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

Quarterly report [Sections 13 or 15(d)]

Net Income (loss) per Share

Net Income (loss) per Share

9 Months Ended

Sep. 30, 2025

Basic net income (loss) 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 (loss) 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 nine months ended September 30, 2025 and 2024.

Common stock equivalents of 21 and 41 for the three months ended September 30, 2025 and 2024, respectively, and 29 and 40 for the nine months ended September 30, 2025 and 2024, respectively, were excluded from the calculation of diluted net income (loss) per common share as the effect would have been anti-dilutive.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) available to common stockholders for basic net income per common share	$	297	$	(2,456)	$	706	$	(1,952)
Net income (loss) attributable to noncontrolling interest	—		(502)		—		(410)
Total net income (loss)	297		(2,958)		706		(2,362)
Effect of assumed conversions of convertible notes, net of tax	1		—		5		—
Net income (loss) available to common stockholders for dilutive net income per common share	$	298	$	(2,958)	$	711	$	(2,362)
Denominator:
Weighted average common shares outstanding for basic net income (loss) per common share	337		339		338		337
Weighted average impact of assumed convertible and exchangeable notes	18		—		18		—
Weighted average impact of dilutive equity instruments	1		—		1		—
Weighted average shares for diluted net income (loss) per common share	356		339		357		337
Net income (loss) per common share:
Basic	$	0.88	$	(8.74)	$	2.09	$	(7.01)
Diluted	$	0.84	$	(8.74)	$	1.99	$	(7.01)