Property and Equipment and Intangible Assets

6 Months Ended

Jun. 30, 2026

Property and Equipment and Intangible Assets

Property and Equipment and Intangible Assets

8.	Property and Equipment and Intangible Assets

Property and equipment consisted of the following:


		Depreciable				As of
		Life				June 30,			December 31,
		(In Years)				2026			2025

						(In thousands)
Equipment leased to customers		2	-	4		$	88,640		$	964,013
Satellites		5	-	15			1,767,925			2,104,134
Satellites acquired under finance lease agreements (1)		8	-	15			204,251			77,116
Furniture, fixtures, equipment and other		1	-	20			246,688			971,824
Hybrid MNO		3	-	15			88,992			89,604
Software and computer equipment		1	-	8			676,058			1,341,690
Buildings and improvements		1	-	40			131,987			419,719
Land			-				30,915			42,980
Construction in progress			-				182,996			514,662
Total property and equipment							3,418,452			6,525,742
Accumulated depreciation							(1,658,131)			(4,282,227)
Property and equipment, net (2)						$	1,760,321		$	2,243,515

(1)	This increase is primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease.

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

Depreciation and amortization expense consisted of the following:


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Equipment leased to customers (1)		$	34,654		$	57,810		$	70,250		$	121,022
Satellites (1)			36,208			64,283			69,215			130,263
Buildings, furniture, fixtures, equipment and other (1)			16,159			32,098			32,019			61,271
Hybrid MNO/5G Network equipment (1)			15,088			216,782			29,790			424,914
Software and computer equipment (1)			55,257			108,187			109,533			216,160
Intangible assets and other amortization expense			13,177			13,895			26,337			27,758
Total depreciation and amortization		$	170,543		$	493,055		$	337,144		$	981,388

(1)This change primarily resulted from the non-cash impairment of long-lived assets during the third and fourth quarters of 2025. For further information on our impairments, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

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, and amortization of development costs of externally marketed 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 Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Balance, beginning of period		$	446,748		$	338,506		$	448,752		$	327,031
Liabilities incurred			—			1,188			—			4,885
Liabilities settled			(151)			—			(13,472)			—
Accretion expense			11,407			8,026			22,724			15,804
Deconsolidated Subsidiaries			(457,906)			—			(457,906)			—
Balance, end of period		$	98		$	347,720		$	98		$	347,720

The corresponding assets, net of accumulated depreciation, related to asset retirement obligations were previously impaired, resulting in a net book value of zero as of June 30, 2026 and December 31, 2025.

Satellites – Pay-TV Segment

Substantially all of our Pay-TV segment was deconsolidated as of June 30, 2026. The DISH DBS Deconsolidated Entities lease capacity on our satellite fleet to maintain their Pay-TV operations.

The deconsolidated Pay-TV segment utilizes nine satellites in geosynchronous orbit approximately 22,300 miles above the equator, six of which we own and depreciate over their estimated useful life and two of which the DISH DBS Deconsolidated Entities own. We also lease one satellite from a third party, Nimiq 5, which is accounted for as a finance lease. Through May 2026, our Nimiq 5 satellite was accounted for as operating lease. However, we modified the Nimiq 5 lease effective June 2026, and it is currently accounted for as a finance lease and is depreciated over its economic life.

As of June 30, 2026, our 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 XVI		November 2012		61.5		N/A
EchoStar XXIII		March 2017		110		N/A
EchoStar XXV (1)		March 2026		110		N/A

Under Construction:
EchoStar XXVI		2028		119		N/A

Leased from Other Third-Party:
Nimiq 5 (2)		September 2009		72.7		October 2034

Owned by DISH DBS Deconsolidated Entities:
EchoStar XV		July 2010		119		N/A
EchoStar XVIII		June 2016		61.5		N/A

(1)	The EchoStar XXV satellite commenced commercial operations in June 2026.

(2)	In May 2026, we modified the Nimiq 5 lease term to October 2034.

Satellites Under Construction

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 quarter of 2025, we entered into an agreement with SpaceX for launch services for this satellite, which is expected to be launched during 2028.

Satellites – Broadband and Satellite Services Segment

Our Broadband and Satellite Services segment currently utilizes seven satellites in geosynchronous orbit approximately 22,300 miles above the equator, four of which we own and depreciate over their estimated useful life. We also lease three satellites from third parties, which are accounted for as finance leases and are depreciated over their economic life.

As of June 30, 2026, our Broadband and Satellite Services segment satellite fleet consisted of the following:


				Degree		Lease
		Launch		Orbital		Termination
Satellites		Date		Location		Date
Owned:
EchoStar XVII		July 2012		107		N/A
EchoStar XIX		December 2016		97.1		N/A
EchoStar XXI		June 2017		10.25		N/A
EchoStar XXIV		July 2023		95.2		N/A

Leased from Other Third-Party:
Eutelsat 65 West A		March 2016		65		July 2031
Telesat T19V		July 2018		63		August 2033
EchoStar 105/SES-11		October 2017		105		November 2031