Sirius XM (SIRI) Financials

$27.05 +1.00 (+3.84%)

Closing price 04:00 PM Eastern

Extended Trading

$27.55 +0.50 (+1.85%)

As of 07:59 PM Eastern

Annual Income Statements for Sirius XM

This table shows Sirius XM's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	510	746	667	1,176	914	138	1,314	908	786	-1,665	805
Consolidated Net Income / (Loss)	510	746	648	1,176	914	131	1,314	1,118	988	-2,075	805
Net Income / (Loss) Continuing Operations	510	746	648	1,176	914	131	1,314	1,118	988	-2,075	805
Total Pre-Tax Income	892	1,092	1,264	1,421	1,197	430	1,526	1,486	1,210	-1,865	1,056
Total Operating Income	1,179	1,432	1,641	1,727	1,647	858	2,015	1,919	1,808	-1,517	1,471
Total Gross Profit	3,428	3,024	3,324	3,462	4,367	4,461	4,728	4,873	4,744	4,570	4,440
Total Revenue	3,535	5,017	5,425	5,771	7,794	8,040	8,696	9,003	8,953	8,699	8,558
Operating Revenue	3,535	5,017	5,425	5,771	7,794	8,040	8,696	9,003	8,953	8,699	8,558
Total Cost of Revenue	107	1,993	2,101	2,309	3,427	3,579	3,968	4,130	4,209	4,129	4,118
Operating Cost of Revenue	107	1,993	2,101	2,309	3,427	3,579	3,968	4,130	4,209	4,129	4,118
Total Operating Expenses	2,249	1,592	1,683	1,735	2,720	3,603	2,713	2,954	2,936	6,087	2,969
Selling, General & Admin Expense	857	854	834	824	951	873	839	915	967	866	963
Marketing Expense	354	387	438	484	937	957	1,056	1,075	931	894	760
Research & Development Expense	-	82	112	123	280	263	265	285	322	296	263
Depreciation Expense	272	269	299	301	468	506	533	611	624	578	547
Impairment Charge	-	-	-	0.00	84	-	-	68	-	-	436
Total Other Income / (Expense), net	-287	-340	-377	-306	-450	-428	-489	-433	-598	-348	-415
Interest Expense	299	355	390	350	447	434	498	503	534	484	459
Other Income / (Expense), net	12	15	13	44	-3.00	6.00	9.00	70	-64	136	44
Income Tax Expense	382	346	616	245	283	299	212	368	222	210	251
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	210	202	-410	0.00
Basic Earnings per Share	$0.09	$0.15	$0.14	$0.26	$0.20	$0.03	$0.32	$3.22	$2.91	($6.14)	$2.38
Weighted Average Basic Shares Outstanding	5.38B	4.92B	4.64B	4.46B	4.50B	4.33B	4.06B	347M	339M	338M	338M
Diluted Earnings per Share	$0.09	$0.15	$0.14	$0.26	$0.20	$0.03	$0.32	$2.96	$2.77	($6.14)	$2.23
Weighted Average Diluted Shares Outstanding	5.44B	4.96B	4.72B	4.56B	4.62B	4.43B	4.14B	368M	362M	338M	357M
Weighted Average Basic & Diluted Shares Outstanding	5.66B	4.97B	4.63B	4.52B	4.41B	4.14B	3.95B	3.89B	3.84B	338.77M	334.77M
Cash Dividends to Common per Share	$0.00	$0.01	$0.04	$0.05	$0.05	$0.05	$0.07	$0.34	$0.99	$1.07	$1.08

This table shows Sirius XM's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	234	2.00	199	304	-2,456	288	204	205	297	99	245
Consolidated Net Income / (Loss)	291	154	241	354	-2,958	288	204	205	297	99	245
Net Income / (Loss) Continuing Operations	291	154	241	354	-2,958	288	204	205	297	99	245
Total Pre-Tax Income	370	160	309	430	-2,997	393	269	264	388	135	326
Total Operating Income	528	389	409	471	-2,901	504	387	365	493	226	454
Total Gross Profit	1,214	1,221	1,125	1,155	1,145	1,145	1,064	1,107	1,117	1,152	1,089
Total Revenue	2,271	2,288	2,162	2,178	2,171	2,188	2,068	2,138	2,159	2,193	2,091
Operating Revenue	2,271	2,288	2,162	2,178	2,171	2,188	2,068	2,138	2,159	2,193	2,091
Total Cost of Revenue	1,057	1,067	1,037	1,023	1,026	1,043	1,004	1,031	1,042	1,041	1,002
Operating Cost of Revenue	1,057	1,067	1,037	1,023	1,026	1,043	1,004	1,031	1,042	1,041	1,002
Total Operating Expenses	686	832	716	684	4,046	641	677	742	624	926	635
Selling, General & Admin Expense	226	254	214	208	228	216	222	273	226	242	222
Marketing Expense	237	250	229	228	217	220	190	185	186	199	187
Research & Development Expense	72	88	86	71	68	71	73	56	62	72	69
Depreciation Expense	145	204	155	156	145	122	144	121	141	141	151
Impairment Charge	6.00	-	32	21	-	-	-	107	9.00	272	6.00
Total Other Income / (Expense), net	-158	-229	-100	-41	-96	-111	-118	-101	-105	-91	-128
Interest Expense	107	213	129	126	124	105	117	116	115	111	112
Other Income / (Expense), net	-51	-16	29	85	28	-6.00	-1.00	15	10	20	-16
Income Tax Expense	79	6.00	68	76	-39	105	65	59	91	36	81
Basic Earnings per Share	$0.86	$1.91	$0.72	$1.05	($8.74)	$0.83	$0.60	$0.61	$0.88	$0.29	$0.73
Weighted Average Basic Shares Outstanding	337M	339M	337M	338M	339M	338M	339M	338M	337M	338M	336M
Diluted Earnings per Share	$0.82	$1.81	$0.63	$0.74	($8.74)	$1.23	$0.59	$0.57	$0.84	$0.23	$0.72
Weighted Average Diluted Shares Outstanding	360M	362M	373M	378M	339M	338M	357M	357M	356M	357M	338M
Weighted Average Basic & Diluted Shares Outstanding	3.84B	3.84B	3.85B	3.85B	339.20M	338.77M	337.92M	336.74M	336.56M	334.77M	336.62M
Cash Dividends to Common per Share	$0.02	-	$0.03	$0.27	$0.27	-	$0.27	$0.27	$0.27	-	$0.27

