0001104659-26-037214 | 10-K | XBRL Viewer | Hughes Satellite Systems Corp

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Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting
Number of operating segment	1

Commitments and Contingencies - Schedule of Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Payments Due in the Years Ending December 31,
Contractual obligation, Total	$ 2,801,895
2026	1,831,379
2027	232,131
2028	221,545
2029	219,628
2030	201,715
Thereafter	95,497
Payments Due in the Years Ending December 31,
Total future minimum lease payments	1,131,257
2026	217,159
2027	215,647
2028	213,364
2029	212,239
2029	194,079
Thereafter	78,769
Long-term debt obligations
Payments Due in the Years Ending December 31,
Contractual obligation, Total	1,536,431
2026	1,508,730
2027	8,734
2028	2,795
2029	3,219
2030	3,666
Thereafter	9,287
Interest expense on long-term debt
Payments Due in the Years Ending December 31,
Contractual obligation, Total	97,012
2026	91,473
2027	1,699
2028	1,164
2029	995
2030	795
Thereafter	886
Satellite-related commitments
Payments Due in the Years Ending December 31,
Contractual obligation, Total	37,195
2026	14,017
2027	6,051
2028	4,222
2029	3,175
2030	3,175
Thereafter	$ 6,555

Income Taxes and Accounting for Uncertainty in Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes and Accounting for Uncertainty in Income Taxes

Income Taxes and Accounting for Uncertainty in Income Taxes

10.	Income Taxes and Accounting for Uncertainty in Income Taxes

Our income tax policy is to record the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported on our Consolidated Balance Sheets, as well as probable operating loss, tax credit and other carryforwards. Deferred tax assets are offset by valuation allowances when we believe it is more likely than not that net deferred tax assets will not be realized. We periodically evaluate our need for a valuation allowance. Determining necessary valuation allowances requires us to make assessments about historical financial information as well as the timing of future events, including the probability of expected future taxable income and available tax planning opportunities.

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to provide additional information in the income tax rate reconciliation and additional disclosures about income taxes paid. The new accounting guidance requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. We adopted this accounting guidance on December 31, 2025, and applied it prospectively in our consolidated financial statements.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in the United States. The OBBBA includes changes to certain U.S. federal income tax provisions, including the restoration of 100% bonus depreciation on certain assets and modifications to the limitation on business interest expense and the treatment of research and experimental expenditures. We evaluated the impact of the OBBBA in accordance with ASC 740, Income Taxes. The enactment did not have a material impact on our income tax expense, effective tax rate, or cash taxes for the year ended December 31, 2025, and we do not expect the OBBBA to

result in a material rate benefit in future periods. However, certain provisions of the OBBBA resulted in additional deductible interest expense and changes to the amortization of research and experimental expenditures, which increased our U.S. federal net operating loss carryforwards as of December 31, 2025. The related deferred tax effects have been reflected in our consolidated financial statements.

HSSC and its domestic subsidiaries join with EchoStar in filing U.S. consolidated federal income tax returns and, in some states, combined or consolidated returns. The income taxes of domestic and foreign subsidiaries not included in the United States tax group are presented in our consolidated financial statements on a separate return basis for each tax paying entity.

The Company’s income tax provision was prepared following the modified separate return method. The modified separate return method applies the Accounting Standards Codification 740 - Income Taxes (“ASC 740”) to the standalone financial statements of each member of the consolidated group as if the member were a separate taxpayer and a standalone enterprise, after providing benefits for losses.

As of December 31, 2025, we had foreign net operating loss carryforwards (“NOLs”) of $515 million and $164 million of related taxes which are partially offset by valuation allowances.

As of December 31, 2025 we had $84 million of NOLs for federal income tax purposes. In addition, there are $5 million of tax benefits related to credit carryforwards which are fully offset by a valuation allowance.

The components of the (benefit from) provision for income taxes were as follows:


		For the Years Ended December 31,
		2025			2024			2023

		(In thousands)
Income (loss) before income taxes:
US		$	(1,610,838)		$	(195,554)		$	(307,822)
Foreign			(71,608)			(56,709)			(124,490)
Total Income (loss) before income taxes:		$	(1,682,446)		$	(252,263)		$	(432,312)

Current provision (benefit):
Federal		$	6,155		$	22,075		$	64,692
State			(6,916)			(2,363)			12,736
Foreign			6,600			6,901			5,395
Total current (benefit) provision		$	5,839		$	26,613		$	82,823

Deferred provision (benefit):
Federal		$	(338,317)		$	(49,802)		$	(25,322)
State			(63,495)			(11,470)			(10,065)
Foreign			(2,967)			506			(1,310)
Total deferred provision (benefit)			(404,779)			(60,766)			(36,697)
Total provision (benefit)		$	(398,940)		$	(34,153)		$	46,126

As described above, we have elected to prospectively adopt the guidance in ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of 21% to our effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09:


	For the Year Ended
	December 31, 2025
	(In thousands)		% of pre-tax income/(loss)
Pretax book income (loss) at US federal statutory tax rate	$	(353,314)	21.0
State and local income taxes, net of federal income tax effect		(55,624)	3.3
Foreign rate difference/other		17,356	(1.0)
Changes in valuation allowances		614	(0.0)
Nontaxable or nondeductible items		(2,509)	0.1
Changes in unrecognized tax benefits		(609)	0.0
Other adjustments		(4,854)	0.3
Total income tax provision (benefit)	$	(398,940)	23.7

The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include Alabama, California, Colorado, Illinois, Michigan, Minnesota, New York and Wisconsin.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to our effective rate for years prior to the adoption of ASU 2023-09:


		For the Years Ended December 31,
		2024			2023

		(In thousands)
Statutory rate		$	(52,975)		$	(90,786)
State income taxes, net of federal provision (benefit)			(10,927)			(4)
Permanent differences			(716)			(728)
Impairments			—			108,734
Tax credits, including withholding tax			1,064			(4,196)
Valuation allowance			25,967			45,043
Rates different than statutory			(5,945)			(16,041)
Uncertain Tax Positions			7,413			—
Other			1,966			4,104
Total income tax provision (benefit), net		$	(34,153)		$	46,126

Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities were as follows:


		As of December 31,
		2025			2024

		(In thousands)
Deferred tax assets:
Net operating losses, credit and other carryforwards		$	208,326		$	152,355
Property and equipment, regulatory authorizations, and other intangibles			41,367			—
Lease liabilities			213,800			127,023
Other investments			34,723			32,953
Accrued expenses			55,049			48,121
Non-cash, stock-based compensation			3,599			5,779
Other assets			1,638			36,361
Total deferred tax assets			558,502			402,592
Valuation allowance			(234,152)			(193,118)
Deferred tax assets after valuation allowance		$	324,350		$	209,474

Deferred tax liabilities:
Property and equipment, regulatory authorizations, and other intangibles		$	—		$	(201,701)
ROU assets			(78,763)			(170,554)
Other liabilities			(24,998)			(21,761)
Total deferred tax liabilities			(103,761)			(394,016)
Net deferred tax asset (liability) (1)		$	220,589		$	(184,542)

(1)	In 2024, certain foreign deferred tax assets are presented as part of “Deferred tax assets” on our Consolidated Balance Sheets and our deferred tax liabilities related to all other jurisdictions are reported separately as “Deferred tax liabilities, net” on our Consolidated Balance Sheets.

Overall, our net deferred tax assets were offset by a valuation allowance of $234 million and $193 million as of December 31, 2025 and 2024, respectively. The change in the valuation allowance relates to an increase in the net operating loss carryforwards for certain foreign subsidiaries and the impact of increases in foreign exchange rates. As of December 31, 2025, we had undistributed earnings attributable to foreign subsidiaries for which no provision for U.S. income taxes or foreign withholding taxes has been made because it is expected that such earnings will be reinvested outside the U.S. indefinitely. It is not practicable to determine the amount of the unrecognized deferred tax liability at this time.

The components of total cash paid for income taxes, net of (refunds) were as follows:


	For the Year Ended
	December 31, 2025
	(In thousands)
Federal (national)	$	—

State and local:
AL		15
CA		13
DE		(23)
IN		(108)
PA		(117)
Other		1
Total state and local		(219)

Foreign:
India		1,084
Chile		316
Colombia		568
Germany		2,160
Brazil		1,552
Other		364
Total foreign		6,044
Total cash paid for income taxes, net of (refunds)	$	5,825

Accounting for Uncertainty in Income Taxes

In addition to filing federal income tax returns, we and one or more of our subsidiaries file income tax returns in all states that impose an income tax. We are subject to United States federal, state and local income tax examinations by tax authorities for the years as early as tax year 2008. We are currently under a federal income tax examination for years 2008 through 2011, 2013 through 2016 and 2021 through 2022. We also file income tax returns in the United Kingdom, Germany, Brazil, India and a number of other foreign jurisdictions. We generally are open to income tax examination in these foreign jurisdictions for taxable years beginning in 2004.

A reconciliation of the beginning and ending amount of unrecognized tax benefits included in “Other noncurrent liabilities” on our Consolidated Balance Sheets was as follows:


		For the Years Ended December 31,
Unrecognized tax benefit		2025			2024			2023

		(In thousands)
Balance, beginning of period		$	16,372		$	10,321		$	7,172
Additions based on tax positions related to the current year			1,524			6,051			—
Additions based on tax positions reclassified from HSSC to EchoStar			—			—			3,149
Balance, end of period		$	17,896		$	16,372		$	10,321

As of December 31, 2025, 2024 and 2023 we had $18 million, $16 million and $10 million of unrecognized income tax benefits, all of which, if recognized, would affect our effective tax rate.

For the years ended December 31, 2025, 2024 and 2023, our income tax provision included an insignificant amount of interest and penalties.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes and Accounting for Uncertainty in Income Taxes - Cash paid for income taxes, net of (refunds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state and local	$ (219)
Total foreign	6,044
Total cash paid for income taxes, net of (refunds)	5,825	$ 202,993	$ 4,902
AL
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state and local	15
CA
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state and local	13
DE
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state and local	(23)
IN
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state and local	(108)
PA
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state and local	(117)
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state and local	1
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	1,084
Chile
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	316
Colombia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	568
Germany
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	2,160
Brazil
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	1,552
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total foreign	$ 364

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

The accompanying consolidated financial statements include all balances and results of operations of HSSC and our consolidated subsidiaries and are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and VIEs where we have been determined to be the primary beneficiary. Minority interests are recorded as noncontrolling interests or redeemable noncontrolling interests. Non-consolidated investments are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, these equity securities are classified as either marketable investment securities or other investments, which will be initially recorded at cost, and based on observable market prices, will be adjusted to their fair value. We record fair value adjustments in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense for each reporting period. Estimates are based on historical experience, observable market inputs, and other reasonable assumptions in accounting for, among other things, allowances for credit losses, self-insurance obligations, deferred taxes and related valuation allowances, uncertain tax positions, loss contingencies, fair value of financial instruments, fair value of options granted under our parent, EchoStar’s stock-based compensation plans, fair value of assets and liabilities acquired in business combinations or as part of an asset acquisition, fair value of exit or disposal cost obligations, timing and amount of asset retirement obligations, inputs or outputs used to recognize revenue over time, including amortization periods for deferred contract acquisition costs and relative standalone selling prices of performance obligations, finance leases, asset impairments, estimates of future cash flows used to evaluate and recognize impairments, useful lives of property, equipment and intangible assets, and incremental borrowing rate (“IBR”) on lease right of use assets, nonrefundable upfront

fees, independent third-party retailer incentives and subscriber lives and likelihood of certain contingent events. Economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. Actual results may differ from previously estimated amounts, and such differences may be material to our consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all liquid investments purchased with a remaining maturity of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents as of December 31, 2025 and 2024 may consist of money market funds, government bonds, corporate notes and commercial paper. The amortized cost of these investments approximates their fair value.

Concentration of Credit Risk

Concentration of Credit Risk

Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. We routinely assess the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits our concentration of risk with respect to receivables from contracts with customers. As of December 31, 2025, our concentration of credit risk is approximately evenly spread across our portfolio of customers.

Marketable Investment Securities

Marketable Investment Securities

All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

All debt securities are classified as available-for-sale and are recorded at fair value. We report the temporary unrealized gains and losses related to changes in market conditions of marketable debt securities as a separate component of “Accumulated other comprehensive income (loss)” within “Stockholder’s Equity (Deficit),” net of related deferred income tax on our Consolidated Balance Sheets. The changes in the fair value of marketable debt securities, which are determined to be company specific credit losses are recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

We evaluate our debt investment portfolio to determine whether declines in the fair value of these securities are related to credit loss. Management estimates credit losses on marketable debt securities utilizing a credit loss impairment model on a quarterly basis. We estimate the expected credit losses, measured over the contractual life of marketable debt securities considering relevant issuer specific factors, including, but not limited to, a decrease in credit ratings or an entity’s ability to pay.

Receivables and Related Allowance for Credit Losses

Receivables and Related Allowance for Credit Losses

General Accounts Receivable

Trade accounts receivable represent our unconditional rights to consideration arising from our performance under our customer contracts and are recorded at cost less an allowance for expected credit losses that are not expected to be recovered. We maintain allowances for credit losses resulting from the expected failure or inability of our customers to make required payments. We recognize the allowance for expected credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. Management estimates credit losses on financial assets, including our trade accounts receivable, utilizing a

current expected credit loss impairment model. We estimate the expected credit losses, measured over the contractual life of an asset considering relevant historical loss information, credit quality of the customer base, current economic conditions and forecasts of future economic conditions. With respect to our current accounts receivable, we have elected to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.

In determining the allowance for credit losses, management groups similar types of financial assets with consistent risk characteristics. Pools identified by management include, but are not limited to residential customers, commercial customers and enterprise customers. The risk characteristics of the financial asset portfolios are monitored by management and reviewed periodically. Our estimates of the allowance for credit losses may not be indicative of our actual credit losses requiring additional charges to be incurred to reflect the actual amount collected. Past due trade accounts receivable balances are written off against our allowance for credit losses when our internal collection efforts have been unsuccessful.

Inventory

Inventory

Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The cost of manufactured inventory includes the cost of materials, labor, freight-in, royalties and manufacturing overhead. Net realizable value is calculated as the estimated selling price less reasonable costs necessary to complete, sell, transport and dispose of the inventory. We record write downs for inventory for obsolete and slow moving items based on trends and experience. We enter into arrangements with distributors where physical delivery of a product to a distributor has occurred, but we maintain control of the product until such time it is sold to an end consumer. For these arrangements, we account for the products as consigned inventory.

Property and Equipment

Property and Equipment

Property and equipment, including capitalized expenditures related to our satellites, are stated at cost less depreciation and impairment losses, if any. Capitalized expenditures include the cost of long-lived assets, plus the cost to construct the asset such as labor and overhead directly benefiting the asset. Interest is capitalized when pre-construction activity commences and ends once the asset is ready for its intended purpose. Our equipment leased to customers is generally capitalized when they are installed in customers’ homes. We have certain assets acquired under finance leases. The recorded costs of those assets are the present values of all lease payments. We amortize our finance lease right of use (“ROU”) assets over their respective lease terms.

If a satellite were to fail while in-orbit, the resultant loss would be charged to expense in the period such loss was incurred. The amount of any such loss would be reduced to the extent of insurance proceeds estimated to be received, if any. Depreciation is recorded on a straight-line basis over useful lives ranging from one to 30 years. Repair and maintenance costs are charged to expense when incurred. Renewals and improvements that add value or extend the asset’s useful life are capitalized.

Internal Use Software

We capitalize certain costs related to developing or acquiring internal use software. Capitalization of software costs begins once the preliminary project stage is completed and we commit to funding the software project. Capitalizing ceases when the software project is ready for its intended use. Capitalized software costs are recorded in “Property and equipment, net” on our Consolidated Balance Sheets and are amortized over the estimated useful life of the software. Costs incurred during the preliminary project stage plus costs associated with training and maintenance are expensed as incurred.

Asset Retirement Obligation

We record an asset retirement obligation for the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets and a corresponding increase in the carrying amount of the related asset in the period in which the obligation is incurred. In periods subsequent to initial measurement, we recognize changes in the liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate. Over time, the liability is accreted to its present value and the capitalized cost is depreciated over the estimated useful life of the asset.

Other Investments

Equity Method Investments

We use the equity method to account for investments when we have the ability to exercise significant influence on the operating decisions of the affiliate. Such investments are initially recorded at cost and subsequently adjusted for our proportionate share of the net earnings or loss of the investee, which is reported in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The carrying amount of such investments includes a component of goodwill when the cost of our investment exceeds the fair value of the underlying identifiable assets and liabilities of the affiliate. Dividends received from these affiliates reduces the carrying amount of our investment.

Cost Method Investments

We generally measure investments in non-publicly traded equity instruments without a readily determinable fair value at cost adjusted for observable price changes in orderly transactions for the identical or similar securities of the same issuer and changes resulting from impairments, if any. Other equity instruments are measured to determine their value based on observable market information. When we adjust the carrying amount of an investment to its estimated fair value, the gain or loss is recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Other Debt Investments

We generally record our investments in non-publicly traded debt instruments without a readily determinable fair value at amortized cost. We recognize any discounts over the term of the loan in “Interest income” on the Consolidated Statements of Operations and Comprehensive Income (Loss). In addition, from time to time, some of our debt instruments have interest income that is paid-in-kind, which is added to the principal balance to determine the then current interest income. When we adjust the carrying amount of an investment, the gain or loss is recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Impairment Considerations

We periodically evaluate all of our investments to determine whether events or changes in circumstances have occurred that may have a significant adverse effect on the fair value of the investment. We consider information if provided to us by our investees such as current financial statements, business plans, investment documentation, capitalization tables, liquidation waterfalls, litigation updates and board materials; and we may make additional inquiries of investee management.

Indicators of impairment may include, but are not limited to, unprofitable operations, material loss contingencies, changes in business strategy, changes in market trends or market conditions, changes in the investees’

enterprise value, regulatory matters and changes in the investees’ investment pricing. When we determine that one of our other investments is impaired, we reduce its carrying value to its estimated fair value and recognize the impairment loss in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Derivative and/or Financial Liability Instruments

We may purchase and hold derivative and/or financial liability instruments for, among other reasons, strategic or speculative purposes. We record all derivative and/or financial liability instruments on our Consolidated Balance Sheets at fair value as either assets or liabilities. Changes in the fair values of derivative and/or financial liability instruments are recognized in our results of operations and included in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations and Comprehensive Income (Loss). We have not designated any derivative financial instrument for hedge accounting.

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For assets which are held and used in operations, the asset may not be recoverable if the carrying amount of the asset (or asset group) exceeds its undiscounted future net cash flows. When an asset fails the recoverability test, the actual impairment recognized is the difference between the carrying amount and the fair value as estimated using one of the following approaches: income, cost and/or market. In the event of an impairment, a loss is recorded in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss) based on the amount by which the carrying amount exceeds the fair value of the long-lived asset or asset group. Assets which are to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Fair value, using the income approach, is determined primarily using a discounted cash flow model that uses the estimated cash flows associated with the asset or asset group under review, discounted at a rate commensurate with the risk involved for a market participant. Fair value, utilizing the cost approach, is determined based on the replacement cost of the asset reduced for, among other things, depreciation and obsolescence. Fair value, utilizing the market approach, is determined by estimating the amount that a market participant would receive when selling the asset.

Satellite Fleet

We currently evaluate our satellite fleet in conjunction with the Hughes Asset Group comprised of the ROU lease assets and certain other long-lived and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. During the fourth quarter of 2025, a triggering event occurred and resulted in an impairment assessment, see Note 1 for further information. We will continue to monitor our satellite fleet for indicators of impairment. We do not believe any triggering event occurred which would have indicated impairment as of December 31, 2024 and 2023.

Finite-Lived Regulatory Authorizations

We have regulatory authorizations that are not related to the FCC and have determined that they have finite lives due to uncertainties about the ability to extend or renew their terms. Finite lived regulatory authorizations are amortized over their estimated useful lives on a straight-line basis. Renewal costs are usually capitalized when they are incurred. During the third quarter of 2025, a triggering event occurred and resulted in an impairment assessment, see Note 1 for further information. We do not believe any triggering event occurred which would have indicated impairment as of December 31, 2024 and 2023.

Finite-Lived Intangible Assets

Intangible assets include customer relationships, trademarks, and certain below market contracts. These assets are amortized over their respective useful lives. During the fourth quarter of 2025, a triggering event occurred and resulted in an impairment assessment, see Note 1 for further information. We do not believe any triggering event occurred which would have indicated impairment as of December 31, 2024 and 2023.

Indefinite-Lived Intangible Assets and Goodwill

We do not amortize indefinite-lived intangible assets, primarily consisting of FCC licenses, and goodwill but test these assets for impairment annually during the fourth quarter or more often if indicators of impairment arise. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test.

When a quantitative assessment is utilized, we can make our assessment by employing either the market approach or the income approach to determine whether the fair value of these licenses exceeds the carrying amount. The market approach assesses the value of our spectrum using benchmarks, based on market transactions, which may include spectrum auctions and secondary market transactions, such as acquisitions of spectrum or of businesses for which spectrum values can reliably be inferred. The income approach is appropriate when an indefinite-lived intangible assets value is primarily driven by its ability to generate future economic benefits assessed based on future cash flows.

Our intangible assets with indefinite lives primarily consist of FCC licenses and certain other contractual or regulatory rights to use spectrum at specified orbital locations. Generally, we have determined that our FCC licenses have indefinite useful lives due to, among other things, the following:

●

FCC licenses are a non-depleting asset;

●

existing FCC licenses are integral to our business segments and will contribute to cash flows indefinitely;

●

replacement satellite applications are generally authorized by the FCC subject to certain conditions, without substantial cost under a stable regulatory, legislative and legal environment;

●

maintenance expenditures to obtain future cash flows are not significant;

●

FCC licenses are not technologically dependent; and

●

we intend to use these assets indefinitely.

Hughes Segment Licenses

We combine all of our indefinite-lived Hughes segment licenses that we currently utilize or plan to utilize in the future into the appropriate unit of accounting. During the third quarter of 2025, a triggering event occurred and resulted in an impairment assessment. During the fourth quarter of 2025, we performed our annual impairment assessment. During the fourth quarter, we performed our annual impairment assessment of our indefinite-lived Hughes licenses. Through this assessment, we concluded that the fair value was less than the carrying amount. As a result, we fully impaired the Hughes Licenses, resulting in a non-cash impairment charge of $400 million during the year ended December 31, 2025 recorded in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

For 2024 and 2023, management performed a qualitative assessment to determine whether it was more likely than not that the fair value of the Hughes segment licenses exceeds the carrying amount. In our assessment, we considered several factors, including, among others, overall financial performance, industry and market

considerations and relevant company specific events. In contemplating all factors in their totality, we concluded that it is more likely than not that the fair value of the Hughes segment licenses exceeds the carrying amount. As such, no further analysis was required.

Goodwill

When applicable, we perform our annual impairment assessment for goodwill and other indefinite-lived intangible assets each year during the fourth quarter or more frequently if events or changes in circumstances indicate an impairment may be possible. As of December 31, 2023, all goodwill was impaired.

