SiriusXM reported 31.2 million paid subscribers in the first quarter, down 109,000 subscribers from the same period last year, and about 33 million total subscribers, which also includes users on a free trial subscription. The overall user base is largely unchanged from a year ago.
The satellite radio company said change among its user base “remained significant” and “improved” to 1.5 percent, the lowest first-quarter level in SiriusXM’s history, according to the company. This came even after SiriusXM’s first consecutive annual price increase was implemented in February across full-price plans.
The company reported revenues of $2.09 billion, an increase of 1 percent over last year, and net income of $245 million. Diluted common earnings per share rose 22 percent to 72 cents, from 59 cents in the same period a year earlier. Both came in above Wall Street expectations, as compiled by Zacks Investment Research.
Podcasting was another area of strong performance, with revenue growing 37 percent year over year. This helped boost total advertising revenue, which rose 5 percent to $372 million. The total was partially offset by weak advertiser demand for streaming music.
Amid earnings reports, SiriusXM is in early talks to merge with iHeartMedia Companies, according to sources familiar with the matter. At the beginning of the earnings call, CEO Jennifer Weitz asked more questions on the topic, saying the company is “focused on creating long-term value for our shareholders.”
“We do not comment on rumors, and ask that you keep today’s questions focused on our operating and financial performance. Our Board of Directors and management team are always focused on creating long-term value for our shareholders, and will continue to pursue this goal in a thoughtful and disciplined manner,” Weitz said.
SiriusXM Media also recently announced a partnership with YouTube to serve as the exclusive US advertising representative for YouTube’s audio inventory, across music, podcasts and more. The deal is expected to expand its reach to approximately 255 million monthly listeners starting this fall, according to SiriusXM, with Witz noting the fact that many YouTube users often switch between listening and watching. The company is co-developing special technology with Google for advertising partnerships, as executives say YouTube needs a partner with experience in the field of audio. The partnership applies to media such as music videos with still images.
“We’re very focused on this as our opportunity to expand,” Weitz said on the earnings call.
The company reaffirmed its full-year 2026 guidance, including total revenue of approximately $8.5 billion.
“We are off to a strong start in 2026, achieving growth in both revenue and profitability while executing with discipline on our strategic priorities,” Weitz said. “In Q1, we increased net subscriber additions year over year, increased average revenue per user (ARPU), and had the smallest decline recorded in Q1. Our latest subscriber satisfaction study achieved the highest scores since its inception, strengthening the strength of our value proposition. We also significantly strengthened our advertising capabilities through our historic partnership with YouTube. This strong execution, coupled with continued improvements to our content offering and deeper listener engagement, underscores the resilience of our model and positions us well to deliver sustainable, long-term value.” “For shareholders.”
