Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
In the quarter ended December 31, 2025, EchoStar reported negative free cash flow driven by a large operating cash outflow, despite higher revenue. The free cash flow margin weakened compared to both the prior quarter and the same quarter a year ago.
- Revenue increased from the prior quarter, yet operating cash flow turned deeply negative, resulting in a free cash flow deficit. The free cash flow margin fell further into negative territory, indicating a significant weakening in cash conversion efficiency.
- Compared to the prior quarter, operating cash flow shifted from positive to negative, and free cash flow worsened. Versus the same quarter last year, revenue was lower, but operating cash flow and free cash flow both deteriorated, with the free cash flow margin declining.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$1.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$583.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$425.3M
Cash generated by operations before capital spending.
CapEx
$158.1M
Capital spending and related asset purchases.
FCF margin
-15.4%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-03-31 | $3.9B | $206.8M | $258.4M | -$51.7M | -1.3% |
| 2025-06-30 | $3.7B | $7.5M | $293.2M | -$285.7M | -7.7% |
| 2025-09-30 | $3.6B | $111.7M | $256.0M | -$144.4M | -4.0% |
| 2025-12-31 | $3.8B | -$425.3M | $158.1M | -$583.4M | -15.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 48.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Swing
The most observable driver this quarter is the sharp reversal in operating cash flow from positive to negative, which overwhelmed the reduction in capital expenditure and drove free cash flow deeper into negative territory.
This swing was the primary factor behind the weakened free cash flow and margin compared to both the prior quarter and the year-ago quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased from the prior quarter, yet operating cash flow turned deeply negative, resulting in a free cash flow deficit. The free cash flow margin fell further into negative territory, indicating a significant weakening in cash conversion efficiency.
Compared to the prior quarter, operating cash flow shifted from positive to negative, and free cash flow worsened. Versus the same quarter last year, revenue was lower, but operating cash flow and free cash flow both deteriorated, with the free cash flow margin declining.
Monitor the trajectory of operating cash flow, as it turned from positive in the prior quarter to a significant outflow this quarter.