EchoStar Corporation (ECHO) Cash Flow Statement
Where ECHO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$99.4M −107.9% vs 2024
- Capital expenditures
- $965.7M 6.4% of revenue
- Free cash flow
- −$1.07B −7.1% margin
- Returned to shareholders
- $48.5M
- Change in cash
- −$2.40B cash at year-end $2.06B
Cash from operations
−$99.4M
Capital expenditures
−$965.7M
Investments (net)
+$159.2M
Acquisitions & other
−$598.0M
Share buybacks (net)
−$48.5M
Net borrowing (repayment)
−$894.1M
Other financing
+$32.3M
Currency & other
+$16.9M
Change in cash
−$2.40B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ECHO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ECHO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $803.3M2016 | −$99.4M2025 | — | |
| Capital expenditures | $721.5M2016 | $965.7M2025 | +3.3%/yr | |
| Free cash flow | $81.8M2016 | −$1.07B2025 | — | |
| Free cash flow margin | 2.7%2016 | −7.1%2025 | −9.8 pts | |
| Operating cash flow / net income | 4.452016 | 1.462022 | −2.98 | |
| Stock-based compensation | $15.2M2016 | $36.3M2025 | +10.1%/yr | |
| Dividends paid | $15.0M2016 | $2.0M2022 | −28.5%/yr | |
| Share buybacks (net) | $02016 | $48.5M2025 | — | |
| Capex / revenue | 23.6%2016 | 6.4%2025 | −17.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ECHO cash flow by activity
OperatingInvestingFinancingChange in cash
ECHO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ECHO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$14.51B | −$124.5M | −$1.70B | $2.48B | $72.9M | −$51.9M | −$74.3M | −$38.6M | $393.5M | $180.7M |
| Depreciation & amortization | $1.59B | $1.93B | $1.60B | $1.17B | $491.3M | $525.0M | $588.2M | $598.2M | $533.8M | $495.1M |
| Stock-based compensation | $36.3M | $36.4M | $51.5M | $83.0M | — | $8.9M | $9.4M | $10.0M | $10.1M | $15.2M |
| Change in working capital | −$433.6M | −$229.8M | $150.8M | −$160.0M | $26.7M | $8.2M | $88.1M | $25.3M | $98.3M | −$9.7M |
| Other non-cash items | $13.22B | −$359.6M | $2.33B | $45.5M | $41.1M | $44.2M | $44.9M | $139.7M | −$308.9M | $122.1M |
| Cash from operating activities | −$99.4M | $1.25B | $2.43B | $3.62B | $632.0M | $534.4M | $656.3M | $734.5M | $726.9M | $803.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$965.7M | −$1.54B | −$3.10B | −$3.05B | −$472.0M | −$447.5M | −$482.3M | −$586.8M | −$610.2M | −$721.5M |
| Investments (net) | $159.2M | −$680.5M | $1.45B | $2.19B | — | — | — | — | — | — |
| Acquisitions & other investing | −$598.0M | −$823.0M | −$1.16B | −$8.20B | $640.8M | −$695.0M | $1.30B | −$1.51B | −$257.8M | $89.2M |
| Cash from investing activities | −$1.40B | −$3.05B | −$2.81B | −$9.06B | $168.8M | −$1.14B | $822.0M | −$2.10B | −$868.0M | −$632.3M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$2.0M | — | — | −$2.7M | −$10.0M | −$19.0M | −$15.0M |
| Share repurchases & issuance (net) | −$48.5M | −$442.0M | −$109.4M | −$89.3M | −$261.4M | −$43.5M | — | −$33.3M | −$651,000 | $1.52B |
| Net borrowing (repayment) | −$894.1M | $4.84B | −$265.4M | −$143.1M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $32.3M | $82.2M | $97.8M | −$40.1M | −$895.8M | $27.8M | −$882.6M | −$93.3M | $19.7M | −$25.2M |
| Cash from financing activities | −$910.3M | $4.48B | −$277.1M | −$274.4M | −$1.16B | −$15.6M | −$885.3M | −$136.6M | $72,000 | $1.48B |
| Summary | ||||||||||
| Net change in cash | −$2.40B | $2.68B | −$650.2M | $1.96B | −$360.1M | −$625.1M | $592.4M | −$1.50B | −$139.7M | $1.65B |
| Cash at end of period | $2.06B | $4.59B | $1.91B | $2.50B | $536.9M | $896.8M | $1.52B | $929.5M | $2.43B | $2.57B |
| Free cash flow | −$1.07B | −$292.2M | −$668.3M | $570.7M | $160.0M | $86.9M | $174.0M | $147.7M | $116.7M | $81.8M |
| Free cash flow margin | −7.1% | −1.8% | −3.9% | 3.1% | 0.8% | 4.6% | 9.2% | 7.1% | 6.2% | 2.7% |
| Capex / revenue | 6.4% | 9.8% | 18.2% | 16.4% | 2.4% | 23.7% | 25.6% | 28.1% | 32.4% | 23.6% |
