Sirius XM Holdings Inc
siriusxm.comWhat Do They Do?
Sells audio programming and streaming services to listeners, and advertising to advertisers.
10-K for FY2025, filed Feb 5, 2026Our SiriusXM business features a wide range of content, including, music, sports, entertainment, comedy, talk and news channels, podcasts…View ↗
Sirius XM Holdings Inc. is a leading audio entertainment company in North America. Our vision is to shape the future of audio where…View ↗
Pandora offers a highly personalized audio entertainment platform allowing users to create customized stations and playlists while also…View ↗
The majority of revenue from Pandora is generated from advertising on Pandora's ad-supported radio service. Pandora also derives…View ↗
SiriusXM also sells advertising on other audio platforms and in widely-distributed podcasts, which it considers to be off-platform…View ↗
How Do They Make Money?
Listeners pay in advance for audio subscriptions, and the company earns the fees as it provides service. Advertisers pay as ads are delivered; radios and accessories generate revenue when shipped.
10-K for FY2025, filed Feb 5, 2026Subscriber revenue consists primarily of subscription fees and other ancillary subscription based revenues. Revenue is recognized on a…View ↗
We recognize revenue from the sale of advertising as performance obligations are satisfied, which generally occurs as ads are delivered.…View ↗
Equipment revenue and royalties from the sale of satellite radios, components and accessories are recognized upon shipment, net of…View ↗
Customers pay for the services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue.…View ↗
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10-K for FY2025, filed Feb 5, 2026
FY2025 revenue by product or service ↗
$8.6B
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10-K for FY2025, filed Feb 5, 2026
$8.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscriber revenue
Recurring
10-K for FY2025, filed Feb 5, 2026 |
76%
FY2022: 77%
|
Subscriber revenue, FY2025
$6.5B Sources
|
Recurring |
|
Advertising revenue
Usage-based
10-K for FY2025, filed Feb 5, 2026 |
21%
FY2022: 20%
|
Advertising revenue, FY2025
$1.8B Sources
|
Usage-based |
|
Other revenue
Licensed
|
3.5%
FY2022: 1.7%
|
Other revenue, FY2025
$300M Sources
|
Licensed |
Who Are Their Customers?
Listeners access subscription and streaming audio directly through SiriusXM plans and apps; automakers and retailers distribute radios. Advertisers buy campaigns across SiriusXM, Pandora, podcasts and other audio platforms.
10-K for FY2025, filed Feb 5, 2026The SiriusXM service is distributed through our two proprietary satellite radio systems and streamed via applications for mobile devices…View ↗
We distribute satellite radios through the sale and lease of new vehicles, and we have agreements with major automakers to offer satellite…View ↗
Our retail distribution strategy is designed to give consumers convenient access to our products, both online and in stores. We sell…View ↗
We offer our audio entertainment services in a variety of subscription plans at multiple price points to match diverse customer needs.…View ↗
We also offer our streaming service in a standalone package called All Access (App only), available directly through us, third party app…View ↗
SiriusXM also sells advertising on other audio platforms and in widely-distributed podcasts, which it considers to be off-platform…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 5, 2026
$1.5BView ↗
10-K for FY2025, filed Feb 5, 2026
$805MView ↗
10-K for FY2025, filed Feb 5, 2026
$1.2BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Jul 30, 2026
Raises full-year financial guidance
Increased 2026 revenue, adjusted EBITDA and free cash flow guidance by $25 million across the board.
Sources
8-K, filed Jul 30, 2026
Second Quarter Consolidated Revenue rose 1% year-over-year to $2.16 billion Net Income increased 17% to $239 million from the prior year…View ↗
Flat. Revenue was $8.6B in FY2025, about the same as the $8.7B of FY2021.
Who Do They Compete With?
Competes with Amazon Prime, Apple Music, Spotify, TikTok, YouTube, Google, Apple, Amazon, OnStar, and Facebook
10-K for FY2025, filed Feb 5, 2026Streaming and on-demand services, including Amazon Prime, Apple Music, Spotify, TikTok and YouTube, compete with our SiriusXM and Pandora…View ↗
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