Jun 2026 (Q2 FY26) — Jul 30, 2026
SiriusXM Q2 FY26 — Strong Subscriber Performance and Raised Full-Year Guidance
Read the full callSirius XM Holdings (SIRI) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Sirius XM Holdings earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,160 | +1.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.9 | +4.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 239 | +16.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 12 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Long-term net leverage ratio target | low to mid-3x adjusted EBITDA | Sep 2024 | We ended the quarter with net leverage of 3.4x adjusted EBITDA, reaching our long-term target range of low to mid 3x. | Achieved |
| Full-year adjusted EBITDA guidance | approximately $2.6 billion | Dec 2025 | We now expect approximately $8.525 billion of revenue, $2.625 billion of adjusted EBITDA and $1.375 billion of free cash flow for the year. | Revised Up |
| Full-year ARPU trend guide | Strong ARPU performance carrying forward into 2026 | Dec 2025 | SiriusXM subscriber revenue increased 1% to $1.5 billion, reflecting a 1% increase in ARPU to $15.32 | On Track |
1 of SIRIUS XM HOLDINGS INC.'s 38 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 35 more targets are in the full ledger.
Claimed
- Returned to positive self-pay net subscriber additions of 22,000, the strongest Q2 performance in 4 years.
- Adjusted EBITDA grew 3% to $691 million, with margins expanding 1 percentage point to 32%.
- Free cash flow increased 48% to $593 million year-over-year.
- Advertising revenue increased 5% to $454 million, driven by 30% podcasting growth.
- Self-pay churn reached approximately 1.4%, the lowest in SiriusXM's history.
Qualified
- Equipment revenue declined 22% year-over-year to $36 million due to higher memory costs.
- Higher memory costs are expected to be a meaningful headwind in H2 FY26, partially offsetting strong operating performance.
- Subscriber trends will reflect a different seasonal pattern in H2 FY26, with continuous service benefits normalizing and disciplined acquisition tempering near-term net additions.
Price
$27.15 +2.41% · +$0.64
Performance +24.5% 1Y
1Y: $21.8 on 14 Oct 2025 → $27.15. High $32.59 (29 Jul 2026), low $19.92 (20 Nov 2025).
- Previous close
- $26.51
- 52-week range
- $19.92 – $32.59
- One year
- +24.09%
Overview
- Symbol
- SIRI
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 12 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Long-term net leverage ratio target | low to mid-3x adjusted EBITDA | Sep 2024 | We ended the quarter with net leverage of 3.4x adjusted EBITDA, reaching our long-term target range of low to mid 3x. | Achieved |
| Full-year adjusted EBITDA guidance | approximately $2.6 billion | Dec 2025 | We now expect approximately $8.525 billion of revenue, $2.625 billion of adjusted EBITDA and $1.375 billion of free cash flow for the year. | Revised Up |
| Full-year ARPU trend guide | Strong ARPU performance carrying forward into 2026 | Dec 2025 | SiriusXM subscriber revenue increased 1% to $1.5 billion, reflecting a 1% increase in ARPU to $15.32 | On Track |
Claimed
- Returned to positive self-pay net subscriber additions of 22,000, the strongest Q2 performance in 4 years.
- Adjusted EBITDA grew 3% to $691 million, with margins expanding 1 percentage point to 32%.
- Free cash flow increased 48% to $593 million year-over-year.
- Advertising revenue increased 5% to $454 million, driven by 30% podcasting growth.
- Self-pay churn reached approximately 1.4%, the lowest in SiriusXM's history.
Qualified
- Equipment revenue declined 22% year-over-year to $36 million due to higher memory costs.
- Higher memory costs are expected to be a meaningful headwind in H2 FY26, partially offsetting strong operating performance.
- Subscriber trends will reflect a different seasonal pattern in H2 FY26, with continuous service benefits normalizing and disciplined acquisition tempering near-term net additions.
