Revenue growth remains challenged with a modest 1.1% increase in 2026Q1, while gross margins have compressed significantly from their 49.6% peak in 2023Q4 to 40.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.58B | 8.56B | 8.7B | 8.95B | 9B | 8.7B | 8.04B | 7.79B | 5.77B | 5.42B | 5.02B | 4.57B | 4.18B | 3.8B | 3.4B | 3.01B | 2.82B | 2.47B | 1.66B | 922.07M | 637.24M | 242.25M | 66.85M | 12.87M | 805K | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -0.28% | -1.62% | -2.84% | -0.56% | 3.53% | 8.16% | 3.16% | 35.05% | 6.38% | 8.13% | 9.78% | 9.3% | 10.05% | 11.67% | 12.86% | 7.01% | 13.93% | 48.6% | 80.46% | 44.7% | 163.05% | 262.35% | 419.38% | 1499.01% | - | - | - | - | - | - | -100% |
| Cost of Goods Sold | 4.68B | 4.53B | 4.5B | 4.57B | 4.48B | 4.29B | 3.94B | 3.85B | 2.78B | 2.6B | 2.51B | 2.38B | 2.1B | 1.89B | 1.7B | 1.56B | 1.51B | 1.06B | 863.45M | 549.96M | 697.97M | 184.94M | 120.91M | 86.77M | 69.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 52.96% | 51.71% | 51.02% | 49.78% | 49.37% | 49.02% | 49.45% | 48.15% | 47.93% | 49.95% | 51.99% | 50.27% | 49.75% | 50.09% | 51.6% | 53.68% | 43.03% | 51.89% | 59.64% | 109.53% | 76.35% | 180.86% | 674.13% | 8682.98% | - | - | - | - | - | - |
| Gross Profit | 3.9B | 4.03B | 4.2B | 4.38B | 4.52B | 4.4B | 4.1B | 3.94B | 2.99B | 2.83B | 2.51B | 2.19B | 2.08B | 1.91B | 1.7B | 1.46B | 1.3B | 1.41B | 800.54M | 372.11M | -60.73M | 57.3M | -54.06M | -73.9M | -69.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 45.45% | 47.04% | 48.29% | 48.98% | 50.22% | 50.63% | 50.98% | 50.55% | 51.85% | 52.07% | 50.05% | 48.01% | 49.73% | 50.25% | 49.91% | 48.4% | 46.32% | 56.97% | 48.11% | 40.36% | -9.53% | 23.65% | -80.86% | -574.13% | -8582.98% | - | - | - | - | - | - |
| Gross Profit Growth % | - | -4.17% | -4.2% | -3.01% | 2.68% | 7.42% | 4.04% | 31.68% | 5.91% | 12.5% | 14.44% | 5.53% | 8.92% | 12.43% | 16.38% | 11.82% | -7.38% | 75.96% | 115.14% | 712.7% | -205.99% | 206% | 26.85% | -6.96% | - | - | - | - | - | - | -100% |
| Operating Expenses | 2.36B | 2.56B | 5.72B | 2.44B | 2.48B | 2.39B | 3.24B | 2.29B | 1.26B | 1.18B | 1.08B | 1.02B | 959.63M | 864.44M | 825.95M | 782.83M | 839.3M | 1.18B | 5.84B | 885.2M | 1.01B | 886.44M | 624.24M | 363.63M | 244.03M | 168.46M | 125.63M | 63.52M | 2.93M | 6.86M | 4.08M |
| OpEx % of Revenue | - | 29.86% | 65.73% | 27.24% | 27.6% | 27.46% | 40.31% | 29.42% | 21.92% | 21.82% | 21.5% | 22.22% | 22.95% | 22.75% | 24.28% | 25.97% | 29.79% | 47.73% | 350.8% | 96% | 158.03% | 365.93% | 933.74% | 2824.95% | 30314.78% | - | - | - | - | - | - |
| Selling, General & Admin | 1.31B | 1.31B | 1.39B | 1.48B | 1.6B | 1.57B | 1.47B | 1.46B | 838M | 773M | 727.83M | 678.99M | 630.42M | 553.16M | 510.81M | 461.51M | 456.42M | 797.02M | 816.42M | 329.44M | 831.12M | 743.14M | 498.35M | 243.74M | 131.2M | 110M | 54.63M | 30.38M | 2.81M | 6.81M | 3.7M |
| SG&A % of Revenue | - | 15.3% | 15.99% | 16.54% | 17.77% | 18.05% | 18.26% | 18.75% | 14.52% | 14.25% | 14.51% | 14.86% | 15.08% | 14.56% | 15.01% | 15.31% | 16.2% | 32.23% | 49.06% | 35.73% | 130.43% | 306.77% | 745.44% | 1893.58% | 16298.14% | - | - | - | - | - | - |
