http://fasb.org/us-gaap/2025#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2025#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://www.dishnetwork.com/20250930#LongTermDebtAndFinanceLeaseObligationsNetOfCurrentPortionhttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrent http://www.dishnetwork.com/20250930#LongTermDebtAndFinanceLeaseObligationsNetOfCurrentPortion0001001082--12-312025Q3false0.11750.1175P2Y0.10750.10750.06750.06750.038750.10750.06751284000000P1YP1Yhttp://fasb.org/us-gaap/2025#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2025#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://www.dishnetwork.com/20250930#LongTermDebtAndFinanceLeaseObligationsNetOfCurrentPortionhttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrent http://www.dishnetwork.com/20250930#LongTermDebtAndFinanceLeaseObligationsNetOfCurrentPortion0.033750.033750.07750.07750.07750.07750.07750.07750.073750.073750.073750.073750.073750.073750.051250.051250.051250.051250.051250.051250.05250.05250.05250.05250.05250.05250.05750.05750.05750.05750.05750.05750.05250.05750.05250.05750001001082us-gaap:SubsequentEventMemberdish:SpacexLicensePurchaseAgreementMember2025-11-052025-11-050001001082dish:EchoStarMemberdish:SpaceXClassCommonStockMemberdish:SpacexLicensePurchaseAgreementMember2025-09-072025-09-070001001082us-gaap:RetainedEarningsMember2025-09-300001001082us-gaap:NoncontrollingInterestMember2025-09-300001001082us-gaap:AdditionalPaidInCapitalMember2025-09-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001001082us-gaap:RetainedEarningsMember2025-06-300001001082us-gaap:NoncontrollingInterestMember2025-06-300001001082us-gaap:AdditionalPaidInCapitalMember2025-06-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001001082us-gaap:RetainedEarningsMember2025-03-310001001082us-gaap:NoncontrollingInterestMember2025-03-310001001082us-gaap:AdditionalPaidInCapitalMember2025-03-310001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-3100010010822025-03-310001001082us-gaap:RetainedEarningsMember2024-12-310001001082us-gaap:NoncontrollingInterestMember2024-12-310001001082us-gaap:AdditionalPaidInCapitalMember2024-12-310001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001001082us-gaap:RetainedEarningsMember2024-09-300001001082us-gaap:NoncontrollingInterestMember2024-09-300001001082us-gaap:AdditionalPaidInCapitalMember2024-09-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001001082us-gaap:RetainedEarningsMember2024-06-300001001082us-gaap:NoncontrollingInterestMember2024-06-300001001082us-gaap:AdditionalPaidInCapitalMember2024-06-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001001082us-gaap:RetainedEarningsMember2024-03-310001001082us-gaap:NoncontrollingInterestMember2024-03-310001001082us-gaap:AdditionalPaidInCapitalMember2024-03-310001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-3100010010822024-03-310001001082us-gaap:RetainedEarningsMember2023-12-310001001082us-gaap:NoncontrollingInterestMember2023-12-310001001082us-gaap:AdditionalPaidInCapitalMember2023-12-310001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001001082dish:RedeemableNoncontrollingInterestMember2023-12-310001001082dish:WirelessMember2025-07-012025-09-300001001082dish:PayTvAndBroadbandMember2025-07-012025-09-300001001082dish:PayTvAndBroadbandMember2025-01-012025-09-300001001082dish:WirelessMember2024-07-012024-09-300001001082dish:PayTvAndBroadbandMember2024-07-012024-09-300001001082dish:WirelessMember2024-01-012024-09-300001001082dish:PayTvAndBroadbandMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:RetailWirelessMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:RetailWirelessMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082us-gaap:ServiceMemberdish:EchoStarMember2025-07-012025-09-300001001082us-gaap:IntersegmentEliminationMemberdish:RetailWirelessMember2025-07-012025-09-300001001082us-gaap:IntersegmentEliminationMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:WirelessMember2025-07-012025-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082us-gaap:ServiceMember2025-07-012025-09-300001001082dish:WirelessServicesAndRelatedRevenueMember2025-07-012025-09-300001001082dish:PayTvVideoAndRelatedRevenueMember2025-07-012025-09-300001001082dish:EquipmentSalesAndOtherRevenueMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:RetailWirelessMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:RetailWirelessMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082us-gaap:ServiceMemberdish:EchoStarMember2025-01-012025-09-300001001082us-gaap:IntersegmentEliminationMemberdish:RetailWirelessMember2025-01-012025-09-300001001082us-gaap:IntersegmentEliminationMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:WirelessMember2025-01-012025-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082us-gaap:ServiceMember2025-01-012025-09-300001001082dish:WirelessServicesAndRelatedRevenueMember2025-01-012025-09-300001001082dish:PayTvVideoAndRelatedRevenueMember2025-01-012025-09-300001001082dish:EquipmentSalesAndOtherRevenueMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:RetailWirelessMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:RetailWirelessMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082us-gaap:ServiceMemberdish:EchoStarMember2024-07-012024-09-300001001082us-gaap:IntersegmentEliminationMemberdish:RetailWirelessMember2024-07-012024-09-300001001082us-gaap:IntersegmentEliminationMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:WirelessMember2024-07-012024-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082us-gaap:ServiceMember2024-07-012024-09-300001001082dish:WirelessServicesAndRelatedRevenueMember2024-07-012024-09-300001001082dish:PayTvVideoAndRelatedRevenueMember2024-07-012024-09-300001001082dish:EquipmentSalesAndOtherRevenueMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:RetailWirelessMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:RetailWirelessMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082us-gaap:ServiceMemberdish:EchoStarMember2024-01-012024-09-300001001082us-gaap:IntersegmentEliminationMemberdish:RetailWirelessMember2024-01-012024-09-300001001082us-gaap:IntersegmentEliminationMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:WirelessMember2024-01-012024-09-300001001082dish:EquipmentSalesAndOtherRevenueMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082us-gaap:ServiceMember2024-01-012024-09-300001001082dish:WirelessServicesAndRelatedRevenueMember2024-01-012024-09-300001001082dish:PayTvVideoAndRelatedRevenueMember2024-01-012024-09-300001001082dish:EquipmentSalesAndOtherRevenueMember2024-01-012024-09-300001001082us-gaap:OneTimeTerminationBenefitsMember2025-09-300001001082us-gaap:ContractTerminationMember2025-09-300001001082dish:NewDishDbsFinancingMember2025-09-300001001082dish:NewDishDbsFinancingMember2024-12-310001001082dish:NagraStarLLCMember2025-07-012025-09-300001001082dish:NagraStarLLCMember2025-01-012025-09-300001001082dish:NagraStarLLCMember2024-07-012024-09-300001001082dish:NagraStarLLCMember2024-01-012024-09-300001001082srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-09-300001001082srt:MinimumMemberdish:SoftwareAndComputerEquipmentMember2025-09-300001001082srt:MinimumMemberdish:SatellitesMember2025-09-300001001082srt:MinimumMemberdish:FurnitureFixturesEquipmentAndOtherMember2025-09-300001001082srt:MinimumMemberdish:FiveGNetworkEquipmentMember2025-09-300001001082srt:MinimumMemberdish:EquipmentsLeasedToOtherPartyMember2025-09-300001001082srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-09-300001001082srt:MaximumMemberdish:SoftwareAndComputerEquipmentMember2025-09-300001001082srt:MaximumMemberdish:SatellitesMember2025-09-300001001082srt:MaximumMemberdish:FurnitureFixturesEquipmentAndOtherMember2025-09-300001001082srt:MaximumMemberdish:FiveGNetworkEquipmentMember2025-09-300001001082srt:MaximumMemberdish:EquipmentsLeasedToOtherPartyMember2025-09-300001001082us-gaap:LandMember2025-09-300001001082us-gaap:ConstructionInProgressMember2025-09-300001001082us-gaap:BuildingAndBuildingImprovementsMember2025-09-300001001082dish:SoftwareAndComputerEquipmentMember2025-09-300001001082dish:SatellitesMember2025-09-300001001082dish:FurnitureFixturesEquipmentAndOtherMember2025-09-300001001082dish:FiveGNetworkEquipmentMember2025-09-300001001082dish:EquipmentsLeasedToOtherPartyMember2025-09-300001001082us-gaap:LandMember2024-12-310001001082us-gaap:ConstructionInProgressMember2024-12-310001001082us-gaap:BuildingAndBuildingImprovementsMember2024-12-310001001082dish:SoftwareAndComputerEquipmentMember2024-12-310001001082dish:SatellitesMember2024-12-310001001082dish:FurnitureFixturesEquipmentAndOtherMember2024-12-310001001082dish:FiveGNetworkEquipmentMember2024-12-310001001082dish:EquipmentsLeasedToOtherPartyMember2024-12-310001001082dish:InterCompanyLoanMember2024-01-012024-01-310001001082dish:InterCompanyLoanMemberdish:DISHDBSCorporationMember2022-02-112022-02-110001001082dish:WirelessMember2025-01-012025-09-300001001082dish:CapitalizedInterestMember2025-01-012025-09-300001001082dish:NetworkDevelopment5gMember2008-01-012025-09-300001001082dish:EchostarSnrHoldcoLlcMemberdish:SnrHoldcoMember2024-02-162024-02-160001001082dish:AtTMobilityLlcMemberdish:InterCompanyLoanMemberdish:DISHDBSCorporationMemberdish:LicensePurchaseAgreementMember2025-09-300001001082dish:InterCompanyLoanMemberdish:DISHDBSCorporationMember2025-09-300001001082dish:IntercompanyLoan2028TrancheMemberdish:DISHDBSCorporationMember2025-09-300001001082dish:InterCompanyLoanMember2025-09-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001001082us-gaap:RetainedEarningsMember2025-07-012025-09-300001001082us-gaap:RetainedEarningsMember2025-04-012025-06-300001001082us-gaap:RetainedEarningsMember2025-01-012025-03-310001001082us-gaap:RetainedEarningsMember2024-07-012024-09-300001001082us-gaap:RetainedEarningsMember2024-04-012024-06-300001001082dish:StrategicMarketableInvestmentTradingSecuritiesMember2025-09-300001001082dish:StrategicMarketableInvestmentAvailableForSaleSecuritiesMember2025-09-300001001082dish:StrategicMarketableInvestmentTradingSecuritiesMember2024-12-310001001082dish:StrategicMarketableInvestmentAvailableForSaleSecuritiesMember2024-12-310001001082dish:OtherInvestmentSecuritiesMember2024-12-310001001082dish:RestrictedMarketableInvestmentSecuritiesMember2025-09-300001001082dish:RestrictedMarketableInvestmentSecuritiesMember2024-12-310001001082dish:CyberSecurityClassActionsMember2025-01-012025-09-300001001082dish:Jones401KLitigationMemberdish:CreditOfFidelityRevenueShareMember2024-10-302025-05-290001001082dish:Jones401KLitigationMember2024-10-302025-05-290001001082dish:EmergencyBroadbandBenefitProgramAndAffordableConnectivityProgramMember2023-04-032023-04-030001001082dish:ClearplayMemberus-gaap:PendingLitigationMember2023-03-212023-03-210001001082dish:VermontNationalTelephoneCompanyMemberdish:NorthstarWirelessOrNorthstarSpectrumMembersrt:MinimumMemberdish:Aws3LicensesMember2016-09-232016-09-230001001082dish:VermontNationalTelephoneCompanyMemberdish:NorthstarWirelessOrNorthstarSpectrumMembersrt:MaximumMemberdish:Aws3LicensesMember2016-09-232016-09-230001001082dish:TqDeltaLlcMemberus-gaap:PendingLitigationMember2015-07-172015-07-170001001082dish:Q3IntercompanyLoanMember2025-09-300001001082dish:Q2IntercompanyLoanMember2025-09-3000010010822022-09-200001001082dish:ConxCorpMember2024-05-010001001082srt:MinimumMember2025-09-300001001082srt:MaximumMember2025-09-300001001082us-gaap:RelatedPartyMember2025-09-300001001082us-gaap:NonrelatedPartyMember2025-09-300001001082us-gaap:RelatedPartyMember2024-12-310001001082us-gaap:NonrelatedPartyMember2024-12-310