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Sirius XM Holdings Inc. (SIRI) stock

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NASDAQ: SIRI Nasdaq Broadcasting Next results ~February 4, 2027

B Fundamentals grade

Sirius XM Holdings Inc. is a US-listed company in the broadcasting industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$41

Cash-flow model

Base case. Range ~$24–$63 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 24% below our base value.

Price used: $30.65, November 3, 2026

Sirius XM Holdings Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Sirius XM files

10-Q filed October 29: Sirius XM

Model value −3.4%

Revenue for the twelve months to September 2026 was $8.60bn, up 0.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 18.4% from 14.3% a year earlier. The diluted share count is up 5.2% on a year earlier, which dilutes existing holders. Our model value falls from $39.00 to $37.67 a share, against a share price of $29.01. The rating stays Hold. At that price, our model says the market is pricing in cash flow shrinking about 0.8% a year for five years, close to the -0.2% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Sirius XM

Sirius XM's revenue reached $8.60bn in the twelve months to June 2026, up 0.5% on a year earlier and roughly in line with the pace set a quarter earlier. Free-cash-flow margin, meanwhile, climbed to 18.4% from 14.3% over the same period. Diluted shares outstanding grew 5.2% year-on-year, diluting existing holders. On fundamentals, the company's grade improves from C to B. Our model value holds steady at $39.00 a share, well above the $27.32 share price, and the rating remains Hold. At that price, the market appears to be pricing in cash flow contracting by about 1.6% a year for five years, a figure not far from the -0.2% annual revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Sirius XM stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.60bn, up 0.4% on a year earlier, faster than -0.3% a quarter earlier. That puts it 814 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 18.0% from 12.4% a year earlier. Operating margin widened to 19.1% from -19.2%. The diluted share count is up 6.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 3 financial-health checks. Our cash-flow model value is $43.65 a share, against a share price of $27.32. At that price, our model says the market is pricing in cash flow shrinking about 4.8% a year for five years, slower than the -0.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Sirius XM Holdings Inc.'s trailing-twelve-month revenue grew 0.5% year on year, with a free-cash-flow margin of 18.4%. Where it stands out: operating margin of 19.0% ranks 1 of 12 broadcasting companies we cover. Where it lags: stock pay as % of revenue of 2.1% ranks 10 of 11 broadcasting companies we cover.

Our discounted-cash-flow model values the business at ~$41 per share in the base case (~$24–$63 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 29.6% while net income fell 9.4%: a 39pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $29.57 is 37% below our value per share of $41.

Things to watch

  • Share dilution. Diluted shares rose 5.2% in a year.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.1% ranks 10 of 11 broadcasting companies we cover (median 1.1%).
  • Heavily shorted. 15.1% of the shares available to trade are sold short (6.5 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.78 against an average estimate of $0.79: missed by 0.8%
Revenue
$2.15bn, down 0.3% on a year earlier
Share reaction
+6.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
total revenue $8.53bn (full-year 2026); adjusted EBITDA $2.63bn (full-year 2026)
Next report
October 29, 2026; average EPS estimate $0.73

Sirius XM's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.7%
  • 1 week+12.5%
  • 1 month+19.2%
  • This year+52.6%
  • 1 year+46.4%
  • 5 years-42.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.6B
Operating margin
19.0%
Net margin
10.5%
EPS (TTM, diluted)
$2.57

Growth

Revenue growth
+0.5%
Change in growth rate
+0.1 pts
Share count change
+5.2%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
18.4%
Stock pay % of revenue
2.1%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Product
  3. Announcement
  4. Results
  5. Announcement
  6. Dividend
  7. Product
  8. Announcement
  9. Announcement
  10. Results
  11. Announcement
  12. Announcement
  13. Product
  14. Results
  15. Leadership
  16. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sirius XM Holdings Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.0% a year for five years.That is close to the -0.2% a year revenue growth Sirius XM has delivered.

