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Side-by-side financial comparison of iHeartMedia, Inc. (IHRT) and SIRIUS XM HOLDINGS INC. (SIRI), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
SIRIUS XM HOLDINGS INC. is the larger business by last-quarter revenue ($2.2B vs $1.1B, roughly 1.9× iHeartMedia, Inc.). SIRIUS XM HOLDINGS INC. runs the higher net margin — -3.7% vs 4.5%, a 8.2% gap on every dollar of revenue. On growth, iHeartMedia, Inc. posted the faster year-over-year revenue change (0.8% vs 0.2%). SIRIUS XM HOLDINGS INC. produced more free cash flow last quarter ($536.0M vs $137.6M). Over the past eight quarters, iHeartMedia, Inc.'s revenue compounded faster (18.8% CAGR vs 0.7%).
iHeartMedia, Inc., or CC Media Holdings, Inc., is an American mass media corporation headquartered in San Antonio, Texas. It is the holding company of iHeartCommunications, Inc., formerly Clear Channel Communications, Inc., a company founded by Lowry Mays and Red McCombs in 1972, and later taken private by Bain Capital and Thomas H. Lee Partners in a leveraged buyout in 2008.
XM Satellite Radio Holdings Inc. (XM) was one of the three satellite radio (SDARS) and online radio services in the United States and Canada, operated by Sirius XM Holdings. It provided pay-for-service radio, analogous to subscription cable television. Its service included 73 different music channels, 39 news, sports, talk and entertainment channels, 21 regional traffic and weather channels, and 23 play-by-play sports channels. XM channels were identified by Arbitron with the label "XM".
IHRT vs SIRI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $2.2B |
| Net Profit | $-41.9M | $99.0M |
| Gross Margin | — | 53.1% |
| Operating Margin | 7.6% | 10.3% |
| Net Margin | -3.7% | 4.5% |
| Revenue YoY | 0.8% | 0.2% |
| Net Profit YoY | -233.1% | -55.4% |
| EPS (diluted) | $-0.25 | $0.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $997.0M | $2.2B | ||
| Q2 25 | $933.7M | $2.1B | ||
| Q1 25 | $807.1M | $2.1B | ||
| Q4 24 | $1.1B | $2.2B | ||
| Q3 24 | $1.0B | $2.2B | ||
| Q2 24 | $929.1M | $2.2B | ||
| Q1 24 | $799.0M | $2.2B |
| Q4 25 | $-41.9M | $99.0M | ||
| Q3 25 | $-66.3M | $297.0M | ||
| Q2 25 | $-83.5M | $205.0M | ||
| Q1 25 | $-281.2M | $204.0M | ||
| Q4 24 | $31.5M | $222.0M | ||
| Q3 24 | $-41.3M | $-2.5B | ||
| Q2 24 | $-981.7M | $304.0M | ||
| Q1 24 | $-18.5M | $265.0M |
| Q4 25 | — | 53.1% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 52.4% | ||
| Q1 25 | — | 52.0% | ||
| Q4 24 | — | 52.9% | ||
| Q3 24 | — | 53.2% | ||
| Q2 24 | — | 53.5% | ||
| Q1 24 | — | 52.5% |
| Q4 25 | 7.6% | 10.3% | ||
| Q3 25 | -11.7% | 22.8% | ||
| Q2 25 | 3.8% | 17.1% | ||
| Q1 25 | -3.2% | 18.7% | ||
| Q4 24 | 9.3% | 20.2% | ||
| Q3 24 | 7.6% | -133.6% | ||
| Q2 24 | -97.9% | 23.2% | ||
| Q1 24 | -4.3% | 20.2% |
| Q4 25 | -3.7% | 4.5% | ||
| Q3 25 | -6.6% | 13.8% | ||
| Q2 25 | -8.9% | 9.6% | ||
| Q1 25 | -34.8% | 9.9% | ||
| Q4 24 | 2.8% | 10.1% | ||
| Q3 24 | -4.1% | -113.1% | ||
| Q2 24 | -105.7% | 14.0% | ||
| Q1 24 | -2.3% | 12.3% |
| Q4 25 | $-0.25 | $0.23 | ||
| Q3 25 | $-0.43 | $0.84 | ||
| Q2 25 | $-0.54 | $0.57 | ||
| Q1 25 | $-1.84 | $0.59 | ||
| Q4 24 | $0.21 | $2.45 | ||
| Q3 24 | $-0.27 | $-8.74 | ||
| Q2 24 | $-6.50 | $0.08 | ||
| Q1 24 | $-0.12 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $270.9M | $94.0M |
