SiriusXM has posted its Q1 2025 financials, including a revenue dip, and reiterated its full-year guidance. Photo Credit: SiriusXM
SiriusXM has reported small revenue and net income decreases for Q1 2025, when its satellite radio subscribers dipped from the same period in 2024. Nevertheless, execs have reiterated their full-year guidance.
The savings-minded company shed light on its first-quarter showing today, pointing to almost $2.07 billion in revenue for the three-month stretch. Down about 4% from 2024’s first quarter, the figure reflects slips on the core satellite radio side (revenue fell 5% YoY to $1.58 billion) and Pandora (a 2% or so YoY decline to $487 million).
Behind satellite radio, SiriusXM disclosed $1.47 billion in subscription revenue (down 5% YoY), with a cumulative $111 million stemming from advertising, equipment, and other sources yet.
Separately, SiriusXM reduced its cost of services by 4% YoY to $644 million during the quarter, the report shows. And as of March 31st, self-pay subscribers were down 1% YoY to roughly 31.34 million, with the falloff representing a 16% improvement from its Q1 2024 counterpart. But paid promotional subs and paid accounts in Canada decreased by a combined 439,000, the document indicates.
Shifting to Pandora, the business posted $132 million in subscription revenue (down 1% YoY) and $355 million from advertising (down 2% YoY). Fueling those sums were 42.36 million MAUs (down 6% YoY), including 5.71 million self-pay subscribers (down 5% YoY).
And in keeping with the figures, Pandora’s ad-supported listener hours totaled 2.35 billion during Q1, about 5% less than in 2024’s opening quarter.
All told, SiriusXM identified adjusted EBITDA of $629 million (down 3% YoY), with net income of $204 million (compared to $241 million in the prior-year quarter).
During the corresponding earnings call, SiriusXM execs didn’t reveal an abundance of new information; among other things, they aren’t anticipating a “material impact” on their operations from auto tariffs.
But they did reiterate their high hopes for an ongoing advertising buildout – besides doubling down on the initially mentioned 2025 guidance. That guidance refers to revenue of $8.5 billion, adjusted EBITDA of $2.6 billion, and a free cash flow of $1.15 billion.
“Q1 marked our first full quarter since unveiling our new strategic direction and sharpened focus on super serving our core in car audience at SiriusXM,” CEO Jennifer Witz said.
“We are already seeing early benefits from these efforts as reflected in our solid first quarter results. Given our momentum and despite broadening economic uncertainty, we’re pleased to confidently reiterate our full year guidance today,” concluded Witz, whose company in March initiated a new round of layoffs.
Despite this confidence, the market doesn’t appear too enthusiastic with the financials; during today’s trading, the spun-off SiriusXM (NASDAQ: SIRI) saw its share price slip close to 9% to $19.50 per share.
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