Sirius XM Holding (SIRI) financial statements

Communication Services · Entertainment · Market cap $8.8B

Sirius XM Holding reported revenue of $8.6B in fiscal 2025, up 6.1% a year over 9 years.

Net income was $805M and the operating margin 17.2%, against 28.5% in 2016.

Free cash flow was $1.2B, and the company returned $136M in net buybacks.

The diluted share count fell 93% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

02.557.5102016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Sirius XM Holding's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$5.0B$5.4B$5.8B$7.8B$8.0B$8.7B$9.0B$9.0B$8.7B$8.6B
Cost of revenue$41M$35M—$3.4B——————
Gross profit$5.0B$5.4B—$4.4B$4.5B$4.8B$4.9B$4.8B$4.6B$4.5B
Research and development$82M$112M$123M$280M$263M$265M$285M$322M$296M$263M
Selling, general and admin$728M$773M$838M$1.5B$1.5B$1.6B$1.6B$1.5B$1.4B$1.3B
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
Pre-tax 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
EPS (diluted)$0.15$0.14$0.26$0.20$0.03$0.32$2.96$2.77-$6.14$2.23
Diluted shares4.96B4.72B4.56B4.62B4.43B4.14B368M362M338M357M
Gross margin99.2%99.3%—56.6%56.0%54.9%54.6%53.5%53.1%52.4%
Operating margin28.5%30.2%29.9%21.1%10.7%23.2%21.3%20.2%-17.4%17.2%
Net margin14.9%11.9%20.4%11.7%1.6%15.1%10.1%8.8%-19.1%9.4%

Balance sheet

Fiscal years, from Sirius XM Holding's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$214M$69M$54M$106M$71M$191M$362M$306M$162M$94M
Receivables$223M$242M$233M$670M$559M$626M$574M$616M$596M$671M
Inventory$20M$20M$22M$11M$10M—————
Total current assets$643M$471M$478M$1.0B$967M$1.2B$1.0B$1.4B$1.1B$1.1B
Property, plant and equipment$1.4B$1.5B$1.5B$1.6B$1.6B$1.4B$1.5B$1.8B$2.1B$2.3B
Goodwill$2.2B$2.3B$2.3B$3.8B$3.1B$3.2B$15.2B$15.2B$12.4B$12.4B
Total assets$8.0B$8.3B$8.2B$11.1B$10.3B$10.3B$10.0B$30.1B$27.5B$27.2B
Total current liabilities$2.7B$2.8B$2.8B$3.3B$3.2B$3.0B$3.0B$4.0B$2.7B$3.7B
Long-term debt$5.8B$6.7B$6.9B$7.8B$8.5B$8.8B$9.3B$10.1B$10.3B$8.6B
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
Net debt$5.6B$6.7B$6.8B$7.7B$8.4B$8.6B$8.9B$9.8B$10.2B$8.6B

Cash flow

Fiscal years, from Sirius XM Holding's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$1.7B$1.9B$1.9B$2.0B$2.0B$2.0B$2.0B$1.8B$1.7B$1.9B
Capital spending$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
Stock-based compensation$109M$124M$133M$250M$223M$202M$209M$203M$200M$179M
Dividends paid$48M$190M$201M$226M$237M$268M————
Share buybacks (net)-$1.7B-$1.4B-$1.3B-$2.2B-$1.6B-$1.5B-$647M-$274M-$6M-$136M
Net borrowing$326M$960M-$16M$1.0B-$26M$939M$181M-$1.0B-$709M-$699M
Free cash flow margin30.2%28.9%26.4%21.2%20.7%18.5%17.3%13.2%11.6%14.5%
Dividends per share$0.01$0.04$0.04$0.05$0.05$0.06————
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Questions

What was Sirius XM Holding's revenue in 2025?

$8.6B in fiscal 2025, from its 10-K filing.

How much free cash flow does Sirius XM Holding generate?

$1.2B in fiscal 2025 (operating cash flow minus capital spending).

From Sirius XM Holding's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.