EchoStar (ECHO) FY2024 results: revenue $15.8 billion, down 7.0% on the year

EchoStar Corp. (ECHO) reported revenue of $15.8 billion for fiscal 2024, the year ended 31 December 2024, down 7.0% on the year before. Net income was -$120 million, and diluted earnings per share $-0.44. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$15.8 billion

-7.0% on the year

FY2017FY2024

Operating margin

-1.9%

-1.6% a year earlier

FY2017FY2024

Net income

-$120 million

FY2017FY2024

Diluted EPS

-$0.44

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	15,826	17,016	18,634	-7.0%
Cost of revenue	10,136	9,510	10,111	+6.6%
Gross profit	5,690	7,505	8,523	-24.2%
Gross margin	36.0%	44.1%	45.7%
Research and development	91.0	110	110	-17.3%
Selling, general and administrative	2,427	2,989	3,015	-18.8%
Operating income	-304	-278	2,233
Operating margin	-1.9%	-1.6%	12.0%
Interest expense	n/a	90.4	57.2
Pre-tax income	-75.6	-1,932	3,335
Income tax	48.9	-297	798
Effective tax rate	n/a	n/a	23.9%
Net income	-120	-1,702	2,478
Net margin	-0.8%	-10.0%	13.3%
Diluted EPS	-$0.44	-$6.28	$8.05

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,253	2,433	3,621	-48.5%
Capital expenditure	1,545	3,101	3,050	-50.2%
Free cash flow	-292	-668	571
Free cash flow margin	-1.8%	-3.9%	3.1%
Cash from investing	-3,048	-2,809	-9,060
Cash from financing	4,484	-277	-274
Depreciation and amortisation	1,930	1,598	1,175	+20.8%
Share-based compensation	36.4	51.5	83.0	-29.4%
Buybacks	n/a	n/a	89.3
Diluted shares, weighted	274m	271m	308m	+1.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	20,191	19,880	21,488	+1.6%
Non-controlling interest	53.9	69.7	98.2	-22.8%
Debt	26,603	22,764	22,896	+16.9%
Operating lease liabilities	3,211	3,121	2,809	+2.9%
Finance lease liabilities	36.8	67.2	75.3	-45.2%
Other liabilities	10,842	11,207	11,382	-3.3%
Total liabilities and equity	60,939	57,109	58,748	+6.7%
Fixed assets	9,187	9,562	7,905	-3.9%
Goodwill	0.0	0.0	758
Intangible assets	74.7	173	n/a	-56.7%
Investments	1,254	1,098	1,980	+14.2%
Cash and equivalents	4,305	1,821	2,498	+136.4%
Receivables	1,199	1,122	1,183	+6.8%
Inventory	455	665	626	-31.6%
Other assets	44,463	42,668	43,800	+4.2%
Total assets	60,939	57,109	58,748	+6.7%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.