SiriusXM reported revenue of $2.16 billion in the third quarter of 2025 today, down 1% from the same quarter last year with net income of $297 million.
The company says adjusted EBITDA was $676 million in the third quarter of 2025, compared to $693 million in the same 2024 period. This decrease in adjusted EBITDA was mainly due to lower subscriber revenue, an increase in revenue share, royalties and subscriber acquisition costs; partially offset by disciplined cost management. The adjusted EBITDA margin for the third quarter of 2025 was 31%.
SiriusXM self-pay net subscribers decreased by approximately 40,000 in the third quarter of 2025 with approximately 33 million total subscribers. Self-pay monthly churn improved slightly year-over-year, rounding to 1.6% in the third quarter of 2025, driven by continued strong performance across vehicle-related, non-pay and voluntary churn. The company ended the quarter with approximately 33 million total subscribers. The total trial funnel stood at 7.4 million at the end of the third quarter of 2025, down from 7.6 million at the end of the second quarter of 2025, but a slight increase from 7.3 million as of the end of the third quarter of 2024.
Pandora and Off-Platform revenue totaled $548 million in the third quarter of 2025, an increase of 1% from $544 million in the prior-year period. The increase was primarily driven by a 2% increase in advertising revenue to $416 million, partially offset by a 2% reduction in subscriber revenue to $132 million. The increase in advertising revenue was driven by revenue generated from podcasts and technology fees, partially offset by reduced advertiser demand in streaming music. The decrease in subscriber revenue reflects a smaller subscriber base, partially offset by price increases on Pandora subscription plans. Pandora Plus and Pandora Premium ended the third quarter of 2025 with 5.7 million self-pay subscribers.
SiriusXM CEO Jennifer Witz said, “This was a quarter of meaningful progress for SiriusXM. We’re enhancing the subscriber experience through new content, deeper personalization, and continued innovation across every stage of the customer journey, driving greater engagement and value for our listeners. At the same time, we’re scaling our digital advertising business and strengthening our leadership in podcasting. Across each of these areas, we’re leveraging our unique assets to deliver sustainable profitability and long-term value for our shareholders — a strategy that is already delivering as we raise our full year guidance.
CFO Tom Barry added, “Our third-quarter results demonstrate continued financial strength, and we are pleased to increase our financial guidance by $25 million across revenue, adjusted EBITDA, and free cash flow. We maintained solid margins, with meaningful investments that drive clear payback in engagement, ad monetization, and OEM distribution largely off-set by disciplined cost management. Our balanced approach drove a $120 million reduction in debt and delivered $111 million to our shareholders in the third quarter” Barry added. “As we look ahead, we remain confident in our strategy and on track to meet our new full-year guidance.”
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