SiriusXM
SIRI Nasdaq Broadcasting Financials FY2016–FY2025
SiriusXM's revenue fell 1.6% to $8.6 billion in fiscal 2025. Its operating margin was 17.2%, up from −17.4% a year earlier. Free cash flow was $1.2 billion, up 22.9%. It paid out $501 million in dividends and buybacks, 40% of free cash flow. The diluted share count rose 5.6%.
What SiriusXM does
SiriusXM is an audio entertainment company in North America. It has two businesses. The SiriusXM business sells subscriptions to music, sports, entertainment, comedy, talk and news channels, podcasts and infotainment, including its satellite radio service. The Pandora and Off-platform business runs the Pandora music streaming service, which has an ad-supported tier and a premium tier, plus the SiriusXM Podcast Network and advertising technology such as AdsWizz.
SiriusXM's main revenue is subscription fees, with most customers on monthly or annual plans. It also earns money from advertising on some channels, selling radios and accessories, and connected vehicle services for several automakers. As of December 31, 2025, it had approximately 32.9 million subscribers in the U.S. Pandora earns a majority of its revenue from advertisers on its ad-supported service and other platforms. The company says it reached a combined monthly audience of approximately 170 million listeners.
A large share of subscription growth has come from buyers and lessees of new and used cars. In December 2024 the company adopted an updated strategic plan focused on its core subscription business, advertising, efficiency and free cash flow. The company became independent of Liberty Media through a split-off and merger completed on September 9, 2024.
- Legal name
- SIRIUS XM HOLDINGS INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Accession · CIK
- 0000908937-26-000006
0000908937
Revenue and margins
SiriusXM had $8.6B of revenue in fiscal 2025, down 1.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 35.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.2B in fiscal 2025, 14.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
SiriusXM returned $501M to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count rose 5.6%.
Value SiriusXM yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$9.6B and divides by 357.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 11.1x · peers 29.8x · sector 17.3x.
Balance sheet
Cash, debt and the ratios that show how comfortably SiriusXM can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $191M | $362M | $306M | $162M | $94.0M |
| Debt incl. finance leases | $8.8B | $9.5B | $11.2B | $10.4B | $9.7B |
| Net debt / EBITDA | 3.6x | 3.9x | 4.9x | — | 5.1x |
| Debt / equity | — | — | 1.1x | 0.9x | 0.8x |
| Interest coverage | 4.9x | 4.6x | 4.3x | −3.1x | 3.2x |
| Current ratio | 0.4x | 0.4x | 0.3x | 0.4x | 0.3x |
| Quick ratio | 0.4x | 0.4x | 0.3x | 0.4x | 0.3x |
| Total assets | $10.3B | $10.0B | $30.1B | $27.5B | $27.2B |
| Total liabilities | $12.9B | $13.4B | $17.0B | $16.4B | $15.7B |
| Shareholders' equity | −$2.6B | −$3.4B | $10.1B | $11.1B | $11.6B |
| Net debt (− = net cash) | $8.7B | $9.1B | $10.9B | $10.2B | $9.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.3M
3 insiders
Of sales under plans
13%