For the year ended December 31, 2023, our assessment indicated the goodwill attributed to certain acquisitions was no longer supported based on the sustained decrease in our parent, EchoStar’s market capitalization. As such, we recorded a total noncash impairment charge equal to all of our goodwill of approximately $533 million in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Exit and disposal costs

Exit and Disposal Costs

Our exit and disposal costs include, among other things, one-time employee termination benefits, costs to terminate contracts that are not a lease and other exit and disposal costs. The liability for exit and disposal costs is initially measured at fair value and we recognize the costs associated with an exit or disposal activity in the period in which the liability is incurred. The liability for our exit and disposal costs is included in “Accrued expenses” and “Other noncurrent liabilities” on our Consolidated Balance Sheets. Fair value is determined under the income approach primarily using the expected present value technique that utilizes the estimated future cash flows associated with the obligation, discounted at our credit-adjusted risk-free rate plus a risk premium. Any gains and losses resulting from the difference between the recorded liability and final settlement amounts will be recognized in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

The initial fair value of our exit and disposal obligations is categorized within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs. Subsequent to the initial measurement, our exit and disposal cost liability is periodically adjusted for revisions in the estimated timing and amount of future cash flows. As of December 31, 2025, the liability for our exit and disposal costs was $2 million.

Capitalized Interest

We capitalize interest associated with the acquisition or construction of certain assets, including, among other things, build-out costs associated with our satellites. Capitalization of interest begins when, among other things, steps are taken to prepare the asset for its intended use and ceases when the asset is ready for its intended use or when substantially all activities related to the project are suspended.

Business Combinations

When we acquire a business that is not subject to rules pertaining to common control, we allocate the purchase price to the various components of the acquisition based upon the fair value of each component using various valuation techniques, including the market approach, income approach and/or cost approach. The accounting standard for business combinations requires identifiable assets, liabilities, noncontrolling interests and goodwill acquired to be recorded at acquisition date fair values. Transaction costs related to the acquisition of the business are expensed as incurred. Costs associated with the issuance of debt associated with a business combination are capitalized and included as a yield adjustment to the underlying debt’s stated rate.

Acquired intangible assets other than goodwill are amortized over their estimated useful lives unless the lives are determined to be indefinite. Amortization of these intangible assets in general are recognized on a straight-line basis over an average finite useful life primarily ranging from approximately 5 to 20 years or in relation to the estimated discounted cash flows over the life of the intangible asset.

Sales Taxes

We account for sales taxes imposed on our goods and services on a net basis on our Consolidated Statements of Operations and Comprehensive Income (Loss). Since we primarily act as an agent for the governmental authorities, the amount charged to the customer is collected and remitted directly to the appropriate jurisdictional entity.

Income Taxes

We establish a provision for income taxes currently payable or receivable and for income tax amounts deferred to future periods. Deferred tax assets and liabilities are recorded for the estimated future tax effects of differences that exist between the book and tax basis of assets and liabilities. Deferred tax assets are offset by valuation allowances when we believe it is more likely than not that such net deferred tax assets will not be realized.

From time to time, we engage in transactions where the tax consequences may be subject to uncertainty. We record a liability when, in management’s judgment, a tax filing position does not meet the more likely than not threshold. For tax positions that meet the more likely than not threshold, we may record a liability depending on management’s assessment of how the tax position will ultimately be settled. We adjust our estimates periodically for ongoing examinations by and settlements with various taxing authorities, as well as changes in tax laws, regulations and precedent. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of “Interest expense, net of amounts capitalized” and “Other, net,” respectively, on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Fair Value Measurements

Fair Value Measurements

We determine fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. We apply the following hierarchy in determining fair value:

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; and quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

●

Level 3, defined as unobservable inputs for which little or no market data exists, consistent with reasonably available assumptions made by other participants therefore requiring assumptions based on the best information available.

As of December 31, 2025 and 2024, the carrying amount for cash and cash equivalents, trade accounts receivable (net of allowance for credit losses) and current liabilities (excluding the “Current portion of debt and other notes payable”) was equal to or approximated fair value due to their short-term nature or proximity to current market rates.

Fair values of our marketable investment securities are measured on a recurring basis based on a variety of observable market inputs. For our investments in publicly traded equity securities and U.S. government securities, fair value ordinarily is determined based on Level 1 measurements that reflect quoted prices for identical securities in active markets. Fair values of our investments in other marketable debt securities are generally based on Level 2 measurements as the markets for such debt securities are less active. We consider trades of identical debt securities on or near the measurement date as a strong indication of fair value and matrix pricing techniques that consider par value, coupon rate, credit quality, maturity and other relevant features may also be used to determine fair value of our investments in marketable debt securities. Additionally, we use fair value measurements from time to time in connection with other investments, asset impairment testing, exit or disposal cost obligations and the assignment of purchase consideration to assets in a non-cash exchange of assets and for assets and liabilities of acquired companies. Those fair value measurements typically include significant unobservable inputs and are categorized within Level 3 of the fair value hierarchy. Transfers between levels in the fair value hierarchy are considered to occur at the beginning of the quarterly accounting period. See Note 5 for the fair value of our marketable investment securities.

Fair values for our publicly traded debt securities are based on quoted market prices, when available. The fair values of non-publicly traded debt are based on, among other things, available trade information, valuations performed by a third-party, and/or an analysis in which we evaluate market conditions, related securities, various public and private offerings, and other publicly available information. In performing this analysis, we make various assumptions regarding, among other things, credit spreads, and the impact of these factors on the value of the debt securities. The non-publicly traded debt is categorized within Level 3 of the fair value hierarchy. See Note 9 for the fair value of our debt.

Deferred Debt Issuance Costs and Debt Discounts

Deferred Debt Issuance Costs and Debt Discounts

Costs of issuing debt, including premiums and discounts relative to par value, are generally deferred and amortized to “Interest expense, net of amounts capitalized” on our Consolidated Statements of Operations and Comprehensive Income (Loss) using the effective interest rate method over the terms of the respective notes. We report unamortized debt issuance costs as a reduction of the related long-term debt on our Consolidated Balance Sheets. See Note 9 for further information.

Revenue Recognition

Revenue Recognition

Hughes Segment

Our Hughes segment service contracts typically obligate us to provide substantially the same services on a recurring basis in exchange for fixed recurring fees over the term of the contract. We satisfy such performance obligations over time and recognize revenue ratably as services are rendered over the service period. Certain of our contracts with service obligations provide for fees based on usage, capacity or volume. We satisfy these performance obligations and recognize the related revenue at the point in time, or over the period, when the services are rendered. Our Hughes segment also sells and leases communications equipment to its customers. Revenue from equipment sales generally is recognized based upon shipment terms. Our equipment sales contracts typically include standard product warranties, but generally do not provide for returns or refunds. Revenue for extended warranties is recognized ratably over the extended warranty period. For contracts with multiple performance obligations, we typically allocate the contract’s transaction price to each performance obligation based on their relative standalone selling prices. When the standalone selling price is not observable, our primary method used to estimate standalone selling price is the expected cost plus a margin. Our contracts generally require customer payments to be made at or shortly after the time we transfer control of goods or perform the services.

In addition to equipment and service offerings, our Hughes segment also enters into long-term contracts to design, develop, construct and install complex telecommunication networks for mobile system operators and enterprise customers. Revenue from such contracts is generally recognized over time as a measure of progress that depicts the transfer of control of the goods or services to the customer. Depending on the nature of the arrangement, we measure progress toward contract completion using an appropriate input method or output method. Under the input method, we recognize the transaction price as revenue based on the ratio of costs incurred to estimated total costs at completion. Under the output method, revenue and cost of sales are recognized as products are delivered based on the expected profit for the entire agreement. Profit margins on long-term contracts generally are based on estimates of revenue and costs at completion. We review and revise our estimates periodically and recognize related adjustments in the period in which the revisions are made. Estimated losses on contracts are recorded in the period in which they are identified. We generally receive interim payments as work progresses, although for some contracts, we may be entitled to receive an advance payment.

We derive a portion of our revenues from contracts with customers for connectivity services. These contracts typically require advance or recurring monthly payments by the customer. Our obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is generally based upon usage.

Generally, our satellite service contracts with customers contain a single performance obligation and, therefore, there is no need to allocate the transaction price. We transfer control and recognize revenue for satellite services at the point in time or over the period when the services are rendered.

Governmental Funding

We participate or have participated in various United States federal and state programs, including, but not limited to, the Affordable Connectivity Program (“ACP”) under which eligible low-income households may receive a discount off the cost of broadband service and certain connected devices, and participating providers can receive a reimbursement for such discounts. The ACP program funding concluded on June 1, 2024. Governmental funding revenue is included in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Corresponding receivables are recorded when services have been provided to the customers and costs incurred, but cash has not been received. These amounts are included in “Trade accounts receivable and contract assets, net” on our Consolidated Balance Sheets.

Contract Balances

The timing of revenue recognition generally differs from the timing of invoicing to customers. A contract asset is recorded when revenue is recognized in advance of our right to receive consideration (i.e., we must perform additional services in order to receive consideration). Amounts are recorded as trade accounts receivable when our right to consideration is unconditional. When consideration is received, or we have an unconditional right to consideration in advance of delivery of goods or services, a contract liability is recorded. The transaction price can include nonrefundable upfront fees, which are allocated to the identifiable performance obligations. Our satellite services subscribers are typically billed monthly, and the contract balances for those customers arise from the timing of the monthly billing cycle. Contract assets are included in “Trade accounts receivable and contract assets, net” and contract liabilities are included in “Contract liabilities” and “Other noncurrent liabilities” on our Consolidated Balance Sheets. Contract balances are amortized over the contract term. See Note 14 for further information, including balance and activity detail about our allowance for credit losses and deferred revenue related to contracts with subscribers.

Assets Recognized Related to the Costs to Obtain a Contract with a Customer

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs, including those with our independent third-party retailers, meet the requirements to be capitalized, and payments made under these programs are capitalized and amortized to expense over the estimated customer life or the contract term. These amounts are capitalized in “Prepaids and other assets” and “Other noncurrent assets, net” on our Consolidated Balance Sheets, and then amortized in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Leases

Lessee Accounting

We enter into non-cancelable operating and finance leases for, among other things, satellites, satellite-related ground infrastructure, data centers, office space, warehouses and distribution centers, vehicles and other equipment. Substantially all of our leases have remaining lease terms from one to 12 years, with a weighted average of 5.6 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements, the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

We determine if an arrangement is a lease and classify that lease as either an operating or finance lease at inception. Operating leases are included in “Operating lease assets,” “Operating lease liabilities,” and “Operating lease liabilities, noncurrent” on our Consolidated Balance Sheets. Finance leases are included in “Property and equipment, net,” “Current portion of debt and other notes payable” and “Long-term debt and other notes payable, net of current portion” on our Consolidated Balance Sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 8 for further information on our lease expenses.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes the impact of prepaid or deferred lease payments. When our leases do not provide an implicit rate, we use our IBR based on the information available at commencement date in determining the present value of lease payments. Our IBR is based on an estimated secured rate for the same term as the underlying lease plus a credit spread as secured by our assets. For leases denominated in a currency different than U.S. dollar, IBR is estimated using the collateralized borrowing rate in the foreign currency using the U.S. dollar and foreign currency swap spread, when available. The length of our lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components, which are generally accounted for separately.

Lessor Accounting

We lease satellite capacity, communications equipment and real estate to certain of our customers. We identify and determine the classification of such leases as operating leases or sales-type leases. A lease is classified as a sales-type lease if it meets the criteria for a finance lease; otherwise it is classified as an operating lease. Some of our leases are embedded in contracts with customers that include non-lease performance obligations. For such contracts, except where we have elected otherwise, we allocate consideration in the contract between lease and non-lease components based on their relative standalone selling prices. We elected an accounting policy to not separate the lease of equipment from related services in our HughesNet satellite internet service (the “HughesNet service”) contracts with customers and account for all revenue from such contracts as non-lease service revenue. Assets subject to operating leases remain in “Property and equipment, net” and continue to be depreciated. Assets subject to sales-type leases are derecognized from “Property and equipment, net” at lease commencement and a net investment in the lease asset is recognized in “Trade accounts receivable and contract assets, net” and “Other noncurrent assets, net” on our Consolidated Balance Sheets.

Operating lease revenue is generally recognized on a straight-line basis over the lease term. Sales-type lease revenue and a corresponding receivable generally are recognized at lease commencement based on the present value of the future lease payments and related interest income on the receivable is recognized over the lease term. Payments under sales-type leases are discounted using the interest rate implicit in the lease. We report revenue and periodic interest income from sales-type leases at the commencement date in “Equipment sales and other revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). We report operating lease revenue in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Cost of Services

Cost of Services

“Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally consists of costs of satellite capacity and services, hub infrastructure, customer care, wireline and wireless capacity and direct labor costs associated with the services provided and is generally charged to expense as incurred.

Cost of Sales – Equipment and Other

“Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally consists of inventory costs, including freight and royalties, and is generally recognized at the point in time control of the equipment is passed to the customer and related revenue is recognized.

Advertising Costs

Advertising Costs

We recognize advertising expense when incurred as a component of “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Advertising expenses totaled $31 million, $43 million and $56 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Research and Development

Research and Development

Research and development costs, not incurred in connection with customer requirements, are expensed as incurred and are included as a component of “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Additionally, customer-related research and development costs are incurred in connection with the specific requirements of a customer’s order; in such instances, the amounts for these customer funded development efforts are included in “Cost of

sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development costs totaled $42 million, $60 million and $67 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Foreign Currency

Foreign Currency

The functional currency for certain of our foreign operations is determined to be the local currency. Accordingly, we translate assets and liabilities of these foreign entities from their local currencies to U.S. dollars using period-end exchange rates and translate income and expense accounts at monthly average rates. The resulting translation adjustments are reported in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss). Except in certain uncommon circumstances, we have not recorded deferred income taxes related to our foreign currency translation adjustments.

Gains and losses resulting from the re-measurement of transactions denominated in foreign currencies are recognized in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The amounts reclassified to net income (loss) related to unrealized gain (loss) on available-for-sale securities are included in Gains (losses) on investments, net in the Consolidated Statements of Operations and Comprehensive Income (Loss).

New Accounting Pronouncements

New Accounting Pronouncements

Not Yet Adopted

Disaggregation of Income Statement Expenses. In November, 2024 the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which will enhance financial statement reporting by providing additional information about specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization. This standard will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2024-03 will have on our consolidated financial statements, related disclosures and control environment.

Intangibles – Goodwill and Other – Internal-Use Software. In September, 2025 the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which removes the references to the sequential software development stages from the guidance in Subtopic 350-40. Upon the adoption of ASU 2025-06, an entity is required to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. This standard is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2025-06 will have on our consolidated financial statements, related disclosures and control environment.

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue Recognition

Schedule of allowance for credit losses


		For the Years Ended December 31,
		2025		2024		2023

		(In thousands)
Balance, beginning of period		$	11,314	$	20,399	$	15,358
Current period provision for expected credit losses			21,073		25,653		34,085
Write-offs charged against allowance			(14,877)		(34,193)		(29,371)
Foreign currency translation			49		(545)		327
Balance, end of period		$	17,559	$	11,314	$	20,399

Schedule of components of contract balances


	As of December 31,
	2025		2024

	(In thousands)
Contract assets	$	138,541	$	108,007

Contract liabilities
Current	$	76,580	$	81,558
Noncurrent		350		1,068
Total contract liabilities	$	76,930	$	82,626

Schedule of activity in contract acquisition costs


	For the Years Ended December 31,
	2025			2024		2023

	(In thousands)
Balance, beginning of period	$	57,337		$	49,343	$	64,447
Additions		31,730			47,883		44,459
Amortization expense		(40,082)			(38,290)		(60,512)
Foreign currency translation		826			(1,599)		949
Balance, end of period	$	49,811		$	57,337	$	49,343

Schedule of disaggregation of revenue


	For the Years Ended December 31,
	2025			2024		2023

	(In thousands)
Service revenue:
Services	$	1,069,486		$	1,196,394	$	1,401,438
Lease revenue		15,733			14,446		47,051
Total service revenue		1,085,219			1,210,840		1,448,489
Equipment sales and other revenue:
Equipment sales		182,564			205,178		140,429
Design, development and construction services		161,419			133,520		145,507
Lease revenue		6,703			10,835		13,431
Total equipment and other revenue		350,686			349,533		299,367
Total revenue	$	1,435,905		$	1,560,373		1,747,856

Leases - Future Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases
2026	$ 10,392
2027	6,567
2028	4,205
2029	3,215
2030	1,991
Thereafter	292
Total lease payments to be received	$ 26,662

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Other Comprehensive Income (Loss)

Schedule of other comprehensive income (loss)


	For the Years Ended December 31,
	2025								''	2024								2023
	Before			Tax			Net			Before			Tax			Net		Before			Tax			Net
	Tax			(Expense)			of Tax			Tax			(Expense)			of Tax		Tax			(Expense)			of Tax
	Amount			Benefit			Amount			Amount			Benefit			Amount		Amount			Benefit			Amount

	(In thousands)
Foreign currency translation adjustments	$	22,104		$	—		$	22,104		$	(38,294)		$	—		$	(38,294)	$	17,546		$	—		$	17,546
Unrealized holding gains (losses) on available-for-sale securities		(14)			—			(14)			143			39			182		(220)			22			(198)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		14			—			14			(207)			—			(207)		247			—			247
Other		—			—			—			—			—			—		98			—			98
Other comprehensive income (loss)	$	22,104		$	—		$	22,104		$	(38,358)		$	39		$	(38,319)	$	17,671		$	22		$	17,693

Schedule of accumulated other comprehensive income (loss)


	Foreign		Unrealized/
	Currency		Recognized
	Translation		Gains
Accumulated Other Comprehensive Income (Loss)	Adjustment		(Losses)		Other		Total

	(In thousands)
Balance, December 31, 2023	$	(152,568)	$	77	$	—	$	(152,491)
Foreign currency translation adjustments		(38,294)		—		—		(38,294)
Other comprehensive income (loss) before reclassification		—		182		—		182
Amounts reclassified to net income (loss)		—		(207)		—		(207)
Balance, December 31, 2024	$	(190,862)	$	52	$	—	$	(190,810)
Foreign currency translation adjustments		22,104		—		—		22,104
Other comprehensive income (loss) before reclassification		—		(14)		—		(14)
Amounts reclassified to net income (loss)		—		14		—		14
Balance, December 31, 2025	$	(168,758)	$	52	$	—	$	(168,706)

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

12 Months Ended

Dec. 31, 2025

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

5.Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

Our marketable investment securities, restricted cash and cash equivalents, and other investments consisted of the following:


	As of December 31,
	2025		2024

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Corporate bonds	$	—	$	—
Commercial paper		—		—
Other debt securities		—		—
Total current marketable investment securities		—		—

Restricted cash and cash equivalents (1)		2,755		1,615

Other investments
Equity method investments		10,866		12,238
Other investments		11,278		11,278
Total other investments		22,144		23,516

Total marketable investment securities, restricted cash and cash equivalents, and other investments	$	24,899	$	25,131

(1)	Restricted cash and cash equivalents are included in “Other noncurrent assets, net” on our Consolidated Balance Sheets.

Equity Method Investments

Deluxe/EchoStar LLC

We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada.

Broadband Connectivity Solutions (Restricted) Limited

We own 20% of Broadband Connectivity Solutions (Restricted) Limited (together with its subsidiaries, “BCS”), a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. The Al Yah 3 Ka-band satellite is no longer in service.

Fair Value Measurements

The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:


	As of December 31,
	2025									2024
	Level 1		__	Level 2		__	Total		__	Level 1		__	Level 2		__	Total

	(In thousands)
Cash and cash equivalents (including restricted):
Cash	$	105,037		$	—		$	105,037		$	115,409		$	—		$	115,409
Cash equivalents		4,097			12,386			16,483			1,819			88,585			90,404
Total	$	109,134		$	12,386		$	121,520		$	117,228		$	88,585		$	205,813

As of December 31, 2025 and December 31, 2024, we did not have any investments that were categorized within, or transferred into or out of, Level 3 of the fair value hierarchy.

Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other

“Other, net” within “Other Income (Expense)” included on our Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:


	For the Years Ended December 31,
Other, net:	2025		2024		2023

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	14	$	204	$	245
Equity in earnings (losses) of affiliates		628		(5,121)		(4,264)
Foreign currency transaction gains (losses)		6,489		(3,901)		5,711
Other-than temporary impairment losses on equity method investments		—		—		(33,400)
Other		(225)		(206)		(1,090)
Total	$	6,906	$	(9,024)	$	(32,798)

Property and Equipment and Intangible Assets - Schedule of Depreciation and amortization expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Depreciation and amortization expense:
Intangible assets and other amortization expense	$ 38,343	$ 36,974	$ 33,455
Total depreciation and amortization	333,003	365,902	389,632
Equipment leased to customers
Depreciation and amortization expense:
Depreciation and amortization expense	110,391	114,143	168,656
Satellites
Depreciation and amortization expense:
Depreciation and amortization expense	93,571	105,139	105,717
Buildings, furniture, fixtures, equipment and other
Depreciation and amortization expense:
Depreciation and amortization expense	63,288	83,683	53,445
Software and computer equipment
Depreciation and amortization expense:
Depreciation and amortization expense	$ 27,410	$ 25,963	$ 28,359

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Income Taxes and Accounting for Uncertainty in Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Tax benefits related to credit carryforwards, not subject to expiration	$ 5,000
Federal statutory rate	21.00%			21.00%
Valuation allowance	$ 234,152	$ 193,118		$ 193,118
Continuing operations before income taxes	(71,608)	(56,709)	$ (124,490)
Undistributed earnings of foreign subsidiaries	$ 0
Income tax examination, description	In addition to filing federal income tax returns, we and one or more of our subsidiaries file income tax returns in all states that impose an income tax. We are subject to United States federal, state and local income tax examinations by tax authorities for the years as early as tax year 2008. We are currently under a federal income tax examination for years 2008 through 2011, 2013 through 2016 and 2021 through 2022. We also file income tax returns in the United Kingdom, Germany, Brazil, India and a number of other foreign jurisdictions. We generally are open to income tax examination in these foreign jurisdictions for taxable years beginning in 2004.
Income tax examination, year under examination	2008 2009 2010 2011 2013 2014 2015 2016 2021 2022
Unrecognized tax benefits if recognized, could affect our effective tax rate	$ 18,000	$ 16,000	$ 10,000	$ 16,000
US
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	84,000
Foreign
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	515,000
Valuation allowance	$ 164,000

Supplemental Data - Statements of Cash Flows

12 Months Ended

Dec. 31, 2025

Supplemental Data - Statements of Cash Flows

Supplemental Data - Statements of Cash Flows

3.	Supplemental Data - Statements of Cash Flows

The following table presents certain supplemental cash flow and other non-cash data. See Note 8 for supplemental cash flow and non-cash data related to leases.


		For the Years Ended December 31,
		2025			2024		2023

		(In thousands)
Cash paid for interest (including capitalized interest)		$	96,231		$	97,306	$	98,642
Cash paid for income taxes, net of (refunds) (1)			5,825			202,993		4,902
Total capitalized interest			—			—		10,115
Accrued capital expenditures			3,532			4,992		15,439

(1)	Amount paid for income taxes generally were remitted to our parent, EchoStar. See Note 15, for additional details on this related party transaction.

