Companies /Communication Services

Sirius XM Holdings Inc

NASDAQ: SIRI Entertainment
$28.46
▼ $0.04 (−0.16%) today
Markets open · 1:03pm ET

Q4 2025 Earnings

Reported Feb 5, 2026, 7:55am ET · SEC source
$0.24
Miss −69.02%
EPS · est. $0.77
$2.2B
Beat +1.11%
Revenue · est. $2.2B
−3.6%
Trailing market
SIRI vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−4%0+4%Feb 5Feb 6report 7:55am ETearnings+1.0%−2.1%
−4%0+4%Feb 5Feb 6earnings+1.0%−2.1%
SIRI −2.1%S&P 500 +1.0%
−4%0+4%Feb 5Feb 6report 7:55am ETearnings+1.3%−2.1%
−4%0+4%Feb 5Feb 6earnings+1.3%−2.1%
SIRI −2.1%NASDAQ +1.3%
−10%−5%0Feb 4Feb 12report 7:55am ETearnings−0.0%−3.7%
−10%−5%0Feb 4Feb 12earnings−0.0%−3.7%
SIRI −3.7%S&P 500 −0.0%
−10%−5%0Feb 4Feb 12report 7:55am ETearnings+0.2%−3.7%
−10%−5%0Feb 4Feb 12earnings+0.2%−3.7%
SIRI −3.7%NASDAQ +0.2%
+9.02%
Day of report
−4.07%
Next session
−3.98%
One week
−3.63%
30 days

S&P 500 over the same 30 days: −0.06%.

Did SIRI Beat Earnings? Q4 2025 Results

Sirius XM delivered a deeply split Q4 2025 report, beating revenue expectations while falling well short on the bottom line. The satellite radio giant posted revenue of $2.19 billion, edging past the $2.17 billion consensus by 1.11% and holding essentially flat against the year-ago period at a modest +0.2% growth rate, but earnings told a sharply different story. Diluted EPS of $0.24 missed the $0.77 consensus estimate by 69.02%, with the shortfall driven largely by $272 million in impairment, restructuring, and other charges during the quarter, compared to just $12 million a year earlier, which compressed net income to $99 million from $287 million in Q4 2024. On a brighter note, full-year free cash flow grew 24% to $1.26 billion, and management guided 2026 revenue to approximately $8.50 billion with adjusted EBITDA of roughly $2.60 billion, signaling continued stabilization even as at least one analyst firm downgraded the stock, citing concerns over self-pay subscriber losses and slower ARPU growth heading into the new year.

Key Takeaways
  • Exceeded $250 million in incremental gross cost savings target for 2025
  • Free cash flow growth of 24% year-over-year driven by elimination of Liberty transaction costs, lower cash taxes, and lower capex
  • Self-pay monthly churn improved to 1.5% from 1.6% year-over-year
  • Q4 self-pay net adds of 110,000 aided by Continuous Service launch and companion subscriptions
  • Podcasting revenue grew 41% in 2025 on top of 12% growth in 2024
  • Advertising revenue increased 4% year-over-year in Q4

“We entered 2025 with renewed strategic focus as a fully independent public company, and we're pleased to have overdelivered on our commitments, finishing the year with a strong fourth quarter, meaningful free cash flow growth, and exceeding our full-year guidance.”

Sirius XM CEO, on the earnings call

Forward Guidance & Outlook

For 2026, Sirius XM guided to total revenue of approximately $8.5 billion, adjusted EBITDA of approximately $2.6 billion, and free cash flow of approximately $1.35 billion. Management expects financial stability and continued free cash flow growth toward a $1.5 billion objective in 2027. The company targets a long-term net leverage ratio in the low-to-mid 3x range, which it expects to achieve by Q4 2026.

SIRI YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$700.0M$1.4B$2.1B$2.2B$2.2BRevenue$1.1B$1.2BGross Profit$505.0M$226.0MOperating Income$287.0M$99.0MNet Income
$0$700.0M$1.4B$2.1BRevenueGross ProfitOperating IncomeNet Income

SIRI Revenue by Segment

SiriusXM$1.6B−1.0%
Pandora and Off-Platform$582.0M+2.0%

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