001001082dish:With16951710Mhz17551780MhzAnd21552180MhzMember2025-09-300001001082dish:SnrWirelessManagementLLCMember2025-09-300001001082dish:Owned600MhzLicensesMember2025-09-300001001082dish:MultichannelVideoDistributionAndDataServiceLicensesMember2025-09-300001001082dish:Licenses700MHzMember2025-09-300001001082dish:Licenses35503650MhzMember2025-09-300001001082dish:Licenses3.453.55GhzBandMember2025-09-300001001082dish:LeasedFromEchostar600MhzLicensesMember2025-09-300001001082dish:ImpairmentOfIndefiniteLivedIntangibleAssetsMember2025-09-300001001082dish:HBlockLicensesMember2025-09-300001001082dish:Ghz3739ghzAnd47ghzLicensesMember2025-09-300001001082dish:Ghz3.7To3.98Member2025-09-300001001082dish:Ghz28Member2025-09-300001001082dish:Ghz24Member2025-09-300001001082dish:EchoStarMember2025-09-300001001082dish:DbsLicensesMember2025-09-300001001082dish:CapitalizedInterestMember2025-09-300001001082dish:Aws4LicensesMember2025-09-300001001082dish:Aws3LicensesMember2025-09-300001001082us-gaap:EquipmentMember2025-09-300001001082us-gaap:EquipmentMember2024-12-310001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300001001082us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001001082us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001001082dish:InvidiTechnologiesCorporationMember2025-09-300001001082dish:SoftwareAndComputerEquipmentMember2025-07-012025-09-300001001082dish:SatellitesMember2025-07-012025-09-300001001082dish:IntangibleAssetsAndOthersMember2025-07-012025-09-300001001082dish:FiveGNetworkEquipmentMember2025-07-012025-09-300001001082dish:EquipmentsLeasedToOtherPartyMember2025-07-012025-09-300001001082dish:BuildingFurnitureFixturesOtherEquipmentMember2025-07-012025-09-300001001082dish:SoftwareAndComputerEquipmentMember2025-01-012025-09-300001001082dish:SatellitesMember2025-01-012025-09-300001001082dish:IntangibleAssetsAndOthersMember2025-01-012025-09-300001001082dish:FiveGNetworkEquipmentMember2025-01-012025-09-300001001082dish:EquipmentsLeasedToOtherPartyMember2025-01-012025-09-300001001082dish:BuildingFurnitureFixturesOtherEquipmentMember2025-01-012025-09-300001001082dish:SoftwareAndComputerEquipmentMember2024-07-012024-09-300001001082dish:SatellitesMember2024-07-012024-09-300001001082dish:IntangibleAssetsAndOthersMember2024-07-012024-09-300001001082dish:FiveGNetworkEquipmentMember2024-07-012024-09-300001001082dish:EquipmentsLeasedToOtherPartyMember2024-07-012024-09-300001001082dish:BuildingFurnitureFixturesOtherEquipmentMember2024-07-012024-09-300001001082dish:SoftwareAndComputerEquipmentMember2024-01-012024-09-300001001082dish:SatellitesMember2024-01-012024-09-300001001082dish:IntangibleAssetsAndOthersMember2024-01-012024-09-300001001082dish:FiveGNetworkEquipmentMember2024-01-012024-09-300001001082dish:EquipmentsLeasedToOtherPartyMember2024-01-012024-09-300001001082dish:BuildingFurnitureFixturesOtherEquipmentMember2024-01-012024-09-300001001082dish:EchoStarMember2024-09-300001001082dish:EchoStarMember2024-03-310001001082dish:SeniorNotes7.75Due2026Member2025-09-300001001082dish:SeniorNotes7.75Due2026Member2016-06-132016-06-130001001082dish:DISHDBSCorporationMemberdish:ConvertibleNotesZeroDue2025Member2025-01-012025-09-300001001082dish:ConvertibleNotes3.375PercentDue2026Member2025-01-012025-09-300001001082dish:Echostar2024IntercompanyLoanMember2024-11-012024-11-300001001082dish:EchoStarMemberdish:SeniorSecuredNotes6.75PercentDue2030Memberdish:SpacexLicensePurchaseAgreementMember2025-09-300001001082dish:SeniorNotes7.75Due2026Memberdish:DISHDBSCorporationMember2025-09-300001001082dish:SeniorNotes5.750PercentDue2028Memberdish:DISHDBSCorporationMember2025-09-300001001082dish:SeniorNotes5.250PercentDue2026Memberdish:DISHDBSCorporationMember2025-09-300001001082dish:SeniorNotes5.750PercentDue2028Member2025-09-300001001082dish:SeniorNotes5.250PercentDue2026Member2025-09-300001001082dish:ConvertibleNotesZeroDue2025Member2025-09-300001001082dish:EchoStarMemberdish:SeniorSecuredNotes6.75PercentDue2030Memberdish:SpacexLicensePurchaseAgreementMember2025-09-070001001082dish:EchoStarMemberdish:SeniorSecuredNotes10.75PercentDue2029Memberdish:SpacexLicensePurchaseAgreementMember2025-09-070001001082dish:EchoStarMemberdish:ConvertibleSecuredNotes3.875PercentDue2030Memberdish:SpacexLicensePurchaseAgreementMember2025-09-070001001082dish:ConvertibleNotesZeroDue2025Member2024-12-310001001082dish:Echostar2024IntercompanyLoanMember2024-11-300001001082dish:AtTMobilityLlcMemberdish:SeniorNotes11.75PercentDue2027Memberdish:LicensePurchaseAgreementMember2022-11-150001001082srt:MaximumMemberdish:Echostar2024IntercompanyLoanMember2024-11-300001001082dish:Q3IntercompanyLoanMember2024-09-300001001082dish:Q2IntercompanyLoanMember2024-06-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.250PercentDue2026Member2021-11-260001001082dish:SeniorNotes5.750PercentDue2028Member2021-11-260001001082dish:SeniorNotes5.125PercentDue2029Member2021-05-240001001082dish:DISHDBSCorporationMemberdish:ConvertibleNotesZeroDue2025Member2020-12-210001001082dish:DISHDBSCorporationMemberdish:SeniorNotes7.375PercentDue2028Member2020-07-010001001082dish:ConvertibleNotes3.375PercentDue2026Member2016-08-080001001082dish:SeniorNotes7.75Due2026Member2016-06-130001001082dish:EchoStarMemberdish:SeniorSecuredNotes10.75PercentDue2029Memberdish:SpacexLicensePurchaseAgreementMember2025-09-300001001082dish:AtTMobilityLlcMemberdish:SeniorNotes11.75PercentDue2027Memberdish:LicensePurchaseAgreementMember2025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes11.75PercentDue2027Member2025-09-300001001082dish:DISHDBSCorporationMemberdish:MortgageAndOtherNotesPayableMember2025-09-300001001082dish:DISHDBSCorporationMemberdish:ConvertibleNotesZeroDue2025Member2025-09-300001001082dish:DISHDBSCorporationMemberdish:ConvertibleNotes3.375PercentDue2026Member2025-09-300001001082dish:DbsSubscribercoMemberdish:NewDishDbsFinancingTermLoanDue2029Member2025-09-300001001082dish:DbsSubscribercoMemberdish:NewDishDbsFinancingMandatorilyRedeemablePreferredSharesDue2029Member2025-09-300001001082dish:Echostar2024IntercompanyLoanMember2025-09-300001001082dish:Dish2021IntercompanyLoanMember2025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes7.75Due2026Member2024-12-310001001082dish:DISHDBSCorporationMemberdish:SeniorNotes7.375PercentDue2028Member2024-12-310001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.750PercentDue2028Member2024-12-310001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.250PercentDue2026Member2024-12-310001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.125PercentDue2029Member2024-12-310001001082dish:DISHDBSCorporationMemberdish:SeniorNotes11.75PercentDue2027Member2024-12-310001001082dish:DISHDBSCorporationMemberdish:MortgageAndOtherNotesPayableMember2024-12-310001001082dish:DISHDBSCorporationMemberdish:ConvertibleNotesZeroDue2025Member2024-12-310001001082dish:DISHDBSCorporationMemberdish:ConvertibleNotes3.375PercentDue2026Member2024-12-310001001082dish:DbsSubscribercoMemberdish:NewDishDbsFinancingTermLoanDue2029Member2024-12-310001001082dish:DbsSubscribercoMemberdish:NewDishDbsFinancingTermLoanDue2025Member2024-12-310001001082dish:DbsSubscribercoMemberdish:NewDishDbsFinancingMandatorilyRedeemablePreferredSharesDue2029Member2024-12-310001001082dish:Echostar2024IntercompanyLoanMember2024-12-310001001082dish:Dish2021IntercompanyLoanMember2024-12-310001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:RetailWirelessMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:ProgrammingMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:RetailWirelessMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2025-07-012025-09-300001001082us-gaap:IntersegmentEliminationMemberdish:ConnectivityServicesMember2025-07-012025-09-300001001082us-gaap:ProductAndServiceOtherMember2025-07-012025-09-300001001082dish:ProgrammingMember2025-07-012025-09-300001001082dish:ConnectivityServicesMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:RetailWirelessMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:ProgrammingMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:RetailWirelessMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2025-01-012025-09-300001001082us-gaap:IntersegmentEliminationMemberdish:ConnectivityServicesMember2025-01-012025-09-300001001082us-gaap:ProductAndServiceOtherMember2025-01-012025-09-300001001082dish:ProgrammingMember2025-01-012025-09-300001001082dish:ConnectivityServicesMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:RetailWirelessMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:ProgrammingMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:RetailWirelessMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2024-07-012024-09-300001001082us-gaap:IntersegmentEliminationMemberdish:ConnectivityServicesMember2024-07-012024-09-300001001082us-gaap:ProductAndServiceOtherMember2024-07-012024-09-300001001082dish:ProgrammingMember2024-07-012024-09-300001001082dish:ConnectivityServicesMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:RetailWirelessMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:ProgrammingMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:RetailWirelessMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:ConnectivityServicesMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-09-300001001082us-gaap:IntersegmentEliminationMemberdish:ConnectivityServicesMember2024-01-012024-09-300001001082us-gaap:ProductAndServiceOtherMember2024-01-012024-09-300001001082dish:ProgrammingMember2024-01-012024-09-300001001082dish:ConnectivityServicesMember2024-01-012024-09-300001001082dish:CustomerContractMember2025-09-300001001082dish:ConvertibleNotesZeroDue2025Memberus-gaap:CommonClassAMember2025-09-300001001082dish:ConvertibleNotes3.375PercentDue2026Memberus-gaap:CommonClassAMember2025-09-300001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberdish:CashEquivalentsAndRestrictedCashEquivalentsMember2025-09-300001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberdish:CashEquivalentsAndRestrictedCashEquivalentsMember2025-09-300001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberdish:CashAndRestrictedCashMember2025-09-300001001082us-gaap:FairValueMeasurementsRecurringMemberdish:CashEquivalentsAndRestrictedCashEquivalentsMember2025-09-300001001082us-gaap:FairValueMeasurementsRecurringMemberdish:CashAndRestrictedCashMember2025-09-300001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberdish:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberdish:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberdish:CashAndRestrictedCashMember2024-12-310001001082us-gaap:FairValueMeasurementsRecurringMemberdish:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001001082us-gaap:FairValueMeasurementsRecurringMemberdish:CashAndRestrictedCashMember2024-12-3100010010822025-06-3000010010822024-06-300001001082dish:WirelessMember2025-09-300001001082dish:PayTvAndBroadbandMember2025-09-300001001082dish:WirelessMember2024-12-310001001082dish:PayTvAndBroadbandMember2024-12-310001001082dish:WirelessMember2024-09-300001001082dish:PayTvAndBroadbandMember2024-09-3000010010822024-09-300001001082dish:WirelessMember2023-12-310001001082dish:PayTvAndBroadbandMember2023-12-3100010010822023-12-310001001082us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001001082us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001001082us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001001082dish:EchoStarMember2025-09-300001001082dish:EchoStarMember2024-12-310001001082dish:NorthstarWirelessOrNorthstarSpectrumMemberdish:NorthstarLicensesMember2025-09-300001001082dish:AmericanIIIMemberdish:SNRWirelessOrSNRWirelessHoldcoMember2025-09-300001001082srt:MaximumMemberus-gaap:CorporateDebtSecuritiesMember2025-01-012025-09-300001001082srt:MaximumMemberus-gaap:CommercialPaperMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:SpaceXClassCommonStockMemberdish:SpacexLicensePurchaseAgreementMember2025-09-070001001082us-gaap:RetainedEarningsMember2024-01-012024-03-310001001082us-gaap:IntersegmentEliminationMember2025-07-012025-09-300001001082us-gaap:IntersegmentEliminationMember2025-01-012025-09-300001001082us-gaap:IntersegmentEliminationMember2024-01-012024-09-300001001082us-gaap:OneTimeTerminationBenefitsMember2025-07-012025-09-300001001082us-gaap:ContractTerminationMember2025-07-012025-09-300001001082srt:MinimumMemberdish:EchoStarMemberdish:CollocationAndAntennaSpaceAgreementsMember2025-01-012025-09-300001001082srt:MaximumMemberdish:EchoStarMemberdish:CollocationAndAntennaSpaceAgreementsMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:MasterTransactionAgreementMemberdish:TTAndCAgreementMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:CollocationAndAntennaSpaceAgreementsMember2025-01-012025-09-300001001082srt:MinimumMemberdish:HughesBroadbandDistributionAgreementMember2012-10-022012-10-020001001082dish:EchoStarMemberdish:ProfessionalServicesAgreementMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:RoviLicenseAgreementMember2016-08-192016-08-190001001082dish:HughesBroadbandDistributionAgreementMember2012-10-022012-10-020001001082dish:EchoStarMemberdish:HughesEquipmentAndServicesAgreementMember2019-02-012019-02-280001001082dish:EchoStarMemberdish:ElPasoLeaseAgreementMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:InvernessLeaseAgreementMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:TTAndCAgreementMember2021-09-012021-09-300001001082dish:EchoStarMemberdish:TaxSharingAgreementMember2025-09-300001001082dish:HughesBroadbandMasterServicesAgreementMember2025-07-012025-09-300001001082dish:HughesBroadbandMasterServicesAgreementMember2025-01-012025-09-300001001082dish:HughesBroadbandMasterServicesAgreementMember2024-07-012024-09-300001001082dish:HughesBroadbandMasterServicesAgreementMember2024-01-012024-09-300001001082dish:NorthstarWirelessOrNorthstarSpectrumMembersrt:MaximumMemberdish:NorthstarManagerLLCMember2025-01-012025-09-300001001082dish:SNRWirelessOrSNRWirelessHoldcoMembersrt:MaximumMember2025-01-012025-09-300001001082dish:NorthstarWirelessOrNorthstarSpectrumMembersrt:MaximumMember2025-01-012025-09-3000010010822024-01-012024-12-310001001082us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberdish:Aws3LicensesMember2025-01-012025-09-300001001082dish:NorthstarWirelessOrNorthstarSpectrumMemberdish:SNRLicensesMember2015-08-182015-08-180001001082dish:EchoStarMemberdish:PatentCrossLicenseAgreementsMember2011-12-012011-12-310001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001001082us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001001082us-gaap:OperatingSegmentsMemberdish:PayTvAndBroadbandMember2025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:PayTvAndBroadbandMember2025-01-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:RetailWirelessMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:PayTvAndBroadbandMember2024-07-012024-09-300001001082us-gaap:IntersegmentEliminationMember2024-07-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:RetailWirelessMember2024-01-012024-09-300001001082us-gaap:OperatingSegmentsMemberdish:PayTvAndBroadbandMember2024-01-012024-09-300001001082dish:NagraStarLLCMember2025-09-300001001082dish:SlingTVHoldingLLCMember2025-09-300001001082dish:DishTvMember2025-09-300001001082dish:PayTVSatellitesMember2025-01-012025-09-300001001082dish:SNRWirelessOrSNRWirelessHoldcoMemberdish:SNRLicensesMemberdish:PriorArrangementMember2025-01-012025-09-300001001082dish:NorthstarWirelessOrNorthstarSpectrumMemberdish:PriorArrangementMember2025-01-012025-09-300001001082dish:NetworkDevelopment5gMember2025-01-012025-09-300001001082dish:NorthstarWirelessOrNorthstarSpectrumMemberdish:PriorArrangementMember2025-09-300001001082dish:NorthstarLicensesMemberdish:PriorArrangementMember2025-09-300001001082dish:SNRWirelessOrSNRWirelessHoldcoMember2025-09-300001001082us-gaap:NoncontrollingInterestMember2025-04-012025-06-3000010010822025-04-012025-06-300001001082us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001001082us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001001082us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001001082dish:RedeemableNoncontrollingInterestMember2024-01-012024-03-310001001082us-gaap:NoncontrollingInterestMember2025-07-012025-09-300001001082dish:CertainOf600MhzLicensesMember2025-01-012025-09-300001001082dish:CertainOf600MhzLicenseAreasMember2025-01-012025-09-300001001082dish:CertainOfOtherMhz700LicensesAws4LicensesHBlockLicensesMember2025-01-012025-09-300001001082dish:CertainOfMhz700LicensesAws4LicensesHBlockLicenseAreasMember2025-01-012025-09-300001001082dish:CertainOfOtherAws3AndSnrLicensesMemberdish:Aws3LicensesMember2025-01-012025-09-300001001082dish:Licenses700MHzMember2025-01-012025-09-300001001082dish:Licenses600MhzMember2025-01-012025-09-300001001082dish:CertainOfAws3AndSnrLicenseAreasMember2025-01-012025-09-300001001082dish:Mhz700LicensesAndAws4LicensesMember2025-06-172025-06-170001001082dish:Licenses600MhzMember2025-06-172025-06-170001001082dish:HBlockLicensesMember2025-06-172025-06-170001001082dish:CertainOfOtherAws3AndSnrLicensesMember2025-06-172025-06-170001001082dish:Mhz700LicensesAndAws4LicensesMember2025-01-012025-09-300001001082dish:Licenses600MhzMember2025-01-012025-09-300001001082dish:HBlockLicensesMember2025-01-012025-09-300001001082dish:CertainOfOtherAws3AndSnrLicensesMember2025-01-012025-09-300001001082dish:DISHDBSCorporationMember2025-01-012025-09-300001001082us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberdish:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-09-300001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-09-300001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2025-09-300001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberdish:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-09-300001001082us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-09-300001001082us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2025-09-300001001082us-gaap:FairValueMeasurementsRecurringMemberdish:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-09-300001001082us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001001082us-gaap:FairValueMeasurementsRecurringMember2025-09-300001001082us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberdish:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberdish:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310001001082us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310001001082us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310001001082us-gaap:FairValueMeasurementsRecurringMemberdish:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001001082us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001001082us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001001082us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001001082us-gaap:FairValueMeasurementsRecurringMember2024-12-310001001082dish:AtTMobilityLlcMemberdish:LicensePurchaseAgreementMember2025-08-252025-08-250001001082dish:SNRWirelessOrSNRWirelessHoldcoMember2025-01-012025-09-300001001082dish:NorthstarWirelessOrNorthstarSpectrumMember2025-01-012025-09-300001001082dish:Echostar2024IntercompanyLoanMember2025-07-012025-09-300001001082dish:Echostar2024IntercompanyLoanMember2025-01-012025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes7.75Due2026Member2025-01-012025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes7.375PercentDue2028Member2025-01-012025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.750PercentDue2028Member2025-01-012025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.250PercentDue2026Member2025-01-012025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.125PercentDue2029Member2025-01-012025-09-300001001082dish:ConxCorpMember2025-07-012025-09-300001001082dish:ConxCorpMember2025-01-012025-09-300001001082dish:ConxCorpMember2024-07-012024-09-300001001082dish:ConxCorpMember2024-01-012024-09-300001001082srt:MinimumMember2025-01-012025-09-300001001082srt:MaximumMember2025-01-012025-09-300001001082dish:EchoStarMember2025-07-012025-09-300001001082dish:EchoStarMember2025-01-012025-09-300001001082dish:EchoStarMember2024-07-012024-09-300001001082dish:EchoStarMember2024-01-012024-09-300001001082dish:EchoStarMember2024-01-012024-03-310001001082dish:DISHDBSCorporationMemberdish:SeniorNotes7.75Due2026Member2025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes7.375PercentDue2028Member2025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.750PercentDue2028Member2025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.250PercentDue2026Member2025-09-300001001082dish:DISHDBSCorporationMemberdish:SeniorNotes5.125PercentDue2029Member2025-09-300001001082dish:ConvertibleNotesZeroDue2025Memberus-gaap:CommonClassAMember2025-01-012025-09-300001001082dish:ConvertibleNotes3.375PercentDue2026Memberus-gaap:CommonClassAMember2025-01-012025-09-3000010010822024-07-012024-09-300001001082srt:MaximumMemberus-gaap:SubsequentEventMemberdish:SpacexLicensePurchaseAgreementMember2025-11-050001001082dish:SpacexLicensePurchaseAgreementMember2025-09-300001001082dish:EchoStarMemberdish:SpacexLicensePurchaseAgreementMember2025-09-070001001082dish:NagraStarLLCMember2025-09-300001001082dish:NagraStarLLCMember2024-12-310001001082dish:AtTMobilityLlcMemberdish:LicensePurchaseAgreementMember2025-09-300001001082dish:AtTMobilityLlcMemberdish:LicensePurchaseAgreementMember2025-08-250001001082dish:InterCompanyLoanMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:HughesBroadbandMasterServicesAgreementMember2025-07-012025-09-300001001082dish:EchoStarMemberdish:HughesBroadbandMasterServicesAgreementMember2024-07-012024-09-300001001082dish:VermontNationalTelephoneCompanyMemberdish:NorthstarWirelessOrNorthstarSpectrumMemberdish:Aws3LicensesMember2016-09-232016-09-230001001082dish:SNRWirelessOrSNRWirelessHoldcoMemberdish:SNRLicensesMember2015-08-182015-08-180001001082dish:NorthstarWirelessOrNorthstarSpectrumMemberdish:NorthstarLicensesMember2015-08-182015-08-180001001082dish:ProfessionalServicesAgreementMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:HughesBroadbandMasterServicesAgreementMember2017-03-012017-03-310001001082us-gaap:OperatingSegmentsMemberdish:RetailWirelessMember2025-07-012025-09-3000010010822025-07-012025-09-300001001082us-gaap:OperatingSegmentsMemberdish:RetailWirelessMember2025-01-012025-09-300001001082dish:EchoStarMemberdish:RoviLicenseAgreementMember2025-01-012025-09-300001001082dish:NetworkServicesAgreementMember2025-01-012025-09-3000010010822024-01-012024-09-300001001082us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100010010822024-01-012024-03-310001001082us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001001082us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-3100010010822025-01-012025-03-310001001082us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000010010822024-04-012024-06-300001001082us-gaap:SubsequentEventMemberdish:SpacexLicensePurchaseAgreementMember2025-11-0500010010822025-09-3000010010822024-12-310001001082dish:WithGhz3.45ToGhz3.55LicensesMember2025-01-012025-09-3000010010822025-11-0100010010822025-01-012025-09-30xbrli:sharesiso4217:USDdish:itemxbrli:puredish:siteiso4217:USDxbrli:sharesdish:segment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025.

