Sirius XM Holdings Inc (SIRI) Cash Flow Statement
Where SIRI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.90B +9.0% vs 2024
- Capital expenditures
- $653.0M 7.6% of revenue
- Free cash flow
- $1.25B 14.5% margin
- Returned to shareholders
- $501.0M 40% of free cash flow
- Change in cash
- −$68.0M cash at year-end $102.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SIRI operating cash flow, capex and free cash flow
SIRI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.72B2016 | $1.90B2025 | +1.1%/yr | |
| Capital expenditures | $205.8M2016 | $653.0M2025 | +13.7%/yr | |
| Free cash flow | $1.51B2016 | $1.25B2025 | −2.1%/yr | |
| Free cash flow margin | 30.2%2016 | 14.5%2025 | −15.6 pts | |
| Operating cash flow / net income | 2.302016 | 2.362025 | +0.05 | |
| Stock-based compensation | $108.6M2016 | $179.0M2025 | +5.7%/yr | |
| Dividends paid | $48.1M2016 | $365.0M2025 | +25.3%/yr | |
| Share buybacks (net) | $1.67B2016 | $136.0M2025 | −24.3%/yr | |
| Capex / revenue | 4.1%2016 | 7.6%2025 | +3.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SIRI cash flow by activity
SIRI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SIRI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $805.0M | −$1.67B | $786.0M | $1.21B | $1.31B | $131.0M | $914.0M | $1.18B | $647.9M | $745.9M |
| Depreciation & amortization | $589.0M | $622.0M | $669.0M | $585.0M | $583.0M | $562.0M | $468.0M | $300.7M | $298.6M | $269.0M |
| Stock-based compensation | $179.0M | $200.0M | $184.0M | $197.0M | $202.0M | $223.0M | $250.0M | $133.0M | $124.0M | $108.6M |
| Change in working capital | −$89.0M | −$259.0M | −$169.0M | −$379.0M | −$411.0M | −$268.0M | −$21.0M | −$13.3M | $96.8M | $178.6M |
| Other non-cash items | $414.0M | $2.84B | $359.0M | $360.0M | $310.0M | $1.37B | $406.0M | $284.1M | $688.3M | $417.1M |
| Cash from operating activities | $1.90B | $1.74B | $1.83B | $1.98B | $2.00B | $2.02B | $2.02B | $1.88B | $1.86B | $1.72B |
| Investing activities | ||||||||||
| Capital expenditures | −$653.0M | −$728.0M | −$650.0M | −$426.0M | −$388.0M | −$350.0M | −$363.0M | −$355.7M | −$288.0M | −$205.8M |
| Investments (net) | — | −$970.0M | −$687.0M | $1.0M | −$200.0M | $3.0M | $66.0M | −$4.4M | −$743.3M | −$210.1M |
| Acquisitions & other investing | −$94.0M | $728.0M | $641.0M | −$123.0M | $388.0M | −$394.0M | $294.0M | −$19.2M | −$115.6M | $205.8M |
| Cash from investing activities | −$747.0M | −$970.0M | −$696.0M | −$548.0M | −$200.0M | −$741.0M | −$3.0M | −$379.3M | −$1.15B | −$210.1M |
| Financing activities | ||||||||||
| Dividends paid | −$365.0M | −$143.0M | −$65.0M | −$1.34B | −$268.0M | −$237.0M | −$226.0M | −$201.0M | −$190.0M | −$48.1M |
| Share repurchases & issuance (net) | −$136.0M | −$6.0M | −$274.0M | −$647.0M | −$1.52B | −$1.55B | −$2.16B | −$1.31B | −$1.41B | −$1.67B |
| Net borrowing (repayment) | −$679.0M | −$709.0M | −$1.10B | $573.0M | $224.0M | $592.0M | $565.0M | $120.2M | $837.4M | $376.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $754.0M | $0 | $0 | $0 | $0 |
| Other financing | −$39.0M | −$58.0M | $252.0M | −$149.0M | −$115.0M | −$868.0M | −$139.0M | −$120.1M | −$92.1M | −$61.6M |
| Cash from financing activities | −$1.22B | −$916.0M | −$1.19B | −$1.56B | −$1.68B | −$1.31B | −$1.96B | −$1.52B | −$853.7M | −$1.41B |
| Summary | ||||||||||
| Net change in cash | −$68.0M | −$145.0M | $249.0M | −$134.0M | $116.0M | −$37.0M | $55.0M | −$14.0M | −$144.9M | $102.1M |
| Cash at end of period | $102.0M | $170.0M | $306.0M | $65.0M | $199.0M | $83.0M | $120.0M | $65.4M | $69.0M | $213.9M |
| Free cash flow | $1.25B | $1.01B | $1.18B | $1.55B | $1.61B | $1.67B | $1.65B | $1.52B | $1.57B | $1.51B |
| Free cash flow margin | 14.5% | 11.6% | 13.2% | 17.2% | 18.5% | 20.7% | 21.2% | 26.4% | 28.9% | 30.2% |
| Capex / revenue | 7.6% | 8.4% | 7.3% | 4.7% | 4.5% | 4.4% | 4.7% | 6.2% | 5.3% | 4.1% |
| Operating cash flow / net income | 2.36 | — | 2.33 | 1.63 | 1.52 | 15.40 | 2.21 | 1.60 | 2.86 | 2.30 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $239.0M | $245.0M | $99.0M | $297.0M | $205.0M | $204.0M | $287.0M | −$2.46B | $304.0M | $199.0M | $352.0M | $363.0M |
| Depreciation & amortization | $175.0M | $161.0M | $151.0M | $152.0M | $131.0M | $155.0M | $134.0M | $154.0M | $169.0M | $166.0M | $159.0M | $144.0M |