| Research & Development | 259M | 263M | 296M | 322M | 285M | 265M | 263M | 280M | 123M | 112M | 82.15M | 64.4M | 62.78M | 57.97M | 48.84M | 53.44M | 45.39M | 41.03M | 40.5M | 41.34M | 70.13M | 44.74M | 30.52M | 24.53M | 30.09M | 58.45M | 71M | 33.13M | 117K | 56.63K | 374.67K |
| R&D % of Revenue | - | 3.07% | 3.4% | 3.6% | 3.17% | 3.05% | 3.27% | 3.59% | 2.13% | 2.06% | 1.64% | 1.41% | 1.5% | 1.53% | 1.44% | 1.77% | 1.61% | 1.66% | 2.43% | 4.48% | 11% | 18.47% | 45.65% | 190.6% | 3737.52% | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 983M | 4.03B | 636M | 600M | 553M | 1.51B | 552M | 304M | 299M | 268.98M | 272.21M | 266.42M | 253.31M | 266.3M | 267.88M | 337.49M | 342.26M | 4.98B | 514.42M | 105.75M | 98.56M | 95.37M | 95.35M | 82.75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.54B | 1.47B | -1.52B | 1.95B | 2.04B | 2.02B | 858M | 1.65B | 1.73B | 1.64B | 1.43B | 1.18B | 1.12B | 1.04B | 872.02M | 676.12M | 465.41M | 228.33M | -5.04B | -513.09M | -1.07B | -829.14M | -678.3M | -437.53M | -313.13M | -168.46M | -125.63M | -63.52M | -2.93M | -6.86M | -4.08M |
| Operating Margin % | 17.99% | 17.19% | -17.44% | 21.74% | 22.61% | 23.17% | 10.67% | 21.13% | 29.93% | 30.25% | 28.54% | 25.79% | 26.78% | 27.49% | 25.63% | 22.43% | 16.52% | 9.23% | -302.69% | -55.65% | -167.56% | -342.27% | -1014.61% | -3399.08% | -38897.76% | - | - | - | - | - | - |
| Operating Income Growth % | - | 196.97% | -177.95% | -4.42% | 1.04% | 134.85% | -47.91% | -4.63% | 5.24% | 14.58% | 21.5% | 5.27% | 7.19% | 19.78% | 28.98% | 45.27% | 103.84% | 104.53% | -881.65% | 51.95% | -28.77% | -22.24% | -55.03% | -39.73% | -85.88% | -34.08% | -97.79% | -2067.85% | 57.32% | -68.44% | -94.07% |
| EBITDA | 2.14B | 2.06B | -895M | 2.54B | 2.62B | 2.6B | 1.42B | 2.12B | 2.03B | 1.94B | 1.7B | 1.45B | 1.39B | 1.3B | 1.14B | 944M | 739.11M | 537.78M | -4.83B | -406.31M | -961.98M | -730.59M | -582.93M | -342.18M | -218.47M | -159.46M | -123.28M | -62.66M | -2.88M | -6.83M | -4.03M |
| EBITDA Margin % | 24.93% | 24.07% | -10.29% | 28.43% | 29.11% | 29.88% | 17.66% | 27.14% | 35.14% | 35.75% | 33.91% | 31.75% | 33.15% | 34.16% | 33.46% | 31.31% | 26.24% | 21.75% | -290.52% | -44.07% | -150.96% | -301.59% | -871.95% | -2658.3% | -27139.01% | - | - | - | - | - | - |
| EBITDA Growth % | 330.99% | 330.17% | -135.17% | -2.9% | 0.89% | 82.96% | -32.86% | 4.3% | 4.54% | 14.02% | 17.24% | 4.68% | 6.8% | 14.02% | 20.59% | 27.72% | 37.44% | 111.12% | -1089.77% | 57.76% | -31.67% | -25.33% | -70.36% | -56.63% | -37.01% | -29.34% | -96.76% | -2077.86% | 57.91% | -69.74% | -101.33% |
| D&A (Non-Cash Add-back) | 595M | 589M | 622M | 599M | 585M | 583M | 562M | 468M | 300.72M | 298.6M | 268.98M | 272.21M | 266.42M | 253.31M | 266.3M | 267.88M | 273.69M | 309.45M | 202.6M | 106.78M | 105.75M | 98.56M | 95.37M | 95.35M | 94.66M | 9M | 2.35M | 861K | 53K | 29.69K | 48.85K |