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO .

Commission File Number: 001-39144

DISH Network Corporation

(Exact name of registrant as specified in its charter)


Nevada		88-0336997
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

9601 South Meridian Boulevard
Englewood, Colorado		80112
(Address of principal executive offices)		(Zip code)

(303) 723-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (Note: The registrant is a voluntary filer of reports under Section 13 or 15(d) of the Securities Exchange Act of 1934.) Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐		Accelerated filer ☐

Non-accelerated filer ☒		Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 1, 2025, the registrant’s outstanding common stock consisted of 1,000 shares of common stock, $0 par value per share.

The registrant meets the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.

Table of Contents

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

	Disclosure Regarding Forward-Looking Statements	i

Item 1.	Financial Statements	1

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	2

	Condensed Consolidated Statements of Changes in Stockholder’s Equity (Deficit)	3

	Condensed Consolidated Statements of Cash Flows	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Narrative Analysis of Results of Operations	78

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	*

Item 4.	Controls and Procedures	115

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	115

Item 1A.	Risk Factors	115

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	*

Item 3.	Defaults Upon Senior Securities	*

Item 4.	Mine Safety Disclosures	None

Item 5.	Other Information	None

Item 6.	Exhibits	118

	Signatures	119

* This item has been omitted pursuant to the reduced disclosure format as set forth in General Instructions (H)(2) of Form 10-Q.

Table of Contents

PART I — FINANCIAL INFORMATION

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

Unless otherwise required by the context, in this report, the words “DISH Network,” “DISH,” the “Company,” “we,” “our” and “us” refer to DISH Network Corporation and its subsidiaries, “EchoStar” refers to EchoStar Corporation, our parent company, and its subsidiaries, including us, and “DISH DBS” and “DDBS” refers to DISH DBS Corporation, our wholly-owned, indirect subsidiary and its subsidiaries.

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, in particular, statements about our plans, objectives and strategies, growth opportunities in our industries and businesses, our expectations regarding future results, financial condition, liquidity and capital requirements, our estimates regarding the impact of regulatory developments and legal proceedings, and other trends and projections. Forward-looking statements are not historical facts and may be identified by words such as “future,” “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “estimate,” “expect,” “predict,” “will,” “would,” “could,” “can,” “may,” and similar terms. These forward-looking statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. Accordingly, actual performance, events or results could differ materially from those expressed or implied in the forward-looking statements due to a number of factors, including, but not limited to, those summarized below:

SUMMARY OF RISK FACTORS

Risks Relating to Pending Transactions

●

The timing and closing of the AT&T Transactions are not certain, and are subject to certain conditions, some of which we and EchoStar cannot control, which could result in the AT&T Transactions not being completed or being completed later than expected, which could have a material adverse impact on our expected leverage and available cash-on-hand, as well as costs and revenues, or otherwise reducing the anticipated benefits to us of the AT&T Transactions.

Competition and Economic Risks

●

We face intense and increasing competition from providers of video, broadband and/or wireless services. Changing consumer behavior and new technologies in our Pay-TV and/or Wireless business may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.

●

We face certain risks competing in the wireless services industry and operating a facilities-based wireless services business.

●

Our pay-TV competitors may be able to leverage their relationships with programmers to reduce their programming costs and/or offer exclusive content that will place them at a competitive advantage to us.

●

Through the MNSA and the NSA, we depend in part on T-Mobile and AT&T to provide network services to our Wireless subscribers. Our failure to effectively manage these relationships, including without limitation, our minimum commitments, any system failure in their wireless networks, interruption in the services provided to us, and/or the termination of the MNSA or the NSA (each as defined below) could have a material adverse effect on our business, financial condition and results of operations.

Table of Contents

●

We compete with the MNOs whose networks we partially rely on to provide wireless services to our customers, and they may seek to limit, reduce or terminate our network access to the extent that it becomes competitively advantageous to do so.

●

If we are unable to take advantage of technological developments on a timely basis, or at all, we may experience a decline in demand for our services or face challenges in implementing or evolving our business strategy.

Operational and Service Delivery Risks

●

Any deterioration in our operational performance, subscriber activations and churn rate and subscriber satisfaction could adversely affect our business, financial condition and results of operations.

●

We depend on others to provide the programming that we offer to our Pay-TV subscribers and, if we fail to obtain or lose access to certain programming, our Pay-TV subscriber activations and our subscriber churn rate may be negatively impacted.

●

We have limited satellite capacity and any failures or reduced capacity, caused by, among other things, operational and environmental risks, could adversely affect our business, financial condition and results of operations.

●

Extreme weather may result in risk of damage to our infrastructure and therefore our ability to provide services, and may lead to changes in federal, state and foreign government regulation, all of which could materially and adversely affect our business, results of operations and financial condition.

●

We rely on a single vendor or a limited number of vendors to provide certain key products or services to us, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.

●

Changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.

●

We depend on independent third parties to solicit orders for our services that represent a meaningful percentage of our total gross new subscriber activations.

Risks Related to our Human Capital

●

We rely on highly skilled personnel for our business, and any inability to hire and retain key personnel or to hire qualified personnel may negatively affect our business, financial condition and results of operations.

●

Our business growth and customer retention strategies rely in part on the work of technically skilled employees.

Risks Related to our Products and Technology

●

Our business depends on certain intellectual property rights and on not infringing the intellectual property rights of others.

●

We are, and may become, party to various lawsuits which, if adversely decided, could have a significant adverse impact on our business, particularly lawsuits regarding intellectual property.

Table of Contents

●

If our products contain defects, we could be subject to significant costs to correct such defects and our product and network service contracts could be delayed or cancelled, which could adversely affect our revenue.

Risks Related to Cybersecurity

●

We have experienced and may experience in the future consistent cyber-attacks and attempts to gain unauthorized access to our systems and any failure or inadequacy of our information technology infrastructure and communications systems or those of third parties that we use in our operations could disrupt or harm our business.

●

The confidentiality, integrity, and availability of our services and products depends on the continuing operation of our information technology and other enabling systems.

Acquisition and Capital Structure Risks

●

We, and certain of our subsidiaries, currently do not have the necessary cash on hand, projected future cash flows, or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our, and certain of our subsidiaries, ability to continue as a going concern.

●

We have substantial debt outstanding and may incur additional debt and covenants in our Indentures could limit our ability to undertake certain types of activities and adversely affect our liquidity.

●

We may pursue acquisitions, dispositions, capital expenditures, the development, acquisition and launch of new satellites and other strategic initiatives to complement or expand our business, which may not be successful and we may lose a portion or all of our investment in these acquisitions and transactions.

●

We have made substantial investments to acquire certain wireless spectrum licenses and other related assets, and may be unable to realize a return on these assets.

●

We will need additional capital, which may not be available on favorable terms or at all, to fund current obligations, to continue investing in our business and to finance acquisitions and other strategic transactions.

●

Our parent, EchoStar, is controlled by one principal stockholder, who is also our Chairman.

Risks Related to the Regulation of Our Business

●

Our services depend on FCC licenses that can expire or be revoked or modified and applications for FCC licenses that may not be granted.

Other factors that could cause or contribute to such differences include, but are not limited to, those discussed under the caption “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of our most recent Annual Report on Form 10-K (the “10-K”) filed with the Securities and Exchange Commission (“SEC”), those discussed in “Management’s Narrative Analysis of Results of Operations” herein and in the 10-K and those discussed in other documents we file with the SEC. All cautionary statements made or referred to herein should be read as being applicable to all forward-looking statements wherever they appear. Investors should consider the risks and uncertainties described or referred to herein and should not place undue reliance on any forward-looking statements. The forward-looking statements speak only as of the date made, and we expressly disclaim any obligation to update these forward-looking statements.

iii

Table of Contents

Item 1. FINANCIAL STATEMENTS

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)


	As of
	September 30,		December 31,
	2025		2024
Assets
Current Assets:
Cash and cash equivalents	$	1,118,957	$	476,075
Current restricted cash, cash equivalents and marketable investment securities		128,826		150,898
Marketable investment securities		61		286
Trade accounts receivable, net of allowance for credit losses of $79,397 and $71,314, respectively (Note 12)		824,634		922,001
Inventory		225,064		303,328
Prepaids and other assets		316,929		588,892
Other current assets		4,288		37,786
Total current assets		2,618,759		2,479,266

Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		132,158		127,698
Property and equipment, net		1,483,083		7,229,089
Regulatory authorizations, net		25,941,704		30,840,398
Other investments, net		18,353		35,483
Operating lease assets		173,367		3,134,938
Intangible assets, net		53,594		63,857
Other noncurrent assets, net		286,713		283,780
Total noncurrent assets		28,088,972		41,715,243
Total assets	$	30,707,731	$	44,194,509

Liabilities and Stockholder's Equity (Deficit)
Current Liabilities:
Trade accounts payable (Note 12)	$	608,141	$	696,277
Deferred revenue and other		565,297		569,071
Accrued programming		1,222,607		1,339,072
Accrued interest		341,228		206,492
DISH 2021 Intercompany Loan 2026 Tranche - Interest payable in cash (Note 8)		87,400		21,850
Other accrued expenses and liabilities		2,079,871		1,641,168
Current portion of debt, finance lease and other obligations (Note 8)		3,131,385		933,481
Total current liabilities		8,035,929		5,407,411

Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion (Note 8)		12,300,367		14,972,965
Intercompany Loans (Note 8)		8,166,078		5,781,811
Deferred tax liabilities, net		4,033,138		8,312,490
Operating lease liabilities		4,150,673		3,089,950
Long-term deferred revenue and other long-term liabilities		1,521,117		946,208
Total long-term obligations, net of current portion		30,171,373		33,103,424
Total liabilities		38,207,302		38,510,835

Commitments and Contingencies (Note 9)

Stockholder's Equity (Deficit):
Common stock, $0 par value, 1,000 shares authorized, 1,000 shares issued and outstanding		—		—
Additional paid-in capital		5,183,135		5,435,387
Accumulated other comprehensive income (loss)		(3,653)		(2,759)
Accumulated earnings (deficit)		(13,123,293)		(193,030)
Total DISH Network stockholder's equity (deficit)		(7,943,811)		5,239,598
Noncontrolling interests		444,240		444,076
Total stockholder's equity (deficit)		(7,499,571)		5,683,674
Total liabilities and stockholder's equity (deficit)	$	30,707,731	$	44,194,509

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenue:
Service revenue	$	3,164,369	$	3,380,913	$	9,768,894	$	10,329,859
Equipment sales and other revenue		116,525		134,404		417,902		393,617
Total revenue		3,280,894		3,515,317		10,186,796		10,723,476

Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		2,259,952		2,415,552		6,929,802		7,226,180
Cost of sales - equipment and other		323,719		319,564		974,127		956,918
Selling, general and administrative expenses		536,897		540,502		1,588,428		1,548,287
Depreciation and amortization		290,655		364,199		1,063,121		1,122,383
Impairments and other (Note 1)		16,036,001		-		16,036,001		-
Total costs and expenses		19,447,224		3,639,817		26,591,479		10,853,768

Operating income (loss)		(16,166,330)		(124,500)		(16,404,683)		(130,292)

Other Income (Expense):
Interest income		15,243		8,627		40,441		31,794
Interest expense, net of amounts capitalized (Note 2)		(332,003)		(160,625)		(759,507)		(495,821)
Other, net (Note 4)		(41,156)		18,019		(15,938)		80,884
Total other income (expense)		(357,916)		(133,979)		(735,004)		(383,143)

Income (loss) before income taxes		(16,524,246)		(258,479)		(17,139,687)		(513,435)
Income tax (provision) benefit, net		4,056,647		47,971		4,209,492		80,872
Net income (loss)		(12,467,599)		(210,508)		(12,930,195)		(432,563)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		10		15		68		3,688
Net income (loss) attributable to DISH Network	$	(12,467,609)	$	(210,523)	$	(12,930,263)	$	(436,251)

Comprehensive Income (Loss):
Net income (loss)	$	(12,467,599)	$	(210,508)	$	(12,930,195)	$	(432,563)
Other comprehensive income (loss):
Foreign currency translation adjustments		(843)		(125)		(918)		(138)
Unrealized holding gains (losses) on available-for-sale debt securities		49		53		41		1,792
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		(2)		(9)		(10)		(1,758)
Deferred income tax (expense) benefit, net		(11)		(2)		(7)		(3)
Total other comprehensive income (loss), net of tax		(807)		(83)		(894)		(107)
Comprehensive income (loss)		(12,468,406)		(210,591)		(12,931,089)		(432,670)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax		10		15		68		3,688
Comprehensive income (loss) attributable to DISH Network	$	(12,468,416)	$	(210,606)	$	(12,931,157)	$	(436,358)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY (DEFICIT)

(In thousands)

(Unaudited)


			Accumulated
	Additional		Other		Accumulated						Redeemable
	Paid-In		Comprehensive		Earnings		Noncontrolling				Noncontrolling
	Capital		Income (Loss)		(Deficit)		Interests		Total		Interests
Balance, December 31, 2023	$	4,916,120	$	(2,676)	$	11,876,627	$	2,103	$	16,792,174	$	438,382
Non-cash, stock-based compensation		6,115		—		—		—		6,115		—
Other comprehensive income (loss) and other		(62)		17		—		—		(45)		—
Asset Transfer to EchoStar, including deferred taxes of $3,775,370		(3,775,370)		380		(12,003,227)		(146)		(15,778,363)		—
Sale of Assets to EchoStar, net of deferred taxes of $3,857		5,513		—		—		—		5,513		—
700 MHz Spectrum Sale to EchoStar, net of deferred taxes of $37,681		114,831		—		—		—		114,831		—
Conversion of outstanding redeemable noncontrolling interest in SNR HoldCo to noncontrolling interest		—		—		—		441,998		441,998		(441,998)
Net income (loss) attributable to noncontrolling interests		—		—		—		32		32		3,616
Net income (loss) attributable to DISH Network		—		—		(13,879)		—		(13,879)		—
Balance, March 31, 2024	$	1,267,147	$	(2,279)	$	(140,479)	$	443,987	$	1,568,376	$	—
Non-cash, stock-based compensation		6,923		—		—		—		6,923		—
Other comprehensive income (loss)		—		(41)		—		—		(41)		—
Orbital II Transfer from EchoStar		140,510		—		—		—		140,510		—
Net income (loss) attributable to noncontrolling interests		—		—		—		25		25		—
Net income (loss) attributable to DISH Network		—		—		(211,849)		—		(211,849)		—
Balance, June 30, 2024	$	1,414,580	$	(2,320)	$	(352,328)	$	444,012	$	1,503,944	$	—
Non-cash, stock-based compensation		6,212		—		—		—		6,212		—
Other comprehensive income (loss)		—		(83)		—		—		(83)		—
Net income (loss) attributable to noncontrolling interests		—		—		—		15		15		—
Net income (loss) attributable to DISH Network		—		—		(210,523)		—		(210,523)		—
Balance, September 30, 2024	$	1,420,792	$	(2,403)	$	(562,851)	$	444,027	$	1,299,565	$	—


			Accumulated
	Additional		Other		Accumulated
	Paid-In		Comprehensive		Earnings		Noncontrolling
	Capital		Income (Loss)		(Deficit)		Interests		Total
Balance, December 31, 2024	$	5,435,387	$	(2,759)	$	(193,030)	$	444,076	$	5,683,674
Non-cash, stock-based compensation		4,648		—		—		—		4,648
Other comprehensive income (loss) and other		(691)		(16)		—		—		(707)
Wireless Spectrum License Exchange, net of deferred taxes of $50,456		(267,561)		—		—		96		(267,465)
Net income (loss) attributable to noncontrolling interests		—		—		—		34		34
Net income (loss) attributable to DISH Network		—		—		(189,529)		—		(189,529)
Balance, March 31, 2025	$	5,171,783	$	(2,775)	$	(382,559)	$	444,206	$	5,230,655
Non-cash, stock-based compensation		5,361		—		—		—		5,361
Other comprehensive income (loss)		—		(71)		—		—		(71)
Net income (loss) attributable to noncontrolling interests		—		—		—		24		24
Net income (loss) attributable to DISH Network		—		—		(273,125)		—		(273,125)
Balance, June 30, 2025	$	5,177,144	$	(2,846)	$	(655,684)	$	444,230	$	4,962,844
Non-cash, stock-based compensation		5,991		—		—		—		5,991
Other comprehensive income (loss)		—		(807)		—		—		(807)
Net income (loss) attributable to noncontrolling interests		—		—		—		10		10
Net income (loss) attributable to DISH Network		—		—		(12,467,609)		—		(12,467,609)
Balance, September 30, 2025	$	5,183,135	$	(3,653)	$	(13,123,293)	$	444,240	$	(7,499,571)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	For the Nine Months Ended
	September 30,
	2025		2024
Cash Flows From Operating Activities:
Net income (loss)	$	(12,930,195)	$	(432,563)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		1,063,121		1,122,383
Impairments and other (Note 1)		16,036,001		—
Realized and unrealized losses (gains) and impairments on investments and other		11,823		922
Realized losses (gains) on Sale of Assets to EchoStar		—		(128,788)
Asset sales and other (gains) losses		5,062		(21,310)
Non-cash, stock-based compensation		16,000		19,250
Deferred tax expense (benefit)		(4,228,924)		(104,080)
Changes in allowance for credit losses		8,083		13,073
Change in long-term deferred revenue and other long-term liabilities		230,213		88,123
Other, net		37,155		88,079
Changes in operating assets and operating liabilities, net		(93,240)		229,401
Net cash flows from operating activities		155,099		874,490

Cash Flows From Investing Activities:
Purchases of marketable investment securities		(93,666)		(17,987)
Sales and maturities of marketable investment securities		60,577		34,118
Purchases of property and equipment (Note 6)		(687,077)		(977,141)
Capitalized interest related to regulatory authorizations (Note 2)		(550,172)		(491,094)
Purchases of regulatory authorizations, including deposits		—		(1,104)
Sale of Assets to EchoStar		—		245,800
700 MHz Spectrum Sale to EchoStar		—		1,036,500
Liberty Puerto Rico asset sale		—		95,435
Sale of Fiber business		47,207		—
Other, net		2,207		(36,429)
Net cash flows from investing activities		(1,220,924)		(111,902)

Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations		(45,131)		(97,205)
Redemption and repurchases of term loans, convertible and senior notes		(500,000)		(951,170)
Proceeds from New DISH DBS Financing		—		2,500,000
Debt issuance costs and debt (discount) premium from New DISH DBS Financing		—		(136,208)
Proceeds from EchoStar 2024 Intercompany Loan (Note 8)		2,201,895		—
Other, net		28		(61)
Net cash flows from financing activities		1,656,792		1,315,356

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents		590,967		2,077,944
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 4)		730,789		462,748
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 4)	$	1,321,756	$	2,540,692

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.Organization and Business Activities

Principal Business

DISH Network Corporation is a holding company. Its subsidiaries (which together with DISH Network Corporation are referred to as “DISH Network,” the “Company,” “we,” “us” and/or “our,” unless otherwise required by the context) currently operate two primary business segments. DISH Network is a wholly-owned subsidiary of EchoStar Corporation (“EchoStar”), a publicly traded company listed on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SATS.”

Recent Developments

FCC Review

In the third quarter of 2025, we and EchoStar resolved the previously disclosed review by the Federal Communications Commission (the “FCC”) into EchoStar’s and our compliance with the build-out milestones and other obligations regarding EchoStar’s and our federal spectrum licenses. EchoStar had previously received a letter from the FCC on May 9, 2025, indicating that the FCC was beginning a review of EchoStar’s and our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-out extension granted by the FCC and mobile-satellite service (“MSS”) utilization in the 2 GHz band (the “May 9 Letter”). We collectively 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 our business required us to, among other things, reevaluate the deployment of our resources and as a result, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods. See Note 8 for further information.

The FCC review introduced the possibility of reversing prior FCC grants of authority to us and EchoStar. The FCC made it clear that it viewed EchoStar’s and our spectrum as being underutilized and deemed EchoStar’s and our continued ownership of such spectrum licenses inconsistent with the public interest, and that we and EchoStar 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 and our control, we and EchoStar entered into the AT&T Transactions and SpaceX Transactions, as defined below, whereby we agreed to sell a material amount of EchoStar’s and our spectrum licenses. In August 2025, following these transactions, we began the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in our Hybrid MNO business, as defined in “Segments-Wireless” below. Furthermore, we and EchoStar believe the FCC’s actions and the resulting AT&T Transactions and SpaceX Transactions constitute one or more force majeure events under certain of EchoStar’s and our 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.”