This table details how cash moves in and out of Sirius XM's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-36	102	-145	-14	55	-37	116	-236	-55	-145	-68
Net Cash From Operating Activities	1,244	1,719	1,856	1,880	2,017	2,018	1,998	1,981	1,829	1,741	1,898
Net Cash From Continuing Operating Activities	1,244	1,719	1,856	1,880	2,017	2,018	1,998	1,981	1,829	1,741	1,898
Net Income / (Loss) Continuing Operations	510	746	648	1,176	914	131	1,314	1,118	988	-2,075	805
Consolidated Net Income / (Loss)	510	746	648	1,176	914	131	1,314	1,118	988	-2,075	805
Depreciation Expense	272	269	299	301	468	506	533	611	624	578	547
Amortization Expense	7.87	8.61	9.00	6.00	73	76	71	68	59	68	60
Non-Cash Adjustments To Reconcile Net Income	137	193	221	155	367	1,335	384	284	367	3,590	546
Changes in Operating Assets and Liabilities, net	317	503	679	242	195	-30	-304	-100	-209	-420	-60
Net Cash From Investing Activities	-139	-210	-1,147	-379	-3.00	-741	-200	-493	-696	-970	-747
Net Cash From Continuing Investing Activities	-139	-210	-1,147	-379	-3.00	-741	-200	-493	-696	-970	-747
Purchase of Property, Plant & Equipment	-135	-206	-288	-355	-363	-350	-388	-426	-650	-728	-653
Other Investing Activities, net	-3.97	0.00	-	-	0.00	0.00	225	3.00	-46	-242	-94
Net Cash From Financing Activities	-1,141	-1,407	-854	-1,515	-1,959	-1,314	-1,682	-1,724	-1,188	-916	-1,219
Net Cash From Continuing Financing Activities	-1,141	-1,407	-854	-1,515	-1,959	-1,314	-1,682	-1,724	-1,188	-916	-1,219
Repayment of Debt	-52	-680	-1,636	-16	-2,150	-889	-5,395	-2,616	-3,739	-3,928	-2,147
Repurchase of Common Equity	-2,018	-1,674	-1,409	-1,314	-2,159	-1,555	-1,523	-647	-274	-6.00	-136
Payment of Dividends	0.00	-48	-190	-201	-226	-237	-268	-249	-65	-143	-365
Issuance of Debt	984	1,037	2,473	136	2,715	1,481	5,619	2,900	2,681	3,205	1,462
Other Financing Activities, net	-54	-42	-92	-120	-139	-114	-115	-1,112	209	-44	-33
Cash Interest Paid	270	293	310	345	337	358	393	487	507	473	439
Cash Income Taxes Paid	12	21	28	6.00	10	38	82	136	165	218	156

This table details how cash moves in and out of Sirius XM's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-29	-20	-163	52	-69	35	-35	-35	-13	15	-19
Net Cash From Operating Activities	500	528	264	489	309	679	242	546	430	680	271
Net Cash From Continuing Operating Activities	500	528	264	489	309	679	242	546	430	680	271
Net Income / (Loss) Continuing Operations	217	228	241	354	-2,957	287	204	205	297	99	245
Consolidated Net Income / (Loss)	217	228	241	354	-2,957	287	204	205	297	99	245
Depreciation Expense	185	164	155	156	144	123	144	121	141	141	151
Amortization Expense	18	13	15	17	21	15	15	15	15	15	15
Non-Cash Adjustments To Reconcile Net Income	50	163	59	23	3,422	86	108	172	75	191	123
Changes in Operating Assets and Liabilities, net	30	-40	-206	-61	-321	168	-229	33	-98	234	-263
Net Cash From Investing Activities	-200	-131	-354	-196	-242	-178	-235	-162	-191	-159	-173
Net Cash From Continuing Investing Activities	-200	-131	-354	-196	-242	-178	-235	-162	-191	-159	-173
Purchase of Property, Plant & Equipment	-188	-129	-174	-173	-216	-165	-189	-145	-175	-144	-105
Other Investing Activities, net	-	-2.00	-180	-23	-26	-13	-46	-17	-16	-15	-68
Net Cash From Financing Activities	-329	-417	-73	-241	-136	-466	-42	-419	-252	-506	-117
Net Cash From Continuing Financing Activities	-329	-417	-73	-241	-136	-466	-42	-419	-252	-506	-117
Repayment of Debt	-2,120	-468	-269	-1,340	-1,202	-1,117	-612	-377	-614	-544	-1,733
Repurchase of Common Equity	-75	-	0.00	-	-	-6.00	-25	-45	-21	-45	-22
Payment of Dividends	140	-17	-17	-17	-17	-92	-91	-92	-91	-91	-91
Issuance of Debt	1,484	80	230	1,122	1,099	754	696	101	485	180	1,755
Other Financing Activities, net	242	-12	-17	-6.00	-16	-5.00	-10	-6.00	-11	-6.00	-26
Cash Interest Paid	276	26	222	20	177	54	212	13	208	6.00	205
Cash Income Taxes Paid	-52	40	2.00	104	60	52	3.00	112	4.00	37	0.00

This table presents Sirius XM's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,047	8,004	8,329	8,173	11,149	10,333	10,274	10,022	30,056	27,521	27,237
Total Current Assets	562	643	471	478	1,003	967	1,180	1,038	1,361	1,149	1,098
Cash & Equivalents	112	214	69	54	106	71	191	57	306	162	94
Note & Lease Receivable	-	-	-	-	670	672	722	697	745	697	786
Prepaid Expenses	187	179	130	158	194	204	246	284	310	290	218
Plant, Property, & Equipment, net	1,415	1,399	1,463	1,513	0.00	0.00	1,450	1,499	1,791	2,109	2,260
Total Noncurrent Assets	6,069	5,962	6,396	6,182	10,146	9,366	7,644	7,485	26,904	24,263	23,879
Long-Term Investments	-	-	-	-	-	-	-	-	715	1,043	941
Goodwill	2,205	2,205	2,287	2,290	3,843	3,122	3,151	3,249	15,209	12,390	12,390
Intangible Assets	2,593	2,545	2,523	2,501	3,467	3,340	3,186	3,050	10,310	10,189	10,065
Other Noncurrent Operating Assets	155	119	119	138	2,231	2,262	581	1,039	670	641	483
Total Liabilities & Shareholders' Equity	8,047	8,004	8,329	8,173	11,149	10,333	10,274	10,022	30,056	27,521	27,237
Total Liabilities	8,213	8,796	9,853	9,990	11,885	12,618	12,899	13,373	16,954	16,447	15,674
Total Current Liabilities	2,496	2,669	2,822	2,803	3,293	3,167	2,980	2,981	3,951	2,731	3,653
Short-Term Debt	4.76	5.49	5.11	3.00	2.00	1.00	0.00	196	1,079	61	1,058
Accounts Payable	628	716	797	740	1,155	1,223	1,304	1,248	1,303	1,284	1,290
Current Deferred Revenue	1,772	1,833	1,882	1,932	1,930	1,721	1,454	1,322	1,195	1,050	976
Other Current Liabilities	-	-	-	-	46	48	49	50	200	164	158
Other Current Nonoperating Liabilities	92	115	137	128	160	174	173	165	174	172	171
Total Noncurrent Liabilities	5,717	6,127	7,032	7,187	8,592	9,451	9,919	10,392	13,003	13,716	12,021
Long-Term Debt	5,444	5,843	6,741	6,885	7,842	8,499	8,832	9,256	10,073	10,314	8,648
Noncurrent Deferred Revenue	158	176	175	149	130	118	97	81	88	82	92
Noncurrent Deferred & Payable Income Tax Liabilities	6.68	6.42	8.17	47	70	266	478	565	2,414	2,220	2,238
Other Noncurrent Operating Liabilities	98	94	100	102	94	149	512	170	428	1,100	1,043
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-166	-792	-1,524	-1,817	-736	-2,285	-2,625	-3,351	13,102	11,074	11,563
Total Preferred & Common Equity	-166	-792	-1,524	-1,817	-736	-2,285	-2,625	-3,351	10,076	11,074	11,563
Total Common Equity	-166	-792	-1,524	-1,817	-736	-2,285	-2,625	-3,351	10,076	11,074	11,563
Common Stock	4,789	3,122	1,718	246	399	4.00	4.00	4.00	0.00	0.00	0.00
Retained Earnings	-4,931	-3,891	-3,243	-2,057	-1,143	-2,285	-2,636	-3,351	15,353	11,121	11,614
Accumulated Other Comprehensive Income / (Loss)	-0.50	-0.14	18	-6.00	8.00	15	15	-4.00	7.00	-46	-50
Other Equity Adjustments	-	-	-	-	-	-	-	-	-5,284	-1.00	-1.00

