Sirius XM Holdings

Sirius XM Holdings runs two audio businesses. SiriusXM sells subscriptions to music, sports, talk, news and comedy channels, delivered by satellite to radios in cars and through its app, and it had about 33 million subscribers at June 30, 2026. Most new subscribers come from trial subscriptions in new and used cars. Pandora and Off-Platform runs the Pandora music streaming service and sells advertising on Pandora, on podcasts and on other audio platforms.

Subscriber revenue is most of the total, and advertising is most of the Pandora revenue. Revenue was $2.16 billion in Q2 2026. The company owns its satellites and FCC licenses, and it has exclusive content deals with artists, hosts and sports leagues. It has its head office in New York.

The market prices Sirius XM for a slow loss of subscribers and listeners to free and paid streaming services in connected cars. Revenue fell slightly in Q3 2026, SiriusXM segment revenue was about flat, and Pandora monthly active users fell to 38.8 million from 39.8 million at June 30, 2026. Many investors believe that the satellite radio model will shrink as car dashboards add apps such as Spotify and YouTube. The company also has net debt of 3.3 times adjusted EBITDA.

Its recent results are better: self-pay subscribers grew by about 22,000 in Q2 2026 and about 5,000 in Q3, churn stayed near 1.5% a month, and free cash flow was about $1.1 billion in the first nine months of 2026. For the gap to close, three things must be true. Self-pay subscribers must stay stable or grow through 2026 and 2027, helped by companion subscriptions and the continuous service plan. The company must meet its twice-raised 2026 guidance of about $2.65 billion of adjusted EBITDA and $1.40 billion of free cash flow.

It must use the cash for dividends, buybacks and debt repayment while leverage stays near 3.3 times, and it plans to buy back much more stock in 2027. The full-year report and the 2027 guidance in early 2027 give the next test. If these checks pass, the gap can close over the next four to eight quarters. The main reason it may not close is a faster loss of listeners in the car to streaming services, which the company cannot fully control.

1. Oct 29, 2026Passed

   Q3 2026 results: self-pay subscribersStable or growing self-pay subscribers, churn near 1.5% a month and the raised 2026 guidance kept pass; a loss of more than 100,000 self-pay subscribers or a cut to guidance fails.Outcome: Self-pay subscribers grew by about 5,000, churn was about 1.5% a month, and the company raised its 2026 guidance again.
2. Jan 29, 2027 · est.Pending

   Full-year 2026 results and 2027 guidanceFree cash flow near $1.40 billion for 2026 and 2027 guidance for stable revenue and adjusted EBITDA pass; guidance for a fall in revenue or EBITDA fails.

Every passed and failed checkpoint across all picks

• November 9, 2026Sirius XM said that Anjali Sud will become CEO on January 1, 2027. She replaces Jennifer Witz, who leaves the CEO role and the board at the end of 2026. Witz will stay as an adviser until December 31, 2027. Sud is the CEO of Tubi, a streaming service of Fox, and she has been a Sirius XM director since March 2025.
• October 29, 2026Sirius XM reported Q3 2026 results. Revenue fell slightly to $2.15 billion, net income rose 7% to $317 million, and diluted EPS fell to $0.78 from $0.84 because of the accounting for the convertible notes. Adjusted EBITDA rose 3% to $694 million, and free cash flow rose 14% to $293 million. Self-pay net additions were about 5,000, 45,000 better than a year earlier, and self-pay churn was about 1.5%. The company raised its 2026 guidance by $25 million each for the second quarter in a row, to revenue of about $8.55 billion, adjusted EBITDA of about $2.65 billion and free cash flow of about $1.40 billion. It said that it plans to increase share repurchases a lot in 2027.
• October 5, 2026Sirius XM said it will report Q3 2026 results on October 29, 2026.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 8-KChange of directors or officersFiled November 9, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · siri-20260930
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · siri-20260630
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled July 30, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled June 1, 2026 · siri-20260528
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · siri-20260331
• 8-KEarnings release and Investor disclosureFiled April 30, 2026 · Press release and exhibits
• 8-KOther company newsFiled March 10, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 908937)

• Streaming services such as Spotify, Apple Music and YouTube are now easy to use in connected cars. If fewer car buyers convert from trials to paid plans, or more subscribers cancel, revenue falls. The trial funnel was 7.4 million at September 30, 2026, the same as a year earlier, and conversion rates fell in Q3 2026.
• Pandora monthly active users fell to 38.8 million at September 30, 2026, from 39.8 million at June 30, 2026. A further loss of listeners lowers advertising revenue in the Pandora and Off-Platform segment.
• Debt principal was $9.33 billion at September 30, 2026, and net debt was 3.3 times adjusted EBITDA. Notes of $1.25 billion are due in August 2027 and $2.0 billion in July 2028, and they must be refinanced at current rates.
• Equipment revenue fell 22% in Q2 2026 and 16% in Q3 2026 because of higher memory costs for radio modules. New car sales also affect the number of new trials.

Sirius XM funds itself with senior notes and a revolving credit facility. At September 30, 2026, debt principal was $9.33 billion: $8.75 billion of senior notes due from August 2027 to April 2032 and $575 million of 3.75% convertible notes due March 2028. Read more

Yield at the current rate

3.3% (current annual rate, at today’s price)

Dividend yield

3.3% (last 12 months, at today’s price of $32.26)

Paid per share

$1.08 in the last 12 months (4 payments)

Current annual rate

$1.08 ($0.27 × 4 a year)

Payout ratio

48% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 6, 2026, $0.27 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 14.9% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.