SIRI

MKT CAP:$9B

Sirius XM Holdings Inc.

Market Cap

$9B

Communication Services·Entertainment·🇺🇸 United States·NASDAQ

Communication·Entertainment·🇺🇸·NASDAQ

Stock Price

$28.00+$7.49 (+36.52%)

Apr 23, 2026

Company Details

Sirius XM Holdings Inc. provides satellite radio services on a subscription fee basis in the United States. It broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, including various music genres, such ...

CEO

Jennifer C. Witz

IPO Date

Sep 13, 1994

Website

www.siriusxm.com

Key Metrics TTM

Revenue

$8.6B

-2.8% YoY

Net Income

$993M

EPS (Diluted)

$2.80

Free Cash Flow

$1.2B

Revenue / Share

$24.03

Gross Margin

47.0%

Operating Margin

20.5%

Net Margin

11.6%

FCF Margin

14.3%

P/S

1.1x

P/E

9.3x

Earnings Reports

Q4 2025

Apr 30, 2026

PENDING

FY 2025

Feb 5, 2026

$8.6B-1.6%EPS $2.25

Q3 2025

Oct 30, 2025

$2.2B-0.6%EPS $0.84

Q2 2025

Jul 31, 2025

$2.1B-1.8%EPS $0.57

Q1 2025

May 1, 2025

$2.1B-4.3%EPS $0.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2.3B	$1.2B	$475M
Q1 22	$2.2B	$1.1B	$510M
Q2 22	$2.3B	$1.1B	$496M
Q3 22	$2.3B	$1.2B	$467M
Q4 22	$2.3B	$1.1B	$562M
Q1 23	$2.1B	$1.0B	$412M
Q2 23	$2.3B	$1.1B	$479M
Q3 23	$2.3B	$1.1B	$528M
Q4 23	$2.3B	$1.1B	$491M
Q1 24	$2.2B	$1.0B	$409M
Q2 24	$2.2B	$1.1B	$471M
Q3 24	$2.2B	$1.1B	-$2.9B
Q4 24	$2.2B	$1.1B	$505M
Q1 25	$2.1B	$964M	$387M
Q2 25	$2.1B	$1.0B	$365M
Q3 25	$2.2B	$1.0B	$493M

Valuation

Quarter	P/S	P/E
Q4 21	2.9x	19.1x
Q1 22	3.0x	18.6x
Q2 22	2.8x	19.5x
Q3 22	2.5x	19.5x
Q4 22	2.6x	18.9x
Q1 23	1.7x	13.4x
Q2 23	2.0x	15.4x
Q3 23	1.8x	14.5x
Q4 23	2.4x	18.7x
Q1 24	1.6x	13.5x
Q2 24	1.1x	9.0x
Q3 24	0.9x	—
Q4 24	0.9x	—
Q1 25	0.9x	—
Q2 25	0.9x	—
Q3 25	0.9x	7.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$627M	$483M
Q1 22	$355M	$258M
Q2 22	$533M	$434M
Q3 22	$412M	$329M
Q4 22	$676M	$529M
Q1 23	$350M	$145M
Q2 23	$451M	$323M
Q3 23	$500M	$312M
Q4 23	$571M	$441M
Q1 24	$264M	$90M
Q2 24	$489M	$316M
Q3 24	$240M	$24M
Q4 24	$679M	$514M
Q1 25	$242M	$53M
Q2 25	$546M	$401M
Q3 25	$430M	$255M

