Siriusxm Holdings Inc. · NASDAQ:SIRI
Siriusxm — Q2 2025 Earnings Presentation
20 slides from Siriusxm's earnings presentation, Jul 31, 2025
Slide 1: Second Quarter 2025 Operating and Financial Results
July 31, 2025 1 SECOND QUARTER 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 DRIVING ENGAGEMENT AND STRENGTHENING AD DELIVERING CASH FLOW RETENTION THROUGH PLATFORM WITH SCALE AND RETURNS THROUGH CONTENT AND FEATURES AND INNOVATION COST DISCIPLINE o Self-pay subscribers of (68,000) in 2Q25, a 32,000 o Podcast ad revenue climbed nearly 50% YoY, o Reiterated full-year 2025 R
Slide 4: Operating expenses 2Q25 vs 2Q24: driving meaningful cost reductions
4 EXPECT TO ACHIEVE Operating Expenses APPROXIMATELY $200 MILLION OF GROSS SAVINGS IN-PERIOD THIS YEAR. 2% 2Q25 vs 2Q24 Sales and marketing decreased by 20% to $ millions $173, benefiting from a more efficient campaign mix and the timing of planned brand and in-car initiatives. Product and technolog
Slide 5: Free cash flow supported by declining capital expenditures
5 FREE CASH FLOW SUPPORTED BY DECLINING CAPITAL Satellite Capital Expenditures EXPENDITURES Free cash flow generation is expected to benefit 2024A — 2028E from ongoing reductions in both satellite and non- satellite capital expenditures. $262 $ millions Satellite capex is declining as planned, with
Slide 6: Consolidated Financial Highlights
6 CONSOLIDATED FINANCIAL HIGHLIGHTS
Slide 7: Consolidated Second Quarter Results
7 CONSOLIDATED RESULTS SECOND QUARTER OF 2025 Consolidated Second Quarter Results Total Revenue Total Revenue Adj. EBITDA Free Cash Flow • Total revenue for the second quarter of $2.14 billion, down 2% year-over-year. • Total subscriber revenue for the second quarter of (2)% (5)% +27% $1,629 million
Slide 8: Segment Highlights
SirlusXM SiriusXM pandora SEGMENT HIGHLIGHTS
Slide 9: Subscriber Results Second Quarter of 2025
9 SUBSCRIBER RESULTS SECOND QUARTER OF 2025 Total Ending SiriusXM Subscribers SIRIUSXM SELF-PAY NET ADDITIONS SEE FIFTH STRAIGHT Approximately 33 Million QUARTER OF YEAR-OVER-YEAR IMPROVEMENT. Self-pay net additions of (68,000) in the (68,000) 2025 second quarter of 2025 improved by 32,000 year-over
Slide 10: SiriusXM Segment Second Quarter Results
10 SIRIUSXM SEGMENT SECOND SIRIUSXM SEGMENT SECOND QUARTER QUARTER 2025 HIGHLIGHTS RESULTS REVENUE SiriusXM 2Q25 ● SiriusXM reported total revenue for the Total Revenue second quarter of $1.6 billion, representing a 2% decline compared to the same period in 2024. The decrease was driven by a $21 mil
Slide 11: Pandora and Off-platform Segment Second Quarter Results
11 PANDORA AND OFF- PANDORA AND OFF-PLATFORM SEGMENT SECOND PLATFORM SEGMENT SECOND QUARTER 2025 HIGHLIGHTS QUARTER RESULTS Pandora and Off-platform REVENUE ● Total revenue for the second quarter of 2025 2Q25 Total Revenue was $524 million, a 3% decrease from 2Q24, which was primarily due to a 6% re
Slide 12: Reiterated 2025 Revenue, Adj. EBITDA and Free Cash Flow Guidance
12 12 REITERATED 2025 REVENUE, ADJ. EBITDA AND FREE CASH FLOW GUIDANCE REVENUE ADJ. EBITDA FREE CASH FLOW $ 8.5B $ 2.6B $ 1.15B SIRIUSXM CONTINUES TO TARGET APPROXIMATELY $1.5 BILLION OF FREE CASH FLOW IN 2027, REFLECTING GAINS IN OPERATIONAL EFFICIENCY AND CASH FLOW CONVERSION. • All guidance metri
Slide 13: Deepening Engagement
13 13 DEEPENING ENGAGEMENT THROUGH BOLD PROGRAMMING AND STRATEGIC RELATIONSHIPS
Slide 14: Programming: Live Sports, Iconic Voices, and Unmissable Moments
PROGRAMMING 14 LIVE SPORTS, ICONIC VOICES, AND UNMISSABLE MOMENTS SIRIUSXM DELIVERED STANDOUT CONTENT IN THE SECOND QUARTER OF 2025, LAUNCHING NEW CHANNELS, EXPANDING KEY CREATOR PARTNERSHIPS, AND DEEPENING LISTENER ENGAGEMENT ACROSS SPORTS, POLITICS, POP CULTURE, AND MUSIC. • Stephen A. Smith signe
Slide 15: Expanding Reach and Unlocking Growth Through Access, Innovation, and Strategic Collaboration
STRATEGIC RELATIONSHIPS 15 EXPANDING REACH AND UNLOCKING GROWTH THROUGH ACCESS, INNOVATION, AND STRATEGIC COLLABORATION SIRIUSXM PLAY Launched in early 3Q25 as a new low-cost, ad-supported subscription offering over 130 channels in-car and in-app. Expanding reach to nearly 100 million vehicles by ye
Slide 16: Appendix
16 16 APPENDIX Dollars and shares in millions, except per share amounts or otherwise stated
Slide 17: Free Cash Flow Reconciliation
17 FREE CASH FLOW RECONCILIATION For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Cash Flow information Net cash provided by operating activities $546 $489 $788 $753 Net cash used in investing activities $(162) $(196) $(397) $(550) Net cash used in financing
Slide 18: Adjusted EBITDA Reconciliation
18 ADJUSTED EBITDA RECONCILIATION For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Net income: $205 $354 $409 $595 Add back items excluded from Adjusted EBITDA: Legal settlements and reserves $28 $— $28 $— Former Parent operating costs $— $6 $— $12 Impairment
Slide 19: Earnings Per Share Calculation
19 EARNINGS PER SHARE CALCULATION For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Numerator Net income available to common stockholders for basic net income per common $205 $304 $409 $503 share Net income attributable to noncontrolling interest $— $50 $— $92
Slide 20: Thank You
SiriusX THANK YOU