Sirius XM(US:SIRI)2025-10-30 12:00Financial 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]