Capital Expenditures

Quarter	CapEx
Q4 21	$144M
Q1 22	$97M
Q2 22	$99M
Q3 22	$83M
Q4 22	$147M
Q1 23	$205M
Q2 23	$128M
Q3 23	$188M
Q4 23	$130M
Q1 24	$174M
Q2 24	$173M
Q3 24	$216M
Q4 24	$165M
Q1 25	$189M
Q2 25	$145M
Q3 25	$175M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+4.2%	-32.9%
Q1 22	+6.2%	-7.1%
Q2 22	+4.4%	+17.1%
Q3 22	+3.7%	+15.5%
Q4 22	+0.1%	-4.7%
Q1 23	-1.9%	+3.3%
Q2 23	-0.1%	+0.8%
Q3 23	-0.4%	-3.9%
Q4 23	+0.2%	+4.4%
Q1 24	+0.8%	+1.2%
Q2 24	-3.2%	-3.6%
Q3 24	-4.4%	+191.0%
Q4 24	-4.4%	-6.3%
Q1 25	-4.3%	-4.1%
Q2 25	-1.8%	+3.9%
Q3 25	-0.6%	-67.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$53M	2.3%
Q1 22	$45M	2.1%
Q2 22	$47M	2.1%
Q3 22	$51M	2.2%
Q4 22	$54M	2.4%
Q1 23	$45M	2.1%
Q2 23	$42M	1.9%
Q3 23	$0	0.0%
Q4 23	$49M	2.1%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$46M	2.1%
Q1 25	$50M	2.4%
Q2 25	$47M	2.2%
Q3 25	$43M	2.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$68M	$138M	$331M
Q1 22	$67M	$123M	$272M
Q2 22	$72M	$127M	$285M
Q3 22	$70M	$132M	$281M
Q4 22	$77M	$143M	$237M
Q1 23	$79M	$147M	$224M
Q2 23	$83M	$157M	$220M
Q3 23	$72M	$139M	$237M
Q4 23	$88M	$129M	$251M
Q1 24	$86M	$115M	$229M
Q2 24	$71M	$108M	$228M
Q3 24	$68M	$138M	$217M
Q4 24	$72M	$119M	$219M
Q1 25	$73M	$122M	$190M
Q2 25	$56M	$166M	$185M
Q3 25	$62M	$119M	$186M

Revenue Segments

Quarter	Pandora	Sirius XM	Pandora And Off-platform	Advertising	Equipment Products And Services	Other Revenue	Subscription and Circulation
Q4 21	$575M	$1.7B	—	—	—	—	—
Q4 22	—	$1.7B	$559M	—	—	—	—
Q3 23	—	—	—	$460M	$49M	$33M	$1.7B
Q1 24	—	—	—	$402M	$50M	$30M	$1.7B
Q2 24	—	—	—	$443M	$47M	$30M	$1.7B
Q3 24	—	—	—	$450M	$43M	$33M	$1.6B
Q4 24	—	—	—	$478M	—	$35M	$1.6B
Q1 25	—	—	—	$394M	—	$31M	$1.6B
Q2 25	—	—	—	$432M	—	$31M	$1.6B
Q3 25	—	—	—	$455M	—	$32M	$1.6B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$76M	$0	$76M
Q2 22	$126M	$0	$126M
Q3 22	$39M	$0	$39M
Q4 22	$57M	$0	$57M
Q1 23	$53M	$0	$53M
Q2 23	$51M	$0	$51M
Q3 23	$53M	$0	$53M
Q4 23	$306M	$0	$306M
Q1 24	$71M	$0	$71M
Q2 24	$100M	$0	$100M
Q3 24	$127M	$0	$127M
Q4 24	$162M	$0	$162M
Q1 25	$127M	$0	$127M
Q2 25	$92M	$0	$92M
Q3 25	$79M	$0	$79M
Q4 25	$94M	$0	$94M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	406M	-1.4%	-3.8%
Q1 22	402M	-0.9%	-4.7%
Q2 22	401M	-0.5%	-3.8%
Q3 22	397M	-0.9%	-3.7%
Q4 22	395M	-0.4%	-2.7%
Q1 23	394M	-0.3%	-2.1%
Q2 23	387M	-1.7%	-3.3%
Q3 23	387M	-0.2%	-2.6%
Q4 23	386M	-0.1%	-2.3%
Q1 24	387M	+0.1%	-1.9%
Q2 24	386M	-0.3%	-0.5%
Q3 24	339M	-12.1%	-12.3%
Q4 24	359M	+5.9%	-7.0%
Q1 25	357M	-0.6%	-7.6%
Q2 25	357M	0.0%	-7.4%
Q3 25	356M	-0.3%	+5.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$408.1K	6K
Q1 22	$391.1K	6K
Q2 22	$403.0K	6K
Q3 22	$407.9K	6K
Q4 22	$389.0K	6K
Q1 23	$365.3K	6K
Q2 23	$383.4K	6K
Q3 23	$386.9K	6K
Q4 23	$402.8K	6K
Q1 24	$380.6K	6K
Q2 24	$383.5K	6K
Q3 24	$382.2K	6K
Q4 24	$396.7K	6K
Q1 25	$375.0K	6K
Q2 25	$387.7K	6K
Q3 25	$391.5K	6K

Revenue / Employee