Overview
- IndustryCommunications Services, NEC1
- HeadquartersEnglewood, Colorado1
- Incorporated inCO2
- Business address9601 South Meridian Boulevard, Englewood, Co 801122
- Filer categoryNon-accelerated filer2
See how the biggest companies compare on our leaderboards
Hughes Satellite Systems Corporation (which, together with its subsidiaries, is referred to as “HSSC,” the “Company,” “we,” “us” and “our”) is a holding company and a subsidiary of EchoStar Corporation (“EchoStar” and “parent”). We were formed as a Colorado corporation in March 2011 to facilitate the acquisition by EchoStar (the “Hughes Acquisition”) of Hughes Communications, Inc. and its subsidiaries and related financing transactions. In connection with our formation, EchoStar contributed the assets and liabilities of its satellite services business to us, including the principal operating subsidiary of its satellite services business, EchoStar Satellite Services L.L.C. Substantially all of the voting power of the shares of EchoStar is owned beneficially by Charles W. Ergen, our Chairman, and by certain entities established for the benefit of his family.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development3¢$42.0M
- Selling, general and admin22¢$322.2M
- Other costs40¢$570.6M
- Interest7¢$102.2M
- Income tax28¢$398.9M
Out of $1.4B in revenue.4 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$114.4M
Out of $56.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.9B5 | $1.9B6 | $2.0B7 | $2.0B8 | $1.7B4 | $1.6B4 | $1.4B4 |
| Cost of revenue | |||||||
| Research and development | $25.7M5 | $29.4M6 | $31.8M7 | $65.0M8 | $67.0M4 | $60.0M4 | $42.0M4 |
| Selling, general and admin | $467.9M5 | $433.4M6 | $422.2M7 | $462.7M8 | $440.0M4 | $375.5M4 | $322.2M4 |
| Operating expenses | $1.7B7 | $1.7B8 | $2.1B4 | $1.7B4 | $3.0B4 | ||
| Operating income | $151.0M5 | $196.6M6 | $299.5M7 | $254.5M8 | -$395.0M4 | -$169.8M4 | -$1.6B4 |
| Interest | $272.2M5 | $172.5M6 | $126.5M7 | $92.4M8 | $89.6M4 | $98.8M4 | $102.2M4 |
| Income before tax | $167.7M7 | $193.4M8 | -$432.3M4 | -$252.3M4 | -$1.7B4 | ||
| Income tax | $11.6M5 | $42.1M6 | $57.1M7 | $54.4M8 | $46.1M4 | -$34.2M4 | -$398.9M4 |
| Net income | -$40.9M5 | -$2.4M6 | $110.6M7 | $138.9M8 | -$478.4M4 | -$218.1M4 | -$1.3B4 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $1.1B6 | $740.5M7 | $429.2M7 | $653.1M7 | $1.3B8 | $204.2M4 | $118.8M4 |
| Receivables | $182.1M6 | $236.3M7 | $233.9M7 | ||||
| Inventory | $102.9M6 | $123.0M7 | $167.2M8 | $151.0M4 | $182.4M4 | ||
| Current assets | $2.3B12 | $2.4B5 | $1.7B6 | $2.0B7 | $2.1B8 | $742.2M4 | $747.4M4 |
| Goodwill | $511.1M7 | $532.5M7 | $08 | $04 | $04 | ||
| Intangible assets | $11.1M4 | $4.1M4 | |||||
| Total assets | $5.6B6 | $5.6B5 | $4.7B6 | $4.8B7 | $5.2B8 | $3.5B4 | $2.0B4 |
| Short-term debt | $05 | $5.2M8 | $9.5M4 | $1.5B4 | |||
| Current liabilities | $481.0M12 | $1.4B5 | $555.7M6 | $613.9M7 | $741.9M8 | $440.0M4 | $2.0B4 |
| Long-term debt | $2.4B12 | $1.5B5 | $1.5B5 | $1.5B7 | $1.5B8 | $1.5B4 | $27.1M4 |
| Long-term liabilities | $2.1B6 | $2.1B7 | $2.8B8 | $2.6B4 | $814.1M4 | ||
| Total liabilities | $3.4B12 | $3.5B5 | $2.7B6 | $2.7B7 | $3.5B8 | $3.1B4 | $2.8B4 |
| Retained earnings | $692.3M6 | $741.8M7 | $279.9M8 | -$958.5M4 | -$2.2B4 | ||
| Shareholders’ equity | $2.1B12 | $2.0B5 | $2.0B6 | $2.1B7 | $1.6B8 | $338.4M4 | -$896.5M4 |
| Shares outstanding | 1.1K shares12 | 1.1K shares5 | 1.1K shares6 | 1.1K shares7 | 1.1K shares8 | 1.1K shares4 | 1.1K shares4 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $633.6M5 | $528.3M6 | $662.3M7 | $538.9M8 | $452.6M4 | -$248.4M4 | $56.8M4 |
