SIRIUS XM HOLDINGS INC.
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
SIRI$32.40-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0000908937-25-000030
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0000908937-26-000011
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 239 previous paragraphs and 234 current paragraphs.
143 unchanged; 72 reworded; 17 added; 23 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Pandora offers a highly personalized audio entertainment platform allowing users to create customized stations and playlists while also enabling on-demand search and playback of songs and albums. The Pandora service leverages advanced content programming algorithms, listener data, and music attributes to predict user music preferences, play content suited to the tastes of each listener, and introduce each listener to music consistent with the consumer's preferences. Pandora is available as (1) an ad-supported radio service, (2) a radio subscription service (Pandora Plus) and (3) an on-demand subscription service (Pandora Premium).
Current report
For the three months ended March 31, 2026 and 2025, advertising revenue was $35 and $39, respectively, a decrease of 10%, or $4. The decrease was primarily due to lower advertising demand for news channels.
Current report
For each of the three months ended March 31, 2026 and 2025, equipment revenue was $41. Higher manufacturing volume was offset by an unfavorable chipset mix.
Current report
For each of the three months ended March 31, 2026 and 2025, other revenue was $31. Higher service fee revenue from Sirius XM Canada was offset by a one-time true-up of license fees in the first quarter of 2025.
Current report
We anticipate Pandora and Off-platform subscriber revenues to decline modestly.
Current report
Total Revenue for the three months ended March 31, 2026 and 2025 was $2,091 and $2,068, respectively, an increase of 1%, or $23.
Current report
For each of the three months ended March 31, 2026 and 2025, cost of equipment was $2, and decreased as a percentage of total SiriusXM revenue. Lower sales volumes were offset by higher freight costs.
Current report
For the three months ended March 31, 2026 and 2025, programming and content expenses were $15 and $16, respectively, a decrease of 6%, or $1, and decreased as a percentage of total Pandora and Off-platform revenue. The decrease was primarily attributable to lower live event and podcast programming costs.
Current report
For the three months ended March 31, 2026 and 2025, customer service and billing expenses were $20 and $18, respectively, an increase of 11%, or $2, and increased as a percentage of total Pandora and Off-platform revenue. The increase was primarily driven by higher bad debt expense, partially offset by lower transaction fees.
Current report
For each of the three months ended March 31, 2026 and 2025, subscriber acquisition costs were $100, and decreased as a percentage of total revenue. The decrease was primarily driven by lower equipment installations.
Current report
For the three months ended March 31, 2026 and 2025, sales and marketing expenses were $187 and $190, respectively, a decrease of 2%, or $3, and decreased as a percentage of total revenue. The decrease was primarily due to personnel-related costs.
Current report
For each of the three months ended March 31, 2026 and 2025, general and administrative expenses were $122, and decreased as a percentage of total revenue. Lower personnel-related costs were offset by certain state tax litigation recoveries recorded in 2025.
Current report
For the three months ended March 31, 2026 and 2025, depreciation and amortization expense was $151 and $144, respectively. The increase was primarily associated with additional assets placed in service as well as a change in the estimated useful life of our Sirius FM-6 satellite. The change in the useful life of the Sirius FM-6 satellite is expected to add $60 of incremental depreciation expense for the fiscal year 2026 and will be fully depreciated by December 2026.
Current report
For the three months ended March 31, 2026 and 2025, net subscriber additions were (148) and (362), respectively, an improvement of 214. Self-pay net additions improved primarily due to growth in our value-add initiative such as the offer of companion subscriptions to subscribers, implementation of continuous service practices and automotive dealer extended-duration plans; partially offset by lower conversion rates. Paid promotional net additions also improved compared to the prior year periods driven by the timing of certain automakers transitioning from paid promotional subscriptions to unpaid or to shorter term promotional plans.
Current report
For the three months ended March 31, 2026 and 2025, RPM was $84.11 and $87.23, respectively. The decrease was driven by lower inventory volumes correlated with a decline in listener hours and increased competition for digital advertising spend resulting in lower demand for streaming music.
