Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
EchoStar's Q2 FY2026 was defined by the closing of transformative spectrum transactions and the deconsolidation of its DISH DBS and DISH Wireless subsidiaries due to Chapter 11 filings. The company recorded a $9.7 billion deconsolidation gain and received $20.25 billion in cash from the sale of spectrum licenses to AT&T, resolving previous going concern uncertainties. While operating income turned positive after a prior-year loss, core revenue continued to decline as the Pay-TV business lost subscribers and the Wireless segment transitioned to a hybrid model. With the deconsolidated entities now excluded, future financial results will be materially different, and the company faces significant risks associated with the bankruptcy proceedings and the integration of SpaceX stock as consideration.
Revenue
$3.58B
-3.99% YoY
EPS (Diluted)
$24.12
+2375.47% YoY
Operating Income
$512.94M
+340.36% YoY
Source: SEC XBRL
EchoStar (ECHO) reported Q2 FY2026 revenue of $3.58B, down 4.0% year over year. Operating margin was 14.3%, against -5.7% a year earlier. ECHO's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 0.19 | 1.74 | Miss -89.1% |
| Mar 2026 | -0.28 | -0.86 | Beat +67.5% |
| Dec 2025 | -4.20 | -0.75 | Miss -463.3% |
| Sep 2025 | 12.85 | -1.23 | Beat +1142.6% |
Adjusted (non-GAAP) EPS of $0.19 versus the $1.74 analyst consensus — a -89.1% miss for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $24.12.
4 reported segments · SEC XBRL
Segment revenue totals $3.58B, which is the $3.58B of consolidated revenue on the income statement. The profit column adds up to the consolidated figure as well.
Profit above is reported as operating income, the measure ECHO itself discloses in this filing. Each company chooses its own measure here, so these margins are not comparable with another company's.
Compiled by AI from 10-Q Item 2 of this filing
On July 28, 2026, EchoStar closed the sale of 3.45 GHz and 600 MHz spectrum licenses to AT&T for $20.25 billion in cash, using proceeds to repay $3.5 billion in 11.75% Senior Secured Notes and $2.0 billion in DISH DBS senior notes.
Source: 10-Q Item 2 MD&A
In May 2026, EchoStar completed the Spectrum Transfer Closing to a trust for AWS-4, H-Block, and AWS-3 licenses, with total consideration of approximately $20 billion, including up to $11 billion in SpaceX Class A common stock. The final acquisition closing is targeted for November 30, 2027.
Source: 10-Q Item 2 MD&A
On June 30, 2026, DISH DBS and DISH Wireless filed for Chapter 11 bankruptcy, causing EchoStar to deconsolidate these entities and record a $9.729 billion non-cash gain. Their financials are no longer included from Q3 2026 onward.
Source: 10-Q Item 2 MD&A
During Q2, EchoStar extinguished $3.89 billion of its EchoStar 2024 Intercompany Loan and DISH Network repaid $1.712 billion and $535 million in intercompany loans. A $125 million RSA settlement cost was recognized in SG&A expenses.
Source: 10-Q Item 2 MD&A
Following the AT&T Closing and full satisfaction of the FCC settlement obligation, management states that substantial doubt about EchoStar's ability to continue as a going concern no longer exists.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 3 high, 2 medium, 0 low
Delays or failure to confirm the prepackaged Chapter 11 plan due to creditor objections or legal challenges could prevent timely emergence, exacerbating operational and financial strains on EchoStar.
Source: 10-Q Item 1A Risk Factors
Creditors may assert claims directly against EchoStar Corporation (non-debtor parent), seeking recovery that could materially impact its liquidity and financial condition even if the plan is confirmed.
Source: 10-Q Item 1A Risk Factors
The bankruptcy proceedings may disrupt relationships with vendors, customers, and regulators, cause customer churn in active businesses like DISH TV and Sling TV, and require Bankruptcy Court approval for extraordinary transactions, limiting flexibility.
Source: 10-Q Item 1A Risk Factors
The broader consolidated debt burden and the Chapter 11 cases could materially adversely affect EchoStar's liquidity, credit profile, access to capital, and the market price of its securities, making an investment highly speculative.
Source: 10-Q Item 1A Risk Factors
Beginning Q3 2026, the exclusion of the Pay-TV and Other segment subsidiaries will cause reported results to be materially different from prior periods, complicating historical comparisons and potentially obscuring underlying trends.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.58 $B | 3.72 $B | -3.99% |
Operating Income $M | 512.94 $M | -213.41 $M | +340.36% |
Net Income $B | 8.46 $B | -0.31 $B | +2864.29% |
EPS (Basic) $ | 29.17 $ | -1.06 $ | +2851.89% |
EPS (Diluted) $ | 24.12 $ | -1.06 $ | +2375.47% |
R&D Expense $M | 14.00 $M | 16.00 $M | -12.50% |
SG&A Expense $M | 547.85 $M | 629.49 $M | -12.97% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
ECHO's Q1 FY2026 showed lower revenue but a sharp improvement in operating profitability, while substantial doubt about going concern remains until large pending AT&T and SpaceX spectrum transactions close.
EchoStar's FY2025 10-K showed a sharp deterioration in financial performance, driven by a $17.632 B non-cash impairment tied largely to the shutdown and decommissioning of portions of its 5G network, while the company also disclosed substantial doubt about its ability to continue as a going concern until major AT&T and SpaceX spectrum transactions close.
Other companies in Wireless Telecommunication Services