February 5, 2026 FOURTH QUARTER AND FULL- YEAR 2025 OPERATING AND FINANCIAL RESULTS 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our outlook and our future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and o ...

Financial Performance - Total revenue decreased slightly by 1% year-over-year, from $2171 million in 3Q24 to $2159 million in 3Q25 [22] - Adjusted EBITDA decreased by 2% year-over-year, from $693 million in 3Q24 to $676 million in 3Q25, with a margin of 31%, down one percentage point [18, 22] - Free cash flow increased significantly by 176% year-over-year, from $93 million in 3Q24 to $257 million in 3Q25 [19, 22] - The company increased 2025 guidance for revenue, adjusted EBITDA, and free cash flow by $25 million each, to approximately $8525 billion, $2625 billion, and $1225 billion, respectively [7] Segment Results - SiriusXM segment revenue decreased by 1% year-over-year, from $1627 million in 3Q24 to $1611 million in 3Q25, driven by a 1% reduction in subscriber revenue [31, 35] - Pandora and Off-platform segment revenue increased by 1% year-over-year, from $544 million in 3Q24 to $548 million in 3Q25, driven by a 2% increase in advertising revenue [37, 41] Subscriber Trends - Self-pay net subscriber additions decreased by 40,000 in 3Q25 [7] - Self-pay monthly churn remained healthy at 16% in 3Q25 [7, 26] Cost Management - Sales and marketing expenses decreased by 15% to $176 million [8] - Transmission costs decreased by 14% to $48 million [8] - Podcast ad revenue climbed nearly 50% year-over-year [7, 50]

Financial Performance - Total revenue decreased by 2% year-over-year to $2.14 billion in the second quarter of 2025[24] - Adjusted EBITDA was $668 million, a 5% decrease year-over-year, with a margin of 31%, down one percentage point[20] - Free cash flow increased by 27% year-over-year to $402 million in the second quarter of 2025[21] - Net income was $205 million, compared to $354 million in the prior year's second quarter[22] Subscriber and Revenue Highlights - SiriusXM self-pay net additions improved by 32,000 year-over-year, with a decrease of (68,000) in the second quarter of 2025[7, 27] - SiriusXM total revenue decreased by 2% to $1.6 billion, driven by a 1% reduction in subscriber revenue to $1.499 billion[32, 36] - Pandora and Off-platform total revenue decreased by 3% to $524 million, with subscriber revenue down 6% to $130 million and advertising revenue down 2% to $394 million[38, 42] Cost Management and Capital Expenditures - The company expects to achieve approximately $200 million of gross savings in-period in 2025[7, 8] - Sales and marketing expenses decreased by 20% to $173 million, and product and technology costs fell by 20% to $48 million[8] - Full-year satellite capex is now expected to be approximately $200 million[15] - The company now expects 2025 non-satellite capex to be at the low end of the previously articulated $450–500 million range, declining further to ~$400 million in 2026[7, 15]

Financial Performance - Total revenue decreased by 4% year-over-year to $2.07 billion[23] - Adjusted EBITDA decreased by 3% year-over-year to $629 million, with a flat margin of 30%[18] - Free cash flow decreased by 36% year-over-year to $56 million[19] - Net income decreased from $241 million to $204 million year-over-year[20] - Earnings per diluted share decreased from $0.63 to $0.59 year-over-year[23] Subscriber and ARPU - SiriusXM self-pay net additions improved by 16% year-over-year, but were still negative at (303,000)[5, 24] - Total SiriusXM subscribers are approximately 33 million[26] - ARPU decreased by $0.50 to $14.86 year-over-year[31] Segment Performance - SiriusXM total revenue decreased by 5% year-over-year to $1.6 billion[30, 35] - Pandora and Off-platform total revenue decreased by 2% year-over-year to $487 million[36, 40] - Podcast ad revenue increased by 33% year-over-year[5, 50] Cost Management and Capital Expenditures - The company is on track to deliver $200 million in annualized cost savings exiting 2025[5] - Total operating expenses declined 4% year-over-year[7] - Satellite capital expenditures for the full year are expected to be approximately $220 million[11]

Core Viewpoint - Sirius XM (SIRI) is expected to report a decline in revenues for the first quarter of 2025, with strategic adjustments impacting subscriber additions and overall performance [2][4]. Revenue Expectations - The Zacks Consensus Estimate for SIRI's first-quarter 2025 revenues is $2.08 billion, reflecting a 3.66% decrease from the same quarter last year [2]. - Streaming engagement is anticipated to support revenues, driven by a new app launch and the integration of SiriusXM services in Tesla and Rivian vehicles, which reached over two million by year-end [5]. Earnings Performance - The consensus estimate for earnings remains at 70 cents per share, indicating no year-over-year change [2]. - SIRI has surpassed the Zacks Consensus Estimate for earnings in two of the last four quarters, with an average negative surprise of 41.41% [3]. Strategic Adjustments - The company has implemented strategic changes such as "click-to-cancel," shortened introductory offers, and reduced marketing to high-churn audiences, which may have negatively impacted subscriber growth in the first quarter [4]. - Advertising revenues are expected to grow moderately due to new content launches, although overall gains may be softer compared to the previous holiday season [6]. Cost Management - The bottom line is expected to benefit from the absence of one-time expenses that affected 2024 results, despite a temporary increase in capital expenditures related to satellite payments [7][8]. - Management has highlighted significant reductions in operating and capital expenditures starting in 2025, driven by the launch of SXM-9 [8]. Earnings Outlook - According to the Zacks model, SIRI has a positive Earnings ESP of +2.86% and a Zacks Rank of 3, indicating a potential for an earnings beat [9].