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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☑ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025
OR

☐ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM __________ TO ________
COMMISSION FILE NUMBER 001-34295

Sirius XM Holdings Inc.
(Exact name of registrant as specified in its charter)

Delaware |  | 93-4680139
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

1221 Avenue of the Americas, 35th Floor
New York, New York 10020
(Address of principal executive offices) (Zip Code)
(212) 584-5100
(Registrant’s telephone number, including area code)
Former name, former address and former fiscal year, if changed since last report:
Not Applicable
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of exchange on which registered
Common stock, $0.001 par value |  | SIRI |  | The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☑ |  | Accelerated filer | ☐ |  | Non-accelerated filer | ☐
Smaller reporting company | ☐ |  | Emerging growth company | ☐ |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

(Class) |  | (Outstanding as of October 28, 2025)
Common stock, $0.001 par value |  | 336,561,636 | shares

Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q

Item No. |  | Description |
|  | PART I - Financial Information |
Item 1. |  | Financial Statements (unaudited) |
|  | Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 | 2
|  | Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 | 3
|  | Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 4
|  | Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024 | 5
|  | Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 9
|  | Notes to the Consolidated Financial Statements | 11
Item 2. |  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 39
Item 3. |  | Quantitative and Qualitative Disclosures About Market Risks | 59
Item 4. |  | Controls and Procedures | 59
|  | PART II - Other Information |
Item 1. |  | Legal Proceedings | 59
Item 1A. |  | Risk Factors | 60
Item 2. |  | Unregistered Sales of Equity Securities and Use of Proceeds | 60
Item 3. |  | Defaults Upon Senior Securities | 60
Item 4. |  | Mine Safety Disclosures | 60
Item 5. |  | Other Information | 60
Item 6. |  | Exhibits | 60
|  | Signatures | 63

1

Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(in millions, except per share data) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Revenue: |  |  |  |  |  |  |  |  |
Subscriber revenue | $ | 1,629 |  |  | $ | 1,645 |  |  | $ | 4,860 |  |  | $ | 4,983 |  |  |
Advertising revenue | 455 |  |  | 450 |  |  | 1,281 |  |  | 1,295 |  |  |
Equipment revenue | 43 |  |  | 43 |  |  | 130 |  |  | 140 |  |  |
Other revenue | 32 |  |  | 33 |  |  | 94 |  |  | 93 |  |  |
Total revenue | 2,159 |  |  | 2,171 |  |  | 6,365 |  |  | 6,511 |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of services: |  |  |  |  |  |  |  |  |
Revenue share and royalties | 721 |  |  | 707 |  |  | 2,130 |  |  | 2,118 |  |  |
Programming and content | 154 |  |  | 150 |  |  | 458 |  |  | 456 |  |  |
Customer service and billing | 116 |  |  | 110 |  |  | 339 |  |  | 335 |  |  |
Transmission | 49 |  |  | 57 |  |  | 144 |  |  | 172 |  |  |
Cost of equipment | 2 |  |  | 2 |  |  | 6 |  |  | 7 |  |  |
Subscriber acquisition costs | 107 |  |  | 90 |  |  | 314 |  |  | 272 |  |  |
Sales and marketing | 186 |  |  | 217 |  |  | 561 |  |  | 675 |  |  |
Product and technology | 62 |  |  | 68 |  |  | 191 |  |  | 224 |  |  |
General and administrative | 119 |  |  | 138 |  |  | 407 |  |  | 378 |  |  |
Depreciation and amortization | 141 |  |  | 145 |  |  | 406 |  |  | 455 |  |  |
Impairment, restructuring and other costs | 9 |  |  | 3,388 |  |  | 164 |  |  | 3,441 |  |  |
Total operating expenses | 1,666 |  |  | 5,072 |  |  | 5,120 |  |  | 8,533 |  |  |
Income (loss) from operations | 493 |  |  | (2,901) |  |  | 1,245 |  |  | (2,022) |  |  |
Other income (expense), net |  |  |  |  |  |  |  |  |
Interest expense | (115) |  |  | (124) |  |  | (348) |  |  | (379) |  |  |
Other income, net | 10 |  |  | 28 |  |  | 24 |  |  | 142 |  |  |
Total other expense | (105) |  |  | (96) |  |  | (324) |  |  | (237) |  |  |
Income (loss) before income taxes | 388 |  |  | (2,997) |  |  | 921 |  |  | (2,259) |  |  |
Income tax (expense) benefit | (91) |  |  | 39 |  |  | (215) |  |  | (103) |  |  |
Net income (loss) | 297 |  |  | (2,958) |  |  | 706 |  |  | (2,362) |  |  |
Less net loss attributable to noncontrolling interests | — |  |  | (502) |  |  | — |  |  | (410) |  |  |
Net income (loss) attributable to Sirius XM Holdings Inc. | $ | 297 |  |  | $ | (2,456) |  |  | $ | 706 |  |  | $ | (1,952) |  |  |
Net income (loss) per common share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.88 |  |  | $ | (8.74) |  |  | $ | 2.09 |  |  | $ | (7.01) |  |  |
Diluted | $ | 0.84 |  |  | $ | (8.74) |  |  | $ | 1.99 |  |  | $ | (7.01) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Basic | 337 |  |  | 339 |  |  | 338 |  |  | 337 |  |  |
Diluted | 356 |  |  | 339 |  |  | 357 |  |  | 337 |  |  |

See accompanying notes to the unaudited consolidated financial statements.
2

Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net income (loss) | $ | 297 |  |  | $ | (2,958) |  |  | $ | 706 |  |  | $ | (2,362) |  |  |
Credit risk on fair value debt instrument losses, net of tax | — |  |  | (16) |  |  | (7) |  |  | (30) |  |  |
Foreign currency translation adjustment, net of tax | (2) |  |  | 5 |  |  | 3 |  |  | (9) |  |  |
Total comprehensive income (loss) | $ | 295 |  |  | $ | (2,969) |  |  | $ | 702 |  |  | $ | (2,401) |  |  |
Less: comprehensive income (loss) attributable to noncontrolling interests | — |  |  | (502) |  |  | — |  |  | (410) |  |  |
Comprehensive income (loss) attributable to Sirius XM Holdings Inc. | $ | 295 |  |  | $ | (2,467) |  |  | $ | 702 |  |  | $ | (1,991) |  |  |

See accompanying notes to the unaudited consolidated financial statements.
3

Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(in millions, except per share data) | September 30, 2025 |  | December 31, 2024
ASSETS | (unaudited) |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 79 |  |  | $ | 162 |
Receivables, net | 703 |  |  | 676 |
Related party current assets | 25 |  |  | 21 |
Prepaid expenses and other current assets | 277 |  |  | 290 |
Total current assets | 1,084 |  |  | 1,149 |
Property and equipment, net | 2,239 |  |  | 2,109 |
FCC licenses | 8,610 |  |  | 8,610 |
Other intangible assets, net | 1,486 |  |  | 1,579 |
Goodwill | 12,390 |  |  | 12,390 |
Equity method investments | 975 |  |  | 1,043 |
Other long-term assets | 617 |  |  | 641 |
Total assets | $ | 27,401 |  |  | $ | 27,521 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Current liabilities: |  |  |
Accounts payable and accrued expenses | $ | 1,175 |  |  | $ | 1,284 |
Accrued interest | 71 |  |  | 172 |
Current portion of deferred revenue | 1,005 |  |  | 1,050 |
Current maturities of debt | 1,058 |  |  | 61 |
Other current liabilities | 47 |  |  | 48 |
Related party current liabilities | 105 |  |  | 116 |
Total current liabilities | 3,461 |  |  | 2,731 |
Long-term deferred revenue | 89 |  |  | 82 |
Long-term debt, including $594 measured at fair value at each of September 30, 2025 and December 31, 2024 (Note 11) | 9,019 |  |  | 10,314 |
Deferred tax liabilities | 2,275 |  |  | 2,220 |
Other long-term liabilities | 1,001 |  |  | 1,100 |
Total liabilities | 15,845 |  |  | 16,447 |
Commitments and contingencies (Note 14) |  |  |
Stockholders’ Equity: |  |  |
Common stock, par value $0.001 per share; 900 shares authorized; 337 and 339 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | — |  |  | — |
Accumulated other comprehensive loss, net of tax | (50) |  |  | (46) |
Additional paid-in capital | — |  |  | — |
Treasury stock, at cost; zero and 26 thousand shares of common stock at September 30, 2025 and December 31, 2024, respectively | — |  |  | (1) |
Retained earnings | 11,606 |  |  | 11,121 |
Total stockholders’ equity | 11,556 |  |  | 11,074 |
Total liabilities and stockholders’ equity | $ | 27,401 |  |  | $ | 27,521 |

See accompanying notes to the unaudited consolidated financial statements.
4

Table of Contents
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(UNAUDITED)

For the Three Months Ended September 30, 2025
|  | Common Stock |  |  |  |  |  |  |  |  |  |  |  | Treasury Stock |  |
|  | Shares |  | Amount |  |  |  | Retained earnings |  | Accumulated other comprehensive loss |  | Additional Paid-in Capital |  |  |  | Shares |  | Amount |  | Total equity
(in millions) |  |  |  |  |  |  |
Balance at June 30, 2025 |  | 337 |  |  | $ | — |  |  |  |  | $ | 11,378 |  |  | $ | (48) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (1) |  |  | $ | 11,329 |
Net income |  | — |  |  | — |  |  |  |  | 297 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 297 |
Other comprehensive loss |  | — |  |  | — |  |  |  |  | — |  |  | (2) |  |  | — |  |  |  |  | — |  |  | — |  |  | (2) |
Share-based compensation |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 54 |  |  |  |  | — |  |  | — |  |  | 54 |
Exercise of options and RSU vestings in period |  | 1 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Withholding taxes on net share settlements of share-based compensation |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (11) |  |  |  |  | — |  |  | — |  |  | (11) |
Dividends paid |  | — |  |  | — |  |  |  |  | (69) |  |  | — |  |  | (22) |  |  |  |  | — |  |  | — |  |  | (91) |
Shares repurchased |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |  |  | (20) |  |  | (20) |
Shares retired |  | (1) |  |  | — |  |  |  |  | — |  |  | — |  |  | (21) |  |  |  |  | (1) |  |  | 21 |  |  | — |
Balance at September 30, 2025 |  | 337 |  |  | $ | — |  |  |  |  | $ | 11,606 |  |  | $ | (50) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 11,556 |

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(UNAUDITED)

For the Three Months Ended September 30, 2024
|  | Common Stock |  |  |  |  |  |  |  |  |  |
|  | Shares |  | Amount |  | Former Parent's investment |  | Retained earnings |  | Accumulated other comprehensive loss |  | Noncontrolling interest |  | Total equity
(in millions) |  |  |  |  |  |
Balance at June 30, 2024 |  | — |  |  | $ | — |  |  | $ | (5,242) |  |  | $ | 15,859 |  |  | $ | (19) |  |  | $ | 3,124 |  |  | $ | 13,722 |
Net loss |  | — |  |  | — |  |  | — |  |  | (2,456) |  |  | — |  |  | (502) |  |  | (2,958) |
Change in accounting method |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Other comprehensive loss |  | — |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  | — |  |  | (11) |
Share-based compensation |  | — |  |  | — |  |  | 41 |  |  | 16 |  |  | — |  |  | 7 |  |  | 64 |
Exercise of options and RSU vestings in period |  | — |  |  | — |  |  | (30) |  |  | — |  |  | — |  |  | 30 |  |  | — |
Withholding taxes on net share settlements of share-based compensation |  | — |  |  | — |  |  | (16) |  |  | — |  |  | — |  |  | — |  |  | (16) |
Dividends paid |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17) |  |  | (17) |
Tax sharing adjustment with Former Parent |  | — |  |  | — |  |  | 82 |  |  | — |  |  | — |  |  | — |  |  | 82 |
Other, net |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (3) |
Change in capitalization in connection with the Split-Off |  | 339 |  |  | — |  |  | 5,168 |  |  | (2,526) |  |  | — |  |  | (2,642) |  |  | — |
Balance at September 30, 2024 |  | 339 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,889 |  |  | $ | (30) |  |  | $ | — |  |  | $ | 10,859 |

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(UNAUDITED)

For the Nine Months Ended September 30, 2025
|  | Common Stock |  |  |  |  |  |  |  |  |  | Treasury Stock |  |  |  |
|  | Shares |  | Amount |  |  |  | Retained earnings |  | Accumulated other comprehensive loss |  | Additional Paid-in Capital |  | Shares |  | Amount |  |  |  | Total equity
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 |  | 339 |  |  | $ | — |  |  |  |  | $ | 11,121 |  |  | $ | (46) |  |  | $ | — |  |  | — |  |  | $ | (1) |  |  |  |  | $ | 11,074 |
Net income |  | — |  |  | — |  |  |  |  | 706 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 706 |
Other comprehensive loss |  | — |  |  | — |  |  |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  |  |  | (4) |
Share-based compensation |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 171 |  |  | — |  |  | — |  |  |  |  | 171 |
Exercise of options and RSU vestings in period |  | 2 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Withholding taxes on net share settlements of share-based compensation |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (27) |  |  | — |  |  | — |  |  |  |  | (27) |
Dividends paid |  | — |  |  | — |  |  |  |  | (221) |  |  | — |  |  | (53) |  |  | — |  |  | — |  |  |  |  | (274) |
Shares repurchased |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | (90) |  |  |  |  | (90) |
Shares retired |  | (4) |  |  | — |  |  |  |  | — |  |  | — |  |  | (91) |  |  | (4) |  |  | 91 |  |  |  |  | — |
Balance at September 30, 2025 |  | 337 |  |  | $ | — |  |  |  |  | $ | 11,606 |  |  | $ | (50) |  |  | $ | — |  |  | — |  |  | $ | — |  |  |  |  | $ | 11,556 |

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(UNAUDITED)

For the Nine Months Ended September 30, 2024
|  | Common Stock |  |  |  |  |  |  |  |  |  |
|  | Shares |  | Amount |  | Former Parent's investment |  | Retained earnings |  | Accumulated other comprehensive income (loss) |  | Noncontrolling interest |  | Total equity
(in millions) |  |  |  |  |  |
Balance at December 31, 2023 |  | — |  |  | $ | — |  |  | $ | (5,284) |  |  | $ | 15,353 |  |  | $ | 7 |  |  | $ | 3,026 |  |  | $ | 13,102 |
Net loss |  | — |  |  | — |  |  | — |  |  | (1,952) |  |  | — |  |  | (410) |  |  | (2,362) |
Change in accounting method |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Other comprehensive loss |  | — |  |  | — |  |  | — |  |  | — |  |  | (37) |  |  | (2) |  |  | (39) |
Share-based compensation |  | — |  |  | — |  |  | 131 |  |  | 15 |  |  | — |  |  | 24 |  |  | 170 |
Exercise of options and RSU vestings in period |  | — |  |  | — |  |  | (55) |  |  | — |  |  | — |  |  | 55 |  |  | — |
Withholding taxes on net share settlements of share-based compensation |  | — |  |  | — |  |  | (39) |  |  | — |  |  | — |  |  | — |  |  | (39) |
Dividends paid |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (51) |  |  | (51) |
Tax sharing adjustment with Former Parent |  | — |  |  | — |  |  | 82 |  |  | — |  |  | — |  |  | — |  |  | 82 |
Other, net |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (3) |
Change in capitalization in connection with the Split-off |  | 339 |  |  | — |  |  | 5,168 |  |  | (2,526) |  |  | — |  |  | (2,642) |  |  | — |
Balance at September 30, 2024 |  | 339 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,889 |  |  | $ | (30) |  |  | $ | — |  |  | $ | 10,859 |

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

| For the Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  |
Cash flows from operating activities: |  |  |  |  |
Net income (loss) | $ | 706 |  |  | $ | (2,362) |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 406 |  |  | 455 |  |  |
Non-cash impairment and restructuring costs | 109 |  |  | 3,355 |  |  |
Non-cash interest expense, net of amortization of premium | 13 |  |  | 20 |  |  |
Realized and unrealized gains on financial instruments, net | (7) |  |  | (122) |  |  |
Share of losses of equity method investments, net | 85 |  |  | 89 |  |  |
Share-based payment expense | 140 |  |  | 154 |  |  |
Deferred income tax expense (benefit) | 56 |  |  | (176) |  |  |
Amortization of right-of-use assets | 32 |  |  | 33 |  |  |
Other charges, net | 28 |  |  | 28 |  |  |
Changes in operating assets and liabilities: |  |  |  |  |
Receivables and other assets | (69) |  |  | (157) |  |  |
Deferred revenue | (38) |  |  | (113) |  |  |
Payables and other liabilities | (243) |  |  | (142) |  |  |
Net cash provided by operating activities | 1,218 |  |  | 1,062 |  |  |
Cash flows from investing activities: |  |  |  |  |
Additions to property and equipment | (509) |  |  | (563) |  |  |
Other investing activities, net | (79) |  |  | (229) |  |  |
Net cash used in investing activities | (588) |  |  | (792) |  |  |
Cash flows from financing activities: |  |  |  |  |
Taxes paid from net share settlements for stock-based compensation | (27) |  |  | (39) |  |  |
Revolving credit facility borrowings | 1,282 |  |  | 1,841 |  |  |
Revolving credit facility repayments | (1,252) |  |  | (1,593) |  |  |
Proceeds from long-term borrowings, net of costs | — |  |  | 610 |  |  |
Repayments of long-term borrowings | (345) |  |  | (1,204) |  |  |
Common stock repurchased and retired | (91) |  |  | — |  |  |
Dividends paid | (274) |  |  | (51) |  |  |
Other financing activities, net | (6) |  |  | (14) |  |  |
Net cash used in financing activities | (713) |  |  | (450) |  |  |
Net decrease in cash, cash equivalents and restricted cash | (83) |  |  | (180) |  |  |
Cash, cash equivalents and restricted cash at beginning of period (1) | 170 |  |  | 315 |  |  |
Cash, cash equivalents and restricted cash at end of period (1) | $ | 87 |  |  | $ | 135 |  |  |

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
(UNAUDITED)

| For the Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  |
Supplemental Disclosure of Cash and Non-Cash Flow Information |  |  |  |  |
Cash paid during the period for: |  |  |  |  |
Interest, net of amounts capitalized | $ | 433 |  |  | $ | 419 |  |  |
Income taxes paid | $ | 119 |  |  | $ | 166 |  |  |
Non-cash investing and financing activities: |  |  |  |  |
Tax equity investments | $ | 14 |  |  | $ | 737 |  |  |

(1)The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. The restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased office space. The terms of the letters of credit primarily extend beyond one year.

| As of September 30,
(in millions) | 2025 |  |  |  | 2024 |  |
Cash and cash equivalents | $ | 79 |  |  |  |  | $ | 127 |  |  |
Restricted cash included in Other long-term assets | 8 |  |  |  |  | 8 |  |  |
Total cash, cash equivalents and restricted cash at end of period | $ | 87 |  |  |  |  | $ | 135 |  |  |

