| Stage | SIRI | % of rev | SGA | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $2.2B | 100.00% | $26M | 100.00% | SIRI ×81.55 |
| Gross profit | $1.1B | 52.30% | $26M | 100.00% | SGA +47.7pp |
| Operating income | $479M | 22.25% | $623,000 | 2.36% | SIRI +19.9pp |
| Pre-tax income | $416M | 19.32% | $1M | 4.20% | SIRI +15.1pp |
| Net income | $317M | 14.72% | $960,000 | 3.64% | SIRI +11.1pp |
| Stage | SIRI | SGA | Gap · A − B |
|---|---|---|---|
| Revenue | $2.2B100.00% | $26M100.00% | SIRI ×81.55 |
| Gross profit | 52.30%$1.1B | 100.00%$26M | SGA +47.7pp |
| Operating income | 22.25%$479M | 2.36%$623,000 | SIRI +19.9pp |
| Pre-tax income | 19.32%$416M | 4.20%$1M | SIRI +15.1pp |
| Net income | 14.72%$317M | 3.64%$960,000 | SIRI +11.1pp |
SIRI 10-KFeb 5 '26
“Owners of copyrights in sound recordings have created SoundExchange, an organization which negotiates licenses and collects and distributes royalties on behalf of record companies and performing artists.”
SGA 10-KApr 14 '26
“We pay the applicable royalty rates to SoundExchange, the organization designated by the Copyright Royalty Board ("CRB") to collect and distribute royalties under these statutory licenses.”
SIRI 10-KFeb 5 '26
“Traditionally, BMI, ASCAP, SESAC and GMR have negotiated for these copyright users, collected royalties and distributed them to songwriters and music publishers.”
SGA 10-KApr 14 '26
“During the year ended December 31, 2025, the Company recorded an aggregate of approximately $2.2 million related to the ASCAP and BMI retroactive adjustments in station operating expenses in the Company's Consolidated Statement of Income (Loss).”
SIRI 10-KFeb 5 '26
“Traditionally, BMI, ASCAP, SESAC and GMR have negotiated for these copyright users, collected royalties and distributed them to songwriters and music publishers.”
SGA 10-KApr 14 '26
“During the year ended December 31, 2025, the Company recorded an aggregate of approximately $2.2 million related to the ASCAP and BMI retroactive adjustments in station operating expenses in the Company's Consolidated Statement of Income (Loss).”