  • Priced in-1.0%
  • Last 12 months0.5%
  • 3 years a year-1.3%
  • 5 years a year-0.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($30.66, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$41
Price used
$30.66close November 3, 2026
Implied change
▲ +32%
Uncertainty
High

How we got here: a discounted-cash-flow model of Sirius XM Holdings Inc.'s free cash flow after stock-based pay with after-tax interest added back ($1.4B, FY2026 Q3 TTM), growing 1.1% and 1.8% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$24–~$63 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Sirius XM Holdings Inc.'s free cash flow after stock-based pay ( $1.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Sirius XM Holdings Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$41 ~$24–$63 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.7 ~$1.9–$11 Left out: out of range vs price (0.19x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$41 ~$24–$63 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sirius XM Holdings Inc. with Broadcasting in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −35%
  • Revenue growth 5 points higher ▲ +46%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +35%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $33$54$82$119$168$230
8.5% $19$34$54$81$115$160
10% $10$22$38$58$84$118

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$32.31$35.41$42.99$46.12$58.22$52.33$52.72$51.03$48.85$21.05$19.37$29.57
Market value$17.6bn$17.6bn$20.3bn$21.0bn$26.9bn$23.2bn$21.8bn$18.8bn$17.7bn$7.1bn$6.9bn$10.4bn
+ Net debt (− = net cash)$5.3bn$5.6bn$6.7bn$6.8bn$7.7bn$8.4bn$8.7bn$9.1bn$10.9bn$10.2bn$9.6bn$9.1bn
Enterprise value$22.9bn$23.2bn$27.0bn$27.9bn$34.6bn$31.6bn$30.5bn$27.9bn$28.5bn$17.3bn$16.5bn$19.5bn
Multiples
Price / sales 3.8x3.5x3.7x3.6x3.4x2.9x2.5x2.1x2.0x0.8x0.8x1.2x
Price / earnings 34.4x23.6x31.3x17.9x29.4x176.9x16.6x20.7x22.5x—8.6x11.5x
Price / free cash flow 15.8x11.6x13.0x13.8x16.2x13.9x13.6x12.1x15.0x7.0x5.6x6.5x
EV / EBITDA 16.4x14.1x14.2x13.9x17.5x26.1x12.7x12.0x12.8x—8.7x9.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard Sirius XM's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.3% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 53.6%, moving by 1.2 percentage points (standard deviation) across 7 years.

  • Durability 7 / 20

    Operating margin has been a median 21.2%; its worst year was -17.8%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 23.9% over five years; stock-based pay has been a median 2.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.01 +35% $8.6bn +0%
Next $3.32 +10% $8.7bn +1%

Next year's EPS estimate has moved +2.1% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 0 analysts raised Sirius XM Holdings Inc.'s forecast and 2 cut it.

Consensus EPS forecast Sirius XM Holdings Inc., last 90 days
$2.90 $3.00 $3.10 $3.20 $3.30 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.01 Current fiscal year, 60 days ago: $2.99 Current fiscal year, 30 days ago: $2.98 Current fiscal year, 7 days ago: $2.97 Current fiscal year, Now: $3.01 $3.01 Next fiscal year, 90 days ago: $3.26 Next fiscal year, 60 days ago: $3.26 Next fiscal year, 30 days ago: $3.28 Next fiscal year, 7 days ago: $3.29 Next fiscal year, Now: $3.32 $3.32

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.01$3.26
60 days ago $2.99$3.26
30 days ago $2.98$3.28
7 days ago $2.97$3.29
Now $3.01$3.32

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.79 $0.78 −0.8%
Jun 2026 $0.78 $0.70 −10.8%
Mar 2026 $0.71 $0.72 +0.8%
Dec 2025 $0.77 $0.24 −69.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Total revenue full-year 2026 about $8.525bn Raised
    “Total revenue of approximately $8.525 billion,” source
  • Adjusted EBITDA full-year 2026 about $2.625bn Non-GAAP Raised
    “Adjusted EBITDA of approximately $2.625 billion, and” source
  • Free cash flow full-year 2026 about $1.375bn Non-GAAP Raised
    “Free cash flow of approximately $1.375 billion.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Sirius XM Holdings Inc.'s revenue by +1.1% next year and +1.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+0.9%, weight 55%) , management guidance (+0.2%, weight 19%) and the company's own record (+2.0%, weight 26%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy643%
Hold536%
Sell321%

