SIRIMEDIUM SIGNALMANAGEMENT10-K

SiriusXM completed its separation from Liberty Media, becoming a fully independent public company with updated corporate structure and governance.

The completion of the Liberty Media split-off represents a significant corporate restructuring that eliminates the tracking stock structure and simplifies SiriusXM's ownership for investors. The transaction appears to have been executed as planned with the expected 0.8375 exchange ratio, removing the complexity of Liberty Media's conglomerate structure.

Comparing 2026-02-05 vs 2025-01-30View on EDGAR →
FINANCIAL ANALYSIS

SiriusXM's financial position shows mixed trends with cash declining meaningfully from $162M to $94M and current liabilities growing substantially to $3.7B, suggesting either transaction-related impacts or increased short-term obligations. Accounts receivable grew modestly by 12.6% while the company reduced R&D spending by 11.1% and increased dividend payments by 13.1%, indicating a focus on shareholder returns alongside operational adjustments.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-42%
$162.0M→$94.0M

Cash declined 42% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
+33.8%
$2.7B→$3.7B

Current liabilities surged 33.8% — significant near-term obligations; verify ability to meet short-term debt.

Dividends Paid
Cash Flow
+13.1%
$237.0M→$268.0M

Dividend payments increased 13.1% — management confidence in sustained cash generation.

Accounts Receivable
Balance Sheet
+12.6%
$596.0M→$671.0M

Receivables grew 12.6% — monitor days sales outstanding for collection efficiency.

R&D Expense
P&L
-11.1%
$296.0M→$263.0M

R&D spending cut 11.1% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-02-05
PRIOR — 2025-01-30
ADDED
All executive officers and directors of the registrant have been deemed, solely for the purpose of the foregoing calculation, to be affiliates of the registrant.
Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.
Pandora refers to SiriusXM s wholly owned subsidiary Pandora Media, LLC and its subsidiaries.
The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media s Series A, Series B and Series C Liberty SiriusXM common stock (as defined in Part II, Item 7.
Management s Discussion and Analysis of Financial Condition and Results of Operations), par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the Redemption ), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo.
Upon completion of the Transactions, Liberty Media ceased to own any shares of Sirius XM Holdings Inc.
Our portfolio includes our flagship subscription entertainment service, SiriusXM; the ad-supported and premium music streaming services of Pandora; the SiriusXM Podcast Network; an advertising sales group, SiriusXM Media; and a suite of advertising technology solutions, including AdsWizz.
We believe we reached a combined monthly audience of approximately 170 million listeners as of December 31, 2025.
In December 2024, we adopted an updated strategic plan, which sharpens our focus on our core subscription business; leverages the strength of our advertising business across our portfolio of products and properties; accelerates efficiency throughout our organization; and emphasizes robust margins, free cash flow generation, and stockholder returns.
Throughout 2025, we delivered on this strategy with a variety of business updates that aligned with our focus areas including: executing key talent deals such as adding Stephen A.
REMOVED
Employer Identification No.) 1221 Avenue of the Americas , 35th Floor , New York , NY (Address of Principal Executive Offices) 10020 (Zip Code) Registrant s telephone number, including area code: ( 212 ) 584-5100 Former name, former address and former fiscal year, if changed since last report: Liberty Sirius XM Holdings Inc.
(f/k/a Liberty Sirius XM Holdings Inc.) was a wholly-owned subsidiary of Liberty Media Corporation.
(f/k/a Sirius XM Holdings Inc.) and succeeded to the attributes of Sirius XM Inc.
Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.
The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media s Series A, Series B and Series C Liberty SiriusXM common stock, par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the Redemption ), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo.
The Transactions are intended to generally be tax-free to holders of Liberty Sirius XM common stock and Sirius XM Holdings common stock (except with respect to any cash received by such holders) and the completion of the Transactions was subject to various conditions, including the receipt of opinions of tax counsel.
Upon completion of the Transactions, Liberty Media no longer owned any shares of Sirius XM Holdings Inc.
General The information contained in this Annual Report on Form 10-K represents a combination of the historical information of SplitCo (now renamed Sirius XM Holdings Inc.) prior to the Merger Effective Time and Old Sirius.
Pandora refers to Sirius XM s wholly owned subsidiary Pandora Media, LLC and its subsidiaries.
We are the leading audio entertainment company in North America with a portfolio of audio businesses including our flagship subscription entertainment service, SiriusXM; the ad-supported and premium music streaming services of Pandora; a podcast network; an advertising sales group, SiriusXM Media; and a suite of advertising technology solutions.
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