Current report
For the three months ended March 31, 2026 and 2025, adjusted EBITDA was $666 and $629, respectively, an increase of 6%, or $37. The increase was driven by higher subscriber and advertising revenue as well as lower cost of services, product and technology and general and administrative expenses driven by disciplined cost management and operational efficiency.
Current report
For the three months ended March 31, 2026 and 2025, free cash flow was $171 and $56, respectively, an increase of 205%, or $115. The increase was driven by higher adjusted EBITDA and lower capital expenditures.
Removed paragraphs (23)
Previous report
•the imposition of tariffs by the United States government could have a major effect on the United States auto industry, which SiriusXM is dependent upon as a material source of new subscribers;
Previous report
The Transactions are intended to generally be tax-free to holders of Liberty SiriusXM common stock and Sirius XM Holdings common stock (except with respect to any cash received by such holders) and the completion of the Transactions was subject to various conditions, including the receipt of opinions of tax counsel.
Previous report
Our Pandora and Off-platform business operates a music, comedy and podcast streaming platform, offering a personalized experience for each listener wherever and whenever they want to listen, whether through mobile devices, car speakers or connected devices. Pandora enables listeners to create personalized stations and playlists, discover new content, hear artist- and expert-curated playlists and podcasts as well as search and play songs and albums on-demand. Pandora is available as (1) an ad-supported radio service, (2) a radio subscription service (Pandora Plus) and (3) an on-demand subscription service (Pandora Premium). As of September 30, 2025, Pandora had approximately 41.6 million monthly active users and 5.7 million subscribers.
Previous report
The information contained in this Quarterly Report on Form 10-Q represents a combination of the historical information of SplitCo (now renamed Sirius XM Holdings Inc.) prior to the Merger Effective Time and Old Sirius.
Previous report
For the three months ended September 30, 2025 and 2024, advertising revenue was $39 and $41, respectively, a decrease of 5%, or $2. For the nine months ended September 30, 2025 and 2024, advertising revenue was $116 and $124, respectively, a decrease of 6%, or $8. The decreases were primarily due to lower advertising demand for news and sports channels. The decrease in the nine-month period was also impacted by lower demand on comedy channels.
Previous report
For each of the three months ended September 30, 2025 and 2024, equipment revenue was $43. For the nine months ended September 30, 2025 and 2024, equipment revenue was $130 and $140, respectively, a decrease of 7%, or $10. During the three-month period, the transition to higher cost next generation chipsets was offset by higher chipset production. For the nine-month period, the decrease was driven by the transition to higher cost next generation chipsets as well as lower chipset production.
Previous report
For the three months ended September 30, 2025 and 2024, other revenue was $32 and $33, respectively, a decrease of 3%, or $1. For the nine months ended September 30, 2025 and 2024, other revenue was $94 and $93, respectively, an increase of 1%, or $1. The decrease for the three-month period was driven by lower revenue from our connected vehicle services. The increase for the nine-month period was driven by one-time license fees.
Previous report
We anticipate a decline in Pandora and Off-platform subscriber revenues primarily driven by a reduction in the average number of subscribers.
Previous report
Total Revenue for the three months ended September 30, 2025 and 2024 was $2,159 and $2,171, respectively, a decrease of 1%, or $12. Total Revenue for the nine months ended September 30, 2025 and 2024 was $6,365 and $6,511, respectively, a decrease of 2%, or $146.
Previous report
For each of the three months ended September 30, 2025 and 2024, cost of equipment was $2, which remained unchanged in absolute terms but increased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, cost of equipment was $6 and $7, respectively, a decrease of 14%, or $1, and decreased as a percentage of total SiriusXM revenue. The decrease for the nine-month period was driven lower inventory reserves.
Previous report
For the three months ended September 30, 2025 and 2024, programming and content expenses were $16 and $13, respectively, an increase of 23%, or $3, and increased as a percentage of total Pandora and Off-platform revenue. For each of the nine months ended September 30, 2025 and 2024, programming and content expenses were $46 and $44, respectively, an increase of 5%, or $2, and increased as a percentage of total Pandora and Off-platform revenue. The increases were primarily attributable to higher podcast programming costs.
