Filing Flows › Sirius XM Holdings (SIRI) › How it makes money
How Sirius XM Holdings (SIRI) makes money
Sirius XM Holdings (SIRI) made $2.2B of revenue in the third quarter 2026 (Q3 2026), -0.3% from a year earlier. Subscriber revenue brought in $1.6B (76%); Advertising revenue brought in $456M (21%); Other revenue brought in $67.0M (3%). Of every dollar of revenue, 53¢ was left as gross profit, 22¢ was left as operating profit, 15¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Subscriber revenue | $1.6B | 75.7% | -0.5% | +0.1% |
| Advertising revenue | $456M | 21.2% | +0.4% | +0.2% |
| Other revenue | $67.0M | 3.1% | -1% | -11% |
| ↳ Equipment revenue | $36.0M | 1.7% | 0% | -16% |
| ↳ Other revenue | $31.0M | 1.4% | -3% | -3% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.2B | 100.0% |
| Cost of revenue | $1.0B | 47.2% |
| Gross profit | $1.1B | 52.8% |
| Operating expenses | $657M | 30.5% |
| Operating profit | $479M | 22.2% |
| Income tax | $99.0M | 4.6% |
| Net earnings | $317M | 14.7% |
| Operating cash flow | $457M | 21.2% |
| Free cash flow | $293M | 13.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.2B | -0.3% |
| Q2 2026 | $2.2B | +1% |
| Q1 2026 | $2.1B | +1% |
| Q4 2025 | $2.2B | +0.2% |
| Q3 2025 | $2.2B | -0.6% |
| Q2 2025 | $2.1B | -2% |
| Q1 2025 | $2.1B | -4% |
From Sirius XM Holdings' 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Sirius XM Holdings make money?
Sirius XM Holdings (SIRI) made $2.2B of revenue in the third quarter 2026 (Q3 2026), -0.3% from a year earlier. Subscriber revenue brought in $1.6B (76%); Advertising revenue brought in $456M (21%); Other revenue brought in $67.0M (3%). Of every dollar of revenue, 53¢ was left as gross profit, 22¢ was left as operating profit, 15¢ was left as net earnings.
What is Sirius XM Holdings' biggest business?
Subscriber revenue: $1.6B in the third quarter 2026, 76% of revenue, +0.1% from a year earlier.
What is Sirius XM Holdings' profit margin?
Net earnings were $317M, 14.7% of revenue, in the third quarter 2026; the operating margin was 22.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.