# EDGAR Filing Document

**Accession Number:** 0001042642
**File Stem:** 0001558370-25-010833
**Filing Date:** 2025-8
**Character Count:** 231391
**Document Hash:** 7f5ed464380d5d622412a42b0f315318
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010833.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001558370-25-010833

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DISH DBS CORP
- **CENTRAL INDEX KEY:** 0001042642
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 841328967
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-31929
- **FILM NUMBER:** 251196056

**BUSINESS ADDRESS:**
- **STREET 1:** 9601 S. MERIDIAN BLVD.
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
- **BUSINESS PHONE:** 3037231277

**MAIL ADDRESS:**
- **STREET 1:** 9601 S. MERIDIAN BLVD.
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ECHOSTAR DBS CORP
- **DATE OF NAME CHANGE:** 19970717

?xml version='1.0' encoding='ASCII'? DISH DBS Corporation_JUNE 30, 2025

[**Table of Contents**](#Toc)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-Q**

**(Mark One)**

**☒** **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025 .** 

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO______.**

**Commission File Number: 333-31929**

**DISH DBS Corporation**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Colorado** | **84-1328967** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **9601 South Meridian Boulevard** |  |
| **Englewood, Colorado** | **80112** |
| (Address of principal executive offices) | (Zip code) |

---

**(303) 723-1000**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (Note: The registrant is a voluntary filer of reports under Section 13 or 15(d) of the Securities Exchange Act of 1934.) Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required 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 reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ◻ | Accelerated filer ◻ |
| Non-accelerated filer ⌧ | Smaller reporting company ☐ |
|  | Emerging growth company ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

As of July 31, 2025, the registrant's outstanding common stock consisted of 1,015 shares of common stock, $0.01 par value per share.

The registrant meets the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.

------

[**Table of Contents**](#Toc)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [**PART I — FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_366237) | [**PART I — FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_366237) | [**PART I — FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_366237) |
|  | [Disclosure Regarding Forward-Looking Statements](#DISCLOSUREREGARDINGFORWARDLOOKINGSTATEME) | i |
| [Item 1.](#Item1FINANCIALSTATEMENTS_261159) | [Financial Statements](#Item1FINANCIALSTATEMENTS_261159) |  |
|  | [Condensed Consolidated Balance Sheets](#CONDENSEDCONSOLIDATEDBALANCESHEETS_60502) | 1 |
|  | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](#CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATI) | 2 |
|  | [Condensed Consolidated Statements of Changes in Stockholder's Equity (Deficit)](#EQUITYSTATEMENT) | 3 |
|  | [Condensed Consolidated Statements of Cash Flows](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLO) | 4 |
|  | [Notes to Condensed Consolidated Financial Statements](#a1OrganizationandBusinessActivities_7749) | 5 |
| [Item 2.](#Item2MANAGEMENTSNARRATIVEANALYSISOFRESUL) | [Management's Narrative Analysis of Results of Operations](#Item2MANAGEMENTSNARRATIVEANALYSISOFRESUL) | 42 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | \* |
| [Item 4.](#Item4CONTROLSANDPROCEDURES_789267) | [Controls and Procedures](#Item4CONTROLSANDPROCEDURES_789267) | 58 |
| [**PART II — OTHER INFORMATION**](#PARTIIOTHERINFORMATION_502540) | [**PART II — OTHER INFORMATION**](#PARTIIOTHERINFORMATION_502540) | [**PART II — OTHER INFORMATION**](#PARTIIOTHERINFORMATION_502540) |
| [Item 1.](#Item1LEGALPROCEEDINGS_610706) | [Legal Proceedings](#Item1LEGALPROCEEDINGS_610706) | 58 |
| [Item 1A.](#Item1ARISKFACTORS_237900) | [Risk Factors](#Item1ARISKFACTORS_237900) | 58 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | \* |
| Item 3. | Defaults Upon Senior Securities | \* |
| Item 4. | Mine Safety Disclosures |  |
| Item 5. | Other Information |  |
| [Item 6.](#Item6EXHIBITS_631479) | [Exhibits](#Item6EXHIBITS_631479) | 61 |
|  | [Signatures](#SIGNATURES_672987) | 62 |

---

\* This item has been omitted pursuant to the reduced disclosure format as set forth in General Instructions (H)(2) of Form 10-Q.

[**Table of Contents**](#Toc)

**PART I — FINANCIAL INFORMATION**

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

Unless otherwise required by the context, in this report, the words "DISH DBS," "DDBS," the "Company," "we," "our" and "us" refer to DISH DBS Corporation and its subsidiaries, "DISH Network" refers to DISH Network Corporation, our parent company, and its subsidiaries, including us, and "EchoStar" refers to EchoStar Corporation and its subsidiaries, our ultimate parent company.

This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, in particular, statements about our plans, objectives and strategies, growth opportunities in our industries and businesses, our expectations regarding future results, financial condition, liquidity and capital requirements, our estimates regarding the impact of regulatory developments and legal proceedings, and other trends and projections. Forward-looking statements are not historical facts and may be identified by words such as "future," "anticipate," "intend," "plan," "goal," "seek," "believe," "estimate," "expect," "predict," "will," "would," "could," "can," "may," and similar terms. These forward-looking statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. Accordingly, actual performance, events or results could differ materially from those expressed or implied in the forward-looking statements due to a number of factors, including, but not limited to, those summarized below:

**SUMMARY OF RISK FACTORS**

**Risks Relating to the Pending FCC Review**

● The FCC's review of our ultimate parent, EchoStar's compliance with network build-out requirements could lead to the loss or impairment of certain of their existing spectrum licenses.

**Competition and Economic Risks**

● We face intense and increasing competition from providers of video, broadband and/or wireless services. Changing consumer behavior and new technologies in our Pay-TV business may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.

● Our pay-TV competitors may be able to leverage their relationships with programmers to reduce their programming costs and/or offer exclusive content that will place them at a competitive advantage to us.

● If we are unable to take advantage of technological developments on a timely basis, or at all, we may experience a decline in demand for our services or face challenges in implementing or evolving our business strategy.

**Operational and Service Delivery Risks**

● Any deterioration in our operational performance, subscriber activations and churn rate and subscriber satisfaction could adversely affect our business, financial condition and results of operations.

i

[**Table of Contents**](#Toc)

● We depend on others to provide the programming that we offer to our Pay-TV subscribers and, if we fail to obtain or lose access to certain programming, our Pay-TV subscriber activations and our subscriber churn rate may be negatively impacted.

● We have limited satellite capacity and any failures or reduced capacity, caused by, among other things, operational and environmental risks, could adversely affect our business, financial condition and results of operations.

● Extreme weather may result in risk of damage to our infrastructure and therefore our ability to provide services, and may lead to changes in federal, state and foreign government regulation, all of which could materially and adversely affect our business, results of operations and financial condition.

● We currently depend on DISH Network to provide the vast majority of our satellite transponder capacity and other related services to us. Our business would be adversely affected if DISH Network ceases to provide these services to us and we are unable to obtain suitable replacement services from third parties.

● We rely on a single vendor or a limited number of vendors to provide certain key products or services to us, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.

● Changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.

● We depend on independent third parties to solicit orders for our services that represent a meaningful percentage of our total gross new subscriber activations.

**Risks Related to our Human Capital**

● We rely on highly skilled personnel for our business, and any inability to hire and retain key personnel or to hire qualified personnel may negatively affect our business, financial condition and results of operations.

● Our business growth and customer retention strategies rely in part on the work of technically skilled employees.

**Risks Related to our Products and Technology**

● Our business depends on certain intellectual property rights and on not infringing the intellectual property rights of others.

● We are, and may become, party to various lawsuits which, if adversely decided, could have a significant adverse impact on our business, particularly lawsuits regarding intellectual property.

● If our products contain defects, we could be subject to significant costs to correct such defects and our product and network service contracts could be delayed or cancelled, which could adversely affect our revenue.

**Risks Related to Cybersecurity**

● We have experienced and may experience in the future consistent cyber-attacks and attempts to gain unauthorized access to our systems and any failure or inadequacy of our information technology infrastructure and communications systems or those of third parties that we use in our operations could disrupt or harm our business.

ii

[**Table of Contents**](#Toc)

● The confidentiality, integrity and availability of our services and products depends on the continuing operation of our information technology and other enabling systems.

**Acquisition and Capital Structure Risks**

● We currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our ability to continue as a going concern.

● We have substantial debt outstanding and may incur additional debt and covenants in our Indentures could limit our ability to undertake certain types of activities and adversely affect our liquidity.

● We may pursue acquisitions , dispositions, capital expenditures, the development, acquisition and launch of new satellites and other strategic initiatives to complement or expand our business , which may not be successful and we may lose a portion or all of our investment in these acquisitions and transactions.

● Our parent, DISH Network, has made substantial investments to acquire certain wireless spectrum licenses and other related assets, and we have made and may continue to make funds available to DISH Network in the form of cash distributions or loans in connection with the development of DISH Network's wireless business.

● Our Senior Secured Notes (defined herein) are subordinated to our existing unsecured notes and certain future unsecured notes with respect to certain realizations under the Intercompany Loan (defined herein) and any collateral pledged as security therefor.

● We will need additional capital, which may not be available on favorable terms or at all, to fund current obligations, to continue investing in our business and to finance acquisitions and other strategic transactions.

● Our ultimate parent, EchoStar, is controlled by one principal stockholder, who is also our Chairman.

**Risks Related to the Regulation of Our Business**

● Our services depend on FCC licenses that can expire or be revoked or modified and applications for FCC licenses that may not be granted.

Other factors that could cause or contribute to such differences include, but are not limited to, those discussed under the caption "Risk Factors" in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of our most recent Annual Report on Form 10-K (the "10-K") filed with the Securities and Exchange Commission ("SEC"), those discussed in "Management's Narrative Analysis of Results of Operations" herein and in the 10-K and those discussed in other documents we file with the SEC. All cautionary statements made or referred to herein should be read as being applicable to all forward-looking statements wherever they appear. Investors should consider the risks and uncertainties described or referred to herein and should not place undue reliance on any forward-looking statements. The forward-looking statements speak only as of the date made, and we expressly disclaim any obligation to update these forward-looking statements.

iii

[**Table of Contents**](#Toc)

**Item 1. FINANCIAL STATEMENTS**

**DISH DBS CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(Dollars in thousands, except share amounts)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| **Assets** |  |  |
| *Current Assets:* |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $725352 | $419087 |
| &nbsp;&nbsp;Current restricted cash, cash equivalents and marketable investment securities  | 184012 | 150898 |
| &nbsp;&nbsp;Trade accounts receivable, net of allowance for credit losses of $61,318 and $42,270, respectively | 500046 | 592355 |
| &nbsp;&nbsp;Inventory | 141420 | 183202 |
| &nbsp;&nbsp;Interest receivable - DISH Network (Note 11) | 14222 | 14222 |
| &nbsp;&nbsp;Prepaids and other assets | 116085 | 118070 |
| &nbsp;&nbsp;Other current assets | 2503 | 1588 |
| Total current assets | 1683640 | 1479422 |
| *Noncurrent Assets:* |  |  |
| &nbsp;&nbsp;Restricted cash, cash equivalents and marketable investment securities  | 59909 | 58676 |
| &nbsp;&nbsp;Property and equipment, net | 577259 | 624769 |
| &nbsp;&nbsp;Regulatory authorizations, net | 611794 | 611794 |
| &nbsp;&nbsp;Other investments, net | 22216 | 22641 |
| &nbsp;&nbsp;Operating lease assets | 87551 | 81024 |
| &nbsp;&nbsp;Notes Receivable - DISH Network (Note 11) | 4985086 | 4913689 |
| &nbsp;&nbsp;Other noncurrent assets, net | 91625 | 99908 |
| Total noncurrent assets | 6435440 | 6412501 |
| Total assets | $8119080 | $7891923 |
| **Liabilities and Stockholder's Equity (Deficit)** |  |  |
| *Current Liabilities:* |  |  |
| &nbsp;&nbsp;Trade accounts payable | $183029 | $207531 |
| &nbsp;&nbsp;Deferred revenue and other | 393564 | 416156 |
| &nbsp;&nbsp;Accrued programming  | 1251114 | 1339072 |
| &nbsp;&nbsp;Accrued interest  | 152048 | 153409 |
| &nbsp;&nbsp;Other accrued expenses and liabilities | 376387 | 373915 |
| &nbsp;&nbsp;Current portion of debt, finance lease and other obligations (Note 7) | 867082 | 744556 |
| Total current liabilities | 3223224 | 3234639 |
| *Long-Term Obligations, Net of Current Portion:* |  |  |
| &nbsp;&nbsp;Long-term debt, finance lease and other obligations, net of current portion (Note 7) | 10985238 | 11402894 |
| &nbsp;&nbsp;Deferred tax liabilities, net | 176886 | 205064 |
| &nbsp;&nbsp;Operating lease liabilities  | 57683 | 52156 |
| &nbsp;&nbsp;Long-term deferred revenue and other long-term liabilities | 213838 | 203190 |
| Total long-term obligations, net of current portion | 11433645 | 11863304 |
| Total liabilities | 14656869 | 15097943 |
| Commitments and Contingencies (Note 8) |  |  |
| *Stockholder's Equity (Deficit):* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 1,000,000 shares authorized, 1,015 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1562039 | 1558325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (3114) | (3047) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | (8096714) | (8761298) |
| Total stockholder's equity (deficit) | (6537789) | (7206020) |
| Total liabilities and stockholder's equity (deficit) | $8119080 | $7891923 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**DISH DBS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**AND COMPREHENSIVE INCOME (LOSS)**

(In thousands)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue:** |  |  |  |  |
| Service revenue | $2439754 | $2645461 | $4954220 | $5332501 |
| Equipment sales and other revenue | 13432 | 13697 | 25465 | 33994 |
| Total revenue | 2453186 | 2659158 | 4979685 | 5366495 |
| **Costs and Expenses (exclusive of depreciation and amortization):** |  |  |  |  |
| Cost of services | 1589767 | 1674252 | 3185620 | 3374197 |
| Cost of sales - equipment and other | 9349 | 16043 | 18753 | 30806 |
| Selling, general and administrative expenses | 241072 | 262249 | 480069 | 547694 |
| Depreciation and amortization  | 53035 | 70339 | 112073 | 141019 |
| Total costs and expenses | 1893223 | 2022883 | 3796515 | 4093716 |
| Operating income (loss) | 559963 | 636275 | 1183170 | 1272779 |
| **Other Income (Expense):** |  |  |  |  |
| Interest income | 91130 | 72039 | 176111 | 131366 |
| Interest expense, net of amounts capitalized | (236599) | (184787) | (479838) | (369641) |
| Other, net (Note 4) | 209 | (64296) | (281) | (64865) |
| Total other income (expense) | (145260) | (177044) | (304008) | (303140) |
| Income (loss) before income taxes | 414703 | 459231 | 879162 | 969639 |
| Income tax (provision) benefit, net | (100657) | (128307) | (214578) | (253174) |
| Net income (loss) | $314046 | $330924 | $664584 | $716465 |
| **Comprehensive Income (Loss):** |  |  |  |  |
| Net income (loss) | $314046 | $330924 | $664584 | $716465 |
| *Other comprehensive income (loss):* |  |  |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustments | (65) | (28) | (66) | (5) |
| &nbsp;&nbsp;Unrealized holding gains (losses) on available-for-sale debt securities included in net income (loss) | (2) |  | (1) |  |
| &nbsp;&nbsp;Deferred income tax (expense) benefit, net | 1 | 5 |  | (2) |
| *Total other comprehensive income (loss), net of tax* | (66) | (23) | (67) | (7) |
| Comprehensive income (loss) | $313980 | $330901 | $664517 | $716458 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**DISH DBS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT)**

(In thousands)

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Common**<br>**Stock** | <br>**Additional**<br>**Paid-In**<br>**Capital** | **Accumulated**<br>**Other** <br>**Comprehensive**<br>**Income (Loss)** | <br>**Accumulated**<br>**Earnings** <br>**(Deficit)** | <br>**Total** |
| **Balance, December 31, 2023** | $— | $1547164 | $(2501) | $(5490361) | $(3945698) |
| Non-cash, stock-based compensation |  | 1987 |  |  | 1987 |
| Other comprehensive income (loss) |  |  | 16 |  | 16 |
| Intercompany Loan - 2026 Tranche |  |  |  | (4718517) | (4718517) |
| Net income (loss)  |  |  |  | 385541 | 385541 |
| **Balance, March 31, 2024** | $— | $1549151 | $(2485) | $(9823337) | $(8276671) |
| Non-cash, stock-based compensation |  | 4026 |  |  | 4026 |
| Other comprehensive income (loss) |  |  | (23) |  | (23) |
| Net income (loss)  |  |  |  | 330924 | 330924 |
| **Balance, June 30, 2024** | $— | $1553177 | $(2508) | $(9492413) | $(7941744) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Common**<br>**Stock** | <br>**Additional**<br>**Paid-In**<br>**Capital** | **Accumulated**<br>**Other** <br>**Comprehensive**<br>**Income (Loss)** | <br>**Accumulated**<br>**Earnings** <br>**(Deficit)** | <br>**Total** |
| **Balance, December 31, 2024** | $— | $1558325 | $(3047) | $(8761298) | $(7206020) |
| Non-cash, stock-based compensation |  | 1426 |  |  | 1426 |
| Other comprehensive income (loss) |  |  | (1) |  | (1) |
| Net income (loss)  |  |  |  | 350538 | 350538 |
| **Balance, March 31, 2025** | $— | $1559751 | $(3048) | $(8410760) | $(6854057) |
| Non-cash, stock-based compensation |  | 2288 |  |  | 2288 |
| Other comprehensive income (loss) |  |  | (66) |  | (66) |
| Net income (loss)  |  |  |  | 314046 | 314046 |
| **Balance, June 30, 2025** | $— | $1562039 | $(3114) | $(8096714) | $(6537789) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**DISH DBS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| **Cash Flows From Operating Activities:** |  |  |
| Net income (loss) | $664584 | $716465 |
| *Adjustments to reconcile net income (loss) to net cash flows from operating activities:* |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 112073 | 141019 |
| &nbsp;&nbsp;Non-cash, stock-based compensation  | 3714 | 6013 |
| &nbsp;&nbsp;Deferred tax expense (benefit) | (27479) | (35471) |
| &nbsp;&nbsp;Changes in allowance for credit losses  | 19048 | 7158 |
| &nbsp;&nbsp;Non-cash interest income - DISH Network | (71397) | (62564) |
| &nbsp;&nbsp;Other, net | 63114 | 89883 |
| &nbsp;&nbsp;Changes in operating assets and operating liabilities, net | (19878) | 121436 |
| **Net cash flows from operating activities**  | 743779 | 983939 |
| **Cash Flows From Investing Activities:** |  |  |
| (Purchases) Sales and maturities of marketable investment securities, net | (15548) | 397 |
| Purchases of property and equipment (Note 6) | (65628) | (44586) |
| Notes Receivable - DISH Network (Note 11) |  | (1081227) |
| Other, net | 2079 | 8298 |
| **Net cash flows from investing activities**  | (79097) | (1117118) |
| **Cash Flows From Financing Activities:** |  |  |
| Repayment of long-term debt, finance lease and other obligations | (6310) | (27684) |
| Redemption and repurchases of term loans and senior notes | (333333) |  |
| Other, net | 27 |  |
| **Net cash flows from financing activities**  | (339616) | (27684) |
| **Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents** | 325066 | (160863) |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 4) | 628661 | 428621 |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 4) | $953727 | $267758 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization and Business Activities** 

**Principal Business**

DISH DBS Corporation (which together with its subsidiaries is referred to as "DISH DBS," "DDBS," the "Company," "we," "us" and/or "our," unless otherwise required by the context) is a holding company and an indirect, wholly-owned subsidiary of DISH Network Corporation ("DISH Network"), our parent company. DISH Network is a wholly-owned subsidiary of EchoStar Corporation ("EchoStar"), our ultimate parent company, a publicly traded company listed on the NASDAQ Global Select Market ("NASDAQ") under the symbol "SATS." DISH DBS was formed under Colorado law in January 1996 and its common stock is held by DISH Orbital Corporation ("DOC"), a direct subsidiary of DISH Network. Our subsidiaries operate one business segment, Pay-TV.

