Revenue has declined for nine consecutive quarters, with the latest quarter down 4.0% YoY to $3.6B, while gross margin swung from 37.1% to 23.6% before recovering to 34.4%, reflecting unstable pricing and cost dynamics.
EchoStar Corporation (SATS) annual income statement — 20-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 14.65B | 15B | 15.83B | 17.02B | 18.63B | 19.82B | 1.89B | 1.89B | 2.09B | 1.89B | 3.06B | 3.14B | 3.45B | 3.28B | 3.12B | 2.76B | 2.35B | 1.9B | 2.15B | 1.54B | 29.05M |
| Revenue Growth % | -5.17% | -5.18% | -6.99% | -8.69% | -5.98% | 949.77% | 0.1% | -9.82% | 10.92% | -38.32% | -2.77% | -8.76% | 4.97% | 5.15% | 13.05% | 17.49% | 23.47% | -11.48% | 39.28% | 5214.28% | - |
| Cost of Goods Sold | 10.33B | 11.13B | 10.14B | 11.95B | 12.21B | 12.5B | 744.38M | 787.36M | 780.9M | 758.5M | 1.74B | 1.8B | 2.13B | 2.21B | 2.09B | 1.91B | 1.79B | 1.47B | 1.72B | 1.45B | 20.19M |
| COGS % of Revenue | - | 74.18% | 64.05% | 70.2% | 65.53% | 63.05% | 39.43% | 41.75% | 37.34% | 40.23% | 56.78% | 57.41% | 61.76% | 67.23% | 66.93% | 69.08% | 76.14% | 77.24% | 79.77% | 94.02% | 69.49% |
| Gross Profit | 4.33B | 3.87B | 5.69B | 5.07B | 6.42B | 7.32B | 1.14B | 1.1B | 1.31B | 1.13B | 1.32B | 1.34B | 1.32B | 1.08B | 1.03B | 853.94M | 560.88M | 433.26M | 435.06M | 92.36M | 8.86M |
| Gross Margin % | 29.54% | 25.82% | 35.95% | 29.8% | 34.47% | 36.95% | 60.57% | 58.25% | 62.66% | 59.77% | 43.22% | 42.59% | 38.24% | 32.77% | 33.07% | 30.92% | 23.86% | 22.76% | 20.23% | 5.98% | 30.51% |
| Gross Profit Growth % | - | -31.9% | 12.22% | -21.07% | -12.28% | 540.38% | 4.08% | -16.16% | 16.28% | -14.69% | -1.33% | 1.62% | 22.51% | 4.19% | 20.88% | 52.25% | 29.46% | -0.41% | 371.05% | 941.98% | - |
| Operating Expenses | 3.28B | 3.97B | 5.99B | 5.35B | 4.19B | 3.9B | 1.03B | 1.03B | 1.06B | 919.94M | 956.73M | 980.56M | 989.57M | 933.55M | 899.62M | 740.14M | 418.56M | 428.37M | 462.91M | 178.74M | 30.64M |
| OpEx % of Revenue | - | 26.43% | 37.88% | 31.43% | 22.49% | 19.68% | 54.61% | 54.38% | 50.78% | 48.79% | 31.3% | 31.19% | 28.72% | 28.44% | 28.82% | 26.8% | 17.81% | 22.5% | 21.53% | 11.58% | 105.47% |
| Selling, General & Admin | 2.34B | 2.38B | 2.43B | 2.99B | 3.02B | 2.69B | 474.91M | 509.14M | 436.09M | 370.5M | 325.04M | 310.14M | 372.01M | 358.5M | 372.64M | 303.28M | 143.56M | 140.23M | 158.44M | 90.25M | 24.13M |
| SG&A % of Revenue | - | 15.86% | 15.33% | 17.57% | 16.18% | 13.55% | 25.16% | 26.99% | 20.85% | 19.65% | 10.63% | 9.87% | 10.8% | 10.92% | 11.94% | 10.98% | 6.11% | 7.37% | 7.37% | 5.84% | 83.04% |
| Research & Development | 0 | 0 | 0 | 110M | 32.81M | 31.78M | 29.45M | 25.74M | 27.57M | 31.75M | 76.02M | 78.29M | 60.89M | 67.94M | 69.65M | 50.97M | 46.09M | 44.01M | 40.27M | 78.79M | 6.51M |
| R&D % of Revenue | - | - | - | 0.65% | 0.18% | 0.16% | 1.56% | 1.36% | 1.32% | 1.68% | 2.49% | 2.49% | 1.77% | 2.07% | 2.23% | 1.85% | 1.96% | 2.31% | 1.87% | 5.1% | 22.42% |
