Berkshire Hathaway Is Buying More Sirius XM. Here’s What It May See
Warren Buffett's firm just added nearly a million Sirius XM shares at prices well above what it paid last year, and the timing relative to a recent earnings report raises a pointed question about what the numbers revealed that headlines…
Berkshire Hathaway (NYSE:BRK-B | BRK-B Price Prediction) disclosed in a Form 4 filed Nov. 3, 2026, that it bought 924,281 shares of Sirius XM (NASDAQ:SIRI) on Oct. 30, Nov. 2, and Nov. 3. The purchases raised its beneficial ownership to 125,731,398 shares. Investing.com estimated the buying at about $26.9 million, with weighted average prices of $28.8913 on Oct. 30 and $30.233 on Nov. 3.
On last look, Sirius XM traded near $32.38. That was up 5.2% on the session and 18.2% over the past week.
What the Filing Shows and What It Leaves Out
A Form 4 is a required report of trades by insiders, which includes any holder of more than 10% of a company. That makes these completed transactions. The filing does not say whether Berkshire will keep buying, what stake it is aiming for, or why it bought.
Berkshire’s last reported Sirius purchases ran from July 31 through Aug. 4, 2025, at weighted averages of $21.0228 to $21.6252. After that round, it held 124,807,117 shares, the same count it reported going into Oct. 30. Its reported stake stayed flat between the two rounds, and it is now paying much more per share.
Why Berkshire Bought After a Flat Quarter
Sirius reported third-quarter results before the open on Oct. 29, and Berkshire started buying the next day. The headline numbers were flat: revenue of $2.153 billion (down 0.3% year over year and in line with estimates) and GAAP EPS of $0.78 (just under the $0.7859 consensus).
The details below the headline were stronger. Sirius raised its full-year guidance for the second consecutive quarter: about $8.55 billion in revenue, $2.65 billion in adjusted EBITDA (operating profit before interest, taxes, and non-cash charges) and $1.4 billion in free cash flow. Quarterly free cash flow rose 14% to $293 million. The EBITDA margin expanded to 32% as programming costs fell 6%, customer service costs fell 6%, and marketing costs fell 4%. Management also said that lower satellite spending positions the company to significantly accelerate buybacks in 2027.
One interpretation of the purchase is that Berkshire sees cash flow that continues to hold up, a share count set to shrink, and the $0.27 quarterly dividend. It may also see opportunity in a stock that is still down 49.2% over five years. Investing.com reports that GEICO, Berkshire’s insurance unit, holds 109,746,508 of the shares. Subsidiary pension plans hold the rest.
Risks That Remain After Berkshire’s Purchase
Pandora monthly users fell 7%, and ad-supported listening hours fell 10%. Ad demand softened in news and direct-to-consumer categories. Equipment revenue dropped 16% on higher memory chip costs. Sirius still depends on auto sales and carries significant debt, with net leverage at 3.3 times adjusted EBITDA. Management also expects a harder fourth quarter for subscribers.
Roughly $27 million is a modest addition to an existing position for Berkshire. It also bought into strength: shares were $27.32 at the time of the earnings filing and $29.01 a day later.
Is Berkshire’s Buying a Signal Worth Following?
Berkshire’s buying appears to be support for the cash-flow case. Berkshire is paying above its 2025 prices after a quarter that improved cash generation more than revenue. That fits the case management is making. Look for more Form 4s showing purchases above $30, and check whether quarterly buybacks in 2027 clearly top the $33 million Sirius repurchased in the third quarter. If neither happens, the signal fades.
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community.
Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, moderating workshop sessions at regional conventions.
