SIRIUS XM HOLDINGS (SIRI) Company Report

Sirius XM reaffirmed and recently raised its guidance for the year across EBITDA, free cash flow, and revenue, marking the second time free cash flow guidance was raised. The company also announced the appointment of Zac Coughlin as the new CFO, bringing experience from Ford and public companies.
The company reported a churn rate of 1.6% and is modernizing its pricing architecture to "good, better, best" tiers, with the ad-supported "Play" plan successfully widening the top of the funnel and most users migrating to higher price points. 360L is now in over 50% of new car trials and is projected to be in nearly 90% by 2030, while extended three-year trials with auto OEMs are significantly contributing to gross additions.
Sirius XM achieved its $200 million annual run rate cost savings goal early through product and technology improvements, and its podcast business has grown 50% year over year.
The company expects its satellite program's capital expenditure to be roughly zero by 2028.

Metric	FY 2025	FY 2026
Non-Satellite CapEx ($USD Millions)	$450 - $500	$400

Nov 18, 2025, 5:00 PM

Transcript

Sirius XM Reaffirms Guidance and Announces New CFO

SIRI

CFO Change

Guidance Update

New Projects/Investments

Sirius XM reaffirmed its recently raised guidance for the year across EBITDA, free cash flow, and revenue, noting this is the second time free cash flow guidance has been raised in recent months.
Zac Coughlin has been appointed as the new Chief Financial Officer, with his experience at Ford expected to benefit OEM relationships.
The company is modernizing its pricing architecture to a "good, better, best" model to optimize EBITDA, focusing on managing churn (currently 1.6%), widening the top of the funnel, and increasing ARPU.
Strategic initiatives like continuous service and the increasing penetration of 360L (over 50% of new car trials, projected to be 90% by 2030) are expected to improve churn and conversion, alongside new extended three-year trials with auto OEMs.
Sirius XM achieved its $200 million annual run rate cost savings goal early and projects non-satellite CapEx to be $400 million next year, down from $450 million to $500 million this year.

Nov 18, 2025, 5:00 PM

Transcript

SiriusXM Reports Q3 2025 Results and Raises Full Year Guidance

SIRI

Earnings

Guidance Update

New Projects/Investments

SiriusXM reported Q3 2025 total revenue of $2.16 billion, essentially flat year-over-year, with Adjusted EBITDA of $676 million (down 2%) and free cash flow of $257 million, significantly up from $93 million in Q3 2024.
The company increased its full year 2025 guidance by $25 million across revenue, Adjusted EBITDA, and free cash flow.
Advertising revenue grew by $5 million to $455 million in Q3 2025, primarily driven by podcasting revenue which was up almost 50% year-over-year.
Strategic initiatives include enhancing the subscriber experience, expanding ad-supported offerings, and implementing cost savings, with a goal of reaching $1.5 billion in free cash flow by 2027 and beyond.
SiriusXM is actively exploring opportunities to monetize its 35 MHz of contiguous spectrum assets.

Oct 30, 2025, 12:00 PM

Transcript

SiriusXM Reports Q3 2025 Results and Raises Full-Year Guidance

SIRI

Earnings

Guidance Update

Dividends

SiriusXM reported Q3 2025 total revenue of $2.16 billion, which was essentially flat year-over-year, alongside net income of $297 million and free cash flow of $257 million, significantly up from $93 million in Q3 2024.
The company increased its full-year 2025 guidance by $25 million across revenue, Adjusted EBITDA, and free cash flow, now projecting approximately $8.525 billion in total revenue, $2.625 billion in Adjusted EBITDA, and $1.225 billion in free cash flow.
SiriusXM's cost savings program achieved its $200 million target for 2025 , and the company reduced total debt by $120 million while returning $111 million to shareholders through dividends and share repurchases in the quarter.
Podcast ad revenue continued strong performance, growing by nearly 50% year-over-year in Q3 2025.

Oct 30, 2025, 12:00 PM

Transcript

SiriusXM Reports Q3 2025 Operating and Financial Results

SIRI

Earnings

Guidance Update

Share Buyback

SiriusXM reported Q3 2025 revenue of $2.16 billion, a 1% decrease from the prior-year period, with net income of $297 million and diluted EPS of $0.84.
For the quarter, Adjusted EBITDA was $676 million and Free Cash Flow was $257 million.
The company increased its full-year 2025 guidance for revenue, Adjusted EBITDA, and Free Cash Flow by $25 million each, now targeting $8.525 billion in revenue, $2.625 billion in Adjusted EBITDA, and $1.225 billion in Free Cash Flow.
SiriusXM ended the quarter with approximately 33 million total subscribers, experiencing a decrease of approximately 40,000 self-pay net subscribers.
In Q3 2025, the company returned $111 million to shareholders through $91 million in dividends and $20 million in share repurchases.