This table presents Sirius XM's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	10,023	10,078	10,129	11,174	11,185	27,483	27,426	27,326	27,401	27,147
Total Current Assets	980	1,039	1,041	1,078	1,100	1,133	1,045	1,045	1,084	1,059
Cash & Equivalents	53	51	53	71	100	127	127	92	79	75
Note & Lease Receivable	587	689	690	647	676	692	624	686	728	698
Prepaid Expenses	322	299	298	360	324	314	294	267	277	286
Plant, Property, & Equipment, net	1,586	1,616	1,715	1,820	1,874	2,013	2,181	2,146	2,239	2,272
Total Noncurrent Assets	7,457	7,423	7,373	8,276	8,211	24,337	24,200	24,135	24,078	23,816
Long-Term Investments	-	-	-	1,465	1,426	1,079	1,025	1,002	975	910
Goodwill	3,249	3,249	3,249	3,249	3,249	12,390	12,390	12,390	12,390	12,390
Intangible Assets	3,013	2,977	2,941	2,882	2,864	10,210	10,158	10,127	10,096	10,034
Other Noncurrent Operating Assets	557	1,050	1,036	525	517	658	627	616	617	482
Total Liabilities & Shareholders' Equity	10,023	10,078	10,129	11,174	11,185	27,483	27,426	27,326	27,401	27,147
Total Liabilities	13,282	13,189	13,022	13,544	13,298	16,624	16,214	15,997	15,845	15,416
Total Current Liabilities	2,796	3,235	3,158	3,088	2,558	3,061	2,479	2,570	3,461	2,412
Short-Term Debt	122	525	525	505	5.00	589	61	61	1,058	59
Accounts Payable	1,247	1,213	1,267	1,303	1,213	1,172	1,154	1,160	1,175	1,139
Current Deferred Revenue	1,307	1,287	1,248	1,162	1,128	1,088	1,050	1,033	1,005	974
Other Current Liabilities	48	45	45	46	45	135	142	146	152	167
Other Current Nonoperating Liabilities	72	165	73	72	167	77	72	170	71	73
Total Noncurrent Liabilities	10,486	9,954	9,864	10,456	10,740	13,563	13,735	13,427	12,384	13,004
Long-Term Debt	9,391	8,908	8,823	8,722	9,044	10,137	10,405	10,136	9,019	9,688
Noncurrent Deferred Revenue	79	76	73	84	83	82	83	87	89	93
Noncurrent Deferred & Payable Income Tax Liabilities	511	472	479	488	479	2,238	2,196	2,186	2,275	2,255
Other Noncurrent Operating Liabilities	195	498	197	858	1,134	1,106	1,051	1,018	1,001	968
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-3,259	-3,111	-2,893	-2,370	-2,113	10,859	11,212	11,329	11,556	11,731
Total Preferred & Common Equity	-3,259	-3,111	-2,893	-2,370	-2,113	10,859	11,212	11,329	11,556	11,731
Total Common Equity	-3,259	-3,111	-2,893	-2,370	-2,113	10,859	11,212	11,329	11,556	11,731
Common Stock	4.00	4.00	4.00	4.00	4.00	0.00	0.00	0.00	0.00	13
Retained Earnings	-3,254	-3,115	-2,894	-2,370	-2,110	10,889	11,257	11,378	11,606	11,768
Accumulated Other Comprehensive Income / (Loss)	-4.00	3.00	-3.00	-4.00	-7.00	-30	-44	-48	-50	-50
Other Equity Adjustments	-5.00	-3.00	-	-	-	0.00	-1.00	-1.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Sirius XM's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.87%	41.92%	8.13%	6.38%	35.05%	3.16%	8.16%	3.53%	-0.56%	-2.84%	-1.62%
EBITDA Growth	6.05%	17.23%	13.76%	5.91%	5.15%	-33.82%	81.74%	1.52%	-9.03%	-130.28%	388.71%
EBIT Growth	8.30%	21.50%	14.30%	7.07%	-7.17%	-47.45%	134.26%	-1.73%	-12.32%	-179.19%	209.70%
NOPAT Growth	1.33%	45.28%	-14.03%	69.89%	-12.01%	-79.22%	563.78%	-16.79%	2.25%	-171.93%	205.60%
Net Income Growth	3.34%	46.34%	-13.13%	81.48%	-22.28%	-85.67%	903.05%	-14.92%	-11.63%	-310.02%	138.80%
EPS Growth	12.50%	66.67%	-6.67%	85.71%	-23.08%	-85.00%	966.67%	825.00%	-6.42%	-321.66%	136.32%
Operating Cash Flow Growth	-0.73%	38.20%	7.95%	1.29%	7.29%	0.05%	-0.99%	-0.85%	-7.67%	-4.81%	9.02%
Free Cash Flow Firm Growth	-2.22%	12.21%	-60.51%	210.78%	-176.74%	194.30%	99.85%	-51.65%	-1,495.37%	112.53%	-41.30%
Invested Capital Growth	-8.23%	-5.83%	6.71%	-2.82%	47.95%	-11.56%	-8.13%	5.49%	258.51%	-12.78%	-0.05%
Revenue Q/Q Growth	1.83%	29.65%	-7.04%	-3.09%	7.82%	1.61%	1.07%	0.03%	0.04%	-1.14%	0.06%
EBITDA Q/Q Growth	-0.36%	1.69%	-0.03%	5.16%	3.31%	-39.19%	59.76%	5.00%	-7.51%	10.48%	-9.93%
EBIT Q/Q Growth	-0.51%	2.24%	-0.17%	5.67%	-1.38%	-51.16%	94.62%	2.26%	-7.82%	8.30%	-14.26%
NOPAT Q/Q Growth	-0.73%	12.73%	-24.79%	28.05%	-1.64%	-81.16%	187.28%	-2.83%	-0.91%	7.05%	-15.25%
Net Income Q/Q Growth	-1.64%	10.36%	-27.15%	32.42%	-0.87%	-87.54%	313.21%	-4.20%	-10.51%	6.07%	-19.01%
EPS Q/Q Growth	0.00%	15.38%	-22.22%	36.84%	-4.76%	-87.50%	300.00%	886.67%	-25.34%	-10.43%	-30.96%
Operating Cash Flow Q/Q Growth	-1.74%	10.26%	2.15%	-0.44%	-0.10%	3.06%	1.78%	2.80%	-7.72%	9.50%	0.05%
Free Cash Flow Firm Q/Q Growth	-3.89%	14.39%	-7.74%	-0.62%	-12.53%	-42.64%	62.73%	-3.67%	-1,331.31%	113.01%	0.29%
Invested Capital Q/Q Growth	-2.30%	-3.41%	-7.18%	-1.66%	0.36%	-3.58%	0.02%	0.02%	245.90%	-0.20%	-1.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.97%	60.27%	61.27%	59.99%	56.03%	55.49%	54.37%	54.13%	52.99%	52.53%	51.88%
EBITDA Margin	41.61%	34.38%	36.17%	36.01%	28.03%	17.99%	30.22%	29.63%	27.11%	-8.45%	24.80%
Operating Margin	33.34%	28.54%	30.25%	29.93%	21.13%	10.67%	23.17%	21.32%	20.19%	-17.44%	17.19%
EBIT Margin	33.69%	28.84%	30.49%	30.69%	21.09%	10.75%	23.28%	22.09%	19.48%	-15.88%	17.70%
Profit (Net Income) Margin	14.42%	14.87%	11.94%	20.38%	11.73%	1.63%	15.11%	12.42%	11.04%	-23.85%	9.41%
Tax Burden Percent	57.15%	68.33%	51.27%	82.76%	76.36%	30.47%	86.11%	75.24%	81.65%	111.26%	76.23%
Interest Burden Percent	74.89%	75.44%	76.42%	80.24%	72.81%	49.77%	75.40%	74.71%	69.38%	135.05%	69.70%
Effective Tax Rate	42.85%	31.67%	48.73%	17.24%	23.64%	69.53%	13.89%	24.76%	18.35%	0.00%	23.77%
Return on Invested Capital (ROIC)	12.23%	19.12%	16.39%	27.36%	19.70%	3.64%	26.85%	22.70%	9.86%	-4.85%	5.49%
ROIC Less NNEP Spread (ROIC-NNEP)	8.91%	14.96%	13.32%	23.69%	15.22%	2.14%	22.12%	19.22%	5.02%	-15.16%	2.01%
Return on Net Nonoperating Assets (RNNOA)	76.94%	-174.76%	-72.36%	-97.76%	-91.30%	-12.31%	-80.37%	-60.12%	10.40%	-12.32%	1.62%
Return on Equity (ROE)	89.16%	-155.64%	-55.96%	-70.40%	-71.60%	-8.67%	-53.52%	-37.42%	20.26%	-17.17%	7.11%
Cash Return on Invested Capital (CROIC)	20.81%	25.13%	9.90%	30.22%	-18.98%	15.92%	35.33%	17.36%	-102.90%	8.80%	5.55%
Operating Return on Assets (OROA)	14.51%	18.03%	20.25%	21.46%	17.02%	8.04%	19.64%	19.60%	8.70%	-4.80%	5.53%
Return on Assets (ROA)	6.21%	9.30%	7.93%	14.25%	9.46%	1.22%	12.75%	11.02%	4.93%	-7.21%	2.94%
Return on Common Equity (ROCE)	89.16%	-155.64%	-55.96%	-70.40%	-71.60%	-8.67%	-53.52%	-37.42%	13.98%	-15.02%	7.11%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	674	979	841	1,429	1,258	261	1,735	1,444	1,476	-1,062	1,121
NOPAT Margin	19.05%	19.50%	15.51%	24.77%	16.14%	3.25%	19.95%	16.04%	16.49%	-12.21%	13.10%
Net Nonoperating Expense Percent (NNEP)	3.32%	4.16%	3.07%	3.67%	4.49%	1.50%	4.72%	3.49%	4.84%	10.31%	3.48%
Return On Investment Capital (ROIC_SIMPLE)	12.75%	19.35%	16.11%	28.18%	16.63%	3.94%	27.95%	22.49%	6.09%	-4.95%	5.27%
Cost of Revenue to Revenue	3.03%	39.73%	38.73%	40.01%	43.97%	44.51%	45.63%	45.87%	47.01%	47.47%	48.12%
SG&A Expenses to Revenue	24.25%	17.02%	15.37%	14.28%	12.20%	10.86%	9.65%	10.16%	10.80%	9.96%	11.25%
R&D to Revenue	0.00%	1.64%	2.06%	2.13%	3.59%	3.27%	3.05%	3.17%	3.60%	3.40%	3.07%
Operating Expenses to Revenue	63.63%	31.73%	31.02%	30.06%	34.90%	44.81%	31.20%	32.81%	32.79%	69.97%	34.69%
Earnings before Interest and Taxes (EBIT)	1,191	1,447	1,654	1,771	1,644	864	2,024	1,989	1,744	-1,381	1,515
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,471	1,725	1,962	2,078	2,185	1,446	2,628	2,668	2,427	-735	2,122
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.67	0.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.85	0.79