Monthly trend

  1. Oct 20262452114
  2. Sep 20262452114
  3. Aug 20261372114
  4. Jul 20261372114

Counts of recommendations published by analysts covering Sirius XM Holdings Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.1%
of tradable shares
Days to cover
6.49
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
50%
of shares
Held by insiders
46.4%
of shares
Employees
5,119
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +42.5%

$20.75 on October 31, 2025 to $29.57

ThenNowEffect
Revenue (last 12 months) $8.6bn $8.6bn +0.4%
P/S multiple 0.8x 1.2x +50.4%
Share count 329m 349m −5.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −32.7%

$43.96 on November 3, 2023 to $29.57

ThenNowEffect
Revenue (last 12 months) $9.0bn $8.6bn −4.0%
Net margin 9.5% 10.2% +7.8%
P/E multiple 20.4x 11.7x −42.6%
Share count 395m 349m +13.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SIRI+1%−3%−4%−57%−8%+53%
Industry peers (median)+28%−39%−9%−38%+12%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SIRI50%58%42%33%42%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SIRI−16%−16%−50%−61%−29%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 74% from July 20, 2023 to April 8, 2025. Getting back needed a 283% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$19.30 – $32.30
From 52-week high
−8.4%
vs 50-day average
+7.4%
vs 200-day average
+13.7%
Volatility (1 year)
31%
Beta vs S&P 500
0.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.2%
After a week
4 up, 7 down
typical move ±5.5%
After a month
7 up, 4 down
typical move ±7.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +6.2% −2.1% — —
July 30, 2026 −9.1% +2.4% −8.3% −11.6%
April 30, 2026 +1.7% +1.3% 0.0% +9.6%
February 5, 2026 +4.6% +0.6% +6.0% +6.0%
October 30, 2025 +3.0% −0.8% +4.0% +0.1%
July 31, 2025 −7.6% −2.0% −7.1% +4.4%
May 1, 2025 −4.4% +2.2% +1.4% +0.5%
January 30, 2025 +9.9% 0.0% +18.6% +11.2%
October 31, 2024 +0.9% −1.5% −3.6% +1.5%
August 1, 2024 −9.6% −3.3% −8.4% −3.8%
April 30, 2024 −3.8% −1.9% −1.3% −12.8%
February 1, 2024 +1.6% +2.4% −1.4% −17.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Sirius XM Holdings Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.14× the last 60 days’ realised volatility , richer than 40% of the 229 stocks we screen today.
  • Puts are priced 4 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Sirius XM Holdings Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sirius XM Holdings Inc.
$8.4B $8.6B $8.8B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9B Revenue (TTM), FY24 Q1: $9B Revenue (TTM), FY24 Q2: $8.9B Revenue (TTM), FY24 Q3: $8.8B Revenue (TTM), FY24 Q4: $8.7B Revenue (TTM), FY25 Q1: $8.6B Revenue (TTM), FY25 Q2: $8.6B Revenue (TTM), FY25 Q3: $8.6B Revenue (TTM), FY25 Q4: $8.6B Revenue (TTM), FY26 Q1: $8.6B Revenue (TTM), FY26 Q2: $8.6B Revenue (TTM), FY26 Q3: $8.6B $8.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9B
FY24 Q1 $9B
FY24 Q2 $8.9B
FY24 Q3 $8.8B
FY24 Q4 $8.7B
FY25 Q1 $8.6B
FY25 Q2 $8.6B
FY25 Q3 $8.6B
FY25 Q4 $8.6B
FY26 Q1 $8.6B
FY26 Q2 $8.6B
FY26 Q3 $8.6B
Revenue growth, TTM YoY Sirius XM Holdings Inc.
-6% -4% -2% 0% 2% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.5% Revenue growth, TTM YoY, FY24 Q1: 0.1% Revenue growth, TTM YoY, FY24 Q2: -0.6% Revenue growth, TTM YoY, FY24 Q3: -1.7% Revenue growth, TTM YoY, FY24 Q4: -2.8% Revenue growth, TTM YoY, FY25 Q1: -4.1% Revenue growth, TTM YoY, FY25 Q2: -3.8% Revenue growth, TTM YoY, FY25 Q3: -2.8% Revenue growth, TTM YoY, FY25 Q4: -1.6% Revenue growth, TTM YoY, FY26 Q1: -0.3% Revenue growth, TTM YoY, FY26 Q2: 0.4% Revenue growth, TTM YoY, FY26 Q3: 0.5% 0.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.5%
FY24 Q1 0.1%
FY24 Q2 -0.6%
FY24 Q3 -1.7%
FY24 Q4 -2.8%
FY25 Q1 -4.1%
FY25 Q2 -3.8%
FY25 Q3 -2.8%
FY25 Q4 -1.6%
FY26 Q1 -0.3%
FY26 Q2 0.4%
FY26 Q3 0.5%
Operating margin (TTM) Sirius XM Holdings Inc.
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 20.9% Operating margin (TTM), FY24 Q1: 20.9% Operating margin (TTM), FY24 Q2: 20.9% Operating margin (TTM), FY24 Q3: -17.8% Operating margin (TTM), FY24 Q4: -17.4% Operating margin (TTM), FY25 Q1: -17.9% Operating margin (TTM), FY25 Q2: -19.2% Operating margin (TTM), FY25 Q3: 20.5% Operating margin (TTM), FY25 Q4: 17.2% Operating margin (TTM), FY26 Q1: 17.9% Operating margin (TTM), FY26 Q2: 19.1% Operating margin (TTM), FY26 Q3: 19.0% 19.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 20.9%
FY24 Q1 20.9%
FY24 Q2 20.9%
FY24 Q3 -17.8%
FY24 Q4 -17.4%
FY25 Q1 -17.9%
FY25 Q2 -19.2%
FY25 Q3 20.5%
FY25 Q4 17.2%
FY26 Q1 17.9%
FY26 Q2 19.1%
FY26 Q3 19.0%
FCF margin (TTM) Sirius XM Holdings Inc.
10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 13.2% FCF margin (TTM), FY24 Q1: 12.5% FCF margin (TTM), FY24 Q2: 12.6% FCF margin (TTM), FY24 Q3: 10.2% FCF margin (TTM), FY24 Q4: 11.6% FCF margin (TTM), FY25 Q1: 11.3% FCF margin (TTM), FY25 Q2: 12.4% FCF margin (TTM), FY25 Q3: 14.3% FCF margin (TTM), FY25 Q4: 14.5% FCF margin (TTM), FY26 Q1: 15.8% FCF margin (TTM), FY26 Q2: 18.0% FCF margin (TTM), FY26 Q3: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 13.2%
FY24 Q1 12.5%
FY24 Q2 12.6%
FY24 Q3 10.2%
FY24 Q4 11.6%
FY25 Q1 11.3%
FY25 Q2 12.4%
FY25 Q3 14.3%
FY25 Q4 14.5%
FY26 Q1 15.8%
FY26 Q2 18.0%
FY26 Q3 18.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Sirius XM took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $8.6B
  2. Cost of revenue $4.1B · 47.6%
  3. Gross profit $4.5B · 52.4%
  4. Research and development $263M · 3.1%
  5. Selling, general and admin $1.3B · 15.3%
  6. Other operating costs $1.4B · 16.9%
  7. Operating income $1.5B · 17.2%
  8. Income tax $251M · 2.9%
  9. Interest and other $415M · 4.8%
  10. Net income $805M · 9.4%

