Filing Flows › Sirius XM Holdings (SIRI) › Q3 2026 › vs Q3 2025
Sirius XM Holdings (SIRI) Q3 2026 vs Q3 2025 (year over year)
Sirius XM Holdings's revenue fell $6.0M (-0.3%) from $2.2B in Q3 2025 to $2.2B in Q3 2026. The biggest changes: Other revenue −$8.0M (-11%); Subscriber revenue +$1.0M (+0.1%); Advertising revenue +$1.0M (+0.2%). Gross margin 52.8% against 52.2% (+0.5 pts).
Sirius XM Holdings, Q3 2026: revenue $2.2B (-0.3% year over year), operating margin 22.2%, net earnings $317M, operating cash flow $457M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 52.8% | 52.2% | +0.5 pts |
| Operating margin | 22.2% | 22.8% | -0.6 pts |
| Net margin | 14.7% | 13.8% | +1.0 pts |
| Free cash flow margin | 13.6% | 11.9% | +1.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Equipment revenue | $36.0M | $43.0M | −$7.0M | -16% |
| Other revenue | $31.0M | $32.0M | −$1.0M | -3% |
| Other revenue | $67.0M | $75.0M | −$8.0M | -11% |
| Subscriber revenue | $1.6B | $1.6B | $1.0M | +0.1% |
| Advertising revenue | $456M | $455M | $1.0M | +0.2% |
| Revenue | $2.2B | $2.2B | −$6.0M | -0.3% |
| Gross profit | $1.1B | $1.1B | $8.0M | +0.7% |
| Cost of revenue | $1.0B | $1.0B | −$14.0M | -1% |
| Operating profit | $479M | $493M | −$14.0M | -3% |
| Operating expenses | $657M | $635M | $22.0M | +3% |
| Pre-tax earnings | $416M | $388M | $28.0M | +7% |
| Other expense, net | $63.0M | $105M | −$42.0M | -40% |
| Research & development | $64.0M | $62.0M | $2.0M | +3% |
| Sales & marketing | $179M | $186M | −$7.0M | -4% |
| General & admin | $121M | $119M | $2.0M | +2% |
| Other operating costs | $293M | $268M | $25.0M | +9% |
| Net earnings | $317M | $297M | $20.0M | +7% |
| Income tax | $99.0M | $91.0M | $8.0M | +9% |
| Depreciation & amortization | $136M | $110M | $26.0M | +24% |
| Share-based compensation | $38.0M | $43.0M | −$5.0M | -12% |
| Working capital & other | $34.0M | $20.0M | $14.0M | +70% |
| Operating cash flow | $457M | $430M | $27.0M | +6% |
| Free Cash Flow (company-reported) | $293M | $257M | $36.0M | +14% |
| Itions to property and equipment, net | $164M | $173M | −$9.0M | -5% |
Questions
How much did Sirius XM Holdings's revenue grow year over year in Q3 2026?
Sirius XM Holdings's revenue fell $6.0M (-0.3%) from $2.2B in Q3 2025 to $2.2B in Q3 2026.
What drove Sirius XM Holdings's revenue change in Q3 2026?
Other revenue −$8.0M (-11%); Subscriber revenue +$1.0M (+0.1%); Advertising revenue +$1.0M (+0.2%).