SIRIUS XM HOLDINGS INC.SIRI
SIRIUS XM HOLDINGS INC. Segments Disclosure
Segments and Geographic Information
In accordance with FASB ASC Topic 280, Segment Reporting, we disaggregate our operations into two reportable segments: SiriusXM and Pandora and Off-platform. The financial results of these segments are utilized by the chief operating decision maker, who is our Chief Executive Officer, for evaluating segment performance and allocating resources. We report our segment information based on the "management" approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. For additional information on our segments refer to Note 1.
Segment results include the revenues and cost of services which are directly attributable to each segment. There are no indirect revenues or costs incurred that are allocated to the segments. There are planned intersegment advertising campaigns which will be eliminated. We had $5, $4 and less than $3 of intersegment advertising revenue during the years ended December 31, 2025, 2024 and 2023, respectively.
Segment revenue and gross profit were as follows during the periods presented:
| For the Year Ended December 31, 2025 | |||||||||||||||||
SiriusXM | Pandora and Off-platform | Total | |||||||||||||||
| Revenue | |||||||||||||||||
| Subscriber revenue | $ | 5,960 | $ | 526 | $ | 6,486 | |||||||||||
| Advertising revenue | 157 | 1,615 | 1,772 | ||||||||||||||
| Other revenue | 300 | — | 300 | ||||||||||||||
| Total revenue | 6,417 | 2,141 | 8,558 | ||||||||||||||
| Cost of services | |||||||||||||||||
Revenue share and royalties | $ | (1,542) | $ | (1,308) | $ | (2,850) | |||||||||||
Programming and content (a) | (521) | (61) | (582) | ||||||||||||||
Other (a)(b) | (536) | (102) | (638) | ||||||||||||||
Total cost of services | (2,599) | (1,471) | (4,070) | ||||||||||||||
| Segment gross profit | $ | 3,818 | $ | 670 | $ | 4,488 | |||||||||||
The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:
| For the Year Ended December 31, 2025 | |||||
| Segment Gross Profit | $ | 4,488 | |||
| Subscriber acquisition costs | (414) | ||||
Sales and marketing (a) | (714) | ||||
Product and technology (a) | (229) | ||||
General and administrative (a) | (496) | ||||
| Depreciation and amortization | (547) | ||||
| Share-based payment expense | (181) | ||||
| Impairment, restructuring and acquisition costs | (436) | ||||
| Total other (expense) income | (415) | ||||
Consolidated loss before income taxes | $ | 1,056 | |||
(a) Share-based payment expense of $48 related to cost of services, $46 related to sales and marketing, $34 related to product and technology and $53 related to general and administrative has been excluded for the year ended December 31, 2025.
(b) SiriusXM other costs of services related to customer service and billing of $370, transmission costs of $157 and cost of equipment of $9. Pandora other costs of services related to customer service and billing of $74 and transmission costs of $28.
| For the Year Ended December 31, 2024 | |||||||||||||||||
SiriusXM | Pandora and Off-platform | Total | |||||||||||||||
| Revenue | |||||||||||||||||
| Subscriber revenue | $ | 6,076 | $ | 540 | $ | 6,616 | |||||||||||
| Advertising revenue | 167 | 1,606 | 1,773 | ||||||||||||||
| Other revenue | 310 | — | 310 | ||||||||||||||
| Total revenue | 6,553 | 2,146 | 8,699 | ||||||||||||||
| Cost of services | |||||||||||||||||
| Revenue share and royalties | $ | (1,565) | $ | (1,270) | $ | (2,835) | |||||||||||
Programming and content (c) | (517) | (58) | (575) | ||||||||||||||
Other (c)(d) | (560) | (113) | (673) | ||||||||||||||
Total cost of services | (2,642) | (1,441) | (4,083) | ||||||||||||||
| Segment gross profit | $ | 3,911 | $ | 705 | $ | 4,616 | |||||||||||
The reconciliation between reportable segment gross profit to consolidated loss before income tax is as follows:
| For the Year Ended December 31, 2024 | |||||
| Segment Gross Profit | $ | 4,616 | |||
| Subscriber acquisition costs | (369) | ||||
Sales and marketing (c) | (849) | ||||
Product and technology (c) | (252) | ||||
General and administrative (c) | (432) | ||||
| Depreciation and amortization | (578) | ||||
| Share-based payment expense | (200) | ||||
| Impairment, restructuring and acquisition costs | (3,453) | ||||
| Total other (expense) income | (348) | ||||
Consolidated Loss before income taxes | $ | (1,865) | |||
(c) Share-based payment expense of $46 related to cost of services, $45 related to sales and marketing, $44 related to product and technology and $65 related to general and administrative has been excluded for the year ended December 31, 2024.
(d) Sirius XM other costs of services related to customer service and billing of $364, transmission costs of $186 and cost of equipment of $10. Pandora other costs of services related to customer service and billing of $79 and transmission costs of $34.
| For the Year Ended December 31, 2023 | |||||||||||||||||
SiriusXM | Pandora and Off-platform | Total | |||||||||||||||
| Revenue | |||||||||||||||||
| Subscriber revenue | $ | 6,342 | $ | 524 | $ | 6,866 | |||||||||||
| Advertising revenue | 169 | 1,589 | 1,758 | ||||||||||||||
| Other revenue | 329 | — | 329 | ||||||||||||||
| Total revenue | 6,840 | 2,113 | 8,953 | ||||||||||||||
| Cost of services | |||||||||||||||||
| Revenue share and royalties | $ | (1,603) | $ | (1,292) | $ | (2,895) | |||||||||||
Programming and content (e) | (518) | (66) | (584) | ||||||||||||||
Other (e)(f) | (568) | (117) | (685) | ||||||||||||||
Total cost of services | (2,689) | (1,475) | (4,164) | ||||||||||||||
| Segment gross profit | $ | 4,151 | $ | 638 | $ | 4,789 | |||||||||||
The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:
| For the Year Ended December 31, 2023 | |||||
| Segment Gross Profit | $ | 4,789 | |||
| Subscriber acquisition costs | (359) | ||||
Sales and marketing (e) | (886) | ||||
Product and technology (e) | (276) | ||||
General and administrative (e) | (541) | ||||
| Depreciation and amortization | (624) | ||||
| Share-based payment expense | (203) | ||||
| Impairment, restructuring and acquisition costs | (92) | ||||
| Total other (expense) income | (598) | ||||
| Consolidated income before income taxes | $ | 1,210 | |||
(e) Share-based payment expense of $45 related to cost of services, $45 related to sales and marketing, $46 related to product and technology and $67 related to general and administrative has been excluded for the year ended December 31, 2023.
(f) Sirius XM other costs of services related to customer service and billing of $388, transmission costs of $166 and cost of equipment of $14. Pandora other costs of services related to customer service and billing of $83 and transmission costs of $34.
The segment gross profit above is regularly provided to Chief Operating Decision Maker to assess which segment is more profitable as well as to identify opportunities and risks to profitability within the segments to determine resource allocations accordingly.
A measure of segment assets is not currently provided to the Chief Operating Decision Maker and has therefore not been provided.
As of December 31, 2025, long-lived assets were predominantly located in the United States. No individual foreign country represented a material portion of our consolidated revenue during the year ended December 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Jan 30, 2025 | |
| 2023 | Feb 1, 2024 | |
| 2022 | Feb 2, 2023 | |
| 2021 | Feb 1, 2022 | |
| 2020 | Feb 2, 2021 | |
| 2019 | Feb 4, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.