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Broadcasting · Communication Services · Fiscal year ends Dec 31
Sirius XM reported revenue of $8.6B in the fiscal year ended Dec 2025, down 1.6% from the year before. Operating income was $1.5B, an operating margin of 17.2%, and net income was $805M. Operating cash flow of $1.9B less capital expenditure of $653M left free cash flow of $1.2B. Net debt was $8.6B.
Ranks among the 7 broadcasting companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 8,696 | 9,003 | 8,953 | 8,699 | 8,558 |
| Gross profit | 4,773 | 4,919 | 4,789 | 4,616 | 4,488 |
| Research & development | 265 | 285 | 322 | 296 | 263 |
| Selling, general & admin | 1,570 | 1,638 | 1,539 | 1,391 | 1,309 |
| Operating income | 2,015 | 1,919 | 1,808 | −1,517 | 1,471 |
| Interest expense | 415 | 422 | 423 | 496 | 459 |
| Pre-tax income | 1,526 | 1,486 | 1,210 | −1,865 | 1,056 |
| Income tax | 212 | 368 | 222 | 210 | 251 |
| Net income | 1,314 | 908 | 786 | −1,665 | 805 |
| Diluted EPS | 0.32 | 2.96 | 2.77 | −6.14 | 2.23 |
| Diluted shares | 4,143 | 368 | 362 | 338 | 357 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 191 | 362 | 306 | 162 | 94.0 |
| Receivables | 626 | 574 | 616 | 596 | 671 |
| Current assets | 1,180 | 1,038 | 1,361 | 1,149 | 1,098 |
| Net PP&E | 1,450 | 1,499 | 1,791 | 2,109 | 2,260 |
| Goodwill | 3,151 | 15,209 | 15,209 | 12,390 | 12,390 |
| Total assets | 10,274 | 10,022 | 30,056 | 27,521 | 27,237 |
| Deferred revenue | 1,454 | 1,322 | 1,195 | 1,050 | 976 |
| Current liabilities | 2,980 | 2,981 | 3,951 | 2,731 | 3,653 |
| Long-term debt | 8,832 | 9,256 | 10,073 | 10,314 | 8,648 |
| Total liabilities | 12,899 | 13,373 | 16,954 | 16,447 | 15,674 |
| Shareholders' equity | −2,625 | −3,351 | 10,076 | 11,074 | 11,563 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,998 | 1,981 | 1,829 | 1,741 | 1,898 |
| Capital expenditure | 388 | 426 | 650 | 728 | 653 |
| Free cash flow | 1,610 | 1,555 | 1,179 | 1,013 | 1,245 |
| Depreciation & amortisation | 379 | 399 | 425 | 445 | 422 |
| Stock-based compensation | 202 | 209 | 203 | 200 | 179 |
| Acquisitions | 14.0 | 136 | 0.0 | 0.0 | – |
| Share buybacks | 1,523 | 647 | 274 | 6.0 | 136 |
| Dividends paid | 268 | – | – | – | – |
| Dividend per share | 0.07 | 0.34 | 0.10 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.5% | −0.6% | −2.8% | −1.6% |
| Operating income growth (YoY) | – | −4.8% | −5.8% | −183.9% | – |
| EPS growth (YoY) | – | 825.0% | −6.4% | −321.7% | – |
| Gross margin | 54.9% | 54.6% | 53.5% | 53.1% | 52.4% |
| Operating margin | 23.2% | 21.3% | 20.2% | −17.4% | 17.2% |
| Net margin | 15.1% | 10.1% | 8.8% | −19.1% | 9.4% |
| Return on equityBlank when equity is negative | – | – | 7.8% | −15.0% | 7.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.6% | 27.3% | 6.9% | −6.1% | 6.2% |
| Free cash flow margin | 18.5% | 17.3% | 13.2% | 11.6% | 14.5% |
| Cash conversion (CFO ÷ net income) | 1.52x | 2.18x | 2.33x | −1.05x | 2.36x |
| Receivable days | 26 | 23 | 25 | 25 | 29 |
| Interest cover | 4.86x | 4.55x | 4.27x | −3.06x | 3.20x |
| Debt ÷ equity | – | – | 1.00x | 0.93x | 0.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 8,641 | 8,894 | 9,767 | 10,152 | 8,554 |
| Current ratio | 0.40x | 0.35x | 0.34x | 0.42x | 0.30x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.