Sirius XM Holdings Inc (NASDAQ:SIRI) reported fiscal first-quarter 2025 results on Thursday. The company noted that subscriber revenue was $1.6 billion for the quarter — down from $1.68 billion a year ago.

The New York-based company reported a quarterly revenue decline of 4% year-on-year to $2.07 billion, missing the analyst consensus estimate of $2.13 billion.

Here’s a closer look:

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• GAAP EPS of $0.59 missed the analyst consensus estimate of 81 cents.
• Advertising revenue was $394 million, down from $402 million a year ago.
• For the year, SiriusXM self-pay subscribers decreased by 303,000 to 31.34 million total subscribers versus 31.58 million Y/Y.
• The self-pay monthly churn declined Y/Y to 1.6% for the quarter.
• SiriusXM segment revenue declined 5% year over year to $1.6 billion during the quarter, driven by a lower average base of self-pay subscribers and a decrease in average revenue per user (ARPU).
• ARPU decreased to $14.86 from $15.36 Y/Y. SiriusXM segment gross margin declined 100 bps to 59% Y/Y.
• Pandora segment advertising revenue declined 2% Y/Y to $355 million for the quarter.
• Pandora’s Monthly Active Users (MAUs) were 42.36 million, down from 45.02 million a year ago. The total number of ad-supported listener hours was 2.35 billion in the quarter, down from 2.49 billion Y/Y.
• The Pandora segment gross margin remained firm Y/Y at 29% for the quarter, while the gross profit declined by 3% Y/Y.
• The adjusted EBITDA declined 3% Y/Y at $629 million.
• Net income of $204 million, down by 15% Y/Y.
• $56 million in free cash flow in the quarter, compared to $88 a year ago.
• As of March 31, 2025, it held $127 million in cash and equivalents.

SiriusXM CFO Tom Barry does not expect tariff-related pressure on new car sales negatively impacting the company’s 2025 subscriber or financial performance.

FY25 Outlook: Sirius XM reiterated revenue of $8.50 billion versus the consensus of $8.53 billion. It also reaffirmed an adjusted EBITDA of $2.60 billion and a free cash flow of $1.15 billion.

Price Action: SIRI stock is up 0.42% at $21.51 premarket at the last check on Thursday.

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