Capitalized Software Costs

The following tables present the activity related to our capitalized software cost which is included in “Other noncurrent assets, net” on our Consolidated Balance Sheets:


		As of December 31,
		2025			2024

		(In thousands)
Net carrying amount of externally marketed software		$	94,548		$	109,103
Externally marketed software under development and not yet placed into service		$	17,583		$	19,275


		For the Years Ended December 31,
		2025			2024			2023

		(In thousands)
Capitalized costs related to development of externally marketed software		$	20,998		$	24,945		$	30,164
Amortization expense relating to externally marketed software		$	35,576		$	32,792		$	29,370
Weighted-average useful life (in years)			3.0

Commitments and Contingencies - Narrative (Details) $ in Millions, ₨ in Billions		1 Months Ended
	Sep. 01, 2020	Oct. 31, 2025 USD ($)	Oct. 31, 2025 INR (₨)	Dec. 31, 2025 USD ($)
New Space India Limited
COMMITMENTS AND CONTINGENCIES
Amount of damage		$ 117	₨ 10.6
License Fee Dispute
COMMITMENTS AND CONTINGENCIES
Payment schedule term	10 years
Gross amounts				$ 91
Accrual at carrying value				$ 46

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities:
Net income (loss)	$ (1,283,506)	$ (218,110)	$ (478,438)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	333,003	365,902	389,632
Impairments and other (Note 1)	1,422,982		532,940
Realized and unrealized losses (gains) and impairments on investments and other	(14)	(204)	33,155
Non-cash, stock-based compensation	16,606	3,694	4,207
Deferred tax expense (benefit)	(404,779)	(60,766)	(36,697)
Equity in (earnings) losses of affiliates	(628)	5,121	4,264
Changes in allowance for credit losses	6,245	(9,086)	5,041
Foreign currency transaction losses (gains), net	(6,489)	3,901	(5,711)
Amortization of debt issuance costs	936	882	832
Noncurrent assets and noncurrent liabilities, net	(19,767)	25,660	99,030
Other, net	(28)	(939)	(21,354)
Changes in operating assets and operating liabilities, net:
Trade accounts receivable and contract assets, net	(40,021)	(39,677)	(7,464)
Other current assets	(54,660)	(59,455)	(28,638)
Trade accounts payable	(8,355)	10,183	(4,505)
Contract liabilities	(4,978)	(34,629)	(5,552)
Accrued expenses and other liabilities	100,244	(240,892)	(28,190)
Net cash flows from operating activities	56,791	(248,415)	452,552
Cash Flows From Investing Activities:
Purchases of marketable investment securities	(30,261)		(964,388)
Sales and maturities of marketable investment securities	30,305	414,323	1,373,313
Purchases of property and equipment (Note 7)	(114,431)	(205,330)	(190,129)
Expenditures for externally marketed software	(20,775)	(24,945)	(30,164)
Deconsolidation of Hughes Systique Corporation (Note 15)			(17,296)
Return of equity investment		20,000
Dividend received from unconsolidated affiliate	2,000	5,500
Other, net	(2,209)
Net cash flows from investing activities	(135,371)	209,548	171,336
Cash Flows From Financing Activities:
Payment of in-orbit incentive obligations	(6,143)	(1,480)	(3,889)
Dividends to EchoStar Corporation		(1,029,000)
Other, net	(2,096)	3,127	278
Net cash flows from financing activities	(8,239)	(1,027,353)	(3,611)
Effect of exchange rates on cash and cash equivalents	2,526	(5,708)	2,991
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	(84,293)	(1,071,928)	623,268
Cash and cash equivalents, including restricted amounts, beginning of period (Note 5)	205,813	1,277,741	654,473
Cash and cash equivalents, including restricted amounts, end of period (Note 5)	$ 121,520	$ 205,813	$ 1,277,741

Organization and Business Activities - Amended and Restated License Purchase Agreement (Details) - SpaceX License Purchase Agreement - USD ($) $ / shares in Units, $ in Billions		12 Months Ended
	Nov. 05, 2025	Dec. 31, 2025
Organization and Business Activities
Purchase price for disposal of spectrum licenses		$ 17.0
Total consideration	$ 20.0
Class A common stock
Organization and Business Activities
Shares issued, price per share	$ 212
Additional Consideration	$ 2.6
Common stock consideration	$ 11.0

Income Taxes and Accounting for Uncertainty in Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes and Accounting for Uncertainty in Income Taxes

Schedule of components of the (benefit from) provision for income taxes


		For the Years Ended December 31,
		2025			2024			2023

		(In thousands)
Income (loss) before income taxes:
US		$	(1,610,838)		$	(195,554)		$	(307,822)
Foreign			(71,608)			(56,709)			(124,490)
Total Income (loss) before income taxes:		$	(1,682,446)		$	(252,263)		$	(432,312)

Current provision (benefit):
Federal		$	6,155		$	22,075		$	64,692
State			(6,916)			(2,363)			12,736
Foreign			6,600			6,901			5,395
Total current (benefit) provision		$	5,839		$	26,613		$	82,823

Deferred provision (benefit):
Federal		$	(338,317)		$	(49,802)		$	(25,322)
State			(63,495)			(11,470)			(10,065)
Foreign			(2,967)			506			(1,310)
Total deferred provision (benefit)			(404,779)			(60,766)			(36,697)
Total provision (benefit)		$	(398,940)		$	(34,153)		$	46,126

Schedule of income tax rate reconciliation


	For the Year Ended
	December 31, 2025
	(In thousands)		% of pre-tax income/(loss)
Pretax book income (loss) at US federal statutory tax rate	$	(353,314)	21.0
State and local income taxes, net of federal income tax effect		(55,624)	3.3
Foreign rate difference/other		17,356	(1.0)
Changes in valuation allowances		614	(0.0)
Nontaxable or nondeductible items		(2,509)	0.1
Changes in unrecognized tax benefits		(609)	0.0
Other adjustments		(4,854)	0.3
Total income tax provision (benefit)	$	(398,940)	23.7


		For the Years Ended December 31,
		2024			2023

		(In thousands)
Statutory rate		$	(52,975)		$	(90,786)
State income taxes, net of federal provision (benefit)			(10,927)			(4)
Permanent differences			(716)			(728)
Impairments			—			108,734
Tax credits, including withholding tax			1,064			(4,196)
Valuation allowance			25,967			45,043
Rates different than statutory			(5,945)			(16,041)
Uncertain Tax Positions			7,413			—
Other			1,966			4,104
Total income tax provision (benefit), net		$	(34,153)		$	46,126

Schedule of deferred tax assets and liabilities


		As of December 31,
		2025			2024

		(In thousands)
Deferred tax assets:
Net operating losses, credit and other carryforwards		$	208,326		$	152,355
Property and equipment, regulatory authorizations, and other intangibles			41,367			—
Lease liabilities			213,800			127,023
Other investments			34,723			32,953
Accrued expenses			55,049			48,121
Non-cash, stock-based compensation			3,599			5,779
Other assets			1,638			36,361
Total deferred tax assets			558,502			402,592
Valuation allowance			(234,152)			(193,118)
Deferred tax assets after valuation allowance		$	324,350		$	209,474

Deferred tax liabilities:
Property and equipment, regulatory authorizations, and other intangibles		$	—		$	(201,701)
ROU assets			(78,763)			(170,554)
Other liabilities			(24,998)			(21,761)
Total deferred tax liabilities			(103,761)			(394,016)
Net deferred tax asset (liability) (1)		$	220,589		$	(184,542)

(1)	In 2024, certain foreign deferred tax assets are presented as part of “Deferred tax assets” on our Consolidated Balance Sheets and our deferred tax liabilities related to all other jurisdictions are reported separately as “Deferred tax liabilities, net” on our Consolidated Balance Sheets.

Schedule of total cash paid for income taxes, net of (refunds)


	For the Year Ended
	December 31, 2025
	(In thousands)
Federal (national)	$	—

State and local:
AL		15
CA		13
DE		(23)
IN		(108)
PA		(117)
Other		1
Total state and local		(219)

Foreign:
India		1,084
Chile		316
Colombia		568
Germany		2,160
Brazil		1,552
Other		364
Total foreign		6,044
Total cash paid for income taxes, net of (refunds)	$	5,825

Schedule of reconciliation of unrecognized tax benefits


		For the Years Ended December 31,
Unrecognized tax benefit		2025			2024			2023

		(In thousands)
Balance, beginning of period		$	16,372		$	10,321		$	7,172
Additions based on tax positions related to the current year			1,524			6,051			—
Additions based on tax positions reclassified from HSSC to EchoStar			—			—			3,149
Balance, end of period		$	17,896		$	16,372		$	10,321

Long-Term Debt and Other Notes Payable - Schedule of Interest on Long-Term Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
5 1/4% Senior Secured Notes due 2026
Debt and Other Notes Payable
Annual Debt Service Requirements	$ 39,375
Interest rate	5.25%
6 5/8% Senior Unsecured Notes due 2026
Debt and Other Notes Payable
Annual Debt Service Requirements	$ 49,688
Interest rate	6.625%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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+ Details

Related Party Transactions - Selling, general and administrative expenses and Other Agreements (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Mar. 12, 2024	Feb. 15, 2024	Mar. 31, 2017	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transactions
Selling, general and administrative expenses				$ 322,172	$ 375,538	$ 439,984
Deluxe/EchoStar LLC
Related Party Transactions
Equity interest, percentage in joint venture				50.00%
Deluxe/EchoStar LLC
Related Party Transactions
Dividends	$ 500,000	$ 529,000
Related Party \| Deluxe/EchoStar LLC
Related Party Transactions
Proceeds from dividends received				$ 2,000	6,000
Related Party \| Maximum
Related Party Transactions
Interest rate				3.00%
Related Party \| Shared Corporate Services
Related Party Transactions
Required minimum notice for termination of individual service (days)				30 days
Related Party \| Collocation and Antenna Space agreements
Related Party Transactions
Required renewal notice (days)				180 days
Related Party \| Collocation and Antenna Space agreements \| Minimum
Related Party Transactions
Required renewal notice (days)				90 days
Related Party \| Collocation and Antenna Space agreements \| Maximum
Related Party Transactions
Required renewal notice (days)				120 days
Related Party \| Hughes Broadband Master Services Agreement
Related Party Transactions
Automatic renewal period (in years)			1 year
Required minimum notice for termination of agreement (days)			90 days
Related Party \| Hughes Broadband Master Services Agreement \| Maximum
Related Party Transactions
Cost of sales				$ 2,000	5,000	2,000
EchoStar
Related Party Transactions
Cost of sales				196,000	196,000	9,000
EchoStar \| Maximum
Related Party Transactions
Selling, general and administrative expenses				1,000	2,000	1,000
Cost of sales amortized to expense				$ 2,000	$ 1,000	$ 2,000

Income Taxes and Accounting for Uncertainty in Income Taxes - Components of Income Tax Benefit (Provision), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (loss) before income taxes:
US	$ (1,610,838)	$ (195,554)	$ (307,822)
Foreign	(71,608)	(56,709)	(124,490)
Total Income (loss) before income taxes:	(1,682,446)	(252,263)	(432,312)
Current provision (benefit):
Federal	6,155	22,075	64,692
State	(6,916)	(2,363)	12,736
Foreign	6,600	6,901	5,395
Total current (benefit) provision	5,839	26,613	82,823
Deferred provision (benefit):
Federal	(338,317)	(49,802)	(25,322)
State	(63,495)	(11,470)	(10,065)
Foreign	(2,967)	506	(1,310)
Total deferred provision (benefit)	(404,779)	(60,766)	(36,697)
Total income tax benefit (provision), net	$ (398,940)	$ (34,153)	$ 46,126

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Equity Method Investments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Fair value investments transferred	$ 0	$ 0
Deluxe/EchoStar LLC
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Equity interest, percentage in joint venture	50.00%
Broadband Connectivity Solutions (Restricted) Limited
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Equity interest, percentage in joint venture	20.00%

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 217,159
2027	215,647
2028	213,364
2029	212,239
2029	194,079
Thereafter	78,769
Total lease payments	1,131,257
Less: Imputed interest	(245,684)
Total	885,573
Operating - Current	(176,615)	$ (72,393)
Operating - Noncurrent	$ 708,958	$ 830,629

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$ 14	$ 204	$ 245
Equity in earnings (losses) of affiliates	628	(5,121)	(4,264)
Foreign currency transaction gains (losses)	6,489	(3,901)	5,711
Other-than-temporary impairment losses on equity method investments			(33,400)
Other	(225)	(206)	(1,090)
Total	$ 6,906	$ (9,024)	$ (32,798)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Deluxe/EchoStar LLC

Related Party Transactions

Schedule of transactions with related party


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Revenue from Deluxe	$	5,223	$	6,002	$	5,794

	As of December 31,
	2025		2024

	(In thousands)
Trade accounts receivable from Deluxe	$	2,504	$	992

Broadband Connectivity Solutions (Restricted) Limited

Related Party Transactions

Schedule of transactions with related party


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Revenue from BCS	$	3,055	$	3,329	$	3,426

	As of December 31,
	2025		2024

	(In thousands)
Trade accounts receivable from BCS	$	942	$	2,572

Hughes Systique

Related Party Transactions

Schedule of other investment transactions


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Purchases from Hughes Systique	$	16,188	$	17,528	$	19,597

	As of December 31,
	2025		2024

	(In thousands)
Amounts payable to Hughes Systique	$	1,497	$	1,466

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Related Party Transactions - Service revenue, Cost of services and Cost of sales (Details) $ in Thousands	1 Months Ended							12 Months Ended
	Dec. 31, 2023 USD ($)	May 31, 2022	Feb. 28, 2019	Mar. 31, 2017	Oct. 31, 2012	Mar. 31, 2012	Jan. 31, 2010	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2026 USD ($)
Related Party Transactions
Total revenue								$ 1,435,905	$ 1,560,373	$ 1,747,856
Satellite hosting, operations and maintenance expense								2,000	2,000	2,000
EchoStar XXIV Satellite Lease
Related Party Transactions
Satellite lease term	7 years
Satellite monthly lease expense	$ 16,000
Repayments of lease obligation	$ 185,000
Subsequent Event \| Secured And Unsecured Loan Agreements
Related Party Transactions
Aggregate principal amount											$ 51,000
Hughes Broadband Distribution Agreement
Related Party Transactions
Required minimum notice for termination of agreement (days)					180 days
Automatic renewal period (in years)					1 year
Service revenue
Related Party Transactions
Total revenue								1,085,219	1,210,840	1,448,489
Cost of sales								$ 637,624	681,021	540,945
Related Party \| EchoStar Mobile Limited
Related Party Transactions
Interest rate on converted receivables loan								5.00%
Related Party \| TerreStar Agreement
Related Party Transactions
Minimum termination notice period (days)		21 days
Required minimum notice for termination of agreement (days)		90 days
Related Party \| DBSD North America Agreement \| Quarter to Quarter
Related Party Transactions
Minimum termination notice period (days)						180 days
Required minimum notice for termination of agreement (days)						120 days
Related Party \| Hughes Broadband Master Services Agreement
Related Party Transactions
Required minimum notice for termination of agreement (days)				90 days
Automatic renewal period (in years)				1 year
Related Party \| Hughes Equipment And Service Agreement
Related Party Transactions
Minimum termination notice period (days)			365 days
Required minimum notice for termination of agreement (days)			180 days
Automatic renewal period (in years)			1 year
Related Party \| TT&C Agreement
Related Party Transactions
Term of renewal option (in years)								1 year
Related party transactions agreement, number of renewal option \| item								3
Related Party \| Amended and restated professional services agreement
Related Party Transactions
Required minimum notice for termination of agreement (days)							60 days
Automatic renewal period (in years)							1 year
Required minimum notice for termination of individual service (days)							30 days
Related Party \| Maximum \| Hughes Broadband Master Services Agreement
Related Party Transactions
Cost of sales								$ 2,000	5,000	2,000
EchoStar
Related Party Transactions
Total revenue								11,000	14,000	17,000
Cost of sales								$ 196,000	196,000	9,000
EchoStar \| TT&C Agreement
Related Party Transactions
Term of renewal option (in years)								1 year
Required renewal notice (days)								90 days
EchoStar \| Service revenue
Related Party Transactions
Total revenue								$ 3,000	$ 1,000	$ 1,000

Organization and Business Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($)
Organization and Business Activities
Number of broadband subscribers \| item	739,000
Grace Period For Interest Payment	30 days
Cash on hand	$ 119,000
Carrying Amount	$ 1,536,431	$ 1,544,774

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Mar. 26, 2026	Jun. 30, 2025
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	333-179121
Entity Registrant Name	Hughes Satellite Systems Corporation
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	45-0897865
Entity Address, Address Line One	9601 South Meridian Boulevard
Entity Address, City or Town	Englewood,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112-5308
City Area Code	303
Local Phone Number	723-1000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		1,078
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Entity Central Index Key	0001533758
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT) - USD ($) $ in Thousands	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2022	$ 1,479,857	$ (170,184)	$ 741,754	$ 96,436	$ 2,147,863
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	4,207				4,207
Deconsolidation of Hughes Systique Corporation				(15,448)	(15,448)
Other comprehensive income (loss)		17,693		3,650	21,343
Net income (loss)			(461,869)	(16,569)	(478,438)
Other, net				(438)	(438)
Ending balance at Dec. 31, 2023	1,484,064	(152,491)	279,885	67,631	1,679,089
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	3,694				3,694
Dividends to EchoStar Corporation			(1,029,000)		(1,029,000)
Other comprehensive income (loss)		(38,319)		(7,295)	(45,614)
Net income (loss)			(209,403)	(8,707)	(218,110)
Ending balance at Dec. 31, 2024	1,487,758	(190,810)	(958,518)	51,629	390,059
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	16,606				16,606
Other comprehensive income (loss)		22,104		2,120	24,224
Net income (loss)			(1,273,675)	(9,831)	(1,283,506)
Ending balance at Dec. 31, 2025	$ 1,504,364	$ (168,706)	$ (2,232,193)	$ 43,918	$ (852,617)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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+ Details

Related Party Transactions - Hughes Systique (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transactions
Amounts payable to Hughes Systique	$ 90,258	$ 99,519
Hughes Systique
Related Party Transactions
Purchases from Hughes Systique	16,188	17,528	$ 19,597
Amounts payable to Hughes Systique	$ 1,497	$ 1,466

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Debt and Other Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Long-Term Debt and Other Notes Payable

Schedule of carrying amount and fair value of debt


	As of December 31,
	2025				2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

	(In thousands)
5 1/4% Senior Secured Notes due 2026 (1) (2)	$	750,000	$	723,090	$	750,000	$	686,475
6 5/8% Senior Notes due 2026 (2)		750,000		691,313		750,000		595,725
Other notes payable		36,431		36,431		44,774		44,774
Subtotal		1,536,431	$	1,450,834		1,544,774	$	1,326,974
Unamortized deferred financing costs and other debt discounts, net		(572)				(1,509)
Total		1,535,859				1,543,265
Less: current portion		(1,508,730)				(9,548)
Total debt and other notes payable, net of current portion	$	27,129			$	1,533,717

(1)	During the year ended December 31, 2025, our parent, EchoStar, purchased approximately $123 million of our 5 1/4% Senior Secured Notes due 2026 in open market trades. The repurchase is held at EchoStar.

(2)	These notes have been reclassified to “Current portion of debt and other notes payable” on our Consolidated Balance Sheets as of December 31, 2025.

Schedule of interest on long-term debt


		Annual
	Semi-Annual	Debt Service
	Payment Dates	Requirements
		(In thousands)
5 1/4% Senior Secured Notes due 2026	February 1 and August 1	$	39,375
6 5/8% Senior Notes due 2026	February 1 and August 1	$	49,688

Revenue Recognition - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Other noncurrent assets, net	$ 17
Remaining performance obligation	$ 1,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period	1 year
Remaining performance obligation, percentage	28.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period	2 years
Remaining performance obligation, percentage	72.00%

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

4.	Other Comprehensive Income (Loss)

The following table presents the tax effect on each component of “Other comprehensive income (loss)” and excludes noncontrolling interest:


	For the Years Ended December 31,
	2025								''	2024								2023
	Before			Tax			Net			Before			Tax			Net		Before			Tax			Net
	Tax			(Expense)			of Tax			Tax			(Expense)			of Tax		Tax			(Expense)			of Tax
	Amount			Benefit			Amount			Amount			Benefit			Amount		Amount			Benefit			Amount

	(In thousands)
Foreign currency translation adjustments	$	22,104		$	—		$	22,104		$	(38,294)		$	—		$	(38,294)	$	17,546		$	—		$	17,546
Unrealized holding gains (losses) on available-for-sale securities		(14)			—			(14)			143			39			182		(220)			22			(198)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		14			—			14			(207)			—			(207)		247			—			247
Other		—			—			—			—			—			—		98			—			98
Other comprehensive income (loss)	$	22,104		$	—		$	22,104		$	(38,358)		$	39		$	(38,319)	$	17,671		$	22		$	17,693

The “Accumulated other comprehensive income (loss)” is detailed in the following table, net of tax and excludes noncontrolling interest:


	Foreign		Unrealized/
	Currency		Recognized
	Translation		Gains
Accumulated Other Comprehensive Income (Loss)	Adjustment		(Losses)		Other		Total

	(In thousands)
Balance, December 31, 2023	$	(152,568)	$	77	$	—	$	(152,491)
Foreign currency translation adjustments		(38,294)		—		—		(38,294)
Other comprehensive income (loss) before reclassification		—		182		—		182
Amounts reclassified to net income (loss)		—		(207)		—		(207)
Balance, December 31, 2024	$	(190,862)	$	52	$	—	$	(190,810)
Foreign currency translation adjustments		22,104		—		—		22,104
Other comprehensive income (loss) before reclassification		—		(14)		—		(14)
Amounts reclassified to net income (loss)		—		14		—		14
Balance, December 31, 2025	$	(168,758)	$	52	$	—	$	(168,706)

Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	$ 338,430
Other comprehensive income (loss)	22,104	$ (38,319)	$ 17,693
Ending balance	(896,535)	338,430
Total
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	(190,810)	(152,491)
Foreign currency translation adjustments	22,104	(38,294)
Other comprehensive income (loss) before reclassifications	(14)	182
Amounts reclassified to net income (loss)	14	(207)
Ending balance	(168,706)	(190,810)	(152,491)
Foreign Currency Translation Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	(190,862)	(152,568)
Foreign currency translation adjustments	22,104	(38,294)
Ending balance	(168,758)	(190,862)	(152,568)
Unrealized/ Recognized Gains (Losses)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	52	77
Other comprehensive income (loss) before reclassifications	(14)	182
Amounts reclassified to net income (loss)	14	(207)
Ending balance	$ 52	$ 52	$ 77

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property and Equipment and Intangible Assets - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) item lease	Dec. 31, 2024 USD ($)
Property and Equipment and Intangible Assets
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator \| item	2
Number of satellite leases, finance leases \| lease	3
Number of satellite leases, operating leases \| lease	1
Satellite-related commitments, excluding in-orbit incentives \| $	$ 2,801,895
Satellite-related commitments
Property and Equipment and Intangible Assets
Satellite-related commitments, excluding in-orbit incentives \| $	37,000	$ 43,000
Insurance settlements \| $	$ 5,000
Satellites
Property and Equipment and Intangible Assets
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator \| item	6
Altitude of satellites in geosynchronous orbit length above equator \| item	22,300
Satellites - acquired under finance leases
Property and Equipment and Intangible Assets
Number of satellites utilized under capital lease \| item	4
Level 2
Property and Equipment and Intangible Assets
In-orbit incentive obligations, fair value disclosure \| $	$ 35,000	$ 41,000

Related Party Transactions - Schedule of Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deluxe/EchoStar LLC
Related Party Transactions
Revenues	$ 5,223	$ 6,002	$ 5,794
Broadband Connectivity Solutions (Restricted) Limited
Related Party Transactions
Revenues	$ 3,055	$ 3,329	$ 3,426

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Tables)

12 Months Ended

Dec. 31, 2025

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

Schedule of marketable investment securities, restricted cash and cash equivalents, and other investments


	As of December 31,
	2025		2024

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Corporate bonds	$	—	$	—
Commercial paper		—		—
Other debt securities		—		—
Total current marketable investment securities		—		—

Restricted cash and cash equivalents (1)		2,755		1,615

Other investments
Equity method investments		10,866		12,238
Other investments		11,278		11,278
Total other investments		22,144		23,516

Total marketable investment securities, restricted cash and cash equivalents, and other investments	$	24,899	$	25,131

(1)	Restricted cash and cash equivalents are included in “Other noncurrent assets, net” on our Consolidated Balance Sheets.

