Sirius XM Holdings Financials
This page shows Sirius XM Holdings (SIRI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Recurring cash generation supports a thin-liquidity, debt-funded balance sheet even when reported earnings swing sharply.
FY2024's accounting loss did not break the cash engine: operating cash flow still reached$1.7B . With free cash flow still at$1.0B in that same year and earnings back to positive in FY2025, the gap between earnings volatility and cash stability points to charges that hit GAAP profit harder than near-term cash economics.
Liquidity is intentionally lean: cash was only
Debt is being worked down, with long-term borrowings reduced to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Sirius XM Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sirius XM Holdings has an operating margin of 17.2%, meaning the company retains $17 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is up from -17.4% the prior year.
Sirius XM Holdings's revenue declined 1.6% year-over-year, from $8.7B to $8.6B. This contraction results in a growth score of 30/100.
Sirius XM Holdings carries a low D/E ratio of 0.78, meaning only $0.78 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.
Sirius XM Holdings's current ratio of 0.31 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Sirius XM Holdings has a free cash flow margin of 14.5%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.
Sirius XM Holdings generates a 7.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 11/100. This is up from -18.7% the prior year.
Sirius XM Holdings scores 1.36, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Sirius XM Holdings passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Sirius XM Holdings generates $2.36 in operating cash flow ($1.9B OCF vs $805.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Sirius XM Holdings earns $3.2 in operating income for every $1 of interest expense ($1.5B vs $459.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Sirius XM Holdings generated $8.6B in revenue in fiscal year 2025. This represents a decrease of 1.6% from the prior year.
Sirius XM Holdings's EBITDA was $1.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 276.6% from the prior year.
Sirius XM Holdings reported $805.0M in net income in fiscal year 2025. This represents an increase of 138.8% from the prior year.
Sirius XM Holdings earned $2.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 136.3% from the prior year.
Cash & Balance Sheet
Sirius XM Holdings generated $1.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22.9% from the prior year.
Sirius XM Holdings held $79.0M in cash against $9.0B in long-term debt as of fiscal year 2025.
Sirius XM Holdings had 335M shares outstanding in fiscal year 2025. This represents a decrease of 1.2% from the prior year.
Margins & Returns
Sirius XM Holdings's gross margin was 52.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.
Sirius XM Holdings's operating margin was 17.2% in fiscal year 2025, reflecting core business profitability. This is up 34.6 percentage points from the prior year.
Sirius XM Holdings's net profit margin was 9.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 33.3 percentage points from the prior year.
Sirius XM Holdings's ROE was 7.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 25.7 percentage points from the prior year.
Capital Allocation
Sirius XM Holdings invested $263.0M in research and development in fiscal year 2025. This represents a decrease of 11.1% from the prior year.
Sirius XM Holdings spent $136.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2166.7% from the prior year.
Sirius XM Holdings invested $653.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 10.3% from the prior year.
SIRI Income Statement
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B-26.5% | $2.2B+1.6% | $2.2B+1.0% | $2.1B+3.4% | $2.1B-5.5% | $2.2B+0.8% | $2.2B-0.3% | $2.2B |
