SiriusXM Revenue Increases 4% in Q3


With $2.28 billion in Q3 of 2022, SiriusXM’s revenue was up 4% compared to Q3 of 2021. The company recorded net income of $247 million compared to $343 million in 2021.

Gross profit at SiriusXM totaled $1.1 billion, an increase of 6% compared to the 2021 period, producing a gross margin of 62%, roughly a point higher than the prior year period. Free cash flow was $329 million in the third quarter of 2022, down approximately 44% from the prior year period, as cash taxes rose by $56 million year-over-year and the third quarter of 2021 benefited from $208 million in satellite insurance recoveries.

SiriusXM ended the third quarter of 2022 with 32.2 million self-pay subscribers. During the third quarter of 2022, self-pay subss increased by 187,000, aided by trial funnel growth in the prior quarter and a growing base of streaming-only subscribers. Paid promotional subscribers decreased by 49,000, and total subscribers were 34.2 million as of September 30, 2022. The SiriusXM trial funnel stood at approximately 7.0 million at the end of the quarter, down from 7.3 million at the end of the second quarter of 2022, reflecting weaker auto sales during the quarter. Self-pay monthly churn of 1.5% remained at record low levels.


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