EchoStar Corporation (SATS): Business Model Canvas [Dec-2025 Updated]

You're looking at EchoStar Corporation (SATS) right now, and honestly, it's one of the most fascinating pivots in telecom: shedding legacy Pay-TV to become a capital-rich, hybrid 5G and satellite connectivity powerhouse. This isn't just a small shift; it's a fundamental re-engineering, evidenced by massive strategic moves like the $19 billion spectrum sale to SpaceX, which is funding the buildout of their Open RAN network while still servicing about 5 million DISH TV subscribers. As an analyst who's seen a few cycles, I can tell you understanding how they balance legacy cash flow against massive CapEx for this new wireless future is key to valuation. Dive into the full Business Model Canvas below to see exactly how they are structuring this complex transition, from their $2.34 billion in Q3 2025 Pay-TV revenue to their strategic partnerships and cost structure.

EchoStar Corporation (SATS) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances EchoStar Corporation has locked in as of late 2025, especially after the major strategic shifts involving its spectrum assets. These partnerships are what keep the lights on for DISH TV and Sling TV while funding the new direction for the wireless segment.

AT&T for Network Infrastructure Access for the Hybrid MNO Model

The relationship with AT&T is foundational to the new structure of the Boost Mobile business. EchoStar agreed to sell its nationwide 3.45 GHz and 600 MHz spectrum licenses-a total of 50 MHz of mid- and low-band frequencies-to AT&T for approximately $23 billion, pending regulatory approval. This transaction is a critical step toward resolving the Federal Communications Commission's (FCC) spectrum utilization concerns.

Under the new arrangement, Boost Mobile transitions into a hybrid Mobile Network Operator (MNO). This means Boost Mobile maintains its services using its own cloud-native 5G core but leverages AT&T's expansive nationwide network for primary connectivity. AT&T will have the option to lease the spectrum before the sale closes. AT&T has stated plans for $20 billion in share repurchases between 2025-2027, and the deal is expected to be accretive to adjusted EPS and free cash flow in the third year following closing.

SpaceX for Spectrum Sales and Future Starlink Direct-to-Device Access

EchoStar entered a definitive agreement in September 2025 to sell its AWS-4 and H-block spectrum licenses to SpaceX for approximately $17 billion. This monumental transaction is segmented into up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock, valued at the agreement date. Furthermore, SpaceX will fund an aggregate of about $2 billion in cash interest payments on EchoStar debt through November 2027. This move positions EchoStar as a public-market proxy for SpaceX, which was reportedly preparing a secondary share sale at an $800 billion valuation.

This spectrum acquisition enables SpaceX to develop its next-generation Starlink Direct-To-Cell constellation. As part of the deal, EchoStar's Boost Mobile subscribers gain access to this Starlink Direct to Cell service through a long-term commercial agreement. Separately, SpaceX announced in November 2025 it was buying an additional $2.6 billion in spectrum from EchoStar, adding to the $17 billion acquisition.

This spectrum sale effectively scrapped EchoStar's prior plans for its own direct-to-device constellation, which included a terminated initial contract worth $1.3 billion with MDA Space to build about 100 'MDA Aurora' satellites. The overall estimated cost for EchoStar's initial 200 satellite constellation was $5 billion.

Content Providers for DISH TV and Sling TV Programming Rights

The core video services continue to navigate a challenging subscriber environment, which directly impacts the economics of content agreements. In the first quarter of 2025, EchoStar Corporation reported a net loss of 383,000 subscribers for its pay-TV units (DISH TV and Sling TV), shrinking the base from 7.78 million to about 7.4 million. Pay-TV revenue fell 7.4% year-over-year in Q1 2025, dropping from $2.7 billion in Q1 2024 to $2.5 billion.

Sling TV, the virtual MVPD, lost 109,000 subscribers in Q2 2025, bringing its base to 1.78 million. As of May 2025, Sling TV had 1.89 million subscribers. Despite subscriber declines, the Pay-TV segment saw a 3% increase in Average Revenue Per User (ARPU), reaching $110.64 in Q1 2025, and DISH TV experienced an 11% decrease in churn compared to the prior year quarter.