| Total DebtLower is stronger | $5.1B | $8.6B |
| Stockholders' EquityBook value | $-1.8B | $11.6B |
| Total Assets | $5.1B | $27.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $270.9M | $94.0M | ||
| Q3 25 | $192.2M | $79.0M | ||
| Q2 25 | $235.9M | $92.0M | ||
| Q1 25 | $167.7M | $127.0M | ||
| Q4 24 | $259.6M | $162.0M | ||
| Q3 24 | $431.8M | $127.0M | ||
| Q2 24 | $364.7M | $100.0M | ||
| Q1 24 | $361.4M | $71.0M |
| Q4 25 | $5.1B | $8.6B | ||
| Q3 25 | $5.1B | $9.0B | ||
| Q2 25 | $5.1B | $10.1B | ||
| Q1 25 | $5.1B | $10.4B | ||
| Q4 24 | $5.1B | $10.3B | ||
| Q3 24 | $5.2B | $10.1B | ||
| Q2 24 | $5.2B | $9.0B | ||
| Q1 24 | $5.1B | $8.7B |
| Q4 25 | $-1.8B | $11.6B | ||
| Q3 25 | $-1.8B | $11.6B | ||
| Q2 25 | $-1.7B | $11.3B | ||
| Q1 25 | $-1.6B | $11.2B | ||
| Q4 24 | $-1.4B | $11.1B | ||
| Q3 24 | $-1.4B | $10.9B | ||
| Q2 24 | $-1.4B | $-2.1B | ||
| Q1 24 | $-398.6M | $-2.4B |
| Q4 25 | $5.1B | $27.2B | ||
| Q3 25 | $5.1B | $27.4B | ||
| Q2 25 | $5.4B | $27.3B | ||
| Q1 25 | $5.3B | $27.4B | ||
| Q4 24 | $5.6B | $27.5B | ||
| Q3 24 | $5.8B | $27.5B | ||
| Q2 24 | $5.8B | $11.2B | ||
| Q1 24 | $6.8B | $11.2B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.93× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $156.3M | $680.0M |
| Free Cash FlowOCF − Capex | $137.6M | $536.0M |
| FCF MarginFCF / Revenue | 12.2% | 24.4% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.7% | 6.6% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 6.87× |
| TTM Free Cash FlowTrailing 4 quarters | $10.9M | $1.2B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $156.3M | $680.0M | ||
| Q3 25 | $-9.5M | $430.0M | ||
| Q2 25 | $6.8M | $546.0M | ||
| Q1 25 | $-60.9M | $242.0M | ||
| Q4 24 | $1.2M | $679.0M | ||
| Q3 24 | $102.8M | $240.0M | ||
| Q2 24 | $26.7M | $514.0M | ||
| Q1 24 | $-59.3M | $308.0M |
| Q4 25 | $137.6M | $536.0M | ||
| Q3 25 | $-32.8M | $255.0M | ||
| Q2 25 | $-13.2M | $401.0M | ||
| Q1 25 | $-80.7M | $53.0M | ||
| Q4 24 | $-24.2M | $514.0M | ||
| Q3 24 | $73.3M | $24.0M | ||
| Q2 24 | $5.6M | $341.0M | ||
| Q1 24 | $-80.9M | $134.0M |
| Q4 25 | 12.2% | 24.4% | ||
| Q3 25 | -3.3% | 11.8% | ||
| Q2 25 | -1.4% | 18.8% | ||
| Q1 25 | -10.0% | 2.6% | ||
| Q4 24 | -2.2% | 23.5% | ||
| Q3 24 | 7.3% | 1.1% | ||
| Q2 24 | 0.6% | 15.7% | ||
| Q1 24 | -10.1% | 6.2% |
| Q4 25 | 1.7% | 6.6% | ||
| Q3 25 | 2.3% | 8.1% | ||
| Q2 25 | 2.1% | 6.8% | ||
| Q1 25 | 2.4% | 9.1% | ||
| Q4 24 | 2.3% | 7.5% | ||
| Q3 24 | 2.9% | 9.9% | ||
| Q2 24 | 2.3% | 7.9% | ||
| Q1 24 | 2.7% | 8.0% |
| Q4 25 | — | 6.87× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | 0.04× | 3.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.69× | ||
| Q1 24 | — | 1.16× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
IHRT
| Broadcast Radio | $469.9M | 42% |
| Digital Non Podcast | $212.9M | 19% |
| Tradeand Barter Transactions | $124.4M | 11% |
| Networks | $118.2M | 10% |
| Audio And Media Services Group Segment | $78.9M | 7% |
| Sponsorship And Events | $71.4M | 6% |
| Advertising Trade And Barter Transactions | $23.7M | 2% |
| Other | $22.7M | 2% |
SIRI
| Subscription And Circulation | $1.6B | 74% |
| Advertising | $491.0M | 22% |
| Cost Of Sales Equipment Products And Services | $48.0M | 2% |
| Other Revenue | $28.0M | 1% |
