Filing Flows › Sirius XM Holdings (SIRI) › Q2 2026 › vs Q2 2025
Sirius XM Holdings (SIRI) Q2 2026 vs Q2 2025 (year over year)
Sirius XM Holdings's revenue rose $22.0M (+1%) from $2.1B in Q2 2025 to $2.2B in Q2 2026. The biggest changes: Advertising revenue +$22.0M (+5%); Other revenue −$9.0M (-12%); Subscriber revenue +$9.0M (+0.6%). Gross margin 53.0% against 52.4% (+0.6 pts).
Sirius XM Holdings, Q2 2026: revenue $2.2B (+1% year over year), operating margin 21.9%, net earnings $239M, operating cash flow $722M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 53.0% | 52.4% | +0.6 pts |
| Operating margin | 21.9% | 17.1% | +4.8 pts |
| Net margin | 11.1% | 9.6% | +1.5 pts |
| Free cash flow margin | 27.5% | 18.8% | +8.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Equipment revenue | $36.0M | $46.0M | −$10.0M | -22% |
| Other revenue | $32.0M | $31.0M | $1.0M | +3% |
| Other revenue | $68.0M | $77.0M | −$9.0M | -12% |
| Subscriber revenue | $1.6B | $1.6B | $9.0M | +0.6% |
| Advertising revenue | $454M | $432M | $22.0M | +5% |
| Revenue | $2.2B | $2.1B | $22.0M | +1% |
| Gross profit | $1.1B | $1.1B | $24.0M | +2% |
| Cost of revenue | $1.0B | $1.0B | −$2.0M | -0.2% |
| Operating profit | $472M | $365M | $107M | +29% |
| Operating expenses | $672M | $755M | −$83.0M | -11% |
| Pre-tax earnings | $312M | $264M | $48.0M | +18% |
| Other expense, net | $160M | $101M | $59.0M | +58% |
| Research & development | $56.0M | $56.0M | $0 | 0% |
| Sales & marketing | $188M | $185M | $3.0M | +2% |
| General & admin | $136M | $166M | −$30.0M | -18% |
| Other operating costs | $292M | $348M | −$56.0M | -16% |
| Net earnings | $239M | $205M | $34.0M | +17% |
| Income tax | $73.0M | $59.0M | $14.0M | +24% |
| Depreciation & amortization | $134M | $90.0M | $44.0M | +49% |
| Share-based compensation | $48.0M | $47.0M | $1.0M | +2% |
| Working capital & other | $301M | $204M | $97.0M | +48% |
| Operating cash flow | $722M | $546M | $176M | +32% |
| Free Cash Flow (company-reported) | $593M | $402M | $191M | +48% |
| Itions to property and equipment, net | $129M | $144M | −$15.0M | -10% |
Questions
How much did Sirius XM Holdings's revenue grow year over year in Q2 2026?
Sirius XM Holdings's revenue rose $22.0M (+1%) from $2.1B in Q2 2025 to $2.2B in Q2 2026.
What drove Sirius XM Holdings's revenue change in Q2 2026?
Advertising revenue +$22.0M (+5%); Other revenue −$9.0M (-12%); Subscriber revenue +$9.0M (+0.6%).