$ECHO · EchoStar CORP
EchoStar filed its Q3 2026 10-Q, reporting net income of $2.78B on revenue of $1.13B. The quarter was dominated by non-recurring gains: a $3.11B AT&T Transactions gain and a $439M deconsolidation gain tied to the Chapter 11 bankruptcy of DISH DBS and DISH Wireless subsidiaries. Revenue collapsed 68.8% YoY as those subsidiaries were deconsolidated. Cash and equivalents ballooned to $13.44B from $1.88B at year-end, while total debt dropped sharply as $7.3B in current debt moved off-balance-sheet.
- Q3 net income of $2.78B includes a $3.11B AT&T Transactions gain and a $439M deconsolidation gain — both non-recurring items
- Total revenue fell 68.8% YoY to $1.13B, driven by the deconsolidation of DISH DBS and DISH Wireless subsidiaries in Chapter 11
- Cash and cash equivalents surged to $13.44B at September 30, 2026, from $1.88B at year-end 2025
- GAAP basic EPS was $9.57 for Q3 vs. a loss of $44.37 per share in the prior-year quarter
- Consolidated Adjusted OIBDA was $242M for Q3 2026, up from $231M in Q3 2025 despite the revenue collapse
Extended-hours trading shows ECHO at $98.50, up 0.27% from the regular close and +1.61% from the filing-time price — a muted reaction suggesting the market had already priced in the deconsolidation and AT&T transaction gains.
EchoStar's Q3 reveals a company fundamentally transformed by bankruptcy — legacy DISH operations are gone, $13.4B in cash sits on the balance sheet, and the SpaceX deal now defines the equity story.
EchoStar's Q3 reflects a radically restructured entity post-Chapter 11 deconsolidation of its DISH DBS and DISH Wireless units. The $13.4B cash position and pending SpaceX Transactions signal a pivot toward satellite/spectrum asset monetization rather than operating the legacy pay-TV and wireless businesses.
Certain subsidiaries lack sufficient cash or committed financing to fund obligations over the next twelve months, raising substantial doubt about their ability to continue as a going concern. The SpaceX Transactions carry timing and closing risks that could materially impact leverage, cash-on-hand, and anticipated benefits if not completed.