SIRIUS XM HOLDINGS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SIRIUS XM HOLDINGS INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,017	5,425	5,771	7,794	8,040	8,696	9,003	8,953	8,699	8,558
Cost of revenue	40.9	35.4		3,383
Gross profit	4,976	5,390		4,411	4,505	4,773	4,919	4,789	4,616	4,488
Research and development	82.1	112	123	280	263	265	285	322	296	263
Selling and marketing	387	438	484	937	957	1,056	1,075	931	894	760
General and administrative	341	335	354	524	511	514	563	608	497	549
Operating income	1,432	1,641	1,727	1,647	858	2,015	1,919	1,808	-1,517	1,471
Interest expense	331	346	350	390	394	415	422	423	496	459
Other non-operating income	-340	-377	-306	-450	-428	-489	-433	-598	-348	-415
Pre-tax income	1,092	1,264	1,421	1,197	430	1,526	1,486	1,210	-1,865	1,056
Income tax	346	616	245	283	299	212	368	222	210	251
Net income to minority interests							210	202	-410	0
Net income	746	648	1,176	914	131	1,314	908	786	-1,665	805
EBITDA	1,653	1,902	2,005	1,974	1,212	2,394	2,318	2,233	-1,072	1,893
EPS, basic	1.43	1.34	2.48	1.91	0.29	3.06	3.22	2.91	-6.14	2.38
EPS, diluted	1.43	1.34	2.48	1.91	0.29	3.06	2.96	2.77	-6.14	2.23
Shares, basic (weighted)	515	486	467	471	453	425	347	339	338	338
Shares, diluted (weighted)	520	495	478	483	464	434	368	362	338	357
Dividend per share	0.10	0.39	0.43	0.47	0.52	0.63	0.34	0.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	214	69	54	106	71	191	362	306	162	94
Receivables	97.1	90.8	98	532	559	626	574	616	596	671
Inventory	20.4	20.2	22	11	10
Other current assets	179	130	158	194	204	246	284	310	290	218
Total current assets	643	471	478	1,003	967	1,180	1,038	1,361	1,149	1,098
Property, plant and equipment	1,399	1,463	1,513	1,626	1,629	1,450	1,499	1,791	2,109	2,260
Lease right-of-use assets			0	466	427	358	315	279	277	223
Goodwill	2,205	2,287	2,290	3,843	3,122	3,151	15,209	15,209	12,390	12,390
Intangible assets	2,545	2,523	2,501	3,467	3,340	3,186	3,050	10,310	10,189	10,065
Other non-current assets	119	119	138	139	206	223	236	670	641	483
Total assets	8,004	8,329	8,173	11,149	10,333	10,274	10,022	30,056	27,521	27,237
Deferred revenue	1,833	1,882	1,932	1,930	1,721	1,454	1,322	1,195	1,050	976
Short-term debt	5.49	5.11	3	2	1	0	196	1,079	61	1,058
Total current liabilities	2,669	2,822	2,803	3,293	3,167	2,980	2,981	3,951	2,731	3,653
Long-term debt	5,843	6,741	6,885	7,842	8,499	8,832	9,256	10,073	10,314	8,648
Lease liabilities			0	456	419	362	320	292	291	229
Other non-current liabilities	93.6	100	102	94	149	150	170	428	1,100	1,043
Total liabilities	8,796	9,853	9,990	11,885	12,618	12,899	13,373	16,954	16,447	15,674
Total debt	5,848	6,746	6,888	7,844	8,500	8,832	9,452	11,152	10,375	9,706
Paid-in capital	3,118	1,714	242	395	0	0		0	0	0
Retained earnings	-3,891	-3,243	-2,057	-1,143	-2,285	-2,636	-3,351	15,353	11,121	11,614
Treasury stock	-22.9	-17.2	0	0	-19	-8	0	0	-1	-1
Other comprehensive income	-0.14	18.4	-6	8	15	15	-4	7	-46	-50
Shareholders' equity	-792	-1,522	-1,817	-736	-2,285	-2,625	-3,351	10,076	11,074	11,563
Minority interests								3,026	0
Total equity	-792	-1,522	-1,817	-736	-2,285	13,134	12,371	13,102	11,074	11,563
Total liabilities and equity	8,004	8,329	8,173	11,149	10,333	10,274	10,022	30,056	27,521	27,237
Shares outstanding	497	474	455	462	437	415	3,891	0	339	335

