EchoStar reports strong Q3 2026 results

Item 6.

Exhibits

140

Signatures

141

Table of Contents

PART I — FINANCIAL INFORMATION DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

Unless otherwise required by the context, in this report, the words "EchoStar," the "Company," "we," "our" and "us" refer to EchoStar Corporation and its subsidiaries, "DISH Network" refers to DISH Network Corporation, our wholly owned subsidiary, and its subsidiaries, "DISH DBS" refers to DISH DBS Corporation, a wholly-owned, indirect subsidiary of DISH Network, and its subsidiaries and "HSSC" refers to Hughes Satellite Systems Corporation, our wholly owned, indirect subsidiary, and its subsidiaries.

This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, in particular, statements about our plans, objectives and strategies, growth opportunities in our industries and businesses, our expectations regarding future results, financial condition, liquidity and capital requirements, our estimates regarding the impact of regulatory developments and legal proceedings, and other trends and projections. Forward-looking statements are not historical facts and may be identified by words such as "future," "anticipate," "intend," "plan," "goal," "seek," "believe," "estimate," "expect," "predict," "will," "would," "could," "can," "may," and similar terms. These forward-looking statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. Accordingly, actual performance, events or results could differ materially from those expressed or implied in the forward-looking statements due to a number of factors, including, but not limited to, those summarized below:

In light of the Prepackaged Chapter 11 Plan⁵ involving the DISH DBS Filing Entities and the DISH Wireless Filing Entities and the Hughes Chapter 11 Plan involving the Hughes Filing Entities (each as hereafter defined), a portion of our business has been deconsolidated for financial reporting purposes.⁵ The business description and risk factors below remain accurate as a description of our business and risk profile, but should be read together with the effects, and potential effects, of that deconsolidation and the related bankruptcy proceedings. See Note 3 for further information.

SUMMARY OF RISK FACTORS

Risks Relating to Bankruptcy⁴

● We are subject to risks and uncertainties associated with the Chapter 11 bankruptcy proceedings of certain of our subsidiaries.

Risks Relating to Pending Transactions⁴

● The timing and closing of the SpaceX Transactions are not certain, and are subject to certain conditions, some of which we cannot control, which could result in the SpaceX Transactions not being completed or being completed later than we expect, which could have a material adverse impact on our expected leverage and available cash-on-hand, as well as costs and revenues, or otherwise reduce the anticipated benefits of the SpaceX Transactions.

Risks Related to Our Potential Investment in SpaceX

● Investor expectations regarding our potential investment in SpaceX may be currently influencing our stock price, and, if so, any adverse developments relating to SpaceX, changes in market perception of SpaceX or failure to complete the SpaceX Transactions could materially and negatively impact the market price of our Class A common stock.

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Competition and Economic Risks⁴

● We face intense and increasing competition from providers of video, broadband and/or wireless services. Changing consumer behavior and new technologies in our Pay-TV and/or Wireless business may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.

● We face certain risks competing in the wireless services industry and operating a facilities-based wireless services business.

● Our pay-TV competitors may be able to leverage their relationships with programmers to reduce their programming costs and/or offer exclusive content that will place them at a competitive advantage to us.

● Through the MNSA and the NSA, we depend on T-Mobile and AT&T to provide network services to our Wireless subscribers. Our failure to effectively manage these relationships, including without limitation, our minimum commitments, any system failure in their wireless networks, interruption in the services provided to us and/or the termination of the MNSA or the NSA could have a material adverse effect on our business, financial condition and results of operations.

● We compete with the MNOs whose networks we partially rely on to provide wireless services to our customers, and they may seek to limit, reduce or terminate our network access to the extent that it becomes competitively advantageous to do so.

● If we are unable to take advantage of technological developments on a timely basis, or at all, we may experience a decline in demand for our services or face challenges in implementing or evolving our business strategy.

Operational and Service Delivery Risks

● Any deterioration in our operational performance, subscriber activations and churn rate and subscriber satisfaction could adversely affect our business, financial condition and results of operations.

● We depend on others to provide the programming that we offer to our Pay-TV subscribers and, if we fail to obtain or lose access to certain programming, our Pay-TV subscriber activations and our subscriber churn rate may be negatively impacted.

● We have limited satellite capacity and any failures or reduced capacity, caused by, among other things, operational and environmental risks, could adversely affect our business,

Item 1. FINANCIAL STATEMENTS ECHOSTAR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)

As of September 30,

December 31,

2026

2025

Assets

Current Assets:

Cash and cash equivalents

$

13,437,355

$

1,883,074

Current restricted cash, cash equivalents and marketable investment securities (Note 6)

—

175,838

Marketable investment securities

531,344

1,100,891

Trade accounts receivable, net of allowance for credit losses of $ 216,728 and $ 79,590 , respectively

401,458

1,273,849

Advances to the Deconsolidated Subsidiaries, net of allowance for credit losses of $ 4,882 and $ 0 , respectively

195,844

—

Inventory

119,213

380,647

Prepaids and other assets

151,151

284,194

Other current assets, net of allowance for credit losses of $ 22,649 and $ 0 , respectively

112,182

34,678

Total current assets

14,948,547

5,133,171

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities

72,151

176,203

Property and equipment, net

1,357,899

2,243,515

Regulatory authorizations, including restricted, net (Note 11)

