At a glance
Sirius XM Holding Inc is worth $9.19B, about 12 times its fiscal 2025 earnings. Revenue fell 1.6% to $8.56B in fiscal 2025, with 9.4% kept as profit; over 5 years it has grown 1.3% a year. It pays a 3.95% dividend yield, raised every year for at least 8 years, and returned $3.68B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.4% over the past year with dividends reinvested and −11.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.5% in the 2020 crash (S&P 500: 33.7%) and 15.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months and 10 months after the lows.
The business in plain English
Sirius XM Holdings is an audio entertainment company in North America. Its flagship SiriusXM service offers monthly and annual subscriptions to music, sports, talk, news, comedy and podcast channels. Plans run from SiriusXM Play, a low-cost ad-supported tier launched in 2025, to Platinum VIP. The SiriusXM business had about 32.9 million U.S. subscribers as of December 31, 2025, and produced 75% of the company's $8.56 billion in 2025 revenue.
Cars are central to the business. Satellite radios come factory-installed in substantially all vehicle makes sold in the United States. The company counted more than 180 million SiriusXM-enabled vehicles on the road in its annual report for 2025. Most automakers include a trial subscription with new cars, and the company works to convert trial users into paying customers. It shares some revenue with automakers and covers some of their radio costs. Virtually all satellite plans also include streaming on phones, smart speakers and TVs.
The Pandora and Off-platform business made up the other 25% of revenue. It centers on Pandora's ad-supported and premium music streaming, and it earns much of its money from advertising. The company also runs the SiriusXM Podcast Network, the SiriusXM Media ad sales group and AdsWizz advertising technology. Across the company, subscriptions brought in 75.8% of 2025 revenue and advertising 20.7%.
Price history
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SIRI +33.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Subscriber revenue | $6.49B | 75.8% |
| Advertising revenue | $1.77B | 20.7% |
| Equipment revenue | $178.0M | 2.1% |
| Other revenue | $122.0M | 1.4% |
By business segment
| SiriusXM | $6.42B | 75% |
| Pandora and Off-platform | $2.14B | 25% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.15B, down 0.3% from a year earlier, and net income was $317.0M (+6.7%).
- For fiscal 2025, revenue was $8.56B (-1.6% year over year; +1.3% a year from FY2020 to FY2025) with a 9.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.3% watch |
|---|---|
| Operating margin | 17.2% good |
| Free cash flow margin | 14.5% good |
| Return on equity (FY2025) | 7% weak |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-9.11B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.04B | $131.0M | $1.67B |
| FY2021 | $8.70B | $1.31B | $1.61B |
| FY2022 | $9.00B | $908.0M | $1.55B |
| FY2023 | $8.95B | $786.0M | $1.18B |
| FY2024 | $8.70B | $-1.67B | $1.01B |
| FY2025 | $8.56B | $805.0M | $1.25B |
Valuation snapshot
| Market value | $9.19B |
|---|---|
| P/E ratio | 12.3 |
| Dividend yield | 3.95% |
Rank among 1514 US companies
Market value at each year end
Sirius XM Holding’s market value went from $7.73B at the end of 2024 to $9.19B on Oct 28, 2026, up 19%; since the end of 2025 it is up 37%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.19B | +36.6% |
| 2025 | $6.73B | -13.0% |
| 2024 | $7.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SIRI price data to Oct 28, 2026 | +41.0% | +33.4% | -9.2% | -11.5% | -1.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.0% |
| 2025 | -8.0% |
| 2024 | -56.8% |
| 2023 | -4.4% |
| 2022 | -3.2% |
| 2021 | +0.5% |
| 2020 | -10.3% |
| 2019 | +26.0% |
| 2018 | +7.2% |
| 2017 | +21.4% |
| 2016 | +9.6% |
| 2015 | +16.3% |
| 2014 | +0.3% |
| 2013 | +20.8% |
| 2012 | +61.5% |
| 2011 | -4.3% |
| 2010 | +171.7% |
| 2009 | +400.0% |
| 2008 | -96.0% |
| 2007 | -14.4% |
| 2006 | -47.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 95.8% over that stretch · deepest drop along the way 98.6%, back to its old high 89.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.7% over that stretch · deepest drop along the way 39.5%, back to its old high 40 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1.7% over that stretch · deepest drop along the way 15.8%, back to its old high 9.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 2 sales ($621K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 6, 2026 | Jonelle Procope Director | sell | $500K |
| May 29, 2026 | Kristina Salen Director | sell (plan) | $121K |
Who owns it
Large shareholders (13G filings)
| Warren E. Buffett | 37.1% | Sep 30, 2025 |
ETFs with the most weight in SIRI
| UFO Procure Space ETF | 4.77% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.25% |
| NIXT Research Affiliates Deletions ETF | 1.12% |
| GVLU Gotham 1000 Value ETF | 0.36% |
| FLDZ RiverNorth Patriot ETF | 0.35% |
| NUSC Nuveen ESG Small-Cap ETF | 0.32% |
| ABCS Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 0.25% |
| ISCV iShares Morningstar Small Cap Value ETF | 0.23% |
What could go wrong
- SiriusXM keeps losing subscribers. SiriusXM's subscriber count fell two years running, including 2025, partly because fewer new-car owners converted trials into paid plans. Slower car sales would mean fewer trials, and the company expects losses to continue.