| Operating cash flow / net income | — | — | — | 1.46 | 8.67 | — | — | — | 1.85 | 4.45 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $8.46B | −$147.3M | −$1.22B | −$12.78B | −$306.8M | −$203.3M | $335.1M | −$141.8M | −$205.6M | −$107.4M | −$1.75B | −$138.4M |
| Depreciation & amortization | $170.5M | $166.6M | $212.9M | $391.3M | $493.1M | $488.3M | $459.8M | $477.4M | $507.5M | $485.4M | $1.29B | $397.2M |
| Stock-based compensation | $13.1M | $10.2M | $8.3M | $11.9M | $8.5M | $7.6M | $8.1M | — | $10.6M | — | $43.3M | — |
| Change in working capital | −$220.8M | $277.6M | −$413.1M | $128.5M | −$120.8M | −$28.1M | −$255.5M | $39.5M | $4.8M | −$18.6M | $238.6M | $32.5M |
| Other non-cash items | −$8.44B | −$68.8M | $982.1M | $12.36B | −$66.4M | −$57.8M | −$502.0M | −$99.0M | $162.3M | $91.8M | $2.31B | $191.1M |
| Cash from operating activities | −$10.0M | $238.3M | −$425.3M | $111.7M | $7.5M | $206.8M | $45.6M | $276.2M | $479.7M | $451.3M | $2.13B | $482.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$92.3M | −$133.4M | −$158.1M | −$256.0M | −$293.2M | −$258.4M | −$344.3M | −$333.7M | −$347.3M | −$519.6M | −$2.89B | −$832.9M |
| Investments (net) | $464.1M | $944.1M | $377.9M | $502.7M | $552.5M | −$1.27B | — | — | — | — | — | — |
| Acquisitions & other investing | −$409.1M | $38.4M | $25.6M | −$97.0M | −$402.3M | −$124.3M | −$1.53B | $4.5M | −$262.7M | $281.5M | −$3.5M | $674.6M |
| Cash from investing activities | −$37.4M | $849.1M | $245.4M | $149.7M | −$143.0M | −$1.66B | −$1.87B | −$329.2M | −$610.0M | −$238.1M | −$2.90B | −$158.3M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $0 | −$48.5M | — | — | — | — | — | −$442.0M | −$109.4M | — |
| Net borrowing (repayment) | −$10.6M | −$1.79B | −$361.4M | −$180.4M | −$38.3M | −$314.1M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $15.1M | $9.2M | $13.9M | $32.1M | $4.1M | −$17.8M | $3.61B | $2.31B | −$23.6M | −$978.5M | −$166.2M | −$90.9M |
| Cash from financing activities | $4.6M | −$1.78B | −$347.4M | −$196.9M | −$34.1M | −$331.8M | $3.61B | $2.31B | −$23.6M | −$1.42B | −$275.6M | −$90.9M |
| Summary | ||||||||||||
| Net change in cash | −$42.5M | −$696.4M | −$542.4M | $64.5M | −$168.4M | −$1.78B | $1.79B | $2.26B | −$194.5M | −$1.21B | $726.8M | $392.5M |
| Cash at end of period | $1.44B | $1.49B | $2.06B | $2.71B | $2.65B | $2.81B | $4.59B | $2.81B | $419.2M | $613.7M | $1.82B | $1.10B |
| Free cash flow | −$102.3M | $104.8M | −$583.4M | −$86.0M | −$285.7M | −$51.7M | −$298.7M | −$57.5M | $132.4M | −$68.4M | −$762.4M | −$350.5M |
| Free cash flow margin | −2.9% | 2.9% | −15.4% | −2.4% | −7.7% | −1.3% | −7.5% | −1.5% | 3.3% | −1.7% | −4.9% | −8.5% |
| Capex / revenue | 2.6% | 3.6% | 4.2% | 7.1% | 7.9% | 6.7% | 8.7% | 8.6% | 8.8% | 12.9% | 18.4% | 20.3% |
| Operating cash flow / net income | −0.00 | — | — | — | — | — | 0.14 | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ECHO cash generation
In fiscal 2025 (ended December 31, 2025), EchoStar generated -$99.4 million of cash from operations (down 107.9%) and spent $965.7 million on capital expenditures, leaving free cash flow of -$1.1 billion, −7.1% of revenue. It returned $48.5 million to shareholders through dividends ($0) and net share buybacks ($48.5 million). Cash and equivalents fell by $2.4 billion over the year.
Related: ECHO income statement, ECHO balance sheet. See the ECHO stock overview for the latest quote and news.
ECHO cash flow FAQ
What is EchoStar's free cash flow?
EchoStar's free cash flow was -$1.1 billion in fiscal 2025: -$99.4 million of operating cash flow minus $965.7 million of capital expenditures It was -$292.2 million a year earlier..
How much cash does EchoStar generate from operations?
EchoStar generated -$99.4 million of cash from operating activities in fiscal 2025.
How much does EchoStar spend on capital expenditures?
EchoStar spent $965.7 million on capital expenditures in fiscal 2025, 6.4% of revenue, compared with $1.5 billion the year before.
How much stock does EchoStar buy back?
EchoStar spent $48.5 million on net share repurchases in fiscal 2025.