| Stock-based compensation | $48.0M | $54.0M | $39.0M | $43.0M | $47.0M | $50.0M | $46.0M | $67.0M | $46.0M | $45.0M | $49.0M | $48.0M |
| Change in working capital | $139.0M | −$279.0M | $261.0M | −$188.0M | $43.0M | −$205.0M | $153.0M | −$199.0M | −$45.0M | −$189.0M | −$36.0M | −$110.0M |
| Other non-cash items | $121.0M | $90.0M | $130.0M | $126.0M | $120.0M | $38.0M | $59.0M | $2.67B | $15.0M | $43.0M | $47.0M | $33.0M |
| Cash from operating activities | $722.0M | $271.0M | $680.0M | $430.0M | $546.0M | $242.0M | $679.0M | $240.0M | $489.0M | $264.0M | $571.0M | $478.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$130.0M | −$105.0M | −$144.0M | −$175.0M | −$145.0M | −$189.0M | −$165.0M | −$216.0M | −$173.0M | −$174.0M | −$130.0M | −$187.0M |
| Investments (net) | — | — | — | −$191.0M | −$162.0M | −$235.0M | −$178.0M | −$427.0M | −$2.0M | −$363.0M | −$132.0M | −$189.0M |
| Acquisitions & other investing | −$22.0M | −$68.0M | −$15.0M | $175.0M | $145.0M | $189.0M | $165.0M | $408.0M | −$21.0M | $183.0M | $130.0M | $187.0M |
| Cash from investing activities | −$152.0M | −$173.0M | −$159.0M | −$191.0M | −$162.0M | −$235.0M | −$178.0M | −$235.0M | −$196.0M | −$354.0M | −$132.0M | −$189.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$91.0M | −$91.0M | −$91.0M | −$91.0M | −$92.0M | −$91.0M | −$92.0M | −$154.0M | −$103.0M | −$102.0M | −$102.0M | −$93.0M |
| Share repurchases & issuance (net) | −$6.0M | −$22.0M | −$45.0M | −$21.0M | −$45.0M | −$25.0M | −$6.0M | −$19.0M | −$199.0M | −$17.0M | −$12.0M | −$75.0M |
| Net borrowing (repayment) | −$361.0M | $22.0M | −$364.0M | −$123.0M | −$276.0M | $84.0M | −$363.0M | −$93.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$13.0M | −$26.0M | −$6.0M | −$17.0M | −$6.0M | −$10.0M | −$5.0M | $197.0M | $61.0M | $46.0M | −$162.0M | −$119.0M |
| Cash from financing activities | −$471.0M | −$117.0M | −$506.0M | −$252.0M | −$419.0M | −$42.0M | −$466.0M | −$69.0M | −$241.0M | −$73.0M | −$276.0M | −$287.0M |
| Summary | ||||||||||||
| Net change in cash | $99.0M | −$19.0M | $15.0M | −$13.0M | −$35.0M | −$35.0M | $35.0M | $27.0M | $29.0M | −$235.0M | $163.0M | $2.0M |
| Cash at end of period | $182.0M | $83.0M | $94.0M | $79.0M | $100.0M | $135.0M | $170.0M | $127.0M | $100.0M | $71.0M | $224.0M | $61.0M |
| Free cash flow | $592.0M | $166.0M | $536.0M | $255.0M | $401.0M | $53.0M | $514.0M | $24.0M | $316.0M | $90.0M | $441.0M | $291.0M |
| Free cash flow margin | 27.4% | 7.9% | 24.4% | 11.8% | 18.8% | 2.6% | 23.5% | 1.1% | 14.5% | 4.2% | 19.3% | 12.8% |
| Capex / revenue | 6.0% | 5.0% | 6.6% | 8.1% | 6.8% | 9.1% | 7.5% | 9.9% | 7.9% | 8.0% | 5.7% | 8.2% |
| Operating cash flow / net income | 3.02 | 1.11 | 6.87 | 1.45 | 2.66 | 1.19 | 2.37 | — | 1.61 | 1.33 | 1.62 | 1.32 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SIRI cash generation
In fiscal 2025 (ended December 31, 2025), Sirius XM generated $1.9 billion of cash from operations (up 9.0%) and spent $653.0 million on capital expenditures, leaving free cash flow of $1.2 billion, 14.5% of revenue. It returned $501.0 million to shareholders through dividends ($365.0 million) and net share buybacks ($136.0 million). Cash and equivalents fell by $68.0 million over the year.
Related: SIRI income statement, SIRI balance sheet, SIRI dividend history. See the SIRI stock overview for the latest quote and news.
SIRI cash flow FAQ
What is Sirius XM's free cash flow?
Sirius XM's free cash flow was $1.2 billion in fiscal 2025: $1.9 billion of operating cash flow minus $653.0 million of capital expenditures It was $1.0 billion a year earlier..
How much cash does Sirius XM generate from operations?
Sirius XM generated $1.9 billion of cash from operating activities in fiscal 2025, 2.36 times its net income of $805.0 million.
How much does Sirius XM spend on capital expenditures?
Sirius XM spent $653.0 million on capital expenditures in fiscal 2025, 7.6% of revenue, compared with $728.0 million the year before.
How much stock does Sirius XM buy back?
Sirius XM spent $136.0 million on net share repurchases in fiscal 2025.
How much does Sirius XM pay in dividends?
Sirius XM paid $365.0 million in dividends in fiscal 2025, 29.3% of free cash flow.