	$3,491	$2,129	$1,663	($8,836)	($3,573)	($2,802)	($2,312)
Margin	23.7%	18.7%	12.5%	10.5%	(58.9%)	(29.4%)	(24.4%)	(21.5%)
(-) Restructuring and other cash add-backs	--	--	--	--	(809)	(43)	--	--
Cash EBITDA	$4,696	$3,491	$2,129	$1,663	($9,645)	($3,616)	($2,802)	($2,312)
(-) Interest Expense (Cash Only)	(88)	(57)	(1,401)	(1,430)	(2,087)	(1,659)	(193)	(193)
(-) Cash Taxes	--	(99)	(16)	12	(34)	(222)	(222)	(222)
(-) Capex	(1,619)	(3,051)	(3,101)	(1,545)	(966)	(449)	(423)	(397)
(+/-) Working Capital and Other	48	286	1,720	1,008	11,667	5,414	--	--
Memo: FCF	$3,036	$571	($668)	($292)	($1,065)	($533)	($3,640)	($3,125)
% of Debt	31.4%	5.9%	(6.9%)	(3.0%)	(11.0%)	(5.5%)	(37.7%)	(32.4%)

Liquidity

Unrestricted Cash	$13,437.4
Undrawn Revolver	N/a
Total Liquidity	$13,437.4
(-) Debt due through 2028	-0.0
(+/-) Free cash flow, last twelve months	(532.8)
Liquidity after maturities and a year of cash flow	$12,904.6

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price. Revolver availability is not tagged in the filing; N/a means not found, not zero.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$19,819	$18,634	$17,016	$15,826	$15,005	$12,167	$11,461	$10,769
Y/Y Growth		(6.0%)	(8.7%)	(7.0%)	(5.2%)		(5.8%)	(6.0%)
Implied Costs	(15,123)	(15,144)	(14,887)	(14,163)	(23,841)	(15,740)	(14,263)	(13,081)
Adj. EBITDA	$4,696	$3,491	$2,129	$1,663	($8,836)	($3,573)	($2,802)	($2,312)
Margin	23.7%	18.7%	12.5%	10.5%	(58.9%)	(29.4%)	(24.4%)	(21.5%)
(-) Restructuring and other cash add-backs	--	--	--	--	(809)	(43)	--	--
Cash EBITDA	$4,696	$3,491	$2,129	$1,663	($9,645)	($3,616)	($2,802)	($2,312)
(-) Interest Expense (Cash Only)	(88)	(57)	(1,401)	(1,430)	(2,087)	(1,659)	(193)	(193)
(-) Cash Taxes	--	(99)	(16)	12	(34)	(222)	(222)	(222)
(-) Capex	(1,619)	(3,051)	(3,101)	(1,545)	(966)	(449)	(423)	(397)
(+/-) Working Capital and Other	48	286	1,720	1,008	11,667	5,414	--	--
Memo: FCF	$3,036	$571	($668)	($292)	($1,065)	($533)	($3,640)	($3,125)
% of Debt	31.4%	5.9%	(6.9%)	(3.0%)	(11.0%)	(5.5%)	(37.7%)	(32.4%)

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Pay-TV subscribers (DISH TV plus SLING TV) millions of subscribers, end of quarter	6.998	6.632	6.391	6.344	6.154	5.969	5.790	6.344	5.448	5.284	5.126	6.344	$337.2mm on revenue	(711)
Pay-TV ARPU $ per subscriber per month	109.16	110.19	112.39		112.50	112.80	113.10	112.39	113.70	114.00	114.30	112.39	$19.0mm on revenue	127
Wireless (Boost) subscribers millions of subscribers, end of quarter	7.511	7.527	7.375	7.193	7.050	6.930	6.830	6.740	6.660	6.600	6.550	6.510	$117.3mm on revenue	(241)
Wireless ARPU $ per subscriber per month	37.15	38.59	38.60	39.11	39.35	39.60	39.85	40.10	40.30	40.50	40.70	40.90	$21.9mm on revenue	119
Wireless cost of services per subscriber $ per average subscriber per month	23.90	21.29	21.47	20.16	19.90	19.70	19.60	19.50	19.50	19.40	19.40	19.30	$21.9mm on cost of revenue	(177)

