Paramount Skydance Corporation (PSKY) reported fourth‑quarter 2025 revenue of $8.15 billion, slightly below the $8.17 billion consensus estimate. The company