Shares of revenue. Source: Sirius XM's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.5 2.8 3.0 3.4 3.8 4.2 4.6 5.0 5.4 5.8 7.8 8.0 8.7 9.0 9.0 8.7 8.6 8.6
Gross profit — — — — — — — — — — 4.4 4.5 4.8 4.9 4.8 4.6 4.5 4.5
EBITDA 0.5 0.7 0.9 1.1 1.3 1.4 1.4 1.7 1.9 2.0 2.0 1.2 2.4 2.3 2.2 −1.1 1.9 2.1
Operating income 0.2 0.5 0.7 0.9 1.0 1.1 1.2 1.4 1.6 1.7 1.6 0.9 2.0 1.9 1.8 −1.5 1.5 1.6
Net income −0.4 0.0 0.4 3.5 0.4 0.5 0.5 0.7 0.6 1.2 0.9 0.1 1.3 0.9 0.8 −1.7 0.8 0.9
Diluted EPS −$1.50 $0.10 $0.70 $5.10 $0.60 $0.80 $0.90 $1.50 $1.40 $2.60 $2.00 $0.30 $3.20 $2.96 $2.77 −$6.14 $2.23 $2.57
Growth (year on year)
Revenue +48.6% +13.9% +7.0% +12.9% +11.7% +10.1% +9.3% +9.8% +8.1% +6.4% +35.1% +3.2% +8.2% +3.5% −0.6% −2.8% −1.6% +0.5%
EBITDA — +37.4% +27.7% +20.6% +14.0% +6.8% +0.9% +18.1% +15.1% +5.4% −1.5% −38.6% +97.5% −3.2% −3.7% −148.0% — −1.1%
Operating income — +103.8% +45.3% +29.0% +19.8% +7.2% +5.3% +21.5% +14.6% +5.2% −4.6% −47.9% +134.8% −4.8% −5.8% −183.9% — −6.8%
Net income — — — +713.4% −89.1% +30.8% +3.3% +46.3% −13.1% +81.5% −22.3% −85.7% — −30.9% −13.4% −311.8% — −9.4%
Diluted EPS — — — +628.6% −88.2% +33.3% +12.5% +66.7% −6.7% +85.7% −23.1% −85.0% — −7.5% −6.4% −321.7% — −13.8%
Margins
Gross margin — — — — — — — — — — 56.6% 56.0% 54.9% 54.6% 53.5% 53.1% 52.4% 52.9%
EBITDA margin 21.7% 26.2% 31.3% 33.5% 34.2% 33.2% 30.6% 32.9% 35.1% 34.7% 25.3% 15.1% 27.5% 25.7% 24.9% −12.3% 22.1% 24.8%
Operating margin 9.2% 16.5% 22.4% 25.6% 27.5% 26.8% 25.8% 28.5% 30.2% 29.9% 21.1% 10.7% 23.2% 21.3% 20.2% −17.4% 17.2% 19.0%
Net margin −14.2% 1.5% 14.2% 102.1% 9.9% 11.8% 11.2% 14.9% 11.9% 20.4% 11.7% 1.6% 15.1% 10.1% 8.8% −19.1% 9.4% 10.5%
Free-cash-flow margin 7.5% 7.1% 13.5% 20.9% 24.5% 27.1% 24.3% 30.2% 28.9% 26.4% 21.2% 20.7% 18.5% 17.3% 13.2% 11.6% 14.5% 18.4%
Cash flow
Cash from operations 0.4 0.5 0.5 0.8 1.1 1.3 1.2 1.7 1.9 1.9 2.0 2.0 2.0 2.0 1.8 1.7 1.9 2.1
Capital spending 0.2 0.3 0.1 0.1 0.2 0.1 0.1 0.2 0.3 0.4 0.4 0.4 0.4 0.4 0.7 0.7 0.7 0.5
Free cash flow 0.2 0.2 0.4 0.7 0.9 1.1 1.1 1.5 1.6 1.5 1.7 1.7 1.6 1.6 1.2 1.0 1.2 1.6
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 0.1 0.1 0.4 0.6 0.9 1.1 1.0 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.0 0.8 1.1 1.4
Balance sheet
Cash 0.4 0.6 0.8 0.5 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.4 0.3 0.2 0.1 0.2
Total debt 2.8 3.2 3.0 2.4 3.6 4.5 5.5 5.9 6.8 6.9 7.9 8.5 8.8 9.5 11.2 10.4 9.7 9.3
Net debt (negative = net cash) 2.4 2.6 2.2 1.9 3.5 4.4 5.3 5.6 6.7 6.8 7.7 8.4 8.7 9.1 10.9 10.2 9.6 9.1
Diluted shares 359m 639m 650m 687m 638m 586m 544m 496m 472m 456m 462m 443m 414m 368m 362m 338m 357m 350m
Returned to shareholders
Dividends — 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.3 0.2 0.1 0.1 0.4 0.4
Buybacks — — 0.0 0.0 1.8 2.5 2.0 1.7 1.4 1.3 2.2 1.6 1.5 0.6 0.3 0.0 0.1 0.1
Total returned — 0.0 0.0 0.3 1.8 2.5 2.0 1.7 1.6 1.5 2.4 1.8 1.8 0.9 0.3 0.1 0.5 0.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $27.2bn
Short-term assets $1.2bnLonger-term assets $26.0bn
What it owes, and who funded it · $27.2bn
Short-term liabilities $3.7bnLonger-term liabilities $11.4bnShareholders' equity $12.1bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $3.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $11.4bn of longer-dated liabilities.
  • More cash than debt $210m of cash against $8.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 66% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $8.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $444m of interest.

