Satellite Radio Average Self-Pay Monthly Churn

Satellite radio average self-pay monthly churn measures how much of the self-paying subscriber base deactivates in an average month.

SiriusXM calculates the metric by dividing the monthly average of self-pay deactivations during the period by the average number of self-pay subscribers. It applies to in-car and retail radio subscriptions rather than every user in the broader SiriusXM funnel.

A monthly rate is not an annual retention rate

SiriusXM reported 1.5% average self-pay monthly churn in 2025, down from 1.6% in 2024. Management attributed the improvement to lower vehicle and non-pay churn.

The 1.5% figure should not simply be multiplied by 12 and labeled annual churn. The reported statistic is an average of monthly deactivation rates, while the subscriber base changes during the year through acquisitions, conversions, reactivations, promotions, and other additions.

Churn explains only one side of subscriber movement

Lower churn can support the self-pay subscriber base, but it does not guarantee positive net subscriber additions. SiriusXM still reported negative total net additions in 2025 because additions and conversions were not sufficient to offset all subscriber losses.

That makes churn a retention metric, not a complete growth metric. Read it alongside conversion trends, acquisition activity, self-pay net additions, and the ending subscriber base.

Comparison requires the same population

A churn rate is only comparable when the subscriber population and deactivation methodology are aligned. SiriusXM's measure is specifically self-pay monthly churn, so it should not be treated as paid-promotional churn, total-account churn, or an annual cancellation rate.

Primary source: Sirius XM Holdings 2025 Form 10-K.

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