$0.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Jonelle ProcopeDirector | Sold | 16,672 | $29.97 | $0.5M | Form 4 |
| May 29, 2026 | Kristina SalenDirector | Sold plan | 4,097 | $29.57 | $0.1M | Form 4 |
| May 27, 2026 | Scott Andrew GreensteinPres. & Chief Content Officer | Sold | 20,744 | $29.83 | $0.6M | Form 4 |
| Nov 3, 2025 | Kristina SalenDirector | Sold plan | 1,845 | $21.64 | $0.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 6 / 9 | 5 / 9 | 6 / 9 |
| Accruals ratio | −5.2% | −11.8% | −4.0% |
| Altman Z'' | 2.32 | 1.28 | 1.91 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| SiriusXM SIRI | $9.4B | −1.6% | 17.2% | 14.6% | 5.3% | 11.1x | 6 | |
| Nexstar Media Group NXST | $5.2B | −8.5% | 17.2% | 15.0% | 5.6% | 31.8x | 5 | Compare → |
| Fox FOXA | $29.2B | 5.1% | — | 8.6% | 14.8% | 17.3x | 6 | Compare → |
| Warner Bros. Discovery WBD | $79.7B | −5.2% | 2.0% | 8.3% | 0.6% | — | 7 | Compare → |
| News NWSA | $17.2B | 6.8% | — | 9.0% | 8.9% | 29.8x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.0B | $5.4B | $5.8B | $7.8B | $8.0B | $8.7B | $9.0B | $9.0B | $8.7B | $8.6B |
| Gross profit | $5.0B | $5.4B | — | $4.4B | $4.5B | $4.8B | $4.9B | $4.8B | $4.6B | $4.5B |
| Research and development | $82.1M | $112M | $123M | $280M | $263M | $265M | $285M | $322M | $296M | $263M |
| Operating income | $1.4B | $1.6B | $1.7B | $1.6B | $858M | $2.0B | $1.9B | $1.8B | −$1.5B | $1.5B |
| Interest expense | $331M | $346M | $350M | $390M | $394M | $415M | $422M | $423M | $496M | $459M |
| Pretax income | $1.1B | $1.3B | $1.4B | $1.2B | $430M | $1.5B | $1.5B | $1.2B | −$1.9B | $1.1B |
| Income tax | $346M | $616M | $245M | $283M | $299M | $212M | $368M | $222M | $210M | $251M |
| Net income | $746M | $648M | $1.2B | $914M | $131M | $1.3B | $908M | $786M | −$1.7B | $805M |
| Diluted EPS | $0.15 | $0.14 | $0.26 | $0.20 | $0.03 | $0.32 | $2.96 | $2.77 | −$6.14 | $2.23 |
| Diluted shares | 4.96B | 4.72B | 4.56B | 4.62B | 4.43B | 4.14B | 0.37B | 0.36B | 0.34B | 0.36B |
| Cash flow | ||||||||||
| Cash from operations | $1.7B | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B | $2.0B | $1.8B | $1.7B | $1.9B |
| Capital expenditure | $206M | $288M | $355M | $363M | $350M | $388M | $426M | $650M | $728M | $653M |
| Free cash flow | $1.5B | $1.6B | $1.5B | $1.7B | $1.7B | $1.6B | $1.6B | $1.2B | $1.0B | $1.2B |
| Depreciation and amortization | $220M | $261M | $278M | $327M | $354M | $379M | $399M | $425M | $445M | $422M |
| Stock-based compensation | $109M | $124M | $133M | $250M | $223M | $202M | $209M | $203M | $200M | $179M |
| Acquisitions | $0.0M | $108M | $2.0M | $313M | $300M | $14.0M | $136M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $1.7B | $1.4B | $1.3B | $2.2B | $1.6B | $1.5B | $647M | $274M | $6.0M | $136M |
| Dividends paid | $48.1M | $190M | $201M | $226M | $237M | $268M | $249M | $65.0M | $143M | $365M |
| Dividends and buybacks | $1.7B | $1.6B | $1.5B | $2.4B | $1.8B | $1.8B | $896M | $339M | $149M | $501M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $214M | $69.0M | $54.0M | $106M | $71.0M | $191M | $362M | $306M | $162M | $94.0M |
| Total debt | $5.9B | $6.8B | $6.9B | $7.9B | $8.5B | $8.8B | $9.5B | $11.2B | $10.4B | $9.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $2.0M | $1.0M | $0.0M | $12.0M | $15.0M | $11.0M | $5.0M |
