Sirius XM Holdings (SIRI) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Sirius XM published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Sirius XM accounts for its Convertible Notes at fair value and treats them as converted when that dilutes EPS. In Q3 2026 that reduced the numerator for diluted EPS by $35 million and added 19 million shares. Sirius XM said the 7% decline in diluted EPS reflected that accounting treatment.

Source: Sirius XM Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Sirius XM splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Sirius XM's SiriusXM revenue was $1.6 billion in Q3 2026, flat on $1.6 billion in Q3 2025, 75% of total revenue.
• Sirius XM's Pandora and Off-platform revenue was $549 million in Q3 2026, flat on $548 million in Q3 2025, 25% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Sirius XM said:

“SiriusXM raised its full-year 2026 financial guidance for the second consecutive quarter, increasing each of its three key financial metrics by $25 million, reflecting continued operating momentum, improved profitability and strong cash flow generation.”

“Total revenue: Approximately $8.55 billion”

“Adjusted EBITDA: Approximately $2.65 billion”

“Free cash flow: Approximately $1.40 billion.”

Source: Sirius XM Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SIRI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted net income per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Sirius XM's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Sirius XM's total revenue was $2,153 million in Q3 2026, against $2,159 million a year earlier. Subscriber revenue was $1,630 million, advertising revenue $456 million, equipment revenue $36 million and other revenue $31 million. The SiriusXM segment brought in $1,604 million and Pandora and Off-platform $549 million. (Sirius XM Q3 2026 release, Oct 29, 2026)

Sirius XM put the slight decline down to lower equipment revenue because of higher memory costs: SiriusXM equipment revenue decreased 16%, from $43 million to $36 million. SiriusXM subscriber revenue edged up to $1,500 million with ARPU of $15.18, against $15.19, as rate increases on certain self-pay plans offset a growing mix of more affordable plans. SiriusXM advertising revenue fell 5% to $37 million. (Sirius XM Q3 2026 release, Oct 29, 2026)

Pandora and Off-platform is mainly an advertising business. Its advertising revenue grew 1% to $419 million, led by podcasting, programmatic advertising and technology fees, while ad supported listener hours fell 10% to 2.25 billion. Its subscriber revenue declined 2% to $130 million, and monthly active users fell 7% to 38.8 million. (Sirius XM Q3 2026 release, Oct 29, 2026)

Sirius XM ended the quarter with approximately 33 million SiriusXM subscribers, including 1.594 million paid promotional subscribers. Self-pay net additions were about 5,000, an improvement of 45,000 from a year earlier, with companion subscriptions contributing 107,000. Satellite radios are a factory-installed feature in substantially all vehicle makes sold in the United States, and Sirius XM has over 180 million SiriusXM enabled vehicles in operation. (Sirius XM Q3 2026 release, Oct 29, 2026; Sirius XM Form 10-K, 2025, Feb 5, 2026)

Sirius XM reports GAAP EPS only. Net income rose 7% to $317 million in Q3 2026, but diluted EPS fell to $0.78 from $0.84 because of how its Convertible Notes are counted. Diluted EPS assumes the notes convert: that reduces the numerator by $35 million, net of tax, and adds 19 million shares, taking diluted shares to 363 million against 356 million. Basic EPS rose to $0.94 from $0.88. (Sirius XM Q3 2026 release, Oct 29, 2026; Sirius XM Form 10-Q, Q3 2026, Oct 29, 2026)

Other income (expense), net was $46 million, up from $10 million, and included a $41 million gain from the change in the fair value of the Convertible Notes. Interest expense fell to $109 million from $115 million, while depreciation and amortization rose to $166 million from $141 million. The effective tax rate was 23.8%, and Sirius XM expects about 23% for 2026. (Sirius XM Q3 2026 release, Oct 29, 2026; Sirius XM Form 10-Q, Q3 2026, Oct 29, 2026)

Sirius XM's main non-GAAP measure, Adjusted EBITDA, grew 3% to $694 million, a 32% margin, helped by programming costs falling 6% to $136 million and customer service and billing falling 6% to $108 million. In the quarter it paid $91 million in dividends and repurchased $33 million of shares. (Sirius XM Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Sirius XM gives an annual outlook in its release for revenue, Adjusted EBITDA and free cash flow, and no EPS outlook. After Q3 it raised all three by $25 million, to approximately $8.55 billion of total revenue, $2.65 billion of Adjusted EBITDA and $1.40 billion of free cash flow for 2026. (Sirius XM Q3 2026 release, Oct 29, 2026)

Sirius XM says it cannot reconcile projected Adjusted EBITDA and free cash flow to GAAP without unreasonable effort. Its chief financial officer said lower satellite capital expenditures position it to meaningfully accelerate share repurchases in 2027. (Sirius XM Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Sirius XM, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Sirius XM's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SIRI is on is SIRI a buy or a sell?, what analysts expect next is on the SIRI forecast, and what the company does is on the Sirius XM Holdings (SIRI) stock page.

Every number on this page can be traced to a document Sirius XM published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.