Previous report
For each of the three months ended September 30, 2025 and 2024, customer service and billing expenses were $19, which remained unchanged in absolute terms but decreased as a percentage of total Pandora and Off-platform revenue. For the nine months ended September 30, 2025 and 2024, customer service and billing expenses were $56 and $59, respectively, a decrease of 5%, or $3, and decreased as a percentage of total Pandora and Off-platform revenue. The decrease for the nine-month period was primarily driven by lower transaction fees.
Previous report
For the three months ended September 30, 2025 and 2024, subscriber acquisition costs were $107 and $90, respectively, an increase of 19%, or $17, and increased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, subscriber acquisition costs were $314 and $272, respectively, an increase of 15%, or $42, and increased as a percentage of total revenue. The increases were primarily driven by contractual changes with certain automakers.
Previous report
For the three months ended September 30, 2025 and 2024, sales and marketing expenses were $186 and $217, respectively, a decrease of 14%, or $31, and decreased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, sales and marketing expenses were $561 and $675, respectively, a decrease of 17%, or $114, and decreased as a percentage of total revenue. The decreases were primarily due to lower brand and streaming marketing spend.
Previous report
For the three months ended September 30, 2025 and 2024, general and administrative expenses were $119 and $138, respectively, a decrease of 14%, or $19, and decreased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, general and administrative expenses were $407 and $378, respectively, an increase of 8%, or $29, and increased as a percentage of total revenue. The decrease for the three-month period was driven by lower legal costs, including income from a legal settlement, as well as the elimination of Former Parent operating costs; partially offset by higher software and telecom expenses. The increase for the nine-month period was driven by higher legal costs, including amounts associated with a settlement reserve for certain litigation matters of $28 which is expected to be paid in 2026, higher personnel-related costs and lower insurance recoveries; partially offset by the elimination of Former Parent operating costs, the $9 legal settlement income recognized during the three months ended September 30, 2025, and certain state tax litigation recoveries recorded during the first three months of 2025.
Previous report
For the three months ended September 30, 2025 and 2024, depreciation and amortization expense was $141 and $145, respectively. For the nine months ended September 30, 2025 and 2024, depreciation and amortization expense was $406 and $455, respectively. The decreases were primarily associated with certain assets that reached the end of their useful lives.
Previous report
For the three months ended September 30, 2025 and 2024, income tax (expense) benefit was $(91) and $39, respectively. For the nine months ended September 30, 2025 and 2024, income tax expense was $215 and $103, respectively.
Previous report
For the three months ended September 30, 2025 and 2024, net subscriber additions were 11 and (100), respectively, an improvement of 111. For the nine months ended September 30, 2025 and 2024, net subscriber additions were (418) and (719), respectively, an improvement of 301. Self-pay net additions for the three-month period compared to the prior year decreased primarily due to lower conversion rates and streaming net additions, partially offset by lower churn and higher trial volumes as well as growth in new acquisition initiatives. Self-pay net additions for the nine-month period compared to the prior year period increased primarily due to lower churn and higher trial volumes as well as growth in new acquisition initiatives, partially offset by lower conversion rates and streaming net additions. Paid promotional net additions also improved compared to the prior year periods driven by higher vehicle sales.
Previous report
For the three months ended September 30, 2025 and 2024, RPM was $91.24 and $104.50, respectively. For the nine months ended September 30, 2025 and 2024, RPM was $88.14 and $98.12, respectively. The decreases were driven by lower advertiser demand in streaming music and macroeconomic uncertainty.
Previous report
For the three months ended September 30, 2025 and 2024, Adjusted EBITDA was $676 and $693, respectively, a decrease of 2%, or $17. For the nine months ended September 30, 2025 and 2024, adjusted EBITDA was $1,974 and $2,043, respectively, a decrease of 3%, or $69. The decreases were driven by declines in subscriber revenue as well as increases in revenue share and royalties and subscriber acquisition costs; partially offset by lower sales and marketing expenses. The nine month period was also impacted by a decline in advertising revenue.