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.36
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.24%	5.40%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.96%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.81	0.75
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.90	1.80
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.26
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.17
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.73
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.50	8.11
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.57	13.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-32.72	-7.38	-4.43	-3.79	-11.28	-3.90	-3.36	-2.92	0.85	0.94	0.84
Long-Term Debt to Equity	-32.70	-7.38	-4.42	-3.79	-11.27	-3.90	-3.36	-2.86	0.77	0.93	0.75
Financial Leverage	8.64	-11.68	-5.43	-4.13	-6.00	-5.75	-3.63	-3.13	2.07	0.81	0.80
Leverage Ratio	14.36	-16.75	-7.05	-4.94	-7.57	-7.11	-4.20	-3.40	4.11	2.38	2.42
Compound Leverage Factor	10.75	-12.63	-5.39	-3.96	-5.51	-3.54	-3.16	-2.54	2.85	3.22	1.69
Debt to Total Capital	103.15%	115.66%	129.18%	135.83%	109.73%	134.44%	142.29%	152.19%	45.98%	48.37%	45.63%
Short-Term Debt to Total Capital	0.09%	0.11%	0.10%	0.06%	0.03%	0.02%	0.00%	3.05%	4.45%	0.28%	4.97%
Long-Term Debt to Total Capital	103.06%	115.56%	129.08%	135.77%	109.70%	134.43%	142.29%	149.14%	41.53%	48.09%	40.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.48%	0.00%	0.00%
Common Equity to Total Capital	-3.15%	-15.66%	-29.18%	-35.83%	-9.73%	-34.44%	-42.29%	-52.19%	41.54%	51.63%	54.37%
Debt to EBITDA	3.70	3.39	3.44	3.31	3.80	6.17	3.36	3.66	4.60	-14.12	4.57
Net Debt to EBITDA	3.63	3.27	3.40	3.29	3.75	6.12	3.29	3.64	4.17	-12.48	4.09
Long-Term Debt to EBITDA	3.70	3.39	3.44	3.31	3.80	6.17	3.36	3.59	4.15	-14.03	4.08
Debt to NOPAT	8.09	5.98	8.02	4.82	6.60	34.12	5.09	6.77	7.55	-9.77	8.66
Net Debt to NOPAT	7.92	5.76	7.94	4.78	6.52	33.85	4.98	6.73	6.86	-8.64	7.73
Long-Term Debt to NOPAT	8.08	5.97	8.01	4.82	6.60	34.12	5.09	6.63	6.82	-9.71	7.71
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.92	1.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	31.03%	12.52%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.23	0.24	0.17	0.17	0.30	0.31	0.40	0.35	0.34	0.42	0.30
Quick Ratio	0.14	0.17	0.11	0.11	0.24	0.24	0.31	0.25	0.27	0.31	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,146	1,286	508	1,578	-1,211	1,142	2,283	1,104	-15,402	1,929	1,132
Operating Cash Flow to CapEx	922.26%	835.27%	644.44%	529.58%	555.65%	576.57%	514.95%	465.02%	281.38%	239.15%	290.66%
Free Cash Flow to Firm to Interest Expense	3.83	3.62	1.30	4.51	-2.71	2.63	4.58	2.19	-28.84	3.99	2.47
Operating Cash Flow to Interest Expense	4.16	4.84	4.76	5.37	4.51	4.65	4.01	3.94	3.43	3.60	4.14
Operating Cash Flow Less CapEx to Interest Expense	3.71	4.26	4.02	4.36	3.70	3.84	3.23	3.09	2.21	2.09	2.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.63	0.66	0.70	0.81	0.75	0.84	0.89	0.45	0.30	0.31
Accounts Receivable Turnover	15.18	21.35	22.55	23.27	58.60	382.86	424.20	0.00	0.00	0.00	0.00
Inventory Turnover	5.14	93.46	103.59	109.43	207.70	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.42	3.57	3.79	3.88	0.00	0.00	0.00	6.11	5.44	4.46	3.92
Accounts Payable Turnover	0.18	2.97	2.78	3.00	3.62	3.01	3.14	3.24	3.30	3.19	3.20
Days Sales Outstanding (DSO)	24.04	17.09	16.19	15.69	6.23	0.95	0.86	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	71.03	3.91	3.52	3.34	1.76	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	2,078.80	123.05	131.43	121.50	100.92	121.26	116.22	112.77	110.61	114.34	114.07
Cash Conversion Cycle (CCC)	-1,983.73	-102.05	-111.72	-102.48	-92.93	-120.31	-115.36	-112.77	-110.61	-114.34	-114.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,272	4,965	5,298	5,149	7,618	6,737	6,189	6,529	23,407	20,416	20,405
Invested Capital Turnover	0.64	0.98	1.06	1.10	1.22	1.12	1.35	1.42	0.60	0.40	0.42
Increase / (Decrease) in Invested Capital	-473	-308	333	-149	2,469	-881	-548	340	16,878	-2,991	-11
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16,540	15,401
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7,370	6,730
Book Value per Share	($0.03)	($0.16)	($0.33)	($0.41)	($0.17)	($0.54)	($0.66)	($0.86)	$2.62	$32.65	$34.36
Tangible Book Value per Share	($0.95)	($1.15)	($1.38)	($1.49)	($1.82)	($2.06)	($2.24)	($2.48)	($4.02)	($33.92)	($32.36)
Total Capital	5,282	5,056	5,222	5,071	7,564	6,634	6,207	6,421	24,254	21,449	21,269
Total Debt	5,448	5,848	6,746	6,888	8,300	8,919	8,832	9,772	11,152	10,375	9,706
Total Long-Term Debt	5,444	5,843	6,741	6,885	8,298	8,918	8,832	9,576	10,073	10,314	8,648
Net Debt	5,337	5,634	6,677	6,834	8,194	8,848	8,641	9,715	10,131	9,170	8,671
Capital Expenditures (CapEx)	135	206	288	355	363	350	388	426	650	728	653
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,042	-2,234	-2,415	-2,376	-2,394	-2,270	-1,991	-1,804	-1,817	-1,683	-1,591
Debt-free Net Working Capital (DFNWC)	-1,930	-2,020	-2,346	-2,322	-2,288	-2,199	-1,800	-1,747	-1,511	-1,521	-1,497
Net Working Capital (NWC)	-1,935	-2,026	-2,351	-2,325	-2,290	-2,200	-1,800	-1,943	-2,590	-1,582	-2,555
Net Nonoperating Expense (NNE)	164	233	193	253	344	130	421	326	488	1,013	316
Net Nonoperating Obligations (NNO)	5,439	5,757	6,822	6,966	8,354	9,022	8,814	9,880	10,305	9,342	8,842
Total Depreciation and Amortization (D&A)	280	278	308	307	541	582	604	679	683	646	607
Debt-free, Cash-free Net Working Capital to Revenue	-57.75%	-44.53%	-44.51%	-41.17%	-30.72%	-28.23%	-22.90%	-20.04%	-20.29%	-19.35%	-18.59%
Debt-free Net Working Capital to Revenue	-54.59%	-40.27%	-43.24%	-40.24%	-29.36%	-27.35%	-20.70%	-19.40%	-16.88%	-17.48%	-17.49%
Net Working Capital to Revenue	-54.72%	-40.38%	-43.33%	-40.29%	-29.38%	-27.36%	-20.70%	-21.58%	-28.93%	-18.19%	-29.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$0.15	$0.14	$0.26	$0.20	$0.03	$0.32	$0.31	$0.33	($6.14)	$2.38
Adjusted Weighted Average Basic Shares Outstanding	5.38B	4.92B	4.64B	4.46B	4.50B	4.33B	4.06B	3.92B	3.86B	338M	338M
Adjusted Diluted Earnings per Share	$0.09	$0.15	$0.14	$0.26	$0.20	$0.03	$0.32	$0.31	$0.32	($6.14)	$2.23
Adjusted Weighted Average Diluted Shares Outstanding	5.44B	4.96B	4.72B	4.56B	4.62B	4.43B	4.14B	3.99B	3.89B	338M	357M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.10B	4.72B	4.49B	4.35B	4.41B	4.14B	3.95B	3.89B	3.84B	338.77M	334.77M
Normalized Net Operating Profit after Tax (NOPAT)	674	979	841	1,432	1,322	1,303	1,752	1,495	1,551	1,355	1,454
Normalized NOPAT Margin	19.05%	19.50%	15.51%	24.81%	16.96%	16.21%	20.15%	16.60%	17.33%	15.58%	16.99%
Pre Tax Income Margin	25.23%	21.76%	23.30%	24.62%	15.36%	5.35%	17.55%	16.51%	13.52%	-21.44%	12.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.98	4.07	4.24	5.06	3.68	1.99	4.06	3.95	3.27	-2.85	3.30
NOPAT to Interest Expense	2.25	2.75	2.16	4.08	2.81	0.60	3.48	2.87	2.76	-2.19	2.44
EBIT Less CapEx to Interest Expense	3.53	3.49	3.50	4.05	2.87	1.18	3.29	3.11	2.05	-4.36	1.88
NOPAT Less CapEx to Interest Expense	1.80	2.17	1.42	3.07	2.00	-0.20	2.71	2.02	1.55	-3.70	1.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	6.45%	29.32%	17.09%	24.73%	180.92%	20.40%	22.27%	6.58%	-6.89%	45.34%
Augmented Payout Ratio	395.95%	230.80%	246.76%	128.83%	260.94%	1,367.94%	136.30%	80.14%	34.31%	-7.18%	62.24%

