Sirius XM Reports Q2 2025 Revenue Decline to $2.138 Billion

Sirius XM Holdings Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $2.138 billion, a decrease of 2% from $2.178 billion in the same period last year. For the first half of 2025, total revenue was $4.206 billion, down 3% from $4.340 billion in the first half of 2024. The decline in revenue was primarily attributed to a decrease in subscriber revenue, which fell to $1.629 billion from $1.658 billion year-over-year, and advertising revenue, which decreased to $432 million from $443 million. The company's net income for the quarter was $205 million, down 42% from $354 million in the prior year, resulting in a diluted earnings per share of $0.57 compared to $0.74 in the same quarter of 2024.

Operationally, Sirius XM's subscriber count decreased to approximately 32.8 million as of June 30, 2025, down from 33.3 million a year earlier. The decline was driven by a reduction in self-pay subscribers, which fell by 1% to 31.3 million, and a 14% drop in paid promotional subscribers. The company reported a slight improvement in net subscriber additions, with a loss of 66 subscribers in the second quarter of 2025 compared to a loss of 173 in the same quarter of 2024. The average self-pay monthly churn rate remained stable at 1.5%.

In terms of expenses, total operating expenses increased to $1.773 billion from $1.707 billion in the previous year, largely due to higher general and administrative costs, which rose by 43% to $166 million. The company also recorded significant impairment and restructuring costs of $107 million in the second quarter, compared to $21 million in the same period last year. This increase was primarily related to impairments associated with terminated software projects and other restructuring costs.

Looking ahead, Sirius XM anticipates that its subscriber revenues will remain relatively flat, while advertising revenues are expected to grow as the company leverages co-selling initiatives across its brands. The company also plans to continue its stock repurchase program, having repurchased approximately 3.2 million shares for $70 million during the first half of 2025. As of June 30, 2025, Sirius XM had $1.75 billion available for future borrowing under its credit facility, which it expects to utilize for operational needs, including capital expenditures and potential acquisitions.