Previous report
For the three months ended September 30, 2025 and 2024, free cash flow was $257 and $93, respectively, an increase of 176%, or $164. For the nine months ended September 30, 2025 and 2024, free cash flow was $715 and $499, respectively, an increase of 43%, or $216. The increases were driven by the elimination of Liberty transaction costs, lower cash taxes paid and lower capital expenditures.
Previous report
Prior to the closing of the Transactions, the board of directors of Old Sirius had approved the repurchase of an aggregate of $18,000 of its common stock. As of the closing of the Transactions, Old Sirius repurchased $16,834 since December 2012, and $1,166 remained available under that program. The stock repurchase program of Old Sirius was terminated on the closing date of the Transactions.
Previous report
(1)Compared to the free cash flow of Old Sirius, the free cash flow for Sirius XM Holdings is impacted by the additional interest payments related to Liberty Media’s debt attributed to SplitCo as well as corporate costs.
Reworded paragraphs (72)
Previous wording
•environmental, social and governance expectations and related reporting obligations may expose us to potential liabilities, increased costs, reputational harm and other adverse effects.
Current wording
•increasing interest and expectations regarding sustainable business practices by our various stakeholders and related reporting obligations may expose us to potential liabilities, increased costs, reputational harm and other adverse effects.
Previous wording
•we have directors associated with Liberty Media, which may lead to conflicting interests; and
Current wording
•we have directors associated or previously associated with Liberty Media, which may lead to conflicting interests; and
Previous wording
Sirius XM Holdings Inc., the reporting company under this Quarterly Report on Form 10-Q, is the product of a series of transactions that closed on Monday, September 9, 2024.
Current wording
Sirius XM Holdings Inc., the reporting company under this Quarterly Report on Form 10-Q, is the product of a series of transactions that closed on Monday, September 9, 2024. Any references to the “Company,” “we,” “us,” or “ours” refers to Sirius XM Holdings Inc. and its consolidated subsidiaries following the Transactions.
Previous wording
On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation (“Liberty Media” or “Former Parent”) completed its previously announced split-off (the “Split-Off”) of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (“SplitCo”). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media’s Series A, Series B and Series C Liberty SiriusXM common stock, par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the “Redemption”), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo.
Current wording
On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation (“Liberty Media” or “Former Parent”) completed its previously announced split-off (the “Split-Off”) of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (“SplitCo”).
Previous wording
At the Merger Effective Time, Old Sirius was renamed “Sirius XM Inc.” and SplitCo was renamed “Sirius XM Holdings Inc.” In connection with the Transactions and by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SplitCo became the successor issuer to Old Sirius and succeeded to the attributes of Old Sirius as the registrant, including Old Sirius's Commission File Number and CIK number.
Current wording
At the Merger Effective Time, SplitCo was renamed “Sirius XM Holdings Inc.” and succeeded to the attributes of Old Sirius as the registrant, including Old Sirius's Commission File Number and CIK number. Upon completion of the Transactions, Liberty Media ceased to own any shares of Sirius XM Holdings Inc.
Previous wording
We operate two complementary audio entertainment businesses -one of which it refers to as “SiriusXM” and the second of which it refers to as “Pandora and Off-platform”.
Current wording
We operate two complementary audio entertainment businesses -our SiriusXM business and our Pandora and Off-platform business.
Previous wording
Our SiriusXM business features a wide range of content, including, music, sports, entertainment, comedy, talk and news channels, podcasts and infotainment services, all available in the United States on a subscription fee basis. SiriusXM's content bundles include live, curated, hosted and certain exclusive and on-demand programming. The SiriusXM service is distributed through our two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Satellite radios are primarily distributed through automakers, retailers and SiriusXM’s website. Additionally, our user interface, “360L,” integrates satellite and streaming services into a seamless in-vehicle entertainment experience.
Current wording
Our SiriusXM business features a wide range of content, including, music, sports, entertainment, comedy, talk and news channels, podcasts and infotainment services, all available in the United States on a subscription fee basis. SiriusXM packages include live, curated, hosted and certain exclusive and on-demand programming. The SiriusXM service is distributed through SiriusXM’s two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Satellite radios are primarily distributed through automakers, retailers and SiriusXM’s website.
