SIRIUS XM HOLDINGS INC. SIRI
This Annual Report on Form 10-K presents information for Sirius XM Holdings Inc., a Delaware corporation. Sirius XM Holdings Inc. is the product of a series of transactions that closed on September 9, 2024.
On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation ("Liberty Media" or "Former Parent") completed its previously announced split-off (the "Split-Off") of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. ("SplitCo"). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media's Series A, Series B and Series C Liberty SiriusXM common stock (as defined in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations), par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the "Redemption"), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.56B | $8.70B | $8.95B | $9.00B | $8.70B | $8.04B | $7.79B | $5.77B | $5.42B | $5.02B |
| Cost of revenue | — | — | — | — | — | — | — | — | $35.4M | $40.9M |
| Gross profit | $4.49B | $4.62B | $4.79B | $4.92B | $4.77B | $4.50B | $4.41B | — | $5.39B | $4.98B |
| R&D | $263.0M | $296.0M | $322.0M | $285.0M | $265.0M | $263.0M | $280.0M | $123.0M | $112.0M | $82.1M |
| SG&A | $549.0M | $497.0M | $608.0M | $563.0M | $514.0M | $511.0M | $524.0M | $354.0M | $335.0M | $341.1M |
| Total operating expenses | $7.09B | $10.22B | $7.14B | $7.08B | $6.68B | $7.18B | $6.15B | $4.04B | $3.78B | $3.59B |
| Operating income | $1.47B | -$1.52B | $1.81B | $1.92B | $2.02B | $858.0M | $1.65B | $1.73B | $1.64B | $1.43B |
| Interest expense | $459.0M | $496.0M | $534.0M | $503.0M | $415.0M | $394.0M | $390.0M | $350.0M | $346.0M | $331.2M |
| Pre-tax income | $1.06B | -$1.86B | $1.21B | $1.49B | $1.53B | $430.0M | $1.20B | $1.42B | $1.26B | $1.09B |
| Income tax | $251.0M | $210.0M | $222.0M | $368.0M | $212.0M | $299.0M | $283.0M | $245.0M | $616.0M | $345.7M |
| Net income | $805.0M | -$2.08B | $988.0M | $1.12B | $1.34B | $131.0M | $914.0M | $1.18B | $648.0M | $745.9M |
| EPS, basic | 2.38 | -6.14 | 2.91 | 3.22 | 0.32 | 0.03 | 0.20 | 0.26 | 0.14 | 0.15 |
| EPS, diluted | 2.23 | -6.14 | 2.77 | 2.96 | 0.32 | 0.03 | 0.20 | 0.26 | 0.14 | 0.15 |
| Shares, diluted (wtd. avg.) | $357.0M | $338.0M | $362.0M | $368.0M | $4.14B | $4.43B | $4.62B | $4.56B | $4.72B | $4.96B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $94.0M | $162.0M | $306.0M | $370.0M | $606.0M | $71.0M | $106.0M | $54.0M | $69.0M | $214.0M |
| Receivables | $671.0M | $596.0M | $616.0M | $574.0M | $626.0M | $559.0M | $532.0M | $98.0M | $90.8M | $97.1M |
| Inventory | — | — | — | — | — | $10.0M | $11.0M | $22.0M | $20.2M | $20.4M |
| Total current assets | $1.10B | $1.15B | $1.36B | $1.04B | $1.18B | $967.0M | $1.00B | $478.0M | $470.9M | $642.6M |
| Property, plant and equipment | $2.26B | $2.11B | $1.79B | $1.50B | $1.45B | $1.63B | $1.63B | $1.51B | $1.46B | $1.40B |
| Goodwill | $12.39B | $12.39B | $15.21B | $15.21B | $3.15B | $3.12B | $3.84B | $2.29B | $2.29B | $2.21B |
| Other intangibles | $10.06B | $10.19B | $10.31B | $3.05B | $3.19B | $3.34B | $3.47B | $2.50B | $2.52B | $2.54B |
| Total assets | $27.24B | $27.52B | $30.06B | $10.02B | $10.27B | $10.33B | $11.15B | $8.17B | $8.33B | $8.00B |
| Total current liabilities | $3.65B | $2.73B | $3.95B | $2.98B | $2.98B | $3.17B | $3.29B | $2.80B | $2.82B | $2.67B |
| Total liabilities | $15.67B | $16.45B | $16.95B | $13.37B | $12.90B | $12.62B | $11.88B | $9.99B | $9.85B | $8.80B |
| Retained earnings | $11.61B | $11.12B | $15.35B | -$3.35B | -$2.64B | -$2.29B | -$1.14B | -$2.06B | -$3.24B | -$3.89B |
| Total equity | $11.56B | $11.07B | $13.10B | $12.37B | $13.13B | -$2.29B | -$736.0M | -$1.82B | -$1.52B | -$792.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.90B | $1.74B | $1.83B | $1.98B | $2.00B | $2.02B | $2.02B | $1.88B | $1.86B | $1.72B |
| Depreciation and amortisation | $422.0M | $445.0M | $425.0M | $399.0M | $379.0M | $354.0M | $327.0M | $278.0M | $261.0M | $220.4M |
| Stock-based compensation | $179.0M | $200.0M | $203.0M | $209.0M | $202.0M | $223.0M | $250.0M | $133.0M | $124.0M | $108.6M |
| Capital expenditure | $653.0M | $728.0M | $650.0M | $426.0M | $388.0M | $350.0M | $363.0M | $355.0M | $288.0M | $205.8M |
| Investing cash flow | -$747.0M | -$970.0M | -$696.0M | -$493.0M | -$200.0M | -$741.0M | -$3.0M | -$379.0M | -$1.15B | -$210.1M |
| Financing cash flow | -$1.22B | -$916.0M | -$1.19B | -$1.72B | -$1.68B | -$1.31B | -$1.96B | -$1.51B | -$854.0M | -$1.41B |
| Dividends paid | — | — | — | — | $268.0M | $237.0M | $226.0M | $201.0M | $190.0M | $48.1M |
| Buybacks | $136.0M | $6.0M | $274.0M | $647.0M | $1.52B | $1.55B | $2.16B | $1.31B | $1.41B | $1.67B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041777.
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