Sirius XM : Trended Results Q2 2026

About this update from Siriusxm Holdings Inc.

2024 2025 2026 Total Company Revenue 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Subscriber revenue $1,680 $1,658 $1,645 $1,633 Advertising revenue $402 $443 $450 $477 Equipment revenue $50 $47 $43 $42 Other revenue $30 $30 $33 $36 Total revenue $2,162 $2,178 $2,171 $2,188 Cost of services Revenue share and royalties $703 $708 $707 $717 Programming and content $148 $139 $141 $146 Customer service and billing $115 $107 $109 $112 Transmission $58 $56 $56 $52 Cost of equipment $2 $2 $2 $3 Total cost of services $1,026 $1,012 $1,015 $1,030 Subscriber acquisition costs $90 $92 $90 $97 Sales and marketing $217 $217 $206 $208 Product and technology $74 $60 $57 $62 General and administrative $105 $95 $110 $103 Depreciation and amortization $155 $156 $145 $123 Impairment, restructuring and other costs $32 $21 $3,388 $12 Legal settlements and reserves $0 $0 $0 $3 Former Parent Operating Costs $6 $6 $3 $0 Share-based payment expense $48 $48 $58 $44 Total operating expenses $1,753 $1,707 $5,072 $1,682 Income from operations $409 $471 ($2,901) $506 Other income (expense), net Interest expense ($129) ($126) ($124) ($117) Other income (expense), net $29 $85 $28 $4 Total other expense ($100) ($41) ($96) ($113) Income (loss) before income taxes $309 $430 ($2,997) $393 Income tax (expense) benefit ($68) ($76) $39 ($106) Net income $241 $354 ($2,958) $287 Net income per common share: Basic $0.72 $1.05 ($8.74) $0.85 Diluted $0.63 $0.74 ($8.74) $0.83 Weighted average common shares outstanding: Basic 337 338 339 339 Diluted 373 378 339 359 Dividends declared per common share $0.266 $0.266 $0.266 $0.270 Adjusted EBITDA $650 $702 $693 $688 Margin 30.1% 32.2% 31.9% 31.4% Gross Profit $1,136 $1,166 $1,156 $1,158 Margin 52.5% 53.5% 53.2% 52.9% Contribution Margin $1,342 $1,361 $1,353 $1,356 Margin 62.1% 62.5% 62.3% 62.0% Common Stock Shares Oustanding (1) 3,847 3,851 339 339 Common Stock Shares Repurchased 0.0 0.0 0.0 0.3 Common Stock Repurchased ($), including fees $0 $0 $0 $7 Dividends Paid $102 $103 $103 $92 $6,616 $1,773 $182 $128 $8,699 $2,835 $575 $443 $220 $10 $4,083 $369 $849 $252 $414 $578 $3,453 $3 $15 $200 $10,216 ($1,517) ($496) $148 ($348) ($1,865) ($210) ($2,075) ($6.14) ($6.14) 338 338 $1.068 $2,732 31.4% $4,616 53.1% $5,411 62.2% 339 0.3 $7 $400 $1,602 $1,629 $1,629 $1,626 $394 $432 $455 $491 $41 $46 $43 $48 $31 $31 $32 $28 $2,068 $2,138 $2,159 $2,193 $687 $722 $721 $720 $144 $141 $145 $152 $111 $109 $115 $109 $48 $44 $48 $46 $2 $2 $2 $3 $992 $1,018 $1,031 $1,030 $100 $107 $107 $100 $176 $173 $176 $189 $63 $48 $54 $64 $108 $124 $115 $119 $144 $121 $141 $141 $48 $107 $9 $272 $0 $28 ($9) $11 $0 $0 $0 $0 $50 $47 $42 $41 $1,681 $1,773 $1,666 $1,967 $387 $365 $493 $226 ($117) ($116) ($115) ($111) ($1) $15 $10 $20 ($118) ($101) ($105) ($91) $269 $264 $388 $135 ($65) ($59) ($91) ($36) $204 $205 $297 $99 $0.60 $0.61 $0.88 $0.29 $0.59 $0.57 $0.84 $0.24 339 338 337 336 357 357 356 356 $0.270 $0.270 $0.270 $0.270 $629 $668 $676 $691 30.4% 31.2% 31.3% 31.5% $1,076 $1,120 $1,128 $1,163 52.0% 52.4% 52.2% 53.0% $1,268 $1,305 $1,321 $1,361 61.3% 61.0% 61.2% 62.1% 339 337 337 335 1.1 2.1 0.9 2.2 $25 $45 $20 $46 $91 $92 $91 $91 $6,486 $1,772 $178 $122 $8,558 $2,850 $582 $444 $185 $9 $4,070 $414 $714 $229 $466 $547 $436 $30 $0 $181 $7,087 $1,471 ($459) $44 ($415) $1,056 ($251) $805 $2.38 $2.23 338 357 $1.080 $2,665 31.1% $4,488 52.4% $5,255 61.4% 335 6.2 $136 $365 $1,612 $1,638 $407 $454 $41 $36 $31 $32 $2,091 $2,160 $697 $722 $137 $137 $105 $108 $45 $48 $2 $1 $986 $1,016 $100 $109 $176 $176 $59 $47 $104 $121 $151 $165 $6 $6 $1 $0 $0 $0 $54 $48 $1,637 $1,688 $454 $472 ($112) ($112) ($16) ($48) ($128) ($160) $326 $312 ($81) ($73) $245 $239 $0.73 $0.71 $0.72 $0.70 336 337 338 342 $0.270 $0.270 $666 $691 31.9% 32.0% $1,105 $1,144 52.8% 53.0% $1,287 $1,329 61.5% 61.5% 336 337 1.0 0.2 $21 $6 $91 $91 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Total Company Net income (loss): $241 $354 ($2,958) $287 ($2,075) $204 $205 $297 $99 $805 $245 $239 Add back items excluded from Adjusted EBITDA: Legal settlements and reserves $0 $0 $0 $3 $3 $0 $28 ($9) $11 $30 $1 $0 Former Parent operating costs $6 $6 $3 $0 $15 $0 $0 $0 $0 $0 $0 $0 Impairment, restructuring and other costs $32 $21 $3,388 $12 $3,453 $48 $107 $9 $272 $436 $6 $6 Share-based payment expense $48 $48 $58 $44 $200 $50 $47 $42 $41 $181 $54 $48 Depreciation and amortization $155 $156 $145 $123 $578 $144 $121 $141 $141 $547 $151 $165 Interest expense $129 $126 $124 $117 $496 $117 $116 $115 $111 $459 $112 $112 Other (income) expense, net ($29) ($85) ($28) ($4) ($148) $1 ($15) ($10) ($20) ($44) $16 $48 Income tax expense $68 $76 ($39) $106 $210 $65 $59 $91 $36 $251 $81 $73 Adjusted EBITDA $650 $702 $693 $688 $2,732 $629 $668 $676 $691 $2,665 $666 $691 Free cash flow $88 $317 $93 $516 $1,015 $56 $402 $257 $541 $1,256 $171 $593 Supplemental Information Cash and cash equivalents $135 $188 $127 $162 $162 $127 $92 $79 $94 $94 $75 $174 Total debt $11,136 $10,826 $10,726 $10,375 $10,375 $10,466 $10,197 $10,077 $9,706 $9,706 $9,747 $9,455 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q SiriusXM Stand-alone Metrics Subscriber revenue $1,547 $1,520 $1,510 $1,499 $6,076 $1,470 $1,499 $1,497 $1,494 $5,960 $1,483 $1,508 Advertising revenue $40 $43 $41 $43 $167 $39 $38 $39 $41 $157 $35 $41 Equipment revenue $50 $47 $43 $42 $182 $41 $46 $43 $48 $178 $41 $36 Other revenue Total revenue Cost of services $30 $30 $33 $36 $128 $31 $31 $32 $28 $122 $31 $32 $1,590 $1,617 $1,667 $1,640 $1,627 $1,620 $6,553 $1,581 $1,614 $1,611 $1,611 $6,417 Revenue share and royalties $395 $391 $390 $388 $1,565 $379 $391 $384 $388 $1,542 $377 $382 Programming and content $132 $127 $129 $130 $517 $129 $128 $130 $135 $521 $123 $124 Customer service and billing $96 $86 $90 $92 $364 $93 $90 $96 $91 $370 $85 $90 Transmission Cost of equipment Total cost of services $49 $2 $48 $2 $47 $2 $41 $3 $186 $10 $41 $2 $37 $2 $41 $2 $39 $3 $157 $9 $37 $39 $2 $1 $624 $636 $674 $654 $658 $654 $2,642 $644 $648 $653 $656 $2,599 Gross Profit $993 $986 $969 $966 $3,911 $937 $966 $958 $955 $3,818 $966 $981 Gross Margin 60% 60% 60% 60% 60% 59% 60% 59% 59% 59% 61% 61% ARPU $15.36 $15.24 $15.16 $15.11 $15.21 $14.86 $15.22 $15.19 $15.17 $15.11 $14.99 $15.32 SAC, per installation $12.50 $13.85 $14.67 $17.19 $14.55 $18.86 $18.04 $19.37 $16.59 $18.21 $18.80 $21.32 Subscriber metrics shown in thousands Self-pay Ending Subscribers Paid Promotional Ending Subscribers Ending Subscribers 31,583 1,847 31,484 1,773 31,497 1,659 31,646 1,580 31,646 1,580 31,343 1,521 31,275 1,522 31,235 1,573 31,345 1,582 31,345 1,582 31,234 31,255 1,545 1,614 32,779 32,869 33,430 33,257 33,156 33,226 33,226 32,864 32,797 32,808 32,927 32,927 Self-pay Net Addtions (359) (100) 14 149 (296) (303) (68) (40) 110 (301) (111) 22 Paid Promotional Net Additions Net Additions Average Self-Pay Monthly Churn (86) (73) (114) (79) (353) (59) 2 51 8 2 (37) 68 (148) 90 1.5% 1.4% (445) 1.7% (173) 1.5% (100) 1.6% 70 1.5% (649) 1.6% (362) 1.6% (66) 1.5% 11 1.6% 118 1.4% (299) 1.5% Pandora Stand-alone Metrics Subscriber revenue Advertising revenue Total revenue $133 $362 $138 $400 $135 $409 $134 $434 $540 $1,606 $132 $355 $130 $394 $132 $416 $132 $450 $526 $1,615 $129 $130 $372 $413 $501 $543 $495 $538 $544 $568 $2,146 $487 $524 $548 $582 $2,141 Cost of services Revenue share and royalties $308 $317 $317 $329 $1,270 $308 $331 $337 $332 $1,308 $320 $340 Programming and content $16 $12 $12 $16 $58 $15 $13 $15 $17 $61 $14 $13 Customer service and billing Transmission Total cost of services $19 $9 $21 $8 $19 $9 $20 $11 $79 $34 $18 $7 $19 $7 $19 $7 $18 $7 $74 $28 $20 $18 $8 $9 $362 $380 $352 $358 $357 $376 $1,441 $348 $370 $378 $374 $1,471 Gross Profit $143 $180 $187 $192 $705 $139 $154 $170 $208 $670 $139 $163 Gross Margin 29% 33% 34% 34% 33% 29% 29% 31% 36% 31% 28% 30% Monthly Active Users - All Services (in thousands) 45,023 45,129 43,721 43,344 43,344 42,357 42,684 41,562 41,112 41,112 40,068 39,763 Ad Supported Listener Hours (in billions) 2.49 2.60 2.47 2.39 9.94 2.35 2.58 2.49 2.33 9.75 2.22 2.35 RPM $90.88 $98.99 $104.50 $108.37 $100.59 $87.23 $85.97 $91.24 $103.40 $91.78 $84.11 $87.67 Self-pay Subscribers (in thousands) 5,992 5,951 5,875 5,774 5,774 5,705 5,706 5,691 5,630 5,630 5,597 5,597

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