| Depreciation and amortization | $464.1M7 | $431.1M8 | $389.6M4 | $365.9M4 | $333.0M4 | ||
| Stock-based compensation | $3.0M7 | $4.3M8 | $4.2M4 | $3.7M4 | $16.6M4 | ||
| Capital spending | $309.3M5 | $355.2M6 | $296.3M7 | $239.4M8 | $190.1M4 | $205.3M4 | $114.4M4 |
| Free cash flow | $324.3M | $173.1M | $366.0M | $299.4M | $262.4M | -$453.7M | -$57.6M |
| Cash from investing | $25.9M7 | -$209.2M8 | $171.3M4 | $209.5M4 | -$135.4M4 | ||
| Cash from financing | -$995.8M7 | -$103.1M8 | -$3.6M4 | -$1.0B4 | -$8.2M4 |
Corporate structure
Hughes Satellite Systems Corp is part of a group headed by EchoStar. 22 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
- EchoStar Englewood, Colorado, United States
- Hughes Satellite Systems Corp Englewood, Colorado
- Dish Subsidiary · Englewood, Colorado, United States
- Sling TV Subsidiary · Meridian
- TerreStar Corporation Subsidiary
- TerreStar Networks Subsidiary
- Ting Subsidiary · Toronto
- Echostar (Ukraine) Subsidiary · Kharkiv, Ukraine
- EchoStar Mobile Subsidiary · Dublin
- Gen Mobile Subsidiary
- DISH DBS Corporation Subsidiary · Colorado, United States
- DISH Network Corporation Subsidiary · Nevada, United States
- DISH Wireless Holding L.L.C. Subsidiary · Colorado, United States
- DISH Wireless L.L.C. Subsidiary · Colorado, United States
- EchoStar (India) Subsidiary · India
- EchoStar (United Kingdom) Subsidiary · United Kingdom
- ECHOSTAR UK HOLDINGS LIMITED Subsidiary · Milton Keynes, United Kingdom
- HUGHES COMMUNICATIONS INDIA PRIVATE LIMITED Subsidiary · New Delhi, India
- HCIL COMTEL PRIVATE LIMITED Subsidiary · New Delhi, India
- Hughes Communications, Inc. Subsidiary · Delaware, United States
- HUGHES NETWORK SYSTEMS LIMITED Subsidiary · Milton Keynes, United Kingdom
- HUGHES SYSTIQUE PRIVATE LIMITED Subsidiary · Gurgaon, India
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.
What it owns
What Hughes Satellite Systems Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finance-lease assets | $77.1M4 Dec 31, 2025 | $183.4M4 Dec 31, 2024 | −57.9% |
| Operating-lease assets (leased space) | $313.1M4 Dec 31, 2025 | $939.9M4 Dec 31, 2024 | −66.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $118.8M4 Dec 31, 2025 | $204.2M4 Dec 31, 2024 | −41.8% |
| Stakes in other companies (equity method) | $10.9M4 Dec 31, 2025 | $12.2M4 Dec 31, 2024 | −11.2% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $04 Dec 31, 2025 | $04 Dec 31, 2024 | |
| Intangible assets, net (excluding goodwill) | $4.1M4 Dec 31, 2025 | $11.1M4 Dec 31, 2024 | −62.8% |
| Indefinite-lived intangibles (excluding goodwill) | $400.0M4 Dec 31, 2024 | $400.0M8 Dec 31, 2023 | 0% |
| Finite-lived intangibles, gross | $4.1M4 Dec 31, 2025 | $355.3M4 Dec 31, 2024 | −98.8% |
| Accumulated amortization | -$344.2M4 Dec 31, 2024 | -$342.0M8 Dec 31, 2023 | −0.6% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $182.4M4 Dec 31, 2025 | $151.0M4 Dec 31, 2024 | +20.8% |
| Raw materials | $34.2M4 Dec 31, 2025 | $30.6M4 Dec 31, 2024 | +11.9% |
| Work in process | $37.9M4 Dec 31, 2025 | $30.3M4 Dec 31, 2024 | +25.2% |
| Finished goods | $110.2M4 Dec 31, 2025 | $90.1M4 Dec 31, 2024 | +22.3% |
Properties, in its own words
Our principal executive offices are located at 9601 South Meridian Boulevard, Englewood, Colorado 80112-5308 and our telephone number is (303) 723-1000. We operate various facilities in the United States and abroad. We believe that our facilities are well maintained and are sufficient to meet our current and projected needs.
