回声星通信 2025年度报告

(Mark One) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)hasbeen subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant wasrequired to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ As of February25, 2026, the registrant’s outstanding common stock consisted of 157,527,391 shares of ClassA common stock and131,348,468 shares of ClassB common stock, each $0.001 par value. DOCUMENTS INCORPORATED BY REFERENCE The following documents are incorporated into this Form10-K by reference: Portions of the registrant’s definitive Proxy Statement to be filed in connection with its 2026 Annual Meeting of Shareholders areincorporated by reference in PartIII. TABLE OF CONTENTS PARTI Disclosure Regarding Forward-Looking StatementsiItem1.Business1Item1A.Risk Factors27 Item1B.Unresolved Staff Comments58 Item1CCybersecurity58Item2.Properties60Item3.Legal Proceedings60Item4.Mine Safety Disclosures60 PARTII Item5.Market for Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities61Item6.[Reserved]61Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations62Item7A.Quantitative and Qualitative Disclosures About Market Risk118Item8.Financial Statements and Supplementary Data120Item9.Changes in and Disagreements With Accountants on Accounting and FinancialDisclosure120Item9A.Controls and Procedures120Item9B.Other Information121Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections121 PARTIII Item10.Directors, Executive Officers and Corporate Governance121Item11.Executive Compensation122Item12.Security Ownership of Certain Beneficial Owners and Management andRelated Stockholder Matters122Item13.Certain Relationships and Related Transactions, and Director Independence122Item14.Principal Accounting Fees and Services122 PARTIV Item15Exhibits, Financial Statement Schedules122 Item16.Form10-K Summary133 Signatures134Index to Consolidated Financial StatementsF-1 DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Unless otherwise required by the context, in this report, the words “EchoStar,” the “Company,”“we,” “our” and “us” refer to EchoStar Corporation and its subsidiaries, “DISH Network” refers toDISH Network Corporation, our wholly owned subsidiary, and its subsidiaries, and “DISH DBS”refers to DISH DBS Corporation, a wholly-owned, indirect subsidiary of DISH Network, and itssubsidiaries. This Annual Report on Form10-K contains “forward-looking statements” within the meaning ofthe Private Securities Litigation Reform Act of 1995, including, in particular, statements about ourplans, objectives and strategies, growth opportunities in our industries and businesses, ourexpectations re