What happened
According to a Securities and Exchange Commission (SEC) filing dated February 6, 2026, CHECK Capital Management increased its stake in Sirius XM (SIRI 0.58%) by 821,657 shares during the fourth quarter. The estimated transaction value, based on the average closing price for the period, was $17.66 million. The value of the fund’s Sirius XM position at quarter-end rose by $9.67 million, a figure that reflects both new purchases and changes in the share price.
What else to know
- CHECK Capital Management’s buy lifted its Sirius XM stake to 1.68% of its $3.44 billion reportable U.S. equity assets.
- Top holdings after the filing:
- UNK: BRK-B: $554.18 million (33.7% of AUM)
- NASDAQ: GOOGL: $221.93 million (13.5% of AUM)
- NYSE: BN: $201.41 million (12.2% of AUM)
- NYSE: MKL: $166.20 million (10.1% of AUM)
- NYSE: AER: $118.94 million (7.2% of AUM)
- As of February 5, 2026, Sirius XM shares were priced at $22.60, down 8.1% over the past year, trailing the S&P 500 by 20.3 percentage points.
Company/Etf overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $8.56 billion |
| Net income (TTM) | $805.00 million |
| Dividend yield | 4.91% |
| Price (as of market close February 5, 2026) | $22.60 |
Company snapshot
- Offers satellite radio, streaming audio, podcasts, and related services; revenue is primarily generated from subscription fees and advertising.
- Operates a subscription-based model, distributing content via satellite and digital platforms, with additional revenue from licensing and data services.
- Serves individual consumers, automotive original equipment manufacturers, and commercial partners across the United States.
Sirius XM is a leading provider of satellite radio and audio entertainment services in the United States, with a diverse portfolio spanning music, sports, talk, and news content. The company leverages a subscription-driven business model, complemented by advertising and licensing, to deliver consistent revenue streams. Its integrated platform and broad distribution through automotive and digital channels provide a competitive edge in the evolving audio entertainment market.
What this transaction means for investors
Check Capital has been gaining attention due to a portfolio that more than tripled in size from the end of 2015 through the end of 2025. Sirius XM isn’t a top-five position, but it is the firm’s seventh-largest stock holding.
Sirius XM hasn’t been an easy stock to own for growth-oriented investors. The subscription-based radio service finished 2025 with 31.3 million paying subscribers. That’s fewer subscribers than it reported at the end of 2021.
Sirius XM’s subscriber base hasn’t grown in years, but the company’s leveraged its position as the country’s only provider of satellite-based radio to produce fairly reliable profits. The company’s bottom line dipped in 2024, but began to recover in 2025 with free cash flow that rose 37% to $1.24 billion.
At recent prices, Sirius XM stock offers a juicy 4.9% dividend yield. In 2025, the company used about 29.3% of free cash flow to meet its dividend obligation. This suggests the business is generating enough cash to reduce its outstanding share count and raise the quarterly dividend payout.
