Quarterly report [Sections 13 or 15(d)]

Benefit Plans (Tables)

v3.25.3
Benefit Plans (Tables)
9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Included in the accompanying unaudited consolidated statements of operations are the following amounts of share-based compensation expense:
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025 2024 2025 2024
Cost of services:
Programming and content $ $ $ 28  $ 26 
Customer service and billing
Transmission
Sales and marketing 10  11  36  34 
Product and technology
11  26  34 
General and administrative 13  25  41  52 
$ 42  $ 58  $ 140  $ 154 
Schedule of Fair Value of Options Granted
The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to employees, members of our board of directors and non-employees under the Sirius XM Awards during the nine months ended September 30, 2024:

  For the Nine Months Ended September 30,
  2024
Risk-free interest rate 4.4%
Expected life of options — years 3.76
Expected stock price volatility 40%
Expected dividend yield 2.8%
Schedule of Stock Options Activity Under Share-based Payment Plans
The following table summarizes stock option activity under our share-based plans for the nine months ended September 30, 2025:
  Options
WAEP
Weighted-Average
Remaining
Contractual Term (Years)
Aggregate
Intrinsic
Value
 Outstanding as of January 1, 2025
18  $ 49.69 
Granted —  $ — 
Exercised —  $ — 
Forfeited, cancelled or expired (2) $ 45.62 
Outstanding as of September 30, 2025 16  $ 50.27  3.68 $ — 
Exercisable as of September 30, 2025 13  $ 51.00  3.07 $ — 
Schedule of Restricted Stock Unit and Stock Award Activity
The following table summarizes the RSU, including PRSU, activity under our share-based plans for the nine months ended September 30, 2025:
  Shares
GDFV Per Share
Nonvested as of January 1, 2025 12  $ 42.33 
Granted 10  $ 25.55 
Vested (3) $ 47.19 
Forfeited (3) $ 33.69 
Nonvested as of September 30, 2025 16  $ 31.31