Paramount Skydance
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Paramount Skydance (PSKY) investor relations material

Paramount Skydance Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Ended Q4 2025 with strong momentum, meeting or exceeding guidance and showing positive results under new leadership.

  • Leadership transition completed, with Dennis Cinelli joining as CFO and Andy Warren continuing as strategic advisor.

  • Submitted a revised $31 per share all-cash bid to acquire Warner Bros. Discovery, but no further comments provided.

Financial highlights

  • Fiscal 2025 revenue guidance set at $30 billion, up 4% year-over-year, driven by DTC growth.

  • Adjusted EBITDA outlook for 2025 is $3.8 billion, excluding $300 million in stock-based compensation.

  • Paramount+ grew over 17% year-to-date; DTC segment up 10% in Q4 year-over-year.

  • Non-Paramount+ streaming (mainly Pluto) declined 16% due to monetization headwinds, despite increased engagement.

Outlook and guidance

  • DTC expected to accelerate growth in 2026 versus 2025, with healthy underlying subscriber growth and improved ARPU from price increases and mix shift.

  • DTC profitability expected to improve year-over-year as revenue grows and investments are managed.

  • TV media revenue expected to decline in line with industry trends, but profitability to remain stable.

  • Studio segment in a rebuild phase; theatrical revenue to decline in 2026 due to tough comps, but overall studio profitability to rise from licensing and cost management.

  • Free cash flow conversion at 5% in 2025 (excluding restructuring), with expectations to return to industry norms by 2027 and achieve investment-grade credit metrics.

Impact of hard bundle exits on subscriber count
Studio segment profitability drivers for 2026
WBD acquisition: specific accelerants to North Stars
How will hard bundle exits impact net adds?
When will theatrical box office revenue increase?
Specifics to improve Pluto monetization?
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Q1 20267 May, 2026
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Frequently asked questions

Over 110 years of entertainment experience

Paramount is an American entertainment company established in 1912, boasting an impressive history and track record of film production. The company's catalog and operations primarily focus on production of movies and TV-series, but Paramount also owns CBS Broadcasting, which is a broadcaster producing shows and various news programs.

Production and distribution

Paramount's production and distribution operations encompass a range of activities within the entertainment industry. The company engages in the development, financing, and production of films and television shows through collaboration with writers, directors, and actors. Paramount then distributes their produced content globally through partnerships, licensing deals, and digital platforms. Paramount's historical success has been driven by its focus on content quality, market relevance, and effective distribution strategies.

The news side of the Paramount organization

The news side of the wider Paramount organization is CBS, which operates a robust news division that delivers reliable and up-to-date news coverage. With teams of journalists, anchors, and correspondents, CBS News provides comprehensive reporting on national and international events across various platforms, including television, digital, and radio. As part of the broader Paramount organization, CBS benefits from the company's extensive resources and expertise in content creation, distribution, and production.

Breaking into the streaming world

Paramount has, in the wake of the streaming revolution brought on primarily by Netflix, started their own streaming service. This isn’t something that Paramount is alone in pursuing and similar services are being offered to consumers by companies such as Amazon and Disney. Paramount+ is the company’s own foray into the streaming world and was launched in 2014 under the name CBS All Access. Back then, the primary function of the service was to enable consumers to live-stream content from CBS. Paramount has made a big push with their streaming service in recent years and the platform includes movies and shows produced in-house, as well as content from other production companies.

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