From Sirius XM Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$106M
Dividends (TTM)
$364M
Returned to shareholders
30%
of free cash flow
Buybacks, last 3 fiscal years
$416M
Diluted share count
+5.2%
year over year
Total shareholder yield
4.7%
dividends 3.6% + buybacks 1.1% of market value
Dividend payout ratio
40%
of net income paid out
R&D spending
3.0%
of revenue
Days sales outstanding
27 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in broadcasting
Last 12 months unless stated SIRI NXST FOXA IHRT SBGI GTN Median
Revenue, last 12 months $8.6bn $5.9bn $18.0bn $4.0bn $3.3bn $3.1bn $2.2bn
Revenue growth, last 12 months 0.5% 10.5% 9.0% 3.1% −6.5% −11.3% −4.9%
Revenue growth, 3-year average −1.3% 3.8% 6.4% 1.2% −0.9% −4.3% −2.9%
Revenue growth, latest quarter −0.3% 62.2% 22.3% 4.7% 7.1% 8.7% −0.1%
Operating margin 19.0% 17.8% — 0.2% 6.6% 13.8% 1.4%
Operating margin, 3-year average 7.2% 19.0% — −5.4% 4.3% 16.4% 0.4%
Net margin 10.5% 3.2% 11.3% −7.2% 1.6% −0.8% −0.9%
Cash from operations / revenue 24.8% 15.2% 15.1% 3.0% 5.3% 7.9% 6.6%
Free-cash-flow margin 18.4% 12.6% 12.3% 0.9% 2.9% 4.6% 3.4%
Free-cash-flow margin, 3-year average 14.3% 16.2% 13.3% 1.1% 2.2% 9.0% 5.7%
Stock pay / revenue 2.1% 1.7% 0.8% 0.9% 1.6% 0.7% 1.0%
Change in share count 5.2% −1.5% −5.8% 2.1% 4.2% 1.6% 2.1%

