SiriusXM Q2 revenue down but FCF up
October 16, 2025
By Chris Forrester

Pay-radio operator SiriusXM has revealed that its overall Q2 2025 revenues have fallen 2 per cent y-o-y to $2.14 billion (€1.8bn), but free cashflow surged by 27 per cent reaching $242 million.
Sirius XM’s performance in Q2 reflected a mixed but strategic approach to maintaining financial stability amidst market challenges. While total revenue saw a slight decline, the company’s focus on cost-saving measures and innovative offerings like the SiriusXM Play subscription plan have bolstered its cash flow and market position. The company remains the US leader in podcast network reach, leveraging its strong content and distribution capabilities.
SiriusXM’s high-profile podcasts enjoyed positive advertising support, up almost 50 per cent y-o-y. Pandora, SiriusXM’s streaming service, represents around 55 to 60 per cent of the broadcaster’s total advertising revenue.
CEO Jennifer Witz expressed confidence in the company’s strategic direction, stating: “We are confident we are on the right path for the long-term success of the business. The second quarter was a period of great progress as we continued to deliver meaningful value to our subscribers, listeners and advertising partners and optimize through the lens of our renewed strategic focus.”
She told analysts on the post-results call that self-pay subscribers had risen again for the fifth quarter in a row by 32,000. ARPU was essentially flat at $15.22.
SiriusXM’s in-car app ‘Play’ will be available in almost 100 million vehicles by the end of this year. “Play presents a logical solution for price sensitive customers with SiriusXM already built into their vehicles who are looking to complement their on demand audio platform of choice with a more curated, live and connected experience with the same ease of traditional radio,” said Witz.
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