Here's a quick look at the subscriber and revenue trends for the Pay-TV segment:

Metric	Value (Late 2025 Data)	Period/Context
Total Pay-TV Subscribers (End of Q1 2025)	7.4 million	After Q1 2025 loss of 383,000
Sling TV Subscribers	1.78 million	Q2 2025
Pay-TV Revenue	$2.5 billion	Q1 2025 and Q2 2025
Pay-TV Revenue Change (YoY Q1 2025)	-7.4%	From $2.7 billion in Q1 2024
Average Revenue Per User (ARPU)	$110.64	Q1 2025

Satellite Manufacturers for New Satellite Construction and Launch Services

The focus on satellite construction shifted following the spectrum monetization strategy. The $1.3 billion initial contract signed with MDA Space for 100 satellites was terminated. This was part of a larger plan where the initial constellation of 200 satellites was estimated to cost about $5 billion. The planned launch batches for these D2D satellites were scheduled to begin in 2028.

Airlines (e.g., Delta, Turkish AJet) for In-Flight Connectivity Solutions

Hughes Network Systems, an EchoStar company, remains active in the aviation connectivity space through established partnerships. Delta Air Lines selected Hughes in November 2023 to power passenger Wi-Fi on more than 400 Boeing 717 and regional jets serving North America.

For Delta, the revolutionary Hughes Fusion Simultaneous Multi-Orbit In-Flight Connectivity Solution is slated for introduction onboard 717 aircraft in the second half of 2025, adding to the 400+ existing aircraft covered by previous awards.

Separately, Hughes, in partnership with Turkish Cabin Interiors (TCI) and Turksat, is providing in-flight connectivity (IFC) for Turkish AJet. This service will be powered fleetwide across over 120 AJet aircraft.

Key IFC Partnership Deployments:

• Hughes is providing equipment and management for AJet's IFC solution.
• The AJet partnership covers a fleet of over 120 aircraft.
• Delta Air Lines has over 400 regional jets and Boeing 717s covered by a prior Hughes agreement.
• Delta's new Fusion solution is set for introduction on 717s in the second half of 2025.

Finance: review the Q3 2025 cash flow projections factoring in the $23 billion AT&T spectrum proceeds and the $17 billion initial SpaceX spectrum proceeds by next Tuesday.

EchoStar Corporation (SATS) - Canvas Business Model: Key Activities

You're looking at the core actions EchoStar Corporation is taking to run its complex business right now, late 2025. It's a mix of heavy infrastructure management and aggressive customer-facing operations, all underpinned by recent massive capital events.

Deploying and optimizing the nationwide 5G Open RAN wireless network

EchoStar Corporation is focused on maintaining and expanding its facilities-based 5G network, which is cloud-native and Open RAN based. The company confirmed it met its FCC buildout requirements following spectrum transactions.

• FCC requirement deployment of 3GPP Release 17 met by June 14.
• Over 24,000 5G sites on air as of Q1 2025.
• 5G VoNR (Voice over New Radio) covered over 222 million Americans as of Q1 2025.
• The Boost Mobile Network reached 80% of the U.S. population with 5G broadband coverage.
• About 75 per cent of the company's new wireless subscribers are served by the greenfield 5G network.

Managing and operating a global fleet of geostationary satellites

This activity involves running the established satellite assets, primarily for the Pay-TV and Broadband & Satellite Services segments. The fleet is a mix of owned and leased assets, with new construction underway.

Metric	Value	Context/Date
Owned and Leased Satellites (EchoStar Satellite Services L.L.C.)	10 satellites	Fleet size
Owned Satellites in Geosynchronous Orbit (Pay-TV Segment)	7	As of December 31, 2024
Leased Satellites (Pay-TV Segment)	2 (Anik F3, Nimiq 5)	As of December 31, 2024
Satellite Under Construction	EchoStar XXV	Expected launch 2026
Enterprise Order Backlog (Broadband & Satellite Services)	$1.5B	End of Q3 2025

Negotiating and acquiring premium Pay-TV content licenses

While direct license costs aren't itemized here, the activity's success is reflected in the Pay-TV segment's efficiency metrics, showing improved pricing power relative to subscriber losses.