Oct 30, 2025, 11:45 AM

8-K

SiriusXM Raises 2025 Free Cash Flow Guidance and Outlines Capital Expenditure Reductions

SIRI

Guidance Update

Dividends

Share Buyback

SiriusXM is raising its 2025 free cash flow guidance by $50 million to approximately $1.2 billion, while reiterating revenue guidance of approximately $8.5 billion and adjusted EBITDA guidance of approximately $2.6 billion.
The company expects a significant reduction in capital expenditures, with satellite CapEx projected to decrease from approximately $200 million in 2025 to $115 million in 2026, $50 million in 2027, and near zero in 2028. Non-satellite CapEx is also expected to decrease from the lower end of $450 million to $500 million in 2025 to approximately $400 million in 2026.
SiriusXM aims to reach its target leverage range by the end of 2026, coinciding with its 2027 free cash flow target of $1.5 billion, which will enable further expansion of capital returns.
The company is seeing improved subscriber metrics from its 360L platform, with 50% of new car trial starts and over 10% of used car trial starts utilizing 360L, leading to better conversion rates, churn rates, and ARPU.

Sep 3, 2025, 8:18 PM

SIRIUS XM Extends and Increases Revolving Credit Facility

SIRI

Debt Issuance

Share Buyback

Dividends

Sirius XM Radio LLC, a subsidiary of SIRIUS XM HOLDINGS INC., entered into Amendment No. 11 to its Credit Agreement on August 20, 2025.
The amendment extends the maturity of the Revolving Facility to August 31, 2030.
The aggregate principal amount of the Revolving Facility was increased from $1.75 billion to $2.0 billion.
This facility can be used for working capital and other general corporate purposes, including share repurchases, dividends, and the financing of acquisitions.
The threshold for judgments triggering an event of default was raised to the greater of $911,750,000 and 35% of Consolidated Operating Cash Flow.

Aug 21, 2025, 12:00 AM

8-K

SiriusXM outlines in-car focus and pricing innovations

SIRI

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

SiriusXM is refocusing on its core in-car audience, reporting low churn and record customer satisfaction through enhanced content and distribution strategies.
Management detailed a modular pricing rollout, including a $9.99 in-car music-only package with add-on options, designed to encourage upselling to higher-price packages and minimize cannibalization.
The team expects ARPU improvement driven by ongoing rate increases and upcoming ad-supported subscription trials scheduled for the second half of the year.
A robust cost-reduction plan aims for $200 million in run-rate savings by year-end—early efforts have already delivered $30 million in savings, supporting improved margins.

May 13, 2025, 2:11 PM

Transcript

Sirius XM Q1 2025 Earnings & Financial Update

SIRI

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q1 Financial Performance: Revenue reached $2.07 billion, net income was $204 million, and adjusted EBITDA was $629 million at a 30% margin, reflecting a 4% YoY decline .
Full-Year Guidance Reaffirmed: Expectations remain at ~$8.5 billion in revenue, $2.6 billion in adjusted EBITDA, and $1.15 billion in free cash flow .
Strategic & Operational Improvements: Strategic realignment boosted the subscription business with enhanced in-car offerings and new pricing initiatives, while cost reductions across marketing, product, and technology helped maintain solid margins .
Cash Flow Insights: Q1 free cash flow totaled $56 million, supporting the company’s broader liquidity outlook .
Efficiency & Subscriber Gains: Self-pay net additions were -303,000, marking a 16% YoY improvement, with the company on track to deliver $200 million in annualized cost savings in 2025 .
Ad Revenue Growth: Podcast ad revenue increased by 33% YoY, expanding reach to over 70 million monthly listeners .

May 1, 2025, 12:01 PM

Transcript Presentation 8-K

Sirius XM Reprioritizes Business Strategy and Enhances Operational Focus

SIRI

Management Change

New Projects/Investments

Guidance Update

Strategic Reprioritization: The company is refocusing on sustainable growth by enhancing its in-car capabilities, streaming products (notably the 360L platform), and ad sales while targeting $200 million in cost savings for 2025.
Management Change: Sirius XM has appointed COO Wayne Thorsen to lead product, technology, and commercial operations, marking the first COO role since the previous era before the current leadership.
Pricing & Subscriber Initiatives: The rollout of a modular pricing strategy with a $9.99 base plan and add-ons aims to boost engagement and subscriber conversion, even as the company anticipates a reduction of about 200,000 subscribers in self-pay net adds due to changes in promotional activities.
Ad-Supported Tier Prospect: There are plans to introduce an ad-supported tier by year-end, designed to balance content and pricing while capitalizing on expanded market segments amid a cautious advertising market.

Mar 11, 2025, 3:21 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for SIRIUS XM HOLDINGS.

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