**Recent Developments**

**Future Capital Requirements**

The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Our cash and cash equivalents and marketable investment securities totaled $725 million as of June 30, 2025 ("Cash on Hand"). As reflected in the condensed consolidated financial statements as of June 30, 2025, we have $2.0 billion of debt maturing in July 2026.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

Because we do not currently have the necessary Cash on Hand and/or projected future cash flows or committed financing to fund our obligations for at least twelve months from the issuance of these condensed consolidated financial statements, substantial doubt exists about our ability to continue as a going concern. To address our capital needs, we are in active discussions with funding sources to raise additional capital and/or restructure our outstanding debt. We cannot provide assurances that we will be successful in obtaining such new financing and/or restructuring the existing debt obligations necessary for us to have sufficient liquidity.

In addition, our parent, DISH Network, and our ultimate parent, EchoStar, may not be able to provide additional liquidity in the future as substantial doubt exists about their ability to continue as a going concern.

The condensed consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we not continue as a going concern.

**Pay-TV**

We offer pay-TV services under the DISH<sup>®</sup> brand and the SLING<sup>®</sup> brand (collectively "Pay-TV" services). The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite ("DBS") and Fixed Satellite Service ("FSS") spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations, and certain other assets utilized in our operations ("DISH TV"). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top ("OTT") Internet-based domestic, international, Latino and Freestream video programming services ("SLING TV"). As of June 30, 2025, we had 7.108 million Pay-TV subscribers in the United States, including 5.323 million DISH TV subscribers and 1.785 million SLING TV subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies** 

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required for complete financial statements prepared under GAAP. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Our results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. Certain prior period amounts have been reclassified to conform to the current period presentation.

***Principles of Consolidation***

We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and variable interest entities ("VIEs") where we have been determined to be the primary beneficiary. The portion of equity in a subsidiary not attributable, directly or indirectly, to us are recorded as noncontrolling interests or redeemable noncontrolling interests. Non-consolidated investments are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

When we do not have the ability to significantly influence the operating decisions of an investee, these equity securities are classified as either marketable investment securities or other investments, which will be initially recorded at cost, and based on observable market prices, will be adjusted to their fair value. We record fair value adjustments in "Other, net" within "Other Income (Expense)" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense for each reporting period. Estimates are based on historical experience, observable market inputs, and other reasonable assumptions in accounting for, among other things, allowances for credit losses, self-insurance obligations, deferred taxes and related valuation allowances, uncertain tax positions, loss contingencies, fair value of financial instruments, fair value of options granted under EchoStar's stock-based compensation plans, fair value of assets and liabilities acquired in business combinations, inputs or outputs used to recognize revenue over time, including the relative standalone selling prices of performance obligations, finance leases, asset impairments, estimates of future cash flows used to evaluate and recognize impairments, useful lives of property, equipment and intangible assets, incremental borrowing rate ("IBR") on lease right of use assets, estimates of the timing of future cash flows used to pay principal on certain debt obligations, nonrefundable upfront fees, independent third-party retailer incentives, programming expenses, subscriber lives and likelihood of certain contingent events. Economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. Actual results may differ from previously estimated amounts, and such differences may be material to our condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

***Fair Value Measurements***

We determine fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. We apply the following hierarchy in determining fair value:

● Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

● Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; and quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

● Level 3, defined as unobservable inputs for which little or no market data exists, consistent with reasonably available assumptions made by other participants therefore requiring assumptions based on the best information available.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

As of June 30, 2025 and December 31, 2024, the carrying amount for cash and cash equivalents, trade accounts receivable (net of allowance for credit losses) and current liabilities (excluding the "Current portion of debt, finance lease and other obligations") was equal to or approximated fair value due to their short-term nature or proximity to current market rates. Fair values of our marketable investment securities are measured on a recurring basis based on a variety of observable market inputs. For our investments in publicly traded equity securities and U.S. government securities, fair value ordinarily is determined based on Level 1 measurements that reflect quoted prices for identical securities in active markets. Fair values of our investments in other marketable debt securities are generally based on Level 2 measurements as the markets for such debt securities are less active. We consider trades of identical debt securities on or near the measurement date as a strong indication of fair value and matrix pricing techniques that consider par value, coupon rate, credit quality, maturity and other relevant features may also be used to determine fair value of our investments in marketable debt securities. Additionally, we use fair value measurements from time to time in connection with other investments, asset impairment testing and the assignment of purchase consideration to assets and liabilities of acquired companies. Those fair value measurements typically include significant unobservable inputs and are categorized within Level 3 of the fair value hierarchy. Transfers between levels in the fair value hierarchy are considered to occur at the beginning of the quarterly accounting period. See Note 4 for the fair value of our marketable investment securities.

Fair values for our publicly traded debt securities are based on quoted market prices, when available. The fair values of non-publicly traded debt are based on, among other things, available trade information, valuations performed by a third-party, and/or an analysis in which we evaluate market conditions, related securities, various public and private offerings, and other publicly available information. In performing this analysis, we make various assumptions regarding, among other things, credit spreads, and the impact of these factors on the value of the debt securities. The non-publicly traded debt is categorized within Level 3 of the fair value hierarchy. See Note 7 for the fair value of our debt.

***Assets Recognized Related to the Costs to Obtain a Contract with a Customer***

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs, including those with our independent third-party retailers, meet the requirements to be capitalized, and payments made under these programs are capitalized and amortized to expense over the estimated customer life or the contract term. These amounts are capitalized in "Prepaids and other assets" and "Other noncurrent assets, net" on our Condensed Consolidated Balance Sheets, and then amortized in "Selling, general and administrative expenses" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

***Advertising Costs***

We recognize advertising expense when incurred as a component of "Selling, general and administrative expenses" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Advertising expenses totaled $44 million and $48 million for the three months ended June 30, 2025 and 2024, respectively. Advertising expenses totaled $87 million and $103 million for the six months ended June 30, 2025 and 2024, respectively.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***Research and Development***

Research and development costs, not incurred in connection with customer requirements, are expensed as incurred and are included as a component of "Selling, general and administrative expenses" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development costs totaled $6 million and $7 million for the three months ended June 30, 2025 and 2024, respectively. Research and development costs totaled $13 million and $14 million for the six months ended June 30, 2025 and 2024, respectively.

***New Accounting Pronouncements***

*Not Yet Adopted*

*Income Taxes*. On December 14, 2023, the FASB issued ASU 2023-9, *Income Taxes (Topic 740)*: *Improvements to Income Tax Disclosures* ("ASU 2023-09"), which will enhance income tax disclosures. ASU 2023-09 requires among other items disaggregated information in a reporting entity's rate reconciliation table, clarification on uncertain tax positions and the related financial statement impact as well as information on income taxes paid on a disaggregated basis. This standard is effective for fiscal years beginning after December 15, 2024. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and the adoption of the standard will impact certain of our income tax disclosures.

*Disaggregation of Income Statement Expenses*. On November 5, 2024, the FASB issued ASU 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)* ("ASU 2024-03"), which will enhance financial statement reporting by providing additional information about specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization. This standard will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2024-03 will have on our condensed consolidated financial statements, related disclosures and control environment.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Supplemental Data - Statements of Cash Flows** 

The following table presents certain supplemental cash flow and other non-cash data:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
|  | (In thousands) | (In thousands) |
| Cash paid for interest | $429101 | $356388 |
| Cash paid for income taxes, net of (refunds) | 7538 | 5002 |
| Cash paid for income taxes to DISH Network | 229513 | 275463 |
| Intercompany Loan - 2026 Tranche |  | 4718517 |

---

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

*Income Taxes*

Beginning in 2024, DISH DBS and its domestic subsidiaries join with our parent, DISH Network, and our ultimate parent, EchoStar, in filing U.S. consolidated federal income tax returns and, in some states, combined or consolidated returns. The federal and state income tax provisions or benefits recorded by DISH DBS are generally those that would have been recorded if DISH DBS and its domestic subsidiaries had filed returns as a consolidated group independent of EchoStar. Cash is due and paid to DISH Network based on amounts that would be payable based on DISH DBS consolidated or combined group filings.

*Centralized Cash Management System*

Our parent, DISH Network, provides a centralized system for the management of our restricted and unrestricted cash, cash equivalents, and marketable investment securities as it does for all of its subsidiaries to, among other reasons, maximize yield of the portfolio. As a result, the restricted and unrestricted cash, cash equivalents, and marketable investment securities included on our Condensed Consolidated Balance Sheets are a component or portion of the overall restricted and unrestricted cash, cash equivalents, and marketable investment securities portfolio included on DISH Network's Condensed Consolidated Balance Sheets and are managed by DISH Network. We are reflecting the purchases and sales of marketable investment securities on a net basis for each period presented on our Condensed Consolidated Statements of Cash Flows as we believe the net presentation is more meaningful to our cash flows from investing activities.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments** 

Our marketable investment securities, restricted cash and cash equivalents, and other investments consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of**  | **As of**  |
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
|  | (In thousands) | (In thousands) |
| **Marketable investment securities:** |  |  |
| Current marketable investment securities | $— | $— |
| Restricted marketable investment securities (1) | 15546 |  |
| **Total marketable investment securities** | 15546 |  |
| **Restricted cash and cash equivalents (1)**  | 228375 | 209574 |
| **Other investments, net:** |  |  |
| Equity method investments | 20015 | 20440 |
| Other investments | 2201 | 2201 |
| **Total other investments, net** | 22216 | 22641 |
| **Total marketable investment securities, restricted cash and cash equivalents, and other investments, net** | $266137 | $232215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Restricted marketable investment securities and restricted cash and cash equivalents are included in "Current restricted cash, cash equivalents and marketable investment securities" and "Restricted cash, cash equivalents and marketable investment securities" on our Condensed Consolidated Balance Sheets and discussed below.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***Marketable Investment Securities***

Our marketable investment securities portfolio may consist of debt and equity instruments. All equity securities are carried at fair value, with changes in fair value recognized in "Other, net" within "Other Income (Expense)" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All debt securities are classified as available-for-sale and are recorded at fair value.

We report the temporary unrealized gains and losses related to changes in market conditions of marketable debt securities as a separate component of "Accumulated other comprehensive income (loss)" within "Stockholder's Equity (Deficit)," net of related deferred income tax on our Condensed Consolidated Balance Sheets. The corresponding changes in the fair value of marketable debt securities, which are determined to be company specific credit losses are recorded in "Other, net" within "Other Income (Expense)" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 2 for further information.

*Current Marketable Investment Securities*

Our current marketable investment securities portfolio can include investments in various debt instruments including, among others, commercial paper, corporate securities and United States treasury and/or agency securities.

Commercial paper consists mainly of unsecured short-term, promissory notes issued primarily by corporations with maturities ranging up to 365 days. Corporate securities consist of debt instruments issued by corporations with various maturities normally less than 18 months. U.S. Treasury and agency securities consist of debt instruments issued by the federal government and other government agencies.

*Restricted Cash, Cash Equivalents and Marketable Investment Securities*

As of June 30, 2025 and December 31, 2024, our restricted marketable investment securities, together with our restricted cash and cash equivalents, included amounts required as collateral for our letters of credit, surety bonds and trusts.

*Current restricted cash, cash equivalents and marketable investment securities.* As of June 30, 2025 and December 31, 2024, we had $184 million and $151 million, respectively, included in "Current restricted cash, cash equivalents and marketable investment securities" on our Condensed Consolidated Balance Sheets that primarily consists of funds received by our subsidiary, DISH DBS Issuer LLC ("DBS SubscriberCo"), from subscriber payments and certain other revenue, which are required to be restricted per the terms of the debt issued by DBS SubscriberCo. DBS SubscriberCo holds certain DISH TV subscribers and their related subscription and equipment agreements which collateralizes certain debt obligations.

***Other Investments, net***

We have strategic investments in certain debt and/or equity securities that are included in noncurrent "Other investments, net" on our Condensed Consolidated Balance Sheets. Our debt securities are classified as available-for-sale and are recorded at fair value. Generally, our debt investments in non-publicly traded debt instruments without a readily determinable fair value are recorded at amortized cost. Our equity investments where we have the ability to exercise significant influence over the investee are accounted for using the equity method of accounting. Certain of our equity method investments are detailed below.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

*NagraStar L.L.C.* We own a 50% interest in NagraStar L.L.C. ("NagraStar"), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. The three main technologies NagraStar provides to its customers are microchips, set-top box software and uplink computer systems. NagraStar also provides end-to-end platform security testing services.

*Invidi Technologies Corporation*. We own a 35% interest in Invidi Technologies Corporation ("Invidi"), an entity that provides proprietary software for the addressable advertising market. Invidi contracts with multichannel video programming distributers to include its software in their respective set-top boxes and DVRs in order to deliver targeted advertisements based on a variety of demographic attributes selected by the advertisers. Invidi has also developed a cloud-based solution for internet protocol-based platforms.

We also hold investments that are not accounted for using the equity method of accounting, which are measured at fair value. Investments in equity securities without readily determinable fair values are accounted for at cost, less impairment and adjusted for observable price changes for identical or similar investments of the same issuer.

Our ability to realize value from our strategic investments in securities that are not publicly traded depends on, among other things, the success of the issuers' businesses and their ability to obtain sufficient capital, on acceptable terms or at all, and to execute their business plans. Because private markets are not as liquid as public markets, there is also increased risk that we will not be able to sell these investments, or that when we desire to sell them we will not be able to obtain fair value for them.

***Fair Value Measurements***

Our investments measured at fair value on a recurring basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| **Cash and cash equivalents (including restricted):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash  | $82969 | $— | $— | $82969 | $124360 | $— | $— | $124360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 462757 | 408001 |  | 870758 | 463394 | 40907 |  | 504301 |
| **Total** | $545726 | $408001 | $— | $953727 | $587754 | $40907 | $— | $628661 |
| **Debt securities (including restricted):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and agency securities | $5471 | $— | $— | $5471 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial paper |  | 10069 |  | 10069 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 6 |  | 6 |  |  |  |  |
| **Total** | $5471 | $10075 | $— | $15546 | $— | $— | $— | $— |

---

As of June 30, 2025, restricted and non-restricted marketable investment securities included debt securities of $16 million with contractual maturities within one year. Actual maturities may differ from contractual maturities as a result of our ability to sell these securities prior to maturity.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other***

"Other, net" within "Other Income (Expense)" included on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
| | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
| <br>**Other, net:** | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Equity in earnings (losses) of affiliates | $107 | $(64204) | $(374) | $(64912) |
| Other | 102 | (92) | 93 | 47 |
| **Total** | $209 | $(64296) | $(281) | $(64865) |

---

**5.** **Inventory**

Inventory consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of**  | **As of**  |
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
|  | (In thousands) | (In thousands) |
| Finished goods  | $111295 | $149172 |
| Work-in-process and service repairs | 24296 | 27415 |
| Raw materials | 5829 | 6615 |
| **Total inventory** | $141420 | $183202 |

---

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Property and Equipment** 

Property and equipment consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Depreciable** | **Depreciable** | **Depreciable** | **As of**  | **As of**  |
|  | **Life** | **Life** | **Life** | | |
|  | **(In Years)** | **(In Years)** | **(In Years)** | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
|  |  |  |  | (In thousands) | (In thousands) |
| Equipment leased to customers | 2 | - | 5 | $938753 | $1002518 |
| EchoStar XV |  | 15 |  | 277658 | 277658 |
| EchoStar XVIII |  | 15 |  | 411255 | 411255 |
| Furniture, fixtures, equipment and other  | 2 | - | 10 | 749946 | 746585 |
| Software and computer equipment  | 3 | - | 5 | 694413 | 670503 |
| Buildings and improvements  | 5 | - | 40 | 290190 | 288573 |
| Land  |  | - |  | 12007 | 12007 |
| Construction in progress  |  | - |  | 40475 | 34232 |
| **Total property and equipment**  |  |  |  | 3414697 | 3443331 |
| Accumulated depreciation |  |  |  | (2837438) | (2818562) |
| **Property and equipment, net (1)** |  |  |  | $577259 | $624769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of June 30, 2025 and December 31, 2024, there were no refunds and other receipts of purchases of property and equipment.

Depreciation and amortization expense consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Equipment leased to customers | $27204 | $34705 | $59929 | $71573 |
| Satellites | 11482 | 20073 | 22964 | 40146 |
| Buildings, furniture, fixtures, equipment and other | 4964 | 5453 | 10897 | 9461 |
| Software and computer equipment | 9385 | 10108 | 18283 | 19839 |
| **Total depreciation and amortization** | $53035 | $70339 | $112073 | $141019 |

---

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 software.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***Satellites***

We currently utilize eight satellites in geosynchronous orbit approximately 22,300 miles above the equator, two of which we own and depreciate over their estimated useful life. We currently utilize certain capacity on six satellites that we lease from DISH Network, which are accounted for as operating leases.

As of June 30, 2025, our Pay-TV satellite fleet consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Satellites** | <br>**Launch**<br>**Date** | **Degree**<br>**Orbital**<br>**Location** | <br>**Lease**<br>**Termination Date** |
| **Owned:** |  |  |  |
| EchoStar XV (1) | July 2010 | 119 | N/A |
| EchoStar XVIII | June 2016 | 61.5 | N/A |
| **Under Construction:** |  |  |  |
| EchoStar XXV | 2026 | 110 | N/A |
| EchoStar XXVI | 2028 | 119 | N/A |
| **Leased from DISH Network (2):** |  |  |  |
| EchoStar X  | February 2006 | 110 | February 2026 |
| EchoStar XI  | July 2008 | 110 | February 2026 |
| EchoStar XIV  | March 2010 | 119 | February 2026 |
| EchoStar XVI  | November 2012 | 61.5 | January 2026 |
| EchoStar XXIII  | March 2017 | 110 | Month to Month |
| Nimiq 5  | September 2009 | 72.7 | Month to Month |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) During April 2025, the EchoStar XV satellite began the process of relocating from the 61.5 degree orbital location to the 119 degree orbital location. The relocation process was completed in July 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See Note 11 for further information on our Related Party Transactions with DISH Network.

