Sirius XM Holdings (SIRI1) Q3 2026 Earnings Report
MX:SIRI1 Q3 2026 EPS Results
- Actual EPS
- MXN 14.66
- Consensus EPS
- MXN 14.53
- Beat/Miss
- Beat by +MXN 0.13
- One Year Ago EPS
- MXN 15.79
MX:SIRI1 Q3 2026 Revenue Results
- Actual Revenue
- MXN 40.46B
- Expected Revenue
- MXN 40.51B
- Beat/Miss
- Missed by -MXN 52.07M
- YoY Revenue Growth
- -0.28%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
MX:SIRI1 Upcoming Earnings
Sirius XM Holdings's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:SIRI1 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Management reported improved subscriber stability, lower churn, stronger engagement, advertising growth in podcasting and programmatic, structural cost savings, higher profitability, robust free cash flow, and another increase to full-year guidance. The principal challenges were flat consolidated revenue, equipment and memory-cost pressure, weaker Sirius XM and streaming music advertising areas, declining conversion rates, podcast inventory constraints, and a more difficult expected fourth quarter for self-pay trends. The positive developments significantly outweighed the stated challenges.
Company Guidance
For 2026, Sirius XM raised all three full-year financial guidance metrics by $25 million and now expects approximately $8.55 billion in revenue, $2.65 billion in adjusted EBITDA, and $1.4 billion of free cash flow; self-pay net additions are now expected to be approximately flat to 2025 and approximately in line with 2025. The company expects approximately $100 million in incremental gross cost savings in 2026, with $96 million realized through September, and non-satellite CapEx of approximately $400 million-$415 million this year. Fourth-quarter advertising trends are encouraging, with modest year-over-year growth expected, while YouTube Audio is expected to make a modest contribution in 2026 and have a more meaningful impact in the H2 of 2027; the company also has strong confidence in delivering $1.5 billion of free cash flow next year and expects leverage to remain within its long-term target range of low to mid three times.
- Raised Full-Year Financial GuidanceSirius XM raised all three full-year 2026 guidance metrics by $25 million, now expecting approximately $8.55 billion in revenue, $2.65 billion in adjusted EBITDA, and $1.4 billion in free cash flow.
- Improved Profitability and Cash FlowThird-quarter adjusted EBITDA increased 3% to $694 million, with margins expanding one percentage point to 32%. Net income increased 7% to $317 million, while free cash flow grew 14% to $293 million. Year-to-date free cash flow was approximately $1.1 billion, up 48% year-over-year.
- Subscription Stabilization and Improved ChurnSirius XM delivered 5,000 positive self-pay net additions, an improvement of nearly 45,000 year-over-year. Self-pay churn improved to approximately 1.5%, ARPU remained relatively stable at $15.18, and full-year self-pay net additions are now expected to be approximately flat to 2025, compared with a decline of about 300,000 last year.
- Companion Plans Added Subscribers and EngagementCompanion plans generated approximately 107,000 net additions during the quarter. Approximately half of Companion plans are shared with a spouse, 25% are used in a second vehicle, and the remaining 25% extend access primarily to children. More than 80% of surveyed Companion plan users said the offering increases subscription value, while approximately three-quarters said they are more likely to remain subscribers.
- Extended Duration Dealer Programs Gained TractionSales from extended duration dealer programs increased more than 80% year-over-year, supported by two new automotive partners in 2026. These programs generate more than twice as many monthly active listeners per car sold as the traditional trial funnel.
- Higher Listening EngagementThird-quarter average listening time increased 5% year-over-year across every subscriber tenure group. Among existing subscribers, 55% of incremental listening came from discovering new channels, with Morgan Wallen Radio contributing approximately 20% of the overall increase, while the remaining 45% came from more time spent with already-familiar channels.
- Growth in News, App, and Artist EngagementAverage listening time for original news and issues content increased 6% year-over-year. Year-to-date SiriusXM app trends are on pace for the highest average listening time and most active days per listener since the new app launched in late 2023. The Dolly Parton Tribute Channel became the most-listened-to artist pop-up channel of 2026, and Life with John Mayer became the company's number-one streamed artist channel.
- Sports Engagement and Expanded Local CoverageListening to WWE Radio grew nearly 20% since its July launch and rebrand. Monthly active sports listeners increased 4% year-over-year across connected-car and streaming platforms, while average time spent listening to sports among 360L subscribers increased 7% year-over-year. Local sports programming was expanded to 24 markets, with approximately 22% of the 360L sports audience already tuning in and more than 80% of listeners located outside the channels' home markets.
- Sports Pass Expanded the Addressable MarketSiriusXM launched Sports Pass at a $5 price point, bringing together live play-by-play, national coverage, and local voices across all four major professional leagues and more. Management said the package creates another entry point into SiriusXM, expands the addressable market, and opens partnership opportunities, including the Verizon Shine program, Yahoo Sports, and the company's expanded relationship with T-Mobile.
