Sirius XM raises 2026 targets after subscriber gains

Sirius XM Holdings raised its 2026 financial targets after reporting 5,000 net additions among self-pay subscribers in the third quarter, a turnaround from a loss of 40,000 in the same period last year. The company also reported a 5% year-over-year increase in average listening time, while revenue edged lower. The company increased its full-year forecasts for revenue, adjusted earnings before interest, taxes, depreciation and amortization, and free cash flow by $25 million apiece. Its targets are now approximately $8.55 billion in revenue, $2.65 billion in adjusted EBITDA and $1.4 billion in free cash flow. The updated outlook was announced with its third-quarter results and discussed on an earnings call held October 29. Quarterly revenue was $2.15 billion, down slightly from a year earlier. Sirius XM reported earnings per share of $0.78, above the $0.77 analyst consensus cited in one account. Management said the subscriber improvement came despite weaker conversion rates, with Companion plans and extended-duration dealer programs helping support subscriber stability. The company has emphasized subscriber lifetime value rather than pursuing account growth at any cost. Sirius...