Schedule of fair value on a recurring basis


	As of December 31,
	2025									2024
	Level 1		__	Level 2		__	Total		__	Level 1		__	Level 2		__	Total

	(In thousands)
Cash and cash equivalents (including restricted):
Cash	$	105,037		$	—		$	105,037		$	115,409		$	—		$	115,409
Cash equivalents		4,097			12,386			16,483			1,819			88,585			90,404
Total	$	109,134		$	12,386		$	121,520		$	117,228		$	88,585		$	205,813

Schedule of gains and losses on sales and changes in carrying amounts of investments and other


	For the Years Ended December 31,
Other, net:	2025		2024		2023

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	14	$	204	$	245
Equity in earnings (losses) of affiliates		628		(5,121)		(4,264)
Foreign currency transaction gains (losses)		6,489		(3,901)		5,711
Other-than temporary impairment losses on equity method investments		—		—		(33,400)
Other		(225)		(206)		(1,090)
Total	$	6,906	$	(9,024)	$	(32,798)

Related Party Transactions - Receivable, Payables and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions
Related party payables - EchoStar - current, net	$ 90,258	$ 99,519
Operating lease liabilities - EchoStar - current	176,615	72,393
Operating lease liabilities - EchoStar - noncurrent	708,958	830,629
EchoStar
Related Party Transactions
Related party receivables - Echostar - current	57,000	23,000
Related party receivables - EchoStar - non-current	94,000	83,000
Related party payables - EchoStar - current, net	36,000	41,000
Related party payables - EchoStar - non-current	28,000	26,000
Operating lease liabilities - EchoStar - current	159,000	56,000
Operating lease liabilities - EchoStar - noncurrent	$ 587,000	$ 695,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments
Restricted cash and cash equivalents	$ 2,755	$ 1,615
Other investments
Equity method investments	10,866	12,238
Other investments	11,278	11,278
Total other investments	22,144	23,516
Total marketable investment securities, restricted cash and cash equivalents, and other investments	$ 24,899	$ 25,131

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

Lessee Accounting

We enter into non-cancelable operating and finance leases for, among other things, satellites, satellite-related ground infrastructure, data centers, office space, warehouses and distribution centers. Substantially all of our leases have remaining lease terms from one to 12 years with a weighted average remaining lease term of 5.6 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements, the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

Our Eutelsat 65 West A, Telesat T19V and EchoStar 105/SES-11 satellites are accounted for as finance leases. Substantially all of our remaining leases are accounted for as operating leases, including our EchoStar XXIV satellite lease. Refer to Note 15 for further details on the EchoStar XXIV operating lease.

The following table presents the components of lease expense, weighted-average lease terms and discount rates for operating and finance leases:


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Operating lease cost:
Operating lease cost	$	26,560	$	24,845	$	30,299
Operating lease cost - EchoStar XXIV		190,699		190,699		—
Total operating lease cost		217,259		215,544		30,299

Finance lease cost:
Amortization of right-of-use assets		23,611		23,863		27,682
Interest on lease liabilities		—		—		—
Total finance lease cost		23,611		23,863		27,682
Total lease costs	$	240,870	$	239,407	$	57,981

Supplemental cash flow information related to leases was as follows:


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126,104	$	273,300	$	22,981
Operating cash flows from finance leases		—		—		—
Financing cash flows from finance leases		—		—		—

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,009	$	229	$	902,981
Finance leases		—		—		—

Refer to Note 15 for further details on EchoStar XXIV operating lease.

The following table presents the amounts for ROU assets and lease liabilities:


	As of December 31,
	2025		2024

	(In thousands)
Right-of-use assets:
Operating (1)	$	313,066	$	939,896
Finance (1)		77,116		183,391
Total right-of-use assets	$	390,182	$	1,123,287

Lease liabilities:
Current:
Operating	$	176,615	$	72,393
Finance		—		—
Total current		176,615		72,393
Noncurrent:
Operating		708,958		830,629
Finance		—		—
Total noncurrent		708,958		830,629
Total lease liabilities	$	885,573	$	903,022

Weighted Average Remaining Lease Term:
Finance leases		0.0 years		0.0 years
Operating leases		5.6 years		6.6 years

Weighted Average Discount Rate:
Finance leases		0.0%		0.0%
Operating leases		12.0%		12.0%

(1)	During the fourth quarter of 2025, a triggering event occurred and resulted in a non-cash impairment of certain finance lease and operating lease assets. See Note 1 for further information.

As of December 31, 2025 and 2024 we have prepaid our obligations regarding all of our finance ROU assets. Finance lease assets are reported net of accumulated amortization of zero and $162 million as of December 31, 2025 and 2024, respectively.

Maturities of lease liabilities as of December 31, 2025 were as follows:


For the Years Ending December 31,	Total
		(In thousands)
2026	$	217,159
2027		215,647
2028		213,364
2029		212,239
2030		194,079
Thereafter		78,769
Total lease payments		1,131,257
Less: Imputed interest		(245,684)
Total		885,573
Less: Current portion		(176,615)
Long-term portion of lease obligations	$	708,958

Lessor Accounting

We lease satellite capacity, communications equipment and real estate to certain of our customers. The following table presents our lease revenue by type of lease:


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Sales-type lease revenue:
Revenue at lease commencement	$	5,098	$	8,517	$	11,429
Interest income		1,605		2,030		2,002
Total sales-type lease revenue		6,703		10,547		13,431
Operating lease revenue		15,733		14,734		47,051
Total lease revenue (1)	$	22,436	$	25,281	$	60,482

(1)	The reduction in total lease revenue for the years ended December 31, 2025 and 2024 relates to the loss of a single significant customer.

Substantially all of our net investment in sales-type leases consisted of lease receivables totaling $20 million and $26 million as of December 31, 2025 and 2024, respectively.

The following table presents future operating lease payments to be received as of December 31, 2025:


For the Years Ending December 31,	Total
	(In thousands)
2026	$	10,392
2027		6,567
2028		4,205
2029		3,215
2030		1,991
Thereafter		292
Total lease payments to be received	$	26,662

Segment Reporting - Revenue and long-lived assets by geographic area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEGMENT REPORTING
Total revenue	$ 1,435,905	$ 1,560,373	$ 1,747,856
Total long-lived assets	755,269	2,441,784
North America
SEGMENT REPORTING
Total revenue	1,146,197	1,239,679	1,398,123
Total long-lived assets	716,631	2,342,387
South and Central America
SEGMENT REPORTING
Total revenue	133,490	147,694	159,520
Total long-lived assets	30,826	74,365
Other
SEGMENT REPORTING
Total revenue	156,218	173,000	$ 190,213
Total long-lived assets	$ 7,812	$ 25,032

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Employee Benefit Plans - 401(k) Employee Savings Plans (Details) - Defined Contribution Plan Echo Star401 K Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
Maximum annual contributions per employee	50.00%
Employer maximum annual contribution per employee under 401(k) plan	$ 5,000
Matching contributions, net of forfeitures	4,962	$ 5,534	$ 5,847
Discretionary stock contributions	$ 5,333	$ (2,415)	$ 5,491

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Employee Benefit Plans

Employee Benefit Plans

11.	Employee Benefit Plans

Employee Stock Purchase Plan

Our employees may participate in the EchoStar employee stock purchase plan (the “ESPP”), in which our parent, EchoStar is authorized to issue up to 8.0 million shares of its Class A common stock. At December 31, 2025, EchoStar had 3.2 million shares of Class A common stock which remain available for issuance under the ESPP. Substantially all full-time employees who have been employed by us for at least one calendar quarter are eligible to participate in the ESPP. Employee stock purchases are made through payroll deductions. Under the terms of the ESPP, employees may not deduct an amount which would permit such employee to purchase our capital stock under all of our stock purchase plans at a rate which would exceed $25,000 in fair value of capital stock in any one year. The purchase price of the stock is 85% of the closing price of the Class A common stock on the last business day of each calendar quarter in which such shares of Class A common stock are deemed sold to an employee under the ESPP and such shares must be held for a minimum of 180 days from the purchase date.

401(k) Employee Savings Plans

Our parent, EchoStar sponsors a 401(k) Employee Savings Plan (the “EchoStar 401(k) Plan”) for eligible employees. Voluntary employee contributions to the EchoStar 401(k) Plan may be matched 50% by EchoStar, subject to a maximum annual contribution of $5,000 per employee participating in the EchoStar 401(k) Plan. Forfeitures of unvested participant balances which are retained by the 401(k) Plan may be used to fund matching and plan expenses. Our Board of Directors may also authorize an annual discretionary contribution to the 401(k) plan, subject to the maximum deductible limit provided by the Internal Revenue Code of 1986, as amended. These contributions may be made in cash or in our stock.

The following table summarizes the expense associated with our matching contributions and discretionary contributions:


		For the Years Ended December 31,
Expense Recognized Related to the EchoStar 401(k) Plan		2025			2024			2023

		(In thousands)
Matching contributions, net of forfeitures		$	4,962		$	5,534		$	5,847
Discretionary stock contributions (1)		$	5,333		$	(2,415)		$	5,491

(1)	The amount accrued in 2023 was not paid in 2024, therefore the accrual was reversed.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Organization and Business Activities (Tables)

12 Months Ended

Dec. 31, 2025

Organization and Business Activities

Schedule of impairment and other recorded on condensed consolidated statements of operations and comprehensive income (loss)


	For the Years Ended December 31,
	2025		2024			2023

	(In thousands)
Property and equipment, net	$	491,124	$	—		$	—
Operating lease assets		518,182		—			—
Regulatory authorizations		404,867		—			—
Intangible assets, net		4,671		—			—
Exit and disposal costs (1)		4,138		—			—
Goodwill		—		—			532,940
Impairments and other	$	1,422,982	$	—		$	532,940

(1)	Exit and disposal costs include, among other things, one-time employee termination benefits due to a reduction in work force.

Inventory

12 Months Ended

Dec. 31, 2025

Inventory

Inventory

6.Inventory

Inventory consisted of the following:


	As of December 31,
	2025		2024

	(In thousands)
Raw Materials	$	34,231	$	30,594
Work-in-process		37,938		30,302
Finished goods		110,232		90,147
Total inventory	$	182,401	$	151,043

Supplemental Data - Statements of Cash Flows - Capitalized Software Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted Average Member
Supplemental Data - Statements of Cash Flows
Weighted-average useful life (in years)	3 years
Other Noncurrent Assets Member
Supplemental Data - Statements of Cash Flows
Capitalized costs related to development of externally marketed software	$ 20,998	$ 24,945	$ 30,164
Amortization expense relating to externally marketed software	35,576	32,792	$ 29,370
Other Noncurrent Assets Member
Supplemental Data - Statements of Cash Flows
Net carrying amount of externally marketed software	94,548	109,103
Externally marketed software under development and not yet placed into service	$ 17,583	$ 19,275

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
LEASES
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Operating leases, Weighted average lease term	5 years 7 months 6 days	6 years 7 months 6 days
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Terminate [true false]	true
Finance lease, accumulated amortization	$ 0	$ 162
Sales-type lease receivable	$ 20	$ 26
Minimum
LEASES
Operating lease, remaining lease term	1 year
Finance lease, remaining lease term	1 year
Maximum
LEASES
Operating lease, remaining lease term	12 years
Finance lease, remaining lease term	12 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 118,765	$ 204,198
Trade accounts receivable and contract assets, net of allowance for credit losses of $17,559 and $11,314, respectively	311,723	275,247
Prepaids and other assets	62,018	63,684
Inventory	182,401	151,043
Other current assets	72,511	48,034
Total current assets	747,418	742,206
Noncurrent Assets:
Property and equipment, net	442,203	1,097,190
Operating lease assets	313,066	939,896
Regulatory authorizations, net		404,698
Intangible assets, net	4,118	11,082
Other investments	22,144	23,516
Deferred tax assets	220,589	7,017
Other noncurrent assets, net	247,704	245,772
Total noncurrent assets	1,249,824	2,729,171
Total assets	1,997,242	3,471,377
Current Liabilities:
Trade accounts payable	90,258	99,519
Contract liabilities	76,580	81,558
Accrued interest	38,613	38,845
Accrued compensation	39,423	34,904
Accrued expenses	61,713	55,019
Operating lease liabilities	176,615	72,393
Other current liabilities	43,827	48,242
Current portion of debt and other notes payable (Note 9)	1,508,730	9,548
Total current liabilities	2,035,759	440,028
Long-Term Obligations, Net of Current Portion:
Long-term debt and other notes payable, net of current portion (Note 9)	27,129	1,533,717
Deferred tax liabilities, net		191,559
Operating lease liabilities, noncurrent	708,958	830,629
Other noncurrent liabilities	78,013	85,385
Total long-term obligations, net of current portion	814,100	2,641,290
Total liabilities	2,849,859	3,081,318
Commitments and Contingencies (Note 9)
Stockholder's Equity (Deficit):
Common stock, $0.01 par value, 1,000,000 shares authorized, 1,078 shares issued and outstanding at both December 31, 2025 and 2024
Additional paid-in capital	1,504,364	1,487,758
Accumulated other comprehensive income (loss)	(168,706)	(190,810)
Accumulated earnings (deficit)	(2,232,193)	(958,518)
Total HSSC stockholder's equity (deficit)	(896,535)	338,430
Noncontrolling interests	43,918	51,629
Total stockholder's equity (deficit)	(852,617)	390,059
Total liabilities and stockholder's equity (deficit)	$ 1,997,242	$ 3,471,377

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Employee Benefit Plans

Schedule of matching contributions and discretionary contributions


		For the Years Ended December 31,
Expense Recognized Related to the EchoStar 401(k) Plan		2025			2024			2023

		(In thousands)
Matching contributions, net of forfeitures		$	4,962		$	5,534		$	5,847
Discretionary stock contributions (1)		$	5,333		$	(2,415)		$	5,491

(1)	The amount accrued in 2023 was not paid in 2024, therefore the accrual was reversed.

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUE RECOGNITION
Total revenue	$ 1,435,905	$ 1,560,373	$ 1,747,856
Service revenue
REVENUE RECOGNITION
Total revenue	1,085,219	1,210,840	1,448,489
Services
REVENUE RECOGNITION
Total revenue	1,069,486	1,196,394	1,401,438
Lease revenue
REVENUE RECOGNITION
Total revenue	15,733	14,446	47,051
Equipment and other
REVENUE RECOGNITION
Total revenue	350,686	349,533	299,367
Equipment sales
REVENUE RECOGNITION
Total revenue	182,564	205,178	140,429
Design, development and construction services
REVENUE RECOGNITION
Total revenue	161,419	133,520	145,507
Lease revenue
REVENUE RECOGNITION
Total revenue	$ 6,703	$ 10,835	$ 13,431

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Revenue Recognition - Schedule of Components of Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Trade accounts receivable and contract assets, net:
Contract assets	$ 138,541	$ 108,007
Contract liabilities
Current	76,580	81,558
Noncurrent	350	1,068
Total contract liabilities	76,930	$ 82,626
Revenue recognized	$ 64,000

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Schedule of fair value measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	$ 121,520	$ 205,813
Cash And Restricted Cash
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	105,037	115,409
Cash Equivalents And Restricted Cash Equivalents
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	16,483	90,404
Level 1
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	109,134	117,228
Level 1 \| Cash And Restricted Cash
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	105,037	115,409
Level 1 \| Cash Equivalents And Restricted Cash Equivalents
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	4,097	1,819
Level 2
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	12,386	88,585
Level 2 \| Cash Equivalents And Restricted Cash Equivalents
Cash and cash equivalents (including restricted):
Cash and cash equivalents (including restricted)	$ 12,386	$ 88,585

Property and Equipment and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets
Intangible Assets	$ 4,118	$ 355,255
Accumulated Amortization		(344,173)
Minimum
Intangible Assets
Weighted-average useful life (in years)	5 years
Maximum
Intangible Assets
Weighted-average useful life (in years)	20 years
Customer relationships
Intangible Assets
Intangible Assets		274,155
Accumulated Amortization		(272,602)
Patents
Intangible Assets
Intangible Assets		51,400
Accumulated Amortization		(51,400)
Trademarks and licenses
Intangible Assets
Intangible Assets	$ 4,118	29,700
Accumulated Amortization		(20,171)
Other intangible assets
Intangible Assets
Accumulated Amortization	$ 2,000	2,000	$ 2,000
Other intangible assets \| Minimum
Intangible Assets
Weighted-average useful life (in years)	5 years
Other intangible assets \| Maximum
Intangible Assets
Weighted-average useful life (in years)	20 years
Regulatory authorizations
Intangible Assets
Intangible Assets		10,295
Accumulated Amortization		$ (5,597)
Weighted-average useful life (in years)	11 years

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of components of lease expense and supplemental cash flow information


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Operating lease cost:
Operating lease cost	$	26,560	$	24,845	$	30,299
Operating lease cost - EchoStar XXIV		190,699		190,699		—
Total operating lease cost		217,259		215,544		30,299

Finance lease cost:
Amortization of right-of-use assets		23,611		23,863		27,682
Interest on lease liabilities		—		—		—
Total finance lease cost		23,611		23,863		27,682
Total lease costs	$	240,870	$	239,407	$	57,981


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126,104	$	273,300	$	22,981
Operating cash flows from finance leases		—		—		—
Financing cash flows from finance leases		—		—		—

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,009	$	229	$	902,981
Finance leases		—		—		—

Schedule of right-of-use assets and lease liabilities, Weighted average lease term and discount rate


	As of December 31,
	2025		2024

	(In thousands)
Right-of-use assets:
Operating (1)	$	313,066	$	939,896
Finance (1)		77,116		183,391
Total right-of-use assets	$	390,182	$	1,123,287

Lease liabilities:
Current:
Operating	$	176,615	$	72,393
Finance		—		—
Total current		176,615		72,393
Noncurrent:
Operating		708,958		830,629
Finance		—		—
Total noncurrent		708,958		830,629
Total lease liabilities	$	885,573	$	903,022

Weighted Average Remaining Lease Term:
Finance leases		0.0 years		0.0 years
Operating leases		5.6 years		6.6 years

Weighted Average Discount Rate:
Finance leases		0.0%		0.0%
Operating leases		12.0%		12.0%

(1)	During the fourth quarter of 2025, a triggering event occurred and resulted in a non-cash impairment of certain finance lease and operating lease assets. See Note 1 for further information.

Schedule of maturities of lease liabilities


For the Years Ending December 31,	Total
		(In thousands)
2026	$	217,159
2027		215,647
2028		213,364
2029		212,239
2030		194,079
Thereafter		78,769
Total lease payments		1,131,257
Less: Imputed interest		(245,684)
Total		885,573
Less: Current portion		(176,615)
Long-term portion of lease obligations	$	708,958

Schedule of components of income from sales-type lease and operating lease


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Sales-type lease revenue:
Revenue at lease commencement	$	5,098	$	8,517	$	11,429
Interest income		1,605		2,030		2,002
Total sales-type lease revenue		6,703		10,547		13,431
Operating lease revenue		15,733		14,734		47,051
Total lease revenue (1)	$	22,436	$	25,281	$	60,482

(1)	The reduction in total lease revenue for the years ended December 31, 2025 and 2024 relates to the loss of a single significant customer.

Schedule of future operating lease payments to be received


For the Years Ending December 31,	Total
	(In thousands)
2026	$	10,392
2027		6,567
2028		4,205
2029		3,215
2030		1,991
Thereafter		292
Total lease payments to be received	$	26,662

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Related Party Transactions

15.	Related Party Transactions

Related Party Transactions with EchoStar, our Parent, and its subsidiaries.

The following is a summary of the terms of our principal agreements with EchoStar, our parent, and its subsidiaries, that may have an impact on our financial condition and results of operations.

“Trade accounts receivable”

As of December 31, 2025 and 2024, trade accounts receivable from EchoStar was $57 million and $23 million, respectively. These amounts are recorded in “Other current assets” on our Consolidated Balance Sheets.

“Noncurrent receivables”

As of December 31, 2025 and 2024, noncurrent receivables from EchoStar was $94 million and $83 million, respectively. These amounts are recorded in “Other noncurrent assets, net” on our Consolidated Balance Sheets.

“Trade accounts payable”

As of December 31, 2025 and 2024, trade accounts payable to EchoStar was $36 million and $41 million, respectively. These amounts are recorded in “Trade accounts payable” and “Other current liabilities” on our Consolidated Balance Sheets.

“Noncurrent payables”

As of December 31, 2025 and 2024, noncurrent payables to EchoStar was $28 million and $26 million, respectively. These amounts are recorded in “Other noncurrent liabilities” on our Consolidated Balance Sheets.

“Current operating lease liabilities”

As of December 31, 2025 and 2024, current operating lease liabilities to EchoStar was $159 million and $56 million, respectively. These amounts are recorded in “Operating lease liabilities” on our Consolidated Balance Sheets and relate to the lease of the EchoStar XXIV satellite.

“Noncurrent operating lease liabilities”

As of December 31, 2025 and 2024, noncurrent operating lease liabilities to EchoStar was $587 million and $695 million, respectively. These amounts are recorded in “Operating lease liabilities, noncurrent” on our Consolidated Balance Sheets.

“Service revenue”

During the years ended December 31, 2025, 2024 and 2023 we received $11 million, $14 million and $17 million, respectively, for the services provided to EchoStar. These amounts are recorded in “Service revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these revenues are discussed below.

TerreStar Agreement. In March 2012, DISH Network completed its acquisition of substantially all the assets of TerreStar Networks Inc. (“TerreStar”). Prior to DISH Network’s acquisition of substantially all the assets of TerreStar and EchoStar’s completion of the Hughes Acquisition, TerreStar and Hughes Network Systems L.L.C. (“HNS”) entered into various agreements pursuant to which we provide, among other things, warranty, operations and maintenance and hosting services for TerreStar’s ground-based communications equipment (the “TerreStar Agreements”).

In May 2022, we and EchoStar amended the agreement for the provision of hosting services to extend the term until May 2027. We and EchoStar amended the agreements for warranty, operations, and maintenance services for TerreStar ground-based communications equipment, effective as of January 1, 2025, to extend the existing pricing and other terms through December 31, 2025. EchoStar generally has the right to continue to receive warranty services from us for our products on a month-to-month basis unless terminated by EchoStar upon at least 21 days’ written notice to us.