- Expanded Premium Content and DistributionHoward Stern's expansion to HBO Max introduces his show to new audiences while preserving the exclusive live experience for SiriusXM subscribers. The podcast portfolio added Giggly Squad, Serialously, and The Bald and the Beautiful, alongside shows including Call Her Daddy, SmartLess, Dateline NBC, Mr. Ballen, and Conan O'Brien Needs a Friend. These partnerships extend monetization across audio, video, and live experiences.
- Advertising Reach Expanded Through YouTube AudioWith YouTube Audio, SiriusXM Media's unduplicated monthly listener reach increased to approximately 255 million from 170 million a year ago, representing nearly 90% of Americans ages 13 and older. Initial campaigns increased advertisers' unique reach by as much as 91%, and management said YouTube Audio and the broader off-platform strategy are expected to become increasingly meaningful contributors to growth in the second half of 2027 and beyond.
- Podcasting, Programmatic, and Technology Fees GrewPandora and Off Platform advertising revenue increased 1% to $419 million, driven by 20% growth in podcasting, 21% growth in programmatic advertising, and 11% growth in technology fees. Video and social podcast advertising sales more than doubled year-over-year for the third consecutive quarter.
- New Advertising Inventory and Monetization CapabilitiesThe company expanded its premium creator portfolio with Giggly Squad, Serialously, and The Bald and the Beautiful, launched Apple HLS to expand video capabilities, and introduced additional video, social, live-event, and short-form products. AdsWizz powers one in four audio advertisements across the global open ecosystem.
- Structural Cost Savings and Margin ExpansionTotal operating expenses declined approximately $24 million, or 2%, year-over-year, with savings across programming, customer service, sales and marketing, and general and administrative expenses. Sirius XM realized $96 million of its targeted approximately $100 million in incremental gross cost savings for 2026 through September, including $64 million in operating expenses and $32 million in capital expenditures.
- Sirius XM Segment Gross Profit ImprovedSirius XM gross profit increased 1% to $963 million, with gross margin expanding one percentage point to 60%, supported by lower programming, customer service, and transmission costs.
- Pandora and Off Platform Gross Profit ImprovedPandora and Off Platform gross profit increased approximately 2% to $173 million, with gross margin expanding to 32%.
- Debt Reduction and Shareholder ReturnsThe company reduced total debt by $100 million during the quarter and returned $124 million to shareholders through dividends and share repurchases. Net leverage ended the quarter at 3.3 times adjusted EBITDA, within the long-term target range of low to mid three times, with approximately $1 billion remaining under the existing repurchase authorization.
- Potential for Increased Share RepurchasesManagement said it believes the company's current share price represents a compelling investment opportunity and sees the potential to meaningfully accelerate share repurchases in 2027 while maintaining the dividend and operating within its established leverage framework.
- Satellite Investment Cycle Nearing CompletionTotal capital expenditures were $166 million in the quarter, compared with $175 million a year ago. Sirius XM is progressing toward completion of its current satellite investment cycle, with SXM-12 expected to launch in 2027, and continues to expect approximately $400 million-$415 million of non-satellite CapEx for 2026.
- Spectrum Strategic Value and AI Customer-Service ProgressManagement said recent technology innovation, industry transactions, and regulatory developments reinforce the value of Sirius XM's spectrum as a scarce strategic asset. Separately, a significant percentage of customer interactions across chat and voice are already handled by AI agents, with automated interactions producing higher CSAT, better business results, and generally lower cost.
MX:SIRI1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 13.46- | 4.51 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 14.5314.66 | 15.79 | -7.14% (-1.13) | |
| Jul 30, 2026 | 2026 (Q2) | 14.6813.15 | 10.71 | 22.81% (+2.44) | |
| Apr 30, 2026 | 2026 (Q1) | 13.3213.53 | 11.09 | 22.03% (+2.44) | |
| Feb 05, 2026 | 2025 (Q4) | 14.684.51 | 15.6 | -71.08% (-11.09) | |
| Oct 30, 2025 | 2025 (Q3) | 14.7315.79 | -164.24 | 109.61% (+180.03) | |
| Jul 31, 2025 | 2025 (Q2) | 14.5510.71 | 15.03 | -28.75% (-4.32) | |
| May 01, 2025 | 2025 (Q1) | 12.5211.09 | 13.15 | -15.71% (-2.07) | |
| Jan 30, 2025 | 2024 (Q4) | 12.4415.60 | 16.91 | -7.78% (-1.32) | |
| Oct 31, 2024 | 2024 (Q3) | 14.49-164.24 | 16.91 | -1071.11% (-181.16) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
