SiriusXM released its Q3 2026 operating results today with revenue of $2.15 billion down slightly from $2.16 in 2025, which it attributes to lower equipment revenue due to higher memory costs.
The company also noted net income increased by 7% to $317 million for the quarter, while earnings per diluted common share declined 7% to $0.78. Adjusted EBITDA grew 3% year-over-year to $694 million and free cash flow increased 14% year-over-year to $293 million, with the company attributing that to higher adjusted EBITDA, favorable working capital, lower interest expense and reduced capital expenditures.
SiriusXM noted that it is continuing to “advance its strategy of being a home for fandom, deepening subscriber engagement and loyalty through differentiated content, exclusive experiences and enhanced discovery.” They shared that the “Dolly Parton Tribute Channel” was its most listened artist pop-up channel of 2026 with “Life with John Mayer” becoming the top streamed artist channel. “WWE Radio” has grown listening by 20% since its July relaunch and the company says that the collective suite of 24 Audacy and Good Karma Sports stations would be SiriusXM’s third-highest sports destination by number of listeners with 80% of listening coming from outside their home markets.
CEO Jennifer Witz said, “Our third-quarter performance reflects the progress we’re making in building a stronger, more durable SiriusXM. We’re stabilizing our subscriber base, deepening engagement through differentiated content and experiences, and expanding the reach and capabilities of our advertising platform. By consistently enhancing the value of a SiriusXM subscription, we’re strengthening customer loyalty and creating more lasting relationships with listeners. At the same time, partnerships like YouTube Audio are expanding our premium advertising inventory and creating new opportunities to connect advertisers with audiences at scale. This momentum gives us the confidence to raise our full-year financial guidance and reinforces our conviction in SiriusXM’s long-term value creation.”
CFO Zac Coughlin added, “Our financial results reflect the increasing efficiency and cash-generating capacity of our business. Disciplined cost management and structural operating improvements drove Adjusted EBITDA growth, margin expansion and stronger profitability in the third quarter. We delivered approximately $1.1 billion in free cash flow for the first nine months of the year, achieved our long-term leverage target and strengthened our financial flexibility. Looking ahead, our more efficient operating model and declining satellite capital expenditures position us to meaningfully accelerate share repurchases in 2027 while continuing to invest in the business and deliver long-term value to shareholders.”