• DISH TV churn reached a historic low of 1.33% in Q3 2025.
• DISH TV churn improved by 10 basis points year-over-year to 1.29% in Q2 2025.
• Pay-TV segment revenue for Q3 2025 was approximately $2.34 billion.
• Pay-TV ARPU (Average Revenue Per User) increased 3.1% to $111.74 in Q2 2025.
• Pay-TV ARPU growth was +1% year-over-year in Q3 2025.

Strategic investment of capital via the new EchoStar Capital division

EchoStar Corporation formally established EchoStar Capital in Q3 2025 to serve as a future growth engine, fueled by proceeds from recent spectrum sales. This is a major shift in capital deployment strategy.

• EchoStar Capital division announced in Q3 2025 results (November 6, 2025).
• The division will invest new capital from spectrum transactions, including one with AT&T for $22.65 billion and another with SpaceX for $19 billion (announced in Q3).
• Amended agreement with SpaceX to sell unpaired AWS-3 spectrum for $2.6 billion in stock.
• Purchases of marketable investment securities (Investing Activities, 9 months ended September 30, 2025) were $(2,767,979) thousand.

Subscriber acquisition and retention for Boost Mobile and Pay-TV

Wireless subscriber growth is a key focus, showing positive net additions for several consecutive quarters, while Pay-TV focuses on retaining high-value customers.

Segment/Metric	Value	Context/Date
Boost Mobile Total Wireless Subscribers	Over 7.5 million	End of Q3 2025
Boost Mobile Net Subscriber Additions	+223,000	Q3 2025
Boost Mobile Net Subscriber Additions	+212,000	Q2 2025
Boost Mobile Wireless ARPU (Q2 2025)	$37.40
Boost Mobile Churn Rate (Q3 2025)	2.86%	Improvement of 13 basis points YoY
DISH TV Subscribers (Q1 2025)	5.503 million
SLING TV Subscribers (Q1 2025)	1.894 million
SLING TV Net Subscriber Additions	Approximately 159K	Q3 2025

The Wireless segment delivered approximately $939 million in revenue for the third quarter.

EchoStar Corporation (SATS) - Canvas Business Model: Key Resources

You're looking at the core assets EchoStar Corporation (SATS) relies on to execute its strategy as of late 2025. These are the tangible and intangible pillars supporting the business.

The most significant recent development centers on the transformation of its spectrum assets into financial runway and equity stakes. EchoStar Corporation signed a transformative transaction with SpaceX for $19 billion in the third quarter of 2025. This deal involved the sale of its AWS-4 and H-block spectrum licenses, structured as up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock. Furthermore, an amended agreement was announced to sell its unpaired AWS-3 wireless spectrum licenses for an additional $2.6 billion in SpaceX stock. These transactions were instrumental in resolving the Federal Communications Commission's review of the company's spectrum utilization.

Financially, the company's liquidity position strengthened following these capital events. As of the third quarter of 2025, EchoStar Corporation's cash and marketable securities stood at $4.3 billion, an increase of $1.4 billion year-over-year.

The company maintains a substantial satellite fleet and ground infrastructure supporting its HughesNet and enterprise services. EchoStar Satellite Services L.L.C. operates a fleet of 10 satellites. The Broadband & Satellite Services segment ended Q3 2025 with approximately 783,000 subscribers. The company is also investing in next-generation assets, evidenced by a $1.3 billion agreement with MDA for Low Earth Orbit (LEO) satellites.

The established consumer brands anchor significant subscriber bases and revenue streams, though some face contraction:

• DISH TV: Ended Q3 2025 with 5.171 million subscribers. Achieved a historic low churn rate for the third quarter at 1.33%. Pay-TV revenue for Q3 2025 was $2.341 billion.
• Sling TV: Added approximately 159K subscribers in Q3 2025. Ended Q3 2025 with 1.995 million customers.
• Boost Mobile (Wireless): Ended Q2 2025 with 7.4 million wireless lines served, growing to 7.52 million lines by the end of Q3 2025. The segment posted net subscriber growth of +223,000 in Q3 2025. Wireless service revenue was $836 million in Q3 2025.

The proprietary technology and contracted future revenue are also critical resources. The Broadband & Satellite Services segment reported an enterprise order backlog of $1.5 billion at the end of Q3 2025, largely from the aviation sector. The company's Lyra 1 satellite launch bolstered its S-Band satellite program.