See accompanying notes to the unaudited consolidated financial statements.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(1)Business & Basis of Presentation
Liberty Media Transactions
Sirius XM Holdings Inc., the reporting company under this Quarterly Report on Form 10-Q, is the product of a series of transactions that closed on Monday, September 9, 2024.
On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation (“Liberty Media” or “Former Parent”) completed its previously announced split-off (the “Split-Off”) of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (“SplitCo”). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media’s Series A, Series B and Series C Liberty SiriusXM common stock, par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the “Redemption”), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo.
Following the Split-Off, on September 9, 2024 at 6:00 p.m., New York City time (the “Merger Effective Time”), a wholly owned subsidiary of SplitCo merged with and into Sirius XM Holdings Inc. (“Old Sirius”), with Old Sirius surviving the merger as a wholly owned subsidiary of SplitCo (the “Merger” and together with the Split-Off, the “Transactions”). Upon consummation of the Merger, each share of common stock of Old Sirius, par value $0.001 per share, issued and outstanding immediately prior to the Merger Effective Time (other than shares owned by SplitCo and its subsidiaries) was converted into one-tenth (0.1) of a share of SplitCo common stock, with cash being paid to entitled record holders of Old Sirius common stock in lieu of any fractional shares of common stock of SplitCo.
At the Merger Effective Time, Old Sirius was renamed “Sirius XM Inc.” and SplitCo was renamed “Sirius XM Holdings Inc.” In connection with the Transactions and by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SplitCo became the successor issuer to Old Sirius and succeeded to the attributes of Old Sirius as the registrant, including Old Sirius’s Commission File Number and CIK number.
The Transactions are intended to generally be tax-free to holders of Liberty SiriusXM common stock and Sirius XM Holdings common stock (except with respect to any cash received by such holders) and the completion of the Transactions was subject to various conditions, including the receipt of opinions of tax counsel.
On September 6, 2024, Sirius XM Radio LLC, our wholly owned subsidiary, converted from a Delaware corporation to a Delaware limited liability company.
General
The accompanying unaudited consolidated financial statements represent a combination of the historical financial information of Old Sirius and the assets and liabilities of SplitCo until the date of the Merger Effective Time. Although SplitCo was reported as a combined company until the Merger Effective Time, all periods reported herein are referred to as consolidated. All significant intercompany accounts and transactions have been eliminated in the unaudited consolidated financial statements. These unaudited consolidated financial statements refer to the combination of Old Sirius and the aforementioned assets and liabilities as “Sirius XM Holdings,” “the Company,” “us,” “we” and “our” in these notes to the unaudited consolidated financial statements. “Sirius XM” refers to Sirius XM Holdings’ wholly owned subsidiaries, Sirius XM Inc., Sirius XM Radio LLC and its subsidiaries other than Pandora. “Pandora” refers to Sirius XM's wholly owned subsidiary Pandora Media, LLC and its subsidiaries. The Split-Off is being accounted for at historical cost due to the pro rata nature of the distribution to holders of SplitCo common stock.
The accompanying (a) consolidated balance sheet as of December 31, 2024 has been derived from audited financial statements, and (b) the interim unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read together with our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on January 30, 2025. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
results for such periods have been included. Interim results are not necessarily indicative of results that may be expected for a full year. All significant intercompany transactions have been eliminated in consolidation.
Public companies are required to disclose certain information about their reportable operating segments. Operating segments are defined as significant components of an enterprise for which separate financial information is available and is evaluated on a regular basis by the chief operating decision maker in deciding how to allocate resources to an individual segment and in assessing performance of the segment. We have determined that we have two reportable segments as our chief operating decision maker, who is the Chief Executive Officer of Sirius XM Holdings, assesses performance and allocates resources based on the financial results of these segments. Refer to Note 16 for information related to our segments.
We have evaluated events subsequent to the balance sheet date and prior to the filing of this Quarterly Report on Form 10-Q and have determined that no events have occurred that would require adjustment to our unaudited consolidated financial statements. For a discussion of subsequent events that do not require adjustment to our unaudited consolidated financial statements, refer to Note 17.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Estimates, by their nature, are based on judgment and available information. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the accompanying unaudited consolidated financial statements include asset impairment, fair value measurement of non-financial instruments, depreciable lives of our satellites, share-based payment expense and income taxes.
Business
Sirius XM Holdings operates two complementary audio entertainment businesses - one of which it refers to as “SiriusXM” and the second of which it refers to as “Pandora and Off-platform”.
SiriusXM
The SiriusXM business features music, sports, entertainment, comedy, talk, and news channels and other content, as well as podcasts and infotainment services in the United States on a subscription fee basis. SiriusXM packages include live, curated, hosted and certain exclusive and on-demand programming. The SiriusXM service is distributed through SiriusXM’s two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Satellite radios are primarily distributed through automakers, retailers and SiriusXM’s website. The SiriusXM service is also available through an in-car user interface called “360L” that combines SiriusXM’s satellite and streaming services into a single, cohesive in-vehicle entertainment experience.
The primary source of revenue from the SiriusXM business is subscription fees, with most of its customers subscribing to monthly or annual plans. SiriusXM also derives revenue from advertising on select non-music channels and certain music channels within ad-supported plans, which is sold under the SiriusXM Media brand, direct sales of satellite radios and accessories, and other ancillary services. As of September 30, 2025, the SiriusXM business had approximately 32.8 million subscribers.
In addition to the audio entertainment businesses, Sirius XM Holdings provides connected vehicle services to several automakers. These services are designed to enhance the safety, security and driving experience of consumers. Sirius XM Holdings also offers a suite of data services that includes graphical weather and fuel prices, a traffic information service, and real-time weather services in boats and airplanes.
Sirius XM holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (“Sirius XM Canada”). Sirius XM Canada's subscribers are not included in SiriusXM’s subscriber count or subscriber-based operating metrics.
Pandora and Off-platform
The Pandora and Off-platform business operates a music, comedy and podcast streaming discovery platform, offering a personalized experience for each listener wherever and whenever they want to listen, whether through mobile devices, vehicle speakers or connected devices. Pandora enables listeners to create personalized stations and playlists, discover new content, hear artist- and expert-curated playlists, podcasts as well as search and play songs and albums on-demand. Pandora is available as (1) an ad-supported radio service, (2) a radio subscription service (Pandora Plus) and (3) an on-demand subscription service (Pandora Premium). As of September 30, 2025, Pandora had approximately 5.7 million subscribers.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The majority of revenue from Pandora is generated from advertising on Pandora’s ad-supported radio service which is sold under the SiriusXM Media brand. Pandora also derives subscription revenue from its Pandora Plus and Pandora Premium subscribers.
SiriusXM also sells advertising on other audio platforms and in widely distributed podcasts, which it considers to be off-platform services. SiriusXM has an arrangement with SoundCloud Holdings, LLC (“SoundCloud”) to be its exclusive ad sales representative in the U.S. and certain European countries and offer advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. It also has arrangements to serve as the ad sales representative for certain podcasts. In addition, through AdsWizz Inc., SiriusXM provides a comprehensive digital audio and programmatic advertising technology platform, which connects audio publishers and advertisers with a variety of ad insertion, campaign trafficking, yield optimization, programmatic buying, marketplace and podcast monetization solutions.
Effects of the Transactions
Prior to the closing of the Transactions, a portion of Liberty Media’s general and administrative expenses, including certain legal, tax, accounting, treasury and investor relations support of $3 and $15 for the three and nine months ended September 30, 2024, respectively, were allocated to SplitCo and are included in General and administrative in the unaudited consolidated statements of operations. There were no allocated costs during the three and nine months ended September 30, 2025. In addition, during the three and nine months ended September 30, 2024, we incurred costs related to the Transactions of $32 and $68, respectively, which were recorded to Impairment, restructuring and other costs in our unaudited consolidated statements of operations. During the three and nine months ended September 30, 2025, we incurred costs of $6 related to the Transactions.
Following the closing of the Transactions, Liberty Media and Sirius XM Holdings operate as separate, publicly traded companies, and neither has any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Transactions, Liberty Media and Sirius XM Holdings entered into certain agreements, including a tax sharing agreement, governing the relationship between the two companies. Refer to Note 15 for more information regarding the tax sharing agreement.
Recent Accounting Pronouncements
Accounting Standard Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our annual income tax disclosures. We expect the standard will expand the disclosures provided in our annual financial statements, particularly in the rate reconciliation and cash taxes paid sections, but do not anticipate that adoption will have a material effect on our consolidated results of operations, financial position, or cash flows. We plan to adopt ASU 2023-09 for the annual period ending December 31, 2025.
ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03, which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public business entities are required to apply the guidance prospectively and may elect to apply it retrospectively. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the effect of adopting this new accounting guidance.
ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. In November 2024, the FASB issued ASU 2024-04, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. We do not expect this update to have a material effect on our consolidated financial statements.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(2)Net Income (loss) per Share
Basic net income (loss) per common share is calculated by dividing the income available to common stockholders by the weighted average common shares outstanding during each reporting period. Diluted net income (loss) per common share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents (stock options, restricted stock units and convertible debt) were exercised or converted into common stock, calculated using the treasury stock method. We had no participating securities during the three and nine months ended September 30, 2025 and 2024.
Common stock equivalents of 21 and 41 for the three months ended September 30, 2025 and 2024, respectively, and 29 and 40 for the nine months ended September 30, 2025 and 2024, respectively, were excluded from the calculation of diluted net income (loss) per common share as the effect would have been anti-dilutive.

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders for basic net income per common share | $ | 297 |  |  | $ | (2,456) |  |  | $ | 706 |  |  | $ | (1,952) |  |  |
Net income (loss) attributable to noncontrolling interest | — |  |  | (502) |  |  | — |  |  | (410) |  |  |
Total net income (loss) | 297 |  |  | (2,958) |  |  | 706 |  |  | (2,362) |  |  |
Effect of assumed conversions of convertible notes, net of tax | 1 |  |  | — |  |  | 5 |  |  | — |  |  |
Net income (loss) available to common stockholders for dilutive net income per common share | $ | 298 |  |  | $ | (2,958) |  |  | $ | 711 |  |  | $ | (2,362) |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding for basic net income (loss) per common share | 337 |  |  | 339 |  |  | 338 |  |  | 337 |  |  |
Weighted average impact of assumed convertible and exchangeable notes | 18 |  |  | — |  |  | 18 |  |  | — |  |  |
Weighted average impact of dilutive equity instruments | 1 |  |  | — |  |  | 1 |  |  | — |  |  |
Weighted average shares for diluted net income (loss) per common share | 356 |  |  | 339 |  |  | 357 |  |  | 337 |  |  |
Net income (loss) per common share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.88 |  |  | $ | (8.74) |  |  | $ | 2.09 |  |  | $ | (7.01) |  |  |
Diluted | $ | 0.84 |  |  | $ | (8.74) |  |  | $ | 1.99 |  |  | $ | (7.01) |  |  |

(3)Fair Value Measurements
The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between market participants. As of September 30, 2025 and December 31, 2024, the carrying amounts of cash and cash equivalents, receivables, and accounts payable approximated fair value due to the short-term nature of these instruments. Due to the variable rate nature of the Credit Facility (including the Delayed Draw Incremental Term Loan), each as defined in Note 11, and the Margin Loan (as defined below), we believe that the carrying amount approximated fair value at September 30, 2025 and December 31, 2024. Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for input into valuation techniques as follows:
i. Level 1 input: unadjusted quoted prices in active markets for identical instrument;
ii. Level 2 input: observable market data for the same or similar instrument but not Level 1, including quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
iii. Level 3 input: unobservable inputs developed using management's assumptions about the inputs used for pricing the asset or liability.
Our assets and liabilities measured at fair value were as follows:

| September 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Financial instruments(a) | $ | 60 |  |  | $ | — |  |  | $ | — |  |  | $ | 60 |  |  | $ | 60 |  |  | $ | — |  |  | $ | — |  |  | $ | 60 |
Debt (b) | $ | — |  |  | $ | 594 |  |  | $ | — |  |  | $ | 594 |  |  | $ | — |  |  | $ | 594 |  |  | $ | — |  |  | $ | 594 |

(a)Level 1 financial instrument assets are comprised of our deferred compensation plan assets. Refer to Note 13 for additional discussion.
(b)The fair values of the Convertible Notes are based on quoted market prices but are not considered to be traded on “active markets,” as defined by GAAP. Refer to Note 11 for additional discussion related to our debt.
Realized and Unrealized Gains (Losses) on Financial Instruments, net
Realized and unrealized gains (losses) on financial instruments, net, are comprised of changes in the fair value of the following and are included in Other income, net, on the unaudited consolidated statements of operations:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Debt measured at fair value (a) |  | 3 |  |  | 22 |  |  | 7 |  |  | 117 |  |  |
Other |  | — |  |  | — |  |  | — |  |  | 5 |  |  |
Total |  | $ | 3 |  |  | $ | 22 |  |  | $ | 7 |  |  | $ | 122 |  |  |

(a)We elected to account for the 2.75% exchangeable senior debentures due 2049 (which are no longer outstanding) that were assumed as part of the Transactions (the “Exchangeable Notes”) and Convertible Notes using the fair value option. The Exchangeable Notes and the Convertible Notes were the obligations of Sirius XM Holdings. Sirius XM was not an obligor or guarantor of either the Exchangeable Notes or the Convertible Notes. Changes in the fair value of the Exchangeable Notes and Convertible Notes recognized in the unaudited consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable or convertible. We isolate the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognize such amount in other comprehensive earnings (loss). The change in the fair value of the Exchangeable Notes and Convertible Notes attributable to changes in the instrument specific credit risk was a loss of $1 and a loss of $16 for the three months ended September 30, 2025 and 2024, respectively, and a loss of $7 and a loss of $30 for the nine months ended September 30, 2025 and 2024, respectively. The cumulative change in fair value since issuance was a loss of $17 as of September 30, 2025, net of the recognition of previously unrecognized gains and losses.
(4)Impairment, Restructuring and Other Costs
During the three and nine months ended September 30, 2025, impairment, restructuring and other costs were $9 and $164, respectively. During the three months ended September 30, 2025, we recorded Transaction related costs of $6 and other restructuring related costs of $3. During the nine months ended September 30, 2025, we recorded a charge of $109 associated with impairments related to terminated software projects, other restructuring related costs of $25, severance and other employee costs of $24 and Transaction related costs of $6. The restructuring and related impairment charges were recorded to Impairment, restructuring and other costs in our unaudited consolidated statements of operations.
During the three and nine months ended September 30, 2024, impairment, restructuring and other costs were $3,388 and $3,441, respectively. During the three months ended September 30, 2024, we recorded charges of $3,353, primarily related to impairments of Goodwill and non-controlling investments, costs associated with the Transactions of $32 and a charge of $3 associated with severance and other restructuring costs. During the nine months ended September 30, 2024, we recorded impairment charges of $3,354, primarily related to impairment of Goodwill and non-controlling investments, costs associated with the Transactions of $68, and a charge of $19 associated with severance and other restructuring costs. The restructuring and related impairment charges were recorded to Impairment, restructuring and other costs in our unaudited consolidated statements of operations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(5)Receivables, net
Receivables, net, includes customer accounts receivable, receivables from distributors and other receivables. No single customer accounts for more than ten percent of our total receivables.
Customer accounts receivable, net, includes receivables from our subscribers and advertising customers, including advertising agencies and other customers, and is stated at amounts due, net of an allowance for doubtful accounts. Our allowance for doubtful accounts is based upon our assessment of various factors. We consider historical experience, the age of the receivable balances, current economic conditions, industry experience and other factors that may affect the counterparty’s ability to pay. Bad debt expense is included in Customer service and billing expense in our unaudited consolidated statements of operations.
Receivables from distributors primarily include billed and unbilled amounts due from automakers for services included in the sale or lease price of vehicles, as well as billed amounts due from wholesale distributors of our satellite radios. Other receivables primarily include amounts due from manufacturers of our radios, modules and chipsets where we are entitled to subsidies and royalties based on the number of units produced. We have not established an allowance for doubtful accounts for our receivables from distributors or other receivables as we have historically not experienced any significant collection issues with automakers or other third parties and do not expect issues in the foreseeable future.
Receivables, net, consists of the following:

| September 30, 2025 |  | December 31, 2024
Gross customer accounts receivable | $ | 608 |  |  | $ | 606 |
Allowance for doubtful accounts | (9) |  |  | (10) |
Customer accounts receivable, net | $ | 599 |  |  | $ | 596 |
Receivables from distributors | 63 |  |  | 56 |
Other receivables | 41 |  |  | 24 |
Total receivables, net | $ | 703 |  |  | $ | 676 |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(6)Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and identifiable intangible assets acquired in business combinations. Our annual impairment assessment of our two reporting units is performed as of the fourth quarter of each year, and an assessment is performed at other times if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. ASC 350, Intangibles - Goodwill and Other, states that an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.
As of September 30, 2025, there were no indicators of impairment, and no impairment losses were recorded for goodwill during the three and nine months ended September 30, 2025.
In connection with the close of the Transactions, our market capitalization sustained a decrease during the third quarter of 2024 and we concluded that, in accordance with ASC 350, a triggering event occurred indicating that potential impairment existed, which required us to conduct an interim test of the fair value of the goodwill for the SiriusXM and Pandora and Off-platform reporting units. In accordance with ASC 350, we performed a quantitative goodwill impairment test and determined the fair value of our reporting units using a combination of an income approach, employing a discounted cash flow model, and a market approach, employing a guideline public company approach. The discounted cash flow model, which estimates fair value based on the present value of future cash flows, required us to make various assumptions regarding the timing and amount of these cash flows, including growth rates, operating margins and capital expenditures for a projection period, plus the terminal value of the business at the end of the projection period. The terminal value was estimated using a long-term growth rate, which was based on expected trends and projections. A discount rate was determined for the reporting unit based on the risks of achieving the future cash flows, including risks applicable to the industry and market as a whole, as well as the capital structure of comparable entities. The results of our goodwill impairment test indicated that the estimated fair value of the Pandora and Off-platform reporting unit exceeded its carrying amount, whereas the carrying amount of the SiriusXM reporting unit exceeded its estimated fair value. As a result, we recorded a goodwill impairment charge of $2,819 during the three and nine months ended September 30, 2024 to write down the carrying amount of the SiriusXM goodwill in the Impairment, restructuring and other costs line item in our unaudited consolidated statements of operations.
As of September 30, 2025, the cumulative balance of goodwill impairments recorded was $3,775, of which $2,819 was recognized during the year ended December 31, 2024 and is included in the carrying amount of the goodwill allocated to our SiriusXM reporting unit and $956 of which was recognized during the year ended December 31, 2020 and is included in the carrying amount of the goodwill allocated to our Pandora and Off-platform reporting unit.
As of September 30, 2025, the carrying amount of goodwill for our SiriusXM and Pandora and Off-platform reporting units was $11,431 and $959, respectively.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(7)Intangible Assets
Our intangible assets include the following:

|  |  | September 30, 2025 |  | December 31, 2024
| Weighted Average Useful Lives |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Recorded to Sirius XM Reporting Unit: |  |  |  |  |  |  |  |  |  |  |  |
Indefinite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
FCC licenses | Indefinite |  | $ | 8,610 |  |  | $ | — |  |  | $ | 8,610 |  |  | $ | 8,610 |  |  | $ | — |  |  | $ | 8,610 |
Trademarks | Indefinite |  | 930 |  |  | — |  |  | 930 |  |  | 930 |  |  | — |  |  | 930 |
Definite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 15 years |  | 570 |  |  | (485) |  |  | 85 |  |  | 570 |  |  | (456) |  |  | 114 |
OEM relationships | 15 years |  | 220 |  |  | (175) |  |  | 45 |  |  | 220 |  |  | (164) |  |  | 56 |
Licensing agreements | 15 years |  | 285 |  |  | (256) |  |  | 29 |  |  | 285 |  |  | (245) |  |  | 40 |
Software and technology | 7 years |  | 28 |  |  | (24) |  |  | 4 |  |  | 28 |  |  | (23) |  |  | 5 |
Due to Acquisitions recorded to Pandora and Off-platform Reporting Unit: |  |  |  |  |  |  |  |  |  |  |  |
Indefinite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks | Indefinite |  | 312 |  |  | — |  |  | 312 |  |  | 312 |  |  | — |  |  | 312 |
Definite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 8 years |  | 442 |  |  | (370) |  |  | 72 |  |  | 442 |  |  | (331) |  |  | 111 |
Software and technology | 5 years |  | 391 |  |  | (382) |  |  | 9 |  |  | 391 |  |  | (380) |  |  | 11 |
Total intangible assets |  |  | $ | 11,788 |  |  | $ | (1,692) |  |  | $ | 10,096 |  |  | $ | 11,788 |  |  | $ | (1,599) |  |  | $ | 10,189 |

Indefinite Life Intangible Assets
We have identified our Federal Communications Commission (“FCC”) licenses and XM and Pandora trademarks as indefinite life intangible assets after considering the expected use of the assets, the regulatory and economic environment within which they are used and the effects of obsolescence on their use.
We hold FCC licenses to operate our satellite digital audio radio service and provide ancillary services. Each of the FCC licenses authorizes us to use radio spectrum, a reusable resource that does not deplete or exhaust over time. We hold FCC licenses which allow us the use of 25 MHz for our Sirius and XM satellite networks (12.5 MHz for the Sirius network and 12.5 MHz for the XM network). In 2024, we acquired the licenses in the 2.3 GHz Wireless Communications Service (“WCS”) C and D Blocks. This WCS spectrum consists of 5 MHz of unpaired blocks each, with “C block” being located at 2315-2320 MHz and “D block” being located at 2345-2350 MHz.
Our annual impairment assessment of our identifiable indefinite lived intangible assets is performed as of the fourth quarter of each year. An assessment is performed at other times if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below its carrying value. If the carrying value of the intangible assets exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. As of September 30, 2025, there were no indicators of impairment, and no impairment loss was recognized for intangible assets with indefinite lives during the three and nine months ended September 30, 2025 and 2024.
Definite Life Intangible Assets
Amortization expense for all definite life intangible assets was $31 and $32 for the three months ended September 30, 2025 and 2024, respectively, and $93 and $101 for the nine months ended September 30, 2025 and 2024, respectively. There were no retirements or impairments of definite lived intangible assets during the nine months ended September 30, 2025 and 2024.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The expected amortization expense for each of the fiscal years 2025 through 2029 and for periods thereafter is as follows:

Years ending December 31, |  | Amount
2025 (remaining) |  | $ | 31 |
2026 |  | 123 |
2027 |  | 75 |
2028 |  | 15 |
2029 |  | — |
Thereafter |  | — |
Total definite life intangible assets, net |  | $ | 244 |

(8)Property and Equipment
Property and equipment, net, consists of the following:

| September 30, 2025 |  | December 31, 2024
Satellite system | $ | 2,159 |  |  | $ | 1,598 |
Capitalized software and hardware | 2,533 |  |  | 2,429 |
Construction in progress | 758 |  |  | 988 |
Other | 723 |  |  | 718 |
Total property and equipment | 6,173 |  |  | 5,733 |
Accumulated depreciation | (3,934) |  |  | (3,624) |
Property and equipment, net | $ | 2,239 |  |  | $ | 2,109 |

Construction in progress consists of the following:

| September 30, 2025 |  | December 31, 2024
Satellite system | $ | 401 |  |  | $ | 751 |
Capitalized software and hardware | 294 |  |  | 197 |
Other | 63 |  |  | 40 |
Construction in progress | $ | 758 |  |  | $ | 988 |

Depreciation and amortization expense on property and equipment was $110 and $113 for the three months ended September 30, 2025 and 2024, respectively, and $313 and $354 for the nine months ended September 30, 2025 and 2024, respectively. During the three and nine months ended September 30, 2024, we retired property and equipment of $3 and $58, respectively. Refer to Note 4 for information regarding impairment charges recorded on our property and equipment during the three and nine months ended September 30, 2025 and 2024.
We capitalize a portion of the interest on funds borrowed to finance the construction and launch of our satellites. Capitalized interest is recorded as part of the asset’s cost and depreciated over the satellite’s useful life. Capitalized interest costs were $5 and $7 for the three months ended September 30, 2025 and 2024, respectively, and $18 and $19 for the nine months ended September 30, 2025 and 2024, respectively, which related to the construction of our SXM-9 satellite, which launched in December 2024, and our SXM-10, SXM-11 and SXM-12 satellites. We also capitalize a portion of share-based compensation related to employee time for capitalized software projects. Capitalized share-based compensation costs were $11 and $7 for the three months ended September 30, 2025 and 2024, respectively, and $31 and $19 for the nine months ended September 30, 2025 and 2024, respectively.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
Satellites
As of September 30, 2025, we operated a fleet of six satellites. Each satellite requires an FCC license, and prior to the expiration of each license, we are required to apply for a renewal of the FCC satellite license. The renewal and extension of our licenses is reasonably certain at minimal cost, which is expensed as incurred. The chart below provides certain information on our satellites as of September 30, 2025:

Satellite Description |  | Year Delivered |  | Estimated End of Depreciable Life |  | FCC License Expiration Year
SIRIUS FM-5 |  | 2009 |  | 2024 |  | 2030
SIRIUS FM-6 |  | 2013 |  | 2028 |  | 2030
XM-5 |  | 2010 |  | 2025 |  | 2026
SXM-8 |  | 2021 |  | 2036 |  | 2029
SXM-9 |  | 2025 |  | 2040 |  | 2033
SXM-10 |  | 2025 |  | 2040 |  | 2033

In January 2025 and July 2025, our SXM-9 and SXM-10 satellites, respectively, successfully completed in-orbit testing and were placed into service. Our SXM-9 and SXM-10 satellites replaced our SXM-8 and FM-6 satellites, respectively, with both becoming in-orbit spares. During the three months ended March 31, 2025, we removed our XM-3 satellite from service and are in the process of de-orbiting the satellite, which we expect to be completed by the end of 2025. Our SXM-11 and SXM-12 satellites, which are currently under construction, are expected to replace our XM-5 and Sirius FM-5 satellites.
(9)Leases
We have operating and finance leases for offices, terrestrial repeaters, data centers and certain equipment. Our leases have remaining lease terms of less than one year to 17 years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year. We elected the practical expedient to account for the lease and non-lease components as a single component. Additionally, we elected the practical expedient to not recognize right-of-use assets or lease liabilities for short-term leases, which are those leases with a term of twelve months or less at the lease commencement date.
The components of lease expense were as follows:

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost | $ | 14 |  |  | $ | 22 |  |  | $ | 41 |  |  | $ | 53 |
Finance lease cost | 2 |  |  | 2 |  |  | 5 |  |  | 5 |
Sublease income | — |  |  | — |  |  | (2) |  |  | (2) |
Total lease cost | $ | 16 |  |  | $ | 24 |  |  | $ | 44 |  |  | $ | 56 |

(10)Related Party Transactions
In the normal course of business, we enter into transactions with our equity method investments (tax equity investments, Sirius XM Canada and SoundCloud) which are considered related party transactions. Our Former Parent was a related party prior to 2025.
Tax Equity Investments
We made tax-efficient investments of $17 and $20 during the three months ended September 30, 2025 and 2024, respectively, and $85 and $229 during the nine months ended September 30, 2025 and 2024, respectively, in clean energy technology projects. Effective January 1, 2024, we adopted ASU 2023-02 using the modified retrospective approach and now account for these investments under the proportional amortization method. As of September 30, 2025, the unamortized investment balance of these investments totaled $803 and was reported within Equity method investments in our unaudited consolidated balance sheets. Under the proportional amortization method, the investment balance is amortized over the term of the investments in proportion to the current period income tax benefits relative to the total expected income tax benefits.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
Additionally, we recorded liabilities of $664 related to future contractual and contingent payments which we determined to be probable. Of this amount, $105 is presented in Related party current liabilities with the balance included in Other long-term liabilities in our unaudited consolidated balance sheets.
Sirius XM Canada
Sirius XM holds a 70% equity interest and 33% voting interest in Sirius XM Canada, a privately held corporation. We own 591 shares of preferred stock of Sirius XM Canada, which has a liquidation preference of one Canadian dollar per share.
Sirius XM Canada is accounted for as an equity method investment, and its results are not consolidated in our unaudited consolidated financial statements. Sirius XM Canada does not meet the requirements for consolidation as we do not have the ability to direct the most significant activities that impact Sirius XM Canada's economic performance.
Sirius XM and Sirius XM Canada are parties to an amended and restated services and distribution agreement. Pursuant to this agreement, the fee payable by Sirius XM Canada to Sirius XM was modified from a fixed percentage of revenue to a variable fee, based on a target operating profit for Sirius XM Canada. This variable fee is expected to be evaluated annually based on comparable companies. In accordance with the amended and restated services and distribution agreement, the fee is payable on a monthly basis, in arrears.
During the three months ended September 30, 2024, we evaluated our investment in Sirius XM Canada for impairment and determined that the carrying value of our equity method investment exceeded its fair value. We performed a quantitative impairment test and determined the fair value of our investment using a combination of an income approach, employing a discounted cash flow model, and a market approach, employing a guideline public company approach. The discounted cash flow model relies on making assumptions, such as expected growth in profitability and discount rate, which we believe are appropriate. As a result, we recorded an impairment of our equity method investment in Sirius XM Canada of $500. This loss from impairment was included in Impairment, restructuring and other costs within our unaudited consolidated statement of operations for the three and nine months ended September 30, 2024.
Our Equity method investments as of September 30, 2025 and December 31, 2024 included the carrying value of our investment balance in Sirius XM Canada of $100 and $89, respectively, and, as of September 30, 2025 and December 31, 2024, also included $8 and $7, respectively, for the long-term value of the outstanding loan to Sirius XM Canada.
We recorded revenue from Sirius XM Canada as Other revenue in our unaudited consolidated statements of operations of $24 and $23 during the three months ended September 30, 2025 and 2024, respectively, and $71 during each of the nine months ended September 30, 2025 and 2024.
SoundCloud
In February 2020, we completed a $75 investment in Series G Membership Units of SoundCloud. The Series G Units are convertible at the option of the holders at any time into shares of ordinary membership units of SoundCloud at a ratio of one ordinary membership unit for each Series G Unit. The investment in SoundCloud is accounted for as an equity method investment as we do not have the ability to direct the most significant activities that impact SoundCloud's economic performance.
Our investment in SoundCloud is recorded in Equity method investments in our unaudited consolidated balance sheets. Sirius XM has appointed two individuals to serve on SoundCloud's ten-member board of managers.
In addition to our investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. We recorded revenue share expense related to this agreement of $13 and $14 for the three months ended September 30, 2025 and 2024, respectively, and $39 and $44 for the nine months ended September 30, 2025 and 2024, respectively. We also had related party liabilities of $18 and $19 as of September 30, 2025 and December 31, 2024, respectively, related to this agreement.
Former Parent
One director of Liberty Media serves on our board of directors, and Liberty Media was a related party prior to 2025. Sirius XM Holdings Inc. is the product of a series of transactions that closed on Monday, September 9, 2024 with its Former
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
Parent. Refer to Note 1 for additional information regarding the Transactions. In connection with the Transactions, we entered into several agreements with Liberty Media and its subsidiaries, including a Reorganization Agreement, an Agreement and Plan of Merger and a new Tax Sharing Agreement. Refer to Note 15 for more information regarding the Tax Sharing Agreement.
(11)Debt
Our debt as of September 30, 2025 and December 31, 2024 consisted of the following:

|  |  |  |  |  |  |  |  |  | Principal Amount at |  | Carrying value(a) at
Issuer / Borrower |  | Issued |  | Debt |  | Maturity Date |  | Interest Payable |  | September 30, 2025 |  | September 30, 2025 |  | December 31, 2024
Sirius XM Holdings notes and loans:
Sirius XM Holdings(b) |  | March 2023 |  | 3.75% Convertible Senior Notes |  | March 15, 2028 |  | Semi-annually in arrears on March 15 and September 15 |  | $ | 575 |  |  | $ | 594 |  |  | $ | 594 |
Sirius XM notes and loans:
Sirius XM(c) |  | September 2024 |  | Incremental Term Loan (the “Delayed Draw Incremental Term Loan”) |  | September 9, 2027 |  | variable fee paid quarterly |  | 750 |  |  | 750 |  |  | 1,086 |
Sirius XM |  | December 2012 |  | Senior Secured Revolving Credit Facility (the “Credit Facility”) |  | August 31, 2030 |  | variable fee paid quarterly |  | 30 |  |  | 30 |  |  | — |
Sirius XM(c) |  | August 2021 |  | 3.125% Senior Notes |  | September 1, 2026 |  | semi-annually on March 1 and September 1 |  | 1,000 |  |  | 998 |  |  | 996 |
Sirius XM(c) |  | July 2017 |  | 5.00% Senior Notes |  | August 1, 2027 |  | semi-annually on February 1 and August 1 |  | 1,500 |  |  | 1,496 |  |  | 1,495 |
Sirius XM(c) |  | June 2021 |  | 4.00% Senior Notes |  | July 15, 2028 |  | semi-annually on January 15 and July 15 |  | 2,000 |  |  | 1,990 |  |  | 1,988 |
Sirius XM(c) |  | June 2019 |  | 5.500% Senior Notes |  | July 1, 2029 |  | semi-annually on January 1 and July 1 |  | 1,250 |  |  | 1,244 |  |  | 1,243 |
Sirius XM(c) |  | June 2020 |  | 4.125% Senior Notes |  | July 1, 2030 |  | semi-annually on January 1 and July 1 |  | 1,500 |  |  | 1,491 |  |  | 1,490 |
Sirius XM(c) |  | August 2021 |  | 3.875% Senior Notes |  | September 1, 2031 |  | semi-annually on March 1 and September 1 |  | 1,500 |  |  | 1,489 |  |  | 1,488 |
Sirius XM |  | Various |  | Finance leases |  | Various |  | n/a |  | n/a |  | 7 |  |  | 11 |
Total debt |  | 10,089 |  |  | 10,391 |
Less: total current maturities |  | 1,058 |  |  | 61 |
Less: total deferred financing costs, net |  | 12 |  |  | 16 |
Total long-term debt |  | $ | 9,019 |  |  | $ | 10,314 |

(a)The carrying value of the obligations is net of any remaining unamortized original issue discount except for the debt measured at fair value noted in (b) below.
(b)Measured at fair value.
(c)On September 3, 2024, Sirius XM added a parent guarantee from Sirius XM Inc. to each series of Sirius XM notes in connection with the conversion of Sirius XM into a Delaware limited liability company. All material domestic subsidiaries of Sirius XM, including Pandora and its subsidiaries, that guarantee the Credit Facility have guaranteed the Delayed Draw Incremental Term Loan and these notes.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
Sirius XM Holdings notes and loans:
3.75% Convertible Senior Notes due 2028
On March 10, 2023, Liberty Media issued $575 aggregate principal amount of its 3.75% convertible notes due 2028 (the “Convertible Notes”). In connection with the Transactions, we assumed all of the obligations of Liberty Media under the indenture governing the Convertible Notes. The Convertible Notes accrue interest at a rate of 3.75% per annum and mature on March 15, 2028. As of September 30, 2025, the conversion rate for the Convertible Notes was 31.1147 shares (not in millions) of our common stock per $1,000 principal amount (not in millions) of Convertible Notes, equivalent to a conversion price of approximately $32.14 per share of our common stock (not in millions).
Holders of the Convertible Notes may convert their Convertible Notes, in integral multiples of $1,000 principal amount, at their option, under the following circumstances: (i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is equal to or more than 130% of the conversion price of the Convertible Notes on the last day of such preceding calendar quarter; (ii) during the five business-day period after any five consecutive trading-day period (the “Measurement Period”), in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of that Measurement Period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate for the Convertible Notes on each such trading day; (iii) if the Company calls the Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events described in the Convertible Notes Indenture. In addition, holders may convert their Convertible Notes at their option at any time on or after December 15, 2027 and ending on the close of business on the second scheduled trading day immediately preceding the stated maturity date for the Convertible Notes, without regard to the foregoing circumstances. Upon a conversion of the Convertible Notes, we may elect to pay or deliver, as the case may be, cash, shares of the Company's common stock or a combination of cash and shares of our common stock. We elected to account for the Convertible Notes using the fair value option. See Note 3 for information related to unrealized gains (losses) on debt measured at fair value.
Sirius XM notes and loans:
The Credit Facility
On August 20, 2025, Sirius XM entered into an amendment to, among other things, increase the Credit Facility to $2,000 and extend its maturity to August 31, 2030. Sirius XM's obligations under the Credit Facility are guaranteed by certain of its material domestic subsidiaries, including Pandora and its subsidiaries, and by Sirius XM Inc. and are secured by a lien on substantially all of Sirius XM's assets and the assets of its material domestic subsidiaries. Borrowings bear interest at the Secured Overnight Financing Rate (“SOFR”) plus an applicable rate determined by Sirius XM’s debt to operating cash flow ratio, and we pay a variable commitment fee on unused commitments of 0.25% per annum as of September 30, 2025. The amendment also adds a springing maturity feature which will automatically accelerate the maturity date of the Credit Facility to a date 91 days prior to the stated maturity of certain of Sirius XM’s long-term debt instruments, including Sirius XM’s 2026, 2027, 2028, 2029 and 2030 Senior Notes and the Delayed Draw Incremental Term Loan, if at such date Sirius XM does not have sufficient liquidity to repay the maturing obligations. Liquidity for this test is defined as the sum of (i) unrestricted cash and cash equivalents and (ii) available borrowing capacity under the Credit Facility.
In April 2022, Sirius XM entered into an amendment to the Credit Facility to incorporate an Incremental Term Loan borrowing of $500 which was retired on April 11, 2024 with cash for 100% of the principal plus accrued and unpaid interest. On January 26, 2024, Sirius XM entered into an amendment to the Credit Facility to, among other things, incorporate a $1,100 Delayed Draw Incremental Term Loan. Interest on the Delayed Draw Incremental Term Loan is based on SOFR plus an applicable rate. On September 3, 2024, Sirius XM entered into a technical amendment to the Credit Facility to add a parent guarantee from Sirius XM Inc. to the Credit Facility in connection with the conversion of Sirius XM into a Delaware limited liability company.
As of September 30, 2025, $30 was outstanding under the Credit Facility and $750 was outstanding under the Delayed Draw Incremental Term Loan which were recorded in Long-term debt in our consolidated balance sheets.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
Covenants and Restrictions
Under the Credit Facility, Sirius XM, our wholly owned subsidiary, must comply with a debt maintenance covenant that it cannot exceed a total leverage ratio, calculated as consolidated total debt to consolidated operating cash flow, of 5.0 to 1.0. The Credit Facility generally requires compliance with certain covenants that restrict Sirius XM's ability to, among other things, (i) incur additional indebtedness, (ii) incur liens, (iii) pay dividends or make certain other restricted payments, investments or acquisitions, (iv) enter into certain transactions with affiliates, (v) merge or consolidate with another person, (vi) sell, assign, lease or otherwise dispose of all or substantially all of Sirius XM's assets and (vii) make voluntary prepayments of certain debt, in each case subject to exceptions.
The indentures governing Sirius XM's notes restrict Sirius XM's non-guarantor subsidiaries' ability to create, assume, incur or guarantee additional indebtedness without such non-guarantor subsidiary guaranteeing each such series of notes on a pari passu basis. The indentures governing the notes also contain covenants that, among other things, limit Sirius XM's ability and the ability of its subsidiaries to create certain liens; enter into sale/leaseback transactions; and merge or consolidate.
Under Sirius XM's debt agreements, the following generally constitute an event of default: (i) a default in the payment of interest; (ii) a default in the payment of principal; (iii) failure to comply with covenants; (iv) failure to pay other indebtedness after final maturity or acceleration of other indebtedness exceeding a specified amount; (v) certain events of bankruptcy; (vi) a judgment for payment of money exceeding a specified aggregate amount and (vii) voidance of subsidiary guarantees, subject to grace periods where applicable. If an event of default occurs and is continuing, our debt could become immediately due and payable.
Fair Value of Debt
The fair values, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM’s debt securities, not reported at fair value, whose carrying value does not approximate fair value, are as follows:

|  | September 30, 2025 |  | December 31, 2024
Sirius XM 3.125% Senior Notes due 2026 |  | $ | 986 |  |  | $ | 960 |
Sirius XM 5.0% Senior Notes due 2027 |  | $ | 1,493 |  |  | $ | 1,459 |
Sirius XM 4.0% Senior Notes due 2028 |  | $ | 1,928 |  |  | $ | 1,843 |
Sirius XM 5.50% Senior Notes due 2029 |  | $ | 1,247 |  |  | $ | 1,198 |
Sirius XM 4.125% Senior Notes due 2030 |  | $ | 1,404 |  |  | $ | 1,311 |
Sirius XM 3.875% Senior Notes due 2031 |  | $ | 1,356 |  |  | $ | 1,258 |

(12)Equity
Common Stock, par value $0.001 per share
We are authorized to issue up to 900 shares of common stock. There were 337 and 339 shares of common stock issued and outstanding at September 30, 2025 and December 31, 2024, respectively.
As of September 30, 2025, there were 32 shares of common stock reserved for issuance in connection with outstanding stock-based awards to members of our board of directors, employees and third parties.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
Sirius XM Holdings equity activity
All share and per share amounts have been adjusted to reflect the conversion of Old Sirius shares into SplitCo common stock on a one-for-ten basis.
Quarterly Dividends
During the nine months ended September 30, 2025 and 2024, our board of directors declared and paid the following dividends:

Declaration Date |  | Dividend Per Share |  | Record Date |  | Total Amount (1) |  | Payment Date
2025 dividends |  |  |  |  |  |  |  |
January 22, 2025 |  | $ | 0.27 |  |  | February 7, 2025 |  | $ | 91 |  |  | February 25, 2025
April 16, 2025 |  | $ | 0.27 |  |  | May 9, 2025 |  | $ | 92 |  |  | May 28, 2025
July 23, 2025 |  | $ | 0.27 |  |  | August 8, 2025 |  | $ | 91 |  |  | August 27, 2025
2024 dividends |  |  |  |  |  |  |  |
January 24, 2024 |  | $ | 0.266 |  |  | February 9, 2024 |  | $ | 102 |  |  | February 23, 2024
April 24, 2024 |  | $ | 0.266 |  |  | May 10, 2024 |  | $ | 103 |  |  | May 29, 2024
July 24, 2024 |  | $ | 0.266 |  |  | August, 9, 2024 |  | $ | 103 |  |  | August 26, 2024

(1)During the three and nine months ended September 30, 2024, we paid dividends of $17 and $51, respectively, to noncontrolling interests.
Stock Repurchase Program
On September 9, 2024, our board of directors approved for repurchase an aggregate of $1,166 of our common stock. The board of directors did not establish an end date for this stock repurchase program. Shares of common stock may be purchased from time to time on the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions, including in accelerated stock repurchase transactions, or otherwise. We intend to fund any stock repurchases through a combination of cash on hand, cash generated by operations and future borrowings. The size and timing of any purchases will be based on a number of factors, including price and business and market conditions.
Prior to the closing of the Transactions, the board of directors of Old Sirius had approved the repurchase of an aggregate of $18,000 of its common stock. As of the closing of the Transactions, Old Sirius repurchased $16,834 since December 2012, and $1,166 remained available under that program. The stock repurchase program of Old Sirius was terminated on the closing date of the Transactions.
As of September 30, 2025, our cumulative repurchases since the closing of the Transactions under our stock repurchase program totaled 4,371 thousand shares for $96, of which 4,070 thousand shares were repurchased during the nine months ended September 30, 2025 for $90 and $1,070 remained available for additional repurchases under our existing stock repurchase program authorization.
The following table summarizes our total share repurchase activity for the nine months ended:

|  | September 30, 2025 |  | September 30, 2024 |  |
Share Repurchase Type |  | Shares (in thousands) |  | Amount |  | Shares (in thousands) |  | Amount |  |  |  |
Open Market Repurchases(a) |  | 4,070 |  |  | $ | 90 |  |  | — |  |  | $ | — |  |  |  |  |

(a)As of September 30, 2025, less than $1 of common stock repurchases had not settled, nor been retired, and were recorded as Treasury stock within our unaudited consolidated balance sheets and unaudited consolidated statement of equity.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(13)Benefit Plans
Included in the accompanying unaudited consolidated statements of operations are the following amounts of share-based compensation expense:

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Cost of services: |  |  |  |  |  |  |  |  |
Programming and content | $ | 9 |  |  | $ | 9 |  |  | $ | 28 |  |  | $ | 26 |  |  |
Customer service and billing | 1 |  |  | 1 |  |  | 4 |  |  | 4 |  |  |
Transmission | 1 |  |  | 1 |  |  | 5 |  |  | 4 |  |  |
Sales and marketing | 10 |  |  | 11 |  |  | 36 |  |  | 34 |  |  |
Product and technology | 8 |  |  | 11 |  |  | 26 |  |  | 34 |  |  |
General and administrative | 13 |  |  | 25 |  |  | 41 |  |  | 52 |  |  |
| $ | 42 |  |  | $ | 58 |  |  | $ | 140 |  |  | $ | 154 |  |  |

