SiriusXM Holdings Inc (NASDAQ:SIRI) stock gained on Thursday after it reported fiscal third-quarter 2025 results.

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The company noted that subscriber revenue was $1.63 billion for the quarter, down from $1.65 billion year-over-year.

The New York-based company reported a quarterly revenue decline of 1% year-on-year to $2.16 billion, beating the analyst consensus estimate of $2.14 billion.

GAAP EPS of 84 cents missed the analyst consensus estimate of 77 cents; advertising revenue was $455 million, up from $450 million a year ago.

For the year, SiriusXM self-pay subscribers decreased by 262,000 to 31.24 million total subscribers versus 32.81 million Y/Y.

The self-pay monthly churn remained steady Y/Y to 1.6% for the quarter.

Also Read: SiriusXM Loses Subscribers, But CFO Does Not Expect Tariff Pressure

SiriusXM segment revenue declined 1% year over year to $1.6 billion during the quarter, driven by a lower average base of self-pay subscribers offset by an increase in average revenue per user (ARPU).

ARPU increased to $15.19 from $15.16 Y/Y. SiriusXM segment gross margin declined 100 bps Y/Y to 59% as the gross profit decreased 1% Y/Y.

Pandora segment advertising revenue rose 2% Y/Y to $416 million for the quarter.

Pandora’s Monthly Active Users (MAUs) were 41.56 million, down from 43.72 million a year ago. The total number of ad-supported listener hours was 2.49 billion in the quarter, up from 2.47 billion Y/Y.

The Pandora segment gross margin declined by 300 bps Y/Y to 31% for the quarter as the gross profit decreased by 9% Y/Y.

The adjusted EBITDA declined 2% Y/Y to $676 million, mainly due to lower subscriber revenue, an increase in revenue share, royalties and subscriber acquisition costs.

The net income is $297 million, compared to a net loss of $2.96 billion Y/Y (which included a $3.36 billion noncash goodwill impairment related to the Liberty Media transaction).

The company generated $257 million in free cash flow in the quarter, compared to $93 a year ago, reflecting the elimination of Liberty transaction costs.

As of September 30, it held $79 million in cash and equivalents.

SiriusXM distributed $91 million through dividends and repurchased $20 million in shares, returning $111 million to shareholders during the quarter.

CEO Jennifer Witz said SiriusXM is scaling its digital advertising business, strengthening its leadership in podcasting, and leveraging its unique assets to drive sustainable profitability and long-term shareholder value.

FY25 Outlook: SiriusXM now expects a revenue of $8.525 billion (up from prior forecast of $8.500 billion), compared to the analyst consensus estimate of $8.516 billion. It now expects an adjusted EBITDA of $2.625 billion (up from prior guidance of $2.600 billion) and a free cash flow of $2.625 billion (up from prior outlook of $1.150 billion).

SIRI Price Action: SIRI stock is up 10.64% at $23.30 at publication on Thursday.

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