Previous wording
Sirius XM holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (“Sirius XM Canada”). Sirius XM Canada's subscribers are not included in our subscriber count or subscriber-based operating metrics.
Current wording
The SiriusXM service is also available through an in-car user interface called “360L” that combines SiriusXM’s satellite and streaming services into a single, cohesive in-vehicle entertainment experience.SiriusXM holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (“Sirius XM Canada”).
Previous wording
The primary source of revenue from the SiriusXM business is subscription fees, with most of its customers subscribing to monthly or annual plans. Additional revenue streams include advertising on select non-music channels and on certain music channels within ad-supported plans, direct sales of radios and accessories, and other ancillary services. As of September 30, 2025, the SiriusXM business had approximately 32.8 million subscribers.
Current wording
The primary source of revenue from the SiriusXM business is subscription fees, with most of its customers subscribing to monthly or annual plans. Additional revenue streams include advertising on select music and non-music channels in certain packages, direct sales of radios and accessories, and other ancillary services. As of March 31, 2026, the SiriusXM business had approximately 32.8 million subscribers in the U.S., while Sirius XM Canada had approximately 2.4 million subscribers. Sirius XM Canada's subscribers are not included in our subscriber count or subscriber-based operating metrics.
Previous wording
In addition to the audio entertainment businesses, we provide connected vehicle services to several automakers. These services are designed to enhance the safety, security and driving experience of consumers. We also offer a suite of data services that includes graphical weather and fuel prices, a traffic information service and real-time weather services in boats and airplanes.
Current wording
In addition to our audio entertainment businesses, we provide connected vehicle services to several automakers. These services are designed to enhance the safety, security and driving experience of consumers. We also offer a suite of data services that includes graphical weather and fuel prices, a traffic information service and real-time weather services in boats and airplanes.
Previous wording
The majority of revenue from Pandora is generated from advertising on Pandora's ad-supported radio service. Pandora also derives subscription revenue from its Pandora Plus and Pandora Premium subscribers. Our Pandora and Off-platform business also sells advertising on other audio platforms and in widely distributed podcasts, which we consider to be off-platform services.
Current wording
The majority of revenue from Pandora is generated from advertising on Pandora’s ad-supported radio service, which is sold under the SiriusXM Media brand. Pandora also derives subscription revenue from its Pandora Plus and Pandora Premium subscribers. As of March 31, 2026, Pandora had approximately 40.1 million monthly active users and 5.6 million subscribers.
Previous wording
Sirius XM also sells advertising on other audio platforms and in widely-distributed podcasts, which it considers to be off-platform services. Sirius XM has an arrangement with SoundCloud Holdings, LLC (“SoundCloud”) to be its exclusive ad sales representative in the U.S. and certain European countries and offer advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. It also has arrangements to serve as the ad sales representative for certain podcasts. In addition, through AdsWizz Inc., Sirius XM provides a comprehensive digital audio and programmatic advertising technology platform, which connects audio publishers and advertisers with a variety of ad insertion, campaign trafficking, yield optimization, programmatic buying, marketplace and podcast monetization solutions.
Current wording
Sirius XM Holdings also sells advertising on other audio platforms and in widely-distributed podcasts, which it considers to be off-platform services. Sirius XM Holdings has an arrangement with SoundCloud Holdings, LLC (“SoundCloud”) to be its exclusive ad sales representative in the U.S. and certain European countries and offer advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. It also has arrangements to serve as the ad sales representative for certain podcasts. In addition, through AdsWizz Inc., Sirius XM Holdings provides a comprehensive digital audio and programmatic advertising technology platform, which connects audio publishers and advertisers with a variety of ad insertion, campaign trafficking, yield optimization, programmatic buying, marketplace and podcast monetization solutions.
Previous wording
Set forth below are our results of operations for the three and nine months ended September 30, 2025 compared with the three and nine months ended September 30, 2024. The results of operations are presented for each of our reporting segments for revenue and cost of services and on a consolidated basis for all other items.
