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SIRI

Sirius XM Holdings Inc.

SIRI

Sirius XM Holdings Inc. • NASDAQ
$21.26 ▲ 1.67% (+0.35)
Market Cap $7.16 B
52w High $29.18
52w Low $18.69
Dividend Yield 1.08%
P/E 5.22
Volume 1.66M
Outstanding Shares 336.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.159B ▲ $568M ▼ $297M ▲ 13.756% ▲ $0.88 ▲ $644M ▲
Q2-2025 $2.138B ▲ $635M ▲ $205M ▲ 9.588% ▼ $0.61 ▲ $511M ▼
Q1-2025 $2.068B ▼ $577M ▲ $204M ▼ 9.865% ▼ $0.6 ▼ $541M ▼
Q4-2024 $2.188B ▲ $545M ▼ $287M ▲ 13.117% ▲ $0.85 ▲ $645M ▲
Q3-2024 $2.171B $3.956B $-2.456B -113.128% $-7.24 $-2.719B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $79M ▼ $27.401B ▲ $15.845B ▼ $11.556B ▲
Q2-2025 $92M ▼ $27.326B ▼ $15.997B ▼ $11.329B ▲
Q1-2025 $127M ▼ $27.426B ▼ $16.214B ▼ $11.212B ▲
Q4-2024 $162M ▲ $27.521B ▲ $16.447B ▼ $11.074B ▲
Q3-2024 $127M $27.483B $16.624B $10.859B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $297M ▲ $430M ▼ $-191M ▼ $-252M ▲ $-13M ▲ $255M ▼
Q2-2025 $205M ▲ $546M ▲ $-162M ▲ $-419M ▼ $-35M $401M ▲
Q1-2025 $204M ▼ $242M ▼ $-235M ▼ $-42M ▲ $-35M ▼ $53M ▼
Q4-2024 $287M ▲ $679M ▲ $-178M ▲ $-466M ▼ $35M ▲ $514M ▲
Q3-2024 $-2.456B $240M $-235M $-69M $27M $24M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $480.00M ▲$390.00M ▼$430.00M ▲$460.00M ▲
Other Revenue
Other Revenue
 $40.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Subscription and Circulation
Subscription and Circulation
 $1.63Bn ▲$1.60Bn ▼$1.63Bn ▲$1.63Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the past several years, hovering in the high single‑digit billions rather than growing strongly. The core business is clearly mature. Profitability, however, has changed sharply: for several years Sirius XM generated solid operating and net profits, but the most recent year shows a sizable loss at both the operating and net income levels. That pattern suggests one‑time charges, higher costs, or write‑downs hitting the income statement, rather than a collapse in day‑to‑day operations. Still, it marks a break from the earlier, steadier earnings profile and signals that the company is under some financial and strategic pressure even though its top line has not fallen dramatically.

Balance Sheet

Balance Sheet The balance sheet has transformed in recent years. Total assets have stepped up significantly, likely reflecting acquisitions or intangible assets such as content rights and goodwill. Debt remains substantial and has crept higher over time, keeping leverage an important consideration. On the positive side, shareholder equity, which used to be negative, is now clearly positive, indicating a stronger capital base than in the past. Cash on hand is relatively modest compared with the size of the business and its debt load, so the company relies on ongoing cash generation and access to capital markets rather than a large cash cushion.

Cash Flow

Cash Flow Cash flow is a relative bright spot. Operating cash flow has been consistently strong and fairly stable for several years, even as reported accounting profits have recently turned negative. Free cash flow has remained positive, though it has eased somewhat from earlier peaks as operating cash flows softened and investment in the business ticked up. Capital spending is still moderate relative to the size of the company, which helps keep free cash flow healthy. Overall, the cash figures suggest the underlying subscription model continues to generate dependable cash, and recent losses are at least partly driven by non‑cash or unusual items.

Competitive Edge

Competitive Edge Sirius XM holds a distinctive niche in audio entertainment. Its main strengths are deep integration with automakers, a large installed base of enabled cars, and a rich bundle of exclusive content spanning personalities, sports, music, talk, and news. This combination creates real switching frictions and has historically given the company a durable edge versus traditional radio. However, the competitive landscape has shifted: in‑car connectivity and seamless access to streaming apps mean drivers can increasingly choose Spotify, Apple Music, podcasts, and other options as easily as satellite radio. Subscriber growth has flattened and churn, while not extreme, is meaningful. The company still has a defensible position, but its moat is no longer unquestioned and now depends heavily on content differentiation and maintaining its automotive relationships, including with newer EV makers.

Innovation and R&D

Innovation and R&D Most of Sirius XM’s innovation is focused on product experience and distribution rather than heavy lab-style R&D. The 360L platform, which blends satellite and streaming and adds personalization, is a key effort to modernize the in‑car experience and bring it closer to what listeners expect from streaming services. The acquisition of Pandora deepened its presence in pure streaming, while investments in podcasts and networks like Team Coco broaden its content portfolio and advertising opportunities. The company is experimenting with new pricing tiers, potentially including ad‑supported offerings, to reach more price‑sensitive listeners. Data and analytics tools are being used to fine‑tune content, marketing, and operations. At the same time, management is pushing cost savings, so a key tension is whether they can cut expenses while still investing enough to keep the service compelling against fast‑moving digital competitors.

Summary

Sirius XM today looks like a mature, cash‑generative media business facing a pivotal transition. Revenue is stable rather than growing, and the latest year’s accounting loss shows that the company is absorbing significant charges or higher costs as it adjusts its strategy. The balance sheet carries meaningful debt but has improved from earlier years with positive equity, while steady free cash flow helps support ongoing obligations and capital returns. Strategically, the franchise still rests on valuable exclusive content and deep automotive integration, but the rise of connected cars and on‑demand streaming is eroding its once‑clear advantage. Future performance will likely hinge on whether Sirius XM can slow subscriber erosion, refresh its offering through hybrid satellite‑streaming and podcasts, and manage its cost base and leverage without undermining its ability to innovate. Uncertainty is higher than it was a few years ago, but the business retains important strengths that give it room to navigate this shift.

NEWS

November 18, 2025 · 8:02 AM UTC

SiriusXM Appoints Zac Coughlin as Chief Financial Officer

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October 30, 2025 · 7:00 AM UTC

SiriusXM Reports Third Quarter 2025 Operating and Financial Results

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October 22, 2025 · 5:30 PM UTC

SiriusXM Declares Quarterly Cash Dividend

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October 21, 2025 · 8:57 AM UTC

Vehlo Announces SiriusXM Integration

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October 1, 2025 · 4:30 PM UTC

SiriusXM to Report Third Quarter 2025 Operating and Financial Results

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