EchoStar is now mostly a cash pile plus two consumer businesses: it held $14.0 billion of cash and securities at September 30, 2026 against about $9.7 billion of debt, and the remaining Seller Notes are to be repaid from the SpaceX spectrum sale targeted to close around November 30, 2027. Over the next year the operating swing comes from DISH DBS, back in the accounts from October 1, 2026, where Pay-TV subscribers are falling about 11% a year at roughly $112 of monthly revenue each, and from Boost Mobile, where ARPU is rising and network cost per subscriber is falling on AT&T-hosted service but net subscriber losses reached 182,000 in the third quarter. Whether Pay-TV losses slow and Boost stops shrinking decides how much cash the operating units add or burn before the SpaceX proceeds arrive, while the Hughes and DISH Wireless chapter 11 cases remain the main risk of claims reaching the parent.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$3,796	$3,668	$3,576	$1,128	$3,569	$3,446	$3,350	$1,096	$3,329	$3,218	$3,135	$1,087
Y/Y Growth	(4.3%)	(5.2%)	(4.0%)	(68.8%)	(6.0%)	(6.1%)	(6.3%)	(2.8%)	(6.7%)	(6.6%)	(6.4%)	(0.9%)
Adj. EBITDA	$218	($4,750)	$715	$245	$364	($4,259)	$741	$352	$417	($3,847)	$748	$370
Margin	5.7%	(129.5%)	20.0%	21.7%	10.2%	(123.6%)	22.1%	32.1%	12.5%	(119.5%)	23.9%	34.1%
Free Cash Flow	($583)	$105	($102)	$48	$128	($4,490)	$513	$208	$190	($4,070)	$529	$226
Cash, end of period	1,883	1,344	440	13,437	13,566	9,076	9,589	9,797	9,987	5,917	6,446	6,672
Total Debt, end of period	25,980	24,253	17,432	9,656	9,656	9,656	9,656	9,656	9,656	9,656	9,656	9,656
Net Debt / Adj. EBITDA	NA	NA	NA	NA	NA	NA	NA	NA	NA	NA	NA	NA

Revenue is built from Service, Equipment Sales and Other Revenue, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026

Slides Investor relations site

The AT&T spectrum sale closed for $20.25 billion, parent debt fell sharply and cash reached $14.0 billion, while Hughes and DISH Wireless sit in chapter 11.

Takeaways

Reported Q3 revenue fell to $1.13 billion from $3.61 billion because DISH DBS and DISH Wireless were deconsolidated on June 30 and Hughes on July 31. DISH DBS rejoins the accounts from October 1.
The AT&T sale of 3.45 GHz and 600 MHz licenses closed on July 28. EchoStar received $20.25 billion in cash and booked a $3.1 billion gain, and AT&T funded a separate $2.4 billion FCC creditor trust.
Cash and current securities were $13.97 billion at September 30, against about $9.66 billion of debt and finance leases. Nine-month free cash flow was $51 million, or $652 million adjusted for a SpaceX interest reimbursement and one-off taxes.
Hughes Satellite Systems filed chapter 11 on August 2 after talks with holders of its 2026 secured and unsecured notes failed. Some creditors filed an alternative plan that could cost EchoStar control of Hughes.
DISH DBS emerged from its prepackaged chapter 11 on October 1 with about $4.35 billion less debt. The DISH Wireless cases are still pending, and creditors are seeking standing to pursue claims against the parent.
Wireless (Boost) posted $63 million of operating income versus a loss a year ago as network costs fell, but it lost 182,000 net subscribers and churn rose to 2.97%.

