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

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and 2024.

In calculating basic net income per common share, we used 338 common shares for each of the three and six months ended June 30, 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 378 and 375 of diluted common shares for the three and six months ended June 30, 2024, respectively, 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 those periods.

Common stock equivalents of 33 and 24 for the three months ended June 30, 2025 and 2024, respectively, and 32 and 21 for the six months ended June 30, 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 June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income available to common stockholders for basic net income per common share	$	205	$	304	$	409	$	503
Net income attributable to noncontrolling interest	—		50		—		92
Total net income	205		354		409		595
Effect of assumed conversions of convertible notes, net of tax	(3)		(74)		4		(81)
Net income available to common stockholders for dilutive net income per common share	$	202	$	280	$	413	$	514
Denominator:
Weighted average common shares outstanding for basic net income per common share	338		338		338		338
Weighted average impact of assumed convertible and exchangeable notes	18		39		18		36
Weighted average impact of dilutive equity instruments	1		1		1		1
Weighted average shares for diluted net income per common share	357		378		357		375
Net income per common share:
Basic	$	0.61	$	1.05	$	1.21	$	1.76
Diluted	$	0.57	$	0.74	$	1.16	$	1.37