Sirius XM is trading 5.9% down at $31.36 following its Q2 earnings release and guidance update, which featured a surprise reversal in subscriber trends.
- The company broke a four-year pattern of second-quarter subscriber declines and modestly raised its full-year 2026 outlook for revenue, EBITDA, and free cash flow.
- Despite the fundamentally positive tone of the report, early trading suggests investors are reassessing valuation and expectations following the updated guidance.