SIRI earnings analysis
What we found in SIRI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Sirius XM Holdings Inc. reported Q1 2026 revenues of $2.09 billion, a 1% increase from the prior year, while EPS reached $0.72, also surpassing estimates of $0.71. Management reaffirmed its guidance for revenue and EBITDA for 2026, citing a decent year-over-year growth in both free cash flow and net income despite a slight decline in subscriber counts.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 1%
- Total revenue reached $2.09 billion, up 1% year-over-year from $2.07 billion.
- EPS Beat Estimates
- Diluted EPS was reported at $0.72, beating the consensus estimate of $0.71.
- Increased Free Cash Flow
- Free cash flow for Q1 2026 increased compared to the prior period, reporting $400 million.
- Operating Income Improved
- Operating income was $454 million, reflecting a 17% increase from $387 million a year ago.
- Improved Net Income
- Net income rose to $245 million, up 20% compared to $204 million in Q1 2025.
- SiriusXM Segment Revenue Up
- SiriusXM segment revenue grew by 1%, from $1.58 billion to $1.59 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Subscriber Count
- SiriusXM's total subscriber base slightly decreased by 0.1 million subscribers to approximately 32.8 million.
- Challenges in Advertising Revenue
- SiriusXM advertising revenue decreased by 10%, from $39 million to $35 million, due to lower demand.
- Regulatory Risks Persist
- No changes in risk factors since the last 10-K, maintaining exposure to consumer protection laws.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.72
- Operating margin
- 21.7%
- Segment
- SiriusXM
- Segment
- Pandora and Off-platform
What they said about what is next.
Management reaffirms guidance for 2026 revenue and EBITDA.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
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