SplitCo Awards
Liberty Media granted, to certain of its directors and employees, restricted stock awards (“RSAs”), restricted stock units ("RSUs") and stock options to purchase shares of SplitCo common stock (collectively, "SplitCo Awards"). SplitCo measured the cost of employee services received in exchange for an equity classified SplitCo Award based on the grant-date fair value (“GDFV”) of the SplitCo Award and recognized that cost over the period during which the employee is required to provide service (usually the vesting period of the SplitCo Award). SplitCo measured the cost of employee services received in exchange for a liability classified SplitCo Award based on the current fair value of the SplitCo Award and remeasures the fair value of the SplitCo Award at each reporting date.
At the time of the Split-Off, outstanding stock options to purchase shares of SplitCo common stock were accelerated and became fully vested and exchanged into stock options to purchase shares of our common stock adjusted based on the exchange ratio identified in the Liberty Sirius XM Holdings Inc. Transitional Stock Adjustment Plan (the “SplitCo Award Exchange Ratio”). The RSAs and RSUs with respect to shares of SplitCo common stock accelerated, became fully vested, and are treated as outstanding shares of our common stock and as such were exchanged into shares of our common stock based on the SplitCo Award Exchange Ratio. Following the Split-Off, a portion of the outstanding stock options to purchase shares of our common stock are to be settled in cash as the underlying shares were not registered, and therefore these awards were classified as liability awards and will be remeasured at each reporting date. As of September 30, 2025, we recognized a liability of $1 related to these awards which is recorded in Accounts payable and accrued expenses in our unaudited consolidated balance sheets.
Sirius XM Holdings Awards
2024 Long-Term Stock Incentive Plan
In connection with the Transactions, Liberty Media, as the sole stockholder of SplitCo, approved the Sirius XM Holdings Inc. 2024 Long-Term Stock Incentive Plan (the “2024 Plan”). Employees, consultants and non-employee members of Sirius XM Holdings’ board of directors are eligible to receive awards under the 2024 Plan. The 2024 Plan provides for the grant of stock options, stock appreciation rights (“SARs”), RSAs, RSUs and other stock-based awards that the compensation committee of our board of directors deems appropriate. Stock-based awards granted under the 2024 Plan are generally subject to a graded vesting requirement. Stock options generally expire ten years from the date of grant. RSUs include performance-based RSUs (“PRSUs”), the vesting of which are subject to the achievement of performance goals and the employee’s continued employment. Each RSU entitles the holder to receive one share of common stock upon vesting. As of September 30, 2025, 25 shares of our common stock were available for future grants under the 2024 Plan.
Transitional Stock Adjustment Plan
In connection with the Transactions, Liberty Media, as the sole stockholder of SplitCo, approved the Sirius XM Holdings Inc. Transitional Stock Adjustment Plan (the “Transitional Plan”). Current and former employees and consultants of Liberty Media or a former direct or indirect subsidiary of Liberty Media, any successor of any such former subsidiary, and the parent
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
company (directly or indirectly) of any such former subsidiary or successor (collectively, a “Qualifying Subsidiary”) or a member of the board of directors of Liberty Media or a Qualifying Subsidiary and in each case, who, as of September 9, 2024, (a) held an outstanding option of any series of Liberty Media’s Liberty SiriusXM common stock (a “Liberty Media SiriusXM Option Award”) pursuant to (i) the Liberty Media Corporation 2013 Incentive Plan (Amended and Restated as of March 31, 2015), as amended, (ii) the Liberty Media Corporation 2013 Nonemployee Director Plan (Amended and Restated as of December 17, 2015), as amended, (iii) the Liberty Media Corporation 2017 Omnibus Incentive Plan, as amended, (iv) the Liberty Media Corporation 2022 Omnibus Incentive Plan, as amended, and/or (v) any other stock option or incentive plan adopted or assumed by Liberty Media (each, a “Liberty Media Incentive Plan”) and (b) received an option under the Transitional Plan in accordance with the terms of the Reorganization Agreement were eligible to receive awards under the Transitional Plan. The Transitional Plan provided for the grant of stock options. Stock options were subject to all the terms and conditions of the applicable Liberty Media Incentive Plan and associated instrument under which the corresponding Liberty Media Sirius XM Option Award was made. As of September 30, 2025, 3 shares of our common stock were reserved for issuance in connection with outstanding stock based awards in connection with the Transitional Plan.
Other Plans
We maintain three share-based benefit plans in addition to the 2024 Plan and the Transitional Plan — the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan, the 2014 Stock Incentive Plan of AdsWizz Inc. and the Pandora Media, Inc. 2011 Equity Incentive Plan. Excluding dividend equivalent units granted as a result of a declared dividend, no further awards may be made under these plans.
The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to employees, members of our board of directors and non-employees under the Sirius XM Awards during the nine months ended September 30, 2024:

|  |  |  |  | For the Nine Months Ended September 30,
|  |  |  |  |  |  | 2024 |  |
Risk-free interest rate |  |  |  |  |  |  | 4.4% |  |
Expected life of options — years |  |  |  |  |  |  | 3.76 |  |
Expected stock price volatility |  |  |  |  |  |  | 40% |  |
Expected dividend yield |  |  |  |  |  |  | 2.8% |  |

There were no options granted during the three months ended September 30, 2024 and the three and nine months ended September 30, 2025.
The following table summarizes stock option activity under our share-based plans for the nine months ended September 30, 2025:

| Options |  | WAEP |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2025 | 18 |  |  | $ | 49.69 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited, cancelled or expired | (2) |  |  | $ | 45.62 |  |  |  |  |
Outstanding as of September 30, 2025 | 16 |  |  | $ | 50.27 |  |  | 3.68 |  | $ | — |
Exercisable as of September 30, 2025 | 13 |  |  | $ | 51.00 |  |  | 3.07 |  | $ | — |

The total intrinsic value of stock options exercised during the nine months ended September 30, 2025 and 2024 was less than $1 and $1, respectively. During each of the nine months ended September 30, 2025 and 2024, the number of net settled shares issued as a result of stock option exercises was less than 1.
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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The following table summarizes the RSU, including PRSU, activity under our share-based plans for the nine months ended September 30, 2025:

| Shares |  | GDFV Per Share
Nonvested as of January 1, 2025 | 12 |  |  | $ | 42.33 |
Granted | 10 |  |  | $ | 25.55 |
Vested | (3) |  |  | $ | 47.19 |
Forfeited | (3) |  |  | $ | 33.69 |
Nonvested as of September 30, 2025 | 16 |  |  | $ | 31.31 |

The total intrinsic value of RSUs, including PRSUs, vesting during the nine months ended September 30, 2025 and 2024 was $71 and $97, respectively. During the nine months ended September 30, 2025, the number of net settled shares issued as a result of RSUs vesting totaled 2. During the nine months ended September 30, 2025, we granted less than 1 PRSUs to certain employees. We believe it is probable that the performance target applicable to these PRSUs will be achieved.
In connection with the cash dividends paid during the nine months ended September 30, 2025, we granted less than 1 RSUs, including PRSUs, in accordance with the terms of existing award agreements. These grants did not result in any additional incremental share-based payment expense being recognized during the nine months ended September 30, 2025.
Total unrecognized compensation costs related to unvested share-based payment awards for our stock options and RSUs, including PRSUs, granted to employees, members of our board of directors and third parties at September 30, 2025 and December 31, 2024 was $414 and $402, respectively. The total unrecognized compensation costs at September 30, 2025 are expected to be recognized over a weighted-average period of 2.6 years.
401(k) Savings Plans
We sponsor the Sirius XM Radio Inc. 401(k) Savings Plan (the “Sirius XM Plan”) for eligible employees. The Sirius XM Plan allows eligible employees to voluntarily contribute from 1% to 50% of their pre-tax eligible earnings, subject to certain defined limits. We match 50% of an employee’s voluntary contributions per pay period on the first 6% of an employee’s pre-tax salary up to a maximum of 3% of eligible compensation. We may also make additional discretionary matching, true-up matching and non-elective contributions to the Sirius XM Plan. Employer matching contributions under the Sirius XM Plan vest at a rate of 33.33% for each year of employment and are fully vested after three years of employment for all current and future contributions. Our cash employer matching contributions are not used to purchase shares of our common stock on the open market, unless the employee elects our common stock as their investment option for this contribution.
We recognized expenses of $3 and $5 for the three months ended September 30, 2025 and 2024, respectively, and $14 and $16 for the nine months ended September 30, 2025 and 2024, respectively, in connection with the Sirius XM Plan.
Sirius XM Holdings Inc. Deferred Compensation Plan
The Sirius XM Holdings Inc. Deferred Compensation Plan (the “DCP”) allows members of our board of directors and certain eligible employees to defer all or a portion of their base salary, cash incentive compensation and/or board of directors’ cash compensation, as applicable. Pursuant to the terms of the DCP, we may elect to make additional contributions beyond amounts deferred by participants, but we are under no obligation to do so. We have established a grantor (or “rabbi”) trust to facilitate the payment of our obligations under the DCP.
Contributions to the DCP, net of withdrawals, for each of the three months ended September 30, 2025 and 2024, were $(2) and were $(6) and $(1) for the nine months ended September 30, 2025 and 2024, respectively. As of each of September 30, 2025 and December 31, 2024, the fair value of the investments held in the trust were $60, which is included in Other long-term assets in our unaudited consolidated balance sheets and classified as trading securities. Trading gains and losses associated with these investments are recorded in Other (expense) income within our unaudited consolidated statements of operations. The associated liability is recorded within Other long-term liabilities in our unaudited consolidated balance sheets, and any increase or decrease in the liability is recorded in General and administrative expense within our unaudited consolidated statements of operations. We recorded gains on investments held in the trust of $3 and $2 for the three months ended September 30, 2025 and 2024, respectively, and $6 and $7 for the nine months ended September 30, 2025 and 2024, respectively.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(14)Commitments and Contingencies
The following table summarizes our expected contractual cash commitments as of September 30, 2025:

| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Debt obligations | $ | 16 |  |  | $ | 1,059 |  |  | $ | 2,182 |  |  | $ | 2,575 |  |  | $ | 1,250 |  |  | $ | 3,030 |  |  | $ | 10,112 |
Cash interest payments | 14 |  |  | 446 |  |  | 402 |  |  | 286 |  |  | 195 |  |  | 183 |  |  | 1,526 |
Satellite and transmission | 31 |  |  | 119 |  |  | 53 |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 208 |
Programming and content | 86 |  |  | 310 |  |  | 211 |  |  | 113 |  |  | 43 |  |  | 20 |  |  | 783 |
Sales and marketing | 11 |  |  | 32 |  |  | 9 |  |  | 4 |  |  | 3 |  |  | — |  |  | 59 |
Satellite incentive payments | 1 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 2 |  |  | 10 |  |  | 22 |
Operating lease obligations | 14 |  |  | 54 |  |  | 49 |  |  | 40 |  |  | 35 |  |  | 38 |  |  | 230 |
Royalties, minimum guarantees and other | 150 |  |  | 544 |  |  | 401 |  |  | 323 |  |  | 208 |  |  | 75 |  |  | 1,701 |
Total (1) | $ | 323 |  |  | $ | 2,567 |  |  | $ | 3,310 |  |  | $ | 3,345 |  |  | $ | 1,737 |  |  | $ | 3,359 |  |  | $ | 14,641 |

(1)The table does not include our reserve for uncertain tax positions, which at September 30, 2025 totaled $81.
Debt obligations. Debt obligations include principal payments on outstanding debt and finance lease obligations.
Cash interest payments. Cash interest payments include interest due on outstanding debt and finance lease payments through maturity.
Satellite and transmission. We have entered into agreements for the design, construction, launch and insurance of two additional satellites: SXM-11 and SXM-12. We have procured insurance for SXM-9, SXM-10, SXM-11 and SXM-12 to cover the risks associated with each satellite's launch and first year of in-orbit operation. We also have entered into agreements with third parties to operate and maintain satellite telemetry, tracking and control facilities and certain components of our terrestrial repeater networks.
Programming and content. We have entered into various programming and content agreements. Under the terms of these agreements, our obligations include fixed payments, advertising commitments and revenue sharing arrangements. In certain of these agreements, the future revenue sharing costs are dependent upon many factors and are difficult to estimate; therefore, they are not included in our minimum contractual cash commitments.
Sales and marketing. We have entered into various marketing, sponsorship and distribution agreements to promote our brands and are obligated to make payments to sponsors, retailers, automakers, radio manufacturers and other third parties under these agreements. Certain programming and content agreements also require us to purchase advertising on properties owned or controlled by the licensors.
Satellite incentive payments. Lanteris Space Systems (formerly Maxar Space), the manufacturer of certain of our in-orbit satellites, may be entitled to future in-orbit performance payments upon XM-5, SIRIUS FM-6, SXM-8, SXM-9 and SXM-10 meeting their fifteen-year design life, which we expect to occur.
Operating lease obligations. We have entered into both cancelable and non-cancelable operating leases for office space, terrestrial repeaters, data centers and equipment. These leases provide for minimum lease payments, additional operating expense charges, leasehold improvements and rent escalations that have initial terms ranging from one to fifteen years, and certain leases have options to renew.
Royalties, Minimum Guarantees and Other. We have entered into music royalty arrangements that include fixed payments. In addition, certain of our podcast agreements also contain minimum guarantees. As of September 30, 2025, we had future fixed commitments related to music royalty and podcast agreements of $550, of which $97 will be paid in 2025 and the remainder will be paid thereafter. On a quarterly basis, we record the greater of the cumulative actual content costs incurred or the cumulative minimum guarantee based on forecasts for the minimum guarantee period. The minimum guarantee period is the period of time that the minimum guarantee relates to, as specified in each agreement, which may be annual or a longer period.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The cumulative minimum guarantee, based on forecasts, considers factors such as listening hours, downloads, revenue, subscribers and other terms of each agreement that impact our expected attainment or recoupment of the minimum guarantees based on the relative attribution method.
We have entered into certain tax equity investments in which we expect to make future contributions. These future contributions are expected to be made over the remaining respective terms of the investments and totaled $664 as of September 30, 2025, of which $17 is expected to be paid in 2025 and the remainder thereafter.
Several of our royalty agreements also include provisions related to the royalty payments and structures of those agreements relative to other licensing arrangements, which, if triggered, cause our payments under those agreements to escalate. In addition, record labels, publishers and performing rights organizations with whom we have entered into direct license agreements have the right to audit our content payments, and such audits often result in disputes over whether we have paid the proper content costs.
We have also entered into various agreements with third parties for general operating purposes.
In addition to the minimum contractual cash commitments described above, we have entered into other variable cost arrangements. These future costs are dependent upon many factors and are difficult to anticipate; however, these costs may be substantial. We may enter into additional programming, distribution, marketing and other agreements that contain similar variable cost provisions. We do not have any other significant off-balance sheet financing arrangements that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.
Legal Proceedings
In the ordinary course of business, we are a defendant or party to various claims and lawsuits, including those discussed below.
We record a liability when we believe that it is both probable that a liability will be incurred, and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of liability that has been previously accrued and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including the likelihood or magnitude of a possible eventual loss, if any.
New York State v. Sirius XM Radio Inc. On December 20, 2023, the People of the State of New York, by Letitia James, Attorney General of the State of New York (the “NY AG”), filed a petition (the “Petition”) in the Supreme Court of the State of New York, New York County (the “New York Court”), against Sirius XM. The Petition alleged various violations of New York law and the federal Restore Online Shoppers’ Confidence Act (“ROSCA”) arising out of Sirius XM's subscription cancellation practices. In general, the Petition alleged that Sirius XM requires consumers to devote an excessive amount of time to cancel subscriptions and has not implemented cancellation processes that are simple and efficient.
The Petition claimed to be brought under certain provisions of New York law that authorize the NY AG to initiate special proceedings seeking injunctive and other equitable relief in cases of persistent business fraud or illegality. The Petition sought: a permanent injunction against violating provisions of New York law and ROSCA arising out of the alleged deceptive practices associated with Sirius XM's subscription cancellation procedures; an accounting of each consumer who cancelled, or sought to cancel, a satellite radio subscription, including the duration of the cancel interaction and the funds collected from such consumers after that interaction; monetary restitution and damages to aggrieved consumers; disgorgement of all profits resulting from the alleged improper acts; civil penalties and the NY AG’s costs. Sirius XM filed an Answer to the Petition and cross moved for summary judgment with respect to various claims asserted in the Petition.
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(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
In November 2024, the New York Court granted Sirius XM summary judgment on all but one of the NY AG's claims. The New York Court did find that Sirius XM's cancellation practices violated the “simple mechanism requirement” for subscription cancellations contained in ROSCA. As a result of the New York Court's findings, Sirius XM now permits New York residents who purchase a subscription online to also cancel that subscription online, a cancellation mechanism that we believe is at least as easy to use as the method the consumer used to initiate the subscription. The New York Court also directed the NY AG to make ministerial filings in order to proceed to an assessment of damages. To date, the NY AG has not done so. The NY AG has appealed to the four counts with respect to the Petition for which the New York Court granted Sirius XM summary judgment. Sirius XM has appealed the one count in the Petition, the violation of ROSCA, with respect to which the New York Court granted the State of New York summary judgment. Decision on the appeals remain pending.
Sirius XM believes it has substantial defenses to the action and intends to defend this action vigorously.
U.S. Music Royalty Fee Actions and Mass Arbitrations. Commencing in 2023, a number of putative class actions and mass arbitration demands have been commenced against Sirius XM relating to its pricing, billing and subscription marketing practices. Although each class action and mass arbitration demand contains unique allegations, in general, the actions and arbitrations allege that Sirius XM falsely advertised its music subscription plans at lower prices than it actually charges, that it allegedly did not disclose its “U.S. Music Royalty Fee”, and that Sirius XM has taken other actions to prevent customers from discovering the existence, amount and nature of the U.S. Music Royalty Fee in violation of various state consumer protection laws.
The plaintiffs and claimants seek disgorgement, restitution and/or damages in the aggregate amount of U.S. Music Royalty Fees paid by customers, as well as statutory and punitive damages where available.
The following actions and mass arbitration demands remain pending against Sirius XM:
•On June 5, 2023, Christopher Carovillano and Steven Brandt, individually, as private attorneys general, and on behalf of all other U.S. persons similarly situated (excluding persons in the states of California, New Jersey and Washington), filed a class action complaint against Sirius XM in the United States District Court for the Southern District of New York (the “Southern District Court”). On July 18, 2024, the Southern District Court issued an Opinion and Order granting Sirius XM's motion for partial summary judgment and striking the plaintiffs' class allegations. On January 3, 2025, Sirius XM filed another motion for summary judgment as to plaintiff's remaining individual claims and plaintiffs have opposed that motion. On January 15, 2025, plaintiffs filed a motion to dismiss their own case that Sirius XM has opposed. Decisions on those motions remain pending.
•On June 1, 2024, Elenamarie Burns, Jacqueline Gardner, and Lynne Silver filed a petition on behalf of 7,628 individuals in the Commercial Division of the Supreme Court of New York, County of New York (the “Commercial Division”), seeking to compel Sirius XM to arbitrate and advance the payment of American Arbitration Association (the "AAA") arbitration fees in connection with individual arbitrations. On July 3, 2024 and March 24, 2025, petitioners filed amended petitions adding petitioners, bringing the total to approximately 12,000. Petitioners’ opening brief in support of the amended petition was filed on April 18, 2025, Sirius XM’s opposition to the amended petition was filed on July 1, 2025, and petitioners’ reply brief in support of the amended petition was filed on August 18, 2025. A decision on petitioners’ amended petition remains pending, and the Commercial Division has not taken any action in connection with the merits of the amended petition. On July 9, 2025, approximately 11,000 of these petitioners initiated a new mass arbitration before the AAA. On August 11, 2025, Sirius XM filed a motion with the Commercial Division to stay that arbitration, and petitioners opposed that motion on September 25, 2025. A decision on Sirius XM’s motion to stay the re-filed arbitration remains pending.
•On June 14, 2024, Kara Kirkpatrick, Gillian Maxfield, Anna Demarco and Cody Michael, individually and on behalf of all other Oregon persons similarly situated, filed a class action complaint against Sirius XM in the United States District Court for the District of Oregon. Sirius XM moved to dismiss the complaint on April 2, 2025, and plaintiffs have opposed that motion. A decision on that motion remains pending.
•On June 21, 2024, Cindy Balmores, Justin Braswell, Deborah Garvin, and Thea Anderson, individually, as private attorneys general, and on behalf of all other Washington persons similarly situated, filed a class action complaint against Sirius XM in the United States District Court for the Western District of Washington. Sirius XM moved to
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(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
dismiss the complaint on March 31, 2025. On July 14, 2025, the Court granted the motion in part, and denied the motion in part. Sirius XM filed an answer to the remaining claims on July 28, 2025.
•On June 25, 2024, Denise Woods and Sherry Tapia, individually, as private attorneys general, and on behalf of all other California persons similarly situated, filed a class action complaint against Sirius XM in the United States District Court for the Northern District of California. Sirius XM moved to compel arbitration on March 21, 2025. On July 11, 2025, the Court denied the motion. On July 21, 2025, Sirius XM filed a notice of appeal to the Court’s denial.
•On May 15, 2025, Cynthia Stutsman and Michael Peterson, individually, and on behalf of all other Washington residents similarly situated, filed a class action complaint against Sirius XM in the Superior Court of Washington for Snohomish County. Sirius XM moved to dismiss the complaint on August 15, 2025, and plaintiffs’ opposition to that motion was filed on September 26, 2025. A decision on that motion remains pending.
•Commencing in June 2023, various law firms began filing mass arbitration claims against Sirius XM before the AAA. Collectively, the law firms purport to act on behalf of approximately 70,000 claimants. Several of the law firms have asserted additional causes of action under the Electronic Funds Transfer Act.
Sirius XM believes it has substantial defenses to the claims asserted in these actions and arbitrations, and it intends to defend these actions vigorously.
California Unruh Civil Rights Act Mass Arbitration. A series of mass pre-arbitration notices have been filed purportedly on behalf of approximately 41,000 claimants alleging that Pandora used age, sex and gender information from claimants to target advertising in violation of California’s Unruh Civil Rights Act, Cal. Civ. Code §§ 51–52. A petition was filed purportedly on behalf of approximately 26,000 petitioners for an Order Compelling Arbitration in Los Angeles Superior Court against Pandora on January 17, 2025, and an amended petition was filed on February 14, 2025. On June 18, 2025, the Court denied the petition in part with respect to 2,216 petitioners and granted the petition in part and entered an order compelling arbitration with respect to the remaining petitioners. Following that order, 23,821 of the petitioners have filed demands for arbitration with the AAA, and AAA has opened a mass arbitration that Sirius XM is defending.
Do-Not-Call Litigation. In July 2025, following a mediation, Sirius XM entered into an agreement settling a putative class action lawsuit filed on November 29, 2022 in the United States District Court for the Central District of Illinois alleging that Sirius XM violated the “Do-Not-Call” provisions of the Telephone Consumer Protection Act, and several similar state statutes, by calling consumers whose residential numbers were on applicable national or state do-not-call registries and/or whose residential numbers were on Sirius XM’s internal do-not-call list. The settlement will resolve the claims of consumers for the period April 27, 2019 through October 31, 2025. As part of the settlement, in calendar year 2026, Sirius XM will pay $28 million into a non-reversionary settlement fund from which cash to class members, notice, administrative costs, and attorney's fees and costs will be paid. The settlement was recorded to the General and administrative line in our unaudited consolidated statements of operations and included in the Accounts payable and accrued expenses line of our unaudited consolidated balance sheets. The settlement memorializes changes relating to Sirius XM’s “Do-Not-Call” practices. Settlement of this matter is subject to, among other things, approval by the Court.
Other Matters. In the ordinary course of business, Sirius XM Holdings, Sirius XM and its subsidiaries, such as Pandora, are defendants in various other lawsuits, mass arbitration and individual arbitration proceedings, including derivative actions; actions filed by subscribers, both on behalf of themselves and on a class action basis; former employees; parties to contracts or leases and owners of purported patents, trademarks, copyrights or other intellectual property. None of these other matters, in our opinion, is likely to have a material adverse effect on our business, financial condition or results of operations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
(15)Income Taxes
In connection with the Transactions, we entered into a new Tax Sharing Agreement with Liberty Media. The Tax Sharing Agreement generally allocates taxes, tax benefits, tax items and tax-related losses between Liberty Media and us in a manner consistent with the tax sharing policies of Liberty Media in effect prior to the Split-Off, with taxes, tax benefits and tax items attributable to the assets, liabilities and activities attributed to the Liberty Formula One Group and the Liberty Live Group being allocated to Liberty Media, and taxes, tax benefits and tax items attributable to the assets, liabilities and activities attributed to the Liberty SiriusXM Group being allocated to us. In addition, the Tax Sharing Agreement includes additional provisions related to the manner in which any taxes or tax-related losses arising from the Split-Off will be allocated between the parties and provides restrictive covenants intended to preserve the generally tax-free treatment of the Transactions. The failure by a party to comply with its restrictive covenants may change the general allocation of taxes, tax benefits and tax items between the parties related to the Transactions. The parties have agreed to indemnify each other for taxes and losses allocated to them under the Tax Sharing Agreement and for taxes and losses arising from a breach by them of their respective covenants and obligations under the Tax Sharing Agreement. The Tax Sharing Agreement also includes provisions addressing the filing of tax returns, control of tax audits, cooperation on tax matters, retention of tax records, indemnification and other tax matters.
Subsequent to September 9, 2024 and as a result of the Split-Off, our current tax expense represents taxes attributable to the business carried on by us on a standalone basis. For the period from January 1, 2024 through September 9, 2024, our current tax expense was the amount of tax payable on the basis of a hypothetical separate return.
Income tax (expense) benefit was $(91) and $39 for the three months ended September 30, 2025 and 2024, respectively, and $(215) and $(103) for the nine months ended September 30, 2025 and 2024, respectively.
Our effective tax rate for the three months ended September 30, 2025 and 2024 was (23.5)% and 1.3%, respectively. Our effective tax rate for the nine months ended September 30, 2025 and 2024 was (23.3)% and (4.6)%, respectively. The effective tax rate for the three and nine months ended September 30, 2025 was primarily driven by federal and state income tax expense and tax losses related to share-based compensation, partially offset by certain tax credits. The effective tax rate for the three and nine months ended September 30, 2024 was primarily impacted by the nondeductible Sirius XM goodwill impairment charge, partially offset by tax losses related to share-based compensation and an increase in valuation allowance and net operating loss expirations related to state net operating losses that are projected to expire unutilized. We estimate our effective tax rate expense for the year ending December 31, 2025 will be approximately 22%.
We recognized net tax benefits of $7 and $9 during the three months ended September 30, 2025 and 2024, respectively, and we recognized net tax benefits $19 and $25 of during the nine months ended September 30, 2025 and 2024, respectively, related to our tax equity investments. These recognized net tax benefits were recorded to Income tax expense in our unaudited consolidated statement of comprehensive income. The net tax benefits included tax credits and other income tax benefits of $34 and $44 during the three months ended September 30, 2025 and 2024, respectively, and $111 and $123 during the nine months ended September 30, 2025 and 2024, respectively, which were partially offset by amortization expense of $27 and $35 for the three months ended September 30, 2025 and 2024, respectively, and $92 and $98 for the nine months ended September 30, 2025 and 2024, respectively.
As of September 30, 2025 and December 31, 2024, we had a valuation allowance related to deferred tax assets of $86 and $93, respectively, that were not likely to be realized due to the timing of certain federal and state net operating loss limitations.
On July 4, 2025, the President signed into law the One Big Beautiful Bill (“OBBB”) Act, introducing significant amendments to the U.S. Internal Revenue Code. The amendments include the permanent extension of certain individual, business, and international tax measures initially established under the 2017 Tax Cuts and Jobs Act, which were set to expire at the end of 2025.
The OBBB permanently extends the 100% bonus depreciation of qualifying assets which is expected to accelerate the timing of depreciation deductions for these assets. The OBBB also permanently eliminates the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S.-based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred. We expect these provisions to result in a reduction of current income tax liabilities and an increase in deferred tax liabilities, and the impacts could be material. Additionally, we anticipate
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
that these provisions will enhance cash flows in the near term due to the deferral of tax payments. The legislation did not have a material impact on our income tax expense for the three and nine months ended September 30, 2025, and we do not expect it to materially change our effective income tax rate for 2025.
(16) Segments and Geographic Information
In accordance with FASB ASC Topic 280, Segment Reporting, we disaggregate our operations into two reportable segments: SiriusXM and Pandora and Off-platform. The financial results of these segments are utilized by the chief operating decision maker, who is our Chief Executive Officer, for evaluating segment performance and allocating resources. We report our segment information based on the "management" approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. For additional information on our segments refer to Note 1.
Segment results include the revenues and cost of services which are directly attributable to each segment. There are no indirect revenues or costs incurred that are allocated to the segments. We eliminate intersegment advertising campaign revenue. We had intersegment advertising revenue of $1 for each of the three months ended September 30, 2025 and 2024, and $4 and $2 during the nine months ended September 30, 2025 and 2024, respectively.
Segment revenue and gross profit were as follows during the period presented:

