Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Schedule of revenue, expense, operating income (loss) and OIBDA by segment and purchases of property and equipment, net of refunds


		Pay-TV			Wireless			Broadband and Satellite Services			Other			Segment Total			Eliminations			Consolidated Total

		(In thousands)
For the Three Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue		$	2,203,797		$	864,450		$	233,291		$	—		$	3,301,538		$	—		$	3,301,538
Equipment sales and other revenue			42,933			64,553			76,428			90,712			274,626			—			274,626
Intersegment revenue			1,804			20			7,185			836			9,845			(9,845)			—
Total revenue			2,248,534			929,023			316,904			91,548			3,586,009			(9,845)			3,576,164

Operating Expenses
Cost of services:
Programming			1,030,380			—			—			—			1,030,380			—			1,030,380
Connectivity services (1)			48,609			323,479			43,400			—			415,488			(2,407)			413,081
Other (2)			273,653			156,342			53,551			—			483,546			1,144			484,690
Total cost of services			1,352,642			479,821			96,951			—			1,929,414			(1,263)			1,928,151
Cost of sales - equipment and other			31,934			198,356			53,949			135,684			419,923			(953)			418,970
Selling, general and administrative expenses:
Subscriber acquisition costs			86,205			138,784			26,667			—			251,656			(2,280)			249,376
Selling, general and administrative expenses			177,097			61,302			39,138			26,993			304,530			(6,058)			298,472
Total selling, general and administrative expenses			263,302			200,086			65,805			26,993			556,186			(8,338)			547,848
Impairments and other			—			—			(275)			(2,011)			(2,286)			—			(2,286)

OIBDA (3)			600,656			50,760			100,474			(69,118)			682,772			709			683,481

Depreciation and amortization			58,315			50,857			50,017			11,354			170,543			—			170,543
Total costs and expenses			1,706,193			929,120			266,447			172,020			3,073,780			(10,554)			3,063,226

Operating income (loss)		$	542,341		$	(97)		$	50,457		$	(80,472)		$	512,229		$	709			512,938

Unallocated Amounts
Interest income																					40,912
Interest expense, net of amounts capitalized																					(509,146)
Deconsolidation gain																					9,728,958
Other, net																					16,452
Income (loss) before income taxes																				$	9,790,114

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, data, satellite and transmission and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

OIBDA is a non-GAAP measure and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.


		Pay-TV			Wireless			Broadband and Satellite Services			Other			Segment Total			Eliminations			Consolidated Total

		(In thousands)
For the Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue		$	2,444,851		$	823,721		$	271,535		$	—		$	3,540,107		$	—		$	3,540,107
Equipment sales and other revenue			13,638			108,082			60,567			2,565			184,852			—			184,852
Intersegment revenue			3,760			—			7,678			69,311			80,749			(80,749)			—
Total revenue			2,462,249			931,803			339,780			71,876			3,805,708			(80,749)			3,724,959

Operating Expenses
Cost of services:
Programming			1,179,987			—			—			—			1,179,987			—			1,179,987
Connectivity services			52,652			332,661			50,180			357,087			792,580			(55,382)			737,198
Other			316,332			164,501			65,052			—			545,885			(1,439)			544,446
Total cost of services			1,548,971			497,162			115,232			357,087			2,518,452			(56,821)			2,461,631
Cost of sales - equipment and other			9,446			282,028			63,551			—			355,025			(838)			354,187
Selling, general and administrative expenses:
Subscriber acquisition costs			87,606			204,810			44,924			—			337,340			(1,389)			335,951
Selling, general and administrative expenses			152,849			46,712			48,374			51,864			299,799			(6,256)			293,543
Total selling, general and administrative expenses			240,455			251,522			93,298			51,864			637,139			(7,645)			629,494

OIBDA			663,377			(98,909)			67,699			(337,075)			295,092			(15,445)			279,647

Depreciation and amortization			67,825			19,250			104,437			317,713			509,225			(16,170)			493,055
Total costs and expenses			1,866,697			1,049,962			376,518			726,664			4,019,841			(81,474)			3,938,367

Operating income (loss)		$	595,552		$	(118,159)		$	(36,738)		$	(654,788)		$	(214,133)		$	725			(213,408)

Unallocated Amounts
Interest income																					65,369
Interest expense, net of amounts capitalized																					(279,232)
Deconsolidation gain																					—
Other, net																					35,137
Income (loss) before income taxes																				$	(392,134)


		Pay-TV			Wireless			Broadband and Satellite Services			Other			Segment Total			Eliminations			Consolidated Total

		(In thousands)
For the Six Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue		$	4,464,161		$	1,732,633		$	480,284		$	—		$	6,677,078		$	—		$	6,677,078
Equipment sales and other revenue			74,916			158,405			151,666			181,588			566,575			—			566,575
Intersegment revenue			3,721			476			14,610			943			19,750			(19,750)			—
Total revenue			4,542,798			1,891,514			646,560			182,531			7,263,403			(19,750)			7,243,653