The full ledger
Open SIRIUS XM HOLDINGS INC.’s full ledger
A free account opens 5 company ledgers a month. All 38 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Sirius XM Holdings Inc. Q1 FY26 — Strong Performance Driven by Subscriber Gains, Ad Growth, and YouTube Partnership
Read the full callEvery analysed call
Sirius XM Holdings earnings calls (SIRI)
Financials
What the filings say
Net profit, year on year: +17% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,171 | 2,188 | 2,068 | 2,138 | 2,159 | 2,193 | 2,091 | 2,160 |
| Expenses | 5,072 | 1,684 | 1,681 | 1,773 | 1,666 | 1,967 | 1,637 | 1,688 |
| Operating profit | -2,901 | 504 | 387 | 365 | 493 | 226 | 454 | 472 |
| Operating margin | −133.6% | 23.0% | 18.7% | 17.1% | 22.8% | 10.3% | 21.7% | 21.9% |
| Other income | -96 | -111 | -118 | -101 | -105 | -91 | -128 | -160 |
| Interest | 124 | 117 | 117 | 116 | 115 | 111 | 112 | 112 |
| Profit before tax | -2,997 | 393 | 269 | 264 | 388 | 135 | 326 | 312 |
| Tax rate | 1.3% | 26.7% | 24.2% | 22.4% | 23.4% | 26.7% | 24.9% | 23.4% |
| Net profit | -2,456 | 288 | 204 | 205 | 297 | 99 | 245 | 239 |
| EPS ($ per share) | -8.74 | — | 0.60 | 0.61 | 0.88 | — | 0.73 | 0.71 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 4 | 0 | 0 | 0 |
| Reserves | -2,057 | -1,143 | -2,285 | -2,636 | -3,351 | 15,353 | 11,121 | 11,614 |
| Total liabilities | 9,990 | 11,885 | 12,618 | 12,899 | 13,373 | 16,954 | 16,447 | 15,674 |
| Fixed assets | 1,513 | 1,626 | 1,629 | 1,450 | 1,499 | 1,791 | 2,109 | 2,260 |
| Total assets | 8,173 | 11,149 | 10,333 | 10,274 | 10,022 | 30,056 | 27,521 | 27,237 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,880 | 2,017 | 2,018 | 1,998 | 1,981 | 1,829 | 1,741 | 1,898 |
| Cash from investing | -379 | -3 | -741 | -200 | -493 | -696 | -970 | -747 |
| Cash from financing | -1,515 | -1,959 | -1,314 | -1,682 | -1,724 | -1,188 | -916 | -1,219 |
| Net cash flow | -14 | 55 | -37 | 116 | -236 | -55 | -145 | -68 |
| Capital expenditure | -355 | -363 | -350 | -388 | -426 | -650 | -728 | -653 |
| Free cash flow | 1,525 | 1,654 | 1,668 | 1,610 | 1,555 | 1,179 | 1,013 | 1,245 |
SIRI revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Sirius XM | 75% | 74% | 76% | 75% | 75% | 73% | 76% | 75% | +0.2% |
| Pandora and Off Platform | 25% | 26% | 24% | 25% | 25% | 27% | 24% | 25% | +3.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SIRI operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Paid subscriber net additions Self-pay | -111KStarting with our subscription business, performance in the quarter was strong with a meaningful year-over-year improvement in self-pay net additions to negative 111,000, an improvement of 192,000.Source: earnings call transcript | 22KWe delivered our strongest second quarter subscriber performance in 4 years, with self-pay net additions of 22,000.Source: earnings call transcript | — |
| Average revenue per user (ARPU) SiriusXM | $14.99SiriusXM generated $1.6 billion in first quarter revenue, with subscriber revenue up 1% to $1.5 billion, supported by ARPU increasing 1% to $14.99.Source: earnings call transcript | $15.32SiriusXM subscriber revenue increased 1% to $1.5 billion, reflecting a 1% increase in ARPU to $15.32 following our February pricing actions.Source: earnings call transcript | +2.2% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
83 filings between Nov 3, 2025 and Sep 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.28M
4 sales by 3 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 70
- Award — granted as compensation
- 4
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Greenstein Scott Andrew | — | $618.8K | May 27, 2026 |
