Sirius XM
29 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.
Customers
Advertising market (Pandora)
earns from · a majority of its revenuesnamed as a riskOur Pandora and Off-platform business generates a majority of its revenues from third parties advertising on the Pandora ad-supported service and other platforms.Risk factors (Item 1A)
Automakers
depends onnamed as a riskOur business could be adversely affected if a number of automakers do not continue to include our SiriusXM service in their products or provide us with such data.Risk factors (Item 1A)
Federal Emergency Management Agency (FEMA)
earns fromWe use the additional spectrum for public interest purposes, providing a satellite-delivered service to enhance the emergency communications capabilities of the Federal Emergency Management Agency (“FEMA”), furthering our essential public safety role.Business (Item 1)
Suppliers
SoundExchange
depends onnamed as a riskSoundExchange is exempt by statute from certain U.S. antitrust laws and exercises significant market power in the licensing of sound recordings.Risk factors (Item 1A)
Broadcast Music, Inc. (BMI)
depends onnamed as a riskWhile we were negotiating rates and terms with BMI, in September 2024, BMI filed a Petition in the United States District Court for the Southern District of New York requesting a determination under the Consent Decree with the Department of Justice to which BMI is subject that the rates it quoted in May 2023 for the license requested by SiriusXM are reasonable or, in the alternative, for an order setting reasonable rates for SiriusXM’s public performance of songs in the BMI repertoire.Business (Item 1)
American Society of Composers, Authors and Publishers (ASCAP)
depends onnamed as a riskCurrently, we have interim licenses with ASCAP and BMI relating to Pandora.Business (Item 1)
Howard Stern
depends onThroughout 2025, we delivered on this strategy with a variety of business updates that aligned with our focus areas including: executing key talent deals such as adding Stephen A. Smith to our portfolio and extending our agreement with Howard Stern for another three years; adding value to our subscription tiers with the addition of companion plans and the launch of new packages and features; the expansion of our “360L” platform into more cars; the continued expansion of our advertising business, including our leading Podcast Network; and the introduction of new efficiencies and cost-cutting measures resulting in free cash flow growth.Business (Item 1)
Partners and platforms
Google, who distributes our apps through its App Store and who we rely on to collect fees and approve the terms of our consumer offers, and who plays an important role in the fulfillment of the ads we sell on our Pandora platform.Risk factors (Item 1A)
Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY and 14 more
Other companies
Sirius XM Canada
insures or lends to · $8.0 millionnamed as a riskThe carrying value of the loan as of December 31, 2025 was $8.0 million and approximated its fair value.Market risk (Item 7A)
Liberty Media Corporation
named as a riskOur indemnification obligations to Liberty Media, its subsidiaries and certain related persons are not limited in amount or subject to any cap.Risk factors (Item 1A)
Also named by LLYVA
Competitors
Apple CarPlay
competes withnamed as a riskFor example, CarPlay, the Apple in-vehicle software, has become a near-ubiquitous feature in new cars, with most manufacturers integrating it into their infotainment systems, allowing iPhone users to readily access music and other audio entertainment while driving.Risk factors (Item 1A)
Spotify
competes withnamed as a riskOur subscribers and listeners can obtain similar content for free through Spotify, YouTube and other internet services as well as terrestrial radio stations.Risk factors (Item 1A)
Places
San Francisco Bay Area
operates innamed as a riskWe also have significant operations in the San Francisco Bay Area, a region known for seismic activity.Risk factors (Item 1A)
United States auto industry
concentrated innamed as a riskA substantial portion of the subscription growth for our satellite radio service has come from purchasers and lessees of new and pre-owned automobiles in the United States, and we expect this to be an important source of subscribers for our satellite radio service in the future.Risk factors (Item 1A)
Hazards
Earthquake
concentrated innamed as a riskWe also have significant operations in the San Francisco Bay Area, a region known for seismic activity.Risk factors (Item 1A)
Also named by A, ADBE, AEE, ARE, ARES, BLK, CDNA, CRC and 11 more
Uninsured in-orbit satellites
named as a riskWe do not have insurance for many of our in-orbit satellites.Risk factors (Item 1A)
Wireless spectrum interference
named as a riskThe development of applications and services in spectrum adjacent to the frequencies licensed to us, as well as the combination of signals in other frequencies, may cause harmful interference to our satellite radio service in certain areas of the United States.Risk factors (Item 1A)
Commodities and inputs
Canadian dollar
exposed to its price · approximately $0.8 million lowernamed as a riskHad the Canadian to U.S. dollar exchange rate been 10% lower as of December 31, 2025, the value of this loan would have been approximately $0.8 million lower.Market risk (Item 7A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
SOFR
exposed to its price · $420 million principal amount of variable rate debtnamed as a riskAs of December 31, 2025, we had $420 million principal amount of variable rate debt outstanding with a weighted average interest rate of 5.6% and $9,325 million principal amount of fixed rate debt with a weighted average interest rate of 4.3%.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Regulators
Copyright Royalty Board (CRB)
subject to · 15.5% of gross revenuesnamed as a riskUnder the terms of the Copyright Royalty Board’s existing decision governing sound recording royalties for satellite radio, we are required to pay a royalty based on our gross revenues associated with our satellite radio service, subject to certain exclusions, of 15.5% per year through December 31, 2027.Risk factors (Item 1A)
Federal Communications Commission (FCC)
subject tonamed as a riskNoncompliance by us with these requirements or other conditions or with other applicable FCC rules and regulations could result in fines, additional license conditions, license revocation or other detrimental FCC actions.Risk factors (Item 1A)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more
Laws and programs
U.S. Copyright Act Section 115 statutory license
subject to · 15.1% of revenues or 26.2% of record label paymentsFor the five-year period commencing January 1, 2023 and ending December 31, 2027, Pandora agreed to pay the greater of 15.1% of revenues or 26.2% of record label payments annually, rising over the five-year period to 15.35% of revenues or 26.2% of record label payments by 2027.Business (Item 1)
California Consumer Privacy Act
subject tonamed as a riskPrivacy-related laws and regulations, such as the California Consumer Privacy Act and the European General Data Protection Regulation, are evolving and subject to potentially differing interpretations.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
U.S. Copyright Act Section 114 statutory license
subject tonamed as a riskIn January 2024, the CRB commenced a rate setting proceeding covering the statutory license for non-interactive streaming services for the period from January 1, 2026 through December 31, 2030.Business (Item 1)
Tariffs on auto imports (China, EU, Japan, Canada, Mexico)
subject tonamed as a riskSignificant tariffs on imports from many countries including China, European Union countries, Japan, Canada and Mexico, could have a major impact on the price of auto parts, semi-finished products, components and raw materials and finished vehicles, resulting in declines of vehicle sales by automakers.Risk factors (Item 1A)
Restore Online Shoppers’ Confidence Act
subject tonamed as a riskIn November 2024, a New York Court found that our cancellation practices violated the “simple mechanism requirement” for subscription cancellations in the federal Restore Online Shoppers’ Confidence Act.Risk factors (Item 1A)
Technology
Apple Identifier for Advertisers (IDFA)
depends onnamed as a riskApple, as well as mobile operating system and browser providers, have implemented product features and plans that may adversely impact our ability to use these common identifiers and data collected in connection with these common identifiers in our Pandora business.Risk factors (Item 1A)
Also named by APP
Satellite fleet (SXM-11, SXM-12)
depends onnamed as a riskIn addition, we have entered into agreements for the construction and launch of two new satellites that are expected to be launched over the next two years, and material delays in the deployment of these satellites could be harmful to our business.Risk factors (Item 1A)