SiriusXM Holdings added 22,000 net new direct subscribers in the second quarter of 2026 — the company's first second-quarter increase in net self-pay subscribers in four years, according to Billboard.

The quarter, which closed on 30 June, brought gains across nearly every financial line. Revenue rose 1% year-over-year to $2.16 billion. Net profit climbed 17% to $239 million, and diluted earnings per share reached $0.70, up 23%. Free cash flow — the money left after a company covers its operating costs and capital spending — surged 48% to $593 million. Adjusted EBITDA, a profitability measure that strips out interest, taxes, depreciation and amortisation, rose 3% to $691 million.

The subscriber growth was driven partly by companion subscriptions, which added 123,000 incremental self-pay net additions. These are secondary subscriptions tied to a primary account, often at a discounted rate. The company's churn rate — the percentage of subscribers who cancel in a given period — fell to a record-low 1.4%. Average revenue per user edged up 1% to $15.32, and subscriber revenue totalled $1.6 billion, also up 1%. Advertising revenue from the SiriusXM platform itself grew 8% to $41 million.

CEO Jennifer Witz and president and chief content officer Scott Greenstein oversee a platform that has been leaning into artist partnerships and niche programming to retain listeners. Morgan Wallen's SiriusXM channel is the No. 1 most listened-to artist partner channel on the platform. The company also launched a Sports Pass subscription priced at $5 per month, giving subscribers access to its full sports lineup.

Pandora, SiriusXM's streaming radio subsidiary, contributed $543 million in Pandora and off-platform revenue, up 4%. Pandora's advertising revenue specifically grew 5% to $413 million, and the service counted 5.6 million self-pay subscribers.

SiriusXM raised all three of its full-year 2026 financial targets. The company lifted its revenue guidance to approximately $8.525 billion, its adjusted EBITDA guidance to approximately $2.625 billion, and its free cash flow guidance to approximately $1.375 billion.

What makes the quarter stand out is the combination: modest but real subscriber growth, a record-low churn rate, and sharply higher free cash flow. For a satellite radio business that has spent years fighting the gravitational pull of Spotify, Apple Music and YouTube, stopping the second-quarter subscriber slide — not just slowing it — is the headline number.