Here's a quick look at the scale of the core service customer bases and financial metrics as of Q3 2025:

Resource Metric	Value	Unit/Segment
Cash and Marketable Securities	$4.3 billion	Consolidated (Q3 2025)
Total Spectrum Sales to SpaceX (Cumulative)	$19.6 billion (approx.)	AWS-4/H-block + AWS-3
AT&T Spectrum Sale Value	$22.65 billion	Cash (Q3 2025 Transaction)
Owned Satellites	10	EchoStar Satellite Services L.L.C.
DISH TV Subscribers	5.171 million	End of Q3 2025
Sling TV Subscribers	1.995 million	End of Q3 2025
Total Pay-TV Subscribers	7.166 million	End of Q3 2025
Wireless Lines Served	7.52 million	End of Q3 2025
Enterprise Order Backlog	$1.5 billion	Future Revenue (Q3 2025)

The wireless segment's prepaid Average Revenue Per User (ARPU) showed growth of 2.6% year-over-year in Q3 2025. The Boost Mobile network now covers over 80% of the U.S. population with 5G broadband.

EchoStar Corporation (SATS) - Canvas Business Model: Value Propositions

Hybrid 5G and satellite connectivity for dead-zone-free mobile service

• FCC certification of more than 24,000 5G constructed 'on-air' sites achieved one month ahead of the June 14, 2025 commitment date.
• Approximately 75 per cent of new wireless subscribers were served by the greenfield 5G network as of Q1 2025.
• Spectrum transactions, including a sale to SpaceX for approximately $19 billion and another for $2.6 billion in stock, are intended to accelerate direct-to-cell service offerings.

Low-cost, prepaid wireless plans under the Boost Mobile brand

The wireless segment, predominantly Boost Mobile, delivered approximately $836 million in service revenue for the third quarter of 2025.

Metric	Value (Q3 2025)
Total Wireless Subscribers	Approximately 7.52 million
Net Subscriber Adds (Q3 2025)	+223,000
Average Revenue Per User (ARPU)	$37.22
Churn Rate	2.86 per cent

Bundled Pay-TV and streaming services (DISH TV and Sling TV)

The Pay-TV segment generated approximately $2.341 billion in revenue in the third quarter of 2025.

• Total Pay-TV subscribers (DISH TV and Sling TV) at the end of Q3 2025: approximately 7.17 million.
• Sling TV added approximately 159 thousand subscribers in the third quarter of 2025.
• DISH TV churn rate for Q3 2025 was 1.33 per cent.
• Pay-TV segment ARPU for Q3 2025 was $109.97.

Global managed network services for enterprise and government clients

The Broadband & Satellite Services segment, which includes enterprise offerings, reported an enterprise order backlog of $1.5 billion at the end of Q3 2025.

This backlog was primarily gained through securing share in the aviation sector.

High-speed satellite broadband access for rural consumers (HughesNet)

The Broadband & Satellite Services segment revenue for the third quarter was $346 million.

Metric	Value (Latest Available)
HughesNet Subscribers (End of Q3 2025)	Approximately 783,000
HughesNet Subscriber Loss (Q1 2025)	30,000
Hughes Enterprise Contracted Backlog (Q3 2025)	$1.5 billion

Hughes Network Systems reported a 3 per cent fall in revenue during the first quarter.

EchoStar Corporation (SATS) - Canvas Business Model: Customer Relationships

You're looking at how EchoStar Corporation manages its diverse customer base, from satellite TV subscribers to wireless users, as of late 2025. It's a mix of high-touch service for big clients and digital automation for the masses.

For the core Pay-TV base, which ended Q3 2025 with approximately 7.17 million total subscribers across DISH TV and Sling TV, the focus is clearly on retention. You see the results of their data-driven loyalty programs in the DISH TV churn rate, which hit a historic low for the third quarter at 1.33%. This low churn, a reduction of 14 basis points year-over-year, suggests those remaining customers are sticky. Still, the overall Pay-TV segment revenue declined 10.6% year-over-year to $2.341 billion in Q3 2025.

