Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Schedule of revenue, expense, operating income (loss) and OIBDA by segment and purchases of property and equipment, net of refunds

	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total
	(In thousands)
For the Three Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue	$	2,203,797	$	864,450	$	233,291	$	—	$	3,301,538	$	—	$	3,301,538
Equipment sales and other revenue		42,933		64,553		76,428		90,712		274,626		—		274,626
Intersegment revenue		1,804		20		7,185		836		9,845		(9,845)		—
Total revenue		2,248,534		929,023		316,904		91,548		3,586,009		(9,845)		3,576,164
Operating Expenses
Cost of services:
Programming		1,030,380		—		—		—		1,030,380		—		1,030,380
Connectivity services (1)		48,609		323,479		43,400		—		415,488		(2,407)		413,081
Other (2)		273,653		156,342		53,551		—		483,546		1,144		484,690
Total cost of services		1,352,642		479,821		96,951		—		1,929,414		(1,263)		1,928,151
Cost of sales - equipment and other		31,934		198,356		53,949		135,684		419,923		(953)		418,970
Selling, general and administrative expenses:
Subscriber acquisition costs		86,205		138,784		26,667		—		251,656		(2,280)		249,376
Selling, general and administrative expenses		177,097		61,302		39,138		26,993		304,530		(6,058)		298,472
Total selling, general and administrative expenses		263,302		200,086		65,805		26,993		556,186		(8,338)		547,848
Impairments and other		—		—		(275)		(2,011)		(2,286)		—		(2,286)
OIBDA (3)		600,656		50,760		100,474		(69,118)		682,772		709		683,481
Depreciation and amortization		58,315		50,857		50,017		11,354		170,543		—		170,543
Total costs and expenses		1,706,193		929,120		266,447		172,020		3,073,780		(10,554)		3,063,226
Operating income (loss)	$	542,341	$	(97)	$	50,457	$	(80,472)	$	512,229	$	709		512,938
Unallocated Amounts
Interest income														40,912
Interest expense, net of amounts capitalized														(509,146)
Deconsolidation gain														9,728,958
Other, net														16,452
Income (loss) before income taxes													$	9,790,114

(1) “Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, data, satellite and transmission and other related costs.

(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.

(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.

	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total
	(In thousands)
For the Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	2,444,851	$	823,721	$	271,535	$	—	$	3,540,107	$	—	$	3,540,107
Equipment sales and other revenue		13,638		108,082		60,567		2,565		184,852		—		184,852
Intersegment revenue		3,760		—		7,678		69,311		80,749		(80,749)		—
Total revenue		2,462,249		931,803		339,780		71,876		3,805,708		(80,749)		3,724,959
Operating Expenses
Cost of services:
Programming		1,179,987		—		—		—		1,179,987		—		1,179,987
Connectivity services		52,652		332,661		50,180		357,087		792,580		(55,382)		737,198
Other		316,332		164,501		65,052		—		545,885		(1,439)		544,446
Total cost of services		1,548,971		497,162		115,232		357,087		2,518,452		(56,821)		2,461,631
Cost of sales - equipment and other		9,446		282,028		63,551		—		355,025		(838)		354,187
Selling, general and administrative expenses:
Subscriber acquisition costs		87,606		204,810		44,924		—		337,340		(1,389)		335,951
Selling, general and administrative expenses		152,849		46,712		48,374		51,864		299,799		(6,256)		293,543
Total selling, general and administrative expenses		240,455		251,522		93,298		51,864		637,139		(7,645)		629,494
OIBDA		663,377		(98,909)		67,699		(337,075)		295,092		(15,445)		279,647
Depreciation and amortization		67,825		19,250		104,437		317,713		509,225		(16,170)		493,055
Total costs and expenses		1,866,697		1,049,962		376,518		726,664		4,019,841		(81,474)		3,938,367
Operating income (loss)	$	595,552	$	(118,159)	$	(36,738)	$	(654,788)	$	(214,133)	$	725		(213,408)
Unallocated Amounts
Interest income														65,369
Interest expense, net of amounts capitalized														(279,232)
Deconsolidation gain														—
Other, net														35,137
Income (loss) before income taxes													$	(392,134)

