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

Benefit Plans (Tables)

v3.25.4
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Included in the accompanying audited consolidated statements of operations are the following amounts of share-based compensation expense:
For the Years Ended December 31,
2025 2024 2023
Cost of services:
Programming and content $ 37  $ 36  $ 34 
Customer service and billing
Transmission
Sales and marketing 46  45  45 
Product and technology
34  44  46 
General and administrative 53  65  67 
$ 181  $ 200  $ 203 
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 years ended December 31, 2024 and 2023:

  For the Years Ended December 31,
  2024 2023
Risk-free interest rate 4.4% 4.0%
Expected life of options — years 3.76 3.80
Expected stock price volatility 40% 32%
Expected dividend yield 2.8% 2.0%
Schedule of Stock Options Activity Under Share-based Payment Plans
The following table summarizes stock option activity under our share-based plans for the year ended December 31, 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 (3) $ 47.19 
Outstanding as of December 31, 2025 15  $ 50.10  3.48 $ — 
Exercisable as of December 31, 2025 14  $ 51.30  2.96 $ — 
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 years ended December 31, 2025:
  Shares
GDFV Per Share
Nonvested as of January 1, 2025 12  $ 42.33 
Granted 11  $ 25.51 
Vested (4) $ 46.16 
Forfeited (3) $ 33.43 
Nonvested as of December 31, 2025 16  $ 30.74