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Company Research7 May 2024
Companies That Had Their IPO in 1994: A Cautious Market
An overview of the year 1994 in the stock and IPO market, as the interest rates soared and the bond market collapsed.
Sirius XM
Sirius XM (SIRI) investor relations material
Sirius XM Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Delivered strong Q4 and full-year 2025 results, exceeding guidance with $8.56 billion in revenue, $805 million net income, $2.67 billion adjusted EBITDA, and $1.26 billion free cash flow, up 24% year-over-year.
Strengthened subscription and advertising offerings, expanded exclusive content, and maintained leadership in digital audio and podcasting.
Surpassed cost savings targets, achieving $250 million in incremental gross cost savings and improving balance sheet strength.
Maintained a scaled audience with 170 million listeners and the #1 podcast network in the U.S.
Returned $501 million to shareholders through dividends and share repurchases.
Financial highlights
Full-year 2025 revenue was $8.56 billion (down 2% year-over-year), modestly ahead of raised guidance.
Adjusted EBITDA was $2.67 billion (31% margin), down 2% year-over-year but slightly above guidance.
Net income was $805 million, reversing a prior year loss of $2.08 billion due to a previous impairment charge.
Free cash flow for the year was $1.26 billion, up 24% year-over-year and exceeding guidance by over $100 million.
Q4 revenue was $2.19 billion, flat year-over-year; Q4 Adjusted EBITDA was $691 million.
Outlook and guidance
2026 revenue expected at ~$8.5 billion and Adjusted EBITDA at ~$2.6 billion, both flat year-over-year.
Free cash flow projected to grow to ~$1.35 billion in 2026, targeting $1.5 billion by 2027.
Additional $100 million in gross cost savings expected in 2026, for a cumulative $350 million run rate.
Self-pay net adds expected to be modestly lower in 2026 due to timing of companion subscriptions.
Maintaining a low-to-mid 3x leverage ratio.
Assess new initiatives' impact on subscriber trends.
Podcasting vs. streaming music ad profitability?
What drives FCF growth beyond one-offs?
What drives 2026 FCF growth to $1.35B?
WCS C&D licenses: What are the near-term opportunities?
Podcast profitability: What's the margin trend?
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Next Sirius XM earnings date
Q1 202630 Apr, 2026
Sirius XM
Next Sirius XM earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Satellite and Online Radio
Sirius XM is an American broadcasting company that provides satellite and online radio services in the US, as well as Canada through an affiliate. The company is one of the largest audio entertainment companies in North America, due to both its radio operations as well as its ownership of the music streaming service Pandora. Sirius XM is headquartered in NYC, and its shares are traded on the Nasdaq.
A Merger Paving the Way
Sirius XM Radio Inc. is the result of a merger between two of the earliest satellite radio providers: Sirius Satellite Radio and XM Satellite Radio. Sirius and XM launched their services in 2002 and 2001 respectively, offering listeners a multitude of channels with varied content, free from the geographic limitations of traditional AM/FM radio. However, competition between the two companies, coupled with the costs of launching and maintaining satellites and acquiring content, led to significant financial challenges. To address these challenges and reduce competition, Sirius and XM announced their intent to merge in 2007. After navigating regulatory hurdles, the merger was approved by the FCC in 2008.
Subscription Based Radio
Sirius XM's business model revolves around subscription-based satellite radio services. Unlike traditional AM/FM radio, which primarily relies on advertising revenue, Sirius XM charges its subscribers a monthly fee in exchange for access to a vast array of channels. These channels span music, sports, news, talk, and entertainment, many of which are commercial-free or have limited advertising. Additionally, the company has exclusive contracts with various content providers, ensuring unique offerings not available on traditional radio or other platforms. Sirius XM also monetizes its service through partnerships with automakers to pre-install satellite radios in new vehicles, often with promotional trial periods for new car buyers.
Pandoras Box
Pandora is a music streaming platform renowned for its unique algorithm built on the Music Genome Project, which recommends songs based on user preferences. In 2018, Sirius XM acquired Pandora and integrated Pandora's service with Sirius XM's vast content portfolio and satellite infrastructure. For Sirius XM, incorporating Pandora meant broadening its audience reach, capturing a larger share of the digital audio market, and offering its existing subscribers an enhanced, diverse listening experience. It also meant that Sirius XM was able to compete against companies like Spotify and Apple’s music service.
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