Sirius XM Holdings Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

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

Segments and Geographic Information (Tables)

Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

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


	For the Year Ended December 31, 2025
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	5,960	$	526	$	6,486
Advertising revenue	157		1,615		1,772
Other revenue	300		—		300
Total revenue	6,417		2,141		8,558
Cost of services
Revenue share and royalties	$	(1,542)	$	(1,308)	$	(2,850)
Programming and content (a)	(521)		(61)		(582)
Other (a)(b)	(536)		(102)		(638)
Total cost of services	(2,599)		(1,471)		(4,070)
Segment gross profit	$	3,818	$	670	$	4,488


	For the Year Ended December 31, 2024
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	6,076	$	540	$	6,616
Advertising revenue	167		1,606		1,773
Other revenue	310		—		310
Total revenue	6,553		2,146		8,699
Cost of services
Revenue share and royalties	$	(1,565)	$	(1,270)	$	(2,835)
Programming and content (c)	(517)		(58)		(575)
Other (c)(d)	(560)		(113)		(673)
Total cost of services	(2,642)		(1,441)		(4,083)
Segment gross profit	$	3,911	$	705	$	4,616


	For the Year Ended December 31, 2023
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	6,342	$	524	$	6,866
Advertising revenue	169		1,589		1,758
Other revenue	329		—		329
Total revenue	6,840		2,113		8,953
Cost of services
Revenue share and royalties	$	(1,603)	$	(1,292)	$	(2,895)
Programming and content (e)	(518)		(66)		(584)
Other (e)(f)	(568)		(117)		(685)
Total cost of services	(2,689)		(1,475)		(4,164)
Segment gross profit	$	4,151	$	638	$	4,789

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 Year Ended December 31, 2025
Segment Gross Profit	$	4,488
Subscriber acquisition costs	(414)
Sales and marketing (a)	(714)
Product and technology (a)	(229)
General and administrative (a)	(496)
Depreciation and amortization	(547)
Share-based payment expense	(181)
Impairment, restructuring and acquisition costs	(436)

Total other (expense) income	(415)
Consolidated loss before income taxes	$	1,056

(a) Share-based payment expense of $48 related to cost of services, $46 related to sales and marketing, $34 related to product and technology and $53 related to general and administrative has been excluded for the year ended December 31, 2025.

(b) SiriusXM other costs of services related to customer service and billing of $370, transmission costs of $157 and cost of equipment of $9. Pandora other costs of services related to customer service and billing of $74 and transmission costs of $28.

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



	For the Year Ended December 31, 2024
Segment Gross Profit	$	4,616
Subscriber acquisition costs	(369)
Sales and marketing (c)	(849)
Product and technology (c)	(252)
General and administrative (c)	(432)
Depreciation and amortization	(578)
Share-based payment expense	(200)
Impairment, restructuring and acquisition costs	(3,453)
Total other (expense) income	(348)
Consolidated Loss before income taxes	$	(1,865)

(c) Share-based payment expense of $46 related to cost of services, $45 related to sales and marketing, $44 related to product and technology and $65 related to general and administrative has been excluded for the year ended December 31, 2024.

(d) Sirius XM other costs of services related to customer service and billing of $364, transmission costs of $186 and cost of equipment of $10. Pandora other costs of services related to customer service and billing of $79 and transmission costs of $34.

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



	For the Year Ended December 31, 2023
Segment Gross Profit	$	4,789
Subscriber acquisition costs	(359)
Sales and marketing (e)	(886)
Product and technology (e)	(276)
General and administrative (e)	(541)
Depreciation and amortization	(624)
Share-based payment expense	(203)
Impairment, restructuring and acquisition costs	(92)
Total other (expense) income	(598)
Consolidated income before income taxes	$	1,210

(e) Share-based payment expense of $45 related to cost of services, $45 related to sales and marketing, $46 related to product and technology and $67 related to general and administrative has been excluded for the year ended December 31, 2023.

(f) Sirius XM other costs of services related to customer service and billing of $388, transmission costs of $166 and cost of equipment of $14. Pandora other costs of services related to customer service and billing of $83 and transmission costs of $34.