As of April 2025, we no longer lease the Anik F3 satellite, which was accounted for as an operating lease.

*Satellites Under Construction*

*EchoStar XXV.* On March 20, 2023, DISH Network entered into a contract with Maxar Space LLC for the construction of EchoStar XXV, a DBS satellite that is capable of providing service to the continental United States ("CONUS") and is intended to be used at the 110 degree orbital location. During the fourth quarter of 2023, DISH Network entered into an agreement with Space Exploration Technologies Corp ("SpaceX") for launch services for this satellite, which is expected to be launched during 2026.

*EchoStar XXVI.* On May 15, 2025, DISH Network entered into a contract with Maxar 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. EchoStar XXVI is expected to be launched during 2028.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Debt and Finance Lease Obligations** 

***Fair Value of our Debt***

The following table summarizes the carrying amount and fair value of our debt facilities as of June 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **As of**  | **As of**  | **As of**  | **As of**  |
|  | | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | <br>**Issuer** | **CarryingAmount** | **Fair Value** | **CarryingAmount** | **Fair Value** |
|  |  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Term Loan due 2025 (1) | DBS SubscriberCo | $166667 | $166667 | $500000 | $500000 |
| 7 3/4% Senior Notes due 2026 | DDBS | 2000000 | 1779660 | 2000000 | 1678640 |
| 5 1/4% Senior Secured Notes due 2026 | DDBS | 2750000 | 2502500 | 2750000 | 2507780 |
| 7 3/8% Senior Notes due 2028 | DDBS | 1000000 | 722500 | 1000000 | 715680 |
| 5 3/4% Senior Secured Notes due 2028  | DDBS | 2500000 | 2175000 | 2500000 | 2143350 |
| 5 1/8% Senior Notes due 2029 | DDBS | 1500000 | 987480 | 1500000 | 959610 |
| Term Loan due 2029 (2) | DBS SubscriberCo | 1800000 | 1761313 | 1800000 | 1800000 |
| Mandatorily Redeemable Preferred Shares due 2029 (2)(3) | DBS SubscriberCo | 200000 | 193519 | 200000 | 200000 |
| Other notes payable |  | 26040 | 26040 | 32350 | 32350 |
| **Subtotal** |  | 11942707 | $10314679 | 12282350 | $10537410 |
| Unamortized deferred financing costs and other debt discounts, net |  | (90387) |  | (134900) |  |
| **Total**  |  | 11852320 |  | 12147450 |  |
| Less: current portion (2) |  | (867082) |  | (744556) |  |
| **Total debt, finance lease and other obligations, net of current portion** |  | $10985238 |  | $11402894 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the three and six months ended June 30, 2025, we redeemed approximately $166 million and $333 million, respectively, of our Term Loan due 2025 . The remaining balance of approximately $167 million is paid monthly and the final payment is due September 30, 2025 .

&nbsp;&nbsp;&nbsp;&nbsp;(2) A portion of the principal balance of these instruments is classified as "Current portion of debt, finance lease and other obligations" due to payment terms upon which we will pay a portion of principal balance based on the variable cash flows for certain Pay-TV business metrics which are an estimate and could change significantly based on actual performance.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.

We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2). We estimated the fair value of our non-publicly traded debt based on, among other things, available trade information and/or valuations performed by a third-party (Level 3).

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**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

**Senior Notes**

The below summaries are not complete and are qualified in entirety by reference to the full and complete text of the applicable indentures.

**Unsecured Senior Notes**

*7 3/4% Senior Notes due 2026*

On June 13, 2016, we issued $2.0 billion aggregate principal amount of our ten-year 7 3/4% Senior Notes due July 1, 2026. Interest accrues at an annual rate of 7 3/4% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year. We elected not to make the approximately $78 million cash interest payment due on July 1, 2025 (the "7 3/4% Interest Payment"). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 7 3/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On July 30, 2025, we made the scheduled 7 3/4% Interest Payment originally due July 1, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

*7 3/8% Senior Notes due 2028*

On July 1, 2020, we issued $1.0 billion aggregate principal amount of our 7 3/8% Senior Notes due July 1, 2028. Interest accrues at an annual rate of 7 3/8% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year. We elected not to make the approximately $37 million cash interest payment due on July 1, 2025 (the "7 3/8% Interest Payment"). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 7 3/8% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On July 30, 2025, we made the scheduled 7 3/8% Interest Payment originally due July 1, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

*5 1/8% Senior Notes due 2029*

On May 24, 2021, we issued $1.5 billion aggregate principal amount of our 5 1/8% Senior Notes due June 1, 2029. Interest accrues at an annual rate of 5 1/8% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year. We elected not to make the approximately $38 million cash interest payment due on June 2, 2025 (the "5 1/8% Interest Payment"). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 1/8% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 1/8% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

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**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

**Senior Secured Notes**

*5 1/4% Senior Secured Notes due 2026*

On November 26, 2021, we issued $2.750 billion aggregate principal amount of our 5 1/4% Senior Secured Notes due December 1, 2026. Interest accrues at an annual rate of 5 1/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year. We elected not to make the approximately $72 million cash interest payment due on June 2, 2025 (the "5 1/4% Interest Payment"). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 1/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 1/4% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

*5 3/4% Senior Secured Notes due 2028*

On November 26, 2021, we issued $2.5 billion aggregate principal amount of our 5 3/4% Senior Secured Notes due December 1, 2028. Interest accrues at an annual rate of 5 3/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year. We elected not to make the approximately $72 million cash interest payment due on June 2, 2025 (the "5 3/4% Interest Payment"). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 3/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 3/4% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

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**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Commitments and Contingencies** 

**Commitments**

Our commitments include certain obligations incurred by us on behalf of DISH Network's Wireless segment. These obligations will be either paid directly by DISH Network or settled monthly as part of our centralized cash management system with our parent, DISH Network. See Note 3 for further information.

***5G Network Deployment***

DISH Network initially invested a total of over $30 billion in wireless spectrum licenses. DISH Network's wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. DISH Network continues to commercialize its wireless spectrum licenses through the completion of the nation's first cloud-native, Open Radio Access Network ("O-RAN") based 5G VoNR and broadband network (the "5G Network"). DISH Network currently expects capital expenditures, excluding capitalized interest, for its 5G Network to be approximately $10 billion, including amounts incurred to date since 2021.

DISH Network will need to make significant additional investments or partner with others to, among other things, continue its 5G Network deployment and further commercialize, build-out and integrate these licenses and related assets and any additional acquired licenses and related assets, as well as to comply with regulations applicable to such licenses. Depending on the nature and scope of such activities, any such investments or partnerships could vary significantly. In addition, as DISH Network continues its 5G Network deployment, DISH Network has and may continue to incur significant additional expenses related to, among other things, research and development, wireless testing and ongoing upgrades to the wireless network infrastructure, software and third-party integration. As a result of these investments, among other factors, DISH Network will need to raise additional capital, which may not be available on favorable terms or at all. DISH Network may also determine that additional wireless spectrum licenses may be required for its 5G Network deployment, which will enhance its ability to compete effectively with other wireless service providers.

In connection with the development of DISH Network's wireless business, including, without limitation, the efforts described above, we have made cash distributions and intercompany loans to partially finance these efforts to date and may make additional cash distributions or loans to finance, in whole or in part, DISH Network's future efforts, including, among other things, any potential Northstar re-auction payment and SNR re-auction payment. There can be no assurance that DISH Network will be able to complete all build-out requirements or profitably deploy these wireless spectrum licenses.

See Note 10 *"Commitments and Contingencies – Commitments – 5G Network"* in the Notes to EchoStar's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 for further information.

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(Unaudited)

**Contingencies**

***Litigation***

We are involved in a number of legal proceedings (including those described below) concerning matters arising in connection with the conduct of our business activities. Many of these proceedings are at preliminary stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made.

For certain cases described on the following pages, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

*ClearPlay, Inc.*

On March 13, 2014, ClearPlay, Inc. ("ClearPlay") filed a complaint against EchoStar and its wholly-owned subsidiaries DISH Network, DISH Network L.L.C., and EchoStar's then wholly-owned subsidiary EchoStar Technologies L.L.C., in the United States District Court for the District of Utah. The complaint alleges willful infringement of United States Patent Nos. 6,898,799 (the "799 patent"), entitled "Multimedia Content Navigation and Playback"; 7,526,784 (the "784 patent"), entitled "Delivery of Navigation Data for Playback of Audio and Video Content"; 7,543,318 (the "318 patent"), entitled "Delivery of Navigation Data for Playback of Audio and Video Content"; 7,577,970 (the "970 patent"), entitled "Multimedia Content Navigation and Playback"; and 8,117,282 (the "282 patent"), entitled "Media Player Configured to Receive Playback Filters From Alternative Storage Mediums." ClearPlay alleges that the AutoHop<sup>™</sup> feature of our Hopper® set-top box infringes the asserted patents. On February 11, 2015, the case was stayed pending various third-party challenges before the United States Patent and Trademark Office regarding the validity of certain of the patents asserted in the action.

In those third-party challenges, the United States Patent and Trademark Office found that all claims of the 282 patent are unpatentable, and that certain claims of the 784 patent and 318 patent are unpatentable. ClearPlay appealed as to the 784 patent and the 318 patent, and on August 23, 2016, the United States Court of Appeals for the Federal Circuit affirmed the findings of the United States Patent and Trademark Office. On October 31, 2016, the stay was lifted, and in May 2017, ClearPlay agreed to dismiss EchoStar and DISH Network as defendants, leaving DISH Network L.L.C. and DISH Technologies L.L.C. as the sole defendants.

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(Unaudited)

On October 16, October 21, November 2, 2020 and November 9, 2020, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of the asserted claims of, respectively, the 784 patent, the 799 patent, the 318 patent and the 970 patent; and on November 2, November 20, December 14 and December 15, 2020, the United States Patent and Trademark Office granted each request for reexamination. On May 7, 2021, May 25, 2021, June 25, 2021 and July 7, 2021, the United States Patent and Trademark Office issued Ex Parte Reexamination Certificates confirming the patentability of the challenged claims of, respectively, the 799 patent, the 784 patent, the 318 patent and the 970 patent.

In October and November 2021, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of certain asserted claims of the 784 patent, the 799 patent and the 970 patent. In November and December 2021, the United States Patent and Trademark Office granted review of the challenged claims of the 799 patent and the 970 patent, but denied review of the challenged claims of the 784 patent. On January 24, 2022, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 799 patent, and on January 19, 2023, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 970 patent.

In an order dated January 31, 2023, the Court granted in part and denied in part DISH Network L.L.C.'s and DISH Technologies L.L.C.'s motion for summary judgment. Thereafter, ClearPlay narrowed its case to three asserted claims: one under the 799 patent and two under the 970 patent. Following a two-week trial, on March 10, 2023, the jury returned a verdict that DISH Network L.L.C. and DISH Technologies L.L.C. infringed each of the asserted patent claims (though not willfully), and awarded damages of $469 million. That verdict became moot on March 21, 2023, when the trial court indicated that it would grant DISH Network L.L.C.'s and DISH Technologies L.L.C.'s motion for judgment as a matter of law, thus effectively vacating the jury award. On June 2, 2023, the Court entered its formal order granting judgment as a matter of law. On December 12, 2023, the Court denied ClearPlay's motion to alter or amend the judgment. ClearPlay has filed a notice of appeal to the United States Court of Appeals for the Federal Circuit and briefing was completed on November 27, 2024.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

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(Unaudited)

*Data Breach Class Actions*

On May 9, 2023, Susan Owen-Brooks, an alleged customer, filed a putative class action complaint against DISH Network, our parent, in the United States District Court for the District of Colorado. She purports to represent a nationwide class of all individuals in the United States who allegedly had private information stolen as a result of the February 23, 2023 Cyber-security Incident (and a North Carolina statewide subclass of the same individuals). Since that filing, ten additional putative class action complaints have been filed in the United States District Court for the District of Colorado, purporting to represent the same nationwide class of people, and Owen-Brooks has filed an amended complaint. On August 2, 2023, the Court issued an order consolidating the first ten cases (the eleventh was dismissed) and, on November 16, 2023 and January 16, 2024, the plaintiffs filed consolidated amended class action complaints. On September 27, 2024, the Court granted DISH Network's motion to dismiss the First Amended Consolidated Class Action Complaint as to eight of the eleven named plaintiffs and as to certain causes of action. On October 29, 2024, the Plaintiffs filed the operative Second Amended Consolidated Class Action Complaint, which deletes the allegations as to the dismissed plaintiffs and causes of action, leaving three named plaintiffs and causes of action for negligence, negligence per se, breach of implied contract, and declaratory judgment.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

*Digital Broadcasting Solutions, LLC* 

On August 29, 2022, Digital Broadcasting Solutions, LLC filed a complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 8,929,710 (the "710 patent") and U.S. Patent No. 9,538,122 (the "122 patent"), each entitled "System and method for time shifting at least a portion of a video program." Generally, the plaintiff contends that the AutoHop feature of our Hopper® set-top boxes infringes the asserted patents. On June 21, 2023, the Court granted the motion of DISH Network L.L.C. and DISH Technologies L.L.C. to have the case transferred to the United States District Court for the District of Colorado.

In May 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 710 patent and the 122 patent and, on December 9, 2024, the United States Patent and Trademark Office issued final written decisions invalidating 38 of the 39 challenged claims. On January 13, 2025, Digital Broadcasting Solutions filed a notice of appeal of those final written decisions, and on February 7, 2025, DISH Network L.L.C. and DISH Technologies L.L.C. cross-appealed as to the single patent claim that wasn't invalidated. Briefing is underway. The underlying case has been stayed since May 9, 2024, pending resolution of the petitions before the United States Patent and Trademark Office and any related appeals.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

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(Unaudited)

*Entropic Communications, LLC (first action)*

On March 9, 2022, Entropic Communications, LLC ("Entropic") filed a complaint against DISH Network and our wholly-owned subsidiaries DISH Network L.L.C. and Dish Network Service L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 7,130,576 (the "576 patent"), entitled "Signal Selector and Combiner for Broadband Content Distribution"; U.S. Patent No. 7,542,715 (the "715 Patent"), entitled "Signal Selector and Combiner for Broadband Content Distribution"; and U.S. Patent No. 8,792,008 (the "008 Patent"), entitled "Method and Apparatus for Spectrum Monitoring." On March 30, 2022, Entropic filed an amended complaint alleging infringement of the same patents. Generally, the plaintiff accuses satellite antennas, low-noise block converters, signal selector and combiners, and set-top boxes and the manner in which they process signals for satellite television customers of infringing the asserted patents. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On October 24, 2022, this case was ordered to be transferred to the United States District Court for the Central District of California. A companion case against DirecTV was also ordered transferred to the United States District Court for the Central District of California. In January and February of 2023, DISH Network L.L.C. and Dish Network Service L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 715 patent, all claims of the 008 patent, and 25 claims of the 576 patent, which includes all of its asserted claims. In August and September 2023, the Patent Office denied institution on the petitions challenging the 715 patent and the 576 patent. In September 2023, at the parties' joint request, the Patent Office dismissed the petition challenging the 008 patent, as Entropic agreed to drop its claims against DISH Network on that patent. On July 12, 2024, the United States Patent and Trademark Office granted a request for reexamination of the 715 patent, but on May 20, 2025, it affirmed the patent's validity.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

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(Unaudited)

*Entropic Communications, LLC (second action)*

On February 10, 2023, Entropic filed a second lawsuit against DISH Network and our wholly-owned subsidiaries DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation in the United States District Court for the Central District of California. The complaint alleges infringement of U.S. Patent No. 7,295,518 (the "518 patent"), entitled "Broadband network for coaxial cable using multi-carrier modulation"; U.S. Patent No. 7,594,249 (the "249 patent"), entitled "Network interface device and broadband local area network using coaxial cable"; U.S. Patent Nos. 7,889,759 (the "759 patent"), entitled "Broadband cable network utilizing common bit-loading"; U.S. Patent No. 8,085,802 (the "802 Patent"), entitled "Multimedia over coaxial cable access protocol"; U.S. Patent No. 9,838,213 (the "213 patent"), entitled "Parameterized quality of service architecture in a network"; U.S. Patent No. 10,432,422 (the "422 patent"), entitled "Parameterized quality of service architecture in a network"; U.S. Patent No. 8,631,450 (the "450 patent"), entitled "Broadband local area network"; U.S. Patent No. 8,621,539 (the "539 patent"), entitled "Physical layer transmitter for use in a broadband local area network"; U.S. Patent No. 8,320,566 (the "0,566 patent"), entitled "Method and apparatus for performing constellation scrambling in a multimedia home network"; U.S. Patent No. 10,257,566 (the "7,566 patent"), entitled "Broadband local area network"; U.S. Patent No. 8,228,910 (the "910 Patent"), entitled "Aggregating network packets for transmission to a destination mode"; and U.S. Patent No. 8,363,681 (the "681 patent"), entitled "Method and apparatus for using ranging measurements in a multimedia home network." Generally, the patents relate to Multimedia over Coax Alliance standards and the manner in which we provide a whole-home DVR network over an on-premises coaxial cable network.

Entropic has asserted the same patents in the same court against Comcast, Cox and DirecTV. On September 7, 2023, the Court granted the motion of DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation to dismiss the claims arising from the 7,566 patent and the 910 patent on the grounds that they claimed in eligible subject matter. On February 24, 2025, the Court granted other defendants' motions to dismiss the claims arising from the 213 patent, the 422 patent, the 681 patent and the 802 patent on the grounds that they claimed in eligible subject matter. In a claim construction order issued on April 18, 2025, the Court found that the asserted claim of the 539 patent is invalid as indefinite.

