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

Quarterly report [Sections 13 or 15(d)]

Segments and Geographic Information (Tables)

Segments and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

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


	For the Three Months Ended September 30, 2025
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	1,497	$	132	$	1,629
Advertising revenue	39		416		455
Other revenue	75		—		75
Total revenue	1,611		548		2,159
Cost of services
Revenue share and royalties	(384)		(337)		(721)
Programming and content (a)	(130)		(15)		(145)
Other (a)(b)	(139)		(26)		(165)
Total cost of services	(653)		(378)		(1,031)
Segment gross profit	$	958	$	170	$	1,128


	For the Three Months Ended September 30, 2024
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	1,510	$	135	$	1,645
Advertising revenue	41		409		450
Other revenue	76		—		76
Total revenue	1,627		544		2,171
Cost of services
Revenue share and royalties	(390)		(317)		(707)
Programming and content (c)	(129)		(12)		(141)
Other (c)(d)	(139)		(28)		(167)
Total cost of service	(658)		(357)		(1,015)
Segment gross profit	$	969	$	187	$	1,156


	For the Nine Months Ended September 30, 2025
	SiriusXM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	4,466	$	394	$	4,860
Advertising revenue	116		1,165		1,281
Other revenue	224		—		224
Total revenue	4,806		1,559		6,365
Cost of services
Revenue share and royalties	(1,154)		(976)		(2,130)
Programming and content (e)	(386)		(44)		(430)
Other (e)(f)	(403)		(77)		(480)
Total cost of services	(1,943)		(1,097)		(3,040)
Segment gross profit	$	2,863	$	462	$	3,325


	For the Nine Months Ended September 30, 2024
	Sirius XM		Pandora and Off-platform		Total
Revenue
Subscriber revenue	$	4,576	$	407	$	4,983
Advertising revenue	124		1,171		1,295
Other revenue	233		—		233
Total revenue	4,933		1,578		6,511
Cost of services
Revenue share and royalties	(1,176)		(942)		(2,118)
Programming and content (g)	(388)		(42)		(430)
Other (g)(h)	(423)		(83)		(506)
Total cost of services	(1,987)		(1,067)		(3,054)
Segment gross profit	$	2,946	$	511	$	3,457

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 Three Months Ended September 30, 2025
Segment Gross Profit	$	1,128
Subscriber acquisition costs	(107)
Sales and marketing (a)	(176)
Product and technology (a)	(54)
General and administrative (a)	(106)
Depreciation and amortization	(141)
Share-based payment expense	(42)
Impairment, restructuring and other costs	(9)
Total other expense	(105)
Consolidated income before income taxes	$	388

(a) Share-based payment expense of $11 related to cost of services, $10 related to sales and marketing, $8 related to product and technology and $13 related to general and administrative has been excluded for the three months ended September 30, 2025.

(b) SiriusXM other costs of services related to customer service and billing of $96, transmission costs of $41 and cost of equipment of $2. Pandora and Off-platform other costs of services related to customer service and billing of $19 and transmission costs of $7.

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


	For the Three Months Ended September 30, 2024
Segment Gross Profit	$	1,156
Subscriber acquisition costs	(90)
Sales and marketing (c)	(206)
Product and technology (c)	(57)
General and administrative (c)	(113)
Depreciation and amortization	(145)
Share-based payment expense	(58)
Impairment, restructuring and other costs	(3,388)
Total other expense	(96)
Consolidated loss before income taxes	$	(2,997)

(c) Share-based payment expense of $11 related to cost of services, $11 related to sales and marketing, $11 related to product and technology and $25 related to general and administrative has been excluded for the three months ended September 30, 2024.

(d) SiriusXM other costs of services related to customer service and billing of $90, transmission costs of $47 and cost of equipment of $2. Pandora and Off-platform other costs of services related to customer service and billing of $19 and transmission costs of $9.

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


	For the Nine Months Ended September 30, 2025
Segment Gross Profit	$	3,325
Subscriber acquisition costs	(314)
Sales and marketing (e)	(525)
Product and technology (e)	(165)
General and administrative (e)	(366)
Depreciation and amortization	(406)
Share-based payment expense	(140)
Impairment, restructuring and other costs	(164)

Total other expense	(324)
Consolidated income before income taxes	$	921

(e) Share-based payment expense of $37 related to cost of services, $36 related to sales and marketing, $26 related to product and technology and $41 related to general and administrative has been excluded for the nine months ended September 30, 2025.

(f) SiriusXM other costs of services related to customer service and billing of $279, transmission costs of $118 and cost of equipment of $6. Pandora and Off-platform other costs of services related to customer service and billing of $56 and transmission costs of $21.

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


	For the Nine Months Ended September 30, 2024
Segment Gross Profit	$	3,457
Subscriber acquisition costs	(272)
Sales and marketing (g)	(641)
Product and technology (g)	(190)
General and administrative (g)	(326)
Depreciation and amortization	(455)
Share-based payment expense	(154)
Impairment, restructuring and other costs	(3,441)

Total other expense	(237)
Consolidated loss before income taxes	$	(2,259)

(g) Share-based payment expense of $34 related to cost of services, $34 related to sales and marketing, $34 related to product and technology and $52 related to general and administrative has been excluded for the nine months ended September 30, 2024.

(h) SiriusXM other costs of services related to customer service and billing of $272, transmission costs of $144 and cost of equipment of $7. Pandora and Off-platform other costs of services related to customer service and billing of $59 and transmission costs of $24.