Sirius XM Holdings Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Net Income per Share

Net Income per Share

3 Months Ended

Mar. 31, 2025

Basic net income 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 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 months ended March 31, 2025 and 2024.

In calculating basic net income per common share, we used 337 common shares for the three months ended March 31, 2024, which was the weighted average number of shares of Liberty Media's Series A, Series B, and Series C Liberty SiriusXM

common stock and Old Sirius's common stock as converted by the Redemption and Merger exchange ratios as no SplitCo shares were outstanding during that period. In calculating diluted net income per common share, we used 373 of diluted common shares for the three months ended March 31, 2024, which was the weighted average number of shares of Liberty Media's Series A, Series B, and Series C Liberty SiriusXM common stock and Old Sirius's common stock adjusted for the impact of dilutive instruments as converted by the Redemption and Merger exchange ratios, as no SplitCo shares were outstanding during that period.

Common stock equivalents of 31 and 16 for the three months ended March 31, 2025 and 2024, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.


	For the Three Months Ended March 31,
	2025		2024
Numerator:
Net income available to common stockholders for basic net income per common share	$	204	$	199
Net income attributable to noncontrolling interest	—		42
Total net income	204		241
Effect of assumed conversions of convertible notes, net of tax	7		(7)
Net income available to common stockholders for dilutive net income per common share	$	211	$	234
Denominator:
Weighted average common shares outstanding for basic net income per common share	339		337
Weighted average impact of assumed convertible and exchangeable notes	17		34
Weighted average impact of dilutive equity instruments	1		2
Weighted average shares for diluted net income per common share	357		373
Net income per common share:
Basic	$	0.60	$	0.72
Diluted	$	0.59	$	0.63