| For the Three Months Ended September 30, 2025
| SiriusXM |  | Pandora and Off-platform |  |  |  | Total
Revenue |  |  |  |  |  |  |
Subscriber revenue | $ | 1,497 |  |  | $ | 132 |  |  |  |  | $ | 1,629 |
Advertising revenue | 39 |  |  | 416 |  |  |  |  | 455 |
Other revenue | 75 |  |  | — |  |  |  |  | 75 |
Total revenue | 1,611 |  |  | 548 |  |  |  |  | 2,159 |
Cost of services |  |  |  |  |  |  |
Revenue share and royalties | (384) |  |  | (337) |  |  |  |  | (721) |
Programming and content (a) | (130) |  |  | (15) |  |  |  |  | (145) |
Other (a)(b) | (139) |  |  | (26) |  |  |  |  | (165) |
Total cost of services | (653) |  |  | (378) |  |  |  |  | (1,031) |
Segment gross profit | $ | 958 |  |  | $ | 170 |  |  |  |  | $ | 1,128 |

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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:

| For the Three Months Ended September 30, 2025
Segment Gross Profit | $ | 1,128 |
Subscriber acquisition costs | (107) |
Sales and marketing (a) | (176) |
Product and technology (a) | (54) |
General and administrative (a) | (106) |
Depreciation and amortization | (141) |
Share-based payment expense | (42) |
Impairment, restructuring and other costs | (9) |
Total other expense | (105) |
Consolidated income before income taxes | $ | 388 |

(a) Share-based payment expense of $11 related to cost of services, $10 related to sales and marketing, $8 related to product and technology and $13 related to general and administrative has been excluded for the three months ended September 30, 2025.
(b) SiriusXM other costs of services related to customer service and billing of $96, transmission costs of $41 and cost of equipment of $2. Pandora and Off-platform other costs of services related to customer service and billing of $19 and transmission costs of $7.

| For the Three Months Ended September 30, 2024
| SiriusXM |  | Pandora and Off-platform |  |  |  | Total
Revenue |  |  |  |  |  |  |
Subscriber revenue | $ | 1,510 |  |  | $ | 135 |  |  |  |  | $ | 1,645 |
Advertising revenue | 41 |  |  | 409 |  |  |  |  | 450 |
Other revenue | 76 |  |  | — |  |  |  |  | 76 |
Total revenue | 1,627 |  |  | 544 |  |  |  |  | 2,171 |
Cost of services |  |  |  |  |  |  |
Revenue share and royalties | (390) |  |  | (317) |  |  |  |  | (707) |
Programming and content (c) | (129) |  |  | (12) |  |  |  |  | (141) |
Other (c)(d) | (139) |  |  | (28) |  |  |  |  | (167) |
Total cost of service | (658) |  |  | (357) |  |  |  |  | (1,015) |
Segment gross profit | $ | 969 |  |  | $ | 187 |  |  |  |  | $ | 1,156 |

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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The reconciliation between reportable segment gross profit to consolidated loss before income tax is as follows:

| For the Three Months Ended September 30, 2024
Segment Gross Profit | $ | 1,156 |
Subscriber acquisition costs | (90) |
Sales and marketing (c) | (206) |
Product and technology (c) | (57) |
General and administrative (c) | (113) |
Depreciation and amortization | (145) |
Share-based payment expense | (58) |
Impairment, restructuring and other costs | (3,388) |
Total other expense | (96) |
Consolidated loss before income taxes | $ | (2,997) |

(c) Share-based payment expense of $11 related to cost of services, $11 related to sales and marketing, $11 related to product and technology and $25 related to general and administrative has been excluded for the three months ended September 30, 2024.
(d) SiriusXM other costs of services related to customer service and billing of $90, transmission costs of $47 and cost of equipment of $2. Pandora and Off-platform other costs of services related to customer service and billing of $19 and transmission costs of $9.

| For the Nine Months Ended September 30, 2025
| SiriusXM |  | Pandora and Off-platform |  |  |  | Total
Revenue |  |  |  |  |  |  |
Subscriber revenue | $ | 4,466 |  |  | $ | 394 |  |  |  |  | $ | 4,860 |
Advertising revenue | 116 |  |  | 1,165 |  |  |  |  | 1,281 |
Other revenue | 224 |  |  | — |  |  |  |  | 224 |
Total revenue | 4,806 |  |  | 1,559 |  |  |  |  | 6,365 |
Cost of services |  |  |  |  |  |  |
Revenue share and royalties | (1,154) |  |  | (976) |  |  |  |  | (2,130) |
Programming and content (e) | (386) |  |  | (44) |  |  |  |  | (430) |
Other (e)(f) | (403) |  |  | (77) |  |  |  |  | (480) |
Total cost of services | (1,943) |  |  | (1,097) |  |  |  |  | (3,040) |
Segment gross profit | $ | 2,863 |  |  | $ | 462 |  |  |  |  | $ | 3,325 |

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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:

| For the Nine Months Ended September 30, 2025
Segment Gross Profit | $ | 3,325 |
Subscriber acquisition costs | (314) |
Sales and marketing (e) | (525) |
Product and technology (e) | (165) |
General and administrative (e) | (366) |
Depreciation and amortization | (406) |
Share-based payment expense | (140) |
Impairment, restructuring and other costs | (164) |
Total other expense | (324) |
Consolidated income before income taxes | $ | 921 |

(e) Share-based payment expense of $37 related to cost of services, $36 related to sales and marketing, $26 related to product and technology and $41 related to general and administrative has been excluded for the nine months ended September 30, 2025.
(f) SiriusXM other costs of services related to customer service and billing of $279, transmission costs of $118 and cost of equipment of $6. Pandora and Off-platform other costs of services related to customer service and billing of $56 and transmission costs of $21.

| For the Nine Months Ended September 30, 2024
| Sirius XM |  | Pandora and Off-platform |  |  |  | Total
Revenue |  |  |  |  |  |  |
Subscriber revenue | $ | 4,576 |  |  | $ | 407 |  |  |  |  | $ | 4,983 |
Advertising revenue | 124 |  |  | 1,171 |  |  |  |  | 1,295 |
Other revenue | 233 |  |  | — |  |  |  |  | 233 |
Total revenue | 4,933 |  |  | 1,578 |  |  |  |  | 6,511 |
Cost of services |  |  |  |  |  |  |
Revenue share and royalties | (1,176) |  |  | (942) |  |  |  |  | (2,118) |
Programming and content (g) | (388) |  |  | (42) |  |  |  |  | (430) |
Other (g)(h) | (423) |  |  | (83) |  |  |  |  | (506) |
Total cost of services | (1,987) |  |  | (1,067) |  |  |  |  | (3,054) |
Segment gross profit | $ | 2,946 |  |  | $ | 511 |  |  |  |  | $ | 3,457 |

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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
(UNAUDITED)
(Dollars and shares in millions, except per share amounts or otherwise stated)
The reconciliation between reportable segment gross profit to consolidated loss before income tax is as follows:

| For the Nine Months Ended September 30, 2024
Segment Gross Profit | $ | 3,457 |
Subscriber acquisition costs | (272) |
Sales and marketing (g) | (641) |
Product and technology (g) | (190) |
General and administrative (g) | (326) |
Depreciation and amortization | (455) |
Share-based payment expense | (154) |
Impairment, restructuring and other costs | (3,441) |
Total other expense | (237) |
Consolidated loss before income taxes | $ | (2,259) |

(g) Share-based payment expense of $34 related to cost of services, $34 related to sales and marketing, $34 related to product and technology and $52 related to general and administrative has been excluded for the nine months ended September 30, 2024.
(h) SiriusXM other costs of services related to customer service and billing of $272, transmission costs of $144 and cost of equipment of $7. Pandora and Off-platform other costs of services related to customer service and billing of $59 and transmission costs of $24.
A measure of segment assets is not currently provided to our Chief Executive Officer, who serves as our chief operating decision maker, and has therefore not been provided.
As of September 30, 2025, long-lived assets were predominantly located in the United States. No individual foreign country represented a material portion of our consolidated revenue during the three and nine months ended September 30, 2025 and 2024.
(17)Subsequent Events
Capital Return Program
On October 22, 2025, our board of directors declared a quarterly dividend on our common stock in the amount of $0.27 per share of common stock payable on November 21, 2025 to stockholders of record as of the close of business on November 5, 2025.
For the period from October 1, 2025 to October 28, 2025, we repurchased less than 1 shares of our common stock on the open market for an aggregate purchase price of $13, including fees and commissions.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with the accompanying unaudited consolidated financial statements and the notes thereto. All amounts referenced in this section are in millions, except subscriber amounts are in thousands and per subscriber and per installation amounts are in ones, unless otherwise stated.
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For example, these forward-looking statements may include, among other things, statements about our outlook and our future results of operations and financial condition; share repurchase plans; the impact of economic and market conditions; and the impact of recent acquisitions. Any statements about our beliefs, plans, objectives, expectations, assumptions, future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intend,” “plan,” “projection” and “outlook” or the negative version of these words or phrases or other comparable words or phrases. Forward-looking statements are subject to risks and uncertainties, including those identified below, which could cause actual results to differ materially from such statements. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. There may also be other risks that we are unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which will arise or to assess with any precision the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statements to reflect events or circumstances after the date on which the statement is made, to reflect the occurrence of unanticipated events or otherwise, except as required by law.
Among the significant factors that could cause our actual results to differ materially from those expressed in the forward-looking statements are:
Risks Relating to our Business and Operations:
•we face substantial competition and that competition has increased over time;
•our SiriusXM service has suffered a loss of subscribers and our Pandora ad-supported service has similarly experienced a loss of monthly active users;
•if our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers, are not successful, our business will be adversely affected;
•we engage in extensive marketing efforts and the continued effectiveness of those efforts is an important part of our business;
•we rely on third parties for the operation of our business, and the failure of third parties to perform could adversely affect our business;
•failure to successfully monetize and generate revenues from podcasts and other non-music content could adversely affect our business, operating results, and financial condition;
•we may not realize the benefits of acquisitions or other strategic investments and initiatives; and
•the impact of economic conditions may adversely affect our business, operating results, and financial condition;
Risks Relating to our SiriusXM Business:
•changing consumer behavior and new technologies relating to our satellite radio business may reduce our subscribers and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us;
•a substantial number of our SiriusXM service subscribers periodically cancel their subscriptions and we cannot predict how successful we will be at retaining customers;
•our ability to profitably attract and retain new subscribers to our SiriusXM service is uncertain;
•our business depends in part upon the auto industry;
•the imposition of tariffs by the United States government could have a major effect on the United States auto industry, which SiriusXM is dependent upon as a material source of new subscribers;
•failure of our satellites would significantly damage our business; and
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•our SiriusXM service may experience harmful interference from wireless operations.
Risks Relating to our Pandora and Off-platform Business:
•our Pandora and Off-platform business generates a significant portion of its revenues from advertising, and reduced spending by advertisers could harm our business;
•emerging industry trends may adversely impact our ability to generate revenue from advertising;
•our failure to convince advertisers of the benefits of our Pandora ad-supported service could harm our business;
•if we are unable to maintain our advertising revenue, our results of operations will be adversely affected;
•changes to mobile operating systems and browsers may hinder our ability to sell advertising and market our services; and
•if we fail to accurately predict and play music, comedy or other content that our Pandora listeners enjoy, we may fail to retain existing and attract new listeners.
Risks Relating to Laws and Governmental Regulations:
•privacy and data security laws and regulations may hinder our ability to market our services, sell advertising and impose legal liabilities;
•consumer protection laws and our failure to comply with them could damage our business;
•failure to comply with FCC requirements could damage our business;
•we may face lawsuits, incur liability or suffer reputational harm as a result of content published or made available through our services; and
•environmental, social and governance expectations and related reporting obligations may expose us to potential liabilities, increased costs, reputational harm and other adverse effects.
Risks Associated with Data and Cybersecurity and the Protection of Consumer Information:
•if we fail to protect the security of personal information about our customers, we could be subject to costly government enforcement actions and private litigation and our reputation could suffer;
•we use artificial intelligence in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability and adversely affect our results of operations; and
•interruption or failure of our information technology and communications systems could impair the delivery of our service and harm our business.
Risks Associated with Certain Intellectual Property Rights:
•rapid technological and industry changes and new entrants could adversely impact our services;
•the market for music rights is changing and is subject to significant uncertainties;
•our Pandora services depend upon maintaining complex licenses with copyright owners, and these licenses contain onerous terms;
•failure to protect our intellectual property or actions by third parties to enforce their intellectual property rights could substantially harm our business and operating results; and
•some of our services and technologies use “open source” software, which may restrict how we use or distribute our services or require that we release the source code subject to those licenses.
Risks Related to our Capital Structure:
•while we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy at any time;
•our holding company structure could restrict access to funds of our subsidiaries that may be needed to pay third party obligations;
•we have significant indebtedness, and our subsidiaries’ debt contains certain covenants that restrict their operations; and
•our ability to incur additional indebtedness to fund our operations could be limited, which could negatively impact our operations.
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Risks Related to the Transactions:
•we may have a significant indemnity obligation to Liberty Media, which is not limited in amount or subject to any cap, if the transactions associated with the Split-Off are treated as a taxable transaction;
•we may determine to forgo certain transactions that might otherwise be advantageous in order to avoid the risk of incurring significant tax-related liabilities;
•we have assumed and are responsible for all of the liabilities attributed to the Liberty SiriusXM Group as a result of the completion of the Transactions, and acquired the assets of SplitCo on an “as is, where is” basis;
•we may be harmed by securities class actions and derivative lawsuits in connection with the Transactions;
•it may be difficult for a third party to acquire us, even if doing so may be beneficial to our stockholders;
•we have directors associated with Liberty Media, which may lead to conflicting interests; and
•our directors and officers are protected from liability for a broad range of actions.
Other Operational Risks:
•if we are unable to attract and retain qualified personnel, our business could be harmed;
•our facilities could be damaged by natural catastrophes or terrorist activities;
•the unfavorable outcome of pending or future litigation could have an adverse impact on our operations and financial condition;
•we may be exposed to liabilities that other entertainment service providers would not customarily be subject to; and
•our business and prospects depend on the strength of our brands.
Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this Quarterly Report on Form 10-Q and “Part I—Item 1A—Risk Factors” and “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on Form 10-K, in each case as updated by the Company’s reports and filings with the SEC.
Executive Summary
Liberty Media Transactions
Sirius XM Holdings Inc., the reporting company under this Quarterly Report on Form 10-Q, is the product of a series of transactions that closed on Monday, September 9, 2024.
On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation (“Liberty Media” or “Former Parent”) completed its previously announced split-off (the “Split-Off”) of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (“SplitCo”). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media’s Series A, Series B and Series C Liberty SiriusXM common stock, par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the “Redemption”), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo.
Following the Split-Off, on September 9, 2024 at 6:00 p.m., New York City time (the “Merger Effective Time”), a wholly owned subsidiary of SplitCo merged with and into Sirius XM Holdings Inc. (“Old Sirius”), with Old Sirius surviving the merger as a wholly owned subsidiary of SplitCo (the “Merger” and together with the Split-Off, the “Transactions”). Upon consummation of the Merger, each share of common stock of Old Sirius, par value $0.001 per share, issued and outstanding immediately prior to the Merger Effective Time (other than shares owned by SplitCo and its subsidiaries) was converted into one-tenth (0.1) of a share of SplitCo common stock, with cash being paid to entitled record holders of Old Sirius common stock in lieu of any fractional shares of common stock of SplitCo.
At the Merger Effective Time, Old Sirius was renamed “Sirius XM Inc.” and SplitCo was renamed “Sirius XM Holdings Inc.” In connection with the Transactions and by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SplitCo became the successor issuer to Old Sirius and succeeded to the attributes of Old Sirius as the registrant, including Old Sirius's Commission File Number and CIK number.
The Transactions are intended to generally be tax-free to holders of Liberty SiriusXM common stock and Sirius XM Holdings common stock (except with respect to any cash received by such holders) and the completion of the Transactions was subject to various conditions, including the receipt of opinions of tax counsel.
On September 6, 2024, Sirius XM Radio LLC, our wholly owned subsidiary, converted from a Delaware corporation to a Delaware limited liability company.
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Any references to the “Company,” “we,” “us,” or “ours” refers to Sirius XM Holdings Inc. and its consolidated subsidiaries following the Transactions.
We operate two complementary audio entertainment businesses - one of which it refers to as “SiriusXM” and the second of which it refers to as “Pandora and Off-platform”.
SiriusXM
Our SiriusXM business features a wide range of content, including, music, sports, entertainment, comedy, talk and news channels, podcasts and infotainment services, all available in the United States on a subscription fee basis. SiriusXM's content bundles include live, curated, hosted and certain exclusive and on-demand programming. The SiriusXM service is distributed through our two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Satellite radios are primarily distributed through automakers, retailers and SiriusXM’s website. Additionally, our user interface, “360L,” integrates satellite and streaming services into a seamless in-vehicle entertainment experience.
The primary source of revenue from the SiriusXM business is subscription fees, with most of its customers subscribing to monthly or annual plans. Additional revenue streams include advertising on select non-music channels and on certain music channels within ad-supported plans, direct sales of radios and accessories, and other ancillary services. As of September 30, 2025, the SiriusXM business had approximately 32.8 million subscribers.
In addition to the audio entertainment businesses, we provide connected vehicle services to several automakers. These services are designed to enhance the safety, security and driving experience of consumers. We also offer a suite of data services that includes graphical weather and fuel prices, a traffic information service and real-time weather services in boats and airplanes.
Sirius XM holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (“Sirius XM Canada”). Sirius XM Canada's subscribers are not included in our subscriber count or subscriber-based operating metrics.
Pandora and Off-platform
Our Pandora and Off-platform business operates a music, comedy and podcast streaming platform, offering a personalized experience for each listener wherever and whenever they want to listen, whether through mobile devices, car speakers or connected devices. Pandora enables listeners to create personalized stations and playlists, discover new content, hear artist- and expert-curated playlists and podcasts as well as search and play songs and albums on-demand. Pandora is available as (1) an ad-supported radio service, (2) a radio subscription service (Pandora Plus) and (3) an on-demand subscription service (Pandora Premium). As of September 30, 2025, Pandora had approximately 41.6 million monthly active users and 5.7 million subscribers.
The majority of revenue from Pandora is generated from advertising on Pandora's ad-supported radio service. Pandora also derives subscription revenue from its Pandora Plus and Pandora Premium subscribers. Our Pandora and Off-platform business also sells advertising on other audio platforms and in widely distributed podcasts, which we consider to be off-platform services.
Sirius XM also sells advertising on other audio platforms and in widely-distributed podcasts, which it considers to be off-platform services. Sirius XM has an arrangement with SoundCloud Holdings, LLC (“SoundCloud”) to be its exclusive ad sales representative in the U.S. and certain European countries and offer advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. It also has arrangements to serve as the ad sales representative for certain podcasts. In addition, through AdsWizz Inc., Sirius XM provides a comprehensive digital audio and programmatic advertising technology platform, which connects audio publishers and advertisers with a variety of ad insertion, campaign trafficking, yield optimization, programmatic buying, marketplace and podcast monetization solutions.
The information contained in this Quarterly Report on Form 10-Q represents a combination of the historical information of SplitCo (now renamed Sirius XM Holdings Inc.) prior to the Merger Effective Time and Old Sirius.
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Results of Operations - September 30, 2025 and 2024
Set forth below are our results of operations for the three and nine months ended September 30, 2025 compared with the three and nine months ended September 30, 2024. The results of operations are presented for each of our reporting segments for revenue and cost of services and on a consolidated basis for all other items.