Operating Expenses
Cost of services:
Programming			2,131,300			—			—			—			2,131,300			—			2,131,300
Connectivity services (1)			97,536			648,863			87,315			—			833,714			(4,221)			829,493
Other (2)			539,506			311,159			111,988			—			962,653			2,973			965,626
Total cost of services			2,768,342			960,022			199,303			—			3,927,667			(1,248)			3,926,419
Cost of sales - equipment and other			64,035			449,503			124,839			318,816			957,193			(1,316)			955,877
Selling, general and administrative expenses:
Subscriber acquisition costs			156,256			298,546			55,056			—			509,858			(6,235)			503,623
Selling, general and administrative expenses			426,076			118,966			73,039			76,993			695,074			(11,824)			683,250
Total selling, general and administrative expenses			582,332			417,512			128,095			76,993			1,204,932			(18,059)			1,186,873
Impairments and other			—			—			(275)			(68,170)			(68,445)			—			(68,445)

OIBDA (3)			1,128,089			64,477			194,598			(145,108)			1,242,056			873			1,242,929

Depreciation and amortization			114,181			100,356			99,957			22,659			337,153			(9)			337,144
Total costs and expenses			3,528,890			1,927,393			551,919			350,298			6,358,500			(20,632)			6,337,868

Operating income (loss)		$	1,013,908		$	(35,879)		$	94,641		$	(167,767)		$	904,903		$	882			905,785

Unallocated Amounts
Interest income																					70,321
Interest expense, net of amounts capitalized																					(1,101,806)
Deconsolidation gain																					9,728,958
Other, net																					18,636
Income (loss) before income taxes																				$	9,621,894


		Pay-TV			Wireless			Broadband and Satellite Services			Other			Segment Total			Eliminations			Consolidated Total

		(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue		$	4,966,403		$	1,633,328		$	546,532		$	—		$	7,146,263		$	—		$	7,146,263
Equipment sales and other revenue			26,593			268,143			149,090			4,628			448,454			—			448,454
Intersegment revenue			7,980			—			14,816			129,545			152,341			(152,341)			—
Total revenue			5,000,976			1,901,471			710,438			134,173			7,747,058			(152,341)			7,594,717

Operating Expenses
Cost of services:
Programming			2,396,409			—			—			—			2,396,409			—			2,396,409
Connectivity services			106,786			653,991			99,339			700,167			1,560,283			(99,908)			1,460,375
Other			602,412			308,633			129,018			—			1,040,063			(3,018)			1,037,045
Total cost of services			3,105,607			962,624			228,357			700,167			4,996,755			(102,926)			4,893,829
Cost of sales - equipment and other			19,118			631,246			145,285			—			795,649			(1,954)			793,695
Selling, general and administrative expenses:
Subscriber acquisition costs			174,119			395,295			91,356			—			660,770			(2,278)			658,492
Selling, general and administrative expenses			308,882			84,922			92,038			95,562			581,404			(12,551)			568,853
Total selling, general and administrative expenses			483,001			480,217			183,394			95,562			1,242,174			(14,829)			1,227,345

OIBDA			1,393,250			(172,616)			153,402			(661,556)			712,480			(32,632)			679,848

Depreciation and amortization			144,268			39,437			209,335			621,642			1,014,682			(33,294)			981,388
Total costs and expenses			3,751,994			2,113,524			766,371			1,417,371			8,049,260			(153,003)			7,896,257

Operating income (loss)		$	1,248,982		$	(212,053)		$	(55,933)		$	(1,283,198)		$	(302,202)		$	662			(301,540)

Unallocated Amounts
Interest income																					130,898
Interest expense, net of amounts capitalized																					(565,287)
Deconsolidation gain																					—
Other, net																					76,527
Income (loss) before income taxes																				$	(659,402)


		Pay-TV			Wireless			Broadband and Satellite Services			Other			Consolidated Total

		(In thousands)
For the Three Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	55,262		$	28,992		$	6,942		$	1,103		$	92,299

For the Three Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	78,580		$	—		$	43,118		$	625,203		$	746,901


		Pay-TV			Wireless			Broadband and Satellite Services			Other			Consolidated Total

		(In thousands)
For the Six Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	143,390		$	57,825		$	18,552		$	5,967		$	225,734

For the Six Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)		$	140,968		$	—		$	75,221		$	909,196		$	1,125,385

Schedule of revenue from customers disaggregated by major revenue source


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

		(In thousands)
Pay-TV subscriber and related revenue			2,205,012			2,446,844		$	4,466,710		$	4,971,196
Wireless services and related revenue			864,450			823,722			1,732,633			1,633,329
Broadband and satellite services and other revenue			234,943			273,441			483,602			550,385
Pay-TV equipment sales and other revenue			43,522			15,405			76,088			29,780
Wireless equipment sales and other revenue			64,573			108,081			158,881			268,142
Broadband equipment and other revenue			81,961			66,339			162,958			160,053
Other equipment and other revenue			91,548			71,876			182,531			134,173
Eliminations			(9,845)			(80,749)			(19,750)			(152,341)
Total revenue		$	3,576,164		$	3,724,959		$	7,243,653		$	7,594,717