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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Paramount Skydance
Paramount Skydance (PSKY) investor relations material
Paramount Skydance Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Aug, 2026
Executive summary
Achieved strong progress on strategic priorities, including storytelling investment, global DTC scaling, and enterprise efficiency, while transitioning to a new reporting structure post-Skydance transaction in August 2025.
Revenues for Q2 2026 rose 1% year-over-year to $6.91B, driven by Paramount+ and higher licensing, offset by declines in linear networks and theatrical releases.
Adjusted EBITDA grew 27% to $1.10B, reflecting lower content costs and cost savings, partially offset by lower linear network revenues.
Paramount+ reached 81.6 million subscribers, with best-ever retention and double-digit engagement growth.
The company completed the Skydance transaction and is progressing toward the Warner Bros. Discovery merger, which is delayed due to ongoing litigation and regulatory review.
Financial highlights
Q2 2026 GAAP revenue: $6.91B (+1% YoY); operating income: $475M (+19% YoY); net earnings attributable to Parent: $41M (-28% YoY).
Adjusted EBITDA for Q2 2026: $1.10B (+27% YoY); adjusted net earnings: $205M.
Adjusted diluted EPS for Q2 2026: $0.18; Q2 2026 diluted EPS: $0.04 (-50% YoY).
Free cash flow for Q2 2026: $101M; cash and cash equivalents: $1.63B at June 30, 2026.
Net debt as of Q2 2026: $13.5B; total debt: $15.16B at June 30, 2026.
Outlook and guidance
Full-year adjusted EBITDA outlook raised to $3.8B–$3.9B; $30B revenue outlook maintained.
Q3 revenue guidance: $6.95B–$7.15B (4–7% growth YoY); adjusted EBITDA $875M–$975M.
Paramount+ subscribers expected to be flat quarter-on-quarter in Q3.
Management anticipates realizing cost synergies and operational efficiencies post-merger, but integration risks remain.
Free cash flow conversion targeted to improve further over the midterm.
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Latest events from Paramount Skydance
- Board proposals passed, shareholder initiatives failed, with focus on cost savings and streaming growth.PSKY
AGM 2024 - Merger aims to unify platforms, boost content, and deliver $6B+ synergies by 2030.PSKYMoffettNathanson's 2026 Media, Internet & Communications Conference
- Q1 2026 saw $7.35B revenue, $1.16B EBITDA, 79.6M Paramount+ subs, and major merger progress.PSKYQ1 2026
- $30/share all-cash bid offers $18B more cash, $6B synergies, and global streaming leadership.PSKYM&A Announcement
- Q2 2025 saw streaming gains, $6.85B revenue, and Skydance deal closing in August.PSKYQ2 2025
- Paramount+ subscriber growth and D2C profitability offset revenue declines and impairment charges.PSKYQ3 2024
- $5.98B impairment drove a $5.41B Q2 loss, but D2C and streaming growth remained strong.PSKYQ2 2024
- $8B merger forms $28B media-tech leader with unified IP, cost synergies, and digital focus.PSKYM&A Announcement
- Adjusted EBITDA up 30% to $3.1B, 10M new Paramount+ subs, $6B impairment drives net loss.PSKYQ4 2024
Next Paramount Skydance earnings date
Q3 20269 Nov, 2026
Paramount Skydance
Next Paramount Skydance earnings date
Q3 20269 Nov, 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.