| Other Operating Expenses | 4M | 1.59B | 3.57B | 2.25B | 1.14B | 1.18B | 526.7M | 490.76M | -4.75M | 6.58M | 1.75M | -2.01M | 4.25M | 6.96M | 59.53M | 385.89M | 228.91M | 244.13M | 264.2M | 9.71M | 0 |
| Operating Income | 1.05B | -91.14M | -304.07M | -277.91M | 2.23B | 3.42B | 112.47M | 73.08M | 183.24M | 196.31M | 364.4M | 356.03M | 328.09M | 103.59M | 99.89M | 80.84M | 142.32M | 4.89M | -640.59M | -86.38M | -21.78M |
| Operating Margin % | 7.17% | -0.61% | -1.92% | -1.63% | 11.98% | 17.27% | 5.96% | 3.87% | 8.76% | 10.41% | 11.92% | 11.33% | 9.52% | 3.16% | 3.2% | 2.93% | 6.06% | 0.26% | -29.79% | -5.59% | -74.96% |
| Operating Income Growth % | - | 70.03% | -9.41% | -112.45% | -34.76% | 2942.87% | 53.91% | -60.12% | -6.65% | -46.13% | 2.35% | 8.52% | 216.73% | 3.71% | 23.56% | -43.2% | 2809.34% | 100.76% | -641.61% | -296.62% | - |
| EBITDA | 2.16B | 1.49B | 1.63B | 1.32B | 3.41B | 4.64B | 637.48M | 661.28M | 723.36M | 718.5M | 797.3M | 884.19M | 884.77M | 610.7M | 557.21M | 466.73M | 371.24M | 249.02M | -376.4M | -76.67M | -21.41M |
| EBITDA Margin % | 14.73% | 9.96% | 10.28% | 7.76% | 18.29% | 23.39% | 33.77% | 35.06% | 34.59% | 38.11% | 26.08% | 28.13% | 25.68% | 18.6% | 17.85% | 16.9% | 15.79% | 13.08% | -17.5% | -4.97% | -73.7% |
| EBITDA Growth % | 54.84% | -8.1% | 23.19% | -61.26% | -26.5% | 627.29% | -3.6% | -8.58% | 0.68% | -9.88% | -9.83% | -0.07% | 44.88% | 9.6% | 19.39% | 25.72% | 49.08% | 166.16% | -390.91% | -258.07% | - |
| D&A (Non-Cash Add-back) | 1.11B | 1.59B | 1.93B | 1.6B | 1.17B | 1.21B | 525.01M | 588.2M | 540.12M | 522.19M | 432.9M | 528.16M | 556.68M | 507.11M | 457.33M | 385.89M | 228.91M | 244.13M | 264.2M | 9.71M | 366K |
| EBIT | -6.55B | -17.37B | 406.05M | -1.85B | 3.41B | 3.46B | 120.09M | 157.85M | 93.5M | 317.93M | 296.16M | 261.32M | 328.09M | 158.52M | 347.71M | 108.37M | 303.33M | 457.67M | -1.01B | -86.38M | -30.03M |
| Net Interest Income | -1.89B | -1.29B | -365M | 117.02M | 14.02M | -77.25M | -107.94M | -168.66M | -139.01M | -139.77M | -102.24M | -111.61M | -162.25M | -177.9M | -141.85M | -71.77M | -88K | -5.87M | 51.2M | 0 | 0 |
| Interest Income | 168.16M | 228.73M | 116.63M | 207.37M | 93.24M | 33.9M | 39.98M | 82.35M | 80.28M | 44.62M | 21.25M | 10.43M | 9.1M | 14.66M | 11.18M | 10.82M | 14.47M | 26.44M | 83.11M | 0 | 0 |
| Interest Expense | 2.06B | 1.52B | 481.62M | 90.36M | 79.22M | 111.15M | 147.93M | 251.02M | 219.29M | 184.39M | 123.63M | 122.07M | 171.35M | 192.55M | 153.03M | 82.59M | 14.56M | 32.31M | 31.91M | 0 | 0 |
| Other Income/Expense | -9.66B | -18.8B | 228.5M | -1.65B | 1.1B | -72.53M | -140.31M | -166.24M | -309.03M | -95.61M | -79.54M | -52.19M | -149.76M | -137.62M | 94.8M | -55.06M | 146.45M | 420.47M | -400.09M | 3.18M | 6.36M |
| Pretax Income | -8.61B | -18.89B | -75.57M | -1.93B | 3.34B | 3.35B | -27.84M | -93.17M | -7.96M | 100.69M | 286.84M | 221.57M | 178.33M | -34.04M | 194.68M | 25.77M | 288.77M | 425.36M | -1.04B | -83.19M | -20.86M |