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

AT&T License Purchase Agreement

On August 25, 2025, we and EchoStar and AT&T Mobility II LLC, a Delaware limited liability company, and subsidiary of AT&T Inc. (“AT&T”) entered into a License Purchase Agreement (the “AT&T License Purchase Agreement,” and the transactions contemplated thereby, the “AT&T Transactions”).

Pursuant to the terms and subject to the conditions set forth in the AT&T License Purchase Agreement, we and EchoStar have agreed to sell all 3.45–3.55 GHz and 600 MHz spectrum licenses (collectively, the “3.45 GHz and 600 MHz Licenses”), and to a 99-year extension of existing leases for AT&T’s exclusive use of certain wireless spectrum licenses in Hawaii for an aggregate purchase price of $22.650 billion in cash, subject to certain potential adjustments (the “Closing Purchase Price”). The AT&T License Purchase Agreement also extends to AT&T the right to lease certain 3.45 GHz licenses from us and EchoStar, which AT&T exercised, subject to a short-term spectrum manager lease, at the end of the third quarter of 2025.

The Closing Purchase Price is subject to downward adjustment in the event certain 3.45 GHz and 600 MHz Licenses are ultimately excluded by either us or EchoStar, or AT&T, under certain circumstances. We and EchoStar are not obligated to consummate the AT&T Transactions if the Closing Purchase Price, after giving effect to the aggregate amount of any such adjustments, is less than $18.6 billion (the “Minimum Purchase Price”). However, if the aggregate amount of such reductions would otherwise reduce the Closing Purchase Price below the Minimum Purchase Price, AT&T may elect to pay the Minimum Purchase Price at closing, in which case this condition will be deemed satisfied.

The AT&T License Purchase Agreement provides that, at the closing of the AT&T Transactions, any amounts outstanding under that certain Loan and Security Agreement, dated November 26, 2021, between DISH DBS as lender and DISH Network will be repaid in full using proceeds from the AT&T Transactions to the respective holders of the DISH 2021 Intercompany Loan (the “DISH 2021 Intercompany Loan Payoff”). The DISH 2021 Intercompany Loan Payoff includes $2.844 billion due to DISH DBS as of September 30, 2025 for the DISH 2021 Intercompany Loan 2028 Tranche. The DISH 2021 Intercompany Loan is secured by the 3.45 GHz Licenses and certain other wireless spectrum licenses. See Note 8 for definitions and further information.

In addition, all outstanding 11 3/4% Senior Secured Notes due November 15, 2027 issued pursuant to that certain Secured Indenture, dated November 15, 2022 (“DISH Secured Indenture”), by and among DISH Network Corporation, the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and collateral agent, will be redeemed concurrently with the closing in accordance with the terms of the DISH Secured Indenture (the “Redemption”). As of September 30, 2025, the aggregate principal amount outstanding of our 11 3/4% Senior Secured Notes due November 15, 2027 was $3.5 billion and is secured by the 600 MHz Licenses.

The AT&T Transactions are subject to a number of terms and conditions set forth in the AT&T License Purchase Agreement. The completion of the AT&T Transactions are subject to the satisfaction or waiver of customary closing conditions, including, but not limited to, certain government approvals, including, among other things, receipt of certain consents and approvals from the FCC and the United States Department of Justice (the “DOJ”). The AT&T License Purchase Agreement also provides for specified termination rights by each party in certain circumstances. The closing is expected to occur in the first half of 2026.

The description of the AT&T 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.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Amendments to the Network Services Agreement

Simultaneously with the execution of the AT&T License Purchase Agreement, DISH Wireless L.L.C., our subsidiary and AT&T Mobility LLC, a subsidiary of AT&T, entered into the Fifth Amendment (the “Fifth Amendment”) and the Sixth Amendment (the “Sixth Amendment”) to the Network Services Agreement dated as of July 14, 2021 by and among DISH Wireless L.L.C. and AT&T Mobility LLC (as amended, the “NSA”). The term of the Fifth Amendment is scheduled to begin on January 1, 2026 and extends certain terms and conditions under the NSA that were previously available only through the end of 2025.

The Sixth Amendment sets forth new terms including reduced rates if we meet certain minimum data thresholds while transitioning to a Hybrid MNO. Under a Hybrid MNO we operate certain portions of the network infrastructure such as the network core and billing and provisioning software, while our network partner, AT&T, provides certain elements including base stations, radios, radio access network (RAN) software and spectrum frequencies. We plan to transition to a Hybrid MNO and trigger the Sixth Amendment rates as early as the fourth quarter of 2025 and AT&T has agreed to provide these services to us through December 31, 2031. We are not obligated to transition to a Hybrid MNO or meet the specified data thresholds, but will not be entitled to the terms of the Sixth Amendment unless we have met such thresholds. In the fourth quarter of 2025, we gave notice to AT&T that we expect to meet such thresholds and intend to trigger the Sixth Amendment and as such, we have commenced the transition to a Hybrid MNO.

During the term of the Sixth Amendment, we have the option to extend the Sixth Amendment up to two times for additional extension terms of 2-years each, until either December 31, 2033 or December 31, 2035 (each an “Extension Term”). The Fifth and Sixth amendments, in addition to any Extension Term we exercise, also contain certain minimum purchase commitments.

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 “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 its 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 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.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

The consideration for the SpaceX Transactions payable at the Spectrum Acquisition Closing to EchoStar 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 the EchoStar 10 3/4% Senior Secured Notes due 2029 (the “10 3/4% Secured Notes”) and the EchoStar 6 3/4% Senior Secured due 2030 (the “6 3/4% Secured Notes”) and (ii) settle the anticipated redemption and conversions of the EchoStar 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 “EchoStar Seller Notes”). The remaining amount after paying off the EchoStar 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, its Class A Common Stock (with respect to the Convertible Notes due 2030), or both, to maintain its 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 September 30, 2025, the aggregate principal amount outstanding of the EchoStar Seller Notes was $9.826 billion and is secured by the AWS-4 and AWS-3 Licenses.

The Spectrum Acquisition Closing is expected to occur on or about November 30, 2027, following the expiration of the make-whole period for the EchoStar 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 EchoStar Seller Notes, other than additional amounts payable as a result of a default under the EchoStar Seller Notes.

Additionally, in connection with the SpaceX License Purchase Agreement and the 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 EchoStar 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.

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 DOJ. The SpaceX License Purchase Agreement also provides for specified termination rights.

The SpaceX License Purchase Agreement also provides for future long-term commercial agreements that will enable EchoStar to offer our 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 EchoStar refer existing HughesNet customers and new Starlink customers to SpaceX.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

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.

See Note 13 for further information regarding amendments to the SpaceX License Purchase Agreement subsequent to September 30, 2025.

Future Capital Requirements

The condensed 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 $1.119 billion as of September 30, 2025 (“Cash on Hand”). As reflected in the condensed consolidated financial statements as of September 30, 2025, we have $2.0 billion of debt maturing in July 2026. In addition, the re-auction of certain AWS-3 licenses previously awarded to Northstar Wireless and SNR Wireless has been designated as Auction 113 and the FCC is required to initiate Auction 113 by June 23, 2026. We cannot predict with any degree of certainty the outcome of Auction 113, however, we may be required to make a maximum payment up to approximately $2.921 billion for the Northstar Re-Auction Payment and SNR Re-Auction Payment. See Note 9 for definitions and further information.

As detailed above, upon the closing of the AT&T Transactions, subject to certain conditions and adjustments, we and our parent, EchoStar, will receive $22.650 billion in cash. The AT&T Transactions also contemplate the repayment of certain of our debt as described above in “AT&T Transactions.” However, until the closing of the AT&T Transactions, which are subject to receipt of government approvals and other customary conditions, funding is not deemed committed and because we do not currently have the necessary Cash on Hand and/or projected future cash flows or committed financing to fund our obligations for at least twelve months from the issuance of these condensed consolidated financial statements, substantial doubt exists about our ability to continue as a going concern.

We and EchoStar cannot provide assurances that the AT&T Transactions will be approved and consummated on the predicted timeline or at all.

The condensed 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.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Impairments and Other

Impairment of Indefinite-Lived Intangible Assets

We do not amortize indefinite-lived intangible assets, primarily consisting of FCC licenses, 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.

Management has the option to perform a qualitative assessment or go directly to a quantitative assessment that utilizes the market approach or the income approach to determine whether it is more likely than not that 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.

During the third quarter of 2025, as a result of the AT&T Transactions and SpaceX Transactions, we began the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in our Hybrid MNO business model resulting in a significant adverse change in the intended use of such assets. These developments were considered triggering events and resulted in the performance of an impairment assessment of our Wireless segment spectrum licenses. Historically, we determined that substantially all of our spectrum assets were acquired to construct a single asset and as such were treated as one unit of accounting for impairment testing. However, as certain bands of our Wireless segment spectrum licenses are being or could be sold independent of our other holdings, each band of spectrum licenses (each a “Spectrum Asset”) is now considered a separate unit of accounting. Accordingly, the carrying value of each Spectrum Asset, which consists of the original purchase price plus capitalized interest, was tested for impairment individually.

As of September 30, 2025, management performed a quantitative assessment to determine whether the fair value of each Spectrum Asset exceeded its respective carrying amount. The quantitative assessment consisted of a market approach performed by a third-party and reviewed by management using benchmarks, based on market transactions, which may include spectrum auctions and secondary market transactions, either acquisitions of spectrum or of businesses for which spectrum values can be reliably inferred. Through this assessment, we concluded that the fair value was less than the carrying amount, which is inclusive of cumulative capitalized interest. This conclusion was made in connection with the preparation and review of the financial statements required to be included in this Quarterly Report on Form 10-Q. As a result, we partially impaired certain Spectrum Assets related to our Wireless segment resulting in non-cash impairment charges in “Impairments and other” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). None of the Spectrum Assets included in the AT&T Transactions were impaired based on their respective sale price.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Impairment of Long-Lived 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 Condensed 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. 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.

