SiriusXM Holdings Inc. (SIRI)

Sirius XM Holdings reported third-quarter 2026 revenue of $2.15 billion on 29 October, down slightly from a year earlier 1. Net income rose 7 percent to $317 million 1.

The company said the small dip in revenue mainly reflected lower equipment revenue because of higher memory costs 1. Adjusted EBITDA, a profit measure that leaves out interest, taxes, depreciation and special items, grew 3 percent to $694 million 1.

Self-pay subscribers rose by about 5,000 in the quarter, 45,000 better than a year earlier 1. The company raised its 2026 guidance by $25 million each for revenue, adjusted EBITDA and free cash flow, to about $8.55 billion, $2.65 billion and $1.40 billion 1.

TheDesk.net reported that Pandora's monthly active audience fell 6.6 percent to 38.8 million listeners 5. Pandora's owner also faces a royalty suit from the Mechanical Licensing Collective, where on 30 September 2026 the court denied both sides' summary judgment motions 2.

Today's company is built from two older satellite radio systems 3. Its satellites broadcast on frequencies the FCC first licensed to Sirius Satellite Radio and to XM Satellite Radio Holdings, both named in the annual report as predecessors 3.

The current corporate shape dates from 9 September 2024 3. On that day Liberty Media split off its Liberty SiriusXM business, and a merger then made the old Sirius XM a subsidiary of the renamed Sirius XM Holdings 3. Liberty Media ceased to own any shares of Sirius XM Holdings 3.

The books for that year show the cost of that reset 3. Impairment, restructuring and other costs were $3,453 million, including $3,355 million of impairments, mainly of SiriusXM goodwill and equity method investments, and the company lost $2,075 million 3.

In December 2024 the company adopted an updated strategic plan that sharpened its focus on the core subscription business, cut costs and stressed free cash flow and stockholder returns 3. In the year after, it signed Stephen A Smith and extended Howard Stern for another three years 3.

Revenue slipped 2 percent in 2025 to $8,558 million from $8,699 million 3. SiriusXM subscriber revenue fell 2 percent to $5,960 million because the average number of subscribers declined, partly offset by rate increases 3.

Pandora and Off-platform revenue was steady at $2,141 million, as a 1 percent rise in advertising to $1,615 million offset a 3 percent fall in subscriber revenue 3. Impairment and restructuring costs fell to $436 million and net income was $805 million 3.

The satellite fleet was also renewed 3. SXM-9 and SXM-10 entered service in January and July 2025, and the XM-3 satellite was de-orbited in November 2025 3.

SiriusXM

SiriusXM sells subscriptions to music, sports, news, talk and comedy channels and podcasts in the United States, delivered by satellite and by streaming apps 3. It reported 32.9 million U.S. subscribers at the end of 2025 and about 33 million total subscribers at the end of the third quarter of 2026 31.

SiriusXM revenue was $1.60 billion in the third quarter and average revenue per user was $15.18 1. Gross margin was 60 percent 1. Most new cars carry a trial subscription, and its in-car system blends satellite and streaming 3.

Pandora and Off-platform

Pandora is a free ad-supported music radio service with paid tiers called Pandora Plus and Pandora Premium 3. Its quarter brought $549 million of revenue, about 5.5 million self-pay subscribers and 38.8 million monthly active users 1.

Advertising and podcasts

SiriusXM Media sells advertising across SiriusXM, Pandora and podcasts, and AdsWizz supplies ad technology 3. The company says its reach with YouTube Audio is about 255 million monthly listeners, up from 170 million a year ago 1.

Places and people

The corporate headquarters is a leased site in New York, and the company owns studio and office space in Washington, DC and engineering space in Vernon, NJ 3. It had 5,119 employees at the end of 2025 3. Jennifer Witz is chief executive and Zac Coughlin is chief financial officer 1.

The annual report names Spotify, YouTube and terrestrial radio as free alternatives, and Apple, Google and Amazon as rivals for listener time or advertising 3. The annual report also says its subscriber numbers fell in each of the last two years 3.

Current problems

The New York attorney general has pursued the company over its cancellation practices, and a pending appeal in the state's Court of Appeals concerns relief for customers outside New York 2. A settlement in 2026 resolved most remaining mass arbitration claims over its music royalty fee 2.

The umbrella, in words

Sirius XM Holdings lists subsidiaries including Sirius XM Inc., Sirius XM Radio LLC, Pandora Media, LLC, AdsWizz Inc. and Stitcher Media LLC in its annual report exhibit 4. It owns a 70 percent equity interest and 33 percent voting interest in Sirius XM Canada Holdings 3.

It has agreed to act as the exclusive U.S. ad sales representative of SoundCloud, a contract and not a stake 3. Berkshire Hathaway Inc. reported owning 37.1 percent of the common stock as of 30 September 2025, in a Schedule 13G/A 6.

The company expects 2026 revenue of about $8.55 billion, adjusted EBITDA of about $2.65 billion and free cash flow of about $1.40 billion 1.

Finance chief Zac Coughlin said the company's more efficient operating model and declining satellite capital spending position it to accelerate share repurchases in 2027 1. Its board approved $1,166 million of repurchases in 2024, and $963 million remained available at 30 September 2026 2.

The latest quarterly dividend declared was $0.27 per share on 22 July 2026 2. The long-term plan the company describes stresses margins, free cash flow and stockholder returns 3.

The New York attorney general's appeal of the cancellation case is pending in the Court of Appeals 2. The company says it intends to defend that action vigorously 2.

The SXM-12 satellite is under construction and is expected to replace Sirius FM-5 2. The company filed with the FCC to extend the XM-5 license and expects it to be granted routinely 2.

Court dates are still open 2. The Mechanical Licensing Collective asked the court on 14 October 2026 to reconsider its ruling, and no new trial date is set 2.