SiriusXM issued its Q4 and full-year 2025 operating results today noting fourth quarter revenue was flat at $2.19 billion, while full-year 2025 revenue dropped 2% year-to-year to $8.56 billion.

SiriusXM net income was $99 million for the fourth quarter compared to net income of $287 million in the prior year period, while net income was $805 million for full-year 2025 compared to net loss of $2,075 million in the prior year. Earnings (loss) per diluted common share were $0.24 for the fourth quarter and $2.23 for the full year, compared to $0.83 and $(6.14), respectively for the same periods in 2024.

Adjusted EBITDA was $691 million in the fourth quarter of 2025, up slightly compared to $688 million in the same 2024 period. Full-year adjusted EBITDA was $2.67 billion in 2025, reflecting a 2% decline compared to $2.73 billion in 2024. The decrease was mainly due to lower subscriber revenue and higher general and administrative expenses and subscriber acquisition costs, partially offset by lower product and technology, transmission, and sales and marketing costs. The adjusted EBITDA margin for 2025 was 31%, approximately flat to prior year.

SiriusXM CEO Jennifer Witz commented, “We entered 2025 with renewed strategic focus as a fully independent public company, and we’re pleased to have overdelivered on our commitments, finishing the year with a strong fourth quarter, meaningful free cash flow growth, and exceeding our full-year guidance. In 2026, we are providing robust guidance that we believe reflects the overall stabilization of the business as we continue to lean into our strengths — our unique programming, leadership in the car, and audio advertising capabilities — to create deeper connections with listeners, deliver unparalleled audio experiences, and drive compelling results for our shareholders.”

CFO Zac Coughlin continued, “Our 2025 results reflect strong execution throughout the year. We beat our previously raised guidance, surpassed our cost savings target with $250 million of in-year incremental gross savings and drove strong free cash flow of $1.26 billion, which we allocated thoughtfully across high-ROI investments, deleveraging, and returns to shareholders. As we look to 2026, our focus remains on financial discipline, a low-to-mid 3x leverage ratio, and continued free cash flow growth toward our $1.5 billion 2027 objective.”

The company stated that subscriber acquisition costs (SAC) increased by 12% year-over-year to $414 million in 2025 primarily driven by contractual changes with certain automakers and higher costs related to the migration to the wideband chipset. Sales and marketing expenses decreased by 16% year-over-year to $714 million and product and technology costs fell by 9% year-over-year to $229 million.

The company generated $1.26 billion in free cash flow in 2025, up 24% from $1.02 billion in 2024. This increase reflects the elimination of Liberty transaction costs, lower cash taxes paid, lower capital expenditures, and continued operating discipline.

SiriusXM says self-pay subscribers increased by approximately 110,000 in the fourth quarter, but was down for the year by 301,000 with 33 million total paid subscribers and an additional 7.2 million on promotional/trial subscriptions.