During the third quarter of 2025, as a result of the AT&T Transactions and SpaceX Transactions, we began the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in our Hybrid MNO business model resulting in a significant adverse change in the intended use of such assets. These developments were considered triggering events and resulted in our review for impairment of the capitalized costs of our right of use (“ROU”) lease assets associated with the 5G Network, 5G Network equipment and other assets such as software and capitalized asset retirement costs, that will not be utilized in our Hybrid MNO business, as an asset or asset group. 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. This conclusion was made in connection with the preparation and review of the financial statements required to be included in this Quarterly Report on Form 10-Q. Management then 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 in “Impairments and other” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

“Impairments and other” recorded on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) during the three and nine months ended September 30, 2025, related to our Wireless segment, consisted of the following:


	For the Three and Nine Months Ended
	September 30, 2025
	(In thousands)
Prepaids and other (1)	$	391,431
Regulatory authorizations		5,195,868
Property and equipment, net		5,487,286
Operating lease assets (1)		4,191,133
Exit and disposal costs (2)		770,283
Impairments and other	$	16,036,001

(1)

The developments discussed above resulted in, among other things, our review of communication tower lease obligations related to our 5G Network, through which we determined we will no longer take on any new communication tower leases, including those under our take or pay arrangements with certain vendors. Consequently, all future cash flows associated with certain communication tower leases not previously commenced under the take or pay arrangements were attributed to existing leases and certain lease liabilities were remeasured and we recorded $1.284 billion as an ROU asset and liability on our Condensed Consolidated Balance Sheets as of September 30, 2025, and the ROU assets associated with such remeasured leases were impaired in the same period. As a result, a one-time charge for variable lease payment expense resulting from this remeasurement event of $457 million, which is included in “Prepaids and other,” and “Operating lease assets” related to our 5G Network was recorded in "Impairments and other" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

(2)	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 following table presents the activity relating to our exit and disposal costs, included in “Other accrued expenses and liabilities” and “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets:


	One-Time Employee Termination Benefits		Contract Termination Costs		Total

	(In thousands)
Balance, July 1, 2025	$	—	$	—	$	—
Costs incurred and charged to expense		12,463		757,820		770,283
Costs paid or settled		(2,505)		(6,489)		(8,994)
Other adjustments (1)		—		48,402		48,402
Accretion		—		4,475		4,475
Balance, September 30, 2025	$	9,958	$	804,208	$	814,166

(1)

Primarily includes amounts for contracts previously accrued that are included in our exit and disposal costs as a result of the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in our Hybrid MNO business model, discussed above.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Segments

We currently operate two primary business segments: (1) Pay-TV; and (2) Wireless.

Pay-TV

We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). As of September 30, 2025, we had 7.166 million Pay-TV subscribers in the United States, including 5.171 million DISH TV subscribers and 1.995 million SLING TV subscribers.

Wireless

Our Wireless segment provides wireless communication services (“Wireless” services) and products. We offer nationwide Wireless services to subscribers primarily under our Boost Mobile® and Gen Mobile® brands. We currently offer a broad range of premium wireless devices, including the latest generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices. As of September 30, 2025, we had 7.520 million Wireless subscribers.

We have terminated our deployment of the nation’s first cloud-native, Open Radio Access Network (“O-RAN”) based 5G VoNR and broadband network (our “5G Network”), after meeting certain interim and final build-out requirements established by the FCC. We had commenced our transition to a mobile network operator (“MNO”) as our 5G Network became commercially available and we grew our customer base on our 5G Network.

In August 2025, we began the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in our Hybrid MNO business model, as defined below. We are currently operating primarily as a mobile virtual network operator (“MVNO”). Within our MVNO operations, today we depend in part on either T-Mobile or AT&T to provide us with network services under the amended Master Network Services Agreement (as amended, the “MNSA”) and Network Services Agreement (as amended, the “NSA”), respectively. In light of the AT&T Transactions, we are transitioning to a hybrid MNO business model under which we will continue to operate our 5G Network core and utilize AT&T’s network services (“Hybrid MNO”). We are actively migrating customer traffic from our 5G Network to AT&T’s network as we transition to a Hybrid MNO.

We initially invested a total of over $30 billion in Wireless spectrum licenses, and a portion of these licenses were included in the Wireless Spectrum License Exchange and the Sale and Transfer of Assets to EchoStar. Prior to the impairments during the third quarter of 2025 as detailed above, we had $24 billion of investments related to Wireless spectrum licenses, which does not include $7 billion of capitalized interest related to the carrying value of such licenses. See Note 2, Note 9 and Note 12 for further information. A significant number of these licenses are included in the AT&T Transactions announced during the third quarter of 2025 as detailed above in “Recent Developments.”

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Our Wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments and in a January 10, 2025 filing to the FCC, we certified to meeting the accelerated build-out (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request) due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026.

While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 since we satisfied the remaining Extension Request commitments. See Note 9 for definitions and further information. Also see above “Recent Developments” for further information on the FCC’s recently completed review of our compliance with our obligations regarding our federal spectrum licenses.

We may need to raise additional capital in the future, if the AT&T Transactions are not completed, which may not be available on favorable terms or at all, to, among other things, make any potential Northstar Re-Auction Payment and SNR Re-Auction Payment for the AWS-3 licenses retained by the FCC. See Note 9 for definitions and further information.

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required for complete financial statements prepared under GAAP. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Our results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. Certain prior period amounts have been reclassified to conform to the current period presentation.

Principles of Consolidation

We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and variable interest entities (“VIEs”) where we have been determined to be the primary beneficiary. The portion of equity in a subsidiary not attributable, directly or indirectly, to us are recorded as noncontrolling interests or redeemable noncontrolling interests. See below for further information. 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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Redeemable Noncontrolling Interests

SNR Wireless. SNR Wireless LicenseCo, LLC (“SNR Wireless”) is a wholly-owned subsidiary of SNR Wireless HoldCo, LLC (“SNR HoldCo”), which is an entity owned by us and our parent’s direct wholly-owned subsidiary, EchoStar SNR Holdco L.L.C. and, prior to February 16, 2024, by us and SNR Wireless Management, LLC (“SNR Management”). On February 16, 2024, the FCC consented to the sale of SNR Management’s ownership interests in SNR HoldCo, which was purchased by EchoStar SNR HoldCo L.L.C. for a total of approximately $442 million. This purchase resulted in the conversion of our outstanding redeemable noncontrolling interest as it related to SNR HoldCo to noncontrolling interest, which is now held by our parent, EchoStar, as of the purchase date and we continue to consolidate the SNR Entities into our financial statements.

For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

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 (including those related to our installment billing programs), self-insurance obligations, deferred taxes and related valuation allowances, uncertain tax positions, loss contingencies, fair value of financial instruments including embedded derivatives, fair value of options granted under 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 the 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, incremental borrowing rate (“IBR”) on lease right of use assets, estimates of the timing of future cash flows used to pay principal on certain debt obligations, estimated credit risk underlying installment receivables, nonrefundable upfront fees, independent third-party retailer incentives, programming expenses, 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 condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

Capitalized Interest

We capitalize interest associated with the acquisition or construction of certain assets, including, among other things, our Wireless spectrum licenses, build-out costs associated with our 5G Network deployment and 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.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

While we were commercializing our 5G Network, the interest expense was being capitalized based on the carrying amount of the 5G Network qualifying assets and the capitalization rate applied to those assets. As the qualifying assets, including markets within certain bands of wireless spectrum licenses, were placed into service with the deployment of our 5G Network, we no longer capitalized interest on those assets. As a result of the termination of the deployment of our 5G Network, we no longer have 5G Network activities that qualify for capitalization and as such ceased capitalizing interest on the 5G Network qualifying assets at the end of August 2025.

Capitalized interest totaled $167 million and $232 million for the three months ended September 30, 2025 and 2024, respectively, and $680 million and $684 million for the nine months ended September 30, 2025 and 2024, respectively, which reduced “Interest expense, net of amounts capitalized” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of September 30, 2025, substantially all capitalized interest has ceased, except for capitalized interest on our satellites under construction.

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 September 30, 2025 and December 31, 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, finance lease and other obligations”) was equal to or approximated fair value due to their short-term nature or proximity to current market rates.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

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 4 for the fair value of our marketable investment securities and derivative instruments.

Furthermore, for any sale of a financial asset in a transaction among entities under common control the difference between the net carrying value and the fair value of the assets sold, if any, is recorded as a gain or loss on the sale of the financial asset in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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 8 for the fair value of our debt.

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 Condensed Consolidated Balance Sheets, and then amortized in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Advertising Costs

We recognize advertising expense when incurred as a component of “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Advertising expenses totaled $168 million and $173 million for the three months ended September 30, 2025 and 2024, respectively. Advertising expenses totaled $524 million and $422 million for the nine months ended September 30, 2025 and 2024, respectively.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development costs totaled $6 million and $6 million for the three months ended September 30, 2025 and 2024, respectively. Research and development costs totaled $19 million and $20 million for the nine months ended September 30, 2025 and 2024, respectively.

New Accounting Pronouncements

Not Yet Adopted

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will enhance income tax disclosures. ASU 2023-09 requires among other items disaggregated information in a reporting entity’s rate reconciliation table, clarification on uncertain tax positions and the related financial statement impact as well as information on income taxes paid on a disaggregated basis. This standard is effective for fiscal years beginning after December 15, 2024. We will adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and the adoption of the standard will impact certain of our income tax disclosures.

Disaggregation of Income Statement Expenses. On November 5, 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 condensed consolidated financial statements, related disclosures and control environment.

Financial Instruments – Credit Losses. On July 30, 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which allows entities to elect a practical expedient to assume current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets arising from transactions under Topic 606 on revenue from contracts with customers. This standard is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. We plan to adopt the standard in our 2025 annual financial statements, and we expect the adoption of the standard will have an immaterial impact on our allowance for credit losses.

Intangibles – Goodwill and Other – Internal-Use Software. On September 18, 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 condensed consolidated financial statements and related disclosures.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

3.Supplemental Data - Statements of Cash Flows

The following table presents certain supplemental cash flow and other non-cash data. See Note 7 for supplemental cash flow and non-cash data related to leases.


	For the Nine Months Ended
	September 30,
	2025		2024

	(In thousands)
Cash paid for interest (including capitalized interest)	$	816,688	$	798,598
Cash paid for interest DISH 2021 Intercompany Loan 2026 Tranche		131,100		64,582
Cash paid for income taxes, net of (refunds)		19,354		(22,268)
Total capitalized interest (1)		680,312		684,204
Accrued capital expenditures		119,263		110,058
Remeasured right of use asset and liability (2)		1,283,916		—
Asset retirement obligation (3)		85,681		14,010
Wireless Spectrum License Exchange, net of deferred taxes of $50,456 (4)		267,465		—
Asset Transfer to EchoStar, including deferred taxes of $3,775,370		—		15,778,363
Conversion of outstanding redeemable noncontrolling interest in SNR HoldCo to noncontrolling interest		—		441,998
Orbital II Transfer from EchoStar		—		140,510

(1)	See Note 2 for further information.

(2)	See Note 7 for further information.

(3)	See Note 6 for further information.

(4)	See Note 9 for further information.

Beginning in 2024, DISH Network 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 federal and state income tax provisions or benefits recorded by DISH Network are generally those that would have been recorded if DISH Network and its domestic subsidiaries had filed returns as a consolidated group independent of EchoStar. Cash is due and paid to EchoStar based on amounts that would be payable based on DISH Network consolidated or combined group filings. During the three and nine months ended September 30, 2025 and 2024, no payments were made to EchoStar for income taxes.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

4.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
	September 30,		December 31,
	2025		2024

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale	$	51	$	51
Strategic - trading/equity		10		10
Other		—		225
Total current marketable investment securities		61		286
Restricted marketable investment securities (1)		58,185		23,882
Total marketable investment securities		58,246		24,168

Restricted cash and cash equivalents (1)		202,799		254,714

Other investments, net:
Equity method investments		15,143		20,440
Other investments		3,210		15,043
Total other investments, net		18,353		35,483

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	279,398	$	314,365

(1)

Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash, cash equivalents and marketable investment securities” and “Restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets and discussed below.