EchoStar generally has the right to continue to receive operations and maintenance services from us on a quarter-to-quarter basis unless these services are terminated by EchoStar upon at least 90 days’ written notice to us. In addition, EchoStar generally may terminate any and all services for convenience subject to providing us with prior notice and/or payment of termination charges.

TerreStar Solutions. EchoStar has an investment in TerreStar Solutions, Inc. (“TSI”), an entity that provides wireless mobile communication coverage in Canada using a satellite user terminal, that results in EchoStar having significant influence in the entity. In May 2018, we and TSI entered into an equipment and services agreement pursuant to which we design, manufacture and install upgraded ground communications network equipment for TSI’s network and provide, among other things, warranty and support services.

DBSD North America Agreement. In March 2012, DISH Network completed its acquisition of all of the equity of DBSD North America, Inc. (“DBSD North America”). Following the Merger, DISH Network’s ownership of DBSD North America was sold to our parent company, EchoStar, such that EchoStar now owns all of the equity of DBSD North America. Prior to DISH Network’s acquisition of DBSD North America and EchoStar’s completion of the Hughes Acquisition, DBSD North America and HNS entered into various agreements pursuant to which we provide, among other things, warranty, operations and maintenance and hosting services of DBSD North America’s gateway and ground-based communications equipment. DBSD North America has the right to

continue to receive operations and maintenance services from us on a quarter-to-quarter basis, unless terminated by DBSD North America upon at least 120 days’ written notice to us. The provision of hosting services will continue until February 2027 unless terminated by DBSD North America upon at least 180 days’ written notice to us. In addition, DBSD North America generally may terminate any and all such services for convenience, subject to providing us with prior notice and/or payment of termination charges. We and DBSD North America amended the agreements for warranty, operations, and maintenance services for DBSD’s gateway and ground-based communications equipment, effective as of January 1, 2025, to extend the existing pricing and other terms through December 31, 2025.

EchoStar Mobile Limited Service Agreements. We provide services and lease equipment to support the business of EchoStar Mobile Limited, a subsidiary of EchoStar that is licensed by the EU to provide mobile satellite services and complementary ground component services covering the entire EU using S-Band spectrum. Additionally, we have converted the receivables for certain of these services into loans, bearing an annual interest rate of 5%. These loans are included within “Other noncurrent assets, net” on our Consolidated Balance Sheets.

Hughes Broadband Distribution Agreement. Effective October 2012, we and EchoStar entered into a Distribution Agreement (the “Distribution Agreement”) pursuant to which EchoStar has the right, but not the obligation, to market, sell and distribute our satellite Internet service (the “Service”) and to purchase certain broadband equipment from us to support the sale of the Service for an extended initial term that ended March 1, 2024. Thereafter, the Distribution Agreement automatically renews for successive one-year terms unless either party gives written notice of its intent not to renew to the other party at least 180 days before the expiration of the then-current term. Upon expiration or termination of the Distribution Agreement, the parties will continue to provide the Service pursuant to the terms and conditions of the Distribution Agreement.

Hughes Equipment and Services Agreement. In February 2019, we and EchoStar entered into an agreement pursuant to which we will provide EchoStar with satellite Internet service and equipment for the transmission of certain data related to EchoStar’s 5G Network Deployment. This agreement had an initial term that ended February 2024 with automatic renewal for successive one-year terms unless terminated by EchoStar with at least 180 days’ written notice to us or by us with at least 365 days’ written notice to EchoStar.

“Equipment sales and other revenue”

During the years ended December 31, 2025, 2024 and 2023, we received $3 million, less than a million and less than a million respectively, for services provided to EchoStar. These amounts are recorded in “Equipment sales and other revenue” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

“Cost of services”

During the years ended December 31, 2025, 2024 and 2023, we incurred $196 million, $196 million, and $9 million, respectively, of costs for services provided to us by EchoStar. These amounts are recorded in “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these expenses are discussed below.

EchoStar XXIV Satellite Lease. Effective December 2023, we lease all of the capacity of the EchoStar XXIV satellite under an operating lease from EchoStar for a term of seven years for a monthly lease charge of approximately $16 million. We prepaid $185 million in lease obligations under the agreement during the year ended December 31, 2024. The prepayments resulted in the lease liability and associated asset being remeasured. The prepayment ended in March 2025 with regular payments continuing in April 2025. During the first quarter of 2026, we entered into secured and unsecured loan agreements for approximately $51 million

with EchoStar to finance certain historical amounts owed, including related interest, in connection with our EchoStar XXIV lease payments. This amount will be reclassified from “Operating lease liabilities” on our Consolidated Balance Sheets and will be reflected as a note payable in our first quarter filing.

TT&C Agreement – Master Transaction Agreement. In September 2019, we entered into an agreement pursuant to which EchoStar provides TT&C services to us for an initial term that ended in September 2021, (the “MTA TT&C Agreement”). In September 2021, we amended the MTA TT&C Agreement to extend the term until September 2022 and added the option for us to renew for three one-year renewal terms ending in September 2025 Effective September 2025, the MTA TT&C Agreement was extended on a month-to-month basis. In December 2025, the MTA TT&C Agreement was amended and automatically renews for successive one year terms unless either party gives written notice of its intent not to renew to the other party at least 90 days before the expiration of the then-current term.

“Cost of sales – equipment and other”

During the years ended December 31, 2025, 2024 and 2023, we incurred $2 million, $2 million, and $2 million, respectively, for satellite hosting, operations and maintenance services as well as transmission of certain data to EchoStar. These amounts are recorded in “Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these expenses are discussed below.

Professional Services Agreement. Effective January 2010, we and EchoStar entered into the Professional Services Agreement, pursuant to which we have the right, but not the obligation, to receive the following services from EchoStar, among others: information technology, travel and event coordination, internal audit, legal, accounting and tax, benefits administration, program acquisition services and other support services, including uplink services. Additionally, we and EchoStar agreed that EchoStar shall continue to have the right, but not the obligation, to engage us to manage the process of procuring new satellite capacity for EchoStar and receive logistics, procurement and quality assurance services from us and other support services. In February 2017 and in September 2019, we and EchoStar amended the Professional Services Agreement to, among other things, provide certain transition services to each other. The Professional Services Agreement renews automatically for successive one-year periods, unless terminated earlier by either party upon at least 60 days’ notice. However, either party may terminate the Professional Services Agreement in part with respect to any particular service it receives for any reason upon at least 30 days’ notice.

Whidbey Island 5G Network Test Bed Subcontract. Effective June 2022, we entered into certain agreements pursuant to which EchoStar provides us access and use of a lab, technical support and integration, and testing support for the 5G network test bed. In addition, we lease certain wireless spectrum, and receive construction and related services. We may terminate this agreement at any time by providing written notice to EchoStar.

“Selling, general and administrative expenses”

During the years ended December 31, 2025, 2024 and 2023, we incurred $1 million, $2 million, and less than $1 million, respectively, for selling, general and administrative expenses for services provided to us by EchoStar. These amounts are recorded in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these expenses are discussed below.

Shared Corporate Services. We and EchoStar, including EchoStar’s other subsidiaries, have agreed that we shall each have the right, but not the obligation, to receive from the other certain shared corporate services, including among other things: treasury, tax, accounting and reporting, risk management, cybersecurity, legal,

internal audit, human resources, and information technology. We and EchoStar may each terminate a particular shared corporate service for any reason upon at least 30 days’ notice.

Collocation and Antenna Space Agreements. We entered into certain agreements pursuant to which EchoStar provides certain collocation and antenna space to us. We may terminate certain of these agreements with 180 days’ prior written notice to EchoStar and for certain other agreements with prior written notice no more than 120 days but no less than 90 days prior to the end of the then-current term. The term of each agreement is set forth below:

●

Effective March 2017 for an initial term that ended in February 2022 and renewal options ending in February 2034 at the following locations: Cheyenne, Wyoming; Gilbert, Arizona; Monee, Illinois; Englewood, Colorado; and Spokane, Washington.

●

Effective August 2017 for an initial term that ended in August 2022 and renewal options ending in August 2034 at the following locations: Monee, Illinois and Spokane, Washington. In March 2024, we provided a termination notice for one of the Spokane, Washington agreements, effective April 2024.

●

Effective January 2022 for an initial term ending December 2026 and renewal options ending in December 2038 at the following location: Englewood, Colorado.

●

Effective October 2020 with renewal options ending in October 2037 at the following location: Cheyenne, Wyoming.

Real Estate. We occupy certain office space in buildings owned or leased by EchoStar and its other subsidiaries and pay a portion of the taxes, insurance, utilities and maintenance of the premises in accordance with the percentage of the space we occupy.

Other Agreements – EchoStar

Hughes Broadband Master Services Agreement. In March 2017, we and EchoStar entered into the Master Services Agreement (“MSA”) pursuant to which EchoStar, among other things: (i) have the right, but not the obligation, to market, promote and solicit orders for our satellite Internet service and related equipment; and (ii) install service equipment with respect to activations EchoStar generates. The MSA had an initial term that ended March 2022 with automatic renewal for successive one-year terms. Either party has the ability to terminate the MSA, in whole or in part, for any reason upon at least 90 days’ notice to the other party. Upon expiration or termination of the MSA, we will continue to provide the satellite Internet service to subscribers and make certain payments to EchoStar pursuant to the terms and conditions of the MSA.

For the years ended December 31, 2025, 2024 and 2023, we incurred sales incentives and other costs under the MSA totaling $2 million, $5 million, and $2 million, respectively. These costs are capitalized and amortized to expense over the estimated customer life or the contract term. See Note 2 “Assets Recognized Related to the Costs to Obtain a Contract with a Customer” for further information. During the years ended December 31, 2025, 2024 and 2023, the amounts amortized to expense were $2 million, $1 million, and $2 million, respectively. These costs are expensed in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Cash Advances. EchoStar and certain of its other subsidiaries have also provided cash advances to certain of our foreign subsidiaries to fund certain expenditures pursuant to loan agreements. Advances under these agreements bear interest at annual rates of three percent.

Dividends. On February 15, 2024, our Board of Directors declared and approved payment of a cash dividend on our outstanding common stock to EchoStar in the amount of $529 million. Payment of this dividend was made in the first quarter of 2024.

On March 12, 2024, our Board of Directors declared and approved payment of a cash dividend on the Company’s outstanding common stock to EchoStar in the amount of $500 million. Payment of the dividend was made in the first quarter of 2024.

Joint Ventures and Cost Investments

Deluxe/EchoStar LLC

We own 50% of Deluxe, a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada. Refer to Note 5 for more information.

The table below summarizes our transactions with Deluxe:


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Revenue from Deluxe	$	5,223	$	6,002	$	5,794

	As of December 31,
	2025		2024

	(In thousands)
Trade accounts receivable from Deluxe	$	2,504	$	992

During the years ended December 31, 2025 and 2024, we received dividends from Deluxe of $2 million and $6 million, respectively.

Broadband Connectivity Solutions (Restricted) Limited

We own 20% of BCS, a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. The Al Yah 3 Ka-band satellite is no longer in service.

The table below summarizes our transactions with BCS:


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Revenue from BCS	$	3,055	$	3,329	$	3,426

	As of December 31,
	2025		2024

	(In thousands)
Trade accounts receivable from BCS	$	942	$	2,572

Hughes Systique Corporation

We hold certain equity in Hughes Systique Corporation (“Hughes Systique”) and contract with Hughes Systique for software development services. Prior to December 31, 2023, consolidated Hughes Systique’s financial statements into our Consolidated Financial Statements. As of December 31, 2023, we have deconsolidated the Hughes Systique results from our Consolidated Financial Statements and recorded the investment as a cost method investment in “Other investments” on our Consolidated Balance Sheets.

The table below summarizes our transactions with Hughes Systique:


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Purchases from Hughes Systique	$	16,188	$	17,528	$	19,597

	As of December 31,
	2025		2024

	(In thousands)
Amounts payable to Hughes Systique	$	1,497	$	1,466

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes and Accounting for Uncertainty in Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized tax benefit balance as of beginning of period:
Balance as of beginning of period	$ 16,372	$ 10,321	$ 7,172
Additions based on tax positions related to the current year	1,524	6,051
Additions based on tax positions reclassified from HSSC to EchoStar			3,149
Balance as of end of period	$ 17,896	$ 16,372	$ 10,321

Revenue Recognition - Activity in Contract Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contract Acquisition Costs
Balance, beginning of period	$ 57,337	$ 49,343	$ 64,447
Additions	31,730	47,883	44,459
Amortization expense	(40,082)	(38,290)	(60,512)
Foreign currency translation	826	(1,599)	949
Balance, end of period	$ 49,811	$ 57,337	$ 49,343

Leases - Schedule of Lease Cost and Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating lease cost:
Operating lease cost	$ 26,560	$ 24,845	$ 30,299
Total operating lease cost	217,259	215,544	30,299
Finance lease cost:
Amortization of right-of-use assets	23,611	23,863	27,682
Total finance lease cost	23,611	23,863	27,682
Total lease costs	240,870	239,407	57,981
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	126,104	273,300	22,981
Right-of-use assets obtained in exchange for lease obligations Operating leases	2,009	229	$ 902,981
EchoStar XXIV
Operating lease cost:
Total operating lease cost	$ 190,699	$ 190,699

Property and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment and Intangible Assets

Schedule of property and equipment, net


	Depreciable
	Life				As of December 31,
	(In Years)				2025		2024

					(In thousands)
Equipment leased to customers (1)		2	-	4	$	84,497	$	865,003
Satellites (1)(2)(3)		5	-	15		132,631		1,210,437
Satellites acquired under finance lease agreements (1)			15			77,116		344,972
Furniture, fixtures, equipment and other (1)		1	-	12		71,537		682,614
Software and computer equipment (1)		2	-	5		34,556		300,255
Buildings and improvements (1)		1	-	30		34,604		129,779
Land			-			13,598		13,460
Construction in progress			-			2,511		7,980
Total property and equipment						451,050		3,554,500
Accumulated depreciation (1)						(8,847)		(2,457,310)
Property and equipment, net (4)					$	442,203	$	1,097,190

(1)	This change primarily resulted from the non-cash impairment of long-lived assets. See Note 1 for further information.

(2)	All commercial traffic on the EchoStar IX satellite has been transferred to other satellites in our fleet and the EchoStar IX satellite is no longer in service. The disposal process for the EchoStar IX satellite was completed in the third quarter of 2025.

(3)	As of June 2025, all commercial traffic on the Al Yah 3 satellite had been transferred to other satellites in our fleet and the Al Yah 3 satellite is no longer operational nor in service.

(4)	As of December 31, 2025 and December 31, 2024, there were no refunds and other receipts of purchases of property and equipment.

Schedule of depreciation and amortization expense


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Equipment leased to customers	$	110,391	$	114,143	$	168,656
Satellites		93,571		105,139		105,717
Buildings, furniture, fixtures, equipment and other		63,288		83,683		53,445
Software and computer equipment		27,410		25,963		28,359
Intangible assets and other amortization expense		38,343		36,974		33,455
Total depreciation and amortization	$	333,003	$	365,902	$	389,632

Schedule of satellites

As of December 31, 2025, our satellite fleet in service consisted of the following:


			Degree		Lease
			Orbital		Termination
Satellites	Launch Date		Location		Date
Owned:
EchoStar XVII (1)	July 2012		107		N/A
EchoStar XIX (1)	December 2016		97.1		N/A

Finance leases:
Eutelsat 65 West A (1)	March 2016		65		July 2031
Telesat T19V (1)	July 2018		63		August 2033
EchoStar 105/SES‑11 (1)	October 2017		105		November 2030

Operating leases:
EchoStar XXIV (1)	July 2023		95.2		December 2030

(1)	As of December 31, 2025, we impaired these satellites and wrote down the carrying value of the satellites to their estimated fair value. See Note 1 for further information.

Schedule of amortization

As of December 31, 2025 and 2024, our identifiable intangibles, including intangibles subject to amortization, consisted of the following:


	As of December 31,
	2025				2024
	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization

	(In thousands)
Customer relationships (1)	$	—	$	—	$	274,155	$	(272,602)
Patents (1)		—		—		51,400		(51,400)
Trademarks and licenses (1)		4,118		—		29,700		(20,171)
Total	$	4,118	$	—	$	355,255	$	(344,173)

(1)	As of December 31, 2025, we impaired these intangibles and wrote down the carrying value of the intangibles to their estimated fair value. See Note 1 for further information.

Schedule of excluding non-amortizing intangibles and regulatory authorizations

Estimated future amortization of our identifiable intangible assets as of December 31, 2025 is as follows:


For the Years Ending December 31,		Total
	(In thousands)
2026	$	1,018
2027		723
2028		696
2029		696
2030		696
Thereafter		289
Total	$	4,118

Schedule of regulatory authorizations with indefinite and finite lives

As of December 31, 2025 and 2024, our Regulatory Authorizations with indefinite lives consisted of the following:


		As of December 31,
		2025			2024

		(In thousands)
95 W		$	—		$	200,000
107 W			—			200,000
Total		$	—		$	400,000

(1)	During the year ended December 31, 2025, we recorded a noncash impairment charge for Regulatory Authorizations in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 1 for further information.

As of December 31, 2025 and 2024, our Regulatory Authorizations with finite lives consisted of the following:

 

As of December 31,

2025

2024

 

Finite Lived Assets

 

Accumulated Amortization

 

Finite Lived Assets

 

Accumulated Amortization

(In thousands)

Total

—

10,295

(5,597)

(1)	During the year ended December 31, 2025, we recorded a noncash impairment charge for finite lived intangible assets in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 1 for further information.

Leases - Schedule of Lease Assets, Liabilities and Weighted Average Term and Discount Rate (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Right-of-use assets:
Operating	$ 313,066	$ 939,896
Finance	$ 77,116	$ 183,391
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total right-of-use assets	$ 390,182	$ 1,123,287
Current:
Operating - Current	176,615	72,393
Total current	176,615	72,393
Noncurrent:
Operating - Noncurrent	708,958	830,629
Total noncurrent	708,958	830,629
Total lease liabilities	$ 885,573	$ 903,022
Weighted Average Remaining Lease Term:
Finance leases	0 years	0 years
Operating leases	5 years 7 months 6 days	6 years 7 months 6 days
Weighted Average Discount Rate:
Finance leases	0.00%	0.00%
Operating leases	12.00%	12.00%

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory

Schedule of inventory


	As of December 31,
	2025		2024

	(In thousands)
Raw Materials	$	34,231	$	30,594
Work-in-process		37,938		30,302
Finished goods		110,232		90,147
Total inventory	$	182,401	$	151,043

Property and Equipment and Intangible Assets - Future Amortization & Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Estimated future amortization intangibles
Noncash impairment charge of goodwill	$ 532,940
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges
Goodwill		$ 0	$ 0
Other intangible assets
Estimated future amortization intangibles
2026		1,018
2027		723
2028		696
2029		696
2030		696
Thereafter		289
Total		$ 4,118

Leases - Lease Revenue By Lease Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales-type lease revenue:
Revenue at lease commencement	$ 5,098	$ 8,517	$ 11,429
Interest income	1,605	2,030	2,002
Total sales-type lease revenue	6,703	10,547	13,431
Operating lease revenue	15,733	14,734	47,051
Total lease revenue	$ 22,436	$ 25,281	$ 60,482
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenue	Total revenue	Total revenue
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenue	Total revenue	Total revenue

Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Comprehensive Income (Loss)
Foreign currency translation adjustments, before tax	$ 22,104	$ (38,294)	$ 17,546
Foreign currency translation adjustments, net of tax	22,104	(38,294)	17,546
Unrealized holding gains (losses) on available-for-sale securities, before tax	(14)	143	(220)
Unrealized holding gains (losses) on available-for-sale securities, tax		39	22
Unrealized holding gains (losses) on available-for-sale securities, net of tax	(14)	182	(198)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss), before tax	14	(207)	247
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss), net of tax	14	(207)	247
Other, before tax			98
Other, net of tax			98
Other comprehensive income (loss), before tax	22,104	(38,358)	17,671
Other comprehensive income (loss), tax		39	22
Comprehensive income (loss) attributable to HSSC	$ 22,104	$ (38,319)	$ 17,693

Organization and Business Activities - License Purchase Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 07, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
License Purchase Agreement
Carrying Amount		$ 1,536,431	$ 1,544,774
Cash interest payments		$ 96,231	$ 97,306	$ 98,642
EchoStar \| 10 3/4% Secured Notes
License Purchase Agreement
Interest rate		10.75%
EchoStar \| 6 3/4% Secured Notes
License Purchase Agreement
Interest rate		6.75%
EchoStar \| Convertible Notes due 2030
License Purchase Agreement
Interest rate		3.875%
EchoStar \| Convertible secured notes 10.75 percent due 2029, 6.75 percent due 2030, 3.875 percent due 2030
License Purchase Agreement
Carrying Amount		$ 9,821,000
SpaceX License Purchase Agreement
License Purchase Agreement
Purchase price for disposal of spectrum licenses		17,000,000
SpaceX & Spectrum Business Trust \| SpaceX License Purchase Agreement \| EchoStar
License Purchase Agreement
Aggregate amount of payments for the interim debt service	$ 2,000,000
Cash interest payments		$ 414,000
Spectrum license of 50 MHz across AWS-4 and H-Block ranges \| SpaceX & Spectrum Business Trust \| SpaceX License Purchase Agreement \| EchoStar
License Purchase Agreement
Purchase price for disposal of spectrum licenses	17,000,000
Values of SpaceX's Class A common stock issued for purchase consideration	$ 8,500,000
Shares issued, price per share	$ 212
Threshold purchase consideration beyond which receivable in cash	$ 8,500,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Total revenue	$ 1,435,905	$ 1,560,373	$ 1,747,856
Costs and Expenses (exclusive of depreciation and amortization):
Selling, general and administrative expenses	322,172	375,538	439,984
Depreciation and amortization	333,003	365,902	389,632
Impairments and other (Note 1)	1,422,982		532,940
Total costs and expenses	3,032,256	1,730,203	2,142,837
Operating income (loss)	(1,596,351)	(169,830)	(394,981)
Other Income (Expense):
Interest income	9,217	25,393	85,036
Interest expense, net of amounts capitalized (Note 2)	(102,218)	(98,802)	(89,569)
Other, net (Note 5)	6,906	(9,024)	(32,798)
Total other income (expense)	(86,095)	(82,433)	(37,331)
Income (loss) before income taxes	(1,682,446)	(252,263)	(432,312)
Income tax benefit (provision), net	398,940	34,153	(46,126)
Net income (loss)	(1,283,506)	(218,110)	(478,438)
Less: Net income (loss) attributable to noncontrolling interests	(9,831)	(8,707)	(16,569)
Net income (loss) attributable to HSSC	(1,273,675)	(209,403)	(461,869)
Comprehensive Income (Loss):
Net income (loss)	(1,283,506)	(218,110)	(478,438)
Other comprehensive income (loss):
Foreign currency translation adjustments	24,224	(45,589)	21,196
Unrealized gains (losses) on available-for-sale debt securities	(14)	182	(198)
Recognition of previously unrealized (gains) losses on available-for-sale debt securities included in net income (loss)	14	(207)	247
Other			98
Total other comprehensive income (loss), net of tax	24,224	(45,614)	21,343
Comprehensive income (loss):	(1,259,282)	(263,724)	(457,095)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(7,711)	(16,002)	(12,919)
Comprehensive income (loss) attributable to HSSC	(1,251,571)	(247,722)	(444,176)
Service
Revenue:
Total revenue	1,085,219	1,210,840	1,448,489
Costs and Expenses (exclusive of depreciation and amortization):
Cost of sales	637,624	681,021	540,945
Equipment and other
Revenue:
Total revenue	350,686	349,533	299,367
Costs and Expenses (exclusive of depreciation and amortization):
Cost of sales	$ 316,475	$ 307,742	$ 239,336

Long-Term Debt and Other Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt and Other Notes Payable
Carrying Amount	$ 1,536,431	$ 1,544,774
Fair Value	1,450,834	1,326,974
Unamortized deferred financing costs and other debt discounts, net	(572)	(1,509)
Total	1,535,859	1,543,265
Less: current portion	(1,508,730)	(9,548)
Total debt and other notes payable, net of current portion	$ 27,129	1,533,717
5 1/4% Senior Secured Notes due 2026
Debt and Other Notes Payable
Interest rate	5.25%
Debt Instrument	$ 123,000
6 5/8% Senior Unsecured Notes due 2026
Debt and Other Notes Payable
Interest rate	6.625%
Other notes payable
Debt and Other Notes Payable
Carrying Amount	$ 36,431	44,774
Fair Value	36,431	44,774
Senior Secured Notes \| 5 1/4% Senior Secured Notes due 2026
Debt and Other Notes Payable
Carrying Amount	750,000	750,000
Fair Value	$ 723,090	686,475
Interest rate	5.25%
Senior Unsecured Notes \| 6 5/8% Senior Unsecured Notes due 2026
Debt and Other Notes Payable
Carrying Amount	$ 750,000	750,000
Fair Value	$ 691,313	$ 595,725
Interest rate	6.625%

Related Party Transactions - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deluxe/EchoStar LLC
Related Party Transactions
Related party receivables - Echostar - current	$ 2,504	$ 992
Broadband Connectivity Solutions (Restricted) Limited
Related Party Transactions
Related party receivables - Echostar - current	$ 942	$ 2,572

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

Marketable Investment Securities

Receivables and Related Allowance for Credit Losses

General Accounts Receivable

Inventory

Property and Equipment

Internal Use Software

Asset Retirement Obligation

Other Investments

Equity Method Investments

Cost Method Investments

Other Debt Investments

Impairment Considerations

Derivative and/or Financial Liability Instruments

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

Satellite Fleet

Finite-Lived Regulatory Authorizations

Finite-Lived Intangible Assets

Indefinite-Lived Intangible Assets and Goodwill

●

FCC licenses are a non-depleting asset;

●

existing FCC licenses are integral to our business segments and will contribute to cash flows indefinitely;

●

replacement satellite applications are generally authorized by the FCC subject to certain conditions, without substantial cost under a stable regulatory, legislative and legal environment;

●

maintenance expenditures to obtain future cash flows are not significant;

●

FCC licenses are not technologically dependent; and

●

we intend to use these assets indefinitely.

