Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Total revenue $ 8,558 $ 8,699 $ 8,953
Cost of services:      
Subscriber acquisition costs 414 369 359
Sales and marketing 760 894 931
Product and technology 263 296 322
General and administrative 549 497 608
Depreciation and amortization 547 578 624
Impairment, restructuring and other costs 436 3,453 92
Total operating expenses 7,087 10,216 7,145
Income (loss) from operations 1,471 (1,517) 1,808
Other income (expense), net      
Interest expense (459) (496) (534)
Gain on extinguishment of debt 0 12 0
Other income (expense), net 44 136 (64)
Total other expense (415) (348) (598)
Income (loss) before income taxes 1,056 (1,865) 1,210
Income tax expense (251) (210) (222)
Net income (loss) 805 (2,075) 988
Less net income (loss) attributable to noncontrolling interests 0 (410) 202
Net income (loss) attributable to Sirius XM Holdings Inc. $ 805 $ (1,665) $ 786
Net income (loss) per common share:      
Basic (in USD per share) $ 2.38 $ (6.14) $ 2.91
Diluted (in USD per share) $ 2.23 $ (6.14) $ 2.77
Weighted average common shares outstanding:      
Basic (in shares) 338 338 339
Diluted (in shares) 357 338 362
Subscriber revenue      
Revenue:      
Total revenue $ 6,486 $ 6,616 $ 6,866
Advertising revenue      
Revenue:      
Total revenue 1,772 1,773 1,758
Equipment revenue      
Revenue:      
Total revenue 178 182 193
Cost of services:      
Cost of services 9 10 14
Other revenue      
Revenue:      
Total revenue 122 128 136
Revenue share and royalties      
Cost of services:      
Cost of services 2,850 2,835 2,895
Programming and content      
Cost of services:      
Cost of services 619 611 618
Customer service and billing      
Cost of services:      
Cost of services 449 448 476
Transmission      
Cost of services:      
Cost of services $ 191 $ 225 $ 206