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

Quarterly report [Sections 13 or 15(d)]

Net Income per Share

Net Income per Share

6 Months Ended

Jun. 30, 2026

Basic net income 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 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 six months ended June 30, 2026 and 2025.

Common stock equivalents of 14 and 33 for the three months ended June 30, 2026 and 2025, respectively, and 18 and 32 for the six months ended June 30, 2026 and 2025, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive. Additionally, for each of the three and six months ended June 30, 2026, common stock equivalents of 19 from the assumed conversion of our Convertible Notes due 2028 (as defined in Note 11) were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income available to common stockholders for basic net income per common share	$	239	$	205	$	484	$	409


Effect of assumed conversions of convertible notes, net of tax	—		(3)		—		4
Net income available to common stockholders for dilutive net income per common share	$	239	$	202	$	484	$	413
Denominator:
Weighted average common shares outstanding for basic net income per common share	337		338		337		338
Weighted average impact of assumed convertible notes	—		18		—		18
Weighted average impact of dilutive equity instruments	5		1		3		1
Weighted average shares for diluted net income per common share	342		357		340		357
Net income per common share:
Basic	$	0.71	$	0.61	$	1.44	$	1.21
Diluted	$	0.70	$	0.57	$	1.42	$	1.16