| Current assets | $643M | $471M | $478M | $1.0B | $967M | $1.2B | $1.0B | $1.4B | $1.1B | $1.1B |
| Current liabilities | $2.7B | $2.8B | $2.8B | $3.3B | $3.2B | $3.0B | $3.0B | $4.0B | $2.7B | $3.7B |
| Inventory | $20.4M | $20.2M | $22.0M | $11.0M | $10.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $1.4B | $1.5B | $1.5B | $1.6B | $1.6B | $1.5B | $1.5B | $1.8B | $2.1B | $2.3B |
| Total assets | $8.0B | $8.3B | $8.2B | $11.1B | $10.3B | $10.3B | $10.0B | $30.1B | $27.5B | $27.2B |
| Total liabilities | $8.8B | $9.9B | $10.0B | $11.9B | $12.6B | $12.9B | $13.4B | $17.0B | $16.4B | $15.7B |
| Shareholders' equity | −$792M | −$1.5B | −$1.8B | −$736M | −$2.3B | −$2.6B | −$3.4B | $10.1B | $11.1B | $11.6B |
| Margins | ||||||||||
| Gross margin | 99.2% | 99.4% | — | 56.6% | 56.0% | 54.9% | 54.6% | 53.5% | 53.1% | 52.4% |
| Operating margin | 28.5% | 30.3% | 29.9% | 21.1% | 10.7% | 23.2% | 21.3% | 20.2% | −17.4% | 17.2% |
| EBITDA margin | 32.9% | 35.1% | 34.7% | 25.3% | 15.1% | 27.5% | 25.8% | 24.9% | −12.3% | 22.1% |
| Net margin | 14.9% | 11.9% | 20.4% | 11.7% | 1.6% | 15.1% | 10.1% | 8.8% | −19.1% | 9.4% |
| FCF margin | 30.2% | 28.9% | 26.4% | 21.2% | 20.8% | 18.5% | 17.3% | 13.2% | 11.7% | 14.6% |
| Returns | ||||||||||
| Return on capital | 19.5% | 16.8% | 28.1% | 20.9% | 6.5% | 12.4% | 6.7% | 6.5% | −5.3% | 5.3% |
| Return on capital employed | 26.3% | 30.3% | 31.8% | 24.9% | 11.4% | 27.9% | 26.8% | 10.9% | −6.0% | 6.1% |
| Return on equity | — | — | — | — | — | — | — | 23.4% | −15.7% | 7.1% |
| Return on assets | 9.3% | 7.9% | 14.3% | 9.5% | 1.2% | 12.8% | 9.0% | 3.9% | −5.8% | 2.9% |
| Growth | ||||||||||
| Revenue growth | 9.8% | 8.1% | 6.4% | 35.1% | 3.2% | 8.2% | 3.5% | −0.6% | −2.8% | −1.6% |
| Net income growth | 46.3% | −13.1% | 81.5% | −22.3% | −85.7% | 903.1% | −30.9% | −13.4% | −311.8% | — |
| EPS growth | 66.7% | −6.7% | 85.7% | −23.1% | −85.0% | 966.7% | 825.0% | −6.4% | −321.7% | — |
| FCF growth | 36.5% | 3.6% | −2.7% | 8.5% | 0.9% | −3.5% | −3.4% | −24.2% | −14.1% | 22.9% |
| Share count change | −8.7% | −4.9% | −3.5% | 1.2% | −4.1% | −6.5% | −91.1% | −1.6% | −6.6% | 5.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.4x | 3.5x | 3.4x | 3.9x | 7.0x | 3.6x | 3.9x | 4.9x | — | 5.1x |
| Debt / equity | — | — | — | — | — | — | — | 1.1x | 0.9x | 0.8x |
| Interest coverage | 4.3x | 4.7x | 4.9x | 4.2x | 2.2x | 4.9x | 4.6x | 4.3x | −3.1x | 3.2x |
| Current ratio | 0.2x | 0.2x | 0.2x | 0.3x | 0.3x | 0.4x | 0.4x | 0.3x | 0.4x | 0.3x |
| Quick ratio | 0.2x | 0.2x | 0.2x | 0.3x | 0.3x | 0.4x | 0.4x | 0.3x | 0.4x | 0.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.1% | 5.3% | 6.2% | 4.7% | 4.4% | 4.5% | 4.7% | 7.3% | 8.4% | 7.6% |
| Stock comp / revenue | 2.2% | 2.3% | 2.3% | 3.2% | 2.8% | 2.3% | 2.3% | 2.3% | 2.3% | 2.1% |
| Payouts / FCF | 113.8% | 102.0% | 99.3% | 144.2% | 107.4% | 111.2% | 57.6% | 28.8% | 14.7% | 40.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 8.0 | 6.0 | 7.0 | 6.0 | 6.0 | 7.0 | 5.0 | 6.0 | 5.0 | 6.0 |
| Altman Z'' | −2.1 | −2.0 | −1.5 | −0.8 | −1.8 | 0.4 | −0.1 | 2.3 | 1.3 | 1.9 |
| Accruals ratio | −12.1% | −14.8% | −8.5% | −11.4% | −17.6% | −6.6% | −10.6% | −5.2% | −11.8% | −4.0% |
Source: SEC EDGAR XBRL filings (CIK 0000908937). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.