Sirius XM Holdings is a North American audio entertainment company operating two core businesses: the SiriusXM satellite radio subscription service and Pandora, an ad-supported and subscription streaming platform. SiriusXM is the flagship, delivering music, sports, news, talk, and comedy via a proprietary satellite network and streaming app. The service is embedded at the factory level across virtually all major U.S. automakers, with over 180 million SiriusXM-enabled vehicles on the road. Most new car buyers receive a free trial, and SiriusXM works to convert those trial users into paying subscribers — the company had approximately 32.9 million subscribers as of year-end 2025. SiriusXM earns primarily through recurring subscription fees, with key revenue drivers being subscriber count, ARPU, and churn. Pandora is a personalized music and podcast streaming platform, available free with ads or via paid tiers, with approximately 41.1 million monthly active users and 5.6 million subscribers. Both businesses are supported by SiriusXM Media, a unified ad sales group reaching roughly 170 million monthly listeners. Podcast advertising is the standout growth driver within the ad business, while AdsWizz, an ad tech platform, sells programmatic audio advertising services to third-party publishers. Content costs — primarily music royalties — are a major cost item. Management's current strategic priorities include deepening the in-car subscription business via its "360L" integrated platform, growing podcast and programmatic ad revenue, and improving free cash flow through cost reductions and declining satellite capital expenditure.