Median of all 13 companies we cover in broadcasting. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 broadcasting companies
Measure Company Peer median Rank
Revenue growth Growth 0.5% -4.9% 5 of 13
Change in growth rate Growth +0.1pp +1.0pp 9 of 13
Operating margin Profitability 19.0% 2.3% 1 of 12
Net margin Profitability 10.5% -0.9% 2 of 13
Free-cash-flow margin Cash generation 18.4% 3.4% 1 of 13
Stock pay as % of revenue Cash generation 2.1% 1.1% 10 of 11
Long-term debt as % of assets Balance sheet 29.7% 55.6% 3 of 13
Change in share count Balance sheet 5.2% 2.1% 9 of 11
Days sales outstanding Balance sheet 27 days 73 days 2 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Sirius XM $6.4B 75.0% ▼ 2.1%
Pandora and Off Platform $2.1B 25.0% ▼ 0.2%
Products and services
Line of business Revenue Share YoY
Subscriptions $6.5B 75.8% ▼ 2.0%
Advertising $1.8B 20.7% ▼ 0.1%
Other Revenue Excluding Share Based Compensation $300M 3.5% ▼ 3.2%
Cost of Sales Equipment Products and Services $178M 59.3% ▼ 2.2%
Other Revenue $122M 40.7% ▼ 4.7%

From Sirius XM Holdings Inc.'s 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.5B
Institutions reporting
593
Shares held vs prior quarter
▲ 11.2%
Positions opened / closed
100 / 64