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |  |  | 2025 vs 2024 Change |  |
|  |  |  |  | Three Months |  | Nine Months |  |
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  | Amount |  | % |  | Amount |  | % |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SiriusXM: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscriber revenue | $ | 1,497 |  |  | $ | 1,510 |  |  | $ | 4,466 |  |  | $ | 4,576 |  |  |  |  | $ | (13) |  |  | (1) | % |  | $ | (110) |  |  | (2) | % |  |  |  |
Advertising revenue | 39 |  |  | 41 |  |  | 116 |  |  | 124 |  |  |  |  | (2) |  |  | (5) | % |  | (8) |  |  | (6) | % |  |  |  |
Equipment revenue | 43 |  |  | 43 |  |  | 130 |  |  | 140 |  |  |  |  | — |  |  | — | % |  | (10) |  |  | (7) | % |  |  |  |
Other revenue | 32 |  |  | 33 |  |  | 94 |  |  | 93 |  |  |  |  | (1) |  |  | (3) | % |  | 1 |  |  | 1 | % |  |  |  |
Total Sirius XM revenue | 1,611 |  |  | 1,627 |  |  | 4,806 |  |  | 4,933 |  |  |  |  | (16) |  |  | (1) | % |  | (127) |  |  | (3) | % |  |  |  |
Pandora and Off-platform: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscriber revenue | 132 |  |  | 135 |  |  | 394 |  |  | 407 |  |  |  |  | (3) |  |  | (2) | % |  | (13) |  |  | (3) | % |  |  |  |
Advertising revenue | 416 |  |  | 409 |  |  | 1,165 |  |  | 1,171 |  |  |  |  | 7 |  |  | 2 | % |  | (6) |  |  | (1) | % |  |  |  |
Total Pandora and Off-platform revenue | 548 |  |  | 544 |  |  | 1,559 |  |  | 1,578 |  |  |  |  | 4 |  |  | 1 | % |  | (19) |  |  | (1) | % |  |  |  |
Total revenue | 2,159 |  |  | 2,171 |  |  | 6,365 |  |  | 6,511 |  |  |  |  | (12) |  |  | (1) | % |  | (146) |  |  | (2) | % |  |  |  |
Cost of services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SiriusXM: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue share and royalties | 384 |  |  | 390 |  |  | 1,154 |  |  | 1,176 |  |  |  |  | (6) |  |  | (2) | % |  | (22) |  |  | (2) | % |  |  |  |
Programming and content | 138 |  |  | 137 |  |  | 412 |  |  | 412 |  |  |  |  | 1 |  |  | 1 | % |  | — |  |  | — | % |  |  |  |
Customer service and billing | 97 |  |  | 91 |  |  | 283 |  |  | 276 |  |  |  |  | 6 |  |  | 7 | % |  | 7 |  |  | 3 | % |  |  |  |
Transmission | 42 |  |  | 48 |  |  | 122 |  |  | 147 |  |  |  |  | (6) |  |  | (13) | % |  | (25) |  |  | (17) | % |  |  |  |
Cost of equipment | 2 |  |  | 2 |  |  | 6 |  |  | 7 |  |  |  |  | — |  |  | — | % |  | (1) |  |  | (14) | % |  |  |  |
Total Sirius XM cost of services | 663 |  |  | 668 |  |  | 1,977 |  |  | 2,018 |  |  |  |  | (5) |  |  | (1) | % |  | (41) |  |  | (2) | % |  |  |  |
Pandora and Off-platform: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue share and royalties | 337 |  |  | 317 |  |  | 976 |  |  | 942 |  |  |  |  | 20 |  |  | 6 | % |  | 34 |  |  | 4 | % |  |  |  |
Programming and content | 16 |  |  | 13 |  |  | 46 |  |  | 44 |  |  |  |  | 3 |  |  | 23 | % |  | 2 |  |  | 5 | % |  |  |  |
Customer service and billing | 19 |  |  | 19 |  |  | 56 |  |  | 59 |  |  |  |  | — |  |  | — | % |  | (3) |  |  | (5) | % |  |  |  |
Transmission | 7 |  |  | 9 |  |  | 22 |  |  | 25 |  |  |  |  | (2) |  |  | (22) | % |  | (3) |  |  | (12) | % |  |  |  |
Total Pandora and Off-platform cost of services | 379 |  |  | 358 |  |  | 1,100 |  |  | 1,070 |  |  |  |  | 21 |  |  | 6 | % |  | 30 |  |  | 3 | % |  |  |  |
Total cost of services | 1,042 |  |  | 1,026 |  |  | 3,077 |  |  | 3,088 |  |  |  |  | 16 |  |  | 2 | % |  | (11) |  |  | — | % |  |  |  |
Subscriber acquisition costs | 107 |  |  | 90 |  |  | 314 |  |  | 272 |  |  |  |  | 17 |  |  | 19 | % |  | 42 |  |  | 15 | % |  |  |  |
Sales and marketing | 186 |  |  | 217 |  |  | 561 |  |  | 675 |  |  |  |  | (31) |  |  | (14) | % |  | (114) |  |  | (17) | % |  |  |  |
Product and technology | 62 |  |  | 68 |  |  | 191 |  |  | 224 |  |  |  |  | (6) |  |  | (9) | % |  | (33) |  |  | (15) | % |  |  |  |
General and administrative | 119 |  |  | 138 |  |  | 407 |  |  | 378 |  |  |  |  | (19) |  |  | (14) | % |  | 29 |  |  | 8 | % |  |  |  |
Depreciation and amortization | 141 |  |  | 145 |  |  | 406 |  |  | 455 |  |  |  |  | (4) |  |  | (3) | % |  | (49) |  |  | (11) | % |  |  |  |
Impairment, restructuring and other costs | 9 |  |  | 3,388 |  |  | 164 |  |  | 3,441 |  |  |  |  | (3,379) |  |  | (100) | % |  | (3,277) |  |  | (95) | % |  |  |  |
Total operating expenses | 1,666 |  |  | 5,072 |  |  | 5,120 |  |  | 8,533 |  |  |  |  | (3,406) |  |  | (67) | % |  | (3,413) |  |  | (40) | % |  |  |  |
Income (loss) from operations | 493 |  |  | (2,901) |  |  | 1,245 |  |  | (2,022) |  |  |  |  | 3,394 |  |  | nm |  | 3,267 |  |  | nm |  |  |  |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (115) |  |  | (124) |  |  | (348) |  |  | (379) |  |  |  |  | 9 |  |  | 7 | % |  | 31 |  |  | 8 | % |  |  |  |
Other income, net | 10 |  |  | 28 |  |  | 24 |  |  | 142 |  |  |  |  | (18) |  |  | (64) | % |  | (118) |  |  | (83) | % |  |  |  |
Total other expense | (105) |  |  | (96) |  |  | (324) |  |  | (237) |  |  |  |  | (9) |  |  | (9) | % |  | (87) |  |  | (37) | % |  |  |  |
Income (loss) before income taxes | 388 |  |  | (2,997) |  |  | 921 |  |  | (2,259) |  |  |  |  | 3,385 |  |  | 113 | % |  | 3,180 |  |  | 141 | % |  |  |  |
Income tax (expense) benefit | (91) |  |  | 39 |  |  | (215) |  |  | (103) |  |  |  |  | (130) |  |  | (333) | % |  | (112) |  |  | (109) | % |  |  |  |
Net income (loss) | $ | 297 |  |  | $ | (2,958) |  |  | $ | 706 |  |  | $ | (2,362) |  |  |  |  | $ | 3,255 |  |  | 110 | % |  | $ | 3,068 |  |  | 130 | % |  |  |  |

nm - not meaningful
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SiriusXM Revenue
SiriusXM Subscriber Revenue includes fees charged for self-pay and paid promotional subscriptions, U.S. Music Royalty Fees and other ancillary fees.
For the three months ended September 30, 2025 and 2024, subscriber revenue was $1,497 and $1,510, respectively, a decrease of 1%, or $13. For the nine months ended September 30, 2025 and 2024, subscriber revenue was $4,466 and $4,576, respectively, a decrease of 2%, or $110. The decreases were primarily attributed to a reduction in self-pay revenue resulting from a decline in the average number of subscribers, partially offset by rate increases on certain self-pay plans.
We expect SiriusXM subscriber revenues to remain relatively flat with higher ARPU offset by declines in the number of average subscribers.
SiriusXM Advertising Revenue includes the sale of advertising on SiriusXM’s non-music channels and select music channels within ad-supported plans.
For the three months ended September 30, 2025 and 2024, advertising revenue was $39 and $41, respectively, a decrease of 5%, or $2. For the nine months ended September 30, 2025 and 2024, advertising revenue was $116 and $124, respectively, a decrease of 6%, or $8. The decreases were primarily due to lower advertising demand for news and sports channels. The decrease in the nine-month period was also impacted by lower demand on comedy channels.
We expect our SiriusXM advertising revenue to grow as we continue to leverage co-selling initiatives across our brands and platforms.
SiriusXM Equipment Revenue includes revenue and royalties from the sale of satellite radios, components and accessories.
For each of the three months ended September 30, 2025 and 2024, equipment revenue was $43. For the nine months ended September 30, 2025 and 2024, equipment revenue was $130 and $140, respectively, a decrease of 7%, or $10. During the three-month period, the transition to higher cost next generation chipsets was offset by higher chipset production. For the nine-month period, the decrease was driven by the transition to higher cost next generation chipsets as well as lower chipset production.
We expect equipment revenue to remain flat as higher costs associated with the transition to our next generation chipset are projected to offset the benefits of increased production. In addition, if the imposition of tariffs by the United States government causes automakers to decrease production, we would expect equipment revenue to decline.
SiriusXM Other Revenue includes service fee revenue from Sirius XM Canada, revenue from our connected vehicle services and ancillary revenues.
For the three months ended September 30, 2025 and 2024, other revenue was $32 and $33, respectively, a decrease of 3%, or $1. For the nine months ended September 30, 2025 and 2024, other revenue was $94 and $93, respectively, an increase of 1%, or $1. The decrease for the three-month period was driven by lower revenue from our connected vehicle services. The increase for the nine-month period was driven by one-time license fees.
We expect other revenue, excluding one-time license fees, to remain relatively flat.
Pandora and Off-platform Revenue
Pandora and Off-platform Subscriber Revenue includes fees charged for Pandora Plus and Pandora Premium.
For the three months ended September 30, 2025 and 2024, Pandora and Off-platform subscriber revenue was $132 and $135, respectively, a decrease of 2%, or $3. For the nine months ended September 30, 2025 and 2024, Pandora and Off-platform subscriber revenue was $394 and $407, respectively, a decrease of 3%, or $13. The decreases were driven by a decline in the subscriber base, partially offset by rate increases on Pandora subscription plans.
We anticipate a decline in Pandora and Off-platform subscriber revenues primarily driven by a reduction in the average number of subscribers.
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Pandora and Off-platform Advertising Revenue is generated primarily from audio, display and video advertising from on-platform and off-platform advertising.
For the three months ended September 30, 2025 and 2024, Pandora and Off-platform advertising revenue was $416 and $409, respectively, an increase of 2%, or $7. For the nine months ended September 30, 2025 and 2024, Pandora and Off-platform advertising revenue was $1,165 and $1,171, respectively, a decrease of 1%, or $6. The increase for the three-month period was driven by revenue generated from podcasts and technology fees, partially offset by reduced advertiser demand in streaming music. The decrease for the nine-month period was driven by reduced advertiser demand in streaming music, partially offset by revenue generated from podcasts and higher technology fees.
We expect Pandora and Off-platform advertising revenue to slightly increase due to growth in off-platform monetization, including through podcasts, as well as higher technology fees.
Total Revenue
Total Revenue for the three months ended September 30, 2025 and 2024 was $2,159 and $2,171, respectively, a decrease of 1%, or $12. Total Revenue for the nine months ended September 30, 2025 and 2024 was $6,365 and $6,511, respectively, a decrease of 2%, or $146.
SiriusXM Cost of Services
SiriusXM Cost of Services includes revenue share and royalties, programming and content, customer service and billing, and transmission expenses.
SiriusXM Revenue Share and Royalties include royalties for transmitting content, including streaming royalties, as well as revenue share agreements with automakers, content providers and advertisers.
For the three months ended September 30, 2025 and 2024, revenue share and royalties were $384 and $390, respectively, a decrease of 2%, or $6, and decreased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, revenue share and royalties were $1,154 and $1,176, respectively, a decrease of 2%, or $22, but increased as a percentage of total SiriusXM revenue. The decreases were driven by lower subscription revenue, partially offset by higher webcasting per play rate.
We expect our SiriusXM revenue share and royalty costs to remain flat as a percentage of revenue.
SiriusXM Programming and Content includes costs to acquire, create, promote and produce content. We have entered into agreements with third parties for music and non-music programming that require us to pay license fees and other amounts.
For the three months ended September 30, 2025 and 2024, programming and content expenses were $138 and $137, respectively, an increase of 1%, or $1 and increased as a percentage of total SiriusXM revenue. For each of the nine months ended September 30, 2025 and 2024, programming and content expenses were $412 which remained unchanged in absolute terms but increased as a percentage of total SiriusXM revenue. The increase for the three-month period was driven by higher personnel-related costs.
We expect our SiriusXM programming and content expenses to remain relatively flat.
SiriusXM Customer Service and Billing includes costs related to the operation and management of internal and third-party customer service centers, our subscriber management systems, billing and collection processes, bad debt expense, and transaction fees.
For the three months ended September 30, 2025 and 2024, customer service and billing expenses were $97 and $91, respectively, an increase of 7%, or $6, and increased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, customer service and billing expenses were $283 and $276, respectively, an increase of 3%, or $7, and increased as a percentage of total SiriusXM revenue. The increases were driven by higher subscriber management systems and transaction costs, partially offset by lower call center costs and bad debt expense.
We expect our SiriusXM customer service and billing expenses to decrease as a result of reductions in call center and personnel-related costs, partially offset by higher costs associated with subscriber management systems.
SiriusXM Transmission consists of costs associated with the operation and maintenance of our terrestrial repeater networks; satellites; satellite telemetry, tracking and control systems; satellite uplink facilities; studios and delivery of our Internet and 360L streaming and connected vehicle services.
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For the three months ended September 30, 2025 and 2024, transmission expenses were $42 and $48, respectively, a decrease of 13%, or $6, and decreased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, transmission expenses were $122 and $147, respectively, a decrease of 17%, or $25, and decreased as a percentage of total SiriusXM revenue. The decreases were driven primarily by lower hosting costs associated with our streaming platform.
We expect our SiriusXM transmission expenses to remain relatively flat.
SiriusXM Cost of Equipment includes costs from the sale of satellite radios, components and accessories and provisions for inventory allowance attributable to products purchased for resale in our direct to consumer distribution channels.
For each of the three months ended September 30, 2025 and 2024, cost of equipment was $2, which remained unchanged in absolute terms but increased as a percentage of total SiriusXM revenue. For the nine months ended September 30, 2025 and 2024, cost of equipment was $6 and $7, respectively, a decrease of 14%, or $1, and decreased as a percentage of total SiriusXM revenue. The decrease for the nine-month period was driven lower inventory reserves.
We expect our SiriusXM cost of equipment to remain relatively flat.
Pandora and Off-platform Cost of Services
Pandora and Off-platform Cost of Services includes revenue share and royalties, programming and content, customer service and billing and transmission expenses.
Pandora and Off-platform Revenue Share and Royalties includes licensing fees paid for streaming music, podcast content, and revenue share paid to third party publishers. Payments are made based on advertising impressions delivered or click-through actions, and these costs are recorded in the related period.
For the three months ended September 30, 2025 and 2024, revenue share and royalties were $337 and $317, respectively, an increase of 6%, or $20, and increased as a percentage of total Pandora and Off-platform revenue. For the nine months ended September 30, 2025 and 2024, revenue share and royalties were $976 and $942, respectively, an increase of 4%, or $34, and increased as a percentage of total Pandora and Off-platform revenue. The increases were driven by podcast revenue share, partially offset by a decline in the subscriber base.
We expect our Pandora and Off-platform revenue share and royalties to increase with the growth in our podcast revenue.
Pandora and Off-platform Programming and Content includes costs to produce owned and operated podcasts, live listener events and promote content.
For the three months ended September 30, 2025 and 2024, programming and content expenses were $16 and $13, respectively, an increase of 23%, or $3, and increased as a percentage of total Pandora and Off-platform revenue. For each of the nine months ended September 30, 2025 and 2024, programming and content expenses were $46 and $44, respectively, an increase of 5%, or $2, and increased as a percentage of total Pandora and Off-platform revenue. The increases were primarily attributable to higher podcast programming costs.
We expect our Pandora and Off-platform programming and content costs to remain relatively flat.
Pandora and Off-platform Customer Service and Billing includes transaction fees on subscription purchases through mobile app stores and bad debt expense.
For each of the three months ended September 30, 2025 and 2024, customer service and billing expenses were $19, which remained unchanged in absolute terms but decreased as a percentage of total Pandora and Off-platform revenue. For the nine months ended September 30, 2025 and 2024, customer service and billing expenses were $56 and $59, respectively, a decrease of 5%, or $3, and decreased as a percentage of total Pandora and Off-platform revenue. The decrease for the nine-month period was primarily driven by lower transaction fees.
We expect our Pandora and Off-platform customer service and billing costs to remain relatively flat.
Pandora and Off-platform Transmission includes costs associated with content streaming, maintaining our streaming radio and on-demand subscription services and creating and serving advertisements through third-party ad servers.
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For the three months ended September 30, 2025 and 2024, Pandora and Off-Platform transmission expenses were $7 and $9, respectively, a decrease of 22%, or $2, and decreased as a percentage of total Pandora and Off-platform revenue. For the nine months ended September 30, 2025 and 2024, Pandora and Off-Platform transmission expenses were $22 and $25, respectively, a decrease of 12%, or $3, and decreased as a percentage of total Pandora and Off-platform revenue. The decreases were driven by lower bandwidth costs.
We expect our Pandora and Off-platform transmission costs to remain relatively flat due to optimized spend, partially offset by higher hosting costs associated with increased AdsWizz platform fee revenue.
Operating Costs
Subscriber Acquisition Costs are costs associated with our satellite radio service. These include hardware subsidies paid to radio manufacturers, distributors and automakers; subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; product warranty obligations and freight. The majority of subscriber acquisition costs are incurred and expensed in advance of acquiring a subscriber. Subscriber acquisition costs do not include advertising costs, marketing, loyalty payments to distributors and dealers of satellite radios or revenue share payments to automakers and retailers of satellite radios.
For the three months ended September 30, 2025 and 2024, subscriber acquisition costs were $107 and $90, respectively, an increase of 19%, or $17, and increased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, subscriber acquisition costs were $314 and $272, respectively, an increase of 15%, or $42, and increased as a percentage of total revenue. The increases were primarily driven by contractual changes with certain automakers.
We expect subscriber acquisition costs to stay relatively flat; However, if the imposition of tariffs by the United States government causes automakers to decrease production, we would expect subscriber acquisition costs to decline.
Sales and Marketing includes costs for marketing, advertising, media and production, including promotional events and sponsorships; cooperative and artist marketing; and personnel related costs including salaries, commissions, and sales support. Marketing costs include expenses related to direct mail, outbound telemarketing, email communications, social media, television and streaming performance media and third party promotional offers.
For the three months ended September 30, 2025 and 2024, sales and marketing expenses were $186 and $217, respectively, a decrease of 14%, or $31, and decreased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, sales and marketing expenses were $561 and $675, respectively, a decrease of 17%, or $114, and decreased as a percentage of total revenue. The decreases were primarily due to lower brand and streaming marketing spend.
We expect sales and marketing expenses to increase due to an increase in our brand and in-car marketing.
Product and Technology consists primarily of compensation and related costs to develop chipsets and new products and services, including streaming and connected vehicle services, research and development for broadcast information systems and the design and development costs to incorporate Sirius XM radios into new vehicles manufactured by automakers.
For the three months ended September 30, 2025 and 2024, product and technology expenses were $62 and $68, respectively, a decrease of 9%, or $6, and decreased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, product and technology expenses were $191 and $224, respectively, a decrease of 15%, or $33, and decreased as a percentage of total revenue. The decreases were primarily driven by lower hosting and personnel-related costs.
We anticipate product and technology expenses will remain relatively flat as we optimize our technology spend.
General and Administrative primarily consists of compensation and related costs for personnel and facilities, and includes costs related to our finance, legal, human resources and information technology departments.
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For the three months ended September 30, 2025 and 2024, general and administrative expenses were $119 and $138, respectively, a decrease of 14%, or $19, and decreased as a percentage of total revenue. For the nine months ended September 30, 2025 and 2024, general and administrative expenses were $407 and $378, respectively, an increase of 8%, or $29, and increased as a percentage of total revenue. The decrease for the three-month period was driven by lower legal costs, including income from a legal settlement, as well as the elimination of Former Parent operating costs; partially offset by higher software and telecom expenses. The increase for the nine-month period was driven by higher legal costs, including amounts associated with a settlement reserve for certain litigation matters of $28 which is expected to be paid in 2026, higher personnel-related costs and lower insurance recoveries; partially offset by the elimination of Former Parent operating costs, the $9 legal settlement income recognized during the three months ended September 30, 2025, and certain state tax litigation recoveries recorded during the first three months of 2025.
We expect our general and administrative expenses, excluding the impact of any past or future litigation insurance recoveries and settlement reserves, to remain relatively flat.
Depreciation and Amortization reflects the allocation of the costs of assets used in operations such as our satellite constellations, property, equipment and intangible assets over their estimated service lives.
For the three months ended September 30, 2025 and 2024, depreciation and amortization expense was $141 and $145, respectively. For the nine months ended September 30, 2025 and 2024, depreciation and amortization expense was $406 and $455, respectively. The decreases were primarily associated with certain assets that reached the end of their useful lives.
Impairment, Restructuring and Other Costs represents impairment charges, associated with the carrying amount of an asset exceeding the asset's fair value, restructuring expenses associated with the abandonment of certain leased office spaces as well as employee severance charges and other charges associated with organizational changes and costs associated with the Transactions.
For the three months ended September 30, 2025 and 2024, impairment, restructuring and other costs were $9 and $3,388, respectively. For the nine months ended September 30, 2025 and 2024, impairment, restructuring and other costs were $164 and $3,441, respectively. During the three months ended September 30, 2025, we recorded Transaction related costs of $6 and other restructuring related costs of $3. During the nine months ended September 30, 2025, we recorded a charge of $109 associated with impairments related to terminated software projects, other restructuring related costs of $25, severance and other employee costs of $24 and Transaction related costs of $6. During the three months ended September 30, 2024, we recorded impairment charges of $3,353 related to impairments of Goodwill and non-controlling investments, costs associated with the Transactions of $32, and a charge of $3 primarily related to severance and other restructuring costs. During the nine months ended September 30, 2024, we recorded impairment charges of $3,354 primarily related to impairments of Goodwill and non-controlling investments, costs associated with the Transactions of $68, a charge of $19 associated with severance and other restructuring costs.
Other (Expense) Income
Interest Expense represents the cost of interest on outstanding debt.
For the three months ended September 30, 2025 and 2024, interest expense was $115 and $124, respectively. For the nine months ended September 30, 2025 and 2024, interest expense was $348 and $379, respectively. The decreases were primarily driven by a lower average outstanding debt balance.
Other Income, Net primarily includes realized and unrealized gains and losses from our debt measured at fair value, bond hedges, our Deferred Compensation Plan and other investments, intergroup interests, interest and dividend income, our share of the income or loss from equity investments and transaction costs related to non-operating investments.
For the three months ended September 30, 2025 and 2024, other income, net was $10 and $28, respectively. For the nine months ended September 30, 2025 and 2024, other income, net was $24 and $142, respectively. During the three and nine months ended September 30, 2025, we recorded unrealized gains on debt measured at fair value, trading gains associated with the investments held for our Deferred Compensation Plan, and earnings on unconsolidated entity investments. During the three and nine months ended September 30, 2024, we recorded unrealized gains on debt measured at fair value, earnings on unconsolidated entity investments and trading gains associated with the investments held for our Deferred Compensation Plan.
Income Taxes
Income Tax Expense includes the change in our deferred tax assets, current federal and state tax expenses and foreign withholding taxes.
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For the three months ended September 30, 2025 and 2024, income tax (expense) benefit was $(91) and $39, respectively. For the nine months ended September 30, 2025 and 2024, income tax expense was $215 and $103, respectively.
Our effective tax rate for the three months ended September 30, 2025 and 2024 was (23.5)% and 1.3%, respectively. Our effective tax rate for the nine months ended September 30, 2025 and 2024 was (23.3)% and (4.6)%, respectively. The effective tax rate for the three months and nine months ended September 30, 2025 was primarily driven by federal and state income tax expense and tax losses related to share-based compensation, partially offset by certain tax credits. The effective tax rate for the three and nine months ended September 30, 2024 was primarily impacted by the nondeductible Sirius XM goodwill impairment charge, partially offset by tax losses related to share-based compensation and an increase in valuation allowance and net operating loss expirations related to state net operating losses that are projected to expire unutilized.
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Key Financial and Operating Performance Metrics
In this section, we present certain financial performance measures, some of which are presented as Non-GAAP items, which include free cash flow and adjusted EBITDA. We also present certain operating performance measures. Our adjusted EBITDA excludes the impact of share-based payment expense. Additionally, when applicable, our adjusted EBITDA metric excludes the effect of significant items that do not relate to the on-going performance of our business. We use these Non-GAAP financial and operating performance measures to manage our business, to set operational goals and as a basis for determining performance-based compensation for our employees. See the accompanying Glossary for more details and for the reconciliation to the most directly comparable GAAP measure (where applicable).
We believe these Non-GAAP financial and operating performance measures provide useful information to investors regarding our financial condition and results of operations. We believe these Non-GAAP financial and operating performance measures may be useful to investors in evaluating our core trends because they provide a more direct view of our underlying costs. We believe investors may use our adjusted EBITDA to estimate our current enterprise value and to make investment decisions. We believe free cash flow provides useful supplemental information to investors regarding our cash available for future subscriber acquisitions and capital expenditures, to repurchase or retire debt, to acquire other companies and our ability to return capital to stockholders. By providing these Non-GAAP financial and operating performance measures, together with the reconciliations to the most directly comparable GAAP measure (where applicable), we believe we are enhancing investors' understanding of our business and our results of operations.
Our Non-GAAP financial measures should be viewed in addition to, and not as an alternative for or superior to, our reported results prepared in accordance with GAAP. In addition, our Non-GAAP financial measures may not be comparable to similarly-titled measures by other companies. Please refer to the Glossary for a further discussion of such Non-GAAP financial and operating performance measures and reconciliations to the most directly comparable GAAP measure (where applicable). Subscribers and subscription related revenues and expenses associated with our connected vehicle services and Sirius XM Canada are not included in SiriusXM’s subscriber count or subscriber-based operating metrics. Subscribers to the Cloud Cover music programming service are now included in Pandora's subscriber count.
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Set forth below are our subscriber balances as of September 30, 2025 compared to September 30, 2024.

