Siriusxm Holdings Inc. · NASDAQ:SIRI
Siriusxm — Q3 2025 Earnings Presentation
20 slides from Siriusxm's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Operating and Financial Results
October 30, 2025 1 THIRD 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 ELEVATING LISTENING AND ACCELERATING AD DELIVERING STRONG STRENGTHENING GROWTH AND DIGITAL CASH FLOW AND COST SUBSCRIBER VALUE SCALE EFFICIENCY • Self-pay net subscriber additions of (40,000) in 3Q25. • Podcast ad revenue climbed nearly 50% YoY, • Increased 2025 guidance for revenue, adjusted Self
Slide 4: Operating Expenses Flat at $1.48B
4 WILL ACHIEVE $200 MILLION Operating Expenses Flat at $1.48B TARGET IN-YEAR, WITH COST SAVINGS OFF-SETTING INVESTMENTS TO MAINTAIN FLAT 2% $721 3Q25 vs 3Q24 OVERALL OPEX IN 3Q25 $ millions Sales and marketing decreased by 15% to $176 million, benefiting from lower brand and streaming marketing. Tra
Slide 5: Free Cash Flow Growth Supported by Declining Capital Expenditures
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- satellite capital expenditures. $262 $ millions Satellite capex is declining as planned
Slide 6: Consolidated Financial Highlights
6 CONSOLIDATED FINANCIAL HIGHLIGHTS
Slide 7: Consolidated Third Quarter Results
7 CONSOLIDATED RESULTS THIRD QUARTER OF 2025 Consolidated Third Quarter Results TOTAL REVENUE Total Revenue Adj. EBITDA Free Cash Flow • Total revenue for the third quarter of $2.16 billion, down less than 1% year-over-year. • Total subscriber revenue for the third quarter of (1%) (2%) +176% $1,629
Slide 8: Segment Highlights
SirlusXM SiriusXM pandora SEGMENT HIGHLIGHTS
Slide 9: Subscriber Results: Total Ending SiriusXM Subscribers
9 SUBSCRIBER RESULTS THIRD QUARTER OF 2025 Total Ending SiriusXM Subscribers PERFORMANCE SUPPORTED BY LOW CHURN AND NEW Approximately 33 Million ACQUISITION INITIATIVES. Self-pay net additions declined by 40,000 in the third quarter of 2025, driven by consistently low churn, higher trial volumes, an
Slide 10: SiriusXM Segment Third Quarter Results
10 SIRIUSXM SEGMENT THIRD SIRIUSXM SEGMENT THIRD QUARTER RESULTS QUARTER 2025 HIGHLIGHTS REVENUE SiriusXM 3Q25 • SiriusXM reported total revenue for the third Total Revenue quarter of $1.6 billion, representing a 1% decline compared to the same period in 2024. The decrease was driven by a $13 millio
Slide 11: Pandora and Off-platform Segment Third Quarter Results
11 PANDORA AND OFF- PANDORA AND OFF-PLATFORM SEGMENT THIRD PLATFORM SEGMENT THIRD QUARTER 2025 HIGHLIGHTS QUARTER RESULTS REVENUE Pandora and Off-platform • Total revenue for the third quarter of 2025 was 3Q25 Total Revenue $548 million, a 1% increase from 3Q24, driven by a 2% increase in advertisin
Slide 12: Increased 2025 Revenue, Adj. EBITDA and Free Cash Flow Guidance
12 12 INCREASED 2025 REVENUE, ADJ. EBITDA AND FREE CASH FLOW GUIDANCE REVENUE ADJ. EBITDA FREE CASH FLOW $ 8.525B $ 2.625B $ 1.225B SIRIUSXM INCREASED 2025 FINANCIAL GUIDANCE BY $25 MILLION ACROSS THE BOARD, AND CONTINUES TO TARGET FREE CASH FLOW GROWTH TO APPROXIMATELY $1.5 BILLION IN 2027. • All g
Slide 13: Content That Captivates, Scale That Amplifies
13 13 CONTENT THAT CAPTIVATES SCALE THAT AMPLIFIES
Slide 14: The Biggest Names. The Biggest Games. The Ultimate Audio Destination.
THE BIGGEST NAMES. THE BIGGEST GAMES. THE ULTIMATE AUDIO DESTINATION. • Stephen A. Smith launched two original shows on Mad Dog Sports Radio and SiriusXM P.O.T.U.S., expanding SiriusXM’s lineup of top personalities. • Megyn Kelly renewed her multi-year SiriusXM agreement, which includes the launch o
Slide 15: SiriusXM Play, Amazon DSP, Snowflake and Podcast Growth
• SiriusXM Play launched as a new lower-cost, ad-supported tier—welcoming in new listeners while opening new opportunities for advertisers. • Amazon DSP Partnership: SiriusXM Media platform available through Amazon DSP, expanding programmatic access to music. • SiriusXM Media announced a new partner
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 September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Cash Flow information Net cash provided by operating activities $430 $309 $1,218 $1,062 Net cash used in investing activities $(191) $(242) $(588) $(792) Net cash use
Slide 19: Adjusted EBITDA Reconciliation
19 ADJUSTED EBITDA RECONCILIATION For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss): $297 $(2,958) $706 $(2,362) Add back items excluded from Adjusted EBITDA: Legal settlements and reserves $(9) $— $19 $— Former Parent operating co
Slide 20: Earnings Per Share Calculation
20 EARNINGS PER SHARE CALCULATION For the Three Months Ended For the Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Numerator Net income (loss) available to common stockholders for basic net income per $297 $(2,456) $706 $(1,952) common share Net income (loss) attributable to nonc