The earnings call reflects a balanced perspective with significant achievements in self-pay net adds, podcast ad revenue growth, and cost efficiencies. However, these are offset by declines in overall revenue and specific challenges in the advertising market and Pandora segment. The company's strategic investments in new talent and technology position it for future growth, but immediate headwinds persist.

Company Guidance -

Q3 2025

During the SiriusXM Second Quarter 2025 Earnings Call, several key metrics and forward-looking guidance were discussed. The company's revenue for the quarter totaled $2.14 billion, down 2% compared to the same period last year, with adjusted EBITDA at $668 million, reflecting a 31% margin. Free cash flow increased by 27% to $402 million. Despite a 2% decline in overall advertising revenue, podcast ad revenue climbed nearly 50% year-over-year. The company maintained its full-year guidance, projecting $8.5 billion in total revenue, $2.6 billion in adjusted EBITDA, and $1.15 billion in free cash flow. SiriusXM's self-pay net subscriber additions showed improvement, with a year-over-year increase of 32,000, marking the fifth consecutive quarter of growth. The company continues to focus on enhancing value through strategic content investments and new acquisition initiatives, such as the 3-year OEM programs and the rollout of SiriusXM Play, an ad-supported subscription plan. The leadership is optimistic about navigating economic challenges while continuing disciplined investments to drive long-term business growth.

Improvement in Self-Pay Net Adds

SiriusXM reported a year-over-year improvement in self-pay net adds for the fifth consecutive quarter, with a 32,000 increase over the same quarter last year driven by new acquisition initiatives and low churn.

Podcast Ad Revenue Growth

Podcast ad revenue climbed almost 50% year-over-year, becoming a bright spot amidst other advertising challenges, supported by new content and technological enhancements.

Strong Free Cash Flow Performance

Free cash flow increased by 27% to $402 million due to timing of payments, lower capital expenditures, and elimination of prior overhead costs.

Efficiency and Cost Savings Achieved

Achieved approximately $200 million of gross savings in period this year, primarily through operational and capital expenditure efficiencies.

New Content and Talent Deals

SiriusXM announced new agreements with Stephen A. Smith and other creators, significantly expanding their content offerings and audience reach.

Sirius XM Holdings (SIRI) Earnings, Revenues Date & History

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SIRI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	0.79 / -	-8.74	―	―	―
Jul 31, 2025	2025 (Q2)	0.77 / 0.57	0.8	-28.75% (-0.23)
May 01, 2025	2025 (Q1)	0.67 / 0.59	0.7	-15.71% (-0.11)
Jan 30, 2025	2024 (Q4)	0.66 / 0.83	0.9	-7.78% (-0.07)
Oct 31, 2024	2024 (Q3)	0.77 / -8.74	0.9	-1071.11% (-9.64)	―
Aug 01, 2024	2024 (Q2)	0.77 / 0.80	0.8	0.00% (0.00)	―
Apr 30, 2024	2024 (Q1)	0.67 / 0.70	0.6	16.67% (+0.10)	―
Feb 01, 2024	2023 (Q4)	0.78 / 0.90	0.9	0.00% (0.00)	―
Oct 31, 2023	2023 (Q3)	0.81 / 0.90	0.6	50.00% (+0.30)	―
Aug 01, 2023	2023 (Q2)	0.74 / 0.80	0.7	14.29% (+0.10)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SIRI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$22.64	$20.85	-7.91%
May 01, 2025	$20.88	$19.01	-8.96%
Jan 30, 2025	$21.07	$22.30	+5.84%
Oct 31, 2024	$26.15	$25.46	-2.64%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.