EchoStar Corporation, parent to DISH TV and Sling TV, reported its 2024 financial results today, revealing a year of stark contrasts as its Pay-TV segment shed subscribers at an alarming rate while its wireless business showed signs of recovery. Total revenue for 2024 fell to $15.83 billion, down 7% from $17.02 billion in 2023, driven primarily by a significant decline in Pay-TV subscribers—1.075 million net losses across DISH and Sling TV—compounding woes from a deteriorating linear TV market. Despite the revenue drop, EchoStar narrowed its net loss to $119.55 million from $1.7 billion in 2023, buoyed by a $689 million noncash gain from a debt exchange, and ended the year with positive free cash flow, a rare bright spot in a challenging landscape.
The Pay-TV segment bore the brunt of the decline. For the full year, EchoStar lost approximately 1.075 million subscribers, closing 2024 with 7.78 million total Pay-TV subscribers—down from 8.855 million in 2023. This breaks down to 5.69 million DISH TV subscribers (a net loss of about 790,000 from 6.48 million) and 2.09 million Sling TV subscribers (a net loss of roughly 285,000 from 2.375 million), based on quarterly trends and year-end totals. In Q4 alone, Pay-TV subscribers dropped by 253,000, an improvement from 314,000 lost in Q4 2023, with DISH TV losing around 183,000 and Sling TV shedding about 70,000—reflecting a focus on retaining higher-quality subscribers amid lower churn. Revenue for the segment fell 8% to $10.688 billion from $11.571 billion, though operating income before depreciation and amortization (OIBDA) held steadier at $2.985 billion, down 3% from $3.081 billion, cushioned by cost efficiencies.
CEO Hamid Akhavan highlighted operational gains despite the subscriber hemorrhage. “We made improvements across all lines of business and achieved our plan of delivering positive free cash flow,” he said in the earnings release. Q4 cash from operating activities was $2.715 billion, down 24% from $3.578 billion, yielding $2.429 billion in free cash flow (down 27%), while full-year figures hit $5.375 billion and $4.427 billion (both down 28%). The company’s $15.83 billion annual revenue reflects a broader industry shift, with cable TV losing 6.5-7 million subscribers in 2024 alone (Cord Cutters News), pushing the U.S. total to 68.7 million from 96.3 million in 2017.
Wireless offered a counterpoint, with 105,000 net subscriber gains in Q4 (excluding ACP impacts), closing at 6.995 million, up from 6.89 million—a turnaround from a 123,000 loss in Q4 2023. Including ACP, gains were 90,000, driven by lower churn and higher activations, with Boost Mobile’s New York City network topping rankings. Revenue dipped 3% to $3.608 billion, but OIBDA losses narrowed to $(1.697) billion from $(1.724) billion. Broadband Satellite lost 82,000 subscribers yearly, ending at 883,000, though Q4’s 29,000 drop improved from 59,000, thanks to the EchoStar XXIV launch.
EchoStar’s net loss shrank from a $1.7 billion goodwill-heavy hit in 2023, with diluted loss per share improving to $(0.44) from $(6.28). Excluding noncash adjustments, 2024’s loss would’ve been $664 million versus a $361 million profit in 2023. With $4.593 billion in cash and equivalents—up from $1.912 billion—and debt at $26.603 billion, EchoStar’s eyeing 2025 to leverage wireless gains, but its Pay-TV bleed—over 1 million subscribers gone—mirrors a cable crisis many cable TV providers are facing.
Please follow us on Facebook and X for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help. You can find Luke on X HERE.