$SIRI

SIRIUS SATELLITE RADIO INC

CIK:0000908937|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 2,160	$ 2,138	$ 4,251	$ 4,206
Cost of services:
Subscriber acquisition costs	109	107	209	207
Sales and marketing	188	185	375	375
Product and technology	56	56	125	129
General and administrative	136	166	258	288
Depreciation and amortization	165	121	316	265
Impairment, restructuring and other costs	6	107	12	155
Total operating expenses	1,688	1,773	3,325	3,454
Income from operations	472	365	926	752
Other income (expense), net
Interest expense	(112)	(116)	(224)	(233)
Other (expense) income, net	(48)	15	(64)	14
Total other expense	(160)	(101)	(288)	(219)
Income before income taxes	312	264	638	533
Income tax expense	(73)	(59)	(154)	(124)
Net income	$ 239	$ 205	$ 484	$ 409
Net income per common share:
Basic (in USD per share)	$ 0.71	$ 0.61	$ 1.44	$ 1.21
Diluted (in USD per share)	$ 0.70	$ 0.57	$ 1.42	$ 1.16
Weighted average common shares outstanding:
Basic (in shares)	337	338	337	338
Diluted (in shares)	342	357	340	357
Subscriber revenue
Revenue:
Total revenue	$ 1,638	$ 1,629	$ 3,250	$ 3,231
Advertising revenue
Revenue:
Total revenue	454	432	861	826
Equipment revenue
Revenue:
Total revenue	36	46	77	87
Cost of services:
Cost of services	1	2	3	4
Other revenue
Revenue:
Total revenue	32	31	63	62
Revenue share and royalties
Cost of services:
Cost of services	722	722	1,419	1,409
Programming and content
Cost of services:
Cost of services	146	151	296	304
Customer service and billing
Cost of services:
Cost of services	110	111	216	223
Transmission
Cost of services:
Cost of services	$ 49	$ 45	$ 96	$ 95

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net income

$ 484

$ 409

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

316

265

Non-cash impairment and restructuring costs

109

Non-cash interest expense, net of amortization of premium

Realized and unrealized gains on financial instruments, net

(4)

Share of losses of equity method investments, net

Share-based payment expense

102

Deferred income tax expense (benefit)

(34)

Amortization of right-of-use assets

Other charges, net

Changes in operating assets and liabilities:

Receivables and other assets

(5)

Deferred revenue

(9)

(12)

Payables and other liabilities

(142)

(145)

Net cash provided by operating activities

993

788

Cash flows from investing activities:

Additions to property and equipment

(235)

(334)

Other investing activities, net

(90)

(63)

Net cash used in investing activities

(325)

(397)

Cash flows from financing activities:

Taxes paid from net share settlements for stock-based compensation

(39)

(16)

Revolving credit facility borrowings

757

797

Revolving credit facility repayments

(677)

(797)

Proceeds from long-term borrowings, net of costs

1,232

Repayments of long-term borrowings

(1,651)

(192)

Common stock repurchased and retired

(28)

(70)

Dividends paid

(182)

(183)

Net cash used in financing activities

(588)

(461)

Net decrease in cash, cash equivalents and restricted cash

(70)

Cash, cash equivalents and restricted cash at beginning of period

^[1]

102

170

Cash, cash equivalents and restricted cash at end of period

^[1]

182

100

Cash paid during the period for:

Interest, net of amounts capitalized

204

225

Income taxes paid

115

Non-cash investing and financing activities:

Tax equity investments

$ 10

$ 13

[1]

The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. The restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased office space. The terms of the letters of credit primarily extend beyond one year.


	As of June 30,
(in millions)	2026		2025
Cash and cash equivalents	$	174	$	92

Restricted cash included in Other long-term assets	8		8
Total cash, cash equivalents and restricted cash at end of period	$	182	$	100

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 174	$ 94
Prepaid expenses and other current assets	248	218
Total current assets	1,159	1,098
Property and equipment, net	2,286	2,260
FCC licenses	8,610	8,610
Other intangible assets, net	1,393	1,455
Goodwill	12,390	12,390
Equity method investments	873	941
Other long-term assets	474	483
Total assets	27,185	27,237
Current liabilities:
Accounts payable and accrued expenses	1,218	1,290
Accrued interest	179	171
Current portion of deferred revenue	965	976
Current maturities of debt	2	1,058
Total current liabilities	2,532	3,653
Long-term deferred revenue	93	92
Long-term debt, including $656 and $579 measured at fair value at June 30, 2026 and December 31, 2025, respectively (Note 11)	9,453	8,648
Deferred tax liabilities	2,274	2,238
Other long-term liabilities	925	1,043
Total liabilities	15,277	15,674
Commitments and contingencies (Note 14)
Stockholders’ Equity:
Common stock, par value $0.001 per share; 900 shares authorized; 337 and 335 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Accumulated other comprehensive loss, net of tax	(58)	(50)
Additional paid-in capital	51	0
Treasury stock, at cost; 17 thousand and 45 thousand shares of common stock at June 30, 2026 and December 31, 2025, respectively	(1)	(1)
Retained earnings	11,916	11,614
Total stockholders’ equity	11,908	11,563
Total liabilities and stockholders’ equity	27,185	27,237
Nonrelated Party
Current assets:
Receivables, net	712	761
Current liabilities:
Other current liabilities	46	47
Related Party
Current assets:
Receivables, net	25	25
Current liabilities:
Other current liabilities	$ 122	$ 111