| As of September 30, |  | 2025 vs 2024 Change |  |
(subscribers in thousands) | 2025 |  | 2024 |  |  |  | Amount |  | % |  |  |  |
SiriusXM |  |  |  |  |  |  |  |  |  |  |  |  |
Self-pay subscribers | 31,235 |  |  | 31,497 |  |  |  |  | (262) |  |  | (1) | % |  |  |  |
Paid promotional subscribers | 1,573 |  |  | 1,659 |  |  |  |  | (86) |  |  | (5) | % |  |  |  |
Ending subscribers | 32,808 |  |  | 33,156 |  |  |  |  | (348) |  |  | (1) | % |  |  |  |
Sirius XM Canada subscribers | 2,491 |  |  | 2,559 |  |  |  |  | (68) |  |  | (3) | % |  |  |  |
Pandora and Off-platform |  |  |  |  |  |  |  |  |  |  |  |  |
Monthly active users - all services | 41,562 |  |  | 43,721 |  |  |  |  | (2,159) |  |  | (5) | % |  |  |  |
Self-pay subscribers | 5,691 |  |  | 5,875 |  |  |  |  | (184) |  |  | (3) | % |  |  |  |

The following table contains our Non-GAAP financial and operating performance measures which are based on our adjusted results of operations for the three and nine months ended September 30, 2025 and 2024.

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  | 2025 vs 2024 Change |  |
|  |  | Three Months |  | Nine Months |  |
(subscribers in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  | Amount |  | % |  | Amount |  | % |  |  |  |
SiriusXM |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Self-pay subscribers | (40) |  |  | 14 |  |  | (411) |  |  | (445) |  |  |  |  | (54) |  |  | (386) | % |  | 34 |  |  | 8 | % |  |  |  |
Paid promotional subscribers | 51 |  |  | (114) |  |  | (7) |  |  | (274) |  |  |  |  | 165 |  |  | 145 | % |  | 267 |  |  | 97 | % |  |  |  |
Net additions | 11 |  |  | (100) |  |  | (418) |  |  | (719) |  |  |  |  | 111 |  |  | 111 | % |  | 301 |  |  | 42 | % |  |  |  |
Weighted average number of subscribers | 32,749 |  |  | 33,212 |  |  | 32,801 |  |  | 33,350 |  |  |  |  | (463) |  |  | (1) | % |  | (549) |  |  | (2) | % |  |  |  |
Average self-pay monthly churn | 1.6 | % |  | 1.6 | % |  | 1.5 | % |  | 1.6 | % |  |  |  | — | % |  | — | % |  | (0.1) | % |  | (6) | % |  |  |  |
ARPU (1) | $ | 15.19 |  |  | $ | 15.16 |  |  | $ | 15.09 |  |  | $ | 15.25 |  |  |  |  | $ | 0.03 |  |  | — | % |  | $ | (0.16) |  |  | (1) | % |  |  |  |
SAC, per installation | $ | 19.37 |  |  | $ | 14.67 |  |  | $ | 18.74 |  |  | $ | 13.65 |  |  |  |  | $ | 4.70 |  |  | 32 | % |  | $ | 5.09 |  |  | 37 | % |  |  |  |
Pandora and Off-platform |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of subscribers | 5,703 |  |  | 5,917 |  |  | 5,702 |  |  | 5,953 |  |  |  |  | (214) |  |  | (4) | % |  | (251) |  |  | (4) | % |  |  |  |
Ad supported listener hours (in billions) | 2.49 |  |  | 2.47 |  |  | 7.43 |  |  | 7.55 |  |  |  |  | 0.03 |  |  | 1 | % |  | (0.12) |  |  | (2) | % |  |  |  |
Advertising revenue per thousand listener hours (RPM) | $ | 91.24 |  |  | $ | 104.50 |  |  | $ | 88.14 |  |  | $ | 98.12 |  |  |  |  | $ | (13.26) |  |  | (13) | % |  | $ | (9.98) |  |  | (10) | % |  |  |  |
Total Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted EBITDA | $ | 676 |  |  | $ | 693 |  |  | $ | 1,974 |  |  | $ | 2,043 |  |  |  |  | $ | (17) |  |  | (2) | % |  | $ | (69) |  |  | (3) | % |  |  |  |
Free cash flow | $ | 257 |  |  | $ | 93 |  |  | $ | 715 |  |  | $ | 499 |  |  |  |  | $ | 164 |  |  | 176 | % |  | $ | 216 |  |  | 43 | % |  |  |  |

(1) ARPU for SiriusXM excludes subscriber revenue from our connected vehicle services of $43 and $41 for the three months September 30, 2025 and 2024, respectively, and $127 and $122 for the nine months ended September 30, 2025 and 2024, respectively.
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SiriusXM
Subscribers. At September 30, 2025, SiriusXM had 32,808 subscribers, a decrease of 348, from the 33,156 subscribers as of September 30, 2024. Our self-pay subscriber base declined due to lower vehicle conversion rates, partially offset by reductions in voluntary and non-pay churn as well as growth in new acquisition initiatives. We also saw a decrease in paid promotional subscribers as we transitioned some automakers from paid promotional subscriptions to unpaid or to shorter term promotional plans.
For the three months ended September 30, 2025 and 2024, net subscriber additions were 11 and (100), respectively, an improvement of 111. For the nine months ended September 30, 2025 and 2024, net subscriber additions were (418) and (719), respectively, an improvement of 301. Self-pay net additions for the three-month period compared to the prior year decreased primarily due to lower conversion rates and streaming net additions, partially offset by lower churn and higher trial volumes as well as growth in new acquisition initiatives. Self-pay net additions for the nine-month period compared to the prior year period increased primarily due to lower churn and higher trial volumes as well as growth in new acquisition initiatives, partially offset by lower conversion rates and streaming net additions. Paid promotional net additions also improved compared to the prior year periods driven by higher vehicle sales.
Sirius XM Canada Subscribers. At September 30, 2025, Sirius XM Canada had approximately 2,491 subscribers, a decrease of 68, or 3%, from the approximately 2,559 Sirius XM Canada subscribers as of September 30, 2024.
Average Self-pay Monthly Churn is derived by dividing the monthly average of self-pay deactivations for the period by the average number of self-pay subscribers for the period. (See accompanying Glossary for more details.)
For each of the three months ended September 30, 2025 and 2024, our average self-pay monthly churn rate was 1.6%. For the nine months ended September 30, 2025 and 2024, our average self-pay monthly churn rate was 1.5% and 1.6%, respectively. The decrease for the nine month period was driven by lower vehicle, non-pay and voluntary churn.
ARPU is derived from total earned SiriusXM subscriber revenue (excluding revenue derived from our connected vehicle services) and net advertising revenue, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. (See the accompanying Glossary for more details.)
For the three months ended September 30, 2025 and 2024, ARPU was $15.19 and $15.16, respectively. For the nine months ended September 30, 2025 and 2024, ARPU was $15.09 and $15.25, respectively. The increase for the three-month period was driven by rate increases on certain self-pay plans, partially offset by an increase in subscribers on promotional plans. The decrease for the nine-month period was driven by an increase in self-pay subscribers on promotional plans, partially offset by rate increases on certain self-pay plans.
SAC, Per Installation, is derived from subscriber acquisition costs and margins from the sale of radios, components and accessories (excluding connected vehicle services), divided by the number of satellite radio installations in new vehicles and shipments of aftermarket radios for the period. (See the accompanying Glossary for more details.)
For the three months ended September 30, 2025 and 2024, SAC, per installation, was $19.37 and $14.67, respectively. For the nine months ended September 30, 2025 and 2024, SAC, per installation, was $18.74 and $13.65, respectively. The increases were driven by a transition to higher cost chipsets as well as contractual changes with certain automakers.
Pandora and Off-platform
Monthly Active Users. At September 30, 2025, Pandora had approximately 41,562 monthly active users, a decrease of 2,159 monthly active users, or 5%, from the 43,721 monthly active users as of September 30, 2024. The decrease in monthly active users was driven by churn and a decline in the number of new users.
Subscribers. At September 30, 2025, Pandora had approximately 5,691 subscribers, a decrease of 184, or 3%, from the approximately 5,875 subscribers as of September 30, 2024.
Ad supported listener hours are a key indicator of our Pandora business and the engagement of our Pandora listeners. We include ad supported listener hours related to Pandora's non-music content offerings in the definition of listener hours.
For the three months ended September 30, 2025 and 2024, ad supported listener hours were 2,494 and 2,466, respectively, an increase of 1%, or 28. For the nine months ended September 30, 2025 and 2024, ad supported listener hours were 7,425 and 7,550, respectively, a decrease of 2%, or 125. The increase in ad supported listener hours for the three month
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period was driven by higher hours per active user, partially offset by a decline in monthly active users. The decrease for the nine month period was primarily driven by the decline in monthly active users, partially offset by higher hours per active user.
RPM is a key indicator of our ability to monetize advertising inventory created by listener hours on the Pandora services. Ad RPM is calculated by dividing advertising revenue by the number of thousands of listener hours of our Pandora advertising-based service.
For the three months ended September 30, 2025 and 2024, RPM was $91.24 and $104.50, respectively. For the nine months ended September 30, 2025 and 2024, RPM was $88.14 and $98.12, respectively. The decreases were driven by lower advertiser demand in streaming music and macroeconomic uncertainty.
Total Company
Adjusted EBITDA. EBITDA is defined as net income before interest expense, income tax expense and depreciation and amortization. Adjusted EBITDA excludes the impact of other expense (income), loss on extinguishment of debt, impairment, restructuring and other costs, Former Parent operating costs, other non-cash charges such as share-based payment expense, and legal settlements and reserves (if applicable). (See the accompanying Glossary for a reconciliation to GAAP and for more details.)
For the three months ended September 30, 2025 and 2024, Adjusted EBITDA was $676 and $693, respectively, a decrease of 2%, or $17. For the nine months ended September 30, 2025 and 2024, adjusted EBITDA was $1,974 and $2,043, respectively, a decrease of 3%, or $69. The decreases were driven by declines in subscriber revenue as well as increases in revenue share and royalties and subscriber acquisition costs; partially offset by lower sales and marketing expenses. The nine month period was also impacted by a decline in advertising revenue.
Free Cash Flow includes cash provided by operations, net of additions to property and equipment, and restricted and other investment activity. (See the accompanying Glossary for a reconciliation to GAAP and for more details.)
For the three months ended September 30, 2025 and 2024, free cash flow was $257 and $93, respectively, an increase of 176%, or $164. For the nine months ended September 30, 2025 and 2024, free cash flow was $715 and $499, respectively, an increase of 43%, or $216. The increases were driven by the elimination of Liberty transaction costs, lower cash taxes paid and lower capital expenditures.
Liquidity and Capital Resources
The following table presents a summary of our cash flow activity for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024.

| For the Nine Months Ended September 30, |  |  |  |
(in millions) | 2025 |  | 2024 |  |  |  | 2025 vs 2024 |  |
Net cash provided by operating activities | $ | 1,218 |  |  | $ | 1,062 |  |  |  |  | $ | 156 |  |  |
Net cash used in investing activities | (588) |  |  | (792) |  |  |  |  | 204 |  |  |
Net cash used in financing activities | (713) |  |  | (450) |  |  |  |  | (263) |  |  |
Net decrease in cash, cash equivalents and restricted cash | (83) |  |  | (180) |  |  |  |  | 97 |  |  |
Cash, cash equivalents and restricted cash at beginning of period | 170 |  |  | 315 |  |  |  |  | (145) |  |  |
Cash, cash equivalents and restricted cash at end of period | $ | 87 |  |  | $ | 135 |  |  |  |  | $ | (48) |  |  |

