SiriusXM topped Wall Street expectations in the third quarter, reporting revenue of $2.16 billion — slightly above analyst estimates but down 1% from the same period last year. The satellite radio company posted net income of $297 million, a sharp turnaround from a net loss of $29.6 billion in the third quarter of 2024.
Earnings per share came in at $0.84, also ahead of expectations. The company’s massive year-ago loss was tied to a $3.36 billion noncash goodwill impairment related to its transaction with Liberty Media.
SiriusXM closed the quarter with 33 million total subscribers, down about 40,000 paid users year-over-year. Monthly churn improved modestly to 1.6%, but the smaller subscriber base led to a $13 million decline in subscriber revenue for the quarter.
While subscriptions softened, the company’s advertising business — particularly in podcasting — provided a lift. Podcast ad revenue surged 50% year-over-year, helping offset weaker performance in Pandora’s music-streaming ad segment. Total advertising revenue rose 1% from a year ago.
SiriusXM has continued to strengthen its content lineup across both talk and podcast platforms. The company recently extended its agreement with Andy Cohen, renewed its deal with Megyn Kelly, and welcomed ESPN’s Stephen A. Smith to the platform.
Chief Content Officer Scott Greenstein highlighted growing opportunities for podcast video integration. Noting “enormous growth” on YouTube and referencing Spotify’s recent collaboration with Netflix.
“With our lineup of content, there’s no shortage of opportunity where we’ll go in video right now,” Greenstein said. “We like the way we’re monetizing. We’re flexible. We can have video behind the paywall. We can have video with YouTube or any distribution partner.”
On the strength of its ad performance and cost discipline, SiriusXM raised its 2025 financial guidance. The company now projects full-year revenue of $8.525 billion, adjusted EBITDA of about $2.625 billion, and free cash flow around $1.225 billion.
Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.
