SiriusXM today announced its operating and financial results for the fourth quarter and full-year 2025 on February 5, 2026, reporting mixed performance with revenue declines offset by a strong swing to profitability, robust free cash flow that beat guidance, and strategic progress in content and advertising.
SiriusXM ended the fourth quarter of 2025 with 31.3 million self-pay subscribers (often referred to as total paid subscribers). For the full year 2025, self-pay subscribers declined by 301,000 overall, despite a positive net addition of approximately 110,000 in Q4 alone.
Monthly self-pay churn improved modestly to 1.5% in 2025, compared to 1.6% in 2024, reflecting better retention in areas like vehicle-related and non-pay categories.
The company's total subscriber count—including those on paid promotional plans—stood at approximately 33 million at year-end 2025. This figure has stayed relatively stable in recent periods but was down about 1% from the prior year.
The total trial funnel (users on free trials) was 7.2 million at the end of 2025, slightly lower than the 7.3 million reported a year earlier.
For the fourth quarter specifically, total revenue was approximately $2.19 billion (flat year-over-year but slightly above analyst estimates), with adjusted EBITDA at $691 million (beating expectations).
The company delivered $8.56 billion in full-year revenue, down 2% from 2024, and $2.67 billion in adjusted EBITDA, also down 2%, while generating $1.26 billion in free cash flow—an increase of about $241 million year-over-year and ahead of expectations.
Notably, SiriusXM swung from a $2.08 billion net loss in 2024 to $805 million in net income for 2025, driven by disciplined cost controls (including $250 million in incremental gross savings) and operational efficiencies.
However, GAAP earnings per share came in at $0.24, missing some consensus views, though adjusted figures showed strength in areas like free cash flow generation.
Operationally, the company highlighted subscriber trends with a full-year decline but positive fourth-quarter self-pay additions, aided by initiatives like the broader rollout of its 360L platform, multi-year dealer subscription programs across more than 15 brands, and new service options such as Continuous Service and Companion Plans.
In content and growth areas, SiriusXM renewed its key Howard Stern deal for three more years, expanded high-profile programming in news, sports, and culture, and significantly boosted its podcasting business— with podcast revenue surging 41% in 2025.
Pandora and off-platform revenue held roughly flat at $2.14 billion, supported by podcast and programmatic ad gains despite softer streaming music demand. The SiriusXM Podcast Network ranked as the top national network in weekly listener reach.
The company also declared a quarterly cash dividend of $0.27 per share.
Looking ahead, SiriusXM indicated a stable outlook for 2026 with revenue expected close to 2025 levels (around $8.5 billion), continued focus on deleveraging, cost discipline, high-return investments, and shareholder returns, while projecting a path to higher free cash flow by 2027.