Current wording
Set forth below are our results of operations for the three months ended March 31, 2026 compared with the three months ended March 31, 2025. The results of operations are presented for each of our reporting segments for revenue and cost of services and on a consolidated basis for all other items.
Previous wording
For the three months ended September 30, 2025 and 2024, subscriber revenue was $1,497 and $1,510, respectively, a decrease of 1%, or $13. For the nine months ended September 30, 2025 and 2024, subscriber revenue was $4,466 and $4,576, respectively, a decrease of 2%, or $110. The decreases were primarily attributed to a reduction in self-pay revenue resulting from a decline in the average number of subscribers, partially offset by rate increases on certain self-pay plans.
Current wording
For the three months ended March 31, 2026 and 2025, subscriber revenue was $1,483 and $1,470, respectively, an increase of 1%, or $13. The increase was primarily attributed to rate increases on certain self-pay plans, partially offset by a decline in the average number of subscribers.
Previous wording
We expect SiriusXM subscriber revenues to remain relatively flat with higher ARPU offset by declines in the number of average subscribers.
Current wording
We expect SiriusXM subscriber revenues to remain relatively flat with higher average revenue per user (“ARPU”) offset by declines in the number of average subscribers.
Previous wording
We expect our SiriusXM advertising revenue to grow as we continue to leverage co-selling initiatives across our brands and platforms.
Current wording
We expect our SiriusXM advertising revenue to remain relatively flat.
Previous wording
We expect equipment revenue to remain flat as higher costs associated with the transition to our next generation chipset are projected to offset the benefits of increased production. In addition, if the imposition of tariffs by the United States government causes automakers to decrease production, we would expect equipment revenue to decline.
Current wording
We expect equipment revenue to decline due to higher costs associated with the transition to our next generation chipset.
Previous wording
We expect other revenue, excluding one-time license fees, to remain relatively flat.
Current wording
We expect other revenue to remain relatively flat.
Previous wording
For the three months ended September 30, 2025 and 2024, Pandora and Off-platform subscriber revenue was $132 and $135, respectively, a decrease of 2%, or $3. For the nine months ended September 30, 2025 and 2024, Pandora and Off-platform subscriber revenue was $394 and $407, respectively, a decrease of 3%, or $13. The decreases were driven by a decline in the subscriber base, partially offset by rate increases on Pandora subscription plans.
Current wording
For the three months ended March 31, 2026 and 2025, Pandora and Off-platform subscriber revenue was $129 and $132, respectively, a decrease of 2%, or $3. The decrease was primarily driven by a decline in the subscriber base.
Previous wording
For the three months ended September 30, 2025 and 2024, Pandora and Off-platform advertising revenue was $416 and $409, respectively, an increase of 2%, or $7. For the nine months ended September 30, 2025 and 2024, Pandora and Off-platform advertising revenue was $1,165 and $1,171, respectively, a decrease of 1%, or $6. The increase for the three-month period was driven by revenue generated from podcasts and technology fees, partially offset by reduced advertiser demand in streaming music. The decrease for the nine-month period was driven by reduced advertiser demand in streaming music, partially offset by revenue generated from podcasts and higher technology fees.
Current wording
For the three months ended March 31, 2026 and 2025, Pandora and Off-platform advertising revenue was $372 and $355, respectively, an increase of 5%, or $17. The increase was driven by revenue generated from podcasts and higher programmatic demand and technology fees; partially offset by reduced advertiser demand in streaming music.
Previous wording
We expect Pandora and Off-platform advertising revenue to slightly increase due to growth in off-platform monetization, including through podcasts, as well as higher technology fees.
Current wording
We expect Pandora and Off-platform advertising revenue to moderately increase due to growth in off-platform monetization, including through podcasts, as well as higher technology fees.
Previous wording
SiriusXM Cost of Services includes revenue share and royalties, programming and content, customer service and billing, and transmission expenses.
Current wording
SiriusXM Cost of Services includes revenue share and royalties, programming and content, customer service and billing, transmission and equipment expenses.
