SiriusXM reported third‑quarter 2025 results with total revenue of $2.159 billion, a 1 % year‑over‑year decline from $2.171 billion. Subscriber revenue was $1.629 billion, down 1 % from the same period last year. GAAP earnings per share rose to $0.84, a turnaround from the $8.74 loss reported in Q3 2024. Advertising revenue reached $455 million. The SiriusXM segment generated $1.497 billion, while the Pandora and Off‑platform segment contributed $548 million, including $416 million in advertising revenue.
The company’s adjusted EBITDA margin for the quarter was 31 %, a 2 % decline from the 33 % margin reported in Q3 2024. Adjusted EBITDA for the quarter was $669 million. Free cash flow surged to $257 million, a 176 % increase from $93 million in the same period last year. Management guided fiscal‑year revenue to $8.525 billion, adjusted EBITDA to $2.625 billion, and free cash flow to $1.225 billion.
SiriusXM’s cost‑control program and the continued decline in satellite capital expenditures helped offset modest revenue declines. The company’s podcast network now reaches more than 170 million monthly listeners, driving higher advertising revenue and supporting the growth of programmatic advertising integration and in‑car advertising initiatives.
Subscriber revenue fell 1 % largely due to price increases on self‑pay plans, but churn rates improved and average revenue per user rose. The company’s focus on in‑car subscription growth and expanding digital advertising remains a key competitive advantage.
The Liberty Media transaction, completed in 2024, had a significant goodwill impairment charge in Q3 2024. The absence of that one‑time charge in Q3 2025 contributed to the improved net income and free cash flow figures reported this quarter.
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