| Cost of Revenue | $697.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $966.0M-17.0% | $1.2B+3.2% | $1.1B+0.7% | $1.1B+4.1% | $1.1B-7.1% | $1.2B+0.2% | $1.2B-0.9% | $1.2B |
| R&D Expenses | $69.0M-4.2% | $72.0M+16.1% | $62.0M+10.7% | $56.0M-23.3% | $73.0M+2.8% | $71.0M+4.4% | $68.0M-4.2% | $71.0M |
| SG&A Expenses | $122.0M-14.1% | $142.0M+19.3% | $119.0M-28.3% | $166.0M+36.1% | $122.0M+2.5% | $119.0M-13.8% | $138.0M+19.0% | $116.0M |
| Operating Income | $454.0M+100.9% | $226.0M-54.2% | $493.0M+35.1% | $365.0M-5.7% | $387.0M-23.2% | $504.0M+117.4% | -$2.9B-715.9% | $471.0M |
| Interest Expense | $112.0M+0.9% | $111.0M-3.5% | $115.0M-0.9% | $116.0M-0.9% | $117.0M-29.5% | $166.0M+33.9% | $124.0M+21.6% | $102.0M |
| Income Tax | $81.0M+125.0% | $36.0M-60.4% | $91.0M+54.2% | $59.0M-9.2% | $65.0M-38.1% | $105.0M+369.2% | -$39.0M-151.3% | $76.0M |
| Net Income | $245.0M+147.5% | $99.0M-66.7% | $297.0M+44.9% | $205.0M+0.5% | $204.0M+267.2% | -$122.0M+95.0% | -$2.5B-907.9% | $304.0M |
| EPS (Diluted) | $0.72 | N/A | $0.84+47.4% | $0.57-3.4% | $0.59 | N/A | $-8.74 | $0.74 |
SIRI Balance Sheet
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.1B-0.3% | $27.2B-0.6% | $27.4B+0.3% | $27.3B-0.4% | $27.4B-0.3% | $27.5B+0.1% | $27.5B+145.7% | $11.2B |
| Current Assets | $1.1B-3.6% | $1.1B+1.3% | $1.1B+3.7% | $1.0B0.0% | $1.0B-9.1% | $1.1B+1.4% | $1.1B+3.0% | $1.1B |
| Cash & Equivalents | $75.0M-20.2% | $94.0M+19.0% | $79.0M-14.1% | $92.0M-27.6% | $127.0M-21.6% | $162.0M+27.6% | $127.0M-32.4% | $188.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $596.0M-11.2% | $671.0M+12.0% | $599.0M+4.9% | $571.0M+10.0% | $519.0M-12.9% | $596.0M+0.5% | $593.0M+7.2% | $553.0M |
| Goodwill | $12.4B0.0% | $12.4B0.0% | $12.4B0.0% | $12.4B0.0% | $12.4B0.0% | $12.4B0.0% | $12.4B+281.3% | $3.2B |
| Total Liabilities | $15.4B-1.6% | $15.7B-1.1% | $15.8B-1.0% | $16.0B-1.3% | $16.2B-1.4% | $16.4B-1.1% | $16.6B+25.0% | $13.3B |
| Current Liabilities | $2.4B-34.0% | $3.7B+5.5% | $3.5B+34.7% | $2.6B+3.7% | $2.5B-9.2% | $2.7B-10.8% | $3.1B+19.7% | $2.6B |
| Long-Term Debt | $597.0M-93.1% | $8.6B-4.1% | $9.0B-11.0% | $10.1B-2.6% | $10.4B+0.9% | $10.3B+1.7% | $10.1B+12.1% | $9.0B |
| Total Equity | $11.7B+1.5% | $11.6B+0.1% | $11.6B+2.0% | $11.3B+1.0% | $11.2B+1.2% | $11.1B+2.0% | $10.9B+613.9% | -$2.1B |
| Retained Earnings | $11.8B+1.3% | $11.6B+0.1% | $11.6B+2.0% | $11.4B+1.1% | $11.3B+1.2% | $11.1B+2.1% | $10.9B+616.1% | -$2.1B |
SIRI Cash Flow Statement
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $271.0M-60.1% | $680.0M+58.1% | $430.0M-21.2% | $546.0M+125.6% | $242.0M-64.4% | $679.0M+119.7% | $309.0M-36.8% | $489.0M |
| Capital Expenditures | $105.0M-27.1% | $144.0M-17.7% | $175.0M+20.7% | $145.0M-23.3% | $189.0M+14.5% | $165.0M-23.6% | $216.0M+24.9% | $173.0M |
| Free Cash Flow | $166.0M-69.0% | $536.0M+110.2% | $255.0M-36.4% | $401.0M+656.6% | $53.0M-89.7% | $514.0M+452.7% | $93.0M-70.6% | $316.0M |
| Investing Cash Flow | -$173.0M-8.8% | -$159.0M+16.8% | -$191.0M-17.9% | -$162.0M+31.1% | -$235.0M-32.0% | -$178.0M+26.4% | -$242.0M-23.5% | -$196.0M |
| Financing Cash Flow | -$117.0M+76.9% | -$506.0M-100.8% | -$252.0M+39.9% | -$419.0M-897.6% | -$42.0M+91.0% | -$466.0M-242.6% | -$136.0M+43.6% | -$241.0M |
| Dividends Paid | $91.0M0.0% | $91.0M0.0% | $91.0M-1.1% | $92.0M+1.1% | $91.0M | N/A | N/A | N/A |
| Share Buybacks | $22.0M-51.1% | $45.0M+114.3% | $21.0M-53.3% | $45.0M+80.0% | $25.0M+316.7% | $6.0M | $0 | $0 |
SIRI Financial Ratios
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.9%+6.9pp | 53.1%+0.8pp | 52.3%-0.1pp | 52.4%+0.4pp | 52.0%-0.9pp | 52.9%-0.3pp | 53.3%-0.3pp | 53.5% |
| Operating Margin | 28.2%+17.9pp | 10.3%-12.5pp | 22.8%+5.8pp | 17.1%-1.6pp | 18.7%-4.3pp | 23.0%+156.7pp | -133.6%-155.3pp | 21.6% |
