SiriusXM concluded 2025 with subscriber figures largely stable at 33 million, reflecting a minor decline from the preceding year. Fourth-quarter revenue remained consistent, while annual revenue experienced a 2% reduction. Despite a dip in Q4 net income, the full year saw a significant recovery in net income. The company maintains a positive outlook for 2026, anticipating stable revenue and increased free cash flow, bolstered by strategic content investments and a focused approach on its core automotive audience and advertising network expansion.
Audio Giant's Financial Performance and Strategic Moves
In the final quarter of 2025, the audio entertainment behemoth, SiriusXM, reported a total of 31.3 million paying subscribers. Throughout the entirety of 2025, the company experienced a decrease of 301,000 paid subscribers, yet observed a slight improvement in its monthly churn rate, which moved from 1.6 percent in 2024 to 1.5 percent in 2025. By the close of 2025, the overall subscriber count, encompassing those on complimentary trial plans, reached approximately 33 million. This figure remained largely unchanged from recent periods, though it marked about a one percent reduction compared to the previous year.
The fourth-quarter revenue for SiriusXM stood at $2.19 billion, showing little change year-over-year. However, the total revenue for the full year 2025 was $8.56 billion, representing a two percent decline from the prior year's performance. Net income for the fourth quarter was $99 million, a notable decrease from the $287 million reported in the same period a year earlier. Conversely, the full fiscal year concluded with a net income of $805 million, a substantial turnaround from a net loss of $2 billion in the previous year.
Following these financial disclosures, the company's stock experienced an eight percent increase in pre-market trading on Thursday. SiriusXM has been actively enhancing its content offerings, notably securing a new three-year contract with celebrated personality Howard Stern, dispelling earlier rumors of his potential departure. CEO Jennifer Witz highlighted Stern's continued relevance and significant media impact, emphasizing his role in defining SiriusXM's early identity and his ongoing contribution to its lineup.
Furthermore, SiriusXM has expanded its podcast portfolio, investing in major deals for popular podcasts such as SmartLess and Call Her Daddy. This strategy has paid off, with podcast advertising revenue soaring by 41 percent for the full year, building on double-digit growth from 2024. Programmatic demand for podcasts in the fourth quarter of 2024 also saw a remarkable 92 percent increase compared to the fourth quarter of 2025.
Looking ahead to 2026, the company anticipates a relatively stable revenue of $8.5 billion and an adjusted EBITDA of approximately $2.6 billion. Witz noted that this marks the first time in three years the company expects stable adjusted EBITDA, alongside projections for further growth in free cash flow. She affirmed SiriusXM's commitment to exploring and capitalizing on opportunities to leverage its assets, particularly focusing on strengthening its core in-car audience and expanding its advertising network, a strategy refined since late December 2024.
SiriusXM's recent financial results and strategic initiatives offer a compelling narrative of resilience and adaptation in a dynamic audio entertainment landscape. The company's ability to maintain subscriber levels and achieve a substantial recovery in annual net income, despite a slight revenue dip, underscores the effectiveness of its strategic content investments and operational efficiencies. The renewal of key talent like Howard Stern and aggressive expansion in the podcast sector demonstrate a forward-looking approach to attracting and retaining audiences. As the company steers towards stable revenue and increased free cash flow in 2026, it serves as a testament to the power of focused strategy and diversified content offerings in navigating market challenges and securing future growth.