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

Quarterly report [Sections 13 or 15(d)]

Segments and Geographic Information (Tables)

Segments and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Reporting Information, by Segment

Segment revenue and gross profit were as follows during the period presented:


	For the Three Months Ended June 30, 2025
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	1,499	$	130	$	1,629
Advertising revenue	38		394		432
Other revenue	77		—		77
Total revenue	1,614		524		2,138
Cost of services
Revenue share and royalties	(391)		(331)		(722)
Programming and content (a)	(128)		(13)		(141)
Other (a)(b)	(129)		(26)		(155)
Total cost of services	(648)		(370)		(1,018)
Segment gross profit	$	966	$	154	$	1,120


	For the Three Months Ended June 30, 2024
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	1,520	$	138	$	1,658
Advertising revenue	43		400		443
Other revenue	77		—		77
Total revenue	1,640		538		2,178
Cost of services
Revenue share and royalties	(391)		(317)		(708)
Programming and content (c)	(127)		(12)		(139)
Other (c)(d)	(136)		(29)		(165)
Total cost of service	(654)		(358)		(1,012)
Segment gross profit	$	986	$	180	$	1,166


	For the Six Months Ended June 30, 2025
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	2,969	$	262	$	3,231
Advertising revenue	77		749		826
Other revenue	149		—		149
Total revenue	3,195		1,011		4,206
Cost of services
Revenue share and royalties	(770)		(639)		(1,409)
Programming and content (e)	(257)		(28)		(285)
Other (e)(f)	(265)		(51)		(316)
Total cost of services	(1,292)		(718)		(2,010)
Segment gross profit	$	1,903	$	293	$	2,196


	For the Six Months Ended June 30, 2024
	Sirius XM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	3,067	$	271	$	3,338
Advertising revenue	83		762		845
Other revenue	157		—		157
Total revenue	3,307		1,033		4,340
Cost of services
Revenue share and royalties	(786)		(625)		(1,411)
Programming and content (g)	(260)		(28)		(288)
Other (g)(h)	(283)		(56)		(339)
Total cost of services	(1,329)		(709)		(2,038)
Segment gross profit	$	1,978	$	324	$	2,302

Schedule of Reconciliation of Revenue from Segments to Consolidated

The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:


	For the Three Months Ended June 30, 2025
Segment Gross Profit	$	1,120
Subscriber acquisition costs	(107)
Sales and marketing (a)	(173)
Product and technology (a)	(48)
General and administrative (a)	(152)
Depreciation and amortization	(121)
Share-based payment expense	(47)
Impairment, restructuring and other costs	(107)
Total other expense	(101)
Consolidated income before income taxes	$	264

(a) Share-based payment expense of $13 related to cost of services, $12 related to sales and marketing, $8 related to product and technology and $14 related to general and administrative has been excluded for the three months ended June 30, 2025.

(b) SiriusXM other costs of services related to customer service and billing of $90, transmission costs of $37 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.

The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:


	For the Three Months Ended June 30, 2024
Segment Gross Profit	$	1,166
Subscriber acquisition costs	(92)
Sales and marketing (c)	(217)
Product and technology (c)	(60)
General and administrative (c)	(101)
Depreciation and amortization	(156)
Share-based payment expense	(48)
Impairment, restructuring and other costs	(21)
Total other expense	(41)
Consolidated income before income taxes	$	430

(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 $15 related to general and administrative has been excluded for the three months ended June 30, 2024.

(d) SiriusXM other costs of services related to customer service and billing of $86, transmission costs of $48 and cost of equipment of $2. Pandora and Off-platform other costs of services related to customer service and billing of $21 and transmission costs of $8.

The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:


	For the Six Months Ended June 30, 2025
Segment Gross Profit	$	2,196
Subscriber acquisition costs	(207)
Sales and marketing (e)	(349)
Product and technology (e)	(111)
General and administrative (e)	(260)
Depreciation and amortization	(265)
Share-based payment expense	(97)
Impairment, restructuring and other costs	(155)

Total other expense	(219)
Consolidated income before income taxes	$	533

(e) Share-based payment expense of $25 related to cost of services, $26 related to sales and marketing, $18 related to product and technology and $28 related to general and administrative has been excluded for the six months ended June 30, 2025.

(f) SiriusXM other costs of services related to customer service and billing of $183, transmission costs of $78 and cost of equipment of $4. Pandora and Off-platform other costs of services related to customer service and billing of $37 and transmission costs of $14.

The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:


	For the Six Months Ended June 30, 2024
Segment Gross Profit	$	2,302
Subscriber acquisition costs	(182)
Sales and marketing (g)	(434)
Product and technology (g)	(134)
General and administrative (g)	(212)
Depreciation and amortization	(311)
Share-based payment expense	(96)
Impairment, restructuring and other costs	(53)

Total other expense	(141)
Consolidated income before income taxes	$	739

(g) Share-based payment expense of $22 related to cost of services, $23 related to sales and marketing, $23 related to product and technology and $28 related to general and administrative has been excluded for the six months ended June 30, 2024.

(h) SiriusXM other costs of services related to customer service and billing of $182, transmission costs of $96 and cost of equipment of $5. Pandora and Off-platform other costs of services related to customer service and billing of $40 and transmission costs of $16.