Companies /Communication Services

Sirius XM Holdings Inc

NASDAQ: SIRI Entertainment
$28.47
▼ $0.03 (−0.11%) today
Markets open · 3:09pm ET

Q3 2025 Earnings

Reported Oct 30, 2025, 7:45am ET · SEC source
$0.84
Beat +7.86%
EPS · est. $0.78
$2.2B
Beat +0.87%
Revenue · est. $2.1B
−10.4%
Trailing market
SIRI vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−4%0+4%Oct 30Oct 31report 7:45am ETearnings−0.8%−1.7%
−4%0+4%Oct 30Oct 31earnings−0.8%−1.7%
SIRI −1.7%S&P 500 −0.8%
−4%0+4%Oct 30Oct 31report 7:45am ETearnings−1.1%−1.7%
−4%0+4%Oct 30Oct 31earnings−1.1%−1.7%
SIRI −1.7%NASDAQ −1.1%
−4%0+4%Oct 29Nov 7report 7:45am ETearnings−2.4%−2.3%
−4%0+4%Oct 29Nov 7earnings−2.4%−2.3%
SIRI −2.3%S&P 500 −2.4%
−4%0+4%Oct 29Nov 7report 7:45am ETearnings−3.8%−2.3%
−4%0+4%Oct 29Nov 7earnings−3.8%−2.3%
SIRI −2.3%NASDAQ −3.8%
+10.11%
Day of report
−6.47%
Next session
−6.73%
One week
−10.13%
30 days

S&P 500 over the same 30 days: +0.25%.

Did SIRI Beat Earnings? Q3 2025 Results

SiriusXM delivered a cleaner-than-expected third quarter, posting earnings of $0.84 per diluted share against a consensus estimate of $0.78, a beat of 7.86%, while revenue of $2.16 billion edged past the $2.14 billion Wall Street expected and came in essentially flat year-over-year, down just 0.6%. The most striking headline was the swing to GAAP net income of $297 million, compared to a net loss of $2.96 billion a year ago, a prior-year figure heavily distorted by a $3.36 billion noncash goodwill impairment tied to the Liberty Media transaction. Beneath the surface, fundamentals remained under measured pressure: adjusted EBITDA dipped to $676 million from $693 million, self-pay subscribers declined by roughly 40,000, and Pandora monthly active users fell 5% to 41.6 million. Free cash flow, however, surged to $257 million from $93 million a year prior. Management raised full-year 2025 guidance by $25 million across revenue, adjusted EBITDA, and free cash flow, now targeting approximately $8.53 billion, $2.63 billion, and $1.23 billion, respectively.

Key Takeaways
  • Disciplined cost management offsetting lower subscriber revenue
  • Advertising revenue growth of 2% in Pandora and Off-Platform segment driven by podcasts and technology fees
  • Elimination of Liberty transaction costs boosting free cash flow
  • Lower cash taxes paid and reduced capital expenditures
  • Sales and marketing expenses decreased 15% year-over-year

“This was a quarter of meaningful progress for SiriusXM. We're enhancing the subscriber experience through new content, deeper personalization, and continued innovation across every stage of the customer journey, driving greater engagement and value for our listeners. At the same time, we're scaling our digital advertising business and strengthening our leadership in podcasting. Across each of these areas, we're leveraging our unique assets to deliver sustainable profitability and long-term value for our shareholders — a strategy that is already delivering as we raise our full year guidance.”

Sirius XM CEO, on the earnings call

Forward Guidance & Outlook

SiriusXM raised its full-year 2025 financial guidance by $25 million across revenue, adjusted EBITDA, and free cash flow. The company now expects total revenue of approximately $8.525 billion, adjusted EBITDA of approximately $2.625 billion, and free cash flow of approximately $1.225 billion. Management expressed confidence in the strategy and expects to meet the new full-year guidance. The company continues to target a long-term net debt-to-adjusted EBITDA leverage ratio in the low-to-mid 3x range.

SIRI YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$600.0M$1.2B$1.8B$2.2B$2.2BRevenue$1.1B$1.1BGross Profit$227.2M$493.0MOperating Income$140.0M$297.0MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

SIRI Revenue by Segment

SiriusXM$1.6B−1.0%
Pandora and Off-Platform$548.0M+1.0%

Figures from SEC filings and company reports. Not investment advice.