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Sirius XM SIRI Equipment revenue — Cost of Services

Other product segments

Revenue share and royalties
$722M0.0%
Programming and content
$146M-3.3%
Transmission
$49M+8.9%

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Other financials

Income statement

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Revenue$2.2B+1.0%
Gross profit$1.2B-2.8%
Operating income$472.0M+29.3%
Net income$239.0M+16.6%
EPS (diluted)$0.70+22.8%

Balance sheet

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Cash & equivalents$174.0M+89.1%
Total debt$9.5B-7.3%
Total equity$11.9B+5.1%
Total assets$27.2B-0.5%

Cash flow

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Operating cash flow$722.0M+32.2%
CapEx$130.0M-10.3%
Free cash flow$592.0M+47.6%

Valuation

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Market cap$10.35B+46.5%
Enterprise value$19.63B+14.3%
P/E11.8×
P/S1.2×+0.4×

Profitability

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Gross margin53.5%-0.3pp
Operating margin19.1%
Net margin10.2%
FCF margin18%+6.4pp

Returns & leverage

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Return on equity7.6%
Debt / equity0.8×-0.1×
Current ratio0.5×+0.1×

Where this comes from

Reported directly by Sirius XM in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization.

The source filing: Sirius XM’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 9:45 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000908937-26-000022
(in millions, except per share data)For the Three Months Ended June 30, 2026For the Three Months Ended June 30, 2025For the Six Months Ended June 30, 2026For the Six Months Ended June 30, 2025
Programming and content146151296304
Customer service and billing110111216223
Transmission49459695
Cost of equipment1234
Subscriber acquisition costs109107209207
Sales and marketing188185375375
Product and technology5656125129
General and administrative136166258288

Item 1. Financial Statements (unaudited)

FAQ

What is Sirius XM's equipment revenue — cost of services?
Sirius XM (SIRI) reported equipment revenue — cost of services of $1M in Q2 2026.
How has Sirius XM's equipment revenue — cost of services changed year-over-year?
Sirius XM's equipment revenue — cost of services decreased by 50.0% year-over-year, from $2M to $1M.
What is the long-term trend for Sirius XM's equipment revenue — cost of services?
Over 3 years (2022 to 2025), Sirius XM's equipment revenue — cost of services has grown at a -11.5% compound annual growth rate (CAGR), from $13M to $9M.
What does equipment revenue — cost of services mean?
This metric captures the direct costs associated with providing and supporting the hardware and equipment products sold to customers. It includes expenses related to manufacturing, logistics, and direct service support for these physical units. Monitoring this helps evaluate the direct profitability and efficiency of the hardware business segment.

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