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	746	648	1,176	914	131	1,314	1,118	988	-2,075	805
Depreciation and amortization	220	261	278	327	354	379	399	425	445	422
Stock-based compensation	109	124	133	250	223	202	209	203	200	179
Deferred income tax	324	584	257	259	238	131	240	-40	-161	29
Change in receivables	-44.2	-74	-42	-137	-36	-108	10	-114
Change in inventory	1.93	2	-2	11	-2
Change in payables	78.9	41	-20	109	42	104	-71	62
Cash from operations	1,719	1,856	1,880	2,017	2,018	1,998	1,981	1,829	1,741	1,898
Capital expenditures	-206	-288	-355	-363	-350	-388	-426	-650	-728	-653
Acquisitions	0	-108	-2	313	-300	-14	-136	0	0
Purchases of investments	0	-612
Sales and maturities of investments							66	0	0
Cash from investing	-210	-1,147	-379	-3	-741	-200	-493	-696	-970	-747
Debt issued	987	2,473	0	2,715	1,481	4,442	600	1,011	1,100	0
Debt repaid	-661	-1,513	-16	-1,666	-1,507	-3,503	-419	-2,032	-1,809	-699
Stock issued	0.35	1	0	8	0	10	4	4
Share buybacks	-1,674	-1,409	-1,314	-2,159	-1,555	-1,523	-647	-274	-6	-136
Dividends paid	-48.1	-190	-201	-226	-237	-268	-249	-65	-143	-365
Cash from financing	-1,407	-854	-1,515	-1,959	-1,314	-1,682	-1,724	-1,188	-916	-1,219
Net change in cash	102	-145	-14	55	-37	116	-236	-55	-145	-68
Free cash flow	1,513	1,568	1,525	1,654	1,668	1,610	1,555	1,179	1,013	1,245
Interest paid	293	310	345	337	358	393	487	507	473	439
Income taxes paid	20.6	28	6	10	38	82	136	165	218	156

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.8%	Gross profit / revenue.
Operating margin	19.1%	Operating income / revenue.
EBITDA margin	24.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	10.2%	Net income / revenue.
FCF margin	18.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.0%	Research and development expense / revenue.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.4%	Capital expenditures / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-0.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-8.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-6.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-3.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	43.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-9.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	50.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.4%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	39.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.46x	Current assets / current liabilities.
Quick ratio	0.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.8%	Total debt / total assets.
Liabilities / assets	56.2%	Total liabilities / total assets.
Net debt	$9.28B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.38x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.66x	Operating income / interest expense.
Working capital	-$1.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	82.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$10.49B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	3.76x	Revenue / average property, plant and equipment.
Receivables turnover	13.7x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
FCF conversion	176.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.16	Revenue / diluted weighted shares.
FCF per share	$4.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.15	Cash from operations / diluted weighted shares.
Book value per share	$35.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$31.11	Tangible book value / shares outstanding.
Cash per share	$0.52	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.71B	Share price x shares outstanding.
Enterprise value	$18.00B	Market cap + total debt - cash - short-term investments.
P/E	9.90x	Market cap / net income. Only when net income is positive.
P/S	1.01x	Market cap / revenue.
P/B	0.73x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	5.63x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.14x	Market cap / cash from operations, when positive.
EV/Sales	2.09x	Enterprise value / revenue.
EV/EBIT	10.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.50x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	17.8%	Free cash flow / market cap.
Earnings yield	10.1%	Net income / market cap (the inverse of P/E).
Dividend yield	4.2%	Dividends paid over the period / market cap.
Shareholder yield	5.3%	(Dividends paid + share buybacks) / market cap.

What was SIRIUS XM HOLDINGS INC.'s revenue in fiscal 2025?

SIRIUS XM HOLDINGS INC. reported revenue of $8.56B for fiscal 2025, 1.6% lower than the year before.

Was SIRIUS XM HOLDINGS INC. profitable in fiscal 2025?

Yes. Net income was $805.0M, a net margin of 9.4%.

How much free cash flow did SIRIUS XM HOLDINGS INC. generate in fiscal 2025?

Cash from operations of $1.90B minus capital expenditures of $653.0M left free cash flow of $1.25B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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