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Sirius XM

Sirius XM (SIRI) Q2 2025 Earnings

Reported Jul 31, 2025 at 7:56 AM ET · SEC Source

Q2 25 EPS

$0.57

MISS 26.29%

Est. $0.77

Q2 25 Revenue

$2.14B

BEAT +0.49%

Est. $2.13B

vs S&P Since Q2 25

+31.6%

BEATING MARKET

SIRI +50.5% vs S&P +18.9%

Market Reaction

Did SIRI Beat Earnings? Q2 2025 Results

SiriusXM delivered a mixed second quarter, with revenue edging past expectations but earnings falling well short of what Wall Street had penciled in. The satellite audio giant posted revenue of $2.14 billion, a narrow beat against the $2.13 billion c… Read more SiriusXM delivered a mixed second quarter, with revenue edging past expectations but earnings falling well short of what Wall Street had penciled in. The satellite audio giant posted revenue of $2.14 billion, a narrow beat against the $2.13 billion consensus, though the figure still represented a 1.8% decline from a year earlier. The earnings picture was rougher: diluted EPS of $0.57 missed the $0.77 consensus by 26.29%, dragged lower by $107 million in impairment, restructuring, and other costs alongside $28 million in legal settlements that had no comparable charges in the prior year. Net income fell to $205 million from $354 million in Q2 2024. Beneath the headline pressure, subscriber loss trends offered a more encouraging signal, with net self-pay losses narrowing to 68,000 from 100,000 a year ago, a 32% improvement that management cited as evidence its retention strategy is gaining traction. Free cash flow rose 27% to $402 million. SiriusXM reaffirmed full-year guidance of approximately $8.50 billion in revenue and approximately $1.15 billion in free cash flow, even as prominent value-oriented investors have been adding to their positions on the pullback.

Key Takeaways

  • • Self-pay subscriber net losses improved by 32,000 year-over-year to a loss of 68,000
  • • Self-pay monthly churn held steady at 1.5%
  • • Podcast revenue grew nearly 50% year-over-year
  • • Sales and marketing expenses decreased 20% and product and technology costs fell 20%
  • • Free cash flow increased 27% year-over-year to $402 million
  • • Elimination of Liberty-level overhead costs
24/7 Wall St

SIRI YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

SIRI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Our renewed strategic focus continued to deliver this quarter. We achieved meaningful year-over-year subscriber improvements, signed exciting new content agreements, accelerated momentum in podcasting, and unlocked significant cost efficiencies. We're seeing deeper engagement from our most loyal listeners, early traction from sustained strength across key performance metrics and operational improvements. We're becoming a more focused, more flexible company—centered on delivering real and increasing value to our listeners and driving long-term growth for our business.”

— Jennifer Witz, Q2 2025 Earnings Press Release

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