- Pandora is losing listeners and ad slots. Pandora's free, ad-supported service has lost monthly listeners for several years. Less listening means fewer ad slots to fill, and the company competes for ad budgets with Google, Amazon and YouTube.
- Free apps and radio compete for listeners. Listeners can get similar content free from Spotify, YouTube and AM/FM radio. Rival apps may also be built into more cars and devices, and Apple and Google control the app stores.
- A satellite failure would hurt service. SiriusXM broadcasts through two satellite radio systems of its own. The company warns that a failure of its satellites would significantly damage the business, and wireless operations may also interfere with its signal.
- Uncapped tax bill tied to Liberty Media. If the September 2024 deal that separated it from Liberty Media is treated as taxable, Sirius XM may owe Liberty Media compensation with no cap. Avoiding that risk may mean passing on some deals.
- Heavy debt, little cash. As of June 30, 2026, total debt was about $9.46 billion against $174 million of cash and investments. Lender rules, called covenants, restrict its subsidiaries, and borrowing more could be harder.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Sirius XM pays a quarterly dividend. The yield (yearly dividends divided by the share price) was 3.95% as of October 28, 2026. Regular dividends per share rose every year from 2016 to 2025, leaving out 2022, which included a special dividend. Per-share figures from before and after the September 2024 Liberty Media deal are not directly comparable, because each old share became one-tenth of a new share. In 2025, dividends used 45.3% of earnings and 29.3% of free cash flow (cash left after running and investing in the business). Buybacks (repurchases of its own shares) totaled $2.59 billion from 2021 to 2025 but shrank to $136 million in 2025. The company says its dividend policy may change at any time.
In the 2008 financial crisis, the shares dropped 98.6% and did not recover until July 2016. They fell 39.5% in the 2020 COVID crash and lost about 57% in 2024. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Sirius XM make money?
Mostly from subscriptions. In the year ended December 31, 2025, subscriber fees brought in 75.8% of the company's $8.56 billion in revenue and advertising brought in 20.7%. Equipment and other sales made up the rest. By business, the SiriusXM satellite and streaming service produced 75% of revenue. Pandora and Off-platform, built around Pandora's ad-supported and premium music streaming, produced the other 25%. Many SiriusXM subscribers first try the service through a trial that comes with a new or used car.
Does Sirius XM raise its dividend every year?
On the available record, yes. Regular dividends per share rose every year from 2016 to 2025, leaving out 2022, which included a special one-time dividend. The yield was 3.95% as of October 28, 2026. In 2025, dividends used 45.3% of earnings and 29.3% of free cash flow, which is the cash left after running and investing in the business. The company says it may change its dividend policy at any time, so past increases are no promise of future ones.
Is Sirius XM losing subscribers?
Yes. The company says its SiriusXM subscriber count fell two years running, including 2025, partly because fewer new-car owners turn trial subscriptions into paid plans. It had about 32.9 million U.S. subscribers as of December 31, 2025. Pandora's free, ad-supported service has also lost monthly active users (people who listen at least once a month) for several years. The company says both declines are likely to continue. New options in 2025 included companion plans and the low-cost, ad-supported SiriusXM Play tier.
Does Warren Buffett own Sirius XM stock?
Yes, according to an ownership filing. A Schedule 13G is an ownership report that large shareholders file with the Securities and Exchange Commission. One listed Warren E. Buffett as owning about 37.1% of Sirius XM's shares as of September 30, 2025. A well-known shareholder does not remove the company's risks. These include falling subscriber numbers and about $9.46 billion of debt as of June 30, 2026.
How has Sirius XM stock performed over the long term?
Poorly over long periods. As of October 28, 2026, the stock was down about 46% over five years and about 17% over ten years. It lost about 57% in 2024 and 8% in 2025. It then rose 41% in 2026 through October 28, for a gain of 33.4% over the year to that date. In the 2008 financial crisis it fell 98.6% and did not regain its earlier peak until July 2016.