EchoStar (NASDAQ:SATS) disclosed a massive $14.50 billion net loss for the full year 2025, a figure primarily fueled by a series of aggressive accounting adjustments to its balance sheet.
The company recorded approximately $17.63 billion in non-cash asset impairments and other expenses, reflecting the declining value of legacy satellite hardware and spectrum licenses as the industry pivots toward terrestrial 5G and Open RAN technologies.
Total revenue for the year fell to $15 billion, down from $15.83 billion in 2024.
On a per-share basis, the Englewood, Colorado-based company reported a diluted loss of $50.41.
However, management noted that when excluding these significant tax-affected non-cash adjustments, the adjusted net loss for the year was approximately $1.05 billion.
The results highlight the continued pressure on EchoStar’s traditional pay-TV and broadband businesses.
The company closed the fourth quarter of 2025 with 7 million pay-TV subscribers and 739,000 broadband subscribers, both segments continuing to face stiff competition from streaming services and fiber-to-the-home expansions.
Meanwhile, the company’s retail wireless segment—a key pillar of its growth strategy—ended the year with 7.51 million subscribers.
Despite the heavy headline loss, EchoStar has been active in restructuring its debt and extending its maturity profile to fund the ongoing build-out of its 5G network.
The company recently completed a series of spectrum-backed financing deals to maintain liquidity through 2026.