Hughes Segment Licenses

Goodwill

Exit and Disposal Costs

Capitalized Interest

Business Combinations

Sales Taxes

Income Taxes

Fair Value Measurements

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Deferred Debt Issuance Costs and Debt Discounts

Revenue Recognition

Hughes Segment

Governmental Funding

Contract Balances

Assets Recognized Related to the Costs to Obtain a Contract with a Customer

Leases

Lessee Accounting

We have lease agreements with lease and non-lease components, which are generally accounted for separately.

Lessor Accounting

Cost of Services

Cost of Sales – Equipment and Other

Advertising Costs

Research and Development

Foreign Currency

Other Comprehensive Income (Loss)

New Accounting Pronouncements

Not Yet Adopted

Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - Class A common stock $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) shares
EMPLOYEE BENEFIT PLANS
Maximum fair value of capital stock permitted to be purchased by employees in any one year under ESPP \| $	$ 25,000
Purchase price as percentage of closing market price on the last business day of each calendar quarter under ESPP	85.00%
Required service period	180 days
EchoStar
EMPLOYEE BENEFIT PLANS
Number of shares authorized for issue (in shares)	8.0
Number of shares that remain available for issuance (in shares)	3.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Organization and Business Activities - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 491,124
Operating lease assets	518,182
Regulatory authorizations	404,867
Intangible assets, net	4,671
Exit and disposal costs	4,138
Goodwill		$ 532,940
Impairments and other	1,422,982	$ 532,940
Non-cash impairment charge	$ 400,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairments and other
Impairments charge	$ 1,012,000
Impairments and other
Property, Plant and Equipment [Line Items]
Impairment of long lived assets held for use and finite lived intangible assets	$ 11,000

Supplemental Data - Statements of Cash Flows - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental Data - Statements of Cash Flows
Cash paid for interest (including capitalized interest)	$ 96,231	$ 97,306	$ 98,642
Cash paid for income taxes, net of (refunds)	5,825	202,993	4,902
Total capitalized interest			10,115
Accrued capital expenditures	$ 3,532	$ 4,992	$ 15,439

Commitments and Contingencies - Accrual For License Fees (Details) - License Fee Dispute - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
Total accrual	$ 46,000
Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Less: Payments	(44,559)	$ (36,929)
Total accrual	46,027	54,430
Less: Current portion	9,390	9,860
Total long-term accrual	36,637	44,570
Additional license fees \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	3,156	3,314
Penalties \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	3,240	3,402
Interest on license fees and penalties \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	$ 84,190	$ 84,643

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory
Raw materials	$ 34,231	$ 30,594
Work-in-process	37,938	30,302
Finished goods	110,232	90,147
Total inventory	$ 182,401	$ 151,043

Organization and Business Activities

12 Months Ended

Dec. 31, 2025

Organization and Business Activities

Organization and Business Activities

1.Organization and Business Activities

Principal Business

Hughes Satellite Systems Corporation (which, together with its subsidiaries, is referred to as “HSSC,” the “Company,” “we,” “us” and “our”) is a holding company and a subsidiary of EchoStar Corporation (“EchoStar” and “parent”). We were formed as a Colorado corporation in March 2011 to facilitate the acquisition by EchoStar (the “Hughes Acquisition”) of Hughes Communications, Inc. and its subsidiaries and related financing transactions. In connection with our formation, EchoStar contributed the assets and liabilities of its satellite services business to us, including the principal operating subsidiary of its satellite services business, EchoStar Satellite Services L.L.C. Substantially all of the voting power of the shares of EchoStar is owned beneficially by Charles W. Ergen, our Chairman, and by certain entities established for the benefit of his family.

We manage our business activities on a consolidated basis and operate as a single operating segment: Hughes. See Note 13 for information regarding our segment reporting.

We offer broadband satellite technologies and broadband internet products and services to consumer customers. We provide broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions to government and enterprise customers. We have leveraged the EchoStar XXIV satellite to deliver satellite services to unserved and underserved consumer markets in the Americas as well as enterprise, aeronautical and government markets. We also design, provide and install gateway and terminal equipment to customers for other satellite systems. In addition, we design, develop, construct and provide telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers. We offer a robust suite of integrated, multi-transport solutions to enable airline and airline service providers to deliver reliable in-flight network connectivity serving both commercial and business aviation. Revenue in our satellite services business depends largely on our ability to make continuous use of our available satellite capacity on behalf of existing customers and our ability to enter into commercial relationships with new customers. We currently lease all of the capacity of EchoStar XXIV from our parent EchoStar, effective December 31, 2023. As of December 31, 2025, we had 739,000 Broadband subscribers.

Recent Developments

FCC Review

In the third quarter of 2025, our parent, EchoStar resolved the review by the Federal Communications Commission (the “FCC”) into EchoStar’s compliance with its build-out milestones and other obligations regarding EchoStar’s federal spectrum licenses. EchoStar previously received a letter from the FCC on May 9, 2025, indicating that the FCC was beginning a review of their compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 buildout extension granted by the FCC and mobile-satellite service (“MSS”) utilization in the 2 GHz band (the “May 9 Letter”). EchoStar responded to the FCC’s subsequent public notices with filings on May 27, 2025 and June 6, 2025.

During the second quarter and the beginning of the third quarter of 2025, the potential ramifications of the FCC review to EchoStar’s business required them to, among other things, reevaluate the deployment of their resources and as a result, EchoStar elected not to make interest payments on a certain portion of their long-term senior notes on their respective scheduled due dates. EchoStar subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods. See Note 10 in the

Notes to EchoStar’s Consolidated Financial Statements in their Annual Report on Form 10-K for the year ended December 31, 2025 for further information.

The FCC review introduced the possibility of reversing prior FCC grants of authority to EchoStar. The FCC made it clear that it viewed EchoStar’s spectrum as being underutilized and deemed their continued ownership of such spectrum licenses inconsistent with the public interest, and that they must sell a material amount of spectrum licenses or face a wide-ranging license revocation. Accordingly, as a result of these unforeseeable actions by the FCC that were outside of EchoStar’s control, they entered into the AT&T Transactions, as defined in EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2025 and the SpaceX Transactions, as defined below, whereby EchoStar agreed to sell a material amount of their spectrum licenses for cash and an Amended Equity Amount, as defined below. In August 2025, following these transactions, EchoStar began the abandonment and decommission process for certain portions of their 5G Network as defined in EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2025 that will not be utilized in their Hybrid MNO business as defined in EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2025. Furthermore, EchoStar believes the FCC’s actions and the resulting AT&T Transactions and SpaceX Transactions constitute one or more force majeure events under certain of their 5G Network-related contracts.

On September 8, 2025, EchoStar received a follow-up letter from the FCC (the “September 8 Letter”). The September 8 Letter states, among other things, that FCC Chairman Carr has “asked FCC staff to bring the agency’s investigation to conclusion” by directing FCC staff to: “(1) dismiss VTel Wireless’s petition for reconsideration; (2) confirm that EchoStar holds exclusive terrestrial and MSS rights over the AWS-4 spectrum to which it is currently licensed; and (3) find that relevant FCC buildout and other related obligations have been satisfied by EchoStar in view of the company’s current FCC milestones.”

SpaceX License Purchase Agreement

On September 7, 2025, our parent, EchoStar, Space Exploration Technologies Corp., a Texas corporation (“SpaceX”), and Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”), entered into a License Purchase Agreement (the “SpaceX License Purchase Agreement,” and the transactions contemplated thereby, the “Initial SpaceX Transactions”).

Pursuant to the terms and subject to the conditions set forth in the SpaceX License Purchase Agreement, EchoStar, agreed to sell to SpaceX their rights and licenses related to an aggregate of 50 MHz of spectrum in frequency ranges 2000–2020, 2180–2200, 1915–1920 and 1995–2000 (the “AWS-4 and H-Block Licenses” and such spectrum, the “Spectrum”) granted by the FCC, together with certain international authorizations, filings, concessions, licenses, rights and priorities related to that spectrum and certain assets associated therewith (collectively, the “Foreign Assets”).

The transfer of the AWS-4 and H-Block Licenses will occur in two steps: first, the AWS-4 and H-Block Licenses will be transferred by EchoStar to the Trust (the “Spectrum Transfer Closing”), and second, the AWS-4 and H-Block Licenses will be transferred by the Trust to SpaceX (the “Spectrum Acquisition Closing”). The Foreign Assets will be transferred by EchoStar directly to SpaceX at the Spectrum Acquisition Closing, to the extent the required regulatory approvals have been obtained by such date; provided, however, that the failure to obtain such approvals will not delay or prevent the Spectrum Acquisition Closing.

The consideration for the Initial SpaceX Transactions payable at the Spectrum Acquisition Closing is $17 billion (the “Total Consideration Amount”). A portion of the Total Consideration Amount (such amount, the “Total Payoff Consideration Amount”) will be used to: (i) fully pay off all outstanding amounts owed on EchoStar’s 10 3/4% Senior Secured Notes due 2029 (the “10 3/4% Secured Notes”) and EchoStar’s 6 3/4% Senior Secured

due 2030 (the “6 3/4% Secured Notes”) and (ii) settle the anticipated redemption and conversions of EchoStar’s 3 7/8% Convertible Secured Notes due 2030 (the “Convertible Notes due 2030” and, together with the 10 3/4% Secured Notes and the 6 3/4% Secured Notes, the “Seller Notes”). The remaining amount after paying off the Seller Notes (the “Purchase Price”) will be paid by SpaceX to EchoStar as follows: (i) up to $8.5 billion will be paid in SpaceX’s Class A Common Stock, valued at $212 per share (the “Equity Amount”); and (ii) any amount of the Purchase Price exceeding $8.5 billion will be paid in cash.

If the Total Payoff Consideration Amount exceeds $8.5 billion, EchoStar may elect to pay the excess in cash, EchoStar’s Class A Common Stock (with respect to the Convertible Notes due 2030), or both, to maintain EchoStar’s receipt of the full Equity Amount. However, if EchoStar elects not to pay such excess amount, the Equity Amount will be reduced dollar-for-dollar to ensure that the combined Equity Amount and Total Payoff Consideration Amount do not exceed the Total Consideration Amount. As of December 31, 2025, the aggregate principal amount outstanding of the Seller Notes was $9.821 billion and is secured by the AWS-4 and AWS-3 Licenses.

The Spectrum Transfer Closing is expected to occur in the first half of 2026. The Spectrum Acquisition Closing is expected to occur on or about November 30, 2027, following the expiration of the make-whole period for the Seller Notes and the date on which the Convertible Notes due 2030 become eligible for redemption. If SpaceX elects to proceed with the Spectrum Acquisition Closing prior to November 30, 2027, SpaceX will be responsible for any additional amounts required to satisfy the Seller Notes, other than additional amounts payable as a result of a default under the Seller Notes.

Additionally, in connection with the SpaceX License Purchase Agreement and the Initial SpaceX Transactions, on September 7, 2025, SpaceX and the Trust entered into a Credit Agreement, pursuant to which SpaceX has agreed upon the Spectrum Transfer Closing to loan to the Trust (via automatically cancellable loans) amounts sufficient to make debt service payments on the Seller Notes through at least November 30, 2027 (the “Interim Debt Service”), which will be secured on a junior lien basis by the AWS-4 and H-Block Licenses. The aggregate amount of payments for the Interim Debt Service through November 30, 2027 will equal approximately $2 billion and will be settled via a loan between EchoStar and SpaceX that automatically cancels upon the completion of the Spectrum Acquisition Closing. The Credit Agreement is generally on standard commercial terms and conditions and, as a beneficiary of the Credit Agreement, EchoStar has the ability to enforce the parties obligations under the Agreement. As of December 31, 2025, EchoStar has made approximately $414 million in cash interest payments on the Seller Notes, which is subject to reimbursement from SpaceX upon the Spectrum Transfer Closing.

The SpaceX License Purchase Agreement also provides for future long-term commercial agreements that will enable EchoStar to offer their Wireless subscribers access to SpaceX’s next-generation Starlink Direct to Cell text and voice and broadband services utilizing certain rights and licenses related to the Spectrum that are to be conveyed by EchoStar to SpaceX at the Spectrum Acquisition Closing. The commercial agreements will also provide for a fee-based referral program that lets us refer existing customers and new Starlink customers to SpaceX. As of December 31, 2025, EchoStar had begun to utilize certain of the rights conveyed under the SpaceX License Purchase Agreement. In addition, EchoStar also has begun performing installation and other services for new Starlink customers.

The description of the SpaceX License Purchase Agreement is not complete and is qualified in its entirety by reference to the License Purchase Agreement filed as an exhibit to EchoStar’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Amended and Restated License Purchase Agreement

On November 5, 2025, our parent, EchoStar, SpaceX and Trust, entered into an Amended and Restated License Purchase Agreement (the “Amended and Restated SpaceX License Purchase Agreement,” and the transactions contemplated thereby, the “Amended SpaceX Transactions”), and together with the Initial SpaceX Transactions, (the “SpaceX Transactions”). The Amended and Restated SpaceX License Purchase Agreement amends and restates in its entirety the SpaceX License Purchase Agreement, dated as of September 7, 2025, by and among EchoStar, SpaceX and Trust.

Pursuant to the Amended and Restated SpaceX License Purchase Agreement, EchoStar and SpaceX have agreed to revise the terms of the previously announced transaction to include the transfer of up to an aggregate of 15 MHz of AWS spectrum in the frequency range of 1695–1710 MHz for each relevant license area (the “AWS-3 Licenses”) from EchoStar to SpaceX in exchange for additional consideration of $2.6 billion, all of which will be paid in SpaceX’s Class A Common Stock, valued at $212 per share. As a result of this change, the total consideration for the SpaceX Transactions has increased from $17 billion to approximately $20 billion, with up to $11 billion to be paid in SpaceX’s Class A Common Stock, valued at $212 per share (the “Amended Equity Amount”).

Except as set forth above, the material terms of the Amended and Restated SpaceX License Purchase Agreement are substantially the same as the terms of the SpaceX License Purchase Agreement.

The SpaceX Transactions are subject to a number of terms and conditions set forth in the SpaceX License Purchase Agreement. The completion of the SpaceX Transactions are subject to the satisfaction or waiver of customary closing conditions, including, among others, receipt of certain consents and approvals from the FCC and the United States Department of Justice (the “DOJ”). The SpaceX License Purchase Agreement also provides for specified termination rights.

The foregoing description of the Amended and Restated SpaceX License Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated SpaceX License Purchase Agreement, filed as an exhibit to EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2025.

Future Capital Requirements

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Our cash and cash equivalents and marketable investment securities totaled $119 million as of December 31, 2025 (“Cash on Hand”). As reflected in the consolidated financial statements as of December 31, 2025, we have $1.536 billion of debt maturing in August 2026.

Because we do not currently have the necessary Cash on Hand and/or projected future cash flows or committed financing to fund our obligations, including our debt maturities, for at least twelve months from the issuance of these consolidated financial statements, substantial doubt exists about our ability to continue as a going concern. To address our capital needs, we are in active discussions with funding sources to raise additional capital and/or restructure our outstanding debt. We cannot provide assurances that we will be successful in obtaining such new financing and/or restructuring the existing debt obligations necessary for us to have sufficient liquidity. In addition, our parent, EchoStar, may or may not provide additional liquidity in the future necessary to meet our obligations as they come due. The consolidated financial statements do not

include any adjustments to the amount and classification of assets and liabilities that may be necessary should we not continue as a going concern.

Impairments and Other

For Accounting Policies see Note 2.

Impairment of Indefinite-Lived Intangible Assets

During the fourth quarter, we performed our annual impairment assessment of our indefinite-lived regulatory authorizations. We combine all of our indefinite-lived regulatory authorizations that we currently utilize or plan to utilize in the future into one unit of accounting for impairment testing (the “Hughes Licenses”).

Management performed a quantitative assessment to determine whether the fair value of the Hughes Licenses exceeded their aggregate carrying amount. The quantitative assessment consisted of an income approach, using a discounted cash flow model based upon several factors, including the discount rate, tax attributes and operating margins, which are all level 3 attributes within the fair value hierarchy. Through this assessment, we concluded that the fair value was less than the carrying amount. As a result, we fully impaired the Hughes Licenses, resulting in a non-cash impairment charge of $400 million during the year ended December 31, 2025 recorded in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

Under the SpaceX Transactions, SpaceX has the sole option to acquire certain satellite assets and certain regulatory authorizations from us and our parent, EchoStar. During the third quarter this option was considered a triggering event and resulted in our review for impairment of certain of our international licenses and ground equipment necessary to operate our and our parent’s assets included in the SpaceX Transactions. Additionally, we and EchoStar are no longer pursuing a business plan to utilize those complementary assets and as such our assets have no future use. Management determined based on our undiscounted future net cash flows that the carrying amount of certain assets, individually or as part of an asset group were not recoverable. Management determined the fair value of certain assets or asset groups using the market approach. Due to the specialized use and company specific nature of each asset or asset group, management determined the fair values to be nominal, resulting in non-cash impairment charges of $11 million in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

The Hughes Licenses, as defined above, are used in conjunction with an asset group comprised of the Hughes satellite fleet, ROU lease assets and certain other long-lived and finite-lived intangible assets, (the “Hughes Asset Group”). As a result, the impairment of the Hughes Licenses in the fourth quarter was considered a triggering event and resulted in our review of the Hughes Asset Group for impairment. Management determined, using undiscounted future net cash flows, that the carrying amount of the Hughes Asset Group is not recoverable. Management determined fair value of the Hughes Asset Group using the income approach, utilizing the discounted cash flows of the Hughes Asset Group, based upon several factors, including the discount rate, tax attributes and operating margins, which are all level 3 attributes within the fair value hierarchy. We concluded the carrying amount exceeded the fair value, and we partially impaired the Hughes Asset group, resulting in non-cash impairment charge of $1.012 billion during the year ended December 31, 2025 recorded in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss), which was allocated ratably to the various assets based on the carrying value of the assets.

“Impairments and other” recorded on our Consolidated Statements of Operations and Comprehensive Income (Loss) during the years ended December 31, 2025, 2024 and 2023 consisted of the following:


	For the Years Ended December 31,
	2025		2024			2023

	(In thousands)
Property and equipment, net	$	491,124	$	—		$	—
Operating lease assets		518,182		—			—
Regulatory authorizations		404,867		—			—
Intangible assets, net		4,671		—			—
Exit and disposal costs (1)		4,138		—			—
Goodwill		—		—			532,940
Impairments and other	$	1,422,982	$	—		$	532,940

(1)	Exit and disposal costs include, among other things, one-time employee termination benefits due to a reduction in work force.

Long-Term Debt and Other Notes Payable - Narrative (Details) $ in Millions	Jul. 27, 2016 USD ($)
Senior Secured Notes \| 5 1/4% Senior Secured Notes due 2026
Debt and Other Notes Payable
Purchase price due to change of control, as percentage of aggregate principal amount	101.00%
Senior Unsecured Notes \| 6 5/8% Senior Unsecured Notes due 2026
Debt and Other Notes Payable
Aggregate principal amount	$ 750.0
Purchase price due to change of control, as percentage of aggregate principal amount	101.00%
Subsidiaries \| Senior Secured Notes \| 5 1/4% Senior Secured Notes due 2026
Debt and Other Notes Payable
Aggregate principal amount	$ 750.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting

Schedule of total revenue, capital expenditures and EBITDA by operating segments


	For the Years Ended December 31,
Hughes	2025		2024		2023

	(In thousands)
Revenue
Service revenue	$	1,085,219	$	1,210,840	$	1,448,489
Equipment sales and other revenue		350,686		349,533		299,367
Total revenue		1,435,905		1,560,373		1,747,856

Operating Expenses
Cost of services:
Connectivity services (1)		388,391		370,473		178,295
Other (2)		249,233		310,548		362,650
Total cost of services		637,624		681,021		540,945
Cost of sales - equipment and other		316,475		307,742		239,336
Selling, general and administrative expenses:
Subscriber acquisition costs		166,253		181,657		223,508
Selling, general and administrative expenses		155,919		193,881		216,476
Total selling, general and administrative expenses		322,172		375,538		439,984

Impairments and other (Note 1)		1,422,982		—		532,940

OIBDA (3)		(1,263,348)		196,072		(5,349)

Depreciation and amortization		333,003		365,902		389,632
Total costs and expenses		3,032,256		1,730,203		2,142,837

Operating income (loss)	$	(1,596,351)	$	(169,830)	$	(394,981)

Interest income		9,217		25,393		85,036
Interest expense, net of amounts capitalized		(102,218)		(98,802)		(89,569)
Other, net		6,906		(9,024)		(32,798)
Total other income (expense)		(86,095)		(82,433)		(37,331)

Income (loss) before income taxes		(1,682,446)		(252,263)		(432,312)
Income tax benefit (provision), net		398,940		34,153		(46,126)
Net income (loss)	$	(1,283,506)	$	(218,110)	$	(478,438)

Purchases of property and equipment, net of refunds	$	114,431	$	205,330	$	190,129

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, satellite and transmission and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

OIBDA is a non-GAAP measure and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciation and amortization expenses related primarily to capital expenditures and acquisitions, as well as in evaluating operating performance in relation to our competitors.

Schedule of revenue by geographic market


	For the Years Ended December 31,
Revenue:	2025		2024		2023

	(In thousands)
North America	$	1,146,197	$	1,239,679	$	1,398,123
South and Central America		133,490		147,694		159,520
Other		156,218		173,000		190,213
Total revenue	$	1,435,905	$	1,560,373		1,747,856

Schedule of long-lived assets by geographic market


		As of December 31,
Long-lived assets:		2025			2024

		(In thousands)
North America		$	716,631		$	2,342,387
South and Central America			30,826			74,365
Other			7,812			25,032
Total long-lived assets		$	755,269		$	2,441,784

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting

Segment Reporting

13.Segment Reporting

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. “OIBDA,” defined as “Operating income (loss)” plus “Depreciation and amortization,” is the primary measure used by our CODM to evaluate segment operating performance. The CODM regularly reviews budget-to-actual variances of OIBDA when evaluating segment performance and allocating resources to each segment. The CODM is not regularly provided assets in evaluating the results of our Hughes segment; therefore, such information is not presented.

We manage our business activities on a consolidated basis and operate as a single operating segment, Hughes.


	For the Years Ended December 31,
Hughes	2025		2024		2023

	(In thousands)
Revenue
Service revenue	$	1,085,219	$	1,210,840	$	1,448,489
Equipment sales and other revenue		350,686		349,533		299,367
Total revenue		1,435,905		1,560,373		1,747,856

Operating Expenses
Cost of services:
Connectivity services (1)		388,391		370,473		178,295
Other (2)		249,233		310,548		362,650
Total cost of services		637,624		681,021		540,945
Cost of sales - equipment and other		316,475		307,742		239,336
Selling, general and administrative expenses:
Subscriber acquisition costs		166,253		181,657		223,508
Selling, general and administrative expenses		155,919		193,881		216,476
Total selling, general and administrative expenses		322,172		375,538		439,984

Impairments and other (Note 1)		1,422,982		—		532,940

OIBDA (3)		(1,263,348)		196,072		(5,349)

Depreciation and amortization		333,003		365,902		389,632
Total costs and expenses		3,032,256		1,730,203		2,142,837

Operating income (loss)	$	(1,596,351)	$	(169,830)	$	(394,981)

Interest income		9,217		25,393		85,036
Interest expense, net of amounts capitalized		(102,218)		(98,802)		(89,569)
Other, net		6,906		(9,024)		(32,798)
Total other income (expense)		(86,095)		(82,433)		(37,331)

Income (loss) before income taxes		(1,682,446)		(252,263)		(432,312)
Income tax benefit (provision), net		398,940		34,153		(46,126)
Net income (loss)	$	(1,283,506)	$	(218,110)	$	(478,438)

Purchases of property and equipment, net of refunds	$	114,431	$	205,330	$	190,129

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, satellite and transmission and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

Geographic Information. Revenue is attributed to geographic regions based upon the customer billing location. Long-lived assets are associated with the geographic regions based upon the location where the asset resides. Geographic regions consist of: (i) North America, including the U.S. and its territories, Mexico, and Canada; (ii) South and Central America; (iii) Other, including Asia, Africa, Australia, Europe, India and the Middle East.

The following table summarizes revenue by geographic market:


	For the Years Ended December 31,
Revenue:	2025		2024		2023

	(In thousands)
North America	$	1,146,197	$	1,239,679	$	1,398,123
South and Central America		133,490		147,694		159,520
Other		156,218		173,000		190,213
Total revenue	$	1,435,905	$	1,560,373		1,747,856

The following table summarizes long-lived assets by geographic market:


		As of December 31,
Long-lived assets:		2025			2024

		(In thousands)
North America		$	716,631		$	2,342,387
South and Central America			30,826			74,365
Other			7,812			25,032
Total long-lived assets		$	755,269		$	2,441,784

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes and Accounting for Uncertainty in Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Pretax book income (loss) at US federal statutory tax rate	$ (353,314)	$ (52,975)	$ (90,786)
State and local income taxes, net of federal income tax effect	(55,624)	(10,927)	(4)
Foreign rate difference/other	17,356	(5,945)	(16,041)
Changes in valuation allowances	614	25,967	45,043
Nontaxable or nondeductible items	(2,509)
Impairments			108,734
Tax credits, including withholding tax		1,064	(4,196)
Changes in unrecognized tax benefits	(609)
Permanent differences		(716)	(728)
Uncertain Tax Positions		7,413
Other adjustments	(4,854)	1,966	4,104
Total income tax benefit (provision), net	$ (398,940)	$ (34,153)	$ 46,126
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent [Abstract]
Pretax book income (loss) at US federal statutory tax rate (as a percent)	21.00%			21.00%
State and local income taxes, net of federal income tax effect (as a percent)	3.30%
Foreign rate difference/other (as a percent)	(1.00%)
Changes in valuation allowances (as a percent)	0.00%
Nontaxable or nondeductible items	0.10%
Changes in unrecognized tax benefits (as a percent)	0.00%
Other adjustments (as a percent)	0.30%
Total income tax provision (benefit) (as a percent)	23.70%

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of assessing, identifying, reviewing and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things: operational and legal risks including intellectual property theft or loss, fraud, extortion, harm to employees or customers and violation of data privacy or security regulation. Our framework is informed in part by the National Institute of Standards and Technology (NIST) Cybersecurity Framework, although this does not imply that we meet all requirements under NIST. We have a cybersecurity security program designed to identify, detect, and respond to threats and vulnerabilities, and protect the enterprise and respond and recover from cybersecurity events and incidents when they do occur. Our cybersecurity risk management program contributes significantly to the overall resilience and integrity of our business by, among other things, integrating the risk identification process in all major company initiatives and deployment processes, implementing a unified approach to managing both digital and traditional business risks, making continuous improvements and regularly reporting to management and the Board of Directors as a whole to ensure senior-level visibility. We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. We and certain third parties conduct regular reviews and tests of our information security program and also leverage, among other things, audits, tabletop exercises, penetration and vulnerability testing, cybersecurity maturity assessments, simulations and other exercises to evaluate the effectiveness of our information security program and improve our security measures and planning. In addition, we evaluate third-party risks and perform third-party risk management to assess, identify and mitigate risks from third parties such as vendors, suppliers and other business partners. We have not experienced cyber-attacks or other malicious activities that materially disrupted our business. Any future failure or disruption of our information technology infrastructure and communications systems or those of third parties that we use in our operations could harm our business. We describe whether and how risks from identified cybersecurity threats, including, but not limited to, as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition included as part of our risk factor disclosures at Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have a cybersecurity security program designed to identify, detect, and respond to threats and vulnerabilities, and protect the enterprise and respond and recover from cybersecurity events and incidents when they do occur. Our cybersecurity risk management program contributes significantly to the overall resilience and integrity of our business by, among other things, integrating the risk identification process in all major company initiatives and deployment processes, implementing a unified approach to managing both digital and traditional business risks, making continuous improvements and regularly reporting to management and the Board of Directors as a whole to ensure senior-level visibility. We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. We and certain third parties conduct regular reviews and tests of our information security program and also leverage, among other things, audits, tabletop exercises, penetration and vulnerability testing, cybersecurity maturity assessments, simulations and other exercises to evaluate the effectiveness of our information security program and improve our security measures and planning. In addition, we evaluate third-party risks and perform third-party risk management to assess, identify and mitigate risks from third parties such as vendors, suppliers and other business partners.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Senior Director of Cybersecurity Infrastructure and Threat Hunting, Corporate Cybersecurity leads our information security organization responsible for overseeing our information security program. This individual has over 20 years of experience in various roles involving information security, including risk management and security leadership. Team members who support our information security program have relevant education, professional certifications and industry experience, including but not limited to, holding similar positions at large enterprises. The Cybersecurity team provides regular briefings, no less frequently than monthly, to senior management and other relevant teams on preparation for and, where possible prevention of cybersecurity incidents. These briefings involve risk remediation measures that should be taken to decrease, among other things, the likelihood and severability of incidents and to mitigate and manage their effects. Senior management and other members of management receive detailed updates on cybersecurity risks on a regular basis, no less frequently than monthly, or when significant risks or incidents are identified. These briefings enable the management team to, among other things, stay informed of the latest threats, assess the effectiveness of current security measures and make timely decisions on strategic security initiatives. In addition, the Board of Directors is regularly briefed, no less frequently than quarterly, on cybersecurity risks as part of its oversight functions and to ensure that cybersecurity practices align with the company’s overall risk management framework and business objectives. We anticipate that we will continue to evaluate and address as needed our cybersecurity risk management, policies, structure, strategies and governance in order to meet our needs as the cybersecurity threat landscape evolves.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Senior Director of Cybersecurity Infrastructure and Threat Hunting, Corporate Cybersecurity
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Senior Director of Cybersecurity Infrastructure and Threat Hunting, Corporate Cybersecurity leads our information security organization responsible for overseeing our information security program. This individual has over 20 years of experience in various roles involving information security, including risk management and security leadership. Team members who support our information security program have relevant education, professional certifications and industry experience, including but not limited to, holding similar positions at large enterprises. The Cybersecurity team provides regular briefings, no less frequently than monthly, to senior management and other relevant teams on preparation for and, where possible prevention of cybersecurity incidents. These briefings involve risk remediation measures that should be taken to decrease, among other things, the likelihood and severability of incidents and to mitigate and manage their effects.
Cybersecurity Risk Role of Management [Text Block]	The Cybersecurity team provides regular briefings, no less frequently than monthly, to senior management and other relevant teams on preparation for and, where possible prevention of cybersecurity incidents. These briefings involve risk remediation measures that should be taken to decrease, among other things, the likelihood and severability of incidents and to mitigate and manage their effects.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	This individual has over 20 years of experience in various roles involving information security, including risk management and security leadership. Team members who support our information security program have relevant education, professional certifications and industry experience, including but not limited to, holding similar positions at large enterprises.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Cybersecurity team provides regular briefings, no less frequently than monthly, to senior management and other relevant teams on preparation for and, where possible prevention of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue Recognition

Revenue Recognition

14.	Revenue Recognition

Contract Balances

Our allowance for credit losses for trade accounts receivable were as follows:


		For the Years Ended December 31,
		2025		2024		2023

		(In thousands)
Balance, beginning of period		$	11,314	$	20,399	$	15,358
Current period provision for expected credit losses			21,073		25,653		34,085
Write-offs charged against allowance			(14,877)		(34,193)		(29,371)
Foreign currency translation			49		(545)		327
Balance, end of period		$	17,559	$	11,314	$	20,399

As of December 31, 2025, accounts receivable balances for certain customers in Mexico and Brazil have been fully reserved in “Other noncurrent assets, net” in the amount of $17 million.

Contract assets arise when we recognize revenue for providing a service in advance of billing our customers. Our contract assets typically relate to our long-term contracts where we recognize revenue using the cost-based input method and the revenue recognized exceeds the amount billed to the customer.

Our contract assets also include receivables related to sales-type leases recognized over the lease term as the customer is billed. Contract assets are amortized as the customer is billed for services. Contract assets are recorded in “Trade accounts receivable and contract assets, net” on our Consolidated Balance Sheets.

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the service or equipment. Contract liabilities are recognized as revenue when the service or equipment has been provided to the customer. Contract liabilities are recorded in “Contract liabilities” and “Other noncurrent liabilities” on our Consolidated Balance Sheets.

The following table summarizes our contract asset and liability balances:


	As of December 31,
	2025		2024

	(In thousands)
Contract assets	$	138,541	$	108,007

Contract liabilities
Current	$	76,580	$	81,558
Noncurrent		350		1,068
Total contract liabilities	$	76,930	$	82,626

Our beginning of period contract liability recorded as customer contract revenue during 2025 was $64 million.

Performance Obligations

As of December 31, 2025, the remaining performance obligations for our customer contracts was approximately $1.4 billion. Performance obligations expected to be satisfied within one year and greater than one year are 28% and 72%, respectively. This amount and percentages exclude leasing arrangements and agreements with consumer customers.

Contract Acquisition Costs

The following table presents the activity in our contract acquisition costs, net:


	For the Years Ended December 31,
	2025			2024		2023

	(In thousands)
Balance, beginning of period	$	57,337		$	49,343	$	64,447
Additions		31,730			47,883		44,459
Amortization expense		(40,082)			(38,290)		(60,512)
Foreign currency translation		826			(1,599)		949
Balance, end of period	$	49,811		$	57,337	$	49,343

Disaggregation of Revenue

Nature of Products and Services

The following tables present our revenue disaggregated by the nature of products and services. Substantially all of our revenue is related to our Hughes segment:


	For the Years Ended December 31,
	2025			2024		2023

	(In thousands)
Service revenue:
Services	$	1,069,486		$	1,196,394	$	1,401,438
Lease revenue		15,733			14,446		47,051
Total service revenue		1,085,219			1,210,840		1,448,489
Equipment sales and other revenue:
Equipment sales		182,564			205,178		140,429
Design, development and construction services		161,419			133,520		145,507
Lease revenue		6,703			10,835		13,431
Total equipment and other revenue		350,686			349,533		299,367
Total revenue	$	1,435,905		$	1,560,373		1,747,856

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Property and Equipment and Intangible Assets - Regulatory Authorizations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Regulatory Authorizations
Total		$ 400,000
Amortization of Intangible Assets	$ 38,343	36,974	$ 33,455
Non-cash impairment charge	$ 400,000
Regulatory authorizations
Regulatory Authorizations
Finite-Lived Intangible Asset, Useful Life	11 years
Amortization of Intangible Assets	$ 1,000	2,000	2,000
Finite-Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	$ 1,000	1,000	$ 1,000
95 W
Regulatory Authorizations
Total		200,000
107 W
Regulatory Authorizations
Total		$ 200,000

- Definition

+ References

+ Details

Long-Term Debt and Other Notes Payable

12 Months Ended

Dec. 31, 2025

Long-Term Debt and Other Notes Payable

Long-Term Debt and Other Notes Payable

9.Long-Term Debt and Other Notes Payable

The following table summarizes the carrying amount and fair value of our debt facilities as of December 31, 2025:


	As of December 31,
	2025				2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

	(In thousands)
5 1/4% Senior Secured Notes due 2026 (1) (2)	$	750,000	$	723,090	$	750,000	$	686,475
6 5/8% Senior Notes due 2026 (2)		750,000		691,313		750,000		595,725
Other notes payable		36,431		36,431		44,774		44,774
Subtotal		1,536,431	$	1,450,834		1,544,774	$	1,326,974
Unamortized deferred financing costs and other debt discounts, net		(572)				(1,509)
Total		1,535,859				1,543,265
Less: current portion		(1,508,730)				(9,548)
Total debt and other notes payable, net of current portion	$	27,129			$	1,533,717

(1)	During the year ended December 31, 2025, our parent, EchoStar, purchased approximately $123 million of our 5 1/4% Senior Secured Notes due 2026 in open market trades. The repurchase is held at EchoStar.

(2)	These notes have been reclassified to “Current portion of debt and other notes payable” on our Consolidated Balance Sheets as of December 31, 2025.

We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).

5 1/4% Senior Secured Notes due 2026

On July 27, 2016, we issued $750.0 million aggregate principal amount of 5 1/4% Senior Secured Notes due August 1, 2026 (the “2026 Senior Secured Notes”). Interest on the 2026 Senior Secured Notes accrues at an annual rate of 5 1/4% and is payable semi-annually in cash, in arrears, on February 1 and August 1 of each year.

Our Senior Notes due 2026 are:

●

our secured obligations;

●

secured by security interests in substantially all of our and certain of our subsidiaries existing and future tangible and intangible assets on a first priority basis, subject to certain exceptions;

●

effectively junior to our obligations that are secured by assets that are not part of the collateral that secures the 2026 Senior Secured Notes to the extent of the value of the collateral securing such obligations;

●

effectively senior to our existing and future unsecured obligations to the extent of the value of the collateral securing the 2026 Senior Secured Notes, after giving effect to permitted liens as provided in the 2016 Secured Indenture;

●

senior in right of payment to all of our existing and future obligations that are expressly subordinated to the 2026 Senior Secured Notes;

●

structurally junior to any existing and future obligations of any of our subsidiaries that do not guarantee the 2026 Senior Secured Notes; and

●

unconditionally guaranteed, jointly and severally, on a general senior secured basis by certain of our subsidiaries, which guarantees rank equally with all of the guarantors’ existing and future unsubordinated indebtedness and effectively senior to such guarantors’ existing and future obligations to the extent of the value of the assets securing the 2026 Senior Secured Notes.

Subject to certain exceptions, the Indentures contain restrictive covenants that, among other things, impose limitations on our ability and, in certain instances, the ability of certain of our subsidiaries to:

●

incur additional debt;

●

pay dividends or make distributions on our capital stock or repurchase our capital stock;

●

make certain investments;

●

create liens or enter into sale and leaseback transactions;

●

enter into transactions with affiliates;

●

merge or consolidate with another company;

●

transfer and sell assets; and

●

restrict our subsidiaries’ ability to pay dividends, make distributions, make other payments, or transfer assets.

In the event of a change of control, as defined in the respective indenture, we would be required to make an offer to repurchase all or any part of a holder’s 2026 Senior Secured Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.

6 5/8% Unsecured Senior Notes due 2026

On July 27, 2016, we issued $750 million aggregate principal amount of 6 5/8% Senior Unsecured Notes due August 1, 2026 (the “2026 Senior Unsecured Notes”). Interest on the 2026 Senior Unsecured Notes accrues at an annual rate of 6 5/8% and is payable semi-annually in cash, in arrears, on February 1 and August 1 of each year.

Our Senior Notes due 2026 are:

●

our unsecured senior obligations;

●

ranked equally with all existing and future unsubordinated indebtedness and effectively junior to any secured indebtedness up to the value of the assets securing such indebtedness;

●

effectively junior to our obligations that are secured to the extent of the value of the collateral securing such obligations;

●

senior in right of payment to all our existing and future obligations that are expressly subordinated to the 2026 Senior Unsecured Notes;

●

structurally junior to any existing and future obligations of any of our subsidiaries that do not guarantee the 2026 Senior Unsecured Notes; and

●

unconditionally guaranteed, jointly and severally, on a general senior secured basis by certain of our subsidiaries, which guarantees rank equally with all of the guarantors’ existing and future unsubordinated indebtedness, and effectively junior to any secured indebtedness of the guarantors up to the value of the assets securing such indebtedness.

●

incur additional debt;

●

pay dividends or make distributions on our capital stock or repurchase our capital stock;

●

make certain investments;

●

create liens or enter into sale and leaseback transactions;

●

enter into transactions with affiliates;

●

merge or consolidate with another company;

●

transfer and sell assets; and

●

restrict our subsidiaries’ ability to pay dividends, make distributions, make other payments, or transfer assets.

In the event of a change of control, as defined in the respective indenture, we would be required to make an offer to repurchase all or any part of a holder’s 2026 Senior Unsecured Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.

Interest on Long-Term Debt


		Annual
	Semi-Annual	Debt Service
	Payment Dates	Requirements
		(In thousands)
5 1/4% Senior Secured Notes due 2026	February 1 and August 1	$	39,375
6 5/8% Senior Notes due 2026	February 1 and August 1	$	49,688

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2025

Property and Equipment and Intangible Assets

Property and Equipment and Intangible Assets

7.	Property and Equipment and Intangible Assets

Property and Equipment

Property and equipment consisted of the following:


	Depreciable
	Life				As of December 31,
	(In Years)				2025		2024

					(In thousands)
Equipment leased to customers (1)		2	-	4	$	84,497	$	865,003
Satellites (1)(2)(3)		5	-	15		132,631		1,210,437
Satellites acquired under finance lease agreements (1)			15			77,116		344,972
Furniture, fixtures, equipment and other (1)		1	-	12		71,537		682,614
Software and computer equipment (1)		2	-	5		34,556		300,255
Buildings and improvements (1)		1	-	30		34,604		129,779
Land			-			13,598		13,460
Construction in progress			-			2,511		7,980
Total property and equipment						451,050		3,554,500
Accumulated depreciation (1)						(8,847)		(2,457,310)
Property and equipment, net (4)					$	442,203	$	1,097,190

(1)	This change primarily resulted from the non-cash impairment of long-lived assets. See Note 1 for further information.

(2)	All commercial traffic on the EchoStar IX satellite has been transferred to other satellites in our fleet and the EchoStar IX satellite is no longer in service. The disposal process for the EchoStar IX satellite was completed in the third quarter of 2025.

(3)	As of June 2025, all commercial traffic on the Al Yah 3 satellite had been transferred to other satellites in our fleet and the Al Yah 3 satellite is no longer operational nor in service.

(4)	As of December 31, 2025 and December 31, 2024, there were no refunds and other receipts of purchases of property and equipment.

Depreciation and amortization expense consisted of the following:


	For the Years Ended December 31,
	2025		2024		2023

	(In thousands)
Equipment leased to customers	$	110,391	$	114,143	$	168,656
Satellites		93,571		105,139		105,717
Buildings, furniture, fixtures, equipment and other		63,288		83,683		53,445
Software and computer equipment		27,410		25,963		28,359
Intangible assets and other amortization expense		38,343		36,974		33,455
Total depreciation and amortization	$	333,003	$	365,902	$	389,632

Satellites

As of December 31, 2025, our satellite fleet consisted of six satellites in geosynchronous orbit, approximately 22,300 miles above the equator, two of which we own and depreciate over their estimated useful life. We also lease four satellites, three of which are accounted for as finance leases and are depreciated over their economic life and one of which we lease from our parent, EchoStar which is accounted for as an operating lease.

As of December 31, 2025, our satellite fleet in service consisted of the following:


			Degree		Lease
			Orbital		Termination
Satellites	Launch Date		Location		Date
Owned:
EchoStar XVII (1)	July 2012		107		N/A
EchoStar XIX (1)	December 2016		97.1		N/A

Finance leases:
Eutelsat 65 West A (1)	March 2016		65		July 2031
Telesat T19V (1)	July 2018		63		August 2033
EchoStar 105/SES‑11 (1)	October 2017		105		November 2030

Operating leases:
EchoStar XXIV (1)	July 2023		95.2		December 2030

(1)	As of December 31, 2025, we impaired these satellites and wrote down the carrying value of the satellites to their estimated fair value. See Note 1 for further information.

Satellite-Related Commitments

As of December 31, 2025 and December 31, 2024 our satellite-related commitments, excluding in-orbit incentives, were $37 million and $43 million, respectively. These include payments pursuant to regulatory authorizations, non-lease costs associated with our finance lease satellites, and commitments for satellite service arrangements.