Cash Flows Provided by Operating Activities
Cash flows provided by operating activities increased by $156 to $1,218 for the nine months ended September 30, 2025 from $1,062 for the nine months ended September 30, 2024.
Our largest source of cash provided by operating activities is cash generated by subscription and subscription-related revenues. We also generate cash from the sale of advertising through the Pandora and Off-platform business, advertising on certain non-music channels on Sirius XM and the sale of satellite radios, components and accessories. Our primary uses of cash from operating activities include revenue share and royalty payments to distributors, programming and content providers and payments to radio manufacturers, distributors and automakers. In addition, uses of cash from operating activities include payments to vendors to service, maintain and acquire listeners and subscribers, general corporate expenditures and compensation and related costs.
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Cash Flows Used in Investing Activities
Cash flows used in investing activities in the nine months ended September 30, 2025 were primarily due to spending for capitalized software and hardware, the construction of satellites and acquisitions of tax-effective investments for total cash consideration of $85. Cash flows used in investing activities in the nine months ended September 30, 2024 were primarily due to spending for capitalized software and hardware, the construction of satellites and acquisitions of tax-effective equity investments for total cash consideration of $229. We spent $292 and $305 on capitalized software and hardware as well as $186 and $229 to construct satellites during the nine months ended September 30, 2025 and 2024, respectively.
Cash Flows Used in Financing Activities
Cash flows used in financing activities consists of the issuance and repayment of long-term debt, purchases of our common stock, the payment of cash dividends and taxes paid in lieu of shares issued for stock-based compensation. Proceeds from long-term debt have been used to fund our operations, construct and launch new satellites, fund acquisitions, invest in other infrastructure improvements and purchase shares of our common stock.
Cash flows used in financing activities in the nine months ended September 30, 2025 were primarily due to the repayment of $1,597 of debt, the payment of cash dividends of $274, the purchase and retirement of shares of our common stock under our repurchase program of $91 and the payment of $27 for taxes in lieu of shares issued for share-based compensation, partially offset by proceeds from debt borrowings of $1,282. Long-term debt proceeds and repayments are reported gross within the statement of cash flows and primarily relate to the Delayed Draw Incremental Term Loan and the Credit Facility.
Cash flows used in financing activities in the nine months ended September 30, 2024 were primarily due to the repayment of $2,797 of debt, the payment of cash dividends of $51 and the payment of $39 for taxes in lieu of shares issued for share-based compensation, partially offset by proceeds from debt borrowings of $2,451. Long-term debt proceeds and repayments are reported gross within the statement of cash flows and primarily relate to the Convertible Notes, the Exchangeable Notes, that certain margin loan agreement (which is no longer outstanding) of Liberty Siri MarginCo, LLC which merged with and into SplitCo following the Transactions that was secured by shares of our common stock (the “Margin Loan”) and the Credit Facility (each as defined in Note 11 to our unaudited consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q).
Future Liquidity and Capital Resource Requirements
Based upon our current business plans, we expect to fund operating expenses, capital expenditures, including the construction of replacement satellites, working capital requirements, interest payments, taxes and scheduled maturities of our debt with existing cash, cash flow from operations and borrowings under the Credit Facility, including the Delayed Draw Incremental Term Loan. As of September 30, 2025, $1,970 was available for future borrowing under the Credit Facility and no amount was available under the Delayed Draw Incremental Term Loan. We believe that we have sufficient cash and cash equivalents, as well as debt capacity, to cover our estimated short and long-term funding needs, including amounts to construct, launch and insure replacement satellites, as well as fund future stock repurchases and dividend payments and to pursue strategic opportunities.
Our ability to meet our debt and other obligations depends on our future operating performance and on economic, financial, competitive and other factors.
We regularly evaluate our business plans and strategy. These evaluations often result in changes to our business plans and strategy, some of which may be material and significantly change our cash requirements. These changes in our business plans or strategy may include: the acquisition of unique or compelling programming; the development and introduction of new features or services; significant new or enhanced distribution arrangements; investments in infrastructure, such as satellites, equipment or radio spectrum and acquisitions and investments, including acquisitions and investments that are not directly related to our existing business.
We may from time to time purchase our outstanding debt through open market purchases, privately negotiated transactions or otherwise. Purchases or retirement of debt, if any, will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.
We have made, and expect to continue to make, certain tax-efficient equity investments in clean energy technologies, including industrial carbon capture and storage. These investments are expected to produce tax credits and related tax losses. The payments on these equity investments will be classified as investing activities from a cash flow perspective, while the tax credits and losses will benefit our federal cash taxes in operating activities.
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Stock Repurchase Program
Prior to the closing of the Transactions, the board of directors of Old Sirius had approved the repurchase of an aggregate of $18,000 of its common stock. As of the closing of the Transactions, Old Sirius repurchased $16,834 since December 2012, and $1,166 remained available under that program. The stock repurchase program of Old Sirius was terminated on the closing date of the Transactions.
Following the closing of the Transactions, on September 9, 2024, our board of directors authorized for repurchase an aggregate of $1,166 of our common stock. The board of directors did not establish an end date for this stock repurchase program. Shares of common stock may be purchased from time to time on the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions, including in accelerated stock repurchase transactions, or otherwise. We intend to fund any stock repurchases through a combination of cash on hand, cash generated by operations and future borrowings. The size and timing of any purchases will be based on a number of factors, including price and business and market conditions. As of September 30, 2025, our cumulative repurchases since the closing of the Transactions under our stock repurchase program totaled 4,371 thousand shares for $96, and $1,070 remained available for additional repurchases under our existing stock repurchase program authorization.
Dividend
On October 22, 2025, our board of directors declared a quarterly dividend on our common stock in the amount of $0.27 per share of common stock payable on November 21, 2025 to stockholders of record as of the close of business on November 5, 2025.
Debt Covenants
The indentures governing Sirius XM's senior notes and the agreements governing the Credit Facility include restrictive covenants. The indentures governing the senior notes also contain covenants that, among other things, limit Sirius XM’s ability and the ability of its subsidiaries to create certain liens; enter into sale/leaseback transactions; and merge or consolidate. As of September 30, 2025, we were in compliance with such covenants. For a discussion of our “Debt Covenants,” refer to Note 11 to our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Off-Balance Sheet Arrangements
We do not have any significant off-balance sheet arrangements other than those disclosed in Note 14 to our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.
Contractual Cash Commitments
For a discussion of our “Contractual Cash Commitments,” refer to Note 14 to our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Related Party Transactions
For a discussion of “Related Party Transactions,” refer to Note 10 to our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
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Critical Accounting Policies and Estimates
For a discussion of our “Critical Accounting Policies and Estimates”, refer to “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to our critical accounting policies and estimates since December 31, 2024.
Glossary
Self-pay subscriber - a self-pay subscriber is a user that, as of the date of determination, was party to a customer agreement with SiriusXM or Pandora, and (i) has paid or agreed to pay a subscription fee, including at a promotional price, or (ii) the subscription fee has been paid by an automaker for a period of three years or greater. Lifetime subscribers to the SiriusXM service are counted as self-pay subscribers because they are party to a customer agreement with SiriusXM and have paid a subscription fee, although in almost all cases the revenue from such subscriptions have been fully recognized in prior periods. Certain users that are party to a customer agreement with Sirius XM or Pandora and have paid or agreed to pay a small promotional price for a trial subscription are not counted as self-pay subscribers because the promotional price is considered to be de minimis and, in management's view, the payment is not indicative of the user's intent to subscribe to the service in the near-term.
Paid promotional subscriber - a paid promotional subscriber is a user that, as of the date of determination, has their subscription fee paid for by a third party, for a fixed trial subscription period, which typically range from one to twelve months but is less than three years. We count prepaid shipped but not activated vehicles as paid promotional subscribers.
Monthly active users - the number of distinct registered users on the Pandora services, including subscribers, which have consumed content within the trailing 30 days to the end of the final calendar month of the period. The number of monthly active users on the Pandora services may overstate the number of unique individuals who actively use our Pandora service, as one individual may use multiple accounts. To become a registered user on the Pandora services, a person must sign-up using an email address or access our service using a device with a unique identifier, which we use to create an account for our service.
Average self-pay monthly churn - for in-car and retail radio subscriptions, the Sirius XM monthly average of self-pay deactivations for the period divided by the average number of self-pay subscribers for the period.
Adjusted EBITDA - EBITDA is defined as net income before interest expense, income tax expense and depreciation and amortization. Adjusted EBITDA is a Non-GAAP financial measure that excludes or adjusts for the impact of other expense (income), gain/loss on extinguishment of debt, impairment, restructuring and other costs, Former Parent operating costs, other non-cash charges such as share-based payment expense and legal settlements and reserves (if applicable). We believe adjusted EBITDA is a useful measure of the underlying trend of our operating performance, which provides useful information about our business apart from the costs associated with our capital structure and purchase price accounting. We believe investors find this Non-GAAP financial measure useful when analyzing our past operating performance with our current performance and comparing our operating performance to the performance of other communications, entertainment and media companies. We believe investors use adjusted EBITDA to estimate our current enterprise value and to make investment decisions. As a result of large capital investments in our satellite radio system, our results of operations reflect significant charges for depreciation expense. We believe the exclusion of share-based payment expense is useful as it is not directly related to the operational conditions of our business. We also believe the exclusion of the legal settlements and reserves, impairment, restructuring and other costs, to the extent they occur during the period, is useful as they are significant expenses not incurred as part of our normal operations for the period.
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Adjusted EBITDA has certain limitations in that it does not take into account the impact to our consolidated statements of comprehensive income of certain expenses, including share-based payment expense. We endeavor to compensate for the limitations of the Non-GAAP measure presented by also providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the Non-GAAP measure. Investors that wish to compare and evaluate our operating results after giving effect for these costs should refer to net income as disclosed in our consolidated statements of comprehensive income. Since adjusted EBITDA is a Non-GAAP financial performance measure, our calculation of adjusted EBITDA may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies and should not be considered in isolation, as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of net income to adjusted EBITDA is calculated as follows:

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net income (loss): | $ | 297 |  |  | $ | (2,958) |  |  | $ | 706 |  |  | $ | (2,362) |  |  |
Add back items excluded from Adjusted EBITDA: |  |  |  |  |  |  |  |  |
Legal settlements and reserves | (9) |  |  | — |  |  | 19 |  |  | — |  |  |
Former Parent operating costs | — |  |  | 3 |  |  | — |  |  | 15 |  |  |
Impairment, restructuring and other costs | 9 |  |  | 3,388 |  |  | 164 |  |  | 3,441 |  |  |
Share-based payment expense (1) | 42 |  |  | 58 |  |  | 140 |  |  | 154 |  |  |
Depreciation and amortization | 141 |  |  | 145 |  |  | 406 |  |  | 455 |  |  |
Interest expense | 115 |  |  | 124 |  |  | 348 |  |  | 379 |  |  |
Other income, net | (10) |  |  | (28) |  |  | (24) |  |  | (142) |  |  |
Income tax expense (benefit) | 91 |  |  | (39) |  |  | 215 |  |  | 103 |  |  |
Adjusted EBITDA | $ | 676 |  |  | $ | 693 |  |  | $ | 1,974 |  |  | $ | 2,043 |  |  |

(1)Allocation of share-based payment expense:

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Programming and content | $ | 9 |  |  | $ | 9 |  |  | $ | 28 |  |  | $ | 26 |  |  |
Customer service and billing | 1 |  |  | 1 |  |  | 4 |  |  | 4 |  |  |
Transmission | 1 |  |  | 1 |  |  | 5 |  |  | 4 |  |  |
Sales and marketing | 10 |  |  | 11 |  |  | 36 |  |  | 34 |  |  |
Product and technology | 8 |  |  | 11 |  |  | 26 |  |  | 34 |  |  |
General and administrative | 13 |  |  | 25 |  |  | 41 |  |  | 52 |  |  |
Total share-based payment expense | $ | 42 |  |  | $ | 58 |  |  | $ | 140 |  |  | $ | 154 |  |  |

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Free cash flow - is derived from cash flow provided by operating activities, net of additions to property and equipment and purchases of other investments. Free cash flow is a metric that our management and board of directors use to evaluate the cash generated by our operations, net of capital expenditures and other investment activity. In a capital intensive business, with significant investments in satellites, we look at our operating cash flow, net of these investing cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or retire debt, to acquire other companies and to evaluate our ability to return capital to stockholders. We exclude from free cash flow certain items that do not relate to the on-going performance of our business, such as cash flows related to acquisitions, strategic and short-term investments, including tax efficient investments in clean energy as well as net loan activity with related parties and other equity investees. We believe free cash flow is an indicator of the long-term financial stability of our business. Free cash flow, which is reconciled to “Net cash provided by operating activities”, is a Non-GAAP financial measure. This measure can be calculated by deducting amounts under the captions “Additions to property and equipment” and deducting or adding Restricted and other investment activity from “Net cash provided by operating activities” from the consolidated statements of cash flows. Free cash flow should be used in conjunction with other GAAP financial performance measures and may not be comparable to free cash flow measures presented by other companies. Free cash flow should be viewed as a supplemental measure rather than an alternative measure of cash flows from operating activities, as determined in accordance with GAAP. Free cash flow is limited and does not represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities. We believe free cash flow provides useful supplemental information to investors regarding our current cash flow, along with other GAAP measures (such as cash flows from operating and investing activities), to determine our financial condition and to compare our operating performance to other communications, entertainment and media companies. Free cash flow is calculated as follows:

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Cash Flow information |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 430 |  |  | $ | 309 |  |  | $ | 1,218 |  |  | $ | 1,062 |  |  |
Net cash used in investing activities | (191) |  |  | (242) |  |  | (588) |  |  | (792) |  |  |
Net cash used in financing activities | (252) |  |  | (136) |  |  | (713) |  |  | (450) |  |  |
Free Cash Flow |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | 430 |  |  | 309 |  |  | 1,218 |  |  | 1,062 |  |  |
Additions to property and equipment | (175) |  |  | (216) |  |  | (509) |  |  | (563) |  |  |
Sales of other investments | 2 |  |  | — |  |  | 6 |  |  | — |  |  |
Free cash flow (1) | $ | 257 |  |  | $ | 93 |  |  | $ | 715 |  |  | $ | 499 |  |  |

(1)Compared to the free cash flow of Old Sirius, the free cash flow for Sirius XM Holdings is impacted by the additional interest payments related to Liberty Media’s debt attributed to SplitCo as well as corporate costs.
ARPU - Sirius XM ARPU is derived from total earned subscriber revenue (excluding revenue associated with our connected vehicle services) and advertising revenue, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period.
Subscriber acquisition cost, per installation - or SAC, per installation, is derived from subscriber acquisition costs less margins from the sale of radios and accessories (excluding connected vehicle services), divided by the number of satellite radio installations in new vehicles and shipments of aftermarket radios for the period. SAC, per installation, is calculated as follows:

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Subscriber acquisition costs, excluding connected vehicle services | $ | 107 |  |  | $ | 90 |  |  | $ | 314 |  |  | $ | 272 |  |  |
Less: margin from sales of radios and accessories, excluding connected vehicle services | (41) |  |  | (41) |  |  | (124) |  |  | (133) |  |  |
| $ | 66 |  |  | $ | 49 |  |  | $ | 190 |  |  | $ | 139 |  |  |
Installations (in thousands) | 3,350 |  |  | 3,292 |  |  | 10,124 |  |  | 10,187 |  |  |
SAC, per installation (a) | $ | 19.37 |  |  | $ | 14.67 |  |  | $ | 18.74 |  |  | $ | 13.65 |  |  |

(a)Amounts may not recalculate due to rounding.
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Ad supported listener hours - is based on the total bytes served over our Pandora advertising supported platforms for each track that is requested and served from our Pandora servers, as measured by our internal analytics systems, whether or not a listener listens to the entire track. For non-music content such as podcasts, episodes are divided into approximately track-length parts, which are treated as tracks. To the extent that third-party measurements of advertising hours are not calculated using a similar server-based approach, the third-party measurements may differ from our measurements.
RPM - is calculated by dividing advertising revenue, excluding AdsWizz and other off-platform revenue, by the number of thousands of listener hours on our Pandora advertising-based service.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
We are exposed to market risk in the normal course of business due to our ongoing investing and financial activities and the conduct of operations. Market risk refers to the risk of loss arising from adverse changes in stock prices and interest rates. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies, procedures and internal processes governing our management of market risks and the use of financial instruments to manage our exposure to such risks.
We are exposed to changes in interest rates primarily as a result of our borrowing and investment activities, which include investments in fixed and floating rate debt instruments and borrowings used to maintain liquidity and to fund business operations. The nature and amount of our long-term and short-term debt are expected to vary as a result of future requirements, market conditions and other factors. We manage our exposure to interest rates by maintaining what we believe is an appropriate mix of fixed and variable rate debt. We believe this best protects us from interest rate risk. We have achieved this mix by (i) issuing fixed rate debt that we believe has a low stated interest rate and significant term to maturity and (ii) issuing variable rate debt with appropriate maturities and interest rates. As of September 30, 2025, we had $780 million principal amount of variable rate debt with a weighted average interest rate of 6.0% and $9,325 million principal amount of fixed rate debt with a weighted average interest rate of 4.3%.
ITEM 4. CONTROLS AND PROCEDURES
Controls and Procedures
We maintain a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. The design of any disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives.
As of September 30, 2025, an evaluation was performed under the supervision and with the participation of our management, including our chief executive officer and principal accounting and financial officer (the “Executives”), of the effectiveness of the design and operation of our disclosure controls and procedures (as that term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Executives concluded that our disclosure controls and procedures were effective as of September 30, 2025.
Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting (as that term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
For a discussion of our “Legal Proceedings,” refer to Note 14 to our unaudited consolidated financial statements in this Quarterly Report on Form 10-Q.
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ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors previously disclosed in response to Part I, “Item 1A. Risk
Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2024 which was filed with the Securities and
Exchange Commission on January 30, 2025.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On September 9, 2024, our board of directors approved for repurchase an aggregate of $1.166 billion of our common stock. The board of directors did not establish an end date for this stock repurchase program. Shares of common stock may be purchased from time to time on the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions, including in accelerated stock repurchase transactions, or otherwise. We intend to fund any stock repurchases through a combination of cash on hand, cash generated by operations and future borrowings. The size and timing of any purchases will be based on a number of factors, including price and business and market conditions.
As of September 30, 2025, our cumulative repurchases since the closing of the Transactions under our stock repurchase program totaled 4,371 thousand shares for $96 million, and $1.07 billion remained available for additional repurchases under our existing stock repurchase program authorization.
The following table provides information about our purchases of equity securities registered pursuant to Section 12 of the Exchange Act, as amended, during the quarter ended September 30, 2025:

Period |  | Total Number of Shares Purchased |  | Average Price Paid Per Share (a) |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (a) |
July 1, 2025 - July 31, 2025 |  | 361,437 |  |  | $ | 23.52 |  |  | 361,437 |  |  | $ | 1,081,155,362 |  |
August 1, 2025 - August 31, 2025 |  | 207,403 |  |  | $ | 21.31 |  |  | 207,403 |  |  | $ | 1,076,734,882 |  |
September 1, 2025 - September 30, 2025 |  | 291,608 |  |  | $ | 23.01 |  |  | 291,608 |  |  | $ | 1,070,025,212 |  |
Total |  | 860,448 |  |  | $ | 22.81 |  |  | 860,448 |  |  |  |

(a)These amounts include fees and commissions associated with the shares repurchased.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Plan Elections
On September 1, 2025, Kristina Salen, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement (the “Salen 10b5-1 Sales Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Salen 10b5-1 Sales Plan will be in effect until the earlier of (1) June 5, 2026 and (2) the date on which an aggregate of 3,924 shares of our common stock, up to $40,000, have been sold under the Salen 10b5-1 Sales Plan.
Other than the foregoing, during the three months ended September 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
ITEM 6. EXHIBITS
See Exhibit Index attached hereto, which is incorporated herein by reference.
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EXHIBIT INDEX

Exhibit |  | Description
2.1† |  | Reorganization Agreement, dated as of December 11, 2023, by and among Sirius XM Holdings Inc., Liberty Media Corporation and Liberty Sirius XM Holdings Inc. (incorporated by reference to Exhibit 10.1 to Sirius XM Holdings Inc.’s Current Report on Form 8-K filed on December 13, 2023 (File No. 001-34295)).
2.2† |  | First Amendment, dated as of June 16, 2024, to the Reorganization Agreement, dated as of December 11, 2023, by and among Sirius XM Holdings Inc., Liberty Media Corporation and Liberty Sirius XM Holdings Inc. (incorporated by reference to Exhibit 10.1 to Sirius XM Holdings Inc.’s Current Report on Form 8-K filed on June 17, 2024 (File No. 001-34295)).
2.3† |  | Agreement and Plan of Merger, dated as of December 11, 2023, by and among Sirius XM Holdings Inc., Liberty Media Corporation, Liberty Sirius XM Holdings Inc. and Radio Merger Sub, LLC (incorporated by reference to Exhibit 2.1 to Sirius XM Holdings Inc.’s Current Report on Form 8-K filed on December 13, 2023 (File No. 001-34295)).
2.4† |  | First Amendment, dated as of June 16, 2024, to the Agreement and Plan of Merger, dated as of December 11, 2023, by and among Sirius XM Holdings Inc., Liberty Media Corporation, Liberty Sirius XM Holdings Inc. and Radio Merger Sub, LLC (incorporated by reference to Exhibit 2.1 to Sirius XM Holdings Inc.’s Current Report on Form 8-K filed on June 17, 2024 (File No. 001-34295)).
3.1 |  |  | Amended and Restated Certificate of Incorporation of Liberty Sirius XM Holdings Inc. (incorporated by reference to Exhibit 3.1 to Sirius XM Holdings Inc.’s Current Report on Form 8-K filed on September 10, 2024 (File No. 001-34295)).
3.2 |  |  | Amended and Restated Bylaws of Liberty Sirius XM Holdings Inc. (incorporated by reference to Exhibit 3.2 to Sirius XM Holdings Inc.’s Current Report on Form 8-K filed on September 10, 2024 (File No. 001-34295)).
10.1 |  |  | Amendment No. 11, dated as of August 20, 2025, to the Credit Agreement, dated as of December 5, 2012, among Sirius XM Radio LLC, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents and lenders parties thereto (incorporated by reference to Exhibit 10.1 to Sirius XM Holdings Inc.’s Current Report on Form 8-K filed on August 21, 2025 (File No. 001-34295)).
31.1 |  |  | Rule 13a-14(a)/15d-14(a) Certification*
31.2 |  |  | Rule 13a-14(a)/15d-14(a) Certification*
32 |  |  | Section 1350 Certification**
101.INS |  | Inline XBRL Instance Document* - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document*
101.CAL |  | Inline XBRL Taxonomy Calculation Linkbase Document*
101.LAB |  | Inline XBRL Taxonomy Label Linkbase Document*
101.PRE |  | Inline XBRL Taxonomy Presentation Linkbase Document*
101.DEF |  | Inline XBRL Taxonomy Definition Document*
104 |  |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

____________________

* | Filed herewith
** | Furnished herewith
† | Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Sirius XM Holdings Inc. hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the Securities and Exchange Commission (“SEC”); provided, however, that Sirius XM Holdings Inc. may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any schedules so furnished.

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The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them other than for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document as of the date they were made and may not describe the actual state of affairs for any other purpose or at any other time.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | SIRIUS XM HOLDINGS INC.
Dated: | October 30, 2025 | By: |  | /s/ THOMAS D. BARRY
|  |  |  | Thomas D. Barry
|  |  |  | Executive Vice President and Chief Financial Officer
|  |  |  | (Principal Financial Officer and Authorized Officer)

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