| Procope Jonelle | — | $499.7K | Aug 6, 2026 |
| Salen Kristina | — | $161.1K | May 29, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 9, 2026 | HARTENSTEIN EDDY W Director | Gift | 8,193 | $0 |
| Sep 9, 2026 | HARTENSTEIN EDDY W Director | Gift | 8,193 | $0 |
| Aug 26, 2026 | Coughlin Zachary EVP and CFO | Award | 2,621 | $0 |
| Aug 26, 2026 | Mothner Eve EVP, Chief Legal Officer & Sec | Award | 1,528 | $0 |
| Aug 26, 2026 | HARTENSTEIN EDDY W Director | Award | 60 | $0 |
| Aug 26, 2026 | Witz Jennifer C CEO | Award | 1,419 | $0 |
| Aug 26, 2026 | Salen Kristina Director | Award | 60 | $0 |
| Aug 26, 2026 | MAFFEI GREGORY B Director | Award | 60 | $0 |
| Aug 26, 2026 | Sud Anjali Director | Award | 60 | $0 |
| Aug 26, 2026 | MALONE EVAN DANIEL Director | Award | 60 | $0 |
| Aug 26, 2026 | Zaslav David Director | Award | 60 | $0 |
| Aug 26, 2026 | Rapino Michael Director | Award | 60 | $0 |
| Aug 26, 2026 | Stephenson Dave Director | Award | 60 | $0 |
| Aug 26, 2026 | Greenstein Scott Andrew Pres. & Chief Content Officer | Award | 177 | $0 |
| Aug 26, 2026 | Procope Jonelle Director | Award | 60 | $0 |
| Aug 6, 2026 | Procope Jonelle Director | Sale | 16,672 | $499.7K |
| Jul 13, 2026 | HARTENSTEIN EDDY W Director | Gift | 6,688 | $0 |
| Jul 13, 2026 | HARTENSTEIN EDDY W Director | Gift | 6,688 | $0 |
| May 29, 2026 | MALONE EVAN DANIEL Director | Award | 6,775 | $0 |
| May 29, 2026 | HARTENSTEIN EDDY W Director | Award | 6,775 | $0 |
| May 29, 2026 | Procope Jonelle Director | Award | 6,775 | $0 |
| May 29, 2026 | Zaslav David Director | Award | 6,775 | $0 |
| May 29, 2026 | Sud Anjali Director | Award | 6,775 | $0 |
| May 29, 2026 | Stephenson Dave Director | Award | 6,775 | $0 |
| May 29, 2026 | Salen Kristina Director | Sale 10b5-1 plan | 4,097 | $121.1K |
| May 29, 2026 | Salen Kristina Director | Award 10b5-1 plan | 6,775 | $0 |
| May 29, 2026 | Rapino Michael Director | Award | 6,775 | $0 |
| May 29, 2026 | MAFFEI GREGORY B Director | Award | 6,775 | $0 |
| May 27, 2026 | Greenstein Scott Andrew Pres. & Chief Content Officer | Sale | 20,744 | $618.8K |
| May 27, 2026 | Greenstein Scott Andrew Pres. & Chief Content Officer | Award | 408 | $0 |
| May 27, 2026 | Greenstein Scott Andrew Pres. & Chief Content Officer | Tax withheld | 105 | $3.1K |
| May 27, 2026 | Coughlin Zachary EVP and CFO | Award | 3,018 | $0 |
| May 27, 2026 | Zaslav David Director | Award | 83 | $0 |
| May 27, 2026 | Thorsen Wayne EVP, Chief Operating Officer | Award | 1,871 | $0 |
| May 27, 2026 | Witz Jennifer C CEO | Award | 1,635 | $0 |
| May 27, 2026 | HARTENSTEIN EDDY W Director | Award | 83 | $0 |
| May 27, 2026 | Sud Anjali Director | Award | 83 | $0 |
| May 27, 2026 | Stephenson Dave Director | Award | 56 | $0 |
| May 27, 2026 | Salen Kristina Director | Award | 83 | $0 |
| May 27, 2026 | Rapino Michael Director | Award | 83 | $0 |
| May 27, 2026 | Procope Jonelle Director | Award | 83 | $0 |
| May 27, 2026 | Mothner Eve EVP, Chief Legal Officer & Sec | Award | 1,759 | $0 |
| May 27, 2026 | MAFFEI GREGORY B Director | Award | 83 | $0 |
| May 27, 2026 | MALONE EVAN DANIEL Director | Award | 83 | $0 |
| May 26, 2026 | Greenstein Scott Andrew Pres. & Chief Content Officer | Tax withheld | 10,137 | $292.9K |
| Mar 5, 2026 | MAFFEI GREGORY B Director | Gift | 1,108 | $0 |
| Feb 27, 2026 | Witz Jennifer C CEO | Award | 2,048 | $0 |
| Feb 27, 2026 | Salen Kristina Director | Award | 104 | $0 |
| Feb 27, 2026 | Zaslav David Director | Award | 104 | $0 |
| Feb 27, 2026 | MAFFEI GREGORY B Director | Award | 66,862 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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