This table displays calculated financial ratios and metrics derived from Sirius XM's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	334,772,877.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	334,772,877.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.73
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.39%	0.18%	0.84%	-3.20%	-4.40%	-4.37%	-4.35%	-1.84%	-0.55%	0.23%	1.11%
EBITDA Growth	10.21%	-26.37%	7.80%	15.17%	-498.24%	15.64%	-10.36%	-29.22%	124.34%	-36.79%	10.83%
EBIT Growth	2.80%	-28.41%	5.54%	16.08%	-702.31%	33.51%	-11.87%	-31.65%	117.51%	-50.60%	13.47%
NOPAT Growth	28.52%	3.23%	2.35%	-2.86%	-589.01%	-1.35%	-8.00%	-26.91%	118.58%	-55.13%	16.26%
Net Income Growth	17.81%	-42.96%	3.43%	14.19%	-1,116.49%	87.01%	-15.35%	-42.09%	110.04%	-65.63%	20.10%
EPS Growth	1,266.67%	-34.18%	950.00%	825.00%	-1,165.85%	-32.04%	-6.35%	-22.97%	109.61%	-81.30%	22.03%
Operating Cash Flow Growth	21.36%	-22.47%	-24.57%	8.43%	-38.20%	28.60%	-8.33%	11.66%	39.16%	0.15%	11.98%
Free Cash Flow Firm Growth	1,143.39%	-72,768.32%	285.38%	332.65%	-9,018.23%	120.36%	-1,312.25%	-1,282.40%	101.17%	-94.74%	102.55%
Invested Capital Growth	3.66%	258.51%	-13.46%	-13.35%	202.29%	-12.78%	261.56%	269.41%	0.95%	-0.05%	-0.16%
Revenue Q/Q Growth	0.93%	0.75%	-5.51%	0.74%	-0.32%	0.78%	-5.48%	3.38%	0.98%	1.57%	-4.65%
EBITDA Q/Q Growth	7.43%	-19.12%	10.55%	19.90%	-471.47%	123.49%	-14.31%	-5.32%	27.71%	-39.00%	50.25%
EBIT Q/Q Growth	-0.42%	-21.80%	17.43%	26.94%	-616.73%	117.33%	-22.49%	-1.55%	32.37%	-51.09%	78.05%
NOPAT Q/Q Growth	4.03%	-9.84%	-14.80%	21.56%	-623.71%	118.19%	-20.54%	-3.43%	33.15%	-56.08%	105.87%
Net Income Q/Q Growth	-6.13%	-47.08%	56.49%	46.89%	-935.59%	109.74%	-29.17%	0.49%	44.88%	-66.67%	147.47%
EPS Q/Q Growth	925.00%	120.73%	-65.19%	17.46%	-1,281.08%	114.07%	-52.03%	-3.39%	47.37%	-72.62%	213.04%
Operating Cash Flow Q/Q Growth	10.86%	5.60%	-50.00%	85.23%	-36.81%	119.74%	-64.36%	125.62%	-21.25%	58.14%	-60.15%
Free Cash Flow Firm Q/Q Growth	-38.83%	-9,462.95%	107.30%	3.47%	-1,360.85%	121.38%	-534.70%	-0.92%	101.24%	-3.62%	111.16%
Invested Capital Q/Q Growth	5.14%	245.90%	-75.66%	-2.11%	266.79%	-0.20%	0.89%	0.02%	0.23%	-1.19%	0.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.46%	53.37%	52.04%	53.03%	52.74%	52.33%	51.45%	51.78%	51.74%	52.53%	52.08%
EBITDA Margin	29.94%	24.04%	28.12%	33.47%	-124.74%	29.07%	26.35%	24.13%	30.52%	18.33%	28.89%
Operating Margin	23.25%	17.00%	18.92%	21.63%	-133.63%	23.03%	18.71%	17.07%	22.83%	10.31%	21.71%
EBIT Margin	21.00%	16.30%	20.26%	25.53%	-132.34%	22.76%	18.67%	17.77%	23.30%	11.22%	20.95%
Profit (Net Income) Margin	12.81%	6.73%	11.15%	16.25%	-136.25%	13.16%	9.86%	9.59%	13.76%	4.51%	11.72%
Tax Burden Percent	78.65%	96.25%	77.99%	82.33%	98.70%	73.28%	75.84%	77.65%	76.55%	73.33%	75.15%
Interest Burden Percent	77.57%	42.90%	70.55%	77.34%	104.32%	78.92%	69.69%	69.47%	77.14%	54.88%	74.43%
Effective Tax Rate	21.35%	3.75%	22.01%	17.67%	0.00%	26.72%	24.16%	22.35%	23.45%	26.67%	24.85%
Return on Invested Capital (ROIC)	24.62%	9.79%	21.56%	26.38%	-60.47%	6.70%	9.29%	8.67%	7.27%	3.17%	6.80%
ROIC Less NNEP Spread (ROIC-NNEP)	23.36%	7.60%	20.69%	25.98%	-70.10%	5.87%	8.26%	7.75%	6.41%	2.43%	5.75%
Return on Net Nonoperating Assets (RNNOA)	-71.08%	15.74%	-65.82%	-85.74%	-169.45%	4.77%	16.31%	14.26%	5.35%	1.96%	4.56%
Return on Equity (ROE)	-46.46%	25.53%	-44.26%	-59.36%	-229.92%	11.47%	25.60%	22.94%	12.62%	5.12%	11.37%
Cash Return on Invested Capital (CROIC)	18.82%	-102.90%	38.61%	38.82%	-108.96%	8.80%	-121.53%	-123.58%	5.49%	5.55%	5.84%
Operating Return on Assets (OROA)	18.62%	7.28%	17.15%	21.37%	-61.92%	6.88%	8.32%	7.91%	7.26%	3.51%	6.59%
Return on Assets (ROA)	11.36%	3.01%	9.44%	13.60%	-63.75%	3.98%	4.40%	4.27%	4.29%	1.41%	3.68%
Return on Common Equity (ROCE)	-46.46%	17.61%	-44.26%	-59.36%	-229.92%	10.04%	25.60%	22.94%	12.62%	5.12%	11.37%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	415	374	319	388	-2,031	369	293	283	377	166	341
NOPAT Margin	18.29%	16.36%	14.75%	17.80%	-93.54%	16.88%	14.19%	13.26%	17.48%	7.56%	16.32%
Net Nonoperating Expense Percent (NNEP)	1.25%	2.18%	0.87%	0.39%	9.63%	0.83%	1.03%	0.92%	0.86%	0.73%	1.06%
Return On Investment Capital (ROIC_SIMPLE)	6.15%	1.54%	4.45%	5.59%	-9.41%	1.72%	1.35%	1.32%	1.74%	0.78%	1.59%
Cost of Revenue to Revenue	46.54%	46.63%	47.96%	46.97%	47.26%	47.67%	48.55%	48.22%	48.26%	47.47%	47.92%
SG&A Expenses to Revenue	9.95%	11.10%	9.90%	9.55%	10.50%	9.87%	10.74%	12.77%	10.47%	11.04%	10.62%
R&D to Revenue	3.17%	3.85%	3.98%	3.26%	3.13%	3.25%	3.53%	2.62%	2.87%	3.28%	3.30%
Operating Expenses to Revenue	30.21%	36.36%	33.12%	31.41%	186.37%	29.30%	32.74%	34.71%	28.90%	42.23%	30.37%
Earnings before Interest and Taxes (EBIT)	477	373	438	556	-2,873	498	386	380	503	246	438
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	680	550	608	729	-2,708	636	545	516	659	402	604
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	7.91	0.67	0.66	0.67	0.67	0.58	0.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	9.76	0.85	0.85	0.88	0.91	0.79	0.90
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.79	8.36	9.13
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	1.24%	2.49%	3.62%	4.70%	5.40%	4.68%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.84%	11.96%	10.95%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	4.66	0.81	0.81	0.81	0.81	0.75	0.80
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	10.84	1.90	1.94	1.95	1.96	1.80	1.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.12	7.26	7.56
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.49	10.17	10.52
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.67	13.73	14.10
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	60.00	9.50	9.70	9.39	8.84	8.11	8.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	8.57	0.00	0.00	14.85	13.60	13.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-3.33	0.85	-4.02	-4.28	0.99	0.94	0.93	0.90	0.87	0.84	0.83
Long-Term Debt to Equity	-3.15	0.77	-3.81	-4.28	0.93	0.93	0.93	0.89	0.78	0.75	0.83
Financial Leverage	-3.04	2.07	-3.18	-3.30	2.42	0.81	1.97	1.84	0.83	0.80	0.79
Leverage Ratio	-3.10	4.11	-3.77	-4.07	4.72	2.38	4.37	4.18	2.45	2.42	2.38
Compound Leverage Factor	-2.41	1.76	-2.66	-3.15	4.93	1.88	3.04	2.90	1.89	1.33	1.77