In January and February 2024, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of the 249 patent, the 518 patent, the 759 patent, the 450 patent, the 539 patent, the 0,566 patent, and the '681 patent. In July and August 2024, the United States Patent and Trademark Office agreed to institute proceedings on the petitions challenging the 249 patent and the 518 patent, but denied institution on the remaining petitions. On July 22, 2025, the United States Patent and Trademark Office issued final written decisions invalidating the asserted claims of the 249 patent and the 518 patent.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

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**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

*Jones 401(k) Litigation*

On December 20, 2021, four former employees filed a class action complaint in the United States District Court for the District of Colorado against DISH Network, DISH Network's Board of Directors, and DISH Network's Retirement Plan Committee alleging fiduciary breaches arising from the management of our 401(k) Plan. The putative class, comprised of all participants in the Plan on or after January 20, 2016, alleges that the Plan had excessive recordkeeping and administrative expenses and that it maintained underperforming funds. On February 1, 2023, a Magistrate Judge issued a recommendation that the defendants' motion to dismiss the complaint be granted, and on March 27, 2023, the district court judge granted the motion. As permitted by the Court's order, the plaintiffs filed an amended complaint on April 10, 2023, which is limited to allegations regarding the alleged underperformance of the Fidelity Freedom Funds. On November 7, 2023, a Magistrate Judge issued a recommendation that the defendants' motion to dismiss the amended complaint be denied as to the duty to prudently monitor fund performance, but be granted as to the duty of loyalty and, on November 27, 2023, the district court judge entered an order adopting the recommendation. On March 1, 2024, by stipulation, the plaintiffs dismissed their claims against the Board of Directors and the Retirement Plan Committee, leaving DISH Network as the sole defendant. On April 30, 2024, pursuant to the parties' stipulation, the Court certified the proposed plaintiff class. Pursuant to the parties' stipulation, the case was stayed from October 30, 2024 through May 29, 2025 to facilitate a mediation, but the parties did not reach a settlement.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

*Lingam Securities Class Action (formerly Jaramillo)*

On March 23, 2023, a securities fraud class action complaint was filed against DISH Network and Messrs. Ergen, Carlson and Orban in the United States District Court for the District of Colorado. The complaint was brought on behalf of a putative class of purchasers of DISH Network's securities during the February 22, 2021 to February 27, 2023 class period.

In general, the complaint alleged that DISH Network's public statements during that period were false and misleading and contained material omissions, because they did not disclose that DISH Network allegedly maintained a deficient cyber-security and information technology infrastructure, were unable to properly secure customer data and DISH Network's operations were susceptible to widespread service outages.

In August 2023, the Court appointed a new lead plaintiff and lead plaintiff's counsel, and on October 20, 2023, they filed a First Amended Complaint that abandoned the original allegations. In their First Amended Complaint, plaintiffs alleged that, during the class period, the defendants concealed problems concerning the 5G network build-out that prevented scaling and commercializing the network to obtain enterprise customers.

The amended complaint added as individual defendants James S. Allen, DISH Network's Senior Vice President and Chief Accounting Officer; John Swieringa, DISH Network's President, Technology and Chief Operating Officer; Dave Mayo, DISH Network's former Executive Vice President of Network Development; Marc Rouanne, DISH Network's former Executive Vice President and Chief Network Officer; and Stephen Bye, DISH Network's former Executive Vice President and Chief Commercial Officer.

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(Unaudited)

After the defendants filed a motion to dismiss the First Amended Complaint, the plaintiffs filed a Second Amended Complaint, asserting the same theory, on February 23, 2024. The new complaint drops Erik Carlson, John Swieringa, Paul Orban and James Allen as individual defendants. The defendants filed a motion to dismiss the Second Amended Complaint, and on March 20, 2025, the Court granted the motion without granting plaintiffs permission to further amend. On April 18, 2025, the plaintiffs filed a notice of appeal and briefing is underway.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

*Realtime Data LLC and Realtime Adaptive Streaming LLC*

On June 6, 2017, Realtime Data LLC d/b/a IXO ("Realtime") filed an amended complaint in the United States District Court for the Eastern District of Texas (the "Original Texas Action") against EchoStar, DISH Network; our wholly-owned subsidiaries DISH Network L.L.C., DISH Technologies L.L.C. (then known as EchoStar Technologies L.L.C.), Sling TV L.L.C., Sling Media L.L.C. and EchoStar's wholly-owned subsidiary Hughes Network Systems, L.L.C. ("HNS"); and Arris Group, Inc. Realtime's initial complaint in the Original Texas Action, filed on February 14, 2017, had named only EchoStar and HNS as defendants.

The amended complaint in the Original Texas Action alleges infringement of United States Patent No. 8,717,204 (the "204 patent"), entitled "Methods for encoding and decoding data"; United States Patent No. 9,054,728 (the "728 patent"), entitled "Data compression systems and methods"; United States Patent No. 7,358,867 (the "867 patent"), entitled "Content independent data compression method and system"; United States Patent No. 8,502,707 (the "707 patent"), entitled "Data compression systems and methods"; United States Patent No. 8,275,897 (the "897 patent"), entitled "System and methods for accelerated data storage and retrieval"; United States Patent No. 8,867,610 (the "610 patent"), entitled "System and methods for video and audio data distribution"; United States Patent No. 8,934,535 (the "535 patent"), entitled "Systems and methods for video and audio data storage and distribution"; and United States Patent No. 8,553,759 (the "759 patent"), entitled "Bandwidth sensitive data compression and decompression."

Realtime alleges that DISH Network's, Sling TV L.L.C.'s, Sling Media L.L.C.'s and Arris Group, Inc.'s streaming video products and services compliant with various versions of the H.264 video compression standard infringe the 897 patent, the 610 patent and the 535 patent, and that the data compression system in HNS' products and services infringes the 204 patent, the 728 patent, the 867 patent, the 707 patent and the 759 patent.

On July 19, 2017, the Court severed Realtime's claims against DISH Network, DISH Network L.L.C., Sling TV L.L.C., Sling Media L.L.C. and Arris Group, Inc. (alleging infringement of the 897 patent, the 610 patent and the 535 patent) from the Original Texas Action into a separate action in the United States District Court for the Eastern District of Texas (the "Second Texas Action"). On August 31, 2017, Realtime dismissed the claims against DISH Network, Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. from the Second Texas Action and refiled these claims (alleging infringement of the 897 patent, the 610 patent and the 535 patent) against Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. in a new action in the United States District Court for the District of Colorado (the "Colorado Action"). Also on August 31, 2017, Realtime dismissed DISH Technologies L.L.C. from the Original Texas Action, and on September 12, 2017, added it as a defendant in an amended complaint in the Second Texas Action. On November 6, 2017, Realtime filed a joint motion to dismiss the Second Texas Action without prejudice, which the Court entered on November 8, 2017.

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On October 10, 2017, Realtime Adaptive Streaming LLC ("Realtime Adaptive Streaming") filed suit against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., in a new action in the United States District Court for the Eastern District of Texas (the "Third Texas Action"), alleging infringement of the 610 patent and the 535 patent. Also on October 10, 2017, an amended complaint was filed in the Colorado Action, substituting Realtime Adaptive Streaming as the plaintiff instead of Realtime, and alleging infringement of only the 610 patent and the 535 patent, but not the 897 patent. On November 6, 2017, Realtime Adaptive Streaming filed a joint motion to dismiss the Third Texas Action without prejudice, which the court entered on November 8, 2017. Also on November 6, 2017, Realtime Adaptive Streaming filed a second amended complaint in the Colorado Action, adding our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., as defendants.

As a result, neither DISH Network nor any of its subsidiaries is a defendant in the Original Texas Action; the Court has dismissed without prejudice the Second Texas Action and the Third Texas Action; and our wholly-owned subsidiaries DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. as well as Arris Group, Inc., are defendants in the Colorado Action, which now has Realtime Adaptive Streaming as the named plaintiff. Following settlements with the plaintiff, EchoStar and HNS were dismissed from the Original Texas Action in February 2019, and Arris Group, Inc. was dismissed from the Colorado Action in March 2021.

On July 3, 2018, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of each of the asserted patents. On January 31, 2019, the United States Patent and Trademark Office agreed to institute proceedings on DISH Network's petitions, and it held trial on the petitions on December 5, 2019. On January 17, 2020, the United States Patent and Trademark Office terminated the petitions as time-barred, but issued a final written decision invalidating the 535 patent to third parties that had timely joined in DISH Network's petition (and, on January 10, 2020, issued a final written decision invalidating the 535 patent in connection with a third party's independent petition). On March 16, 2020, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a notice of appeal from the terminated petitions to the United States Court of Appeals for the Federal Circuit. On June 29, 2020, the United States Patent and Trademark Office filed a notice of intervention in the appeal. On March 16, 2021, the Court of Appeals dismissed the appeal for lack of jurisdiction. On April 29, 2021, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a petition for rehearing, which was denied on June 28, 2021. On January 12, 2021, Realtime Adaptive Streaming filed a notice of dismissal of its claims on the 535 patent.

On July 30, 2021, the District Court granted summary judgment in favor of DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C., holding that the remaining asserted patent, the 610 patent, is invalid because it claims patent-ineligible abstract subject matter. Realtime Adaptive Streaming appealed that ruling to the United States Court of Appeals for the Federal Circuit, and on May 11, 2023, that Court affirmed the District Court's summary judgment order. Independently, on September 21, 2021, in connection with an ex parte reexamination of the validity of the 610 patent, an examiner at the United States Patent and Trademark Office issued a final office action rejecting each asserted claim of the 610 patent as invalid over the cited prior art. On April 19, 2023, the Patent Trial and Appeal Board rejected Realtime Adaptive Streaming's appeal and affirmed the examiner's rejection of the asserted claims of the 610 patent. Realtime did not further appeal the Patent Trial and Appeal Board's determination and, thus, the asserted claims of the 610 patent were canceled. As a result, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. no longer face any possible exposure from this matter, and the liability phase of this case is concluded.

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On January 21, 2022, the District Court granted the motion by DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. to have the case declared "exceptional," and on September 20, 2022, awarded them $3.9 million in attorneys' fees. Realtime Adaptive Streaming filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the exceptionality and fee award orders, and on August 23, 2024, that Court vacated the exceptionality finding and remanded for further consideration of the issue. On November 26, 2024, the United States Court of Appeals for the Federal Circuit denied DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C.'s petition seeking rehearing en banc. On February 5, 2025, on remand, the District Court denied the motion to declare the case exceptional. On March 6, 2025, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. filed a notice of appeal of that order, but dismissed the appeal on July 3, 2025. This matter is now concluded.

*SafeCast Limited*

On June 27, 2022, SafeCast Limited filed a complaint against DISH Network in the United States District Court for the Western District of Texas. The complaint alleges that DISH Network infringes U.S. Patent No. 9,392,302, entitled "System for providing improved facilities in time-shifted broadcasts" (the "302 patent"). On the same day, it brought complaints in the same court asserting infringement of the same patent against AT&T, Google, HBO, NBCUniversal, Paramount and Verizon. On October 24, 2022, in response to the parties' joint motion, the Court ordered the case against DISH Network transferred to the United States District Court for the District of Colorado.

On December 1, 2022, SafeCast filed an amended complaint naming our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. as defendants and withdrawing the allegations as to DISH Network. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On June 22, 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of the asserted claims of the 302 patent, and on June 26, 2024, the United States Patent and Trademark Office agreed to institute proceedings on that petition. On August 28, 2023, the Court stayed the case pending resolution of the petition. On October 3, 2024, in connection with a third-party's petition citing different prior art, the United States Patent and Trademark Office invalidated all claims asserted against DISH Network L.L.C. and DISH Technologies L.L.C. Because SafeCast Limited did not appeal that decision, on January 27, 2025, the United States Patent and Trademark Office issued a certificate canceling the challenged claims. As a result, DISH Network L.L.C. and DISH Technologies L.L.C. filed a motion to terminate their petition before the United States Patent and Trademark Office, which was granted on June 5, 2025. On July 28, 2025, the District Court dismissed the litigation. This matter is now concluded.

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*Sound View Innovations, LLC*

On December 30, 2019, Sound View Innovations, LLC filed one complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. and a second complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The complaint against DISH Network L.L.C. and DISH Technologies L.L.C. alleges infringement of United States Patent No 6,502,133 (the "133 patent"), entitled "Real-Time Event Processing System with Analysis Engine Using Recovery Information" and both complaints allege infringement of United States Patent No. 6,708,213 (the "213 patent), entitled "Method for Streaming Multimedia Information Over Public Networks"; United States Patent No. 6,757,796 (the "796 patent"), entitled "Method and System for Caching Streaming Live Broadcasts transmitted Over a Network"; and United States Patent No. 6,725,456 (the "456 patent"), entitled "Methods and Apparatus for Ensuring Quality of Service in an Operating System." All but the 133 patent are also asserted in the complaint against Sling TV L.L.C. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On May 21, 2020, June 3, 2020, June 5, 2020 and July 10, 2020, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of, respectively, the 213 patent, the 133 patent, the 456 patent and the 796 patent. On November 25, 2020, the United States Patent and Trademark Office declined to review the validity of the 213 patent, and on September 29, 2021, denied a request for rehearing of that decision. On January 19, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 456 patent but declined to review the 133 patent. On February 24, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 796 patent.

On January 18, 2022, the United States Patent and Trademark Office issued a final written decision holding that the challenged claim of the 456 patent is patentable, and on February 8, 2022, it issued a final written decision holding that the challenged claims of the 796 patent are patentable. On March 22, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the adverse final written decision regarding the 456 patent, and on April 8, 2022, they filed a notice of appeal to the same court from the adverse final written decision regarding the 796 patent. The appeal on the 456 patent was voluntarily dismissed on December 6, 2022.

The Federal Circuit heard oral argument on the 796 patent appeal on October 3, 2023, and affirmed the United States Patent and Trademark Office's adverse final written decision on October 5, 2023.

On April 20, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of one of the asserted claims of the 213 patent, and reexamination was ordered on June 16, 2022. On November 13, 2023, the United States Patent and Trademark Office confirmed the patentability of the challenged claim. On January 18, 2023, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a second petition requesting ex parte reexamination of the validity of the four other asserted claims of the 213 patent, reexamination was ordered on April 17, 2023 and it remains pending. On October 17, 2024, the Court ordered that the stay of the case, which had been entered for the pendency of the original petitions before the United States Patent and Trademark Office, would remain in place pending the outcome of Sound View's appeal in a parallel action against Hulu.

We intend to vigorously defend these cases. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

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*TQ Delta, LLC*

On July 17, 2015, TQ Delta, LLC ("TQ Delta") filed a complaint against us, DISH Network and our wholly-owned subsidiary DISH Network L.L.C. in the United States District Court for the District of Delaware. The Complaint alleges infringement of United States Patent No. 6,961,369 (the "369 patent"), which is entitled "System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System"; United States Patent No. 8,718,158 (the "158 patent"), which is entitled "System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System"; United States Patent No. 9,014,243 (the "243 patent"), which is entitled "System and Method for Scrambling Using a Bit Scrambler and a Phase Scrambler"; United States Patent No. 7,835,430 (the "430 patent"), which is entitled "Multicarrier Modulation Messaging for Frequency Domain Received Idle Channel Noise Information"; United States Patent No. 8,238,412 (the "412 patent"), which is entitled "Multicarrier Modulation Messaging for Power Level per Subchannel Information"; United States Patent No. 8,432,956 (the "956 patent"), which is entitled "Multicarrier Modulation Messaging for Power Level per Subchannel Information"; and United States Patent No. 8,611,404 (the "404 patent"), which is entitled "Multicarrier Transmission System with Low Power Sleep Mode and Rapid-On Capability."

On September 9, 2015, TQ Delta filed a first amended complaint that added allegations of infringement of United States Patent No. 9,094,268 (the "268 patent"), which is entitled "Multicarrier Transmission System With Low Power Sleep Mode and Rapid-On Capability." On May 16, 2016, TQ Delta filed a second amended complaint that added EchoStar Corporation and their then wholly-owned subsidiary EchoStar Technologies L.L.C. as defendants. TQ Delta alleges that our satellite TV service, Internet service, set-top boxes, gateways, routers, modems, adapters and networks that operate in accordance with one or more Multimedia over Coax Alliance Standards infringe the asserted patents. TQ Delta has filed actions in the same court alleging infringement of the same patents against Comcast Corp., Cox Communications, Inc., DirecTV, Time Warner Cable Inc. and Verizon Communications, Inc. TQ Delta is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

On July 14, 2016, TQ Delta stipulated to dismiss with prejudice all claims related to the 369 patent and the 956 patent. On July 20, 2016, DISH Network filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims of the 404 patent and the 268 patent that have been asserted against DISH Network. Third parties filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims that have been asserted against us in the action. On November 4, 2016, the United States Patent and Trademark Office agreed to institute proceedings on the third-party petitions related to the 158 patent, the 243 patent, the 412 patent and the 430 patent. On December 20, 2016, pursuant to a stipulation of the parties, the Court stayed the case until the resolution of all petitions to the United States Patent and Trademark Office challenging the validity of all of the patent claims at issue. On January 19, 2017, the United States Patent and Trademark Office granted DISH Network's motions to join the instituted petitions on the 430 and 158 patents.

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On February 9, 2017, the United States Patent and Trademark Office agreed to institute proceedings on DISH Network's petition related to the 404 patent, and on February 13, 2017, the United States Patent and Trademark Office agreed to institute proceedings on our petition related to the 268 patent. On February 27, 2017, the United States Patent and Trademark Office granted DISH Network's motions to join the instituted petitions on the 243 and 412 patents. On October 26, 2017, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 158 patent, the 243 patent, the 412 patent and the 430 patent, and it invalidated all of the asserted claims of those patents.

On February 7, 2018, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 404 patent, and it invalidated all of the asserted claims of that patent on the basis of DISH Network's petition. On February 10, 2018, the United States Patent and Trademark Office issued a final written decision on DISH Network's petition challenging the 268 patent, and it invalidated all of the asserted claims.

On March 12, 2018, the United States Patent and Trademark Office issued a final written decision on a third-party petition challenging the 268 patent, and it invalidated all of the asserted claims. TQ Delta filed notices of appeal from the final written decisions adverse to it. On May 9, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the 430 patent and the 412 patent. On July 10, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 404 patent. On July 15, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 268 patent. On November 22, 2019, the United States Court of Appeals for the Federal Circuit reversed the invalidity finding on the 243 patent and the 158 patent, and then, on March 29, 2020, denied a petition for panel rehearing as to those findings. On April 13, 2021, the Court lifted the stay, and the case is proceeding on the 243 patent and the 158 patent. On April 23 and April 26, 2021, the United States Patent and Trademark Office issued orders granting requests for ex parte reexamination of, respectively, the 243 patent and the 158 patent, but on July 27, 2023 and October 11, 2023, respectively, the United States Patent and Trademark Office confirmed the challenged claims of the 243 patent and the 158 patent. In a proposed supplemental report, TQ Delta's damages expert contends that TQ Delta is entitled to $251 million in damages. The Court has set a trial date of November 8, 2027.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

*Uniloc 2017 LLC*

On January 31, 2019, Uniloc 2017 LLC ("Uniloc") filed a complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The Complaint alleges infringement of United States Patent No. 6,519,005 (the "005 patent"), which is entitled "Method of Concurrent Multiple-Mode Motion Estimation for Digital Video"; United States Patent No. 6,895,118 (the "118 patent"), which is entitled "Method of Coding Digital Image Based on Error Concealment"; United States Patent No. 9,721,273 (the "273 patent"), which is entitled "System and Method for Aggregating and Providing Audio and Visual Presentations Via a Computer Network"); and United States Patent No. 8,407,609 (the "609 patent"), which is entitled "System and Method for Providing and Tracking the Provision of Audio and Visual Presentations Via a Computer Network." Uniloc is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

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On June 25, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 005 patent. On July 19, 2019 and July 22, 2019, respectively, Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all asserted claims of the 273 patent and the 609 patent. On August 12, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 118 patent. On October 18, 2019, pursuant to a stipulation of the parties, the Court entered a stay of the trial proceedings.