Previous wording
For the three months ended September 30, 2025 and 2024, revenue share and royalties were $384 and $390, respectively, a decrease of 2%, or $6, and decreased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, revenue share and royalties were $1,154 and $1,176, respectively, a decrease of 2%, or $22, but increased as a percentage of total SiriusXM revenue. The decreases were driven by lower subscription revenue, partially offset by higher webcasting per play rate.
Current wording
For the three months ended March 31, 2026 and 2025, revenue share and royalties were $377 and $379, respectively, a decrease of 1%, or $2, and decreased as a percentage of total SiriusXM revenue. The decrease was driven by lower revenue share with automakers, partially offset by higher webcasting royalties.
Previous wording
We expect our SiriusXM revenue share and royalty costs to remain flat as a percentage of revenue.
Current wording
We expect our SiriusXM revenue share and royalty costs to remain flat as a percentage of total SiriusXM revenue.
Previous wording
For the three months ended September 30, 2025 and 2024, programming and content expenses were $138 and $137, respectively, an increase of 1%, or $1 and increased as a percentage of total SiriusXM revenue. For each of the nine months ended September 30, 2025 and 2024, programming and content expenses were $412 which remained unchanged in absolute terms but increased as a percentage of total SiriusXM revenue. The increase for the three-month period was driven by higher personnel-related costs.
Current wording
For the three months ended March 31, 2026 and 2025, programming and content expenses were $135 and $137, respectively, a decrease of 1%, or $2, and decreased as a percentage of total SiriusXM revenue. The decrease was driven by lower content costs, partially offset by higher personnel-related costs.
Previous wording
We expect our SiriusXM programming and content expenses to remain relatively flat.
Current wording
We expect our SiriusXM programming and content expenses to decline due to lower costs to obtain certain content.
Previous wording
For the three months ended September 30, 2025 and 2024, customer service and billing expenses were $97 and $91, respectively, an increase of 7%, or $6, and increased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, customer service and billing expenses were $283 and $276, respectively, an increase of 3%, or $7, and increased as a percentage of total SiriusXM revenue. The increases were driven by higher subscriber management systems and transaction costs, partially offset by lower call center costs and bad debt expense.
Current wording
For the three months ended March 31, 2026 and 2025, customer service and billing expenses were $86 and $94, respectively, a decrease of 9%, or $8, and decreased as a percentage of total SiriusXM revenue. The decrease was driven by lower call center costs and bad debt expense.
Previous wording
We expect our SiriusXM customer service and billing expenses to decrease as a result of reductions in call center and personnel-related costs, partially offset by higher costs associated with subscriber management systems.
Current wording
We expect our SiriusXM customer service and billing expenses to decrease as a result of reductions in call center and personnel-related costs, partially offset by higher costs associated with subscriber management systems and transaction costs.
Previous wording
For the three months ended September 30, 2025 and 2024, transmission expenses were $42 and $48, respectively, a decrease of 13%, or $6, and decreased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, transmission expenses were $122 and $147, respectively, a decrease of 17%, or $25, and decreased as a percentage of total SiriusXM revenue. The decreases were driven primarily by lower hosting costs associated with our streaming platform.
Current wording
For the three months ended March 31, 2026 and 2025, transmission expenses were $39 and $42, respectively, a decrease of 7%, or $3, and decreased as a percentage of total SiriusXM revenue. The decrease was driven primarily by lower hosting costs associated with our streaming platform.
Previous wording
We expect our SiriusXM transmission expenses to remain relatively flat.
Current wording
We expect our SiriusXM transmission expenses to increase primarily from hosting cloud costs for broadcast and service delivery as well as increases in maintenance costs related to our repeater network.
Previous wording
We expect our SiriusXM cost of equipment to remain relatively flat.
Current wording
We expect our SiriusXM cost of equipment to decrease due to lower sales volumes.
Previous wording
For the three months ended September 30, 2025 and 2024, revenue share and royalties were $337 and $317, respectively, an increase of 6%, or $20, and increased as a percentage of total Pandora and Off-platform revenue. For the nine months ended September 30, 2025 and 2024, revenue share and royalties were $976 and $942, respectively, an increase of 4%, or $34, and increased as a percentage of total Pandora and Off-platform revenue. The increases were driven by podcast revenue share, partially offset by a decline in the subscriber base.
