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Sirius XM

Sirius XM (SIRI) Q1 2026 Earnings

Reported Apr 30, 2026 at 7:48 AM ET · SEC Source

Q1 26 EPS

$0.72

BEAT +0.78%

Est. $0.71

Q1 26 Revenue

$2.09B

BEAT +0.79%

Est. $2.07B

vs S&P Since Q1 26

+9.5%

BEATING MARKET

SIRI +14.1% vs S&P +4.5%

Market Reaction

Did SIRI Beat Earnings? Q1 2026 Results

Sirius XM fell short of Wall Street expectations in the first quarter of 2026, posting earnings per share of $0.72 against a consensus estimate of $0.78, a miss of 7.90%, while revenue of $2.09 billion trailed the $2.14 billion estimate by 2.15% and … Read more Sirius XM fell short of Wall Street expectations in the first quarter of 2026, posting earnings per share of $0.72 against a consensus estimate of $0.78, a miss of 7.90%, while revenue of $2.09 billion trailed the $2.14 billion estimate by 2.15% and slipped 2.2% from a year ago. The headline numbers, however, obscured meaningful underlying progress: net income grew 20% to $245 million, adjusted EBITDA expanded 6% to $666 million, and free cash flow more than tripled to $171 million, driven by disciplined cost management and a sharp decline in capital expenditures. Subscriber trends also improved notably, with self-pay net losses narrowing by 192,000 compared to Q1 2025, supported by growing companion subscription adoption and lower churn. A landmark deal positioning SiriusXM as the exclusive U.S. Advertising representative for YouTube's audio inventory added a forward-looking dimension to the quarter, drawing analyst upgrades and lifting the strategic outlook. Management reaffirmed full-year 2026 guidance of approximately $8.50 billion in revenue, $2.60 billion in adjusted EBITDA, and $1.35 billion in free cash flow.

Key Takeaways

  • • Rate increases on certain self-pay plans driving ARPU growth to $14.99
  • • Lowest first-quarter self-pay monthly churn of 1.5%
  • • Podcast revenue grew 37% year-over-year
  • • Pandora advertising revenue increased 5% driven by podcasting and programmatic demand
  • • Lower cost of services driven by reductions in customer service, programming, and transmission costs
  • • Capital expenditures declined significantly from $189M to $105M year-over-year
  • • Growing adoption of companion subscriptions adding 124,000 incremental self-pay net additions
  • • Impairment, restructuring and other costs fell from $48M to $6M

SIRI Forward Guidance & Outlook

SiriusXM reaffirmed its full-year 2026 guidance: total revenue of approximately $8.5 billion, adjusted EBITDA of approximately $2.6 billion, and free cash flow of approximately $1.35 billion. Management targets achieving a long-term net debt-to-adjusted EBITDA leverage ratio in the low-to-mid 3x range by Q4 2026, down from 3.6x at quarter end. The company also reiterated its 2027 free cash flow objective of $1.5 billion. Management noted a more dynamic macroeconomic backdrop but expressed confidence in continued execution on cost efficiency initiatives and free cash flow growth.

24/7 Wall St

SIRI YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

SIRI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We are off to a strong start in 2026, delivering growth in both revenue and profitability while executing with discipline against our strategic priorities. In the first quarter, we increased year-over-year subscriber net additions, grew ARPU, and achieved the lowest first-quarter churn on record. Our latest proprietary subscriber satisfaction study delivered the highest scores since its inception, reinforcing the strength of our value proposition. We also significantly enhanced our advertising capabilities through our landmark partnership with YouTube. This strong execution, combined with continued enhancements to our content offering and deeper listener engagement underscores the resilience of our model and positions us well to deliver sustainable long-term value for shareholders.”

— Jennifer Witz, Q1 2026 Earnings Press Release

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