SiriusXM gave investors a lot to process in one day. The company disclosed that its Chief Operating Officer is departing, then reported second-quarter results that beat revenue expectations and improved subscriber retention to a record level.
Thorsen joined SiriusXM in December 2024, stepping into a newly created COO role overseeing product and technology functions, along with commercial activities including automotive and streaming distribution, subscriber acquisition marketing, and corporate strategy.
In an SEC filing, SiriusXM stated there were no disagreements between the company and Thorsen regarding operations, policies, or practices, and confirmed it does not intend to name a successor Chief Operating Officer at this time.
Total revenue for the quarter climbed to $2.16 billion, up 1% from $2.14 billion a year earlier and above expectations. Net income rose to $239 million, an improvement of nearly 17% over the $205 million reported in the same period last year.
SiriusXM’s core satellite radio business ended the quarter with approximately 33 million total subscribers. Self-pay subscribers grew by about 22,000 during the quarter, a 90,000-subscriber improvement compared with the prior-year period, and self-pay monthly churn improved to approximately 1.4%, the lowest level in company history. Average Revenue Per User rose 1% to $15.32.
The Pandora and Off-Platform segment posted revenue of $543 million, up 4% year-over-year. Within that segment, off-platform advertising revenue specifically rose 5% to $413 million, while Pandora’s monthly active users declined to 39.8 million from 42.7 million a year earlier.
The company also highlighted a wave of programming investment, including its Audacy partnership, new full-time channels with Morgan Wallen and Green Day, and North American audio rights to every match of the FIFA World Cup 2026.
Citing the quarter’s momentum, SiriusXM raised its full-year 2026 guidance across all three of its key financial targets: total revenue to approximately $8.525 billion.