The Average Revenue Per User (ARPU) focus is evident across the board. For Pay-TV, ARPU saw a +1% year-over-year growth, landing at $109.97 in Q3 2025, driven by programming price increases. For the Wireless segment, which includes Boost Mobile, the ARPU improvement was stronger at +2.6% year-over-year, reaching $37.22. That wireless segment is gaining traction, adding approximately 223K net subscribers in Q3, closing the quarter with about 7.52 million total wireless lines served.

For the streaming service, Sling TV, the relationship strategy leans heavily on digital self-service and flexible offerings. They added approximately 159K subscribers in the third quarter, partly due to the launch of new packages like Sling Select and the Day Pass feature. Sling TV ended Q3 with 1.995 million customers, representing an 11.8% sequential increase. The expectation here is that digital channels handle most routine interactions, letting the customer self-serve for plan changes or basic support.

When you look at the Enterprise and Government contracts under the Broadband & Satellite Services (BSS) segment, the relationship shifts to dedicated, high-touch account management. These are the big-ticket items that require direct engagement. The current Enterprise order backlog stands at $1.5B, largely from gaining share in the aviation sector. That backlog represents future revenues that depend on strong, ongoing relationships with those large clients.

Here's a quick look at the key customer metrics from Q3 2025:

Segment/Metric	Value/Rate	Context/Change
DISH TV Churn (Pay-TV Loyalty)	1.33%	Historic low for Q3 2025
Pay-TV ARPU	$109.97	Up +1% year-over-year
Wireless ARPU	$37.22	Up +2.6% year-over-year
Sling TV Net Adds	159K	Subscribers added in Q3 2025
Wireless Net Adds	+223K	Subscribers added in Q3 2025
Enterprise Order Backlog (BSS)	$1.5B	Future revenues from large contracts

For wireless device sales and service activation, which is predominantly Boost Mobile, the relationship strategy involves retail and online support, backed by promotional offers. Boost Mobile unveiled holiday promotions offering 5G phones at discounted rates and lifetime low service plans to recruit new consumers and enhance customer loyalty. This suggests a transactional relationship for device sales, supported by digital activation workflows, while the service itself relies on network quality and competitive pricing to maintain the improved churn rate of just under 2.9% in Wireless.

You can see the focus points for customer interaction right here:

• Automated self-service for Sling TV digital channels.
• Dedicated account management for the $1.5B enterprise backlog.
• Loyalty programs driving Pay-TV churn to 1.33%.
• Retail/online support for Boost Mobile activations.
• ARPU focus: Pay-TV at $109.97 and Wireless at $37.22.

Finance: draft 13-week cash view by Friday.

EchoStar Corporation (SATS) - Canvas Business Model: Channels

The distribution of EchoStar Corporation's services relies on a multi-faceted channel strategy, blending legacy infrastructure with digital-first platforms.

Direct-to-Home (DTH) satellite distribution for DISH TV

The DISH TV channel, part of the Pay-TV segment, is focused on customer retention, evidenced by achieving a historic low DISH TV churn rate of 1.33% for the third quarter of 2025. This DTH service ended the third quarter of 2025 with approximately 5.171 million subscribers. The overall Pay-TV segment, which includes DISH TV and Sling TV, reported revenue of approximately $2.34 billion for the third quarter of 2025.

Over-the-Top (OTT) streaming platform for Sling TV

Sling TV, the Over-the-Top offering, demonstrated channel growth momentum in the third quarter, adding approximately 159K net subscribers during the period. This growth was supported by strategic channel packaging, including the introduction of options like Sling Day Pass, which unlocked access to the Sling Orange tier for as little as $5. Sling TV ended the third quarter with 1.995 million customers.

Branded retail stores and third-party dealers for Boost Mobile

The Boost Mobile wireless service utilizes branded retail stores and third-party dealers as key acquisition channels. This channel contributed to the Wireless segment adding 223K net subscribers in the third quarter of 2025. The total wireless subscriber base, which includes customers on the proprietary 5G network and MVNO arrangements, closed the third quarter at approximately 7.52 million total subscribers. The Wireless segment generated revenue of approximately $939 million in the third quarter.

