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Leases | 6 Months Ended
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Jun. 30, 2026
Leases |
Leases |
9. | Leases
​ Lessee Accounting ​ Prior to the filing of the Prepackaged Chapter 11 Cases, we had non-cancelable operating leases for, among other things, communication towers related to the DISH Wireless Deconsolidated Subsidiaries, which represented substantially all of our operating leases. ​ We enter into non-cancelable operating and finance leases for, among other things, satellites, satellite-related ground infrastructure, data centers, office space, dark fiber and transport equipment, warehouses and distribution centers, vehicles and other equipment. ​ Substantially all of our leases have remaining lease terms from one to 12 years, with a weighted average remaining lease term of 7.9 to 8.3 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements, the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise. ​ Our Eutelsat 65 West A, Telesat T19V and EchoStar 105/SES-11 satellites are accounted for as finance leases within our Broadband and Satellite Services segment. Through the first quarter of 2025, our Anik F3 satellite was accounted for as an operating lease within our Pay-TV segment and as of April 2025 we no longer leased this satellite. In addition, through May 2026, our Nimiq 5 satellite was accounted for as an operating lease. However, we modified the Nimiq 5 lease effective June 2026, and it is currently accounted for as a finance lease within our Pay-TV segment and is depreciated over its economic life. ​ ​ The components of lease expense were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (In thousands)
Operating lease cost | ​ | $ | 122,407 | ​ | $ | 166,505 | ​ | $ | 250,398 | ​ | $ | 333,862
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term lease cost (1) | ​ | ​ | 2,507 | ​ | ​ | 3,051 | ​ | ​ | 5,638 | ​ | ​ | 8,341
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | ​ | 4,389 | ​ | ​ | 13,238 | ​ | ​ | 7,496 | ​ | ​ | 26,469
Interest on lease liabilities | ​ | ​ | 1,395 | ​ | ​ | 1,342 | ​ | ​ | 2,223 | ​ | ​ | 2,844
Total finance lease cost | ​ | ​ | 5,784 | ​ | ​ | 14,580 | ​ | ​ | 9,719 | ​ | ​ | 29,313
Total lease costs | ​ | $ | 130,698 | ​ | $ | 184,136 | ​ | $ | 265,755 | ​ | $ | 371,516
(1) | Leases that have terms of 12 months or less.
​ Supplemental cash flow information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended
​ | ​ | June 30,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 63,397 | ​ | $ | 284,667
Operating cash flows from finance leases | ​ | $ | 763 | ​ | $ | 2,314
Financing cash flows from finance leases | ​ | $ | 904 | ​ | $ | 11,406
​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for lease obligations: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 28,223 | ​ | $ | 110,400
Finance leases | ​ | $ | 125,546 | ​ | $ | —
​ ​ Supplemental balance sheet information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | June 30, | ​ | December 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (In thousands)
Operating Leases: (1) | ​ | ​ | ​ | ​ | ​ | ​
Operating lease assets | ​ | $ | 66,696 | ​ | $ | 214,549
​ | ​ | ​ | ​ | ​ | ​ | ​
Other current liabilities | ​ | $ | 23,198 | ​ | $ | 845,326
Operating lease liabilities | ​ | ​ | 120,325 | ​ | ​ | 4,137,269
Total operating lease liabilities | ​ | $ | 143,523 | ​ | $ | 4,982,595
​ | ​ | ​ | ​ | ​ | ​ | ​
Finance Leases: (2) | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, gross | ​ | $ | 209,257 | ​ | $ | 83,141
Accumulated depreciation | ​ | ​ | (11,600) | ​ | ​ | (5,124)
Property and equipment, net | ​ | $ | 197,657 | ​ | $ | 78,017
​ | ​ | ​ | ​ | ​ | ​ | ​
Other current liabilities | ​ | $ | 11,288 | ​ | $ | 41,520
Other long-term liabilities | ​ | ​ | 113,353 | ​ | ​ | 2,528
Total finance lease liabilities | ​ | $ | 124,641 | ​ | $ | 44,048
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted Average Remaining Lease Term: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 7.9 years | ​ | ​ | 9.5 years
Finance leases | ​ | ​ | 8.3 years | ​ | ​ | 0.8 years
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted Average Discount Rate: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 9.1% | ​ | ​ | 9.9%
Finance leases | ​ | ​ | 7.3% | ​ | ​ | 10.0%
(1) | The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.
(2) | The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries, offset by an increase primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease.
​ Maturities of lease liabilities as of June 30, 2026 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maturities of Lease Liabilities
​ | ​ | Operating | ​ | Finance | ​ | ​ | ​
For the Years Ending December 31, | ​ ​ ​ | Leases | ​ ​ ​ | Leases | ​ ​ ​ | Total
​ | ​ | (In thousands)
2026 (remaining six months) | ​ | $ | 16,319 | ​ | $ | 10,000 | ​ | $ | 26,319
2027 | ​ | ​ | 30,175 | ​ | ​ | 20,000 | ​ | ​ | 50,175
2028 | ​ | ​ | 25,685 | ​ | ​ | 20,000 | ​ | ​ | 45,685
2029 | ​ | ​ | 23,258 | ​ | ​ | 20,000 | ​ | ​ | 43,258
2030 | ​ | ​ | 20,463 | ​ | ​ | 20,000 | ​ | ​ | 40,463
Thereafter | ​ | ​ | 82,427 | ​ | ​ | 76,667 | ​ | ​ | 159,094
Total lease payments | ​ | ​ | 198,327 | ​ | ​ | 166,667 | ​ | ​ | 364,994
Less: Imputed interest | ​ | ​ | (54,804) | ​ | ​ | (42,026) | ​ | ​ | (96,830)
Total | ​ | ​ | 143,523 | ​ | ​ | 124,641 | ​ | ​ | 268,164
Less: Current portion | ​ | ​ | (23,198) | ​ | ​ | (11,288) | ​ | ​ | (34,486)
Long-term portion of lease obligations | ​ | $ | 120,325 | ​ | $ | 113,353 | ​ | $ | 233,678
​ Lessor Accounting ​ We lease satellite capacity, communications equipment and real estate to certain of our customers. ​ The following table presents our lease revenue by type of lease: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (In thousands)
Lease revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales-type lease revenue | ​ | $ | 812 | ​ | $ | 1,787 | ​ | $ | 1,573 | ​ | $ | 3,984
Operating lease revenue | ​ | ​ | 4,381 | ​ | ​ | 2,014 | ​ | ​ | 8,185 | ​ | ​ | 4,415
Total lease revenue | ​ | $ | 5,193 | ​ | $ | 3,801 | ​ | $ | 9,758 | ​ | $ | 8,399
​ Substantially all of our net investment in sales-type leases consisted of lease receivables totaling $17 million and $20 million as of June 30, 2026 and December 31, 2025, respectively. ​ The following table presents future operating lease payments to be received as of June 30, 2026: ​
​ | ​ | ​ | ​
For the Years Ending December 31, | ​ ​ ​ | Total
​ | ​ | (In thousands)
2026 (remaining six months) | ​ | $ | 9,078
2027 | ​ | ​ | 8,874
2028 | ​ | ​ | 4,517
2029 | ​ | ​ | 3,286
2030 | ​ | ​ | 2,182
Thereafter | ​ | ​ | 708
Total lease payments to be received | ​ | $ | 28,645
​

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