SiriusXM Posts Solid Q3 ’25 Results, Including $297M Net Income

Photo Credit: SiriusXM

SiriusXM (NASDAQ: SIRI) has exceeded revenue expectations – and disclosed nearly $300 million in net income – for Q3 2025, when Pandora and off-platform advertising generated a cool $416 million.

The overarching SiriusXM just recently posted its earnings for July, August, and September, pointing to $2.16 billion (down 1% year over year) in total revenue. Behind the sum, core satellite radio operations kicked in $1.61 billion, reflecting a 1% YoY decline as compared to a 3% YoY slip for 2025’s first nine months.

Within the category, paid subs contributed close to $1.5 billion (likewise down 1% YoY), with the remaining $114 million or so having derived from advertising, equipment, and different sources, per the breakdown.

Unsurprisingly, then, the company also reported relatively solid satellite radio subscribership results – referring to a 40,000-sub slip on the self-pay side (which execs attributed in part to a marketing-spend pullback), the addition of 51,000 paid promotional subs, and slightly improved ARPU of $15.19.

Shifting to Pandora and off-platform, the category brought in $548 million on the quarter, up about $4 million from Q3 2024 thanks to a $7 million advertising revenue boost (for $416 million total). Subscription revenue dipped YoY en route to producing the other $132 million or so, and company brass emphasized a 50% YoY spike in podcast revenue.

“During the quarter,” added CFO Thomas Barry, “we continued to see growth in advertisers buying across two or more of our platforms, reflecting the growing success of our multi-platform reach. As we roll out our unified buying capabilities next year, we expect this trend to strengthen further.”

While Pandora’s adverts showing isn’t a grand revelation – SiriusXM has, of course, been reporting the DSP’s quarterly results for some time – it is noteworthy given Spotify’s ad-supported revenue woes.

Even with its comparatively massive userbase (696 million MAUs to Pandora’s 42 million), Spotify identified ad-supported revenue of $522 million/€453 million for Q2. We’ll soon know whether the figure increased during the third quarter – the appropriate report will release this coming Tuesday – but Universal Music’s Q3 advert revenue decrease isn’t exactly an encouraging sign.

Back to SiriusXM’s own performance particulars, following far-reaching cuts, the company pinpointed the initially mentioned Q3 net income of $297 million, representing diluted EPS of $0.84 and a contrast to Q3 2024’s almost $3 billion net loss.

Meanwhile, execs also upped their guidance for 2025, which is now expected to deliver $8.53 billion in revenue and adjusted EBITDA of $2.63 billion. SIRI jumped post-earnings and was hovering around $22 at the time of this writing.

On the programming front, higher-ups during the corresponding earnings call touted new deals with the likes of Stephen Smith and Megyn Kelly – albeit without elaborating on the precise status of Howard Stern’s renewal talks. However those discussions play out, it doesn’t seem as though SiriusXM or investors are banking on a subscriber falloff should the shock jock head elsewhere.