Direct sales teams for Hughes Enterprise and Government contracts

The Hughes family of brands, serving enterprise and government customers, relies on direct sales teams to secure contracts. The Broadband & Satellite Services segment reported an enterprise order backlog, representing expected future revenues from non-cancelable contracts, of $1.5B at the end of the third quarter. This backlog gain was primarily attributed to gaining share in the aviation sector. The segment's revenue for the third quarter was $346 million, with approximately 783,000 total broadband subscribers reported at the end of the quarter.

Online and digital sales channels for subscriber acquisition

Online and digital sales channels are an increasingly important component for subscriber acquisition, particularly within the Wireless business. The President and CEO noted larger contributions from sales on its digital channels as a driver for wireless subscriber gains in the first quarter of 2025.

Here's the quick math on the channel performance metrics for the third quarter of 2025:

Channel/Segment	Metric Type	Value (Late 2025 Data)
DISH TV (DTH)	Q3 Churn Rate	1.33%
DISH TV (DTH)	Q3 End Subscribers	5.171 million
Sling TV (OTT)	Q3 Net Subscriber Adds	159K
Sling TV (OTT)	Q3 End Subscribers	1.995 million
Boost Mobile (Retail/Third-Party)	Q3 Net Subscriber Adds	223K
Boost Mobile (Retail/Third-Party)	Q3 End Total Wireless Subscribers	7.52 million
Hughes (Enterprise/Govt)	Q3 Enterprise Backlog	$1.5B
Hughes (Enterprise/Govt)	Q3 End Broadband Subscribers	783,000

The company's strategy involves using the flexibility of Sling TV channel packages to attract cost-conscious viewers, while the DTH channel focuses on retaining high-value customers, as shown by the record low DISH TV churn.

• DISH TV churn reduction strategies resulted in the lowest rate in over a decade (excluding the pandemic).
• Wireless subscriber growth was supported by higher sales of value-added services.
• The enterprise backlog growth indicates successful direct sales efforts in securing future revenue streams.

EchoStar Corporation (SATS) - Canvas Business Model: Customer Segments

You're looking at the diverse set of customers EchoStar Corporation serves across its satellite, media, and wireless operations as of late 2025. It's a mix of legacy media consumers, value-focused mobile users, and large institutional clients.

The Pay-TV segment, comprising DISH TV and Sling TV, showed a combined base of approximately 7.17 million subscribers at the close of the third quarter of 2025. This segment is actively managing cord-cutting pressures.

Customer Group	Service/Brand	Latest Reported Subscriber Count/Metric	Reporting Period/Context
US Satellite Pay-TV Subscribers	DISH TV	Estimated 5.5 million	End of Q2 2025
Streaming-Only Consumers	Sling TV	Added 159 thousand net subscribers	Q3 2025
Wireless Consumers (Prepaid/Value-Conscious)	Boost Mobile (Total)	Over 7.52 million total subscribers	End of Q3 2025
Wireless Consumers (Prepaid/Value-Conscious)	Boost Mobile (Net Adds)	+223 thousand net wireless subscribers	Q3 2025
Global Enterprises/Government/Military	Hughes/Boost Mobile	Up to $2.7 billion ceiling value contract	10-year IDIQ contract with U.S. Navy/DoD (through 2034)

For the traditional satellite offering, DISH TV reported a historic low churn rate of 1.33 percent for the third quarter of 2025, suggesting improved retention among its remaining base. The estimated subscriber count for DISH TV alone was around 5.5 million at the end of Q2 2025, while Sling TV was estimated at just under 1.8 million at that time.

The prepaid and value-conscious wireless consumers are served primarily through Boost Mobile. This division ended Q3 2025 with over 7.52 million total subscribers, having added 223 thousand net wireless subscribers during that quarter alone. The wireless segment continues to have the highest prepaid Average Revenue Per User (ARPU) in the industry.

EchoStar Corporation also targets large-scale institutional customers through its subsidiaries:

• Global enterprises, governments, and military organizations are served via a contract with the U.S. Department of Defense (DoD) and other federal agencies, which has a ceiling value of up to $2.7 billion over a 10-year period ending in 2034.
• Commercial aviation and maritime sectors are targeted by the in-flight connectivity business, which is actively scaling and driving interest from airlines worldwide.

