Sirius XM Q1 revenue slightly beats estimates

Overview

• US satellite radio provider's Q1 revenue rose 1%, slightly beating analyst expectations

• Adjusted EPS for Q1 rose 22% yr/yr to $0.72

• Company reaffirmed full-year 2026 revenue, adjusted EBITDA and free cash flow guidance

Outlook

• Sirius XM reaffirms 2026 revenue guidance of about $8.5 bln

• Company maintains 2026 adjusted EBITDA forecast at about $2.6 bln

• Sirius XM expects 2026 free cash flow of about $1.35 bln

Result Drivers

• SUBSCRIBER REVENUE AND PRICING - Growth in subscriber revenue was primarily driven by rate increases on certain self-pay plans, partially offset by a slightly lower average subscriber base

• ADVERTISING AND PODCASTING - Advertising revenue increased, supported by strength in podcasting, higher programmatic demand and technology fees, despite softer demand in streaming music

• COST CONTROLS - Lower customer service, product and technology, and general and administrative expenses contributed to higher adjusted EBITDA

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 6 "hold" and 5 "sell" or "strong sell"

• The average consensus recommendation for the broadcasting peer group is "buy."

• Wall Street's median 12-month price target for Sirius XM Holdings Inc is $24.50, about 8.4% below its April 29 closing price of $26.76

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 6 three months ago

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