Sirius XM (SIRI) investor relations material

Strategic priorities and vision

• Focus on enhancing the in-car subscription business, expanding distribution, and improving engagement, retention, and customer lifetime value through product, content, and pricing initiatives.

• Emphasis on disciplined, value-led execution through 2026, targeting $1.5 billion in free cash flow by 2027 and strengthening the balance sheet for expanded capital allocation.

• Leveraging unique spectrum assets for future monetization opportunities and combining recurring revenue with operational discipline to drive growth.

Financial outlook and performance

• Delivered $1.26 billion in free cash flow in 2025, guiding to $1.35 billion in 2026 and $1.5 billion in 2027, with expectations for continued growth.

• Guidance reflects stable revenue and EBITDA, slightly lower subscribers, but growing free cash flow.

• Success is defined by meeting current expectations while laying the foundation for future top-line and cash flow growth.

Product and subscription innovation

• Expanded subscription offerings with new packages like Companion, Play, and Podcast Plus to improve value and broaden demand.

• Companion plan launched early, driving engagement and retention, with future potential as a family plan for acquisition.

• Continuous service transition modernizes the platform, making subscriptions customer-centric and reducing friction during vehicle changes.