On January 9, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 005 patent. On January 15, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 273 patent. On February 4, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 609 patent. On February 25, 2020, the United States Patent and Trademark Office declined to institute proceedings on the petition challenging the 118 patent.

On December 28, 2020, the United States Patent and Trademark Office issued a final written decision upholding the validity of the challenged claims of the 273 patent. Sling TV L.L.C. appealed that decision to the United States Court of Appeals for the Federal Circuit, and on February 2, 2022, the Federal Circuit vacated the final written decision and remanded to the United States Patent and Trademark Office to reconsider its ruling. On remand, on September 7, 2022, the United States Patent and Trademark Office issued a revised final written decision finding all challenged claims of the 273 patent invalid. Uniloc filed a notice of appeal of that revised final written decision to the United States Court of Appeals for the Federal Circuit, and on September 4, 2024, that court affirmed the United States Patent and Trademark Office's invalidity finding.

On January 5, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 005 patent. On January 19, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 609 patent (and a second final written decision invalidating all challenged claims of the 609 patent based on a third party's petition). Uniloc did not appeal those decisions. Thus, the sole remaining asserted patent is the 118 patent.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

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*U.S. Bank Trust Company*

On April 26, 2024, U.S. Bank Trust Company, in its capacity as Trustee under the Indentures for DISH DBS Corporation's 5.75% Senior Secured Notes due 2028 and 7.75% Senior Notes due 2026, filed an action in state court in New York City against DISH DBS Corporation, DISH Network L.L.C., EchoStar Intercompany Receivable Company L.L.C., DISH DBS Issuer LLC, and DBS Intercompany Receivable L.L.C. In its complaint, the Trustee contends that certain intracompany asset transfers in January 2024 breached the Indentures for those Notes, and that the transfers were intentional and constructive fraudulent transfers under the Colorado Uniform Fraudulent Transfer Act. The Trustee seeks a declaratory judgment that DISH DBS Corporation breached the Indentures and that an Event of Default occurred under the DBS Indentures. It further asks the Court to unwind certain intracompany asset transfers and to award damages.

On May 13, 2024, the defendants removed the case to the United States District Court for the Southern District of New York and, on June 28, 2024, filed a motion to dismiss the complaint. Rather than opposing the motion, on July 18, 2024, the Trustee filed a first amended complaint, which added a new declaratory judgment claim challenging certain intercompany advances and new factual allegations challenging a certification of compliance with the DBS Indentures. On January 22, 2025, with permission from the Court, the Trustee filed a second amended complaint, which added allegations regarding the debt issued by DBS SubscriberCo, a related intercompany loan, and the DIRECTV transaction.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

*Vermont National Telephone Company*

On September 23, 2016, the United States District Court for the District of Columbia unsealed a qui tam complaint that, on May 13, 2015, Vermont National Telephone Company ("Vermont National") filed against DISH Network; DISH Network's wholly-owned subsidiaries, American AWS-3 Wireless I L.L.C., American II, American III, and DISH Wireless Holding L.L.C.; Charles W. Ergen (DISH Network's Chairman) and Cantey M. Ergen (a member of DISH Network's Board of Directors, at that time); Northstar Wireless; Northstar Spectrum; Northstar Manager, LLC; SNR Wireless; SNR HoldCo; SNR Wireless Management, LLC; and certain other parties. The complaint alleges violations of the federal civil False Claims Act (the "FCA") based on, among other things, allegations that Northstar Wireless and SNR Wireless falsely claimed bidding credits of 25% in the AWS-3 Auction when they were allegedly under the de facto control of DISH Network and, therefore, were not entitled to the bidding credits as designated entities under applicable FCC rules. Vermont National participated in the AWS-3 Auction through its wholly-owned subsidiary, VTel Wireless. The complaint was unsealed after the United States Department of Justice notified the District Court that it had declined to intervene in the action. Vermont National seeks to recover on behalf of the United States government approximately $10 billion, which reflects the $3.3 billion in bidding credits that Northstar Wireless and SNR Wireless claimed in the AWS-3 Auction, trebled under the FCA. Vermont National also seeks civil penalties of not less than $5,500 and not more than $11,000 for each violation of the FCA. On March 2, 2017, the United States District Court for the District of Columbia entered a stay of the litigation until such time as the United States Court of Appeals for the District of Columbia (the "D.C. Circuit") issued its opinion in *SNR Wireless LicenseCo, LLC, et al. v. F.C.C.* The D.C. Circuit issued its opinion on August 29, 2017 and remanded the matter to the FCC for further proceedings.

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Thereafter, the District Court maintained the stay until October 26, 2018. On February 11, 2019, the District Court granted Vermont National's unopposed motion for leave to file an amended complaint. On March 28, 2019, the defendants filed a motion to dismiss Vermont National's amended complaint, and on March 23, 2021, the District Court granted the motion to dismiss. On April 21, 2021, Vermont National filed a notice of appeal to the United States Court of Appeals for the DC Circuit and, on May 17, 2022, that court reversed the District Court's dismissal of the complaint. On June 16, 2022, the Defendants-Appellees filed a petition for rehearing or rehearing en banc, but on August 17, 2022, that petition was denied.

On August 25, 2023, the FCC provided a sworn declaration stating that "the FCC considers … SNR and Northstar to have fully and timely satisfied their obligations to pay money to the Government arising from the AWS-3 Auction." On that basis, on September 22, 2023, the Defendants filed a motion seeking partial summary judgment of no damages. On September 26, 2023, the Court denied the motion as premature. On March 8, 2024, the United States filed a motion to exercise its statutory prerogative to intervene in the case for the purpose of moving to dismiss it with prejudice, stating that the case is "unlikely to vindicate the United States' interests and would needlessly expend the Government's and this Court's resources." In a report and recommendation issued on April 7, 2025, a magistrate judge recommended that the government's motion be granted. Vermont National's objections to that recommendation have been fully briefed to the Court.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of this proceeding or determine the extent of any potential liability or damages.

*Other*

In addition to the above actions, we are subject to various other legal proceedings and claims that arise in the ordinary course of business, including, among other things, disputes with programmers regarding fees. In our opinion, the amount of ultimate liability with respect to any of these actions is unlikely to materially affect our financial condition, results of operations or liquidity, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Segment Reporting** 

We currently operate one primary business segment, Pay-TV. See Note 1 for further information. Our chief operating decision maker ("CODM") is our President and Chief Executive Officer. "OIBDA," defined as "Operating income (loss)" plus "Depreciation and amortization," is the primary measure used by our CODM to evaluate segment operating performance. The CODM regularly reviews budget-to-actual variances of OIBDA when evaluating segment performance and allocating resources to each segment. The CODM is not regularly provided assets on a segment basis; therefore, such information is not presented.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
| | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
| <br>**Pay-TV** | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| **Revenue** |  |  |  |  |
| Service revenue | $2439754 | $2645461 | $4954220 | $5332501 |
| Equipment sales and other revenue | 13432 | 13697 | 25465 | 33994 |
| Total revenue | 2453186 | 2659158 | 4979685 | 5366495 |
| **Operating Expenses** |  |  |  |  |
| *Cost of services:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Programming | 1179698 | 1257983 | 2395152 | 2542172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Connectivity services (1) | 97424 | 98179 | 195742 | 199000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (2) | 312645 | 318090 | 594726 | 633025 |
| Total cost of services | 1589767 | 1674252 | 3185620 | 3374197 |
| Cost of sales - equipment and other | 9349 | 16043 | 18753 | 30806 |
| *Selling, general and administrative expenses:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriber acquisition costs | 87606 | 102635 | 174119 | 223388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 153466 | 159614 | 305950 | 324306 |
| Total selling, general and administrative expenses | 241072 | 262249 | 480069 | 547694 |
| **OIBDA (3)** | **612998** | **706614** | **1295243** | **1413798** |
| Depreciation and amortization | 53035 | 70339 | 112073 | 141019 |
| Total costs and expenses | 1893223 | 2022883 | 3796515 | 4093716 |
| Operating income (loss) | $559963 | $636275 | $1183170 | $1272779 |
| Interest income | 91130 | 72039 | 176111 | 131366 |
| Interest expense, net of amounts capitalized | (236599) | (184787) | (479838) | (369641) |
| Other, net | 209 | (64296) | (281) | (64865) |
| Total other income (expense) | (145260) | (177044) | (304008) | (303140) |
| Income (loss) before income taxes | 414703 | 459231 | 879162 | 969639 |
| Income tax (provision) benefit, net | (100657) | (128307) | (214578) | (253174) |
| Net income (loss) | $314046 | $330924 | $664584 | $716465 |
| Purchases of property and equipment, net of refunds | $28269 | $17893 | $65628 | $44586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "Connectivity services" is the cost to deliver our services and products to customers, which includes, among other things, satellite and transmission, and other related costs.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

The revenue from external customers disaggregated by major revenue source was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
| | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
| <br>**Category:** | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Pay-TV subscriber and related revenue | $2439754 | $2645461 | $4954220 | $5332501 |
| Pay-TV equipment sales and other revenue | 13432 | 13697 | 25465 | 33994 |
| **Total** | $2453186 | $2659158 | $4979685 | $5366495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Revenue Recognition** 

***Contract Balances***

Our allowance for credit losses were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
|  | (In thousands) | (In thousands) |
| **Balance, beginning of period** | $42270 | $34884 |
| Current period provision for expected credit losses | 37028 | 34584 |
| Write-offs charged against allowance | (17980) | (27426) |
| **Balance, end of period** | $61318 | $42042 |

---

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the service. Contract liabilities are recognized as revenue when the service has been provided to the customer. Contract liabilities are recorded in "Deferred revenue and other" and "Long-term deferred revenue and other long-term liabilities" on our Condensed Consolidated Balance Sheets.

The following table summarizes our contract liability balances:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
|  | (In thousands) | (In thousands) |
| **Contract liabilities** | $365100 | $386638 |

---

Our beginning of period contract liability recorded as customer contract revenue during 2025 was $385 million.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***Performance Obligations***

We apply a practical expedient and do not disclose the value of the remaining performance obligations for contracts that are less than one year in duration, which represent a substantial majority of our revenue. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of our future revenue.

***Contract Acquisition Costs***

The following table presents the activity in our contract acquisition costs, net:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| **Balance, beginning of period** | $138433 | $163291 | $148172 | $175685 |
| Additions | 16826 | 20429 | 27911 | 34384 |
| Amortization expense | (19827) | (25025) | (40651) | (51374) |
| **Balance, end of period** | $135432 | $158695 | $135432 | $158695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Related Party Transactions** 

**Related Party Transactions with DISH Network, our parent, and EchoStar, our ultimate parent.**

The following table summarizes our notes receivable balances with DISH Network:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| <br>**Notes Receivable - DISH Network** | **Principal** | **Accrued Interest Receivable** | **Principal** | **Accrued Interest Receivable** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Intercompany Loan - DISH Network - 2028 Tranche | $2844401 | $14222 | $2844401 | $14222 |
| Q2 2024 Notes Receivable - DISH Network (1) | 1630913 |  | 1576518 |  |
| Q3 2024 Notes Receivable - DISH Network (1) | 509772 |  | 492770 |  |
| Total Notes Receivable - DISH Network | $4985086 | $14222 | $4913689 | $14222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Interest is recorded monthly as paid in kind.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***Intercompany Loan – DISH Network***

Concurrently with the issuance of the 5 1/4% Senior Secured Notes due 2026 and the 5 3/4% Senior Secured Notes due 2028 (our "Senior Secured Notes") and using the proceeds thereof, we made the Intercompany Loan to DISH Network to be used by DISH Network to finance the purchase of certain wireless spectrum licenses and for general corporate purposes, including the build-out of wireless infrastructure. The Intercompany Loan was initially secured by DISH Network's interest in the wireless spectrum licenses for the 3.45-3.55 GHz Licenses up to the total loan amount outstanding including interest paid in kind. Pursuant to the terms of the Intercompany Loan, under certain circumstances, DISH Network wireless spectrum licenses (valued based upon a third-party valuation) may be substituted for the collateral. During the first quarter of 2025, DISH Network exercised its right to exchange certain of the 3.45-3.55 GHz Licenses for certain other previously unencumbered wireless spectrum licenses of equal or greater value based upon the most recent third-party valuation. The Intercompany Loan matures in two tranches, with the first tranche maturing on December 1, 2026 (the "2026 Tranche") and the second tranche maturing on December 1, 2028 (the "2028 Tranche"). The aggregate principal amount of the Intercompany Loan was initially $5.250 billion, and on February 11, 2022, we advanced an additional $1.5 billion to DISH Network under the 2026 Tranche. Interest accrues and is payable semiannually, and interest payments with respect to the Intercompany Loan were, at DISH Network's option, payable in kind for the first two years from the issuance date of November 2021. In the third year post issuance date, a minimum of 50% of each interest payment due with respect to each tranche of the Intercompany Loan were required to be paid in cash. Currently and prospectively, interest payments must be paid in cash. Interest accrues: (a) when paid in cash, at a fixed rate of 0.25% per annum in excess of the interest rate applicable to, in the case of the 2026 Tranche, the 5 1/4% Senior Secured Notes due 2026, and in the case of the 2028 Tranche, the 5 3/4% Senior Secured Notes due 2028 (each, the "Cash Accrual Rate" with respect to the applicable tranche); and (b) when paid in kind, at a rate of 0.50% per annum in excess of the Cash Accrual Rate for the applicable tranche.

The Intercompany Loan is repayable by DISH Network in whole or in part, at any time or from time to time, at a price equal to 100% of the principal amount thereof, plus accrued but unpaid interest thereon. We may use the proceeds of any such pre-payment for general corporate purposes, including refinancing of indebtedness, but may not use any such prepaid amounts to make a cash dividend or distribution to DISH Network prior to the repayment in full of the Intercompany Loan. The 5 1/4% Senior Secured Notes due 2026 and the 5 3/4% Senior Secured Notes due 2028 are subordinated to our existing and certain future unsecured notes with respect to certain realizations under the Intercompany Loan and any collateral pledged as security therefor. Any material amendments or modifications to the terms of the Intercompany Loan will require the written consent of the holders of a majority of the then-outstanding 5 1/4% Senior Secured Notes due 2026 and the 5 3/4% Senior Secured Notes due 2028.

On January 10, 2024, we, in our capacity as "Lender" under the terms of the Loan and Security Agreement related to the Intercompany Loan between DISH Network and us, have consummated the assignment pursuant to such terms, without any modification or amendment thereto, of our receivable in respect to the 2026 Tranche of $4.7 billion to DBS Intercompany Receivable L.L.C. DBS Intercompany Receivable L.L.C. has subsequently assigned its rights as lender thereunder to EchoStar Intercompany Receivable Company L.L.C., our ultimate parent, EchoStar's direct wholly-owned subsidiary, such that amounts owed in respect of the 2026 Tranche will now be paid by DISH Network to EchoStar Intercompany Receivable L.L.C.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

During the three months ended June 30, 2025 and 2024, we recorded $42 million and $44 million, respectively, of "Interest income" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the six months ended June 30, 2025 and 2024, we recorded $85 million and $94 million, respectively, of "Interest income" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of June 30, 2025 and December 31, 2024, the total Intercompany Loan – 2028 Tranche amount outstanding plus interest paid in kind was $2.844 billion. This is recorded in "Notes Receivable – DISH Network" on our Condensed Consolidated Balance Sheets. In addition, as of June 30, 2025 and December 31, 2024, "Interest receivable – DISH Network" on our Condensed Consolidated Balance Sheets was $14 million, which must be paid in cash.

***Q2 2024 Notes Receivable – DISH Network***

In June 2024, we and DISH Network entered into an intercompany loan (the "Q2 2024 Notes Receivable – DISH Network") with an initial principal amount of $1.508 billion. The Q2 2024 Notes Receivable – DISH Network matures on August 13, 2028. Interest accrues and is payable monthly and interest payments shall be payable "in kind" and shall be added to the principal amount of the loan on each interest payment date. The interest rate with respect to the Q2 2024 Notes Receivable – DISH Network is at a variable rate. During the three months ended June 30, 2025, and 2024 we recorded $27 million and $21 million, respectively, of "Interest income" related to the above on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the six months ended June 30, 2025, and 2024 we recorded $54 million and $21 million, respectively, of "Interest income" related to the above on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of June 30, 2025, the total Q2 2024 Notes Receivable – DISH Network amount outstanding plus interest paid in kind was $1.631 billion. This is recorded in "Notes Receivable – DISH Network" on our Condensed Consolidated Balance Sheets.

***Q3 2024 Notes Receivable – DISH Network***

In September 2024, we and DISH Network entered into an intercompany loan (the "Q3 2024 Notes Receivable – DISH Network") with an initial principal amount of $481 million. The Q3 2024 Notes Receivable – DISH Network matures on November 13, 2028. Interest accrues and is payable monthly and interest payments shall be payable "in kind" and shall be added to the principal amount of the loan on each interest payment date. The interest rate with respect to the Q3 2024 Notes Receivable – DISH Network is at a variable rate. During the three and six months ended June 30, 2025, we recorded $9 million and $17 million, respectively, of "Interest income" related to the above on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of June 30, 2025, the total Q3 2024 Notes Receivable – DISH Network amount outstanding plus interest paid in kind was $510 million. This is recorded in "Notes Receivable – DISH Network" on our Condensed Consolidated Balance Sheets.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***"Cost of services"***

During the three months ended June 30, 2025 and 2024, we incurred expenses of $51 million and $52 million, respectively, for satellite capacity leased from DISH Network, and telemetry, tracking and control ("TT&C") and other professional services provided to us by DISH Network. During the six months ended June 30, 2025 and 2024, we incurred expenses of $103 million and $104 million, respectively, for satellite capacity leased from DISH Network, and telemetry, tracking and control ("TT&C") and other professional services provided to us by DISH Network. DISH Network is a supplier of the vast majority of our transponder capacity. These amounts are recorded in "Cost of services" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The primary agreements pertaining to these expenses are discussed below.

*Satellite Capacity Leased from DISH Network*. We lease satellite capacity on satellites owned or leased by DISH Network from a wholly-owned subsidiary of DISH Network. See "Satellites" in Note 6 for further information. The term of each lease is set forth below:

● *EchoStar X, XI, XIV and XVI.* We lease all available capacity on the EchoStar X, XI, XIV and XVI satellites from a wholly-owned subsidiary of DISH Network. The term of each satellite capacity agreement generally terminates upon the earlier of: (i) the end-of-life of the satellite; (ii) the date the satellite fails; or (iii) a certain date, which depends upon, among other things, the estimated useful life of the satellite. We generally have the option to renew each satellite capacity agreement on a year-to-year basis through the end of the respective satellite's life.

● *EchoStar XXIII.* We lease certain capacity on the EchoStar XXIII satellite from a wholly-owned subsidiary of DISH Network on a month to month basis.

