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Sirius XM SIRI Programming and content — Cost of Services

Other product segments

Revenue share and royalties
$697M+1.5%
Customer service and billing
$105M-5.4%
Transmission
$47M-6.0%
Equipment revenue
$2M0.0%

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Other financials

Income statement

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Revenue$2.1B+1.1%
Gross profit$1.2B-2.8%
Operating income$454.0M+17.3%
Net income$245.0M+20.1%
EPS (diluted)$0.72+22.0%

Balance sheet

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Cash & equivalents$75.0M-40.9%
Total debt$9.8B-6.9%
Total equity$11.7B+4.6%
Total assets$27.1B-1.0%

Cash flow

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Operating cash flow$271.0M+12.0%
CapEx$105.0M-44.4%
Free cash flow$166.0M+213%

Valuation

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Market cap$9.44B+1.2%
Enterprise value$19.11B-3.2%
P/E11.2×
P/S1.1×0.0×

Profitability

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Gross margin53.5%-0.3pp
Operating margin17.9%
Net margin9.9%
FCF margin15.8%+4.5pp

Returns & leverage

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Return on equity7.4%
Debt / equity0.8×-0.1×
Current ratio0.4×0.0×

Where this comes from

Reported directly by Sirius XM in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization.

The official record: Sirius XM’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Sirius XM's programming and content — cost of services?
Sirius XM (SIRI) reported programming and content — cost of services of $150M in Q1 2026.
How has Sirius XM's programming and content — cost of services changed year-over-year?
Sirius XM's programming and content — cost of services decreased by 2.0% year-over-year, from $153M to $150M.
What is the long-term trend for Sirius XM's programming and content — cost of services?
Over 4 years (2021 to 2025), Sirius XM's programming and content — cost of services has grown at a 2.6% compound annual growth rate (CAGR), from $559M to $619M.
What does programming and content — cost of services mean?
The total direct expenses required to create and deliver the company's media programming and content.
How do you interpret programming and content — cost of services?
An increase may signal higher investment in premium content or rising royalty obligations, while a decrease may indicate cost-cutting measures or lower content production activity.
How does programming and content — cost of services compare across companies?
Comparable to content acquisition costs or programming expenses reported by other subscription-based media and streaming companies.