EchoStar Corporation (SATS) - Canvas Business Model: Cost Structure

The Cost Structure for EchoStar Corporation is heavily influenced by content acquisition, network investment, and significant debt servicing obligations, as evidenced by recent financial reporting.

The Pay-TV segment faces substantial recurring expenses related to content.

• Higher programming cost per subscriber contributed to a $663 million decrease in Pay-TV OIBDA from the prior year in Q2 2025.

Capital deployment for network expansion remains a key cost area, though timing impacts cash flow.

• Capital expenditures (CapEx) were $56 million lower in Q2 2025, partially offsetting a decrease in free cash flow.

Debt servicing represents a major, non-operating cash outflow.

Significant cash interest payments on outstanding debt were noted in Q2 2025.

Cost Component	Period/Context	Financial Amount
Cash Interest Paid	Q2 2025	$777 million
Increase in Cash Interest	Q2 2025 vs Q1 2025	$326 million higher
Prior Period Cash Interest Paid	Q1 2025	$236 million

Operating costs within the Wireless segment, supporting the hybrid MNO model, show pressure from expansion efforts.

Network operating costs are reflected in the Wireless segment's operating results.

• Wireless OIBDA loss reached a negative $452 million in Q2 2025.
• This loss was driven by higher marketing expenditures and increased costs to support the expanding wireless network footprint.

The company recorded a massive, non-cash charge related to strategic asset adjustments in the third quarter.

A one-time, non-cash impairment charge was recognized in Q3 2025.

• The impairment charge amounted to $16.48 billion in Q3 2025, tied to decommissioning certain 5G networks.

Here is a summary of key cost-related financial metrics from recent periods:

Cost/Expense Driver	Reported Period	Financial Amount
One-Time Non-Cash Impairment	Q3 2025	$16.48 billion
Cash Interest Paid	Q2 2025	$777 million
Wireless OIBDA Loss	Q2 2025	Negative $452 million
Pay-TV OIBDA Decrease Driver	Q2 2025	Higher programming cost per subscriber
CapEx Change	Q2 2025	$56 million lower

EchoStar Corporation (SATS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving EchoStar Corporation's top line as of late 2025. The revenue streams are a mix of legacy subscription services and significant, one-time capital events that fundamentally reshape the balance sheet.

The core business still relies heavily on its established media and connectivity services, though the scale is shifting. For the third quarter of 2025, EchoStar Corporation reported total revenue of $3.61 billion.

Here is a breakdown of the key revenue components from the Q3 2025 results:

Revenue Stream Component	Q3 2025 Reported Revenue Amount	Year-over-Year Change
Pay-TV Subscription Fees	$2.341 billion	-10.6%
Wireless Service and Equipment Sales	$938.95 million	+4.8%
Broadband and Satellite Services Fees	$345.82 million	-10.6%

The Pay-TV segment, which includes DISH TV and Sling TV, remains the largest revenue contributor, bringing in $2.341 billion for the quarter. Still, this segment saw a year-over-year revenue decline of 10.6%. To be fair, the Pay-TV Average Revenue Per User (ARPU) grew by 1.0% to $109.97, and DISH TV churn hit a historic low of 1.33% for the quarter.

The Wireless segment, predominantly Boost Mobile, showed positive momentum in service revenue, increasing 7.4% year-over-year to $836 million. This growth was supported by subscriber additions and an ARPU increase of 2.6% to $37.22. The reported Wireless revenue for equipment and service was $938.95 million.

The Broadband and Satellite Services (BSS) segment also saw a 10.6% revenue decline year-over-year, reporting $345.82 million in Q3 2025. This area is key for future, contracted revenue, however.

Strategic capital gains from spectrum asset sales represent a massive, non-recurring revenue event that significantly alters the financial profile. EchoStar agreed to sell spectrum licenses to AT&T for approximately $22.65 billion. This transaction is instrumental in resolving regulatory concerns and improving the capital structure.

Future revenue visibility is partially captured in the contract backlog:

• Enterprise contract backlog for future revenues stood at $1.5 billion at the end of Q3 2025.
• This backlog is primarily driven by gaining share in the aviation sector.

Finance: draft 13-week cash view by Friday.