SiriusXM released its Q1 2025 operating and financial results this morning.
SiriusXM noted revenue of $2.07 billion down 4% from Q1 2024. Net income was $204 million, down from $241 million a year ago. Earnings per diluted common share were $0.59 in the first quarter of 2025, compared to $0.63 in the first quarter of 2024.
Adjusted EBITDA was $629 million in the first quarter, a 3% decline from $650 million in the same period last year. Lower operating expenses—including sales and marketing and personnel-related costs—partially offset the modest revenue decline. The company maintained a stable adjusted EBITDA margin of 30%.
CEO Jennifer Witz said, “We entered 2025 focused on what we do best: delivering standout experiences to our core subscribers, curating compelling content, strengthening our advertising business, and enhancing the value of our service. Today, we’re operating with greater discipline, improving execution across the board, and reallocating capital toward the areas where we see the greatest impact. We’re building a more focused, more efficient SiriusXM—aligned around what matters most to our listeners and our business—and I’m pleased with how we’ve started the year.”
Chief Financial Officer Tom Barry said, “I’m proud of the meaningful progress we made in the first quarter of 2025 to reduce costs, drive greater efficiency, and strengthen our financial foundation. Our strong, recurring revenue-driven business positions us well in this period of heightened volatility. We do not anticipate that tariff-related pressure on new car sales will have a material impact on our subscriber or financial performance this year. That said, like every business, we’ll continue to closely monitor ongoing developments and broader consumer health,” Barry added.
SiriusXM says its podcasting revenue was up 33% year-over-year. Paid subscribers were at 33 million to the core subscription radio service, with self-pay subscribers down 303,000 in the first quarter which the company noted was a 16% improvement from 2024. Pandora revenue was down 2% to $487 million due to weaker advertising performance as its subscriber revenue remained flat at $132 million with 5.7 million self-pay subscribers.
SiriusXM also noted it cut sales and marketing expenses by 19% to $176 million, product and technology costs fell by 15% to $63 million, and general and administrative expenses declined by 3%to $108 million during Q1.
