Woodson Capital Management has acquired 1.2 million shares of Sirius XM for an estimated $23.99 million, according to a Securities and Exchange Commission filing dated 17 February 2026. The new position represents 3.33% of the firm's reportable assets under management. Sirius XM shares traded at $21.29 as of 16 February 2026, down 19.48% over the past year and underperforming the S&P 500 by 31.28 percentage points. The satellite radio provider has faced challenges from streaming competition and softer new car sales, despite Berkshire Hathaway holding over 37% of outstanding shares. The company generates $8.56 billion in trailing twelve-month revenue through subscription-based satellite radio and digital audio entertainment services.

Sirius XM's management expects to generate $1.5 billion in free cash flow by 2027, up 19% from last year's $1.26 billion, supported by declining satellite capital expenditures. However, shares fell 12% in 2025 as the company faces persistent headwinds. Revenue declined to $8.6 billion last year, whilst the company lost 301,000 self-pay subscribers. The satellite radio provider struggles to compete with streaming platforms as smartphones and internet connectivity improve, making consumers less dependent on satellite radio for in-car entertainment. Trading at a forward price-to-earnings ratio of 7.4, Sirius XM may appeal to value investors seeking cheap stocks. However, the company's lack of revenue growth makes it unlikely to deliver life-changing returns, and multiple expansion remains uncertain without fundamental improvement.

Sirius XM Radio LLC has priced an upsized offering of $1.25 billion in 5.875% senior notes due 2032, increasing the offering by $250 million from its original size. The notes will be sold at 100% of principal amount to qualified institutional buyers, with the sale expected to close around 4 March 2026. The company plans to use proceeds, along with cash on hand, to purchase its 3.125% senior notes due 2026 through a concurrent tender offer and redeem $250 million of its 5.000% senior notes due 2027. As of 31 December 2025, $1 billion of the 3.125% notes and $1.5 billion of the 5.000% notes were outstanding. Parent company Sirius XM Holdings reaches approximately 170 million monthly listeners across its subscription and ad-supported audio services.