Top buyers and sellers, Q2 2026: 306 institutions bought and 213 sold ; the biggest buyer was Blackrock, Inc (+8.0M shares) and the biggest seller Seizert Capital Partners, LLC (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Berkshire Hathaway Inc $3.7B 124.8M 43.3% 0.0%
Blackrock, Inc. $520M 17.6M 6.1% ▲ 82.9%
Dimensional Fund Advisors LP $311M 10.5M 3.7% ▲ 66.8%
Vanguard Portfolio Management LLC $268M 9.1M 3.2% ▲ 4.3%
Check Capital Management Inc $259M 8.8M 3.1% ▲ 198.5%
Vanguard Capital Management LLC $248M 8.4M 2.9% ▲ 1.0%
Kontiki Capital Management (HK) Ltd. $180M 6.1M 2.1% ▲ 6.8%
State Street Corp $177M 6.0M 2.1% ▲ 68.9%
Boston Partners $150M 5.1M 1.8% New
Gates Capital Management, Inc. $134M 4.5M 1.6% ▲ 65.5%
Geode Capital Management, LLC $115M 3.9M 1.4% ▲ 5.3%
LSV Asset Management $107M 3.6M 1.3% ▲ 12.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sirius XM Holdings Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.3M 4 trades by 3 insiders · 13% under pre-set plans
Net ▼ $1.3M net selling
Insider Date Trade Shares Price Value
Procope Jonelle Director August 6, 2026 Sell 16,672 $29.97 $499,660
Salen Kristina Director May 29, 2026 Sell pre-set plan 4,097 $29.57 $121,148
Greenstein Scott Andrew Pres. & Chief Content Officer May 27, 2026 Sell 20,744 $29.83 $618,794
Salen Kristina Director November 3, 2025 Sell pre-set plan 1,845 $21.64 $39,926

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Sirius XM Holdings Inc. shares.

  • August Pfluger(R-TX 11):Sale (full), $1,001 - $15,000, traded January 13, 2026, filed February 11, 2026
  • August Pfluger(R-TX 11):Sale (full), $1,001 - $15,000, traded July 1, 2025, filed July 23, 2025
  • August Pfluger(R-TX 11):Exchange, $1,001 - $15,000, traded September 10, 2024, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Sirius XM Holdings Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sirius XM Holdings Inc. in brief

What does Sirius XM Holdings Inc. do?
Sirius XM Holdings Inc. is a US-listed company in the broadcasting industry. Its financial year ends in December.
What is Sirius XM Holdings Inc.'s stock ticker?
Sirius XM Holdings Inc. trades under the ticker SIRI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sirius XM Holdings Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sirius XM Holdings Inc. reported revenue of $8.6B, 0.5% higher than a year earlier, according to its SEC filings.
What is Sirius XM Holdings Inc.'s free cash flow?
Sirius XM Holdings Inc.'s free-cash-flow margin is 18.4% of revenue over the trailing twelve months, ranking 1 of the 13 broadcasting companies we cover.
What is Sirius XM Holdings Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Sirius XM Holdings Inc.'s free cash flow after stock-based pay gives ~$41 per share in the base case, and ~$24–$63 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Sirius XM Holdings Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Berkshire Hathaway Inc, Blackrock, Inc. and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Sirius XM Holdings Inc. buying back stock, and does it pay a dividend?
Sirius XM Holdings Inc. spent $106M on share repurchases over the trailing twelve months, and its diluted share count still rose 5.2% over the year.
What is Sirius XM Holdings Inc.'s market cap?
On November 2, 2026, Sirius XM Holdings Inc.'s market capitalisation was about $10.4B, with a price-to-earnings ratio of 11.5 and net debt of $9.1B. Market figures come from third-party market data and may be delayed.
Does Sirius XM Holdings Inc. pay a dividend?
Yes: Sirius XM Holdings Inc. paid $364M in dividends over the trailing twelve months, a dividend yield of 3.65% and a payout ratio of 40.4%.
How much debt does Sirius XM Holdings Inc. have?
Sirius XM Holdings Inc.'s debt-to-equity ratio is 66.4%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Sirius XM Holdings Inc.'s competitors?
In our Broadcasting peer group, the companies closest to Sirius XM Holdings Inc. are Nexstar Media Group, Inc., Fox Corporation (Class A), Iheartmedia, Inc., Sinclair, Inc. and Gray Media, Inc. The side-by-side comparison below sets their revenue, margins and growth against Sirius XM Holdings Inc.'s.
Are insiders buying or selling Sirius XM Holdings Inc. stock?
Over the last 12 months, Sirius XM Holdings Inc.'s directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Sirius XM Holdings Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sirius XM Holdings Inc. announces its own schedule.