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Sirius XM SIRI Programming and content — Cost of Services

Other product segments

Revenue share and royalties
$722M0.0%
Transmission
$49M+8.9%
Equipment revenue
$1M-50.0%

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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
Operating expenses:
Cost of services:
Revenue share and royalties7227221,4191,409
Programming and content146151296304
Customer service and billing110111216223
Transmission49459695
Cost of equipment1234
Subscriber acquisition costs109107209207

Item 1. Financial Statements (unaudited)

FAQ

What is Sirius XM's programming and content — cost of services?
Sirius XM (SIRI) reported programming and content — cost of services of $146M in Q2 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 3.3% year-over-year, from $151M to $146M.
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?
This metric represents the total direct costs incurred to produce, acquire, and deliver programming and content for the company's media platforms. It encompasses royalties, talent fees, production expenses, and distribution-related costs necessary to maintain the service offering. Monitoring this figure helps assess the operational efficiency of content acquisition strategies relative to subscriber growth.

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