Sirius XM Holdings Inc. (SIRI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$8.6B

Revenue growth

0.4%

Net income, last twelve months

$880.0M

Gross margin

52.8%

Operating margin

19.1%

Net margin

10.2%

Free cash flow

$1.5B

Return on equity

7.4%

Market value

$9.2B

Price to earnings

10.8x

Dividend yield

4.0%

Cash

$174.0M

Debt

$9.5B

Debt to equity

0.79

Shares outstanding

337.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 29 October 2026.

• Revenue down slightly on equipment. Total revenue was $2.15 billion, down slightly year-over-year. Management pointed to lower equipment revenue as the main reason.
• Net income up, diluted EPS down. Net income rose 7% to $317 million. Diluted EPS fell 7% to $0.78 from $0.84; the company attributed the EPS change to convertible note accounting, including fair value gains and assumed share dilution.
• Adjusted EBITDA up on expense control. Adjusted EBITDA rose 3% to $694 million. Management cited stable revenue and disciplined expense management.
• Adjusted EBITDA margin up a point. Adjusted EBITDA margin rose one percentage point year-over-year to 32%.
• SiriusXM revenue flat year-over-year. SiriusXM revenue was $1.60 billion, relatively flat year-over-year, with subscriber revenue up modestly to $1.50 billion.
• Equipment revenue fell on memory costs. SiriusXM equipment revenue decreased 16% year-over-year. Management attributed the drop to higher memory costs in its hardware modules.
• SiriusXM gross profit and margin rose. SiriusXM gross profit rose 1% to $963 million and gross margin widened one point to 60%, as its cost of services fell 2% to $641 million.
• Pandora revenue up modestly. Pandora and Off-Platform revenue rose 1% to $549 million in the quarter.
• Pandora advertising rose on podcasts. Advertising revenue grew 1% to $419 million, driven by podcasting, programmatic advertising and technology fees, partly offset by streaming music advertising.
• Pandora subscriber revenue declined. Subscriber revenue fell 2% to $130 million, which management attributed to lower subscriber volumes.
• Pandora costs fell on royalties. Pandora and Off-Platform cost of services fell 1% to $376 million, mainly on lower revenue share and royalty expense, lifting gross margin to 32%.
• Self-pay net adds turned positive. SiriusXM self-pay subscribers rose by about 5,000 in the quarter, an improvement of 45,000 on the prior year period.
• Companion plans drove gains. Companion subscriptions added 107,000 incremental self-pay net additions, alongside continuous service and automaker dealer plan benefits, while lower conversion rates offset part of the gain.
• Self-pay churn improved to 1.5%. Self-pay monthly churn was about 1.5%, improved by the continuous service initiative and lower vehicle-related and non-pay churn, partly offset by slightly higher voluntary churn.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 329 held.

Every filing

The newest filings with the SEC of 919 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

664 funds held it at 30 Jun 2026: 294 added and 147 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Spotify Technology S.A. (SPOT): revenue $19.4B, market value $110.8B
• Tencent Music Entertainment Group (TME): revenue $4.6B, market value $13.1B

What the company does

Sirius XM Holdings Inc. is an audio entertainment company based in New York City, with its operations in North America. It runs two businesses: the SiriusXM subscription service and the Pandora and Off-platform business. As of 31 December 2025, SiriusXM had approximately 32.9 million subscribers in the United States, and Pandora had approximately 41.1 million monthly active users and 5.6 million subscribers. The company says it believes it reached a combined monthly audience of approximately 170 million listeners. It had 5,119 full-time and part-time employees.

How the business is organised

The SiriusXM business offers music, sports, entertainment, comedy, talk and news channels, podcasts and infotainment services in the United States for a subscription fee. Most customers subscribe on monthly or annual plans. SiriusXM also holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc., which had approximately 2.4 million subscribers. Those Canadian subscribers are not counted in the company's own subscriber figures.

