SiriusXM Holdings Inc.: financial statements

SIRINASDAQCommunication services · Radio Broadcasting Stations

Price

$31.85

November 13, 2026Market cap $10.7B

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The full history: 17 fiscal years, from 2009
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More questions to the chat on its filings
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Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

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Revenue

-2.2% a year over 2 years

Line	2023	2024	2025	Average a year
Revenue	$9.0B	$8.7B	$8.6B	-2.2%
Gross profit	$4.8B	$4.6B	$4.5B	-3.2%
Operating income	$1.8B	-$1.5B	$1.5B	-9.8%
Net income	$786M	-$1.7B	$805M	+1.2%
Earnings per share	$2.77	-$6.14	$2.23	-10.3%
Earnings per share, basic	$2.91	-$6.14	$2.38	-9.6%
Margins
Gross margin	53.5%	53.1%	52.4%
Operating margin	20.2%	-17.4%	17.2%
Net margin	8.8%	-19.1%	9.4%

Financial statements

SIRI's revenue, profits and cash flows from 2009 to 2022, 14 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Segment	2023	2024	2025	Share 2025
Sirius XM	$6.8B	$6.6B	$6.4B	75%
Pandora And Off Platform	$2.1B	$2.1B	$2.1B	25%

By segment

SIRI's revenue by segment from 2019 to 2022, 4 more fiscal years

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From the XBRL of 11 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$281M Leases23.8% Effective tax rate

Leases

Dec 31, 2025

Operating leases

$276M

Finance leases

$5.0M

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Goodwill by segment

Dec 31, 2025

Total goodwill

$12.4B

The company does not state its goodwill by segment, at December 31, 2025. The filing

From the statutory to the effective tax rate, 2025

Dec 31, 2025

Statutory rate

21.0%

Effective rate

23.8%

+2.8 pts

The company paid 23.8% in tax on its profit, 2.8 points above the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

State and local taxes

+4.6 pts

Difference the filing does not itemize

-1.8 pts

Effective rate

23.8%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$844M securities and stakes

Besides its debt, no other claim large enough to list ranks ahead of the shares.

On the other side, it holds $844M of long-term securities and stakes in other companies, at the value in its accounts, about 7.9% of the market value.

On the other side

at Sep 30, 2026: $844M

From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Receivables and inventory against sales

In the quarter to Sep 30, 2026, sales were -0.3% on the same quarter a year earlier, and receivables +5.5%.

a year earlier 25 days: 27 days

Balances at Sep 30, 2026 and Sep 30, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.

Allowance for doubtful accounts

The allowance for receivables that may not be collected was 1.9% of gross receivables at Sep 30, 2026, against 1.5% a year earlier.

a year earlier $9.0M: $12M

Taxes: deferred and paid

The deferred part was 11.6% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.

Cash taxes paid were 70.3% of the current tax charge in the year to Dec 31, 2025.

Deferred share, year to Dec 31, 2025$29M of $251M: 11.6%
Deferred share, year to Dec 31, 2024-$161M of $210M: -76.7%
Deferred share, year to Dec 31, 2023-$40M of $222M: -18.0%
$156M paid, $222M current: 70.3%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

The earnings per share split is not shown: it needs a profit before tax in both years, since a tax rate on a loss has no meaning as a source.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do SiriusXM's filings show?

These are SiriusXM's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Questions about SIRI's financials

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How much revenue did SIRI have in 2025?

SiriusXM had revenue of $8.6B and net income of $805M in fiscal 2025, a net margin of 9.4%.

How much debt does SIRI have?

On December 31, 2025 SiriusXM had total assets of $27.2B, debt of $9.7B and shareholders' equity of $11.6B.

How much free cash flow does SIRI have?

In fiscal 2025 SiriusXM had cash from operations of $1.9B and spent $653M on capital expenditure, leaving $1.2B of free cash flow.

Where are the figures from?

From SiriusXM Holdings Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.