Core Insights - Sirius XM Holdings (SIRI) reported Q2 2025 earnings of 57 cents per share, missing the Zacks Consensus Estimate of 79 cents, and down from 74 cents per share in the same quarter last year [1][7] - Total revenues decreased by 1.8% year over year to $2.14 billion, surpassing the consensus estimate by 0.30% [1] - Subscriber revenues, which account for 76.2% of total revenues, fell by 1.7% year over year to $1.629 billion, exceeding the Zacks Consensus Estimate by 0.86% [1] Revenue Breakdown - Advertisement revenues, making up 20.2% of total revenues, declined by 2.5% year over year to $432 million, missing the Zacks Consensus Estimate by 0.97% [2] - Equipment revenues, representing 2.2% of total revenues, decreased by 2.1% year over year to $46 million, also missing the consensus estimate by 2.27% [2] - Other revenues, which constitute 1.4% of total revenues, increased by 3.3% year over year to $31 million, beating the Zacks Consensus Estimate by 2.05% [2] Subscriber Metrics - Sirius XM's Standalone segment revenues, accounting for 75.5% of total revenues, were $1.61 billion, down 1.6% year over year [3] - Subscriber revenues in this segment decreased by $21 million or 1.4% year over year to $1.50 billion, attributed to a smaller average base of self-pay subscribers [3] - The total subscriber base declined by 1.4% year over year to 32.80 million, slightly beating the Zacks Consensus Estimate by 0.11% [3] Advertising and Equipment Revenue - Advertising revenues in the Standalone segment were $38 million, down 11.6% year over year [4] - Equipment revenues remained at $46 million, reflecting a 2.1% year-over-year decline [4] - Average revenue per user was $15.22, down from $15.24 year over year, but still beating the Zacks Consensus Estimate by 0.22% [4] Pandora & OFF Platform Performance - Revenues from Pandora and the OFF platform, which represent 24.5% of total revenues, declined by 2.6% year over year to $524 million [5] - Subscriber revenues in this segment decreased by 5.8% to $130 million, while advertising revenues fell by 1.5% to $394 million [5] - Self-pay subscribers for Pandora Plus and Pandora Premium services decreased by 245K to 5.7 million [5] Operational and Financial Metrics - Total operating expenses increased by 1.5% year over year to $1.73 billion, while adjusted EBITDA declined by 4.8% year over year to $668 million [8] - As of June 30, 2025, cash and cash equivalents were $92 million, down from $127 million as of March 31, 2025 [9] - Long-term debt decreased to $10.1 billion from $10.4 billion over the same period [9] Cash Flow and Guidance - Cash flow from operations was $546 million, compared to $242 million in the year-ago quarter [9] - Free cash flow for the reported quarter was $402 million, significantly up from $56 million in the prior-year period [9] - The company reiterated its 2025 guidance, expecting revenues of $8.5 billion, adjusted EBITDA of $2.6 billion, and free cash flow of $1.15 billion [10]