Filing Flows › Sirius XM Holdings (SIRI) › Q2 2025
Sirius XM Holdings (SIRI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Sirius XM Holdings (SIRI) reported revenue of $2.1B for the second quarter 2025 (Q2 2025), -2% from a year earlier and +3% from the quarter before. Operating margin was 17.1%, net earnings $205M (9.6% of revenue).
Sirius XM Holdings, Q2 2025: revenue $2.1B (-2% year over year), operating margin 17.1%, net earnings $205M, operating cash flow $546M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +3% | -2% |
| Gross profit | $1.1B | +4% | -4% |
| Operating profit | $365M | -6% | -23% |
| Net earnings | $205M | +0.5% | -42% |
| Operating cash flow | $546M | +126% | +12% |
| Free cash flow | $402M | — | +27% |
What changed
Revenue was $2.1B in Q2 2025, down 2% year over year and up 3% from the previous quarter. Subscriber revenue was the largest line at 76% of revenue. Subscriber revenue lost $0.03B year over year (down 2%), 72% of the total change.
Gross margin was 52.4%, down 1.1 points from a year earlier. Operating profit was $0.36B, a 17.1% margin (down 4.6 points year over year). Operating expenses grew 9% against a revenue fall of 2%. The fastest-growing cost line was General & admin (+43%). Net earnings were $0.20B, down 33% year over year. The effective tax rate was 22.3%.
Operating cash flow was $0.55B (up 12% year over year), 266% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.20B. After itions to property and equipment, net ($0.14B), free cash flow as the company reports it was $0.40B.
Questions
What was Sirius XM Holdings' revenue in the second quarter 2025?
Sirius XM Holdings (SIRI) reported revenue of $2.1B for the second quarter 2025 (Q2 2025), -2% from a year earlier and +3% from the quarter before.
Was Sirius XM Holdings profitable in the second quarter 2025?
Operating profit was $365M (17.1% of revenue) and net earnings $205M.
Source: Sirius XM Holdings 10-Q on SEC EDGAR.