| EBIT | 1.59B | 1.51B | -1.37B | 1.94B | 2.03B | 1.94B | 824M | 1.59B | 1.77B | 1.61B | 1.42B | 1.19B | 1.1B | 841.76M | 739.79M | 746.13M | 348.69M | -30.39M | -5.17B | -513.09M | -1.07B | -829.14M | -678.3M | -694.07M | -304.68M | -151.39M | -101.15M | -46.02M | -2.82M | -2.79M | -4.02M |
| Net Interest Income | -454M | -459M | -496M | -423M | -422M | -415M | -394M | -387M | -342M | -346M | -331.23M | -299.1M | -253.51M | -197.69M | -264.61M | -230.97M | -301.02M | -315.67M | -135.75M | 0 | 0 | 0 | 0 | 0 | 0 | -72.62M | -9.11M | 696K | 99K | 2.13M | 10.77K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 8M | 0 | 0 | 0 | 15.5M | 6.98M | 716K | 73.97M | 0 | 0 | 9.08M | 0 | 0 | 0 | 0 | 0 | 0 | 17.07M | 24.48M | 17.5M | 112K | 4.07M | 50.92K |
| Interest Expense | 454M | 459M | 496M | 423M | 422M | 415M | 394M | 390M | 350M | 346M | 331.23M | 299.1M | 269.01M | 204.67M | 265.32M | 304.94M | 301.02M | 315.67M | 144.83M | 0 | 0 | 0 | 0 | 0 | 0 | 89.69M | 33.59M | 16.81M | 13K | 1.95M | 40.16K |
| Other Income/Expense | -431M | -415M | -348M | -428M | -431M | -489M | -428M | -450M | -306M | -377M | -340.47M | -286.72M | -288.88M | -407.46M | -397.56M | -234.92M | -417.74M | -574.38M | -274.06M | -49.73M | -35.08M | -31.55M | -29.66M | 437.53M | 419.29M | -72.62M | -9.11M | 696K | 99K | 2.13M | 10.77K |
| Pretax Income | 1.11B | 1.06B | -1.86B | 1.52B | 1.6B | 1.53B | 430M | 1.2B | 1.42B | 1.26B | 1.09B | 891.96M | 830.79M | 637.09M | 474.47M | 441.19M | 47.67M | -346.06M | -5.31B | -562.82M | -1.1B | -860.69M | -707.96M | 0 | 106.16M | -241.08M | -134.74M | -62.82M | -2.83M | -4.74M | -4.06M |
| Pretax Margin % | 12.97% | 12.34% | -21.44% | 16.96% | 17.83% | 17.55% | 5.35% | 15.36% | 24.62% | 23.3% | 21.76% | 19.52% | 19.87% | 16.77% | 13.95% | 14.64% | 1.69% | -14% | -319.16% | -61.04% | -173.06% | -355.3% | -1058.97% | - | 13187.95% | - | - | - | - | - | - |
| Income Tax | 267M | 251M | 210M | 260M | 392M | 212M | 299M | 283M | 245M | 616M | 345.73M | 382.24M | 337.55M | 259.88M | -3B | 14.23M | 4.62M | 5.98M | 2.48M | 2.44M | 2.06M | 2.31M | 4.2M | 0 | 0 | 11.75M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 23.99% | 23.77% | -11.26% | 17.13% | 24.42% | 13.89% | 69.53% | 23.64% | 17.24% | 48.73% | 31.67% | 42.85% | 40.63% | 40.79% | -631.91% | 3.23% | 9.69% | -1.73% | -0.05% | -0.43% | -0.19% | -0.27% | -0.59% | - | 0% | -4.88% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 846M | 805M | -1.67B | 1.26B | 1.21B | 1.31B | 131M | 914M | 1.18B | 648M | 745.93M | 509.72M | 493.24M | 377.21M | 3.47B | 426.96M | 43.05M | -352.04M | -5.31B | -565.25M | -1.1B | -863M | -712.16M | -226.22M | -422.48M | -235.76M | -134.74M | -62.82M | -2.83M | -4.74M | -4.06M |
| Net Margin % | 9.86% | 9.41% | -19.14% | 14.05% | 13.47% | 15.11% | 1.63% | 11.73% | 20.38% | 11.94% | 14.87% | 11.15% | 11.8% | 9.93% | 102.08% | 14.16% | 1.53% | -14.24% | -319.31% | -61.3% | -173.38% | -356.25% | -1065.25% | -1757.42% | -52482.11% | - | - | - | - | - | - |
