Thursday 5 November 2026 Export SIRI’s income statement to Excel — free account

Sirius XM Holdings Inc.

SIRI Communication Services Entertainment

Sirius XM Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.6 billion, down 1.62% from fiscal 2024.

Revenue: −0.28%
EPS: +6.90%
Free cash flow: +14.1%
Total debt: −7.55%

Quarter to September 2026, against a year earlier

33.51 2.71 +8.80%

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Market cap: $10.4B
P/E: 11.6×
Fwd P/E: 9.7×
Dividend yield: 4.37%
F-score: 7/9
Altman Z: 1.24
Beneish M: −2.52
Dividend safety: 57/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Sirius XM Holdings Inc. (SIRI) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
SiriusXM	6,417	74.98%
Pandora and Off-platform	2,141	25.02%
Gross margin		51.88%
Operating margin		17.19%
Pre-tax margin		12.34%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Subscriber revenue	6,486 75.79%	6,616 76.05%	6,866 76.69%	6,892 76.55%	6,614 76.06%	6,372 79.25%	6,120 78.52%	5,264 91.21%	4,990 91.98%	4,197 83.65%
Advertising revenue	1,772 20.71%	1,773 20.38%	1,758 19.64%	1,772 19.68%	1,730 19.89%	1,340 16.67%	1,336 17.14%	188 3.26%	160 2.95%	138 2.76%
Equipment revenue	178 2.08%	182 2.09%	193 2.16%	189 2.10%	201 2.31%	173 2.15%	173 2.22%	155 2.69%	132 2.43%	119 2.37%
Other revenue	122 1.43%	128 1.47%	136 1.52%	150 1.67%	151 1.74%	155 1.93%	165 2.12%	164 2.84%	143 2.64%	—
Music Royalties And Other Products And Services	—	—	—	—	—	—	—	—	—	563 11.23%
Other revenue	300	310	329	339	—	—	—	—	—	—
Revenue	8,558	8,699	8,953	9,003	8,696	8,040	7,794	5,771	5,425	5,017

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
SiriusXM	6,417 74.98%	6,553 75.33%	6,840 76.40%	6,905 76.70%	6,624 76.17%	6,342 78.88%	6,187 79.38%
Pandora and Off-platform	2,141 25.02%	2,146 24.67%	2,113 23.60%	2,098 23.30%	2,072 23.83%	1,698 21.12%	1,607 20.62%
Revenue	8,558	8,699	8,953	9,003	8,696	8,040	7,794

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Companion subscriptions self-pay net additions	Q3 FY2026	107.0K	—	—
Installations	Q3 FY2026	3.2M	3.4M	−3.28%
Pandora ad supported listener hours	Q3 FY2026	2.3B	2.5B	−9.64%
Pandora advertising revenue per thousand listener hours (RPM)	Q3 FY2026	$91.63	$91.24	+0.43%
Pandora monthly active users - all services	Q3 FY2026	38.8M	41.6M	−6.62%
Pandora self-pay subscribers	Q3 FY2026	5.5M	5.7M	−3.11%
Pandora weighted average number of subscribers	Q3 FY2026	5.6M	5.7M	−2.30%
Sirius XM ARPU	Q3 FY2026	$15.18	$15.19	−0.07%
Sirius XM average self-pay monthly churn	Q3 FY2026	1.50%	1.60%	—
Sirius XM Canada subscribers	Q3 FY2026	2.4M	2.5M	−2.17%
Sirius XM ending subscribers	Q3 FY2026	32.9M	32.8M	+0.14%
Sirius XM net additions	Q3 FY2026	−15.0K	11.0K	−236.36%
Sirius XM paid promotional subscribers	Q3 FY2026	1.6M	1.6M	+1.34%
Sirius XM paid promotional subscribers net additions	Q3 FY2026	−20.0K	51.0K	−139.22%
Sirius XM SAC, per installation	Q3 FY2026	$22.36	$19.37	+15.44%
Sirius XM self-pay subscribers	Q3 FY2026	31.3M	31.2M	+0.08%
Sirius XM self-pay subscribers net additions	Q3 FY2026	5.0K	−40.0K	+112.50%
Sirius XM weighted average number of subscribers	Q3 FY2026	32.8M	32.7M	+0.25%
Total vehicle trial funnel	Q3 FY2026	7.4M	7.4M	0.00%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Companion subscriptions self-pay net additions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Installations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pandora ad supported listener hours	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pandora advertising revenue per thousand listener hours (RPM)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pandora monthly active users - all services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pandora self-pay subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pandora weighted average number of subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM ARPU	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM average self-pay monthly churn	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM Canada subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM ending subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM net additions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM paid promotional subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM paid promotional subscribers net additions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM SAC, per installation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM self-pay subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM self-pay subscribers net additions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sirius XM weighted average number of subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total vehicle trial funnel	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.