SiriusXM Lifts 2025 Outlook After Strong Q3 Performance

RADIO ONLINE | Thursday, October 30, 2025 | 4:02pm CT

SiriusXM

SiriusXM reported third-quarter 2025 revenue of $2.16 billion, down 1% from a year ago, but returned to profitability with net income of $297 million, compared to a $2.96 billion loss in the same quarter of 2024. The prior-year loss included a $3.36 billion noncash goodwill impairment tied to the Liberty Media transaction. Diluted earnings per share were $0.84, versus a loss of $8.74 last year.

Adjusted EBITDA was $676 million, down 2% year-over-year, reflecting lower subscriber revenue and higher royalties and acquisition costs, partly offset by tighter cost management. Free cash flow surged to $257 million from $93 million a year earlier, aided by lower taxes, reduced capital spending, and the absence of Liberty transaction costs.

"Our third-quarter results demonstrate continued financial strength, and we are pleased to increase our financial guidance by $25 million across revenue, adjusted EBITDA, and free cash flow," said CFO Tom Barry. CEO Jennifer Witz highlighted progress in content, personalization, and digital advertising, adding that SiriusXM is "delivering sustainable profitability and long-term value for shareholders."

The company now projects 2025 revenue of $8.525 billion, adjusted EBITDA of $2.625 billion, and free cash flow of $1.225 billion.

The SiriusXM segment reported $1.6 billion in revenue, down 1% from a year ago, with gross profit of $958 million and a 59% gross margin. The company ended the quarter with about 33 million total subscribers, including a 40,000 decline in self-pay customers. Average revenue per user rose slightly to $15.19,

Pandora and Off-Platform revenue grew 1% to $548 million, including a 2% gain in advertising revenue to $416 million. The segment posted a gross profit of $170 million, with a 31% margin, down from 34% last year, as higher revenue-share costs offset podcast growth.

The company reduced total debt by $120 million and returned $111 million to shareholders through dividends and buybacks in the quarter.