Debt and capital

At the AT&T closing, the $3.5 billion DISH Network 11.75% secured notes due 2027 were redeemed in full and the $2.84 billion intercompany loan owed to DISH DBS was repaid.
DISH DBS used that money to repay its $2.0 billion 7.75% notes due July 2026. It prepaid $2.35 billion of its 5.25% secured notes due December 2026 in Q3 and the last $400 million after the quarter.
In March EchoStar prepaid the remaining $1.6 billion term loan and redeemable preferred due 2029. The remaining $45 million of 3.375% convertibles due 2026 were paid at maturity on August 15.
About $9.82 billion of Seller Notes remain: the 10.75% secured notes due 2029, the 6.75% secured notes due 2030 and the 3.875% convertible secured notes due 2030. They will be paid off from SpaceX proceeds at the final closing.
SpaceX is funding interest on the Seller Notes until closing, about $2 billion in total. It reimbursed $414 million in May and the trust paid another $414 million in June.
Hughes 5.25% secured and 6.625% unsecured notes due 2026 were accelerated by the chapter 11 filing and are stayed. No share buybacks took place in 2026.

Guidance

No financial guidance was given. EchoStar does not publish an earnings outlook.
Management expects capital spending to keep falling in 2026 and says cash on hand plus operations will fund the next twelve months.
The SpaceX spectrum sale's final closing remains targeted for about November 30, 2027, for roughly $20 billion including up to $11 billion in SpaceX stock.

Tone: Factual and cautious, stressing the deleveraging done while warning that the chapter 11 cases could still hurt the parent.

Q2 2026Slides
Q1 2026Slides
Q4 2025Slides

Summary written with AI from Q3 2026 Form 10-Q and the 2026 8-K filings only. EchoStar did not furnish an earnings release or slides and no company-hosted earnings call, webcast or transcript was found for the quarter.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Revenue fell to $1.1bn as DISH DBS and Hughes left the consolidated books in bankruptcy; AT&T sale left $13.4bn cash.

Results

EchoStar has not furnished an earnings 8-K under item 2.02 since 2017, so this recap uses its Q3 2026 Form 10-Q filed November 3, 2026 instead of a press release.
Revenue was $1,128mm, down 68.8% from $3,614mm, mainly because DISH DBS and DISH Wireless were deconsolidated on June 30 and Hughes on July 31, 2026.
Adjusted OIBDA (operating income plus D&A and impairments) was $242mm versus $231mm a year earlier; operating income was $148mm versus a $16.6bn loss in Q3 2025, which carried $16.5bn of impairments.
Net income was $2.78bn, driven by a $3.11bn gain on the AT&T spectrum sale and a $439mm non-cash gain on deconsolidating Hughes.
Wireless revenue was $905mm (down 3.4%) and segment OIBDA was $109mm versus a $139mm loss; the segment lost 182k net subscribers to end at 7.19mm, with ARPU up 5.1% to $39.11 and churn at 2.97%.

Why

The quarter includes only $73mm of Pay-TV revenue from entities outside the DISH DBS filing group and only one month of Hughes, so Broadband and Satellite revenue fell 65.5% to $119mm.
Moving Wireless traffic onto AT&T's network as a hybrid MNO cut cost of services by 15.3% and equipment costs by 49.4%, while lower marketing reduced gross adds to 486k from 693k.
The Other segment earned $25mm of OIBDA on $32mm of mostly leased spectrum revenue, versus a $16.5bn loss a year earlier when the 5G network was written down.
Capex including capitalized interest fell to $65mm from $359mm as the 5G build ended and interest stopped being capitalized on spectrum.

Balance sheet and guidance

Cash was $13.44bn plus $531mm of marketable securities, $13.97bn in total, after $20.25bn of AT&T proceeds; a separate $2.4bn FCC escrow for the Wireless Creditor Trust is matched by an equal liability.
Debt, finance lease and other obligations were $9.66bn versus $25.98bn at year-end 2025, after $8.18bn of redemptions in nine months, including the $3.5bn 11 3/4% notes due 2027 and $1.79bn of term loan and preferred shares due 2029.
The $9.82bn of Seller Notes, secured by the AWS-4 and AWS-3 licenses, are to be paid off from SpaceX's roughly $20bn purchase price at a closing targeted for November 30, 2027.

