--- title: "Sirius XM | 10-K: FY2025 Revenue Beats Estimate at USD 8.558 B" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/274992784.md" datetime: "2026-02-05T14:43:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274992784.md) - [en](https://longbridge.com/en/news/274992784.md) - [zh-HK](https://longbridge.com/zh-HK/news/274992784.md) --- > 支持的语言: [English](https://longbridge.com/en/news/274992784.md) | [繁體中文](https://longbridge.com/zh-HK/news/274992784.md) # Sirius XM | 10-K: FY2025 Revenue Beats Estimate at USD 8.558 B Revenue: As of FY2025, the actual value is USD 8.558 B, beating the estimate of USD 8.535 B. EBIT: As of FY2025, the actual value is USD 1.515 B. #### SiriusXM Segment ##### Segment Revenue - Subscriber Revenue: $5,960 million in 2025, a decrease of - $116 million (-2%) from $6,076 million in 2024. - Advertising Revenue: $157 million in 2025, a decrease of - $10 million (-6%) from $167 million in 2024. - Equipment Revenue: $178 million in 2025, a decrease of - $4 million (-2%) from $182 million in 2024. - Other Revenue: $122 million in 2025, a decrease of - $6 million (-5%) from $128 million in 2024. - Total SiriusXM Revenue: $6,417 million in 2025, a decrease of - $136 million (-2%) from $6,553 million in 2024. ##### Operational Metrics - Revenue Share and Royalties: $1,542 million in 2025, a decrease of - $23 million (-1%) from $1,565 million in 2024. - Programming and Content Costs: $555 million in 2025, an increase of $5 million (1%) from $550 million in 2024. - Customer Service and Billing Costs: $375 million in 2025, an increase of $6 million (2%) from $369 million in 2024. - Transmission Costs: $162 million in 2025, a decrease of - $28 million (-15%) from $190 million in 2024. - Cost of Equipment: $9 million in 2025, a decrease of - $1 million (-10%) from $10 million in 2024. ##### Unique Metrics - Self-pay Subscribers: 31,345 thousand as of December 31, 2025, a decrease of -301 thousand (-1%) from 31,646 thousand as of December 31, 2024. - Paid Promotional Subscribers: 1,582 thousand as of December 31, 2025, an increase of 2 thousand (0%) from 1,580 thousand as of December 31, 2024. - Ending Subscribers: 32,927 thousand as of December 31, 2025, a decrease of -299 thousand (-1%) from 33,226 thousand as of December 31, 2024. - Sirius XM Canada Subscribers: 2,437 thousand as of December 31, 2025, a decrease of -79 thousand (-3%) from 2,516 thousand as of December 31, 2024. - Average Self-pay Monthly Churn: 1.5% in 2025, a decrease of -0.1% (-6%) from 1.6% in 2024. - ARPU (Average Revenue Per User): $15.11 in 2025, a decrease of - $0.10 (-1%) from $15.21 in 2024. - SAC (Subscriber Acquisition Cost) per installation: $18.21 in 2025, an increase of $3.66 (25%) from $14.55 in 2024. ##### Outlook SiriusXM subscriber revenues are expected to remain relatively flat, with higher average revenue per user (ARPU) offset by declines in the number of average subscribers. SiriusXM advertising revenue is projected to grow due to co-selling initiatives, while equipment revenue is anticipated to decline due to higher costs from next-generation chipsets. Programming and content expenses are expected to decrease, and customer service and billing expenses are also forecast to decrease. #### Pandora and Off-platform Segment ##### Segment Revenue - Subscriber Revenue: $526 million in 2025, a decrease of - $14 million (-3%) from $540 million in 2024. - Advertising Revenue: $1,615 million in 2025, an increase of $9 million (1%) from $1,606 million in 2024. - Total Pandora and Off-platform Revenue: $2,141 million in 2025, a decrease of - $5 million (0%) from $2,146 million in 2024. ##### Operational Metrics - Revenue Share and Royalties: $1,308 million in 2025, an increase of $38 million (3%) from $1,270 million in 2024. - Programming and Content Costs: $64 million in 2025, an increase of $3 million (5%) from $61 million in 2024. - Customer Service and Billing Costs: $74 million in 2025, a decrease of - $5 million (-6%) from $79 million in 2024. - Transmission Costs: $29 million in 2025, a decrease of - $6 million (-17%) from $35 million in 2024. ##### Unique Metrics - Monthly Active Users (all services): 41,112 thousand as of December 31, 2025, a decrease of -2,232 thousand (-5%) from 43,344 thousand as of December 31, 2024. - Self-pay Subscribers: 5,630 thousand as of December 31, 2025, a decrease of -144 thousand (-2%) from 5,774 thousand as of December 31, 2024. - Ad Supported Listener Hours: 9.75 billion in 2025, a decrease of -0.19 billion (-2%) from 9.94 billion in 2024. - RPM (Advertising revenue per thousand listener hours): $91.78 in 2025, a decrease of - $8.81 (-9%) from $100.59 in 2024. ##### Outlook Pandora and Off-platform subscriber revenues are expected to remain relatively flat. Advertising revenue is anticipated to slightly increase due to growth in off-platform monetization, including podcasts, and higher technology fees. Programming and content costs are expected to remain relatively flat, while transmission costs are projected to decrease due to cost optimization efforts. #### Total Company (Consolidated) ##### Operational Metrics - Total Operating Expenses: $7,087 million in 2025, a decrease of - $3,129 million (-31%) from $10,216 million in 2024. - Income (Loss) from Operations: $1,471 million in 2025, an increase of $2,988 million from - $1,517 million in 2024. - Interest Expense: - $459 million in 2025, a decrease of $37 million (7%) from - $496 million in 2024. - Other Income (Expense), Net: $44 million in 2025, a decrease of - $92 million (-68%) from $136 million in 2024. - Income (Loss) before Income Taxes: $1,056 million in 2025, an increase of $2,921 million from - $1,865 million in 2024. - Income Tax Expense: - $251 million in 2025, an increase of - $41 million (-20%) from - $210 million in 2024. - Net Income (Loss): $805 million in 2025, an increase of $2,880 million (139%) from - $2,075 million in 2024. - Adjusted EBITDA: $2,665 million in 2025, a decrease of - $67 million (-2%) from $2,732 million in 2024. ##### Cash Flow - Net Cash Provided by Operating Activities: $1,898 million in 2025, an increase of $157 million from $1,741 million in 2024. - Net Cash Used in Investing Activities: - $747 million in 2025, an improvement of $223 million from - $970 million in 2024. - Net Cash Used in Financing Activities: - $1,219 million in 2025, an increase of - $303 million from - $916 million in 2024. - Free Cash Flow: $1,256 million in 2025, an increase of $241 million (24%) from $1,015 million in 2024. ##### Outlook \[天狼星 XM 广播\] expects to fund operating expenses, capital expenditures, working capital, interest payments, taxes, and debt maturities using existing cash, operating cash flow, and Credit Facility borrowings. The company believes it has sufficient liquidity and debt capacity for estimated short and long-term funding needs, including future stock repurchases, dividend payments, and strategic opportunities. ##### Stock Repurchase Program As of December 31, 2025, $1,024 million remained available for additional repurchases under the existing stock repurchase program authorization. ##### Dividend On January 29, 2026, the board of directors declared a quarterly dividend of $0.27 per share, payable on February 27, 2026, to stockholders of record as of February 11, 2026. ### 相关股票 - [Sirius XM (SIRI.US)](https://longbridge.com/zh-CN/quote/SIRI.US.md) ## 相关资讯与研究 - [SiriusXM to Report First Quarter 2026 Operating and Financial Results | SIRI Stock News](https://longbridge.com/zh-CN/news/281239731.md) - [Is Sirius XM Stock Going to $30?](https://longbridge.com/zh-CN/news/279500199.md) - [XM Receives Prestigious CFI.co 2026 Awards for Gold Trading and Customer Excellence](https://longbridge.com/zh-CN/news/281018244.md) - [Apple's AI Strategy Is Pivoting. 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