SiriusXM Reports $8.56B 2025 Revs, $1.26B Free Cash Flow

RADIO ONLINE | Thursday, February 5, 2026 | 6:38pm CT

SiriusXM

SiriusXM Holdings reported fourth-quarter and full-year 2025 results, posting full-year revenue of $8.56 billion, down 2% from 2024, while delivering net income of $805 million and free cash flow of $1.26 billion, a 24% increase year over year. Fourth-quarter revenue totaled $2.19 billion, essentially flat compared to the prior year.

Adjusted EBITDA for the year was $2.67 billion, down 2% from 2024, reflecting lower subscriber revenue and higher subscriber acquisition and administrative costs, partially offset by reductions in sales, marketing, and technology expenses. Adjusted EBITDA margin held steady at 31%.

SiriusXM ended 2025 with approximately 33 million total subscribers. While self-pay subscribers declined by 301,000 for the year, fourth-quarter self-pay net adds improved, supported by new offerings such as Continuous Service and companion subscription plans. Average self-pay monthly churn improved slightly to 1.5% from 1.6% a year earlier.

Podcasting remained a growth driver, with company-wide podcast revenue up 41% in 2025, following 12% growth in 2024. The SiriusXM Podcast Network ranked first nationally in weekly listener reach, according to Edison Research.

The company returned $501 million to shareholders during the year through dividends and share repurchases and ended 2025 with a net debt-to-adjusted EBITDA ratio of 3.6x.

Looking ahead, SiriusXM provided 2026 guidance calling for approximately $8.5 billion in revenue, adjusted EBITDA of about $2.6 billion, and free cash flow of roughly $1.35 billion, as it targets continued financial stability and progress toward a $1.5 billion free cash flow goal in 2027.