CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities:
Net income (loss)	$ (14,506,939)	$ (124,515)	$ (1,634,824)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,585,549	1,930,193	1,597,923
Impairments and other (Note 1)	17,632,011		761,099
Realized and unrealized losses (gains) and impairments on investments and other	(1,562)	73,217	(46,888)
Realized and unrealized losses (gains) on derivatives			1,693,387
Asset sales and other losses (gains)	(100,028)	(50,418)
EchoStar exchange offers debt extinguishment losses (gains)		(688,661)
Non-cash, stock-based compensation	36,272	36,383	51,514
Interest expense paid in kind on long-term debt	95,120	30,439
Deferred tax expense (benefit)	(4,412,902)	28,281	(337,222)
Changes in allowance for credit losses	(3,038)	8,238	14,600
Change in long-term deferred revenue and other long-term liabilities	(50,654)	12,555	15,825
Other, net	60,359	151,299	(10,305)
Changes in operating assets and operating liabilities:
Trade accounts receivable	(28,546)	9,569	61,279
Prepaid and accrued income taxes	(10,431)	43,430	15,836
Inventory	59,368	189,648	(37,981)
Other operating assets and operating liabilities	7,895	(129,046)	95,741
Trade accounts payable	(130,828)	108,982	4,108
Deferred revenue and other	(11,313)	(103,718)	(78,555)
Accrued programming and other accrued expenses	(319,707)	(273,179)	267,110
Net cash flows from operating activities	(99,374)	1,252,697	2,432,647
Cash Flows From Investing Activities:
Purchases of marketable investment securities	(3,069,138)	(1,253,543)	(2,407,546)
Sales and maturities of marketable investment securities	3,228,293	573,031	3,710,544
Purchases of property and equipment (Note 8)	(965,730)	(1,544,877)	(3,100,921)
Refunds and other receipts of purchases of property and equipment			38,611
Capitalized interest related to regulatory authorizations (Note 2)	(676,311)	(951,747)	(1,162,473)
Proceeds from other debt investments			148,448
Purchases of regulatory authorizations, including deposits		(1,104)	(2,009)
Sale of assets to CONX		26,719
Liberty Puerto Rico asset sale		95,435
Sale of Fiber business	47,207
Other, net	31,073	7,736	(33,386)
Net cash flows from investing activities	(1,404,606)	(3,048,350)	(2,808,732)
Cash Flows From Financing Activities:
Repayment of debt, finance lease and other obligations	(70,063)	(108,961)	(121,981)
Redemption and repurchases of debt (Note 10)	(974,037)	(2,933,714)	(1,643,469)
Proceeds from issuance of debt (Note 10)	150,000	7,886,000	1,500,000
Debt issuance costs and debt (discount) premium	(946)	(316,789)	21,635
Proceeds from issuance of PIPE shares		400,000
Early debt redemption gains (losses)	11,465		73,024
Class A common stock repurchases	(48,512)
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan	49,199	4,192	10,598
Purchase of ownership interest		(441,998)	(109,432)
Other, net	(27,419)	(5,153)	(7,496)
Net cash flows from financing activities	(910,313)	4,483,577	(277,121)
Effect of exchange rates on cash and cash equivalents	2,644	(5,721)	3,004
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	(2,411,649)	2,682,203	(650,202)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 6)	4,593,804	1,911,601	2,561,803
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 6)	$ 2,182,155	$ 4,593,804	$ 1,911,601

EchoStar CORP 10-K