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Sirius XM SIRI Transmission costs — Cost of Services

Other product segments

Revenue share and royalties
$722M0.0%
Programming and content
$146M-3.3%
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
Total revenue2,1602,1384,2514,206
Operating expenses:
Cost of services:
Revenue share and royalties7227221,4191,409
Programming and content146151296304
Customer service and billing110111216223
Transmission49459695
Cost of equipment1234

Item 1. Financial Statements (unaudited)

FAQ

What is Sirius XM's transmission costs — cost of services?
Sirius XM (SIRI) reported transmission costs — cost of services of $48M in Q2 2026.
How has Sirius XM's transmission costs — cost of services changed year-over-year?
Sirius XM's transmission costs — cost of services increased by 9.1% year-over-year, from $44M to $48M.
What is the long-term trend for Sirius XM's transmission costs — cost of services?
Over 3 years (2022 to 2025), Sirius XM's transmission costs — cost of services has grown at a -3.7% compound annual growth rate (CAGR), from $208M to $186M.
What does transmission costs — cost of services mean?
This metric represents the direct operating expenses incurred to transmit audio content to subscribers via satellite or digital networks. It encompasses costs related to satellite capacity, terrestrial repeater networks, and the infrastructure required to maintain signal delivery to end-user devices. These costs are essential for maintaining service availability and quality for both satellite radio and streaming platforms.

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