Location · Function
The rest of Item 2
Owned:
Englewood, Colorado · Corporate headquarters
Germantown, Maryland · Hughes corporate headquarters, manufacturing, engineering offices, network operations and shared hubs
Griesheim, Germany · Shared hub, operations, administrative offices and warehouse
Leased:
Gilbert, Arizona · Gateways
San Diego, California · Engineering and sales offices
Englewood, Colorado · Gateways and equipment
Germantown, Maryland · Manufacturing and testing facilities, logistics, and administrative offices
Southfield, Michigan · Shared hub and regional network management center
Las Vegas, Nevada · Shared hub, antennae yards, gateway, backup network operation and control center for Hughes corporate headquarters
Cheyenne, Wyoming · Gateways and equipment
Barueri, Brazil · Shared hub
Sao Paulo, Brazil · Hughes Brazil corporate headquarters, sales offices and warehouse
Bangalore, India · Engineering office and office space
Gurgaon, India · Administrative offices, shared hub, operations, warehouse, and development center
New Delhi, India · Hughes India corporate headquarters
Milton Keynes, United Kingdom · Hughes Europe corporate headquarters and operations
Item 2 of the 10-K filed Mar 31, 2026.3
Timeline
- Aug 7, 20268-K Regulation FD disclosure13
- Aug 3, 20268-K Bankruptcy or receivership; Debt or obligation accelerated; Executive or director change14
- Jul 7, 20268-K Executive or director change; Other events15
- Jun 25, 20268-K Executive or director change16
- Jun 18, 20268-K Other events17
- Jun 1, 20268-K Debt or obligation accelerated18
- May 22, 20268-K Other events19
- Mar 19, 20268-K Entered a material agreement; Ended a material agreement20
- Dec 29, 20258-K Executive or director change21
- Nov 6, 20258-K Entered a material agreement; Executive or director change; Regulation FD disclosure22
- Sep 9, 20258-K Other events23
- Sep 8, 20258-K Entered a material agreement; Regulation FD disclosure24
Filings
39 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 19 major events, 1 other. The latest 20:
- Aug 7, 20268-K EDGAR
- Aug 3, 20268-K EDGAR
- Jul 7, 20268-K EDGAR
- Jun 25, 20268-K EDGAR
- Jun 18, 20268-K EDGAR
- Jun 1, 20268-K EDGAR
- May 22, 20268-K EDGAR
- May 13, 202610-Q EDGAR
- Mar 31, 202610-K EDGAR
- Mar 19, 20268-K EDGAR
- Dec 29, 20258-K EDGAR
- Nov 14, 202510-Q EDGAR
- Nov 6, 20258-K EDGAR
- Sep 9, 20258-K EDGAR
- Sep 8, 20258-K EDGAR
- Aug 26, 20258-K EDGAR
- Aug 5, 202510-Q EDGAR
- Jul 30, 20258-K EDGAR
- Jun 27, 20258-K EDGAR
- Jun 2, 20258-K EDGAR
The 39 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
SEC filer profile
How Hughes Satellite Systems Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARHughes Satellite Systems Corp1
- CIK0001533758
- Employer ID (EIN)45-08978653
- Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
- Incorporated inColorado3
- Fiscal year endsDecember 311
- Industry code (SIC)4899 Communications Services, NEC1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business address9601 South Meridian Boulevard, Englewood, CO 801121
- Phone303-723-10001
- Shares outstanding1,078 as of Apr 30, 202611
- Public float$0 as of Jun 30, 20254
- AuditorKPMG LLP, McLean, Virginia PCAOB ID 185; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceJan 20, 20121
- Filings118 in all: 10-Q (43), 8-K (38), 10-K (15), SD (11), CT ORDER (4), 424B3 (2), EFFECT (2), S-4 (2)1
All 9 form types
10-K/A (1)
- Latest filingsAnnual report (10-K) Mar 31, 2026
Quarterly report (10-Q) May 13, 2026
Latest 8-K (8-K) Aug 7, 2026
Risk factors and legal proceedings
The risks Hughes Satellite Systems Corp names in Item 1A of its 10-K filed Mar 31, 2026: 39 risks under these headings, as written.3
- The risks and uncertainties described below are not the only ones facing us. If any of the following events occur or evolve in a way different than expected, our business, financial condition, or results of operations could be materially and adversely affected.