What to watch

DISH DBS emerged from chapter 11 on October 1, 2026 and will be reconsolidated from that date; the purchase price allocation is not yet available, so Q4 figures will not compare with Q3.
The DISH Wireless and Hughes chapter 11 cases are still pending; EchoStar is not a debtor but had $196mm of net advances to the deconsolidated subsidiaries and settled $1.06bn of obligations for the June filers this year.
Wireless lost 182k net subscribers with churn rising to 2.97%, and the 3 7/8% convertible notes due 2030 stay convertible through December 31, 2026 into about 58mm shares, cash or both at the company's choice.

From the company's press release filed Nov 3, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 7

Feb 24, 20178-K for Feb 24, 2017: Results · Press release
Jan 31, 20178-K for Jan 31, 2017: Material agreement; Results; Regulation FD · Presentation or supplement
Jul 20, 20168-K for Jul 19, 2016: Results; Regulation FD · Press release · Press release
Feb 24, 20168-K for Feb 24, 2016: Results · Press release
Feb 23, 20128-K for Feb 23, 2012: Results · Press release
Dec 1, 20118-K for Nov 30, 2011: Results; Regulation FD · Press release · Presentation or supplement
Sep 12, 20118-K for Sep 12, 2011: Results; Regulation FD · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 3, 20268-K for Oct 30, 2026: Shareholder vote
Oct 2, 20268-K for Oct 1, 2026: Material agreement; Acquisition or disposal completed
Aug 7, 20268-K for Aug 7, 2026: Regulation FD
Aug 3, 20268-K for Jul 28, 2026: Bankruptcy; Triggering event; Director or officer change; Regulation FD; Other event
Jul 28, 20268-K for Jul 28, 2026: Agreement terminated; Acquisition or disposal completed; Other event
Jul 7, 20268-K for Jul 6, 2026: Director or officer change; Other event
Jun 25, 20268-K for Jun 23, 2026: Director or officer change
Jun 18, 20268-K for Jun 17, 2026: Other event
Jun 1, 20268-K for Jun 1, 2026: Triggering event
May 22, 20268-K for May 22, 2026: Other event
Mar 19, 20268-K for Mar 16, 2026: Material agreement; Agreement terminated
Dec 29, 20258-K for Dec 26, 2025: Director or officer change
Nov 6, 20258-K for Nov 5, 2025: Material agreement; Director or officer change; Regulation FD
Sep 9, 20258-K for Sep 8, 2025: Other event
Sep 8, 20258-K for Sep 7, 2025: Material agreement; Regulation FD
Aug 26, 20258-K for Aug 25, 2025: Material agreement; Regulation FD; Other event
Jul 30, 20258-K for Jul 29, 2025: Other event
Jun 27, 20258-K for Jun 27, 2025: Triggering event; Other event
Jun 2, 20258-K for Jun 2, 2025: Triggering event
May 30, 20258-K for May 30, 2025: Triggering event

Proxy statements 3

Other filings 8

Apr 30, 202610-K/A for Dec 31, 2025
May 9, 2025424B5
Nov 12, 2024424B5
Nov 8, 2024424B7
Nov 8, 2024SC TO-I/A
Nov 7, 2024424B3
Nov 5, 2024SC TO-I/A
Nov 5, 2024S-4/A

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Mar 1, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.

Recent 8-K filings

Nov 3, 2026Shareholder vote
Oct 2, 2026Entered into a material agreement; Completed an acquisition or disposal
Aug 7, 2026Regulation FD disclosure
Aug 3, 2026Bankruptcy or receivership; Triggering event on an obligation; Director or officer change; Regulation FD disclosure; Other event
Jul 28, 2026Terminated a material agreement; Completed an acquisition or disposal; Other event
Jul 7, 2026Director or officer change; Other event
Jun 25, 2026Director or officer change
Jun 18, 2026Other event