Debt to Total Capital	142.88%	45.98%	133.10%	130.46%	49.69%	48.37%	48.28%	47.37%	46.58%	45.63%	45.38%
Short-Term Debt to Total Capital	7.78%	4.45%	7.05%	0.07%	2.73%	0.28%	0.28%	0.28%	4.89%	4.97%	0.27%
Long-Term Debt to Total Capital	135.10%	41.53%	126.04%	130.39%	46.96%	48.09%	48.00%	47.09%	41.69%	40.66%	45.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	12.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-42.88%	41.54%	-33.10%	-30.46%	50.31%	51.63%	51.72%	52.63%	53.42%	54.37%	54.62%
Debt to EBITDA	3.67	4.60	3.86	3.53	-13.06	-14.12	-13.12	-10.09	4.28	4.57	4.47
Net Debt to EBITDA	3.65	4.17	3.24	2.93	-11.60	-12.48	-11.67	-9.00	3.83	4.09	4.02
Long-Term Debt to EBITDA	3.47	4.15	3.65	3.52	-12.35	-14.03	-13.04	-10.03	3.83	4.08	4.44
Debt to NOPAT	6.47	7.55	6.42	6.14	-9.39	-9.77	-9.72	-8.86	7.62	8.66	8.34
Net Debt to NOPAT	6.43	6.86	5.39	5.11	-8.33	-8.64	-8.65	-7.91	6.82	7.73	7.50
Long-Term Debt to NOPAT	6.12	6.82	6.08	6.14	-8.87	-9.71	-9.66	-8.80	6.82	7.71	8.29
Altman Z-Score	0.00	0.00	0.00	0.00	3.55	1.14	1.14	1.16	1.15	1.09	1.22
Noncontrolling Interest Sharing Ratio	0.00%	31.03%	0.00%	0.00%	0.00%	12.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.33	0.34	0.35	0.43	0.37	0.42	0.42	0.41	0.31	0.30	0.44
Quick Ratio	0.24	0.27	0.23	0.30	0.27	0.31	0.30	0.30	0.23	0.24	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	176	-16,504	1,205	1,247	-15,720	3,360	-14,608	-14,742	183	177	373
Operating Cash Flow to CapEx	265.96%	409.30%	151.72%	282.66%	143.06%	411.52%	128.04%	376.55%	245.71%	472.22%	258.10%
Free Cash Flow to Firm to Interest Expense	1.65	-77.48	9.34	9.89	-126.77	32.00	-124.85	-127.08	1.59	1.59	3.33
Operating Cash Flow to Interest Expense	4.67	2.48	2.05	3.88	2.49	6.47	2.07	4.71	3.74	6.13	2.42
Operating Cash Flow Less CapEx to Interest Expense	2.92	1.87	0.70	2.51	0.75	4.90	0.45	3.46	2.22	4.83	1.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.45	0.85	0.84	0.47	0.30	0.45	0.44	0.31	0.31	0.31
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	5.68	5.44	5.27	5.10	4.72	4.46	4.30	4.26	4.02	3.92	3.85
Accounts Payable Turnover	3.34	3.30	3.31	3.45	3.41	3.19	3.33	3.46	3.51	3.20	3.59
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	109.39	110.61	110.23	105.82	107.18	114.34	109.47	105.52	103.96	114.07	101.67
Cash Conversion Cycle (CCC)	-109.39	-110.61	-110.23	-105.82	-107.18	-114.34	-109.47	-105.52	-103.96	-114.07	-101.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,767	23,407	5,697	5,577	20,456	20,416	20,598	20,602	20,650	20,405	20,566
Invested Capital Turnover	1.35	0.60	1.46	1.48	0.65	0.40	0.65	0.65	0.42	0.42	0.42
Increase / (Decrease) in Invested Capital	239	16,878	-886	-859	13,689	-2,991	14,901	15,025	194	-11	-32
Enterprise Value (EV)	0.00	0.00	0.00	0.00	95,394	16,540	16,669	16,672	16,764	15,401	16,489
Market Capitalization	0.00	0.00	0.00	0.00	85,874	7,370	7,355	7,569	7,741	6,730	7,727
Book Value per Share	($0.75)	$2.62	($7.03)	($0.55)	$2.82	$32.65	$33.10	$33.53	$34.32	$34.36	$35.04
Tangible Book Value per Share	($2.36)	($4.02)	($25.23)	($2.14)	($3.05)	($33.92)	($33.46)	($33.11)	($32.46)	($32.36)	($31.94)
Total Capital	6,747	24,254	7,161	6,936	21,585	21,449	21,678	21,526	21,633	21,269	21,478
Total Debt	9,640	11,152	9,531	9,049	10,726	10,375	10,466	10,197	10,077	9,706	9,747
Total Long-Term Debt	9,115	10,073	9,026	9,044	10,137	10,314	10,405	10,136	9,019	8,648	9,688
Net Debt	9,587	10,131	7,995	7,523	9,520	9,170	9,314	9,103	9,023	8,671	8,762
Capital Expenditures (CapEx)	188	129	174	173	216	165	189	145	175	144	105
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,645	-1,817	-1,576	-1,553	-1,466	-1,683	-1,500	-1,556	-1,398	-1,591	-1,369
Debt-free Net Working Capital (DFNWC)	-1,592	-1,511	-1,505	-1,453	-1,339	-1,521	-1,373	-1,464	-1,319	-1,497	-1,294
Net Working Capital (NWC)	-2,117	-2,590	-2,010	-1,458	-1,928	-1,582	-1,434	-1,525	-2,377	-2,555	-1,353
Net Nonoperating Expense (NNE)	124	220	78	34	927	81	89	78	80	67	96
Net Nonoperating Obligations (NNO)	9,660	10,305	8,067	7,690	9,597	9,342	9,386	9,273	9,094	8,842	8,835
Total Depreciation and Amortization (D&A)	203	177	170	173	165	138	159	136	156	156	166
Debt-free, Cash-free Net Working Capital to Revenue	-18.38%	-20.29%	-17.57%	-17.45%	-16.66%	-19.35%	-17.43%	-18.17%	-16.35%	-18.59%	-15.95%
Debt-free Net Working Capital to Revenue	-17.79%	-16.88%	-16.78%	-16.33%	-15.22%	-17.48%	-15.96%	-17.09%	-15.42%	-17.49%	-15.08%
Net Working Capital to Revenue	-23.66%	-28.93%	-22.41%	-16.38%	-21.91%	-18.19%	-16.66%	-17.81%	-27.79%	-29.86%	-15.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$1.91	$0.07	$0.08	($8.74)	$0.83	$0.60	$0.61	$0.88	$0.29	$0.73
Adjusted Weighted Average Basic Shares Outstanding	3.85B	339M	3.85B	3.85B	339M	338M	339M	338M	337M	338M	336M
Adjusted Diluted Earnings per Share	$0.09	$1.81	$0.07	$0.08	($8.74)	$1.23	$0.59	$0.57	$0.84	$0.23	$0.72
Adjusted Weighted Average Diluted Shares Outstanding	3.87B	362M	3.87B	3.86B	339M	338M	357M	357M	356M	357M	338M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.84B	3.84B	3.85B	3.85B	339.20M	338.77M	337.92M	336.74M	336.56M	334.77M	336.62M
Normalized Net Operating Profit after Tax (NOPAT)	420	374	344	405	341	369	330	367	384	365	346
Normalized NOPAT Margin	18.49%	16.36%	15.91%	18.60%	15.70%	16.88%	15.95%	17.14%	17.80%	16.65%	16.53%
Pre Tax Income Margin	16.29%	6.99%	14.29%	19.74%	-138.05%	17.96%	13.01%	12.35%	17.97%	6.16%	15.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.46	1.75	3.40	4.41	-23.17	4.74	3.30	3.28	4.37	2.22	3.91
NOPAT to Interest Expense	3.88	1.76	2.47	3.08	-16.38	3.52	2.51	2.44	3.28	1.49	3.05
EBIT Less CapEx to Interest Expense	2.70	1.15	2.05	3.04	-24.91	3.17	1.68	2.03	2.85	0.92	2.97
NOPAT Less CapEx to Interest Expense	2.12	1.15	1.12	1.70	-18.12	1.95	0.89	1.19	1.76	0.20	2.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-85.87%	6.58%	-1.20%	-8.56%	-3.08%	-6.89%	-10.27%	-12.91%	36.82%	45.34%	43.14%
Augmented Payout Ratio	-56.70%	34.31%	20.08%	-1.35%	-3.08%	-7.18%	-11.74%	-16.28%	46.58%	62.24%	58.87%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Sirius XM’s quarterly reports over the last four years (Q1 2023 through Q4 2025). Items are grouped by impact, with positives listed first, then neutral points, and finally negatives.

