Q2 26 EPS
$0.70
MISS 10.76%
Est. $0.78
Q2 26 Revenue
$2.16B
BEAT +1.11%
Est. $2.14B
vs S&P Since Q2 26
-9.3%
TRAILING MARKET
SIRI -5.0% vs S&P +4.3%
Market Reaction
Did SIRI Beat Earnings? Q2 2026 Results
Sirius XM Holdings delivered a mixed second quarter for fiscal 2026, posting earnings per share of $0.70 that fell short of the $0.78 consensus estimate by 10.76%, even as revenue of $2.16 billion edged ahead of expectations by 1.11% and grew 1.0% ye… Read more Sirius XM Holdings delivered a mixed second quarter for fiscal 2026, posting earnings per share of $0.70 that fell short of the $0.78 consensus estimate by 10.76%, even as revenue of $2.16 billion edged ahead of expectations by 1.11% and grew 1.0% year-over-year. The most compelling storyline beneath the headline numbers was a genuine stabilization in the company's core subscription business, with the SiriusXM segment recording positive self-pay net additions of 22,000, a swing of 90,000 from the prior year's loss, driven by record-low monthly churn of 1.4%. That operational improvement fed through to adjusted EBITDA of $691.00 million, up 3% with margins expanding to 32%, and free cash flow surging 48% to $593.00 million. Investors had been closely watching subscriber trends heading into the print, given ongoing competition from streaming services, making the churn improvement particularly significant. Management rewarded the progress by raising full-year 2026 guidance across all three key metrics, now targeting revenue of approximately $8.53 billion, adjusted EBITDA of approximately $2.63 billion, and free cash flow of approximately $1.38 billion.
Key Takeaways
- • Record-low self-pay monthly churn of 1.4% supporting subscriber retention
- • Positive self-pay net additions of 22,000 driven by companion subscriptions adding 123,000 incremental net additions
- • ARPU growth of 1% to $15.32 benefiting from February pricing actions
- • Pandora advertising revenue up 5% driven by podcasting and programmatic demand
- • Lower programming, legal, and personnel-related costs improving margins
- • Lower cash taxes and favorable timing of vendor payments boosting free cash flow
- • Continuous service initiative and dealer extended-duration plans supporting subscriber growth
SIRI Forward Guidance & Outlook
SiriusXM raised its full-year 2026 financial guidance by $25 million across all three metrics: total revenue of approximately $8.525 billion, Adjusted EBITDA of approximately $2.625 billion, and free cash flow of approximately $1.375 billion. Management expressed confidence in continued disciplined execution, noting the company has reached its long-term leverage target of 3.4x net debt-to-adjusted EBITDA and is well positioned to execute a balanced capital allocation strategy including investing in the business, maintaining financial flexibility, and returning capital to shareholders.
SIRI YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
SIRI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Since resetting our strategy, we've been focused on building a stronger, more durable SiriusXM, and our second-quarter performance demonstrates that strategy is delivering meaningful results. We achieved positive second-quarter self-pay net additions for the first time in four years, strengthened engagement and retention across our subscriber base, and continue to build momentum by delivering premium content and experiences that deepen our connection with listeners while creating new opportunities for advertisers. These results reflect disciplined execution and give us the confidence to raise our full-year guidance for revenue, Adjusted EBITDA, and free cash flow. We remain focused on creating long-term value by investing in the areas that strengthen our listener relationships and further differentiate SiriusXM.”
— Jennifer Witz, Q2 2026 Earnings Press Release
SIRI Earnings Trends
SIRI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SIRI EPS Trend
Earnings per share: estimate vs actual
SIRI Revenue Trend
Quarterly revenue: estimate vs actual
SIRI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.78 | $0.70 | -10.76% | $2.16B | +1.11% |
| Q1 26 BEAT | $0.71 | $0.72 | +0.78% | $2.09B | +0.79% |
| Q4 25 MISS FY | $0.77 | $0.24 | -69.02% | $2.19B | +1.11% |
| FY Full Year | — | $2.23 | — | $8.56B | — |
| Q3 25 BEAT | $0.78 | $0.84 | +7.86% | $2.16B | +0.87% |
| Q2 25 MISS | $0.77 | $0.57 | -26.29% | $2.14B | +0.49% |