Revenue has plateaued near $2.2B per quarter with growth oscillating between -4.4% and +1.1%, yet gross margin remains resilient at 49.7% in 2026Q2, indicating stable pricing power despite stagnant top-line.
Sirius XM Holdings Inc. (SIRI) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 8.6B | 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 % | 0.44% | -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 | 4.63B | 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 | 3.97B | 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 % | 46.18% | 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 | 2.32B | 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 | 1.28B | 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 | 203M | 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 | 1.65B | 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 % | 19.19% | 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 | 2.28B | 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 % | 26.5% | 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 % | 313.08% | 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) | 629M | 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 | 1.66B | 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 | -450M | -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 | 450M | 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 | -490M | -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 | 1.16B | 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 % | 13.5% | 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 | 281M | 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 % | 24.2% | 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 | 880M | 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 % | 10.23% | 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% | 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) | 880M | 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) | 2.57 | 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 % | 148.11% | 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 | 342M | 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 | 337M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue stagnation and subscriber churn
Metrics are mathematically derived from official filings.
Revenue Plateau Persists
Sirius XM's revenue has hovered near $2.1-2.2B per quarter over the past ten quarters, with year-over-year growth oscillating between -4.4% and +1.1%, indicating a mature, stagnant top line.
The most recent quarter (2026Q2) shows a modest 1.0% YoY growth, a slight improvement from the negative prints in 2025, but the overall trend is flat. This suggests the company is struggling to expand its subscriber base or monetize beyond its core satellite radio service. Investors should monitor whether new initiatives, such as streaming or advertising, can break this plateau.
Gross Margin Resilience Amidst Flat Revenue
Gross margin has remained remarkably stable, ranging from 40.1% to 49.7% over the last ten quarters, with the latest quarter at 49.7%, suggesting strong pricing power and cost control in content acquisition.
Despite revenue stagnation, gross margin has held above 46% in most quarters, with a notable dip to 40.1% in 2026Q1, likely due to one-time costs. This stability indicates that the company can maintain its subscription pricing without significant content cost inflation. However, the 2026Q1 dip warrants attention as it may signal emerging cost pressures.
Operating Leverage Shows Mixed Signals
Operating income has been volatile, swinging from -$2.9B in 2024Q3 to $493M in 2025Q3, with the latest quarter at $472M, indicating that SG&A and R&D costs are not scaling consistently with revenue.
In 2026Q2, operating margin improved to 21.9% from 10.3% in 2025Q4, but this is partly due to a one-time impairment in 2024Q3. Excluding that anomaly, operating margins have ranged from 17% to 23%, showing some operating leverage but not a clear upward trend. The company's ability to control SG&A while investing in R&D will be key to margin expansion.
Earnings Volatility Masks Core Profitability
Net income swung from a -$2.5B loss in 2024Q3 to a $297M profit in 2025Q3, with the latest quarter at $239M, reflecting non-operating items and tax effects that distort underlying earnings quality.
The 2024Q3 loss was driven by a massive operating loss, likely from an impairment charge, which is not indicative of ongoing operations. Excluding that quarter, net margins have ranged from 4.5% to 14%, with the latest at 11.1%. Stock-based compensation has been modest, averaging around $45M per quarter, which is manageable. Investors should focus on adjusted EBITDA for a clearer picture.
COGS Dominates Cost Structure
Cost of goods sold consistently accounts for over half of revenue, averaging $1.1B per quarter, while SG&A and R&D combined are roughly $400M, indicating that content and transmission costs are the primary expense drivers.
COGS has remained stable at around $1.1B, which is expected for a subscription-based service with fixed content costs. SG&A has fluctuated between $305M and $355M, showing some discipline, while R&D has been relatively flat at $60-70M. The company's ability to manage content costs will be critical to maintaining margins, especially if revenue growth remains elusive.
Stagnation Could Undermine Valuation
With revenue growth hovering near zero and subscriber growth likely limited, Sirius XM's high fixed cost base may lead to margin compression if churn increases or pricing power weakens, as suggested by the flat revenue trend.
The company's revenue has been essentially flat for two years, and any increase in content costs or marketing spend to retain subscribers could squeeze margins. The 2026Q1 gross margin dip to 40.1% is a warning sign. If the company cannot innovate or diversify revenue streams, it may face a slow decline, making the current valuation vulnerable.