| Net Margin | 15.2%+10.7pp | 4.5%-9.3pp | 13.8%+4.2pp | 9.6%-0.3pp | 9.9%+15.4pp | -5.6%+107.5pp | -113.1%-127.1pp | 14.0% |
| Return on Equity | 2.1%+1.2pp | 0.9%-1.7pp | 2.6%+0.8pp | 1.8%0.0pp | 1.8%+2.9pp | -1.1%+21.5pp | -22.6% | N/A |
| Return on Assets | 0.9%+0.5pp | 0.4%-0.7pp | 1.1%+0.3pp | 0.8%0.0pp | 0.7%+1.2pp | -0.4%+8.5pp | -8.9%-11.7pp | 2.7% |
| Current Ratio | 0.44+0.1 | 0.30-0.0 | 0.31-0.1 | 0.41-0.0 | 0.420.0 | 0.42+0.1 | 0.37-0.1 | 0.43 |
| Debt-to-Equity | 0.05-0.7 | 0.75-0.0 | 0.78-0.1 | 0.89-0.0 | 0.930.0 | 0.930.0 | 0.93+5.2 | -4.28 |
| FCF Margin | 10.3%-14.1pp | 24.4%+12.6pp | 11.8%-6.9pp | 18.8%+16.2pp | 2.6%-20.9pp | 23.5%+19.2pp | 4.3%-10.2pp | 14.5% |
Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Sirius XM Holdings's annual revenue?
Sirius XM Holdings (SIRI) reported $8.6B in total revenue for fiscal year 2025. This represents a -1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sirius XM Holdings's revenue growing?
Sirius XM Holdings (SIRI) revenue declined by 1.6% year-over-year, from $8.7B to $8.6B in fiscal year 2025.
Is Sirius XM Holdings profitable?
Yes, Sirius XM Holdings (SIRI) reported a net income of $805.0M in fiscal year 2025, with a net profit margin of 9.4%.
What is Sirius XM Holdings's EBITDA?
Sirius XM Holdings (SIRI) had EBITDA of $1.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sirius XM Holdings have?
As of fiscal year 2025, Sirius XM Holdings (SIRI) had $79.0M in cash and equivalents against $9.0B in long-term debt.
What is Sirius XM Holdings's gross margin?
Sirius XM Holdings (SIRI) had a gross margin of 52.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sirius XM Holdings's operating margin?
Sirius XM Holdings (SIRI) had an operating margin of 17.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sirius XM Holdings's net profit margin?
Sirius XM Holdings (SIRI) had a net profit margin of 9.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sirius XM Holdings's return on equity (ROE)?
Sirius XM Holdings (SIRI) has a return on equity of 7.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sirius XM Holdings's free cash flow?
Sirius XM Holdings (SIRI) generated $1.2B in free cash flow during fiscal year 2025. This represents a 22.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sirius XM Holdings's operating cash flow?
Sirius XM Holdings (SIRI) generated $1.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sirius XM Holdings's total assets?
Sirius XM Holdings (SIRI) had $27.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sirius XM Holdings's capital expenditures?
Sirius XM Holdings (SIRI) invested $653.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Sirius XM Holdings spend on research and development?
Sirius XM Holdings (SIRI) invested $263.0M in research and development during fiscal year 2025.
What is Sirius XM Holdings's current ratio?
Sirius XM Holdings (SIRI) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Sirius XM Holdings's debt-to-equity ratio?
Sirius XM Holdings (SIRI) had a debt-to-equity ratio of 0.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sirius XM Holdings's return on assets (ROA)?
Sirius XM Holdings (SIRI) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sirius XM Holdings's Altman Z-Score?
Sirius XM Holdings (SIRI) has an Altman Z-Score of 1.36, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sirius XM Holdings's Piotroski F-Score?
Sirius XM Holdings (SIRI) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sirius XM Holdings's earnings high quality?
Sirius XM Holdings (SIRI) has an earnings quality ratio of 2.36x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Sirius XM Holdings cover its interest payments?
Sirius XM Holdings (SIRI) has an interest coverage ratio of 3.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Sirius XM Holdings?
Sirius XM Holdings (SIRI) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.