Robust operating cash flow: Net cash from continuing operating activities was about $680 million in Q4 2025, up from around $242 million in Q1 2025, signaling a solid cash-generating core.
Stable dividend policy: Cash dividends per share remained at $0.27 across multiple quarters, indicating ongoing cash returns to shareholders.
Positive quarterly net income from continuing operations in parts of 2025: Q4 2025 shows net income from continuing operations of about $99 million, supporting ongoing profitability despite volatility in other periods.
Gross margin generally constrains costs: Gross margin has stayed in the low- to mid-50s percent range across recent quarters (roughly 50–54%), suggesting stable pricing and cost control.
Revenue has been largely flat over the four-year span, with only modest year-over-year changes rather than sustained growth or decline.
Long-term debt remained high and broadly flat in the period (roughly $9–10 billion), with no clear, sustained deleveraging trend.
Capital expenditures have been steady, with quarterly purchases of PP&E typically in the $140–190 million range, supporting ongoing asset needs while maintaining cash flow.
Balance sheet levels have been relatively stable, with total assets and total liabilities fluctuating modestly quarter to quarter.
One-time restructuring/impairment impact in 2025: A sizable restructuring charge (about $3.39 billion) in Q3 2025 significantly weighed on near-term profitability.
Financing activity has been negative in multiple quarters: Recurrent debt repayments and dividends have driven net cash from financing activities negative, constraining cash availability for other uses.