Current wording
For the three months ended March 31, 2026 and 2025, revenue share and royalties were $320 and $308, respectively, an increase of 4%, or $12, and increased as a percentage of total Pandora and Off-platform revenue. The increase was driven by podcast revenue share as well as a higher sound recording and publisher royalties.
Previous wording
We expect our Pandora and Off-platform programming and content costs to remain relatively flat.
Current wording
We expect our Pandora and Off-platform programming and content costs to decline slightly.
Previous wording
For the three months ended September 30, 2025 and 2024, Pandora and Off-Platform transmission expenses were $7 and $9, respectively, a decrease of 22%, or $2, and decreased as a percentage of total Pandora and Off-platform revenue. For the nine months ended September 30, 2025 and 2024, Pandora and Off-Platform transmission expenses were $22 and $25, respectively, a decrease of 12%, or $3, and decreased as a percentage of total Pandora and Off-platform revenue. The decreases were driven by lower bandwidth costs.
Current wording
For each of the three months ended March 31, 2026 and 2025, Pandora and Off-Platform transmission expenses were $8, and decreased as a percentage of total Pandora and Off-platform revenue.
Previous wording
We expect our Pandora and Off-platform transmission costs to remain relatively flat due to optimized spend, partially offset by higher hosting costs associated with increased AdsWizz platform fee revenue.
Current wording
We expect our Pandora and Off-platform transmission costs to remain relatively flat.
Previous wording
We expect subscriber acquisition costs to stay relatively flat; However, if the imposition of tariffs by the United States government causes automakers to decrease production, we would expect subscriber acquisition costs to decline.
Current wording
We expect subscriber acquisition costs to remain relatively flat.
Previous wording
Sales and Marketing includes costs for marketing, advertising, media and production, including promotional events and sponsorships; cooperative and artist marketing; and personnel related costs including salaries, commissions, and sales support. Marketing costs include expenses related to direct mail, outbound telemarketing, email communications, social media, television and streaming performance media and third party promotional offers.
Current wording
Sales and Marketing includes costs for marketing, advertising, media and production, including promotional events and sponsorships; cooperative and artist marketing; and personnel related costs including salaries, commissions, and sales support. Marketing costs include expenses related to direct mail, outbound telemarketing, email communications, social media, television and performance media and third party promotional offers.
Previous wording
We expect sales and marketing expenses to increase due to an increase in our brand and in-car marketing.
Current wording
We expect sales and marketing expenses to increase due to an increased investment in our brand and content promotion spend to drive long term acquisition and retention benefits along with other marketing cost.
Previous wording
Product and Technology consists primarily of compensation and related costs to develop chipsets and new products and services, including streaming and connected vehicle services, research and development for broadcast information systems and the design and development costs to incorporate Sirius XM radios into new vehicles manufactured by automakers.
Current wording
Product and Technology consists primarily of compensation and related costs to develop chipsets and new products and services, including streaming and connected vehicle services, research and development for broadcast information systems and the design and development costs to incorporate SiriusXM radios into new vehicles manufactured by automakers.
Previous wording
For the three months ended September 30, 2025 and 2024, product and technology expenses were $62 and $68, respectively, a decrease of 9%, or $6, and decreased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, product and technology expenses were $191 and $224, respectively, a decrease of 15%, or $33, and decreased as a percentage of total revenue. The decreases were primarily driven by lower hosting and personnel-related costs.
Current wording
For the three months ended March 31, 2026 and 2025, product and technology expenses were $69 and $73, respectively, a decrease of 5%, or $4, and decreased as a percentage of total revenue. The decrease was primarily driven by lower personnel-related costs.
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Current report — wording carried from elsewhere
Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current report — wording carried from elsewhere
There have been no material changes to our critical accounting policies and estimates since December 31, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Any references to the “Company,” “we,” “us,” or “ours” refers to Sirius XM Holdings Inc. and its consolidated subsidiaries following the Transactions.