| Pretax Margin % | -58.77% | -125.91% | -0.48% | -11.35% | 17.9% | 16.9% | -1.47% | -4.94% | -0.38% | 5.34% | 9.38% | 7.05% | 5.18% | -1.04% | 6.24% | 0.93% | 12.29% | 22.35% | -48.39% | -5.39% | -71.79% |
| Income Tax | -2.93B | -4.39B | 48.95M | -296.86M | 798.41M | 828.44M | 24.07M | 20.49M | 30.67M | -284.29M | 106.15M | 72.2M | 30.78M | -37.44M | -16.33M | 21.5M | 84.42M | 60.66M | -96.68M | 2.1M | 74K |
| Effective Tax Rate % | 34.03% | 23.22% | -64.77% | 15.37% | 23.94% | 24.73% | -86.47% | -21.99% | -385.34% | -282.33% | 37.01% | 32.59% | 17.26% | 109.99% | -8.39% | 83.42% | 29.23% | 14.26% | 9.29% | -2.53% | -0.35% |
| Net Income | -5.67B | -14.5B | -119.55M | -1.7B | 2.48B | 2.49B | -40.15M | -62.92M | -40.48M | 392.56M | 179.93M | 153.36M | 152.87M | 2.52M | 211.05M | 3.64M | 204.36M | 364.7M | -944M | -85.3M | -20.93M |
| Net Margin % | -38.71% | -96.62% | -0.76% | -10% | 13.3% | 12.55% | -2.13% | -3.34% | -1.94% | 20.82% | 5.89% | 4.88% | 4.44% | 0.08% | 6.76% | 0.13% | 8.69% | 19.16% | -43.9% | -5.52% | -72.04% |
| Net Income Growth % | -1363.24% | -12026.86% | 92.98% | -168.69% | -0.34% | 6292.49% | 36.19% | -55.45% | -110.31% | 118.17% | 17.33% | 0.32% | 5954.42% | -98.8% | 5699.62% | -98.22% | -43.97% | 138.63% | -1006.68% | -307.51% | - |
| Net Income (Continuing) | -5.68B | -14.51B | -124.52M | -1.63B | 2.54B | 2.52B | -51.9M | -113.65M | -132.36M | 384.98M | 136.37M | 88.09M | 147.55M | 3.4M | 211.01M | 4.27M | 204.36M | 364.7M | -944M | -85.3M | -34.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.4M | 93.73M | 270.58M | 44.32M | 61.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 46.31M | 46.21M | 53.85M | 508.12M | 562.55M | 60.25M | 64.92M | 75.75M | 15.28M | 14.82M | 86.74M | 86.16M | 90.47M | 8.86M | 9.34M | 9.11M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -16133.50 | -50.41 | -0.44 | -6.28 | 2.13 | 0.81 | -0.53 | -1.17 | -0.42 | 4.07 | 1.92 | 1.75 | 1.78 | 0.03 | 2.40 | 0.04 | 2.40 | 4.24 | -10.57 | -0.95 | -0.23 |
| EPS Growth % | -1694.24% | -11356.82% | 92.99% | -394.84% | 162.96% | 252.83% | 54.7% | -178.57% | -110.32% | 111.98% | 9.71% | -1.69% | 5833.33% | -98.75% | 5900% | -98.33% | -43.4% | 140.11% | -1012.63% | -313.04% | - |
| EPS (Basic) | - | -50.41 | -0.44 | -6.28 | 2.13 | 0.81 | -0.53 | -1.17 | -0.42 | 4.13 | 1.94 | 1.77 | 1.81 | 0.03 | 2.42 | 0.04 | 2.40 | 4.25 | -10.57 | -0.95 | -0.23 |
| Diluted Shares Outstanding | 351.62K | 287.59M | 274.08M | 270.84M | 83.16M | 89.94M | 97.92M | 96.74M | 96.25M | 96.74M | 94.41M | 93.47M | 92.62M | 90.95M | 87.96M | 86.66M | 85.2M | 86.06M | 89.32M | 89.71M | 89.71M |
| Basic Shares Outstanding | 290.14K | 287.59M | 274.08M | 270.84M | 83.16M | 89.91M | 97.92M | 96.74M | 96.25M | 95.42M | 93.8M | 92.4M | 91.19M | 89.41M | 87.15M | 86.66M | 85.08M | 85.77M | 89.32M | 89.71M | 89.71M |
| Dividend Payout Ratio | - | - | - | - | 0.08% | - | - | - | - | 4.84% | 8.34% | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SATS stock.
