Core Viewpoint - Sirius XM Holdings operates as the sole player in the satellite radio market in the U.S., generating significant revenue primarily from subscription fees, while facing competition from streaming services and traditional radio [2][4][8]. Revenue Generation - Sirius XM's revenue for the last year was reported at $8.7 billion, with subscription revenue accounting for $6.6 billion, representing 76% of total revenue [4]. - Advertising revenue, including from its Pandora streaming service, was approximately $1.8 billion, making up 20% of total revenue, while the remaining 4% came from equipment and accessories [5]. Subscriber Metrics - As of the end of Q3 2025, Sirius XM had 32.8 million subscribers, a decline from its peak of 34.9 million seven years ago [8]. - The company has experienced a slight revenue decline for three consecutive years, but maintains a monthly churn rate of 1.6%, which is consistent with historical averages [8]. Competitive Landscape - The primary competitors for Sirius XM have shifted from traditional terrestrial radio to streaming services, with Spotify being a notable rival in the current market [7]. Shareholder Insights - Berkshire Hathaway, led by Warren Buffett, is the largest shareholder of Sirius XM, owning 37% of the company and has been increasing its stake since summer 2024 [9]. - Despite challenges in growth, Sirius XM continues to generate over $1 billion in annual free cash flow and is trading at less than 7 times forward earnings, appealing to value investors [10].