The Pandora and Off-platform business is owned by Pandora Media, LLC, a wholly owned subsidiary of SiriusXM. It also covers advertising sold on other audio platforms and in widely distributed podcasts. The company reports its results in these two segments.

What it sells

SiriusXM earns most of its money from subscription fees. It also earns from advertising on select music and non-music channels, direct sales of radios and accessories, and other services. Plans run from SiriusXM Play, an ad-supported offering that started in 2025, to Platinum VIP, the top subscription. The company also sells a streaming-only package called All Access (App only) and a SiriusXM Podcast+ subscription.

Pandora offers three services: a free ad-supported radio service, Pandora Plus, an ad-free radio subscription, and Pandora Premium, an on-demand subscription. The majority of Pandora's revenue comes from advertising on the free service, and the rest comes from subscriptions.

- SiriusXM Media, the advertising sales group and exclusive ad sales representative for SiriusXM and Pandora. - The SiriusXM Podcast Network, which licenses original podcasts and sells advertising on them. - AdsWizz, an audio advertising technology platform used by Pandora and by third party customers. - Simplecast, a podcast management and analytics platform. - Connected vehicle services for several automakers, plus data services such as weather, fuel prices and traffic. - Commercial music services for businesses through Pandora Cloud Cover Media, Inc., Pandora for Business and SiriusXM for Business.

How listeners are reached

Cars are the main route for SiriusXM. Satellite radios are a factory-installed feature in substantially all vehicle makes sold in the United States, and most automakers include a trial subscription with new vehicles. The company has over 180 million SiriusXM enabled vehicles in operation. It shares part of the revenue from subscribers with certain automakers and reimburses some of their costs for installing the radios. It also markets to buyers of pre-owned vehicles that have satellite radios.

Its 360L interface combines satellite and streaming in the car and was included in approximately 170 vehicle models for sale in the United States in 2025. The company does not manufacture radios. Authorized manufacturers and distributors make them, and the company sells them through its website and retailers such as Amazon.com. The streaming service also runs on mobile devices, web browsers, televisions and smart speakers.

Satellites and regulation

SiriusXM delivers its service through a fleet of geostationary satellites. FM-5 and SXM-10 use Sirius frequencies, and XM-5 and SXM-9 use XM frequencies. SXM-8 and FM-6 are now in-orbit spares. SXM-11 and SXM-12 are under construction, and the company says it expects them to launch in 2026 and 2027. More than 1,000 terrestrial repeaters supplement the signal in places where buildings block it.

The Federal Communications Commission (FCC) licenses the satellite system, and the company holds licenses for 35 MHz of contiguous spectrum. It bought the Wireless Communications Service C and D Block licenses in 2024 and uses them to provide a satellite-delivered service for the Federal Emergency Management Agency (FEMA).

Music rights are a major part of its operations. For the satellite radio service, the Copyright Royalty Board set the statutory sound recording royalty at 15.5% of gross revenues for 2018 through 2027, subject to exclusions and adjustments. Both services also license musical compositions through ASCAP, BMI, SESAC and Global Music Rights.

Who it competes with

For listeners, the company names traditional AM/FM radio and streaming services including Amazon Prime, Apple Music, Spotify, TikTok and YouTube. It also names the in-dash systems and projection technologies such as Apple CarPlay and Android Auto. For advertisers, its competitors include Amazon, Facebook, YouTube and Google, connected television providers, broadcasters, broadcast radio and podcast networks. In connected vehicle services it names OnStar, a division of General Motors.

Its people

Programming comes from studios in New York City, Los Angeles, Miami, Nashville, Las Vegas and Washington D.C., with smaller studios elsewhere. The company reports core voluntary full-time employee turnover of approximately 6.6% in 2025. Jennifer C. Witz has been Chief Executive Officer since 1 January 2021, and Scott A. Greenstein has been President and Chief Content Officer since May 2004.

*From SiriusXM's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/908937/000090893726000006/siri-20251231.htm)*

From the company's 10-K.