17,116,754

34,548,952

Other investments, net

194,050

194,046

Operating lease assets

22,513

214,549

Intangible assets, net

39,656

54,413

FCC escrow

2,400,000

—

Other noncurrent assets, net

160,069

451,506

Total noncurrent assets

21,363,092

37,883,184

Total assets¹

$¹

36,311,639¹

$¹

43,016,355¹

Liabilities and Stockholders' Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

291,074

$

541,706

Deferred revenue and other

169,979

639,173

Accrued programming

—

1,224,222

Accrued interest

276,044

309,462

Other accrued expenses and liabilities

720,394

2,327,587

Current portion of debt, finance lease and other obligations (Note 10)

14,080

7,321,269

Total current liabilities

1,471,571

12,363,419

Long-Term Obligations, Net of Current Portion:

Long-term debt, finance lease and other obligations, net of current portion (Note 10)

9,642,155

18,658,602

Deferred tax liabilities, net

3,609,131

598,590

Operating lease liabilities

15,965

4,137,269

FCC escrow obligations

2,400,000

—

Long-term deferred revenue and other long-term liabilities

2,179,908

1,446,477

Total long-term obligations, net of current portion

17,847,159

24,840,938

Total liabilities

19,318,730

37,204,357

Commitments and Contingencies (Note 11)

Stockholders' Equity (Deficit):

Class A common stock, $ 0.001 par value, 1,600,000,000 shares authorized, 161,309,725 and 159,266,457 shares issued, 159,520,705 and 157,477,437 shares outstanding, respectively

161

159

Class B common stock, $ 0.001 par value, 800,000,000 shares authorized, 131,348,468 shares issued and outstanding

131

131

Additional paid-in capital

8,958,355

8,875,937

Accumulated other comprehensive income (loss)

( 182,617 )

( 183,188 )

Accumulated earnings (deficit)

8,218,993

( 2,878,743 )

Treasury stock, at cost, 1,789,020 shares

( 48,512 )

( 48,512 )

Total EchoStar stockholders' equity (deficit)

16,946,511

5,765,784

Noncontrolling interests

46,398

46,214

Total stockholders' equity (deficit)

16,992,909

5,811,998

Total liabilities and stockholders' equity (deficit)

$

36,311,639

$

43,016,355

Note: The changes as of September 30, 2026 primarily resulted from the Deconsolidated Subsidiaries and the AT&T Transactions², unless noted otherwise. See Notes 1 and 3 for further information.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ECHOSTAR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands, except per share amounts)

(Unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Revenue:

Service revenue

$

1,030,877

$

3,427,947

$

7,707,955

$

10,574,210

Equipment sales and other revenue

96,734

186,311

663,309

634,765

Total revenue³

1,127,611³

3,614,258

8,371,264

11,208,975

Costs and Expenses (exclusive of depreciation and amortization):

Cost of services

480,411

2,370,363

4,406,830

7,264,192

Cost of sales - equipment and other

170,428

391,524

1,126,305

1,185,219

Selling, general and administrative expenses

234,579

621,487

1,421,452

1,848,832

Depreciation and amortization

86,364

391,291

423,508

1,372,679

Impairments and other

8,079

16,481,468

( 60,366 )

16,481,468

Total costs and expenses

979,861

20,256,133

7,317,729

28,152,390

Operating income (loss)

147,750

( 16,641,875 )

1,053,535

( 16,943,415 )

Other Income (Expense):

Interest income

106,115

53,187

176,436

184,085

Interest expense, net of amounts capitalized (Note 2)

( 312,230 )

( 377,072 )

( 1,414,036 )

( 942,359 )

Deconsolidation gain (Note 3)

439,153

—

10,168,111

—

AT&T Transactions gain (Note 1)

3,106,788

—

3,106,788

—

Other, net (Note 6)

( 88,609 )

28,953

( 69,973 )

105,480

Total other income (expense)

3,251,217

( 294,932 )

11,967,326

( 652,794 )

Income (loss) before income taxes

3,398,967

( 16,936,807 )

13,020,861

( 17,596,209 )

Income tax (provision) benefit, net

( 616,849 )

4,155,459

( 1,923,498 )

4,304,736

Net income (loss)

2,782,118

( 12,781,348 )

11,097,363

( 13,291,473 )

Less: Net income (loss) attributable to noncontrolling interests, net of tax

( 131 )

( 152 )

( 373 )

( 1,476 )

Net income (loss) attributable to EchoStar

$

2,782,249

$

( 12,781,196 )

$

11,097,736

$

( 13,289,997 )

Weighted-average common shares outstanding - Class A and B common stock:

Basic

290,724

288,051

289,966

287,362

Diluted

351,191

288,051

351,459

287,362

Earnings per share - Class A and B common stock:

Basic net income (loss) per share attributable to EchoStar

$

9.57

$

( 44.37 )

$

38.27

$

( 46.25 )

Diluted net income (loss) per share attributable to EchoStar

$

7.97

$

( 44.37 )

$

31.74

$

( 46.25 )

Comprehensive Income (Loss):

Net income (loss)

$

2,782,118

$

( 12,781,348 )

$

11,097,363

$

( 13,291,473 )

Other comprehensive income (loss):

Foreign currency translation adjustments

2,899

3,902

4,902

19,387

Unrealized holding gains (losses) on available-for-sale debt securities

( 3,988 )

1,330

( 5,274 )

48

Recog