EchoStar Corporation has reported improved profitability in its fourth-quarter 2025 results despite facing revenue challenges and subscriber pressure. The company's adjusted OIBDA surged to $584 million with a 15.4% margin, up from $231 million and 6.4% in the previous quarter, driven by cost management that reduced service costs by 13.9% year-over-year to $2,181 million. The wireless division showed mixed results, recording a net loss of 9,000 subscribers in Q4 after three consecutive quarters of gains totalling 585,000 net additions. EchoStar has discontinued its direct-to-device satellite constellation programme in favour of a strategic partnership with SpaceX/Starlink. Executive Chairman Charlie Ergen praised SpaceX as "the best company I've ever worked with in 45 years.

UBS analyst John Hodulik raised his price target on EchoStar Corporation to $127 from $125 whilst maintaining a neutral rating. The analyst noted mixed fourth-quarter 2025 results, with accelerating pay-TV subscriber declines offset by improved wireless losses as the company transitions to an MVNO-focused strategy. EchoStar reported a full-year 2025 net loss of $14.50 billion, compared to $119.55 million in 2024, primarily due to approximately $17.63 billion in non-cash asset impairments. Net pay-TV subscribers declined by 168,000 in the fourth quarter, an improvement from the 253,000 loss in the prior-year period. UBS emphasised that investor focus remains on the value of EchoStar's non-operating assets, including its SpaceX stake and spectrum holdings.

EchoStar has disclosed that its independent auditor raised substantial doubt about the company's ability to continue as a going concern in its latest annual report. The warning follows a full-year 2025 net loss of approximately $14.5 billion on revenue of roughly $15 billion, compared with a much smaller loss the previous year. Management attributed a large portion of the loss to non-cash asset impairments and other expenses, indicating significant writedowns on the company's balance sheet. The satellite communications firm faces high capital requirements and technology demands typical of its sector. The going concern language highlights heightened financial risk regarding EchoStar's balance sheet strength, access to funding and operational flexibility. Analysts have previously flagged heavy debt, major funding needs and regulatory uncertainty as key risks for the company.