| Net Income Growth % | 150.93% | 148.35% | -232.35% | 3.71% | -7.69% | 903.05% | -85.67% | -22.28% | 81.48% | -13.13% | 46.34% | 3.34% | 30.76% | -89.14% | 713.35% | 891.66% | 112.23% | 93.37% | -839.99% | 48.84% | -28.03% | -21.18% | -214.82% | 46.46% | -79.2% | -74.97% | -114.49% | -2119.07% | 40.23% | -16.53% | -93.56% |
| Net Income (Continuing) | 846M | 805M | -2.08B | 1.26B | 1.21B | 1.31B | 131M | 914M | 1.18B | 648M | 745.93M | 509.72M | 493.24M | 377.21M | 3.47B | 426.96M | 43.05M | -352.04M | -5.31B | -565.25M | -1.1B | -863M | -712.16M | -226.22M | -422.48M | -235.76M | -134.74M | -62.82M | -2.83M | -4.74M | -4.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 3.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.50 | 2.25 | -4.93 | 3.24 | 3.10 | 3.20 | 0.30 | 2.00 | 2.60 | 1.40 | 1.50 | 0.90 | 0.80 | 0.60 | 5.10 | 0.70 | 0.10 | -0.96 | -24.49 | -3.86 | -7.88 | -6.51 | -5.75 | -2.73 | -55.30 | -44.97 | -34.65 | -25.67 | -1.58 | -4.07 | -3.70 |
| EPS Growth % | 147.16% | 145.64% | -252.16% | 4.52% | -3.13% | 966.67% | -85% | -23.08% | 85.71% | -6.67% | 66.67% | 12.5% | 33.33% | -88.24% | 628.57% | 600% | 110.42% | 96.08% | -534.46% | 51.02% | -21.04% | -13.22% | -110.62% | 95.06% | -22.97% | -29.78% | -34.98% | -1524.68% | 61.18% | -10% | -62.28% |
| EPS (Basic) | - | 2.38 | -4.93 | 3.26 | 3.10 | 3.20 | 0.30 | 2.00 | 2.60 | 1.40 | 1.50 | 0.90 | 0.90 | 0.60 | 5.50 | 0.70 | 0.10 | -0.96 | -24.49 | -3.86 | -7.88 | -6.51 | -5.75 | -2.73 | -55.30 | -44.97 | -34.65 | -25.67 | -1.58 | -4.07 | -3.70 |
| Diluted Shares Outstanding | 338M | 357M | 338M | 388.8M | 399M | 414.3M | 442.9M | 461.6M | 456.07M | 472.4M | 496.47M | 543.52M | 586.2M | 638.48M | 687.38M | 650.08M | 639.11M | 358.59M | 216.95M | 146.3M | 140.26M | 132.57M | 123.86M | 82.72M | 7.64M | 5.24M | 3.89M | 2.45M | 1.79M | 1.16M | 1.1M |
| Basic Shares Outstanding | 336M | 338M | 338M | 385.8M | 391.6M | 406.2M | 433M | 450.1M | 446.18M | 463.8M | 491.7M | 537.57M | 578.89M | 622.76M | 420.91M | 374.46M | 369.33M | 358.59M | 216.95M | 146.3M | 140.26M | 132.57M | 123.86M | 82.72M | 7.64M | 5.24M | 3.89M | 2.45M | 1.79M | 1.16M | 1.1M |
| Dividend Payout Ratio | - | 45.34% | - | 5.17% | 110.39% | 20.4% | 180.92% | 24.73% | 17.09% | 29.32% | 6.45% | - | - | - | 9.42% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Stagnant Subscriber Growth
As reported in recent financial statements, Sirius XM's revenue growth has struggled to maintain positive momentum, with the most recent quarterly figures showing a modest 1.1% increase following several periods of negative year-over-year growth, suggesting a fundamental challenge in expanding the existing domestic subscriber base.
The persistent revenue stagnation appears to reflect the maturity of the satellite radio market and the difficulty of capturing new users in a competitive audio landscape. Investors should monitor whether the company can pivot toward digital-only growth to offset the plateauing performance of its core automotive-integrated subscription model.