● *Nimiq 5.* DISH Network had a 15-year satellite service agreement with Telesat Canada ("Telesat") to receive service on all 32 DBS transponders on the Nimiq 5 satellite at the 72.7 degree orbital location with the option to renew on a year-to-year basis through the end-of-life of the Nimiq 5 satellite. We were receiving transponder service on all 32 of the DBS transponders on this satellite from DISH Network. The Nimiq 5 lease was accounted for as a finance lease until the fourth quarter of 2024. Expenses related to this lease were recorded in "Depreciation and amortization" and "Interest expense, net of amounts capitalized" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three and six months ended June 30, 2024, we recorded $8 million and $17 million, respectively, of "Depreciation and amortization" expense related to Nimiq 5 and less than $1 million and $1 million, respectively, of "Interest expense, net of amounts capitalized." During October 2024, DISH Network extended the Nimiq 5 lease and, as a result of the new terms, our lease is accounted for as an operating lease. We are currently receiving transponder service on 31 of the DBS transponders on this satellite from DISH Network and this number will periodically decrease to 16 transponders in 2026.

*TT&C Agreement.* We receive TT&C services from a wholly-owned subsidiary of EchoStar for certain satellites (the "TT&C Agreement"). The fees for services provided under the TT&C Agreement are calculated at either: (i) a fixed fee; or (ii) cost plus a fixed margin, which will vary depending on the nature of the services provided. We and EchoStar are able to terminate the TT&C Agreement for any reason upon 12 months' notice.

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**DISH DBS CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued**

(Unaudited)

***"Selling, general and administrative expenses"***

During the three months ended June 30, 2025 and 2024, we incurred $5 million and $6 million, respectively, for selling, general and administrative expenses for services provided to us by EchoStar. During the six months ended June 30, 2025 and 2024, we incurred $11 million and $10 million, respectively, for selling, general and administrative expenses for services provided to us by EchoStar. These amounts are recorded in "Selling, general and administrative expenses" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

***Other Agreements***

*Broadband, Wireless and Other Operations.* We provide certain administrative, call center, installation, marketing and other services to our parent's broadband, wireless and other operations. During the three months ended June 30, 2025 and 2024, the pass through costs associated with these services were $45 million and $34 million, respectively. During the six months ended June 30, 2025 and 2024, the pass through costs associated with these services were $78 million and $69 million, respectively.

**Related Party Transactions with NagraStar**

We own a 50% interest in NagraStar, a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. Certain payments related to NagraStar are recorded in "Cost of services" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In addition, certain other payments are initially included in "Inventory" and are subsequently capitalized as "Property and equipment, net" on our Condensed Consolidated Balance Sheets or expensed as "Selling, general and administrative expenses" or "Cost of services" on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when the equipment is deployed. We record all payables in "Trade accounts payable" or "Other accrued expenses and liabilities" on our Condensed Consolidated Balance Sheets. Our investment in NagraStar is accounted for using the equity method.

The table below summarizes our transactions with NagraStar:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| **Purchases (including fees):**  |  |  |  |  |
| Purchases from NagraStar | $7077 | $8526 | $14278 | $17127 |
|  | **As of**  | **As of**  |  |  |
|  | **June 30,**  | **December 31,**  |  |  |
|  | **2025** | **2024** |  |  |
|  | (In thousands) | (In thousands) |  |  |
| **Amounts Payable and Commitments:** |  |  |  |  |
| Amounts payable to NagraStar | $4517 | $5569 |  |  |
| Commitments to NagraStar | $1702 | $883 |  |  |

---

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**Item 2.** **MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS**

*You should read the following Management's Narrative Analysis of our Results of Operations together with the condensed consolidated financial statements and notes to our financial statements included elsewhere in this Quarterly Report on Form 10-Q. This management's narrative analysis is intended to help provide an understanding of our financial condition, changes in financial condition and results of our operations and contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in our Annual Report on Form 10-K for the year ended December 31, 2024 and this Quarterly Report on Form 10-Q under the caption "Item 1A. Risk Factors." Furthermore, such forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation to update any forward-looking statements.*

**Overview**

***Recent Developments***

***Segments***

We currently operate one business segment, Pay-TV.

Our Pay-TV business strategy is to be the best provider of video services in the United States by providing products with the best technology, outstanding customer service, and great value. We offer pay-TV services under the DISH® brand and the SLING® brand (collectively "Pay-TV" services). We promote our Pay-TV services by providing our subscribers with a better "price-to-value" relationship and experience than those available from other subscription television service providers.

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The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite ("DBS") and Fixed Satellite Service ("FSS") spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations, and certain other assets utilized in our operations ("DISH TV"). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top ("OTT") Internet-based domestic, international, Latino and Freestream video programming services ("SLING TV"). We market our SLING TV services to consumers who do not subscribe to traditional satellite and cable pay-TV services, as well as to current and recent traditional pay-TV subscribers who desire a lower cost alternative.

***Economic Environment***

During 2024 and the first six months of 2025, we experienced inflationary pressures in our commodity and labor costs resulting from the macroeconomic environment in the United States, which has impacted our overall operating results. In addition, changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.

**LIQUIDITY AND CAPITAL RESOURCES**

***Operational Liquidity***

We make general investments in property such as, among others, satellites, set-top boxes, information technology and facilities that support our Pay-TV business. For some of these investments, changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition. Moreover, since we are a subscriber-based company, we also make subscriber-specific investments to acquire new subscribers and retain existing subscribers. While the general investments may be deferred without impacting the business in the short-term, the subscriber-specific investments are less discretionary. Our overall objective is to generate sufficient cash flow over the life of each subscriber to provide an adequate return against the upfront investment. Once the upfront investment has been made for each subscriber, the subsequent cash flow is generally positive, but there can be no assurance that over time we will recoup or earn a return on the upfront investment.

There are a number of factors that impact our future cash flow compared to the cash flow we generate at a given point in time. The first factor is our churn rate and how successful we are at retaining our current subscribers. To the extent we lose subscribers from our existing base, the positive cash flow from that base is correspondingly reduced. The second factor is how successful we are at maintaining our service margins. To the extent our "Cost of services" grow faster than our "Service revenue," the amount of cash flow that is generated per existing subscriber is reduced. Our Pay-TV service margins have been reduced by, among other things, higher programming costs. The third factor is the rate at which we acquire new subscribers. The faster we acquire new subscribers, the more our positive ongoing cash flow from existing subscribers is offset by the negative upfront cash flow associated with acquiring new subscribers. Conversely, the slower we acquire subscribers, the more our operating cash flow is enhanced in that period.

Finally, our future cash flow is impacted by, among other things, the rate at which we make general investments, investments in satellites, incur litigation expense, make cash interest payments, and any cash flow from financing activities. In addition, declines in our Pay-TV subscriber base and any decrease in subscriber-related margins negatively impact our cash flow, and there can be no assurance that our subscriber declines will not continue.

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***Future Capital Requirements***

We expect to fund our future working capital, capital expenditures, other investments and debt service requirements for the next twelve months from cash generated from operations, existing restricted and unrestricted cash, cash equivalents and marketable investment securities balances and cash generated through raising additional capital. We do not currently have cash, cash equivalents, marketable investment securities balances and/or projected future cash flows to fully fund our 2026 debt maturities. We will need to refinance or restructure all or a portion of such obligations prior to maturity. Furthermore, because EchoStar reaching an acceptable resolution of the FCC inquiries is not assured, EchoStar must continue to evaluate the deployment of their resources. In light of this continued uncertainty, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods to make such interest payments.

Our capital expenditures vary depending on, among other things, the number of satellites leased or under construction at any point in time and could increase materially as a result of increased competition, significant satellite failures or economic weakness and uncertainty. Our DISH TV subscriber base has been declining and there can be no assurance that our DISH TV subscriber base will not continue to decline and that the pace of such decline will not accelerate. In the event that our DISH TV subscriber base continues to decline, it will have a material adverse long-term effect on our cash flow.

Volatility in the financial markets has made it more difficult at times for issuers of high-yield indebtedness, such as us, to access capital markets at favorable terms or at all. These developments may have a significant effect on our cost of financing and our liquidity position.

We have made cash distributions and intercompany loans to partially finance the development of DISH Network's 5G Network, including, but not limited to, the purchase of wireless spectrum licenses and the wireless business to date, and we may make additional funds available to DISH Network in the form of cash distributions or loans to finance, in whole or in part, DISH Network's future efforts. These factors, including, but not limited to, debt maturities, continuing investment in our business, financing acquisitions and other strategic transactions, will require us to raise additional capital in the future which may not be available on favorable terms, or at all.

***Availability of Credit and Effect on Liquidity***

The ability to raise capital has generally existed for us despite economic weakness and uncertainty. However, in light of the continued uncertainty related to the FCC inquiries, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods to make such interest payments. Although cured, this could negatively impact our ability to raise capital on favorable terms or at all. While modest fluctuations in the cost of capital will not likely impact our current operational plans, significant fluctuations could have a material adverse effect on our business, results of operations and financial condition.

***Debt Issuances and Maturity***

*Term Loan Due 2025*

During the three and six months ended June 30, 2025, we redeemed approximately $166 million and $333 million, respectively, of our Term Loan due 2025. The remaining balance of approximately $167 million is paid monthly and the final payment is due September 30, 2025. We expect to fund this obligation from our current restricted and unrestricted cash, cash equivalents and marketable investment securities balances on hand and/or projected future cash flows.

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***Covenants and Restrictions Related to our Long-Term Debt***

We are subject to the covenants and restrictions set forth in the indentures related to our long-term debt. In particular, the indentures related to our outstanding senior notes and senior secured notes contain restrictive covenants that, among other things, impose limitations on our ability to: (i) incur additional indebtedness; (ii) enter into sale and leaseback transactions; (iii) pay dividends or make distributions on our capital stock or repurchase our capital stock; (iv) make certain investments; (v) create liens; (vi) enter into certain transactions with affiliates; (vii) merge or consolidate with another company; and (viii) transfer or sell assets. Should we fail to comply with these covenants, all or a portion of the debt under the senior notes, senior secured notes and our other long-term debt could become immediately payable. The senior notes and senior secured notes also provide that the debt may be required to be prepaid if certain change-in-control events occur.

As of the date of filing of this Quarterly Report on Form 10-Q, we were in compliance with the covenants and restrictions related to our long-term debt.

***New Accounting Pronouncements***

See Note 2 in the Notes to our Condensed Consolidated Financial Statements for further information.

**EXPLANATION OF KEY METRICS AND OTHER ITEMS**

***Service revenue*.** "Service revenue" consists principally of Pay-TV subscriber revenue. Certain of the amounts included in "Service revenue" are not recurring on a monthly basis.

***Equipment sales and other revenue*.** "Equipment sales and other revenue" principally includes the non-subsidized sales of Pay-TV equipment and the licensing of certain intellectual property.

***Cost of services*.** "Cost of services" principally includes Pay-TV programming expenses and other operating costs related to our Pay-TV services.

***Cost of sales - equipment and other.*** "Cost of sales – equipment and other" principally includes the cost of the non-subsidized sales of Pay-TV equipment. Costs are generally recognized as products are delivered to customers and the related revenue is recognized.

***Selling, general and administrative expenses*.** "Selling, general and administrative expenses" consists primarily of direct sales costs, advertising and selling costs, third-party commissions related to the acquisition of subscribers and employee-related costs associated with administrative services such as legal, information systems, and accounting and finance. In addition, "Selling, general and administrative expenses" includes costs related to the installation of equipment for our new Pay-TV subscribers and the cost of subsidized sales of Pay-TV equipment for new subscribers.

***Interest expense, net of amounts capitalized.*** "Interest expense, net of amounts capitalized" primarily includes interest expense associated with our long-term debt (net of capitalized interest), prepayment premiums, amortization of debt discounts and debt issuance costs associated with our long-term debt, and interest expense associated with our finance lease obligations.

***Other, net.*** The main components of "Other, net" are gains and losses realized on the sale and/or conversion of marketable and non-marketable investment securities, impairment of marketable and non-marketable investment securities, unrealized gains and losses from changes in fair value of certain marketable and non-marketable investment securities, the sale of businesses or business assets gains and losses, debt extinguishment gains and losses, and equity in earnings and losses of our affiliates.

***Operating income before depreciation and amortization ("OIBDA").*** OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization." This non-GAAP measure is reconciled to "Operating income (loss)" in our discussion of "Results of Operations" below.

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***DISH TV subscribers.*** We include customers obtained through direct sales, independent third-party retailers and other independent third-party distribution relationships in our DISH TV subscriber count. We also provide DISH TV services to hotels, motels and other commercial accounts. For certain of these commercial accounts, we divide our total revenue for these commercial accounts by $34.99, and include the resulting number, which is substantially smaller than the actual number of commercial units served, in our DISH TV subscriber count.

***SLING TV subscribers.*** We include customers obtained through direct sales and third-party marketing agreements in our SLING TV subscriber count. SLING TV subscriber additions are recorded net of disconnects. SLING TV customers receiving SLING TV Freestream service, or service for no charge, under certain new subscriber promotions, are excluded from our SLING TV subscriber count. For customers who subscribe to multiple SLING TV packages, each customer is only counted as one SLING TV subscriber.

***Pay-TV subscribers.*** Our Pay-TV subscriber count includes all DISH TV and SLING TV subscribers discussed above. For customers who subscribe to both our DISH TV services and our SLING TV services, each subscription is counted as a separate Pay-TV subscriber.

***Pay-TV average monthly revenue per subscriber ("Pay-TV ARPU").*** We are not aware of any uniform standards for calculating ARPU and believe presentations of ARPU may not be calculated consistently by other companies in the same or similar businesses. We calculate Pay-TV average monthly revenue per Pay-TV subscriber, or Pay-TV ARPU, by dividing average monthly Pay-TV "Service revenue," for the period by our average number of Pay-TV subscribers for the period. The average number of Pay-TV subscribers is calculated for the period by adding the average number of Pay-TV subscribers for each month and dividing by the number of months in the period. The average number of Pay-TV subscribers for each month is calculated by adding the beginning and ending Pay-TV subscribers for the month and dividing by two. SLING TV subscribers on average purchase lower priced programming services than DISH TV subscribers, and therefore, as SLING TV subscribers increase as a percentage of total Pay-TV subscribers, it has had a negative impact on Pay-TV ARPU.

***DISH TV average monthly subscriber churn rate ("DISH TV churn rate").*** We are not aware of any uniform standards for calculating subscriber churn rate and believe presentations of subscriber churn rates may not be calculated consistently by different companies in the same or similar businesses. We calculate our DISH TV churn rate for any period by dividing the number of DISH TV subscribers who terminated service during the period by the average number of DISH TV subscribers for the same period, and further dividing by the number of months in the period. The average number of DISH TV subscribers is calculated for the period by adding the average number of DISH TV subscribers for each month and dividing by the number of months in the period. The average number of DISH TV subscribers for each month is calculated by adding the beginning and ending DISH TV subscribers for the month and dividing by two.

***DISH TV SAC.*** Subscriber acquisition cost measures are commonly used by those evaluating traditional companies in the pay-TV industry. We are not aware of any uniform standards for calculating the "average subscriber acquisition costs per new DISH TV subscriber activation," or DISH TV SAC, and we believe presentations of pay-TV SAC may not be calculated consistently by different companies in the same or similar businesses. Our DISH TV SAC is calculated using all costs of acquiring DISH TV subscribers (e.g., subsidized equipment, advertising, installation, commissions and direct sales, etc.), which are included in "Selling, general and administrative expenses," plus capitalized payments made under certain sales incentive programs and the value of equipment capitalized under our lease program for new DISH TV subscribers, divided by gross new DISH TV subscriber activations. We include all new DISH TV subscribers in our calculation, including DISH TV subscribers added with little or no subscriber acquisition costs.

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**Pay-TV**

We offer Pay-TV services under the DISH brand and the SLING brand. As of June 30, 2025, we had 7.108 million Pay-TV subscribers in the United States, including 5.323 million DISH TV subscribers and 1.785 million SLING TV subscribers. We promote our Pay-TV services by providing our subscribers with better service, technology and value than those available from other subscription television service providers. We offer a wide selection of video services under the DISH TV brand, with access to hundreds of channels depending on the level of subscription. Our standard programming packages generally include programming provided by national cable networks. We also offer programming packages that include local broadcast networks, specialty sports channels, premium movie channels and Latino and international programming. We market our SLING TV services to consumers who do not subscribe to traditional satellite and cable pay-TV services, as well as to current and recent traditional pay-TV subscribers who desire a lower cost alternative. Our SLING TV services require an Internet connection and are available on multiple streaming-capable devices including, among others, streaming media devices, TVs, tablets, computers, game consoles and phones. We offer SLING domestic, SLING International, SLING Latino and SLING Freestream video programming services.

***Trends***

*Competition*

Competition has intensified in recent years as the pay-TV industry has matured. We and our competitors increasingly must seek to attract a greater proportion of new subscribers from each other's existing subscriber bases rather than from first-time purchasers of pay-TV services. We face substantial competition from established pay-TV providers and broadband service providers and increasing competition from companies providing/facilitating the delivery of video content via the Internet to computers, televisions, and other streaming and mobile devices, including wireless service providers. In recent years, industry consolidation and convergence has created competitors with greater scale and multiple product/service offerings. These developments, among others, have contributed to intense and increasing competition, and we expect such competition to continue. We incur significant costs to retain our existing DISH TV subscribers, generally as a result of upgrading their equipment to next generation receivers, primarily including our Hopper® receivers, and by providing retention credits. Our DISH TV subscriber retention costs may vary significantly from period to period.

Many of our competitors have been especially aggressive by offering discounted programming and services for both new and existing subscribers, including, but not limited to, bundled offers combining broadband, video and/or wireless services and other promotional offers. Certain competitors have been able to subsidize the price of video services with the price of broadband and/or wireless services.

Our Pay-TV services also face increased competition from programmers and other companies who distribute video directly to consumers over the Internet, as well as traditional satellite television providers, cable companies and large telecommunications companies that are rapidly increasing their Internet-based video offerings and direct-to-consumer exclusive and non-exclusive content. We also face competition from providers of video content, many of which are providers of programming content to us, that distribute content over the Internet including services with live-linear television programming, as well as single programmer offerings and offerings of large libraries of on-demand content, including in certain cases original content. These product offerings include, but are not limited to: Netflix, Hulu, Apple+, Prime Video, YouTube TV, Disney+, ESPN+, Paramount+, HBO Max, STARZ, Peacock, Fubo, Philo and Tubi and certain bundles of these offerings.

Significant changes in consumer behavior regarding the means by which consumers obtain video entertainment and information in response to digital media competition could have a material adverse effect on our business, results of operations and financial condition or otherwise disrupt our business.

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In particular, consumers have shown increased interest in viewing certain video programming in any place, at any time and/or on any broadband or Internet-connected device they choose. Online content providers may cause our subscribers to disconnect our DISH TV services ("cord cutting"), downgrade to smaller, less expensive programming packages ("cord shaving") or elect to purchase through these online content providers a certain portion of the services that they would have historically purchased from us.

