Highlights

  • EchoStar shares were trading at $89.08 on October 23, 2026, up 3.83%.
  • Second-quarter 2026 consolidated revenue was $3,576.2 million, down 4.0% from $3,725.0 million a year earlier.
  • The company recorded net income of $8,462.5 million for the quarter, driven almost entirely by a $9.729 billion non-cash deconsolidation gain tied to the Chapter 11 filing of its DISH DBS and DISH Wireless subsidiaries.
  • EchoStar closed the $20.25 billion sale of its 3.45 GHz and 600 MHz wireless spectrum licenses to AT&T on July 28, 2026, a transaction that occurred after the quarter’s close.

EchoStar (NASDAQ: ECHO) shares were trading at USD 89.08 on October 23, 2026, up 3.83%. The company’s second-quarter 2026 financial statements, filed with the SEC on August 3, show a headline net income figure driven almost entirely by non-cash accounting gains tied to the bankruptcy filing of major subsidiaries, a development that requires careful reading alongside the underlying operating results.

EchoStar is a holding company organized in October 2007 under the laws of the State of Nevada, providing technology, networking services, television entertainment and connectivity under its EchoStar, Boost Mobile, Sling TV, DISH TV, Hughes, HughesNet, HughesON and JUPITER brands. Through June 30, 2026, the company operated four primary business segments: Pay-TV, Wireless, Broadband and Satellite Services, and Other.

Headline Net Income Reflects a Subsidiary Bankruptcy Filing, Not Core Operations

On June 30, 2026, EchoStar’s subsidiary DISH DBS Corporation and certain of its subsidiaries, including DISH Wireless L.L.C. and its subsidiaries, commenced voluntary Chapter 11 bankruptcy cases in the U.S. Bankruptcy Court for the Southern District of Texas to pursue a joint prepackaged plan of reorganization restructuring certain funded debt obligations. As a result, under applicable accounting guidance, EchoStar determined it no longer had a controlling financial interest in these entities and deconsolidated them for financial reporting purposes effective June 30, 2026, while continuing to include their operating results for the periods presented through that date. Upon deconsolidation, EchoStar recorded a non-cash “Deconsolidation gain” of $9.729 billion for the three and six months ended June 30, 2026, which is not currently taxable. This gain drove consolidated net income of $8,462.5 million for the quarter, compared with a net loss of $306.8 million in the prior-year quarter. EchoStar’s own six-month cash flow disclosures note that net income for that period was adjusted to exclude this and other non-cash items in arriving at $228 million of net cash provided by operating activities, underscoring that the deconsolidation gain is a non-operating, non-cash item rather than a measure of improved underlying profitability. The Filing Entities are targeting emergence from the Prepackaged Chapter 11 Plan during the second half of 2026, subject to Bankruptcy Court approval, at which point EchoStar expects to regain control of these subsidiaries.

Revenue Declines as Pay-TV Continues to Shrink

Consolidated revenue for the quarter was $3,576.2 million, down 4.0% from $3,725.0 million a year earlier. By segment, Pay-TV generated $2,248.5 million of total revenue, Wireless generated $929.0 million, Broadband and Satellite Services generated $316.9 million, and Other generated $91.5 million, before intersegment eliminations. The Wireless segment, marketed primarily under the Boost Mobile and Gen Mobile brands, offers nationwide service and a range of premium devices.

AT&T Spectrum Sale Closed After Quarter End

Separately, on August 25, 2025, EchoStar and AT&T Mobility II LLC entered into a License Purchase Agreement under which EchoStar agreed to sell its 3.45–3.55 GHz and 600 MHz wireless spectrum licenses and extend certain Hawaii spectrum leases to AT&T for $20.250 billion in cash. The transaction received approval from the Federal Communications Commission and the U.S. Department of Justice on May 12, 2026, and closed on July 28, 2026, after the close of the second quarter covered by this filing. EchoStar said the proceeds were used, together with other funds, to satisfy approximately $2.844 billion owed to DISH DBS under the DISH 2021 Intercompany Loan, to repay $2.0 billion of DISH DBS 7¾% Senior Notes, and to redeem $3.5 billion of DISH Network 11¾% Senior Secured Notes due 2027, among other obligations. As a condition of its regulatory approval, the FCC required EchoStar to establish a $2.4 billion Wireless Creditor Trust, managed by an FCC-approved third-party trustee.