For fiscal year 2025, EchoStar Corporation (SATS) reported total revenue of $15.00B. This represents a 51543.4% increase compared to $29.1M in 2006.
EchoStar Corporation (SATS) reported a net loss of $14.50B for the fiscal year ending 2025.
EchoStar Corporation (SATS) reported an operating income of $-91.1M, resulting in an operating profit margin of -0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
EchoStar Corporation (SATS) generated $3.87B in gross profit for the year, representing a gross profit margin of 25.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative operating income
Metrics are mathematically derived from official filings.
Revenue Slide Continues
EchoStar's revenue has contracted for nine consecutive quarters, with the latest quarter down 4.0% year-over-year to $3.6B, according to the company's income statement data.
The consistent decline, from $4.0B in 2024Q1 to $3.6B in 2026Q2, suggests a structural erosion in the subscriber base or pricing pressure, rather than a temporary dip. The deceleration is broad-based, with no quarter showing positive growth, indicating that the company may be losing market share or facing secular headwinds in its legacy satellite services.
Gross Margin Volatility Signals Pricing Pressure
Gross margin swung from 37.1% in 2025Q1 to 23.6% in 2025Q3, then recovered to 34.4% in 2026Q2, as reported in quarterly financials, reflecting unstable cost and pricing dynamics.
The wide fluctuation in gross margin, with a low of 23.6% and a high of 37.1% within a year, indicates that EchoStar lacks pricing power and faces volatile input costs. The recent recovery to 34.4% may be due to cost-cutting, but the inconsistency suggests that the company's competitive position is fragile, especially when compared to peers like Iridium with a stable 77.3% gross margin.
Operating Leverage Absent Amid Revenue Decline
Operating income swung from a loss of $213.4M in 2025Q2 to a profit of $512.9M in 2026Q2, but SG&A remained elevated, indicating no clear operating leverage, per income statement data.
Despite a 4% revenue decline, SG&A expenses have not scaled down proportionally, fluctuating between $531M and $639M. The positive operating income in 2026Q2 appears to be driven by a one-time gain or cost reduction, not by sustainable revenue growth, as the company has posted negative operating income in seven of the last ten quarters.
Net Income Distorted by Non-Recurring Items
Net income swung from a loss of $12.8B in 2025Q3 to a gain of $8.5B in 2026Q2, with EPS of $24.12, likely reflecting non-operating items, as per reported financials.
The massive swings in net income, including a $12.8B loss and an $8.5B gain, are far larger than operating income, indicating that non-operating items such as impairments, gains on debt, or tax benefits are dominating reported earnings. Investors should focus on operating income, which remains weak, and treat reported EPS with caution as it may not reflect underlying business performance.
COGS and SG&A Squeeze Profitability
COGS averaged $2.7B per quarter over the last ten quarters, while SG&A averaged $590M, together consuming nearly all revenue, as shown in the income statement data.
The cost structure is heavy, with COGS representing roughly 70% of revenue and SG&A adding another 15-18%, leaving little room for profitability. The lack of R&D spending (zero in most quarters) suggests that EchoStar is not investing in future growth, which may further erode its competitive position in the long term.
What Could Invalidate the Base Case
Despite a recent profit, EchoStar's persistent negative operating income and revenue decline suggest that the 2026Q2 profit may be unsustainable, as per income statement trends.
Short-sellers would argue that the company's core operations are unprofitable, with operating income negative in seven of the last ten quarters. The recent positive operating income of $512.9M in 2026Q2 may be a one-time event, and without revenue growth, the company cannot sustain profitability. Additionally, the high volatility in net income and the lack of R&D investment raise questions about the long-term viability of the business.