Sirius XM Holdings Inc. Revenue & Financials

Sirius XM generates $3.4 billion in adjusted EBITDA annually on $8.86 billion in revenue. That's a 38% EBITDA margin on a business that most people still associate with car radios, and it is the product of a subscriber base so embedded in automotive hardware that monthly churn sits at 1.1% — a number that compares favorably to mobile phone carriers. Revenue in FY2024 came in at $8.86 billion, essentially flat compared to $8.93 billion in FY2023, reflecting self-pay subscriber pressure offset by OEM segment stability. Net income was $1.65 billion. The revenue trajectory from $8.41 billion in FY2022 to the current level tells a story of a mature business maintaining revenue rather than growing it — the financial profile of a company in late consolidation rather than expansion. The OEM segment's economics are particularly durable. Automotive manufacturers pay the wholesale fee at vehicle production, not at consumer purchase, which means Sirius XM collects revenue when cars are built regardless of whether the eventual buyer activates a subscription. This creates a revenue stream that is tied to North American vehicle production volumes rather than consumer behavior, insulating the company from the discretionary spending cycles that affect pure subscription businesses. The 2024 reverse stock split at 1-for-10 reduced the share count to approximately 400 million shares from 4 billion, addressing the perception problem created by a sub-dollar share price without altering the underlying financial structure. Market capitalization stands at approximately $8.5 billion — a figure that implies the market is pricing meaningful long-term erosion of the self-pay base into the current multiple, which at roughly 2.5x EBITDA, suggests either significant skepticism about the franchise's durability or a genuine opportunity for investors who believe the cash generation will continue longer than the multiple implies.