Based on the provided income statement data, gross margins have experienced notable volatility, contracting from a peak of 49.6% in late 2023 to 40.1% in 2026Q1, which indicates that rising content and royalty obligations are increasingly pressuring the company's core profitability profile.
The compression in gross margins suggests that the company's ability to pass through costs to consumers may be limited by competitive pricing pressures. This trend warrants further investigation into whether the shift toward streaming platforms will structurally alter the cost of revenue or provide relief from statutory royalty rates.
According to the quarterly income statement data, operating margins have fluctuated significantly, dropping to 22.0% in 2026Q1 from historical highs, reflecting a struggle to achieve meaningful operating leverage as revenue growth remains inconsistent and fixed costs for talent and infrastructure remain elevated.
The inability to consistently scale operating income relative to gross profit suggests that the company's cost structure is heavily weighted toward fixed obligations. This lack of operating leverage may limit the company's flexibility to invest in new growth initiatives without further impacting bottom-line profitability.
Analysis of the reported figures reveals significant earnings volatility, highlighted by a massive net loss in 2024Q3 and inconsistent EPS performance, further complicated by stock-based compensation expenses that reached $54 million in 2026Q1, potentially diluting the quality of reported net income for shareholders.
The erratic nature of net income suggests that non-operating items and accounting adjustments may be obscuring the underlying cash-generating capability of the business. Investors should scrutinize the impact of stock-based compensation on long-term earnings quality, especially given the company's limited cash position.
While the company maintains a unique hardware-level moat, the combination of negative revenue growth trends and a low cash balance of $94 million suggests that the current business model may be increasingly vulnerable to shifts in consumer discretionary spending and automotive sales cycles.
Short-term observers may focus on the potential for further margin erosion if the company is forced to increase marketing or hardware subsidies to combat churn. The reliance on a single, mature delivery channel appears to be a significant risk factor that could limit future valuation expansion.
Quick answers to the most common questions about buying SIRI stock.
For fiscal year 2025, Sirius XM Holdings Inc. (SIRI) reported total revenue of $8.56B.
Sirius XM Holdings Inc. (SIRI) is profitable, generating $805.0M in net income for the fiscal year ending 2025 with a net profit margin of 9.4%.
Sirius XM Holdings Inc. (SIRI) reported an operating income of $1.47B, resulting in an operating profit margin of 17.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Sirius XM Holdings Inc. (SIRI) generated $4.03B in gross profit for the year, representing a gross profit margin of 47.0%. This demonstrates the company's core pricing power and production efficiency.