	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total
	(In thousands)
For the Six Months Ended June 30, 2026
Revenue
Revenue from external customers:
Service revenue	$	4,464,161	$	1,732,633	$	480,284	$	—	$	6,677,078	$	—	$	6,677,078
Equipment sales and other revenue		74,916		158,405		151,666		181,588		566,575		—		566,575
Intersegment revenue		3,721		476		14,610		943		19,750		(19,750)		—
Total revenue		4,542,798		1,891,514		646,560		182,531		7,263,403		(19,750)		7,243,653
Operating Expenses
Cost of services:
Programming		2,131,300		—		—		—		2,131,300		—		2,131,300
Connectivity services (1)		97,536		648,863		87,315		—		833,714		(4,221)		829,493
Other (2)		539,506		311,159		111,988		—		962,653		2,973		965,626
Total cost of services		2,768,342		960,022		199,303		—		3,927,667		(1,248)		3,926,419
Cost of sales - equipment and other		64,035		449,503		124,839		318,816		957,193		(1,316)		955,877
Selling, general and administrative expenses:
Subscriber acquisition costs		156,256		298,546		55,056		—		509,858		(6,235)		503,623
Selling, general and administrative expenses		426,076		118,966		73,039		76,993		695,074		(11,824)		683,250
Total selling, general and administrative expenses		582,332		417,512		128,095		76,993		1,204,932		(18,059)		1,186,873
Impairments and other		—		—		(275)		(68,170)		(68,445)		—		(68,445)
OIBDA (3)		1,128,089		64,477		194,598		(145,108)		1,242,056		873		1,242,929
Depreciation and amortization		114,181		100,356		99,957		22,659		337,153		(9)		337,144
Total costs and expenses		3,528,890		1,927,393		551,919		350,298		6,358,500		(20,632)		6,337,868
Operating income (loss)	$	1,013,908	$	(35,879)	$	94,641	$	(167,767)	$	904,903	$	882		905,785
Unallocated Amounts
Interest income														70,321
Interest expense, net of amounts capitalized														(1,101,806)
Deconsolidation gain														9,728,958
Other, net														18,636
Income (loss) before income taxes													$	9,621,894

	Pay-TV		Wireless		Broadband and Satellite Services		Other		Segment Total		Eliminations		Consolidated Total
	(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	4,966,403	$	1,633,328	$	546,532	$	—	$	7,146,263	$	—	$	7,146,263
Equipment sales and other revenue		26,593		268,143		149,090		4,628		448,454		—		448,454
Intersegment revenue		7,980		—		14,816		129,545		152,341		(152,341)		—
Total revenue		5,000,976		1,901,471		710,438		134,173		7,747,058		(152,341)		7,594,717
Operating Expenses
Cost of services:
Programming		2,396,409		—		—		—		2,396,409		—		2,396,409
Connectivity services		106,786		653,991		99,339		700,167		1,560,283		(99,908)		1,460,375
Other		602,412		308,633		129,018		—		1,040,063		(3,018)		1,037,045
Total cost of services		3,105,607		962,624		228,357		700,167		4,996,755		(102,926)		4,893,829
Cost of sales - equipment and other		19,118		631,246		145,285		—		795,649		(1,954)		793,695
Selling, general and administrative expenses:
Subscriber acquisition costs		174,119		395,295		91,356		—		660,770		(2,278)		658,492
Selling, general and administrative expenses		308,882		84,922		92,038		95,562		581,404		(12,551)		568,853
Total selling, general and administrative expenses		483,001		480,217		183,394		95,562		1,242,174		(14,829)		1,227,345
OIBDA		1,393,250		(172,616)		153,402		(661,556)		712,480		(32,632)		679,848
Depreciation and amortization		144,268		39,437		209,335		621,642		1,014,682		(33,294)		981,388
Total costs and expenses		3,751,994		2,113,524		766,371		1,417,371		8,049,260		(153,003)		7,896,257
Operating income (loss)	$	1,248,982	$	(212,053)	$	(55,933)	$	(1,283,198)	$	(302,202)	$	662		(301,540)
Unallocated Amounts
Interest income														130,898
Interest expense, net of amounts capitalized														(565,287)
Deconsolidation gain														—
Other, net														76,527
Income (loss) before income taxes													$	(659,402)

	Pay-TV		Wireless		Broadband and Satellite Services		Other		Consolidated Total
	(In thousands)
For the Three Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	$	55,262	$	28,992	$	6,942	$	1,103	$	92,299
For the Three Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	$	78,580	$	—	$	43,118	$	625,203	$	746,901

	Pay-TV		Wireless		Broadband and Satellite Services		Other		Consolidated Total
	(In thousands)
For the Six Months Ended June 30, 2026
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	$	143,390	$	57,825	$	18,552	$	5,967	$	225,734
For the Six Months Ended June 30, 2025
Purchases of property and equipment (including capitalized interest related to regulatory authorizations)	$	140,968	$	—	$	75,221	$	909,196	$	1,125,385

Schedule of revenue from customers disaggregated by major revenue source

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
Category:	2026		2025		2026		2025
	(In thousands)
Pay-TV subscriber and related revenue		2,205,012		2,446,844	$	4,466,710	$	4,971,196
Wireless services and related revenue		864,450		823,722		1,732,633		1,633,329
Broadband and satellite services and other revenue		234,943		273,441		483,602		550,385
Pay-TV equipment sales and other revenue		43,522		15,405		76,088		29,780
Wireless equipment sales and other revenue		64,573		108,081		158,881		268,142
Broadband equipment and other revenue		81,961		66,339		162,958		160,053
Other equipment and other revenue		91,548		71,876		182,531		134,173
Eliminations		(9,845)		(80,749)		(19,750)		(152,341)
Total revenue	$	3,576,164	$	3,724,959	$	7,243,653	$	7,594,717