SiriusXM Q4 Revenues Down 4% to $2.19 Billion

RADIO ONLINE | Friday, January 31, 2025 | 2:53pm CT

SiriusXM

SiriusXM has revealed its operating and financial outcomes for the fourth quarter and full year of 2024, underscoring a year marked by strategic shifts and operational challenges. For 2024, SiriusXM posted revenues of $8.70 billion, a decrease of 3% year-over-year, while the company endured a substantial net loss of $2.08 billion, mainly due to a significant non-cash charge taken in the third quarter.

The fourth quarter alone saw revenues of $2.19 billion, down by 4% from the previous year, with net income of $287 million, which rose from $228 million in the fourth quarter of 2023. However, the year concluded with stark contrasts in performance metrics, as the full-year figures starkly deviated from the profitable quarter, primarily influenced by the aforementioned non-cash charge reflecting adjustments in the valuation of the company's assets.

SiriusXM CEO Jennifer Witz emphasized the company's strategic realignments, stating, "At the end of 2024, we took significant steps to refocus on SiriusXM's core strengths and enhance operational efficiency." The company has prioritized its in-car subscription business and ad-supported audio platforms, aiming to leverage its streaming capabilities more effectively.

Chief Financial Officer Tom Barry highlighted the company's financial strategy, noting, "We met our 2024 guidance targets, including adjusted EBITDA of approximately $2.73 billion with a solid margin of 31%." Despite the setbacks, SiriusXM is setting its sights on generating $1.15 billion in free cash flow for 2025, with strategic investments supported by disciplined cost management.

Operational highlights from 2024 include the addition of 149,000 self-pay subscribers in the fourth quarter, although the total number of self-pay subscribers saw a net decrease over the year. The company also celebrated the launch of its service in select Tesla and Rivian models and successfully launched SXM-9, the latest addition to its satellite fleet.

For the upcoming year, SiriusXM has reaffirmed its financial guidance, projecting total revenues of approximately $8.5 billion and an adjusted EBITDA of about $2.6 billion.