- Competition and Economic Risks
- We are facing increasing competition which could impact demand for, and result in increasing pricing pressures with respect to, our products and services.
- Economic weakness and uncertainty may adversely affect our ability to grow or maintain our business.
- 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.
- Our business is partially dependent on enterprise revenue and any decline or reduction of that revenue could negatively impact our business, financial condition and results of operation.
- Operational and Service Delivery Risks
- Any deterioration in our operational performance and subscriber satisfaction could adversely affect our business, financial condition and results of operations.
- Our business will be negatively impacted if we fail to adequately anticipate our satellite capacity needs or are unable to obtain satellite capacity.
- We are dependent upon third-party providers for components, manufacturing, installation services and customer support services, and our results of operations may be materially adversely affected if any of these third-party providers fail to deliver the contracted goods or services appropriately.
- We have limited satellite capacity and failures or reduced capacity could adversely affect our business, financial condition and results of operations.
- Our foreign operations and investments expose us to risks and restrictions not present in our domestic operations.
The other 29 risks
- 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.
- Our failure to effectively invest in, introduce and implement new competitive products and services could cause our products and services to become obsolete and could negatively impact our business.
- 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, among other things, increase our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.
- 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 Satellites
- Our owned and leased satellites in orbit are subject to significant operational and environmental risks that could limit our ability to utilize these satellites.
- Our use of certain satellites is often dependent on satellite coordination agreements, which may be difficult to obtain.
- We may face interference from other services sharing satellite spectrum.
- 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
- Any failure or inadequacy of our information technology infrastructure and communications systems or those of third parties that we use in our operations, including, without limitation, those caused by cyber-attacks or other malicious activities, could disrupt or harm our business.
- Our parent, EchoStar, has experienced and we may experience in the future cyber-attacks and other attempts to gain unauthorized access to our systems on a consistent basis.
- The confidentiality, integrity and availability of our services and products depends on the continuing operation of our information technology and other enabling systems.
- Our international businesses expose us to additional risks that could harm our business.
- Our ongoing investments in security will likely continue to identify new vulnerabilities within our services and products.
- 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.
- 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.
- We will need additional capital, which may not be available on favorable terms or at all, to fund current obligations, continue investing in our business and to finance acquisitions and other strategic transactions.
- From time to time a portion of our investment portfolio may be invested in securities that have limited liquidity and may not be immediately accessible to support our financing needs.
- We will not be able to generate cash to meet our debt service needs or fund our operations.
- Covenants in our indentures restrict our business in many ways.
- Risks Related to the Regulation of Our Business
- Our services depend on regulatory authorizations issued by the FCC and state and foreign regulators that can expire or be revoked or modified, and applications for licenses and other authorizations that may not be granted.
- The risk of non-compliance with laws and regulations, including, but not limited to, the risk of changes to laws and regulations, could adversely affect our business.
- Risks Related to Ownership of our Common Stock
- Our parent, EchoStar, is controlled by one principal stockholder who is our Chairman.
- General Risks
- Sociopolitical volatility and polarization may adversely affect our business operations and reputation.
- We may face other risks described from time to time in periodic and current reports we file with the SEC.
Legal proceedings
See Note 12 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K for information regarding certain legal proceedings in which we are involved.
The opening of Item 3, Legal Proceedings.3
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13SEC EDGARRegulation FD disclosure
- 14
- 15
- 16SEC EDGARExecutive or director change
- 17SEC EDGAROther events
- 18SEC EDGARDebt or obligation accelerated
- 19SEC EDGAROther events
- 20
- 21SEC EDGARExecutive or director change
- 22
- 23SEC EDGAROther events
- 24