Siriusxm Holdings Inc. · NASDAQ:SIRI
Siriusxm — Q4 2025 Earnings Presentation
20 slides from Siriusxm's earnings presentation, Feb 5, 2026
Slide 1: Fourth Quarter and Full-Year 2025 Operating and Financial Results
February 5, 2026 1 FOURTH QUARTER AND FULL- YEAR 2025 OPERATING AND FINANCIAL RESULTS
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our outlook and our future financial and opera
Slide 3: Business Highlights
3 ADDING VALUE FOR ACCELERATING AD DELIVERING STRONG SUBSCRIBERS THROUGH GROWTH AND DIGITAL CASH FLOW AND COST CONTENT AND SERVICE SCALE EFFICIENCY • Self-pay net subscriber additions of 110,000 in 4Q25 • Grew podcast ad revenue 41% YoY - on top of • Delivered $8.56 billion in revenue, $2.67 billion
Slide 4: Operating Expenses Decrease 1% FY25 vs FY24
4 EXCEEDED $200 MILLION COST Operating Expenses Decrease 1% FY25 vs FY24 SAVINGS TARGET IN-YEAR, WITH SAVINGS OFF-SETTING INVESTMENTS TO MAINTAIN RELATIVELY FLAT OPEX IN 2025 1% $ millions $2,850 Sales & Marketing decreased by 16% to $714 million, benefiting from lower streaming spend and a sharpene
Slide 5: Satellite Capital Expenditures 2024A-2028E
5 FREE CASH FLOW GROWTH SUPPORTED BY DECLINING Satellite Capital Expenditures CAPITAL EXPENDITURES Free cash flow generation is expected to benefit 2024A — 2028E from ongoing reductions in both satellite and non- $262 satellite capital expenditures. $ millions Satellite CapEx is declining as planned
Slide 6: Consolidated Financial Highlights
6 CONSOLIDATED FINANCIAL HIGHLIGHTS
Slide 7: Consolidated Fourth Quarter Results
7 CONSOLIDATED RESULTS FOURTH QUARTER OF 2025 Consolidated Fourth Quarter Results TOTAL REVENUE Total Revenue Adj. EBITDA Free Cash Flow • Total revenue for the fourth quarter of $2.19 billion, largely flat year-over-year. • Total subscriber revenue for the fourth quarter of —% —% +5% $1.63 billion
Slide 8: Full-Year 2025 Consolidated Results
8 CONSOLIDATED FULL-YEAR 2025 RESULTS Full-Year 2025 Consolidated Results TOTAL REVENUE Total Revenue Adj. EBITDA Free Cash Flow • Total revenue for full-year 2025 was $8.56 billion, a 2% decrease or $141 million decline compared to $8.70 billion in 2024. (2)% (2)% +24% ADJUSTED EBITDA • Full-year 2
Slide 9: Subscriber Results for 2025
9 SUBSCRIBER RESULTS FOR 2025 Total Ending SiriusXM Subscribers PERFORMANCE SUPPORTED BY LOW CHURN AND NEW Approximately 33 Million ACQUISITION INITIATIVES. Self-pay net additions were 110,000 in the fourth 110,000 quarter of 2025, driven by consistently low churn, growth in new acquisition initiati
Slide 10: Full Year 2026 Financial Guidance
10 10 FULL YEAR 2026 FINANCIAL GUIDANCE REVENUE ADJ. EBITDA FREE CASH FLOW $ 8.5B Mostly flat vs. 2025 $ 2.6BStable vs. 2025 $ 1.35B Up vs. 2025 (first stable revenue (first stable EBITDA guidance in 3 years) guidance in 3 years) 2027 Free Cash Flow Target: SiriusXM is targeting $1.5 billion in free
Slide 11: Segment Highlights
SirlusXM SiriusXM pandora SEGMENT HIGHLIGHTS
Slide 12: SiriusXM Segment Fourth Quarter and Full-Year Results
12 SIRIUSXM SEGMENT FOURTH SIRIUSXM SEGMENT FOURTH QUARTER AND QUARTER AND FULL-YEAR 2025 HIGHLIGHTS FULL-YEAR RESULTS REVENUE OF $6.42 BILLION FY and 4Q • Total SiriusXM revenue for the year was $6.42 Total Revenue billion, down 2% compared to 2024. (2)% • Total revenue for the fourth quarter was $
Slide 13: Pandora and Off-Platform Segment Fourth Quarter and Full-Year Results
13 PANDORA AND OFF- PANDORA AND OFF-PLATFORM SEGMENT PLATFORM SEGMENT FOURTH QUARTER AND FULL- FOURTH QUARTER AND FULL-YEAR RESULTS YEAR 2025 HIGHLIGHTS FY and 4Q REVENUE OF $2.14 BILLION Total Revenue • Total Pandora and Off-platform revenue for the year was $2.14 billion, roughly flat with 2024. •
Slide 14: Shaping Culture Through Iconic Voices and Must-Hear Programming
14 14 SHAPING CULTURE THROUGH ICONIC VOICES AND MUST-HEAR PROGRAMMING
Slide 15: Home to the Most Influential Voices in Entertainment
HOME TO THE MOST INFLUENTIAL VOICES IN ENTERTAINMENT • Howard Stern extended his multi-year agreement, staying at the core of our talk lineup and reaffirming his role as one of SiriusXM’s flagship voices. • Call Her Daddy, The Mel Robbins Podcast, and SmartLess earned SiriusXM half of the nomination
Slide 16: Thank You
THANK YOU
Slide 17: Appendix
APPENDIX Note; Dollars and shares in millions, except per share amounts or otherwise stated.
Slide 18: Free Cash Flow Reconciliation
18 FREE CASH FLOW RECONCILIATION For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Cash Flow information Net cash provided by operating activities $680 $679 $1,898 $1,741 Net cash used in investing activities $(159) $(178) $(747) $(970) Net cash use
Slide 19: Adjusted EBITDA Reconciliation
19 ADJUSTED EBITDA RECONCILIATION For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Net income (loss): $99 $287 $805 $(2,075) Add back items excluded from Adjusted EBITDA: Legal settlements and reserves $11 $3 $30 $3 Former Parent operating costs $—
Slide 20: Earnings Per Share Calculation
20 EARNINGS PER SHARE CALCULATION For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Numerator Net income (loss) available to common stockholders for basic net income $99 $287 $805 $(1,665) per common share Net income (loss) attributable to noncontro