Mergers and acquisitions, joint ventures and alliances among cable television providers, telecommunications companies, programming providers and others may result in, among other things, greater scale and financial leverage and increase the availability of offerings from providers capable of bundling video, broadband and/or wireless services in competition with our services and may exacerbate the risks described under the caption "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in our public filings. These transactions may affect us adversely by, among other things, making it more difficult for us to obtain access to certain programming networks on nondiscriminatory and fair terms, or at all.

Our Pay-TV subscriber base has been declining due to, among other things, the factors described above. There can be no assurance that our Pay-TV subscriber base will not continue to decline and that the pace of such decline will not accelerate. As our Pay-TV subscriber base continues to decline, it could have a material adverse long-term effect on our business, results of operations, financial condition and cash flow.

*Programming*

Our ability to compete successfully will depend, among other things, on our ability to continue to obtain desirable programming and deliver it to our subscribers at competitive prices. Programming costs represent a large percentage of our "Cost of services" and the largest component of our total expense. We expect these costs to continue to increase due to contractual price increases and the renewal of long-term programming contracts on less favorable pricing terms and certain programming costs are rising at a much faster rate than wages or inflation. In particular, the rates we are charged for retransmitting local broadcast channels have been increasing substantially and may exceed our ability to increase our prices to our subscribers. Our ability to provide services under these agreements and negotiate acceptable terms depends on, among other things, the number of subscribers we have, our actual, perceived or anticipated financial condition and our negotiating power against each programmer, which can vary depending on the size and scale of such programmer. Going forward, our margins may face pressure if we are unable to renew our long-term programming contracts on acceptable pricing and other economic terms or if we are unable to pass these increased programming costs on to our subscribers.

Increases in programming costs have caused us to increase the rates that we charge to our subscribers, which could in turn cause our existing Pay-TV subscribers to disconnect our services or cause potential new Pay-TV subscribers to choose not to subscribe to our services. Additionally, even if our subscribers do not disconnect our services, they may purchase through new and existing online content providers a certain portion of the services that they would have historically purchased from us.

Furthermore, our net Pay-TV subscriber additions, gross new DISH TV subscriber activations, and DISH TV churn rate may be negatively impacted if we are unable to renew our long-term programming carriage contracts. In the past, our net Pay-TV subscriber additions, gross new DISH TV subscriber activations, and DISH TV churn rate have been negatively impacted as a result of programming interruptions and threatened programming interruptions in connection with the scheduled expiration of programming carriage contracts with content providers. There can be no assurance that the removal of any channels will not have a material adverse effect on our business, results of operations and financial condition or otherwise disrupt our business.

We cannot predict with any certainty the impact to our net Pay-TV subscriber additions, gross new DISH TV subscriber activations, and DISH TV churn rate resulting from programming interruptions or threatened programming interruptions that may occur in the future. As a result, we may at times suffer from periods of lower net Pay-TV subscriber additions or higher net Pay-TV subscriber losses.

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**RESULTS OF OPERATIONS**

*Three Months Ended* June 30, 2025 *Compared to the Three Months Ended* June 30, 2024*.*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**  | **For the Three Months Ended**  |  |  |
| | **June 30,**  | **June 30,**  | **Variance** | **Variance** |
| <br>**Statements of Operations Data** | **2025** | **2024** | **Amount** | **%** |
|  | (In thousands) | (In thousands) | (In thousands) |  |
| **Revenue:** |  |  |  |  |
| Service revenue | $2439754 | $2645461 | $(205707) | (7.8) |
| Equipment sales and other revenue | 13432 | 13697 | (265) | (1.9) |
| Total revenue | 2453186 | 2659158 | (205972) | (7.7) |
| **Costs and expenses:** |  |  |  |  |
| Cost of services | 1589767 | 1674252 | (84485) | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;**% of Service revenue** | **65.2%** | **63.3%** |  |  |
| Cost of sales - equipment and other | 9349 | 16043 | (6694) | (41.7) |
| Selling, general and administrative expenses | 241072 | 262249 | (21177) | (8.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**% of Total revenue** | **9.8%** | **9.9%** |  |  |
| Depreciation and amortization | 53035 | 70339 | (17304) | (24.6) |
| Total costs and expenses | 1893223 | 2022883 | (129660) | (6.4) |
| Operating income (loss) | 559963 | 636275 | (76312) | (12.0) |
| **Other income (expense):** |  |  |  |  |
| Interest income | 91130 | 72039 | 19091 | 26.5 |
| Interest expense, net of amounts capitalized | (236599) | (184787) | (51812) | (28.0) |
| Other, net | 209 | (64296) | 64505 | \* |
| Total other income (expense) | (145260) | (177044) | 31784 | 18.0 |
| Income (loss) before income taxes | 414703 | 459231 | (44528) | (9.7) |
| Income tax (provision) benefit, net | (100657) | (128307) | 27650 | 21.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective tax rate**  | **24.3%** | **27.9%** |  |  |
| Net income (loss) | $314046 | $330924 | $(16878) | (5.1) |
| **Other data:** |  |  |  |  |
| Pay-TV subscribers, as of period end (in millions)\*\* | 7.108 | 8.074 | (0.966) | (12.0) |
| &nbsp;&nbsp;DISH TV subscribers, as of period end (in millions) | 5.323 | 6.076 | (0.753) | (12.4) |
| &nbsp;&nbsp;SLING TV subscribers, as of period end (in millions) | 1.785 | 1.998 | (0.213) | (10.7) |
| Pay-TV subscriber additions (losses), net (in millions)  | (0.261) | (0.104) | (0.157) | \* |
| &nbsp;&nbsp;DISH TV subscriber additions (losses), net (in millions)  | (0.152) | (0.182) | 0.030 | 16.5 |
| &nbsp;&nbsp;SLING TV subscriber additions (losses), net (in millions) | (0.109) | 0.078 | (0.187) | \* |
| Pay-TV ARPU | $111.74 | $108.42 | $3.32 | 3.1 |
| DISH TV subscriber additions, gross (in millions) | 0.057 | 0.076 | (0.019) | (25.0) |
| DISH TV churn rate | 1.29 | 1.39% | (0.10)% | (7.2) |
| DISH TV SAC | $1150 | $938 | $212 | 22.6 |
| Purchases of property and equipment, net of refunds | $28269 | $17893 | $10376 | 58.0 |
| OIBDA | $612998 | $706614 | $(93616) | (13.2) |

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\* Percentage is not meaningful.

\*\* During the second quarter of 2025, we removed approximately 28,000 subscribers from our period end DISH TV subscriber count representing DISH TV subscribers sold during the three months ended June 30, 2025. This removal had no material impact on any other reported subscriber metrics, other than our period end DISH TV subscriber count.

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***Pay-TV Subscribers***

***DISH TV subscribers.*** We lost approximately 152,000 net DISH TV subscribers during the three months ended June 30, 2025 compared to the loss of approximately 182,000 net DISH TV subscribers during the same period in 2024. This decrease in net DISH TV subscriber losses primarily resulted from a lower DISH TV churn rate, partially offset by lower gross new DISH TV subscriber activations.

***SLING TV subscribers.*** We lost approximately 109,000 net SLING TV subscribers during the three months ended June 30, 2025 compared to the addition of approximately 78,000 net SLING TV subscribers during the same period in 2024. The change in net SLING TV subscribers was primarily related to lower SLING TV subscriber activations due to our emphasis on acquiring higher quality subscribers. We continue to experience increased competition, including competition from other subscription video on-demand and live-linear OTT service providers, many of which are providers of our content and offer football and other seasonal sports programming direct to subscribers on an a la carte basis.

***DISH TV subscribers, gross.*** During the three months ended June 30, 2025, we activated approximately 57,000 gross new DISH TV subscribers compared to approximately 76,000 gross new DISH TV subscribers during the same period in 2024, a decrease of 25.0%. This decrease in our gross new DISH TV subscriber activations was primarily related to the lack of demand and shifting consumer behavior, as well as increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive short term introductory pricing and bundled offers combining broadband, video and/or wireless services and other discounted promotional offers, and direct-to-consumer offerings by certain of our programmers. Our gross new DISH TV subscriber activations continue to be negatively impacted by an emphasis on acquiring higher quality subscribers.

***DISH TV churn rate.*** Our DISH TV churn rate for the three months ended June 30, 2025 was 1.29% compared to 1.39% for the same period in 2024. Our DISH TV churn rates for the three months ended June 30, 2025 and 2024 were positively impacted by our continued emphasis on acquiring and retaining higher quality subscribers. Our DISH TV churn rate continues to be adversely impacted by external factors, such as, among other things, cord cutting, shifting consumer behavior and increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive marketing, bundled discount offers combining broadband, video and/or wireless services and other discounted promotional offers. Our DISH TV churn rate is also impacted by internal factors, such as, among other things, our ability to consistently provide outstanding customer service, price increases, our ability to control piracy and other forms of fraud and the level of our retention efforts.

Our net Pay-TV subscriber additions, gross new DISH TV subscriber activations and DISH TV churn rate have been negatively impacted as a result of programming interruptions and threatened programming interruptions in connection with the scheduled expiration of programming carriage contracts with content providers. We cannot predict with any certainty the impact to our net Pay-TV subscriber additions, gross new DISH TV subscriber activations and DISH TV subscriber churn rate resulting from programming interruptions or threatened programming interruptions that may occur in the future. As a result, we may at times suffer from periods of lower net Pay-TV subscriber additions or higher net Pay-TV subscriber losses.

We have not always met our own standards for performing high-quality installations, effectively resolving subscriber issues when they arise, answering subscriber calls in an acceptable timeframe, effectively communicating with our subscriber base, reducing calls driven by the complexity of our business, improving the reliability of certain systems and subscriber equipment and aligning the interests of certain independent third-party retailers and installers to provide high-quality service. Most of these factors have affected both gross new DISH TV subscriber activations as well as DISH TV subscriber churn rate. Our future gross new DISH TV subscriber activations and our DISH TV subscriber churn rate may be negatively impacted by these factors, which could in turn adversely affect our revenue.

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***Service revenue.*** "Service revenue" totaled $2.440 billion for the three months ended June 30, 2025, a decrease of $206 million or 7.8% compared to the same period in 2024. The decrease in "Service revenue" compared to the same period in 2024 was primarily related to lower average Pay-TV subscriber base, partially offset by an increase in Pay-TV ARPU, discussed below.

***Pay-TV ARPU.*** Pay-TV ARPU was $111.74 during the three months ended June 30, 2025 versus $108.42 during the same period in 2024. The $3.32 or 3.1% increase in Pay-TV ARPU was primarily attributable to the DISH TV and SLING TV programming price increases. The DISH TV and SLING TV programming package price increases were effective in the third and fourth quarter of 2024, respectively.

***Cost of services.*** "Cost of services" totaled $1.590 billion during the three months ended June 30, 2025, a decrease of $84 million or 5.0% compared to the same period in 2024. The decrease in "Cost of services" was primarily attributable to a lower average Pay-TV subscriber base, partially offset by higher programming costs per subscriber. Programming costs per subscriber increased during the three months ended June 30, 2025 due to rate increases in certain of our programming contracts, including the renewal of certain contracts at higher rates, particularly for local broadcast channels. "Cost of services" represented 65.2% and 63.3% of "Service revenue" during the three months ended June 30, 2025 and 2024, respectively. This increase primarily related to higher programming costs per subscriber.

In the normal course of business, we enter into contracts to purchase programming content in which our payment obligations are generally contingent on the number of Pay-TV subscribers to whom we provide the respective content. Our "Cost of services" have and will continue to face further upward pressure from price increases and the renewal of long-term programming contracts on less favorable pricing terms. In addition, our programming expenses will increase to the extent we are successful in growing our Pay-TV subscriber base.

***Selling, general and administrative expenses.*** "Selling, general and administrative expenses" totaled $241 million during the three months ended June 30, 2025, a $21 million or 8.1% decrease compared to the same period in 2024. This change was primarily driven by a decrease in subscriber acquisition costs resulting from lower marketing expenditures and lower gross new DISH TV subscriber activations and a decrease in personnel costs.

***Depreciation and amortization.*** "Depreciation and amortization" expense totaled $53 million during the three months ended June 30, 2025, a $17 million or 24.6% decrease compared to the same period in 2024. This change was primarily driven by a decrease in depreciation expense from equipment leased to new and existing DISH TV subscribers and the expiration of our Nimiq 5 finance lease in September 2024.

***DISH TV SAC.*** DISH TV SAC was $1,150 during the three months ended June 30, 2025 compared to $938 during the same period in 2024, an increase of $212 or 22.6%. This change was primarily attributable to an increase in advertising costs per subscriber, a higher percentage of new receivers compared to remanufactured receivers being activated on new subscriber accounts and higher commission costs due to our emphasis on acquiring higher quality subscribers.

During the three months ended June 30, 2025 and 2024, the amount of equipment capitalized under our lease program for new DISH TV subscribers totaled $8 million and $6 million, respectively.

To remain competitive, we upgrade or replace subscriber equipment periodically as technology changes, and the costs associated with these upgrades may be substantial. To the extent technological changes render a portion of our existing equipment obsolete, we would be unable to redeploy all returned equipment and consequently would realize less benefit from the DISH TV SAC reduction associated with redeployment of that returned lease equipment.

Our "DISH TV SAC" may materially increase in the future to the extent that we, among other things, transition to newer technologies, introduce more aggressive promotions, or provide greater equipment subsidies.

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***Interest income.*** "Interest income" totaled $91 million during the three months ended June 30, 2025, an increase of $19 million compared to the same period in 2024. This increase in interest income was primarily associated with the intercompany loans to DISH Network during the second and third quarter of 2024, partially offset by a reduction in interest income associated with our Intercompany Loan – 2028 Tranche to DISH Network. See Note 11 in the Notes to our Condensed Consolidated Financial Statements for further information.

***Interest expense, net of amounts capitalized.*** "Interest expense, net of amounts capitalized" totaled $237 million during the three months ended June 30, 2025, an increase of $52 million or 28.0% compared to the same period in 2024. This increase primarily resulted from a debt issuance in the third quarter of 2024, partially offset by the redemption of debt that matured in November 2024.

***Income tax (provision) benefit, net.*** Our income tax provision was $101 million during the three months ended June 30, 2025, a decrease of $28 million or 21.5% compared to the same period in 2024. The change was primarily related to a decrease in "Income (loss) before income taxes." Our effective tax rate during the three months ended June 30, 2024 was impacted by federal valuation allowances.

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*Six Months Ended* June 30, 2025 *Compared to the Six Months Ended* June 30, 2024*.*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended**  | **For the Six Months Ended**  |  |  |
| | **June 30,**  | **June 30,**  | **Variance** | **Variance** |
| <br>**Statements of Operations Data** | **2025** | **2024** | **Amount** | **%** |
|  | (In thousands) | (In thousands) | (In thousands) |  |
| **Revenue:** |  |  |  |  |
| Service revenue | $4954220 | $5332501 | $(378281) | (7.1) |
| Equipment sales and other revenue | 25465 | 33994 | (8529) | (25.1) |
| Total revenue | 4979685 | 5366495 | (386810) | (7.2) |
| **Costs and expenses:** |  |  |  |  |
| Cost of services | 3185620 | 3374197 | (188577) | (5.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;**% of Service revenue** | **64.3%** | **63.3%** |  |  |
| Cost of sales - equipment and other | 18753 | 30806 | (12053) | (39.1) |
| Selling, general and administrative expenses | 480069 | 547694 | (67625) | (12.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**% of Total revenue** | **9.6%** | **10.2%** |  |  |
| Depreciation and amortization | 112073 | 141019 | (28946) | (20.5) |
| Total costs and expenses | 3796515 | 4093716 | (297201) | (7.3) |
| Operating income (loss) | 1183170 | 1272779 | (89609) | (7.0) |
| **Other income (expense):** |  |  |  |  |
| Interest income | 176111 | 131366 | 44745 | 34.1 |
| Interest expense, net of amounts capitalized | (479838) | (369641) | (110197) | (29.8) |
| Other, net | (281) | (64865) | 64584 | 99.6 |
| Total other income (expense) | (304008) | (303140) | (868) | (0.3) |
| Income (loss) before income taxes | 879162 | 969639 | (90477) | (9.3) |
| Income tax (provision) benefit, net | (214578) | (253174) | 38596 | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effective tax rate** | **24.4%** | **26.1%** |  |  |
| Net income (loss) | $664584 | $716465 | $(51881) | (7.2) |
| **Other data:** |  |  |  |  |
| Pay-TV subscribers, as of period end (in millions)\*\* | 7.108 | 8.074 | (0.966) | (12.0) |
| &nbsp;&nbsp;DISH TV subscribers, as of period end (in millions)  | 5.323 | 6.076 | (0.753) | (12.4) |
| &nbsp;&nbsp;SLING TV subscribers, as of period end (in millions) | 1.785 | 1.998 | (0.213) | (10.7) |
| Pay-TV subscriber additions (losses), net (in millions) | (0.642) | (0.452) | (0.190) | (42.0) |
| &nbsp;&nbsp;DISH TV subscriber additions (losses), net (in millions) | (0.335) | (0.395) | 0.060 | 15.2 |
| &nbsp;&nbsp;SLING TV subscriber additions (losses), net (in millions) | (0.307) | (0.057) | (0.250) | \* |
| Pay-TV ARPU | $111.18 | $107.89 | $3.29 | 3.0 |
| DISH TV subscriber additions, gross (in millions) | 0.103 | 0.155 | (0.052) | (33.5) |
| DISH TV churn rate | 1.33% | 1.46% | (0.13)% | (8.9) |
| DISH TV SAC | $1150 | $997 | $153 | 15.3 |
| Purchases of property and equipment, net of refunds | $65628 | $44586 | $21042 | 47.2 |
| OIBDA | $1295243 | $1413798 | $(118555) | (8.4) |

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\* Percentage is not meaningful.

\*\* During the second quarter of 2025, we removed approximately 28,000 subscribers from our period end DISH TV subscriber count representing DISH TV subscribers sold during the six months ended June 30, 2025. This removal had no material impact on any other reported subscriber metrics, other than our period end DISH TV subscriber count.

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***Pay-TV Subscribers***

***DISH TV subscribers.*** We lost approximately 335,000 net DISH TV subscribers during the six months ended June 30, 2025 compared to the loss of approximately 395,000 net DISH TV subscribers during the same period in 2024. This decrease in net DISH TV subscriber losses primarily resulted from a lower DISH TV churn rate, partially offset by lower gross new DISH TV subscriber activations.

***SLING TV subscribers.*** We lost approximately 307,000 net SLING TV subscribers during the six months ended June 30, 2025 compared to the loss of approximately 57,000 net SLING TV subscribers during the same period in 2024. The increase in net SLING TV subscriber losses was primarily related to lower SLING TV subscriber activations due to our emphasis on acquiring higher quality subscribers and higher SLING TV subscriber disconnects in 2025. We continue to experience increased competition, including competition from other subscription video on-demand and live-linear OTT service providers, many of which are providers of our content and offer football and other seasonal sports programming direct to subscribers on an a la carte basis.