Marketable Investment Securities

Our marketable investment securities portfolio may consist of debt and equity instruments. All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All debt securities are classified as available-for-sale and are recorded at fair value.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

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 Condensed Consolidated Balance Sheets. The corresponding 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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 2 for further information.

Current Marketable Investment Securities – Strategic

Our current strategic marketable investment securities portfolio includes and may include strategic and financial debt and/or equity investments in private and public companies that are highly speculative and have experienced and continue to experience volatility. As of September 30, 2025, this portfolio consisted of securities of a small number of issuers, and as a result the value of that portfolio depends, among other things, on the performance of those issuers. The fair value of certain of the debt and equity securities in this portfolio can be adversely impacted by, among other things, the issuers’ respective performance and ability to obtain any necessary additional financing on acceptable terms, or at all.

Current Marketable Investment Securities - Other

Our current other marketable investment securities portfolio includes investments in various debt instruments including, among others, commercial paper, corporate securities and United States treasury and/or agency securities.

Commercial paper consists mainly of unsecured short-term, promissory notes issued primarily by corporations with maturities ranging up to 365 days. Corporate securities consist of debt instruments issued by corporations with various maturities normally less than 18 months. U.S. Treasury and agency securities consist of debt instruments issued by the federal government and other government agencies.

Restricted Cash, Cash Equivalents and Marketable Investment Securities

As of September 30, 2025 and December 31, 2024, our restricted marketable investment securities, together with our restricted cash and cash equivalents, included amounts required as collateral for our letters of credit, surety bonds and trusts.

Current restricted cash, cash equivalents and marketable investment securities. As of September 30, 2025 and December 31, 2024, we had $129 million and $151 million, respectively, included in “Current restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets that primarily consists of funds received by our subsidiary, DISH DBS Issuer LLC (“DBS SubscriberCo”), from subscriber payments and certain other revenue, which are required to be restricted per the terms of the debt issued by DBS SubscriberCo. DBS SubscriberCo holds certain DISH TV subscribers and their related subscription and equipment agreements which collateralizes certain debt obligations.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Other Investments, net

We have strategic investments in certain debt and/or equity securities that are included in noncurrent “Other investments, net” on our Condensed Consolidated Balance Sheets. Our debt securities are classified as available-for-sale and are recorded at fair value. Generally, our debt investments in non-publicly traded debt instruments without a readily determinable fair value are recorded at amortized cost. Our equity investments where we have the ability to exercise significant influence over the investee are accounted for using the equity method of accounting. Certain of our equity method investments are detailed below.

NagraStar L.L.C. We own a 50% interest in NagraStar L.L.C. (“NagraStar”), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. The three main technologies NagraStar provides to its customers are microchips, set-top box software and uplink computer systems. NagraStar also provides end-to-end platform security testing services.

Invidi Technologies Corporation. We own a 35% interest in Invidi Technologies Corporation (“Invidi”), an entity that provides proprietary software for the addressable advertising market. Invidi contracts with multichannel video programming distributers to include its software in their respective set-top boxes and DVRs in order to deliver targeted advertisements based on a variety of demographic attributes selected by the advertisers. Invidi has also developed a cloud-based solution for internet protocol-based platforms.

We also hold investments that are not accounted for using the equity method of accounting, which are measured at fair value. Investments in equity securities without readily determinable fair values are accounted for at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer.

Our ability to realize value from our strategic investments in securities that are not publicly traded depends on, among other things, the success of the issuers’ businesses and their ability to obtain sufficient capital, on acceptable terms or at all, and to execute their business plans. Because private markets are not as liquid as public markets, there is also increased risk that we will not be able to sell these investments, or that when we desire to sell them we will not be able to obtain fair value for them.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Fair Value Measurements

Our investments measured at fair value on a recurring basis were as follows:


	As of
	September 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(In thousands)
Cash and cash equivalents (including restricted):
Cash	$	384,546	$	—	$	—	$	384,546	$	468,799	$	—	$	—	$	468,799
Cash equivalents		133,749		803,461		—		937,210		221,083		40,907		—		261,990
Total	$	518,295	$	803,461	$	—	$	1,321,756	$	689,882	$	40,907	$	—	$	730,789

Debt securities (including restricted):
U.S. Treasury and agency securities	$	—	$	—	$	—	$	—	$	8,163	$	—	$	—	$	8,163
Commercial paper		—		15,100		—		15,100		—		—		—		—
Corporate securities		—		42,556		—		42,556		—		15,719		—		15,719
Other		—		529		51		580		—		225		51		276
Equity securities		10		—		—		10		10		—		—		10
Total	$	10	$	58,185	$	51	$	58,246	$	8,173	$	15,944	$	51	$	24,168

As of September 30, 2025, restricted and non-restricted marketable investment securities included debt securities of $39 million with contractual maturities within one year and $19 million with contractual maturities extending longer than one year through and including five years. Actual maturities may differ from contractual maturities as a result of our ability to sell these securities prior to maturity.

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

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


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
Other, net:	2025		2024		2025		2024

	(In thousands)
Realized and unrealized gains (losses) and impairments on investments and other	$	125	$	(8)	$	(11,823)	$	(922)
Sale of Assets to EchoStar - realized gains (losses)		—		—		—		128,788
Equity in earnings (losses) of affiliates		151		(3,345)		(223)		(68,257)
Asset sales and other gains (losses) (1)		(42,503)		21,310		(5,062)		21,310
Other		1,071		62		1,170		(35)
Total	$	(41,156)	$	18,019	$	(15,938)	$	80,884

(1)	Asset sales and other assets gains (losses) includes, among other things, gains and (losses) related to the sale of the Fiber business during 2025 and the Liberty Puerto Rico asset sale during 2024.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

5.Inventory

Inventory consisted of the following:


	As of
	September 30,		December 31,
	2025		2024

	(In thousands)
Finished goods	$	192,228	$	262,722
Work-in-process and service repairs		22,060		27,432
Consignment		6,913		10,110
Raw materials		3,863		3,064
Total inventory	$	225,064	$	303,328

6.Property and Equipment and Intangible Assets

Property and Equipment

Property and equipment consisted of the following:


	Depreciable			As of
	Life			September 30,		December 31,
	(In Years)			2025		2024

				(In thousands)
Equipment leased to customers	2	-	5	$	911,089	$	1,005,750
Satellites	9	-	15		1,718,865		1,718,865
Furniture, fixtures, equipment and other	2	-	12		779,375		801,650
5G Network equipment/Hybrid MNO (1)(2)	3	-	15		89,633		5,382,706
Software and computer equipment (1)	2	-	8		1,265,919		1,816,749
Buildings and improvements	5	-	40		334,471		334,213
Land		-			12,041		12,041
Construction in progress (1)		-			480,577		1,544,726
Total property and equipment					5,591,970		12,616,700
Accumulated depreciation					(4,108,887)		(5,387,611)
Property and equipment, net (3)				$	1,483,083	$	7,229,089

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

(2)	Historically, includes 5G Network assets acquired under finance lease agreements.

(3)	As of September 30, 2025 and December 31, 2024, there were no refunds and other receipts of purchases of property and equipment.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Depreciation and amortization expense consisted of the following:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(In thousands)
Equipment leased to customers	$	25,693	$	38,489	$	85,635	$	110,062
Satellites		18,614		32,384		70,740		98,295
Buildings, furniture, fixtures, equipment and other		8,293		12,392		34,876		33,519
5G Network equipment/Hybrid MNO		159,115		187,281		584,029		533,575
Software and computer equipment		75,583		86,316		277,561		254,830
Intangible assets and other amortization expense		3,357		7,337		10,280		92,102
Total depreciation and amortization	$	290,655	$	364,199	$	1,063,121	$	1,122,383

Cost of sales and operating expense categories included in our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) do not include depreciation and amortization expense related to satellites, equipment leased to customers, or our 5G Network equipment and software.

Activity relating to our asset retirement obligations, included in “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets, was as follows:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(In thousands)
Balance, beginning of period	$	347,720	$	300,475	$	327,031	$	278,287
Liabilities incurred		337		5,051		5,222		14,010
Accretion expense		9,115		7,114		24,919		20,343
Remeasurement of estimate		80,459		—		80,459		—
Balance, end of period	$	437,631	$	312,640	$	437,631	$	312,640

During the third quarter of 2025, our asset retirement obligations were revised as the timing associated with the obligations to remediate leased property on our communication towers was accelerated.

The corresponding assets, net of accumulated depreciation, related to asset retirement obligations were impaired as of September 30, 2025, resulting in a net book value of zero and $216 million as of September 30, 2025 and December 31, 2024, respectively. See Note 1 for further information.

Table of Contents

DISH NETWORK CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – Continued

(Unaudited)

Satellites

Pay-TV Segment. Our Pay-TV segment currently utilizes eight satellites in geosynchronous orbit approximately 22,300 miles above the equator, seven of which we own and depreciate over their estimated useful life. We also lease one satellite from a third party, Nimiq 5, which is accounted for as an operating lease.

As of September 30, 2025, our Pay-TV segment satellite fleet consisted of the following:


		Degree	Lease
	Launch	Orbital	Termination
Satellites	Date	Location	Date
Owned:
EchoStar X	February 2006	110	N/A
EchoStar XI	July 2008	110	N/A
EchoStar XIV	March 2010	119	N/A
EchoStar XV	July 2010	119	N/A
EchoStar XVI	November 2012	61.5	N/A
EchoStar XVIII	June 2016	61.5	N/A
EchoStar XXIII	March 2017	110	N/A

Under Construction:
EchoStar XXV	2026	110	N/A
EchoStar XXVI	2028	119	N/A

Leased from Other Third-Party:
Nimiq 5	September 2009	72.7	October 2029

As of April 2025, we no longer lease the Anik F3 satellite.

Satellites Under Construction

EchoStar XXV. On March 20, 2023, we entered into a contract with Lanteris Space LLC for the construction of EchoStar XXV, a DBS satellite that is capable of providing service to the continental United States (“CONUS”) and is intended to be used at the 110 degree orbital location. During the fourth quarter of 2023, we entered into an agreement with SpaceX for launch services for this satellite, which is expected to be launched during 2026. The EchoStar XXV contract was included in the Sale and Transfer of Assets to EchoStar on January 10, 2024. Subsequently, on May 2, 2024, the EchoStar XXV contract was included in the Orbital II Transfer from EchoStar and is recorded in “Property and equipment, net” on our Condensed Consolidated Balance Sheets. For the nine months ended September 30, 2024, capital expenditures for EchoStar XXV totaled $94 million, which includes $47 million for capital expenditures incurred after May 2, 2024, which is included in “Purchases of property and equipment,” and $47 million for capital expenditures incurred between the Sale and Transfer of Assets to EchoStar on January 10, 2024 and May 2, 2024, which is included in “Other, net” within “Net cash flows from investing activities” on our Condensed Consolidated Statements of Cash Flows. See Note 12 for further information.

EchoStar XXVI. On May 15, 2025, we entered into a contract with Lanteris Space LLC for the construction of EchoStar XXVI, a DBS satellite that is capable of providing service to the CONUS and is intended to be used at the 119 degree orbital location. During the third quar

DISH Network CORP 10-Q