05/20/26 08:12 PM ETAI Generated. May Contain Errors.

Sirius XM Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sirius XM's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Sirius XM's net income appears to be on a downward trend, with a most recent value of $805 million in 2025, rising from $509.72 million in 2015. The previous period was -$2.08 billion in 2024. See where experts think Sirius XM is headed by visiting Sirius XM's forecast page.

Sirius XM's total operating income in 2025 was $1.47 billion, based on the following breakdown:

Total Gross Profit: $4.44 billion
Total Operating Expenses: $2.97 billion

Over the last 10 years, Sirius XM's total revenue changed from $3.54 billion in 2015 to $8.56 billion in 2025, a change of 142.1%.

Sirius XM's total liabilities were at $15.67 billion at the end of 2025, a 4.7% decrease from 2024, and a 90.8% increase since 2015.

In the past 10 years, Sirius XM's cash and equivalents has ranged from $54 million in 2018 to $306 million in 2023, and is currently $94 million as of their latest financial filing in 2025.

Over the last 10 years, Sirius XM's book value per share changed from -0.03 in 2015 to 34.36 in 2025, a change of -107,800.0%.

Related Companies

Financial statements for NASDAQ:SIRI last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Sirius XM (SIRI) Financials

Financials Breakdown Chart

Key Financial Trends

Sirius XM Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Sirius XM (SIRI) Financials

Annual Income Statements for Sirius XM

Quarterly Income Statements for Sirius XM

Annual Cash Flow Statements for Sirius XM

Quarterly Cash Flow Statements for Sirius XM

Annual Balance Sheets for Sirius XM

Quarterly Balance Sheets for Sirius XM

Annual Metrics And Ratios for Sirius XM

Quarterly Metrics And Ratios for Sirius XM

Financials Breakdown Chart

Key Financial Trends

Sirius XM Financials - Frequently Asked Questions

When does Sirius XM's financial year end?

How has Sirius XM's net income changed over the last 10 years?

What is Sirius XM's operating income?

How has Sirius XM's revenue changed over the last 10 years?

How much debt does Sirius XM have?

How much cash does Sirius XM have?

How has Sirius XM's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools