Satellite Radio Net Subscriber Additions

Satellite radio net subscriber additions measure the change in the subscriber base during a period after additions and deactivations.

SiriusXM reported negative 299,000 net subscriber additions in 2025, an improvement from negative 649,000 in 2024.

The flow reconciles beginning and ending subscribers

SiriusXM ended 2024 with 33.226 million subscribers and ended 2025 with 32.927 million. The difference is the reported negative 299,000 net subscriber additions.

The 2025 flow also decomposes by subscriber type:

• self-pay net additions: negative 301,000;
• paid-promotional net additions: positive 2,000; and
• total net additions: negative 299,000.

That bridge is more informative than the total alone because it shows that the promotional population was roughly stable while the self-pay base declined.

Net additions do not show the gross funnel

A net figure combines many underlying movements. SiriusXM said the subscriber decline was driven primarily by lower self-pay subscribers tied to lower vehicle conversion rates, partly offset by lower voluntary and non-pay churn and growth in new-acquisition initiatives.

A company can therefore improve churn and still post negative net additions if gross additions or conversions weaken enough.

Use the metric as a flow, not a size measure

Ending subscribers describe period-end scale. Weighted-average subscribers better match period revenue. Net additions answer a different question: how much did the subscriber base change during the period?

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

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