In certain circumstances, the dates on which we are obligated to pay our contractual obligations could change.

Satellite Anomalies and Impairments

Our satellites may experience anomalies from time to time, some of which may have a significant adverse effect on their remaining useful lives, the commercial operation of the satellites or our operating results or financial position.

There can be no assurance that future anomalies will not impact the remaining useful life and/or commercial operation of any of the owned and leased satellites in our fleet. See Note 2 for further information on evaluation of impairment. There can be no assurance that we can recover critical transmission capacity in the event one or more of our owned or leased in-orbit satellites were to fail. We are not aware of any anomalies with respect to our owned or leased satellites that have had any such significant adverse effect during the year ended December 31, 2025.

We generally do not carry commercial in-orbit insurance on any of the satellites that we own and therefore, we will bear the risk associated with any uninsured in-orbit satellite failures. Pursuant to the terms of our joint venture agreement with Al Yah Satellite Communications Company PrJSC (“Yahsat”) in Brazil in 2019, we are required to maintain insurance for the Al Yah 3 Brazilian payload during the commercial in-orbit service of such payload, subject to certain limitations on coverage. The insurance policies were procured by Yahsat, under which we and Yahsat are the beneficiaries of any claims in proportion to their shareholdings. An insurance claim was submitted in the second quarter of 2023 for compensation with respect to the reduction in estimated useful life of the Al Yah 3 satellite. During the year ended December 31, 2025, we received $5 million in proceeds from the insurance carrier. We will continue to assess circumstances going forward and make insurance-related decisions on a case-by-case basis.

Fair Value of In-Orbit Incentives

As of December 31, 2025 and December 31, 2024, the fair values of our in-orbit incentive obligations approximated their carrying amounts of $35 million and $41 million, respectively.

Intangible Assets

As of December 31, 2025 and 2024, our identifiable intangibles, including intangibles subject to amortization, consisted of the following:


	As of December 31,
	2025				2024
	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization

	(In thousands)
Customer relationships (1)	$	—	$	—	$	274,155	$	(272,602)
Patents (1)		—		—		51,400		(51,400)
Trademarks and licenses (1)		4,118		—		29,700		(20,171)
Total	$	4,118	$	—	$	355,255	$	(344,173)

(1)	As of December 31, 2025, we impaired these intangibles and wrote down the carrying value of the intangibles to their estimated fair value. See Note 1 for further information.

These identifiable intangibles are included in “Intangible assets, net” on our Consolidated Balance Sheets. Amortization of these intangible assets is recorded on a straight-line basis over an average finite useful life primarily ranging from approximately 5 to 20 years. Amortization was $2 million, $2 million and $2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Future Amortization

Estimated future amortization of our identifiable intangible assets as of December 31, 2025 is as follows:


For the Years Ending December 31,		Total
	(In thousands)
2026	$	1,018
2027		723
2028		696
2029		696
2030		696
Thereafter		289
Total	$	4,118

Goodwill

Goodwill represents the excess of the consideration transferred over the estimated fair values of assets acquired and liabilities assumed as of the acquisition date and is not subject to amortization but is subject to impairment testing annually or whenever indicators of impairment arise.

During the year ended December 31, 2023 we recorded a noncash impairment charge for goodwill of $533 million in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 2 for further information. The non-recurring measurement of fair value of goodwill is classified as Level 3 in the fair value hierarchy. As of December 31, 2025 and 2024, we have zero goodwill recorded on our Consolidated Balance Sheets.

Regulatory Authorizations

As of December 31, 2025 and 2024, our Regulatory Authorizations with indefinite lives consisted of the following:


		As of December 31,
		2025			2024

		(In thousands)
95 W		$	—		$	200,000
107 W			—			200,000
Total		$	—		$	400,000

(1)	During the year ended December 31, 2025, we recorded a noncash impairment charge for Regulatory Authorizations in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 1 for further information.

As of December 31, 2025 and 2024, our Regulatory Authorizations with finite lives consisted of the following:

 

As of December 31,

2025

2024

 

Finite Lived Assets

 

Accumulated Amortization

 

Finite Lived Assets

 

Accumulated Amortization

(In thousands)

Total

—

10,295

(5,597)

(1)	During the year ended December 31, 2025, we recorded a noncash impairment charge for finite lived intangible assets in “Impairments and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 1 for further information.

These identifiable intangibles are included in “Regulatory authorizations, net” on our Consolidated Balance Sheets. Amortization of these intangible assets was recorded on a straight-line basis over an average finite useful life of 11 years. Amortization was less than $1 million, $2 million and $2 million for the years ended December 31, 2025, 2024 and 2023 respectively. Foreign currency translation adjustments were gains of gains of less than $1 million, gains of $1 million and losses of less than $1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Revenue Recognition - Schedule of Allowance for Doubtful Accounts Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for credit losses
Balance, beginning of period	$ 11,314	$ 20,399	$ 15,358
Current period provision for expected credit losses	21,073	25,653	34,085
Write-offs charged against allowance	(14,877)	(34,193)	(29,371)
Foreign currency translation	49	(545)	327
Balance, end of period	$ 17,559	$ 11,314	$ 20,399

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Schedule of contractual obligations

The following table summarizes our contractual obligations as of December 31, 2025:


		Payments Due in the Years Ending December 31,
		Total			2026			2027			2028			2029			2030			Thereafter

		(In thousands)
Long-term debt obligations (1)		$	1,536,431		$	1,508,730		$	8,734		$	2,795		$	3,219		$	3,666		$	9,287
Interest expense on long-term debt			97,012			91,473			1,699			1,164			995			795			886
Satellite-related commitments (2)			37,195			14,017			6,051			4,222			3,175			3,175			6,555
Operating lease obligations (3)			1,131,257			217,159			215,647			213,364			212,239			194,079			78,769
Total (4)(5)		$	2,801,895		$	1,831,379		$	232,131		$	221,545		$	219,628		$	201,715		$	95,497

(1)	Assumes all long-term debt is outstanding until scheduled maturity.

(2)	Includes payments pursuant to: i) regulatory authorizations, ii) non-lease costs associated with our finance lease satellites and iii) commitments for satellite service arrangements.

(3)	Operating leases consist primarily of leases for the EchoStar XXIV satellite, office space, data centers and satellite-related ground infrastructure.

(4)	The table excludes amounts related to deferred tax liabilities, unrecognized tax positions and certain other amounts recorded in our noncurrent liabilities as the timing of any payments is uncertain.

(5)	The table excludes long-term deferred revenue and other long-term liabilities that do not require future cash payments.

Schedule of components of the accrual


	As of December 31,
	2025		2024

	(In thousands)
Additional license fees	$	3,156	$	3,314
Penalties		3,240		3,402
Interest on license fees and penalties		84,190		84,643
Less: Payments		(44,559)		(36,929)
Total accrual		46,027		54,430
Less: Current portion (1)		9,390		9,860
Total long-term accrual (2)(3)	$	36,637	$	44,570

(1)	The current portion of the accrual is included in “Accrued expenses” on our Consolidated Balance Sheets.

(2)	The long-term portion of the accrual is included in “Other noncurrent liabilities” on our Consolidated Balance Sheets.

(3)	The amount owed must be paid in Indian Rupees.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Stockholder's Equity (Deficit):
Trade accounts receivable and contract assets, allowance for credit losses	$ 17,559	$ 11,314
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	1,078	1,078
Common stock, shares outstanding (in shares)	1,078	1,078

Supplemental Data - Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Data - Statements of Cash Flows

Schedule of supplemental cash flow and other non-cash data


		For the Years Ended December 31,
		2025			2024		2023

		(In thousands)
Cash paid for interest (including capitalized interest)		$	96,231		$	97,306	$	98,642
Cash paid for income taxes, net of (refunds) (1)			5,825			202,993		4,902
Total capitalized interest			—			—		10,115
Accrued capital expenditures			3,532			4,992		15,439

(1)	Amount paid for income taxes generally were remitted to our parent, EchoStar. See Note 15, for additional details on this related party transaction.

Schedule of Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure


		As of December 31,
		2025			2024

		(In thousands)
Net carrying amount of externally marketed software		$	94,548		$	109,103
Externally marketed software under development and not yet placed into service		$	17,583		$	19,275


		For the Years Ended December 31,
		2025			2024			2023

		(In thousands)
Capitalized costs related to development of externally marketed software		$	20,998		$	24,945		$	30,164
Amortization expense relating to externally marketed software		$	35,576		$	32,792		$	29,370
Weighted-average useful life (in years)			3.0

Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEGMENT REPORTING
Total revenue	$ 1,435,905	$ 1,560,373	$ 1,747,856
Selling, general and administrative expenses:
Subscriber acquisition costs	166,253	181,657	223,508
Selling, general and administrative expenses	155,919	193,881	216,476
Total selling, general and administrative expenses	322,172	375,538	439,984
Impairments and other (Note 1)	1,422,982		532,940
OIBDA	(1,263,348)	196,072	(5,349)
Depreciation and amortization	333,003	365,902	389,632
Total costs and expenses	3,032,256	1,730,203	2,142,837
Operating income (loss)	(1,596,351)	(169,830)	(394,981)
Unallocated Amounts
Interest income	9,217	25,393	85,036
Interest expense, net of amounts capitalized	(102,218)	(98,802)	(89,569)
Other, net	6,906	(9,024)	(32,798)
Total other income (expense)	(86,095)	(82,433)	(37,331)
Income (loss) before income taxes	(1,682,446)	(252,263)	(432,312)
Income tax benefit (provision), net	398,940	34,153	(46,126)
Net income (loss)	(1,283,506)	(218,110)	(478,438)
Purchases of property and equipment, net of refunds	114,431	205,330	190,129
Service revenue
SEGMENT REPORTING
Total revenue	1,085,219	1,210,840	1,448,489
Cost of services:
Connectivity services	388,391	370,473	178,295
Other	249,233	310,548	362,650
Total cost of services	637,624	681,021	540,945
Equipment sales and other revenue
SEGMENT REPORTING
Total revenue	350,686	349,533	299,367
Cost of services:
Total cost of services	$ 316,475	$ 307,742	$ 239,336

Property and Equipment and Intangible Assets - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment and Intangible Assets
Total property and equipment	$ 451,050	$ 3,554,500
Accumulated depreciation	(8,847)	(2,457,310)
Property and equipment, net	442,203	1,097,190
Refunds and other receipts	0	0
Equipment leased to customers
Property and Equipment and Intangible Assets
Total property and equipment	84,497	865,003
Satellites
Property and Equipment and Intangible Assets
Total property and equipment	$ 132,631	$ 1,210,437
Satellites acquired under finance lease agreements
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	15 years	15 years
Total property and equipment	$ 77,116	$ 344,972
Furniture, fixtures, equipment and other
Property and Equipment and Intangible Assets
Total property and equipment	71,537	682,614
Software and computer equipment
Property and Equipment and Intangible Assets
Total property and equipment	34,556	300,255
Buildings and improvements
Property and Equipment and Intangible Assets
Total property and equipment	34,604	129,779
Land
Property and Equipment and Intangible Assets
Total property and equipment	13,598	13,460
Construction in progress
Property and Equipment and Intangible Assets
Total property and equipment	$ 2,511	$ 7,980
Minimum
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	1 year
Minimum \| Equipment leased to customers
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	2 years	2 years
Minimum \| Satellites
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	5 years
Minimum \| Furniture, fixtures, equipment and other
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	1 year	1 year
Minimum \| Software and computer equipment
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	2 years	2 years
Minimum \| Buildings and improvements
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	1 year	1 year
Maximum
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	30 years
Maximum \| Equipment leased to customers
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	4 years	4 years
Maximum \| Satellites
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	15 years	15 years
Maximum \| Furniture, fixtures, equipment and other
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	12 years	12 years
Maximum \| Software and computer equipment
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	5 years	5 years
Maximum \| Buildings and improvements
Property and Equipment and Intangible Assets
Depreciable Life (In Years)	30 years	30 years

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Non-cash impairment charge	$ 400,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges
Goodwill			$ 532,940
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]			Asset Impairment Charges
Exit and disposal costs payable	$ 2,000
Operating leases, Weighted average lease term	5 years 7 months 6 days	6 years 7 months 6 days
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Terminate [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Renewal of lease period	1 year
Advertising expenses	$ 31,000	$ 43,000	$ 56,000
Research and development costs	$ 42,000	$ 60,000	$ 67,000
Minimum
Summary of Significant Accounting Policies
Depreciable Life (In Years)	1 year
Weighted-average useful life (in years)	5 years
Finance lease, remaining lease term	1 year
Maximum
Summary of Significant Accounting Policies
Depreciable Life (In Years)	30 years
Weighted-average useful life (in years)	20 years
Finance lease, remaining lease term	12 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Commitments and Contingencies

12.	Commitments and Contingencies

Commitments

The following table summarizes our contractual obligations as of December 31, 2025:


		Payments Due in the Years Ending December 31,
		Total			2026			2027			2028			2029			2030			Thereafter

		(In thousands)
Long-term debt obligations (1)		$	1,536,431		$	1,508,730		$	8,734		$	2,795		$	3,219		$	3,666		$	9,287
Interest expense on long-term debt			97,012			91,473			1,699			1,164			995			795			886
Satellite-related commitments (2)			37,195			14,017			6,051			4,222			3,175			3,175			6,555
Operating lease obligations (3)			1,131,257			217,159			215,647			213,364			212,239			194,079			78,769
Total (4)(5)		$	2,801,895		$	1,831,379		$	232,131		$	221,545		$	219,628		$	201,715		$	95,497

(1)	Assumes all long-term debt is outstanding until scheduled maturity.

(2)	Includes payments pursuant to: i) regulatory authorizations, ii) non-lease costs associated with our finance lease satellites and iii) commitments for satellite service arrangements.

(3)	Operating leases consist primarily of leases for the EchoStar XXIV satellite, office space, data centers and satellite-related ground infrastructure.

(4)	The table excludes amounts related to deferred tax liabilities, unrecognized tax positions and certain other amounts recorded in our noncurrent liabilities as the timing of any payments is uncertain.

(5)	The table excludes long-term deferred revenue and other long-term liabilities that do not require future cash payments.

In certain circumstances, the dates on which we are obligated to make these payments could be delayed.

Contingencies

Patents and Intellectual Property

Many entities, including some of our competitors, have, or may in the future, obtain patents and other intellectual property rights that cover or affect products or services that we offer or that we may offer in the future. We may not be aware of all intellectual property rights that our products or services may potentially infringe. Damages

in patent infringement cases can be substantial, and in certain circumstances can be trebled. Further, we cannot estimate the extent to which we may be required in the future to obtain licenses with respect to patents held by others and the availability and cost of any such licenses. Various parties have asserted patent and other intellectual property rights with respect to components of our products and services. We cannot be certain that these persons do not own the rights they claim, that our products do not infringe on these rights, and/or that these rights are not valid. Further, we cannot be certain that we would be able to obtain licenses from these persons on commercially reasonable terms or, if we were unable to obtain such licenses, that we would be able to redesign our products to avoid infringement.

Litigation

We are involved in a number of legal proceedings (including those described below) concerning matters arising in connection with the conduct of our business activities. Many of these proceedings are at preliminary stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made.

For certain cases described on the following pages, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

License Fee Dispute with Government of India, Department of Telecommunications

In 1994, the Government of India promulgated a “National Telecommunications Policy” under which the government liberalized the telecommunications sector and required telecommunications service providers to pay fixed license fees. Pursuant to this policy, our subsidiary Hughes Communications India Private Limited (“HCIPL”), formerly known as Hughes Escorts Communications Limited, obtained a license to operate a data network over satellite using VSAT systems. In 2002, HCIPL’s license was amended pursuant to a 1999 government policy that eliminated fixed license fees and replaced them with license fees based on service providers’ adjusted gross revenue (“AGR”). In March 2005, the Indian Department of Telecommunications (“DOT”) notified HCIPL that, based on its review of HCIPL’s audited accounts and AGR statements, HCIPL must pay additional license fees and penalties and interest on such fees and penalties. HCIPL responded that the DOT had improperly calculated its AGR by including revenue from both licensed and unlicensed activities.

The DOT rejected this explanation and in 2006, HCIPL filed a petition with an administrative tribunal (the “Tribunal”), challenging the DOT’s calculation of its AGR. The DOT also issued license fee assessments to other telecommunications service providers and those other providers filed similar petitions with the Tribunal. These petitions were amended, consolidated, remanded and re-appealed several times. On April 23, 2015, the Tribunal issued a judgment affirming the DOT’s calculation of AGR for the telecommunications service providers but reversing the DOT’s imposition of interest, penalties and interest on such penalties as excessive.

Over subsequent years, the DOT and HCIPL and other telecommunications service providers, respectively, filed several appeals of the Tribunal’s ruling. On October 24, 2019, the Supreme Court of India (“Supreme

Court”) issued an order (the “October 2019 Order”) affirming the license fee assessments imposed by the DOT, including its imposition of interest, penalties and interest on the penalties, but without indicating the amount HCIPL was required to pay the DOT, and ordering payment by January 23, 2020. On November 23, 2019, HCIPL and other telecommunication service providers filed a petition asking the Supreme Court to reconsider the October 2019 Order.

The petition was denied on January 20, 2020. On January 22, 2020, HCIPL and other telecommunication service providers filed an application requesting that the Supreme Court modify the October 2019 Order to permit the DOT to calculate the final amount due and extend HCIPL’s and the other telecommunication service providers’ payment deadline. On February 14, 2020, the Supreme Court directed HCIPL and the other telecommunication service providers to explain why the Supreme Court should not initiate contempt proceedings for failure to pay the amounts due.

During a hearing on March 18, 2020, the Supreme Court ordered that all amounts that were due before the October 2019 Order must be paid, including interest, penalties and interest on the penalties. The Supreme Court also ordered that the parties appear for a further hearing addressing, among other things, a proposal by the DOT to allow for extended or deferred payments of amounts due. On June 11, 2020, the Supreme Court ordered HCIPL and the other telecommunication service providers to submit affidavits addressing the proposal made by the DOT to extend the time frame for payment of the amounts owed and for HCIPL and the other telecommunication providers to provide security for such payments.

On September 1, 2020, the Supreme Court issued a judgment permitting a 10-year payment schedule. Under this payment schedule, HCIPL is required to make an annual payment every March 31, through 2031. Following the Supreme Court of India’s October 2019 judgment, HCIPL made payments during the first quarter of 2020, and additional payments on each March 31 thereafter. As of December 31, 2025, the gross amount of fees, penalties and interest owed was approximately $91 million with $46 million remaining outstanding as a result of historical payments.

Pursuant to the Contribution and Membership Interest Purchase Agreement (the “Purchase Agreement”) dated December 3, 2004 between The DirecTV Group, Inc. (“DirecTV”) and certain other entities relating to DirecTV’s spinoff of certain of its subsidiaries, including HCIPL, DirecTV undertook to indemnify HCIPL for certain pre-closing tax liabilities. On March 27, 2020, HCIPL filed an indemnification complaint against DirecTV in the United States District Court for the Southern District of New York, seeking to recover certain license fees, penalties and interest owed to the Indian government as a result of the aforementioned proceedings. On November 16, 2021, the New York court granted summary judgment in favor of DirecTV, but on June 22, 2023, the United States Court of Appeals for the Second Circuit reversed, holding that, under the Purchase Agreement, HCIPL is entitled to indemnification from DirecTV. The Second Circuit remanded the case back to the trial court to determine the amount of indemnification owed. The parties reached a conditional agreement to settle the matter, but the conditions were not met, so the stay entered on October 3, 2024 was lifted on November 22, 2024. On July 8, 2025, a magistrate judge issued a report and recommendation that DirecTV should have to indemnify HCIPL only for license fees, penalties and interest that would have been owing to the DOT as of the April 22, 2005 closing date of the spinoff, but not the penalties and interest that compounded on such pre-closing amounts during the course of the litigation in India. By agreement of the parties, the case was dismissed on September 2, 2025. This matter is now concluded.

The following table presents the components of the accrual:


	As of December 31,
	2025		2024

	(In thousands)
Additional license fees	$	3,156	$	3,314
Penalties		3,240		3,402
Interest on license fees and penalties		84,190		84,643
Less: Payments		(44,559)		(36,929)
Total accrual		46,027		54,430
Less: Current portion (1)		9,390		9,860
Total long-term accrual (2)(3)	$	36,637	$	44,570

(1)	The current portion of the accrual is included in “Accrued expenses” on our Consolidated Balance Sheets.

(2)	The long-term portion of the accrual is included in “Other noncurrent liabilities” on our Consolidated Balance Sheets.

(3)	The amount owed must be paid in Indian Rupees.

Any eventual payments made with respect to the ultimate outcome of this matter may be different from our accrual and such differences could be significant.

Hughes Telecomunicações do Brasil v. State of São Paulo Treasury Department

On December 12, 2019, Hughes Telecomunicações do Brasil (“HTB”) filed a tax annulment claim in the Judicial Court of São Paulo, claiming that a tax assessment from the State Treasury of São Paulo, for the period from January 2013 to December 2014, was based on an erroneous interpretation of an exemption to the ICMS (a state tax on, among other things, communications).

In June 2022, a judicial expert determined that HTB’s interpretation of the exemption was correct. Nonetheless, in July 2023, the Court entered judgment against HTB, and in October 2023, rejected HTB’s request for clarification. In November 2023, HTB filed an appeal to the Court of Justice, but on February 25, 2025, the Court of Justice ruled against HTB. On March 14, 2025, HTB filed a motion seeking clarification, but that motion was denied on October 24, 2025. HTB has filed a new motion for clarification.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

NewSpace India Limited

In October 2025, NewSpace India Limited (“NSIL”) sued our wholly-owned subsidiary Hughes Communications India Private Limited (“HCIPL”), claiming that HCIPL unlawfully terminated the parties’ agreement for HCIPL to take capacity on the GSAT 20 satellite. HCIPL had terminated the parties’ agreement on December 6, 2024, citing, among other reasons, NSIL’s failure to meet the contractual provision for a timely launch. NSIL seeks a declaration that HCIPL’s termination was premature and void, a temporary and permanent injunction restraining HCIPL from terminating or breaching the agreement, and damages of approximately 10.6 billion Indian Rupees (USD $117 million).

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Other

In addition to the above actions, we are subject to various other legal proceedings and claims that arise in the ordinary course of business. In our opinion, the amount of ultimate liability with respect to any of these actions is unlikely to materially affect our financial condition, results of operations or liquidity, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

Income Taxes and Accounting for Uncertainty in Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating losses, credit and other carryforwards	$ 208,326	$ 152,355
Property and equipment, regulatory authorizations, and other intangibles	41,367
Lease liabilities	213,800	127,023
Other investments	34,723	32,953
Accrued expenses	55,049	48,121
Non-cash, stock-based compensation	3,599	5,779
Other assets	1,638	36,361
Total deferred tax assets	558,502	402,592
Valuation allowance	(234,152)	(193,118)
Deferred tax assets after valuation allowance	324,350	209,474
Deferred tax liabilities:
Property and equipment, regulatory authorizations, and other intangibles		(201,701)
ROU assets	(78,763)	(170,554)
Other liabilities	(24,998)	(21,761)
Total deferred tax liabilities	(103,761)	(394,016)
Total deferred tax liabilities		$ (184,542)
Net deferred tax asset (liability)	(220,589)
Foreign
Deferred tax assets:
Valuation allowance	$ (164,000)