DISH Network (DISH) Q4 2024 earnings summary

Executive summary

• DISH Network reported a consolidated revenue of $14.29 billion for 2024, down 6.6% year-over-year, with an operating loss of $180 million compared to $175 million income in 2023, driven by declines in both Pay-TV and Wireless segments.

• The company ended 2024 with 7.778 million Pay-TV subscribers (5.686 million DISH TV, 2.092 million SLING TV) and 6.995 million Wireless subscribers, both showing net subscriber losses but improved churn rates.

• Major developments included the termination of the DIRECTV transaction, significant asset transfers to parent EchoStar, and the completion of the merger with EchoStar at the end of 2023.

• DISH continues to invest in 5G network deployment, meeting key FCC buildout milestones and securing deadline extensions for further coverage obligations.

Financial highlights

• 2024 consolidated revenue decreased by $1.0 billion (6.6%) from 2023, primarily due to lower Pay-TV and Wireless revenues.

• Operating loss was $180 million in 2024, compared to $175 million operating income in 2023; net loss attributable to DISH was $66 million, a significant improvement from the $1.2 billion net loss in 2023, which was impacted by a $1.8 billion loss on a T-Mobile spectrum option.

• Pay-TV segment revenue fell 7.6% to $10.69 billion; Wireless segment revenue declined 3.4% to $3.61 billion.

• OIBDA for 2024 was $1.29 billion, down from $1.36 billion in 2023.

• Pay-TV ARPU increased 4.2% to $108.90; DISH TV churn rate improved to 1.46% from 1.69% in 2023.

• Wireless ARPU rose 1.2% to $36.57; Wireless churn rate improved to 3.00% from 4.17% in 2023.

Outlook and guidance

• DISH expects continued negative free cash flow in 2025 due to ongoing 5G network investments and declining subscriber bases.

• Capital expenditures for 2025 will focus on 5G deployment and subscriber equipment, with potential increases as new buildout deadlines approach.

• The company may need to raise additional capital to fund 5G buildout and meet regulatory requirements, with no assurance of favorable terms.