***DISH TV subscribers, gross.*** During the six months ended June 30, 2025, we activated approximately 103,000 gross new DISH TV subscribers compared to approximately 155,000 gross new DISH TV subscribers during the same period in 2024, a decrease of 33.5%. This decrease in our gross new DISH TV subscriber activations was primarily related to lower marketing expenditures, the lack of demand and shifting consumer behavior, as well as increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive short term introductory pricing and bundled offers combining broadband, video and/or wireless services and other discounted promotional offers, and direct-to-consumer offerings by certain of our programmers. Our gross new DISH TV subscriber activations continue to be negatively impacted by an emphasis on acquiring higher quality subscribers.

***DISH TV churn rate.*** Our DISH TV churn rate for the six months ended June 30, 2025 was 1.33% compared to 1.46% for the same period in 2024. Our DISH TV churn rates for the six months ended June 30, 2025 and 2024 were positively impacted by our continued emphasis on acquiring and retaining higher quality subscribers. Our DISH TV churn rate continues to be adversely impacted by external factors, such as, among other things, cord cutting, shifting consumer behavior and increased competitive pressures, including, but not limited to, live-linear OTT service providers, aggressive marketing, bundled discount offers combining broadband, video and/or wireless services and other discounted promotional offers. Our DISH TV churn rate is also impacted by internal factors, such as, among other things, our ability to consistently provide outstanding customer service, price increases, our ability to control piracy and other forms of fraud and the level of our retention efforts.

***Service revenue.*** "Service revenue" totaled $4.954 billion for the six months ended June 30, 2025, a decrease of $378 million or 7.1% compared to the same period in 2024. The decrease in "Service revenue" compared to the same period in 2024 was primarily related to lower average Pay-TV subscriber base, partially offset by an increase in Pay-TV ARPU, discussed below.

***Pay-TV ARPU.*** Pay-TV ARPU was $111.18 during the six months ended June 30, 2025 versus $107.89 during the same period in 2024. The $3.29 or 3.0% increase in Pay-TV ARPU was primarily attributable to the DISH TV and SLING TV programming price increases. The DISH TV and SLING TV programming package price increases were effective in the third and fourth quarter of 2024, respectively.

***Cost of services.*** "Cost of services" totaled $3.186 billion during the six months ended June 30, 2025, a decrease of $189 million or 5.6% compared to the same period in 2024. The decrease in "Cost of services" was primarily attributable to a lower average Pay-TV subscriber base, partially offset by higher programming costs per subscriber. Programming costs per subscriber increased during the six months ended June 30, 2025 due to rate increases in certain of our programming contracts, including the renewal of certain contracts at higher rates, particularly for local broadcast channels. "Cost of services" represented 64.3% and 63.3% of "Service revenue" during the six months ended June 30, 2025 and 2024, respectively. This increase primarily related to higher programming costs per subscriber.

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***Selling, general and administrative expenses.*** "Selling, general and administrative expenses" totaled $480 million during the six months ended June 30, 2025, a $68 million or 12.3% decrease compared to the same period in 2024. This change was primarily driven by a decrease in subscriber acquisition costs resulting from lower marketing expenditures and lower gross new DISH TV subscriber activations and a decrease in personnel costs.

***Depreciation and amortization.*** "Depreciation and amortization" expense totaled $112 million during the six months ended June 30, 2025, a $29 million or 20.5% decrease compared to the same period in 2024. This change was primarily driven by a decrease in depreciation expense from equipment leased to new and existing DISH TV subscribers and the expiration of our Nimiq 5 finance lease in September 2024.

***DISH TV SAC.*** DISH TV SAC was $1,150 during the six months ended June 30, 2025 compared to $997 during the same period in 2024, an increase of $153 or 15.3%. This change was primarily attributable to an increase in advertising costs per subscriber, a higher percentage of new receivers compared to remanufactured receivers being activated on new subscriber accounts and higher commission costs due to our emphasis on acquiring higher quality subscribers. While our marketing expenditures decreased during the six months ended June 30, 2025 compared to the same period in 2024, our gross new DISH TV subscriber activations decreased at a higher rate, resulting in an increase in advertising costs per subscriber.

During the six months ended June 30, 2025 and 2024, the amount of equipment capitalized under our lease program for new DISH TV subscribers totaled $15 million and $13 million, respectively.

***Interest income.*** "Interest income" totaled $176 million during the six months ended June 30, 2025, an increase of $45 million compared to the same period in 2024. This increase in interest income was primarily associated with the intercompany loans to DISH Network during the second and third quarter of 2024, partially offset by a reduction in interest income associated with our Intercompany Loan – 2028 Tranche to DISH Network. See Note 11 in the Notes to our Condensed Consolidated Financial Statements for further information.

***Interest expense, net of amounts capitalized.*** "Interest expense, net of amounts capitalized" totaled $480 million during the six months ended June 30, 2025, an increase of $110 million or 29.8% compared to the same period in 2024. This increase primarily resulted from a debt issuance in the third quarter of 2024, partially offset by the redemption of debt that matured in November 2024.

***Income tax (provision) benefit, net.*** Our income tax provision was $215 million during the six months ended June 30, 2025, a decrease of $39 million or 15.2% compared to the same period in 2024. The change was primarily related to a decrease in "Income (loss) before income taxes." Our effective tax rate during the six months ended June 30, 2024 was impacted by federal valuation allowances.

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***Non-GAAP Performance Measures and Reconciliation***

It is management's intent to provide non-GAAP financial information to enhance the understanding of our financial information prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.

**OIBDA**

OIBDA, which is presented below, 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 on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions, as well as in evaluating operating performance in relation to our competitors. OIBDA is calculated by adding back depreciation and amortization expense to operating income (loss).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**  | **For the Three Months Ended**  | **For the Six Months Ended**  | **For the Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| **Operating income (loss)** | $559963 | $636275 | $1183170 | $1272779 |
| Depreciation and amortization | 53035 | 70339 | 112073 | 141019 |
| **OIBDA** | $612998 | $706614 | $1295243 | $1413798 |

---

The changes in OIBDA during the three and six months ended June 30, 2025, compared to the same period in 2024, were primarily a result of the factors described in connection with operating revenues and operating expenses.

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**GUARANTOR FINANCIAL INFORMATION**

Our registered senior notes, consisting of our 7 3/4% Senior Notes due 2026, 7 3/8% Senior Notes due 2028, and 5 1/8% Senior Notes due 2029, are fully and unconditionally guaranteed, jointly and severally on a senior unsecured basis by certain of our wholly-owned subsidiaries (the "Guarantors").

Certain of our wholly-owned subsidiaries are designated as "Unrestricted Subsidiaries" and do not guarantee any of our registered senior notes.

We and our subsidiaries participate with our parent company, DISH Network, in a centralized system for the management of our cash and marketable investment securities. Please see Note 3 to our Condensed Consolidated Financial Statements for further information.

The guarantee of a Guarantor will be deemed automatically discharged and released in accordance with the terms of the applicable indenture: (i) in connection with any direct or indirect sale, conveyance or other disposition of all of the capital stock or all or substantially all of the assets of that Guarantor (including by way of merger or consolidation), if such sale or disposition is made in compliance with the applicable provisions of the indenture; (ii) if such Guarantor is dissolved or liquidated in accordance with the provisions of the indenture; (iii) if we designate any such Guarantor as an "Unrestricted Subsidiary" in compliance with the terms of the indenture; or (iv) with respect to a Guarantor which constitutes a Non-Core Asset (as such term is defined in the applicable indenture), upon the sale or other disposition of certain equity interests of such Guarantor, if such sale or disposition is made in compliance with the applicable provisions of the indenture. There are no restrictions on our ability to obtain cash dividends or other distributions of funds from the Guarantors, except those imposed by applicable law.

The rights of holders of the registered senior notes against the Guarantors may be limited under the U.S. Bankruptcy Code or state fraudulent transfer or conveyance law. Under certain circumstances (including a finding that a Guarantor was insolvent at the time its guarantee of the registered senior notes was issued), a court could hold that the obligations of a Guarantor under a guarantee may be voided or are subordinate to other obligations of the Guarantor. Each guarantee contains a provision intended to limit the Guarantor's liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent conveyance or transfer under U.S. federal or state law.

The summarized balance sheet information for the combined obligor group of our registered senior notes is presented in the table below.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30,** <br>**2025** | **December 31,**<br>**2024** |
|  | (In thousands) | (In thousands) |
| Current assets | $1950161 | $1780162 |
| Noncurrent assets | 6419026 | 6395280 |
| Current liabilities | 2043867 | 2147507 |
| Noncurrent liabilities | 12737208 | 12617150 |
| Due from non-guarantors | 646722 | 594492 |
| Due from related parties | 5000769 | 4928291 |
| Due to non-guarantors | 2538788 | 2403527 |
| Due to related parties | 35194 | 34273 |

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The summarized results of operations information for the combined obligor group of our registered senior notes is presented in the table below.

---

| | |
|:---|:---|
|  | **For the Six Months Ended**  |
|  | **June 30, 2025** |
|  | (In thousands) |
| Total revenues | $2275642 |
| Operating income (loss) | 391596 |
| Net income (loss) | 90040 |
| Operating expenses to related parties | 115699 |
| Other income from related parties | 157738 |
| Other expense to non-guarantors | 135261 |

---

**Item 4.** **CONTROLS AND PROCEDURES**

**Conclusion regarding disclosure controls and procedures**

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

**Changes in internal control over financial reporting**

There has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II — OTHER INFORMATION**

**Item 1.** **LEGAL PROCEEDINGS**

See Note 8 "*Commitments and Contingencies – Contingencies – Litigation*" in the Notes to our Condensed Consolidated Financial Statements for information regarding certain legal proceedings in which we are involved.

**Item 1A. RISK FACTORS**

Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the year ended December 31, 2024 includes a detailed discussion of our risk factors. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Certain actions that EchoStar may take, including a potential voluntary Chapter 11 bankruptcy filing, which filing could also include DISH DBS, could have material adverse consequences, including, but not limited to: (i) disruption of EchoStar's relationships with vendors, suppliers, employees and customers; (ii) limitations on EchoStar's ability to access capital markets or otherwise obtain financing on favorable terms or at all; (iii) limitations on EchoStar's ability to take advantage of business opportunities; (iv) reputational harm; (v) potential delisting of EchoStar's securities from trading exchanges; and (vi) significant administrative costs and diversion of management attention. Furthermore, the outcome of any of the actions that EchoStar may take, including a filing for relief under Chapter 11 which could include DISH DBS, is inherently uncertain and may result in a loss of control by EchoStar's principal stockholder or a material reduction in the value or change in the relative priority of existing equity or debt securities. These actions taken by EchoStar could have a direct and material negative impact on us.

There can be no assurance that any protective actions which EchoStar may take, including a restructuring or reorganization process involving DISH DBS, whether pursued in or outside of bankruptcy, would be successful or would not materially adversely affect our business, financial condition, results of operations, liquidity or the market value of our securities.

***The FCC's review of our ultimate parent, EchoStar's compliance with network build-out requirements could lead to the loss or impairment of certain of their existing spectrum licenses.***

As previously disclosed, on May 9, 2025, the FCC informed our ultimate parent, EchoStar that it had begun a review of their compliance with certain of their federal obligations to provide 5G service in the United States and raising certain questions regarding their September 2024 build-out extension and mobile-satellite service utilization in the 2 GHz band. While EchoStar is currently working to address the concerns raised by the FCC in a way that is acceptable to them, there can be no assurance that such a resolution will be reached.

The FCC review has introduced the possibility of reversing prior FCC grants of authority to EchoStar. This uncertainty over their spectrum rights has effectively frozen their ability to make decisions regarding their 5G network build-out, has materially adversely impacted their ability to implement and adjust their overall business plan and has required them to re-evaluate the deployment of their resources. In light of the continued uncertainty related to the FCC inquiries, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods to make such interest payments.

If EchoStar fails to reach an acceptable resolution with the FCC, one or more of their wireless spectrum licenses could be cancelled or modified and/or their build-out requirements could be accelerated, any of which would have a material adverse effect on their business, results of operations and financial condition. While DISH DBS does not hold terrestrial spectrum licenses itself, the significance of these negative potential outcomes occurring at the parent level could potentially have a material adverse effect on our business, results of operations and financial condition. During the pendency of the FCC review, EchoStar's ability to make decisions with respect to their 5G network build-out and implement their business plans will continue to be materially adversely impacted, the attention of EchoStar's management will continue to be diverted to this matter, and they will continue to evaluate the deployment of their resources and consider all strategic options. These actions occurring at our ultimate parent could consequently have a material adverse effect on our business, results of operations and financial condition as well.

***Changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.***

We depend on suppliers, including suppliers with manufacturing in China and other countries, for various materials in our satellite and related infrastructure, for our Pay-TV business. Changes in U.S. or foreign trade policies, including, but not limited to, new or increased tariffs, export controls, trade restrictions or sanctions, have resulted, and may continue to result in higher costs for equipment we procure.

[**Table of Contents**](#Toc)

Supply chain disruptions, customs delays, new compliance requirements and other challenges may cause delays in infrastructure and customer equipment, increase our operational expenses, and impact our ability to meet customer demand. Although we attempt to mitigate these risks through alternative sourcing and operational efficiencies, these efforts may not be successful or sufficient.

If we are unable to pass increased costs to customers without negatively impacting demand, or offset them through other measures, our business, financial condition and results of operations could be materially adversely affected.

***We currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our ability to continue as a going concern.***

As of the date of this report, we currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our anticipated working capital needs, capital expenditures, interest payments and other contractual obligations over the next twelve months. These conditions raise substantial doubt about our ability to continue as a going concern and, as a result, a 'going concern' disclosure appears in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Among other things, our business and financial condition is negatively impacted by upcoming debt maturities and interest payments which may further constrain available liquidity. In addition, our cash flow from operations is negative and may continue and/or accelerate. If we are unable to improve our operating performance, raise additional capital, negotiate with debt holders or otherwise secure adequate sources of liquidity, we may be unable to achieve our business objectives and may be forced to delay, curtail or forego strategic initiatives.

The presence of a going concern uncertainty may also adversely impact the price of our securities, harm our current, future and potential relationships with suppliers, vendors, customers, employees and creditors, and may limit our ability to access additional financing on acceptable terms or at all. There can be no assurance that management's plans to mitigate these risks will be successful on a timely basis or at all. If we are unable to secure adequate liquidity on an acceptable timeline or at all, we may not be able to continue as a going concern, which could result in a total loss of your investment. In addition, as our cash and cash equivalents balance declines, the risks described above may continue, increase or accelerate at any time and with or without notice. We cannot guarantee the timing or outcome of any resolution and any resolution we may negotiate may materially adversely impact our business, financial condition and/or operations.

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**Item 6.** **EXHIBITS**

*Exhibits.*

---

| | |
|:---|:---|
| 22◻ | [List of Subsidiary Guarantors](ddbs-20250630xex22.htm) |
| 31.1◻ | [Section 302 Certification of Chief Executive Officer.](ddbs-20250630xex31d1.htm) |
| 31.2◻ | [Section 302 Certification of Chief Financial Officer.](ddbs-20250630xex31d2.htm) |
| 32.1◻ | [Section 906 Certification of Chief Executive Officer.](ddbs-20250630xex32d1.htm) |
| 32.2◻ | [Section 906 Certification of Chief Financial Officer.](ddbs-20250630xex32d2.htm) |
| 99.1\* | [Letter to EchoStar regarding review of compliance with its federal obligations to provide 5G service throughout the United States, dated May 9, 2025 (incorporated by reference from Exhibit 99.1 to EchoStar Corporation's Current Report on Form 8-K filed May 13, 2025).](https://www.sec.gov/Archives/edgar/data/1415404/000141540425000010/tmb-20250509xex99d1.htm) |
| 101◻ | The following materials from the Quarterly Report on Form 10-Q of DISH DBS for the quarter ended June 30, 2025, filed on August 8, 2025, formatted in Inline eXtensible Business Reporting Language ("iXBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Changes in Stockholder's Equity (Deficit), (iv) Condensed Consolidated Statements of Cash Flows and (v) related notes to these financial statements. |
| 104◻ | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |

---

◻Filed herewith.

 <br> \* Incorporated by reference. <br>

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| DISH DBS CORPORATION | DISH DBS CORPORATION |
| By:  | /s/ *Hamid Akhavan* |
|  | Hamid Akhavan |
|  | President and Chief Executive Officer |
|  | *(Duly Authorized Officer)* |
| By:  | /s/ *Paul W. Orban* |
|  | Paul W. Orban |
|  | Executive Vice President and Chief Financial Officer, DISH |
|  | *(Principal Financial Officer)* |
| By: | */s/ James S. Allen* |
|  | James S. Allen |
|  | Senior Vice President and Chief Accounting Officer |
|  | *(Principal Accounting Officer)* |

---

Date: August 8, 2025

## Ex-22

**Exhibit 22**

**List of Guarantor Subsidiaries**

The 5.875% Senior Notes due 2024, 7.75% Senior Notes due 2026, 7.375% Senior Notes due 2028 and 5.125% Senior Notes due 2029 issued by DISH DBS Corporation (incorporated in Colorado) are jointly and severally guaranteed on a full and unconditional basis by the following 100% owned subsidiaries of DISH DBS Corporation as of June 30, 2025:

---

| | |
|:---|:---|
| **Entity** | **Jurisdiction of Incorporation or Organization** |
| DISH Network L.L.C. | Colorado |
| DISH Operating L.L.C. (1) | Colorado |
| Echosphere L.L.C. | Colorado |
| DISH Network Service L.L.C. | Colorado |
| DISH Broadcasting Corporation (1) | Colorado |
| DISH Technologies L.L.C. (1) | Colorado |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This is a wholly-owned subsidiary of DISH Network L.L.C.

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

Section 302 Certification

I, Hamid Akhavan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of DISH DBS Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2025

---

| |
|:---|
| */s/ Hamid Akhavan* |
| President and Chief Executive Officer |

---

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## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

Section 302 Certification

I, Paul W. Orban, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of DISH DBS Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2025

---

| |
|:---|
| */s/ Paul W. Orban* |
| Executive Vice President and Chief Financial Officer, DISH |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

Section 906 Certification

Pursuant to 18 U.S.C. § 1350, the undersigned officer of DISH DBS Corporation (the "Company") hereby certifies that to the best of his knowledge the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | August 8, 2025 |
| Name: | */s/ Hamid Akhavan* |
| Title: | President and Chief Executive Officer |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

------

## Exhibit 32.2

**E** **XHIBIT 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

Section 906 Certification

Pursuant to 18 U.S.C. § 1350, the undersigned officer of DISH DBS Corporation (the "Company") hereby certifies that to the best of his knowledge the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| Dated: | August 8, 2025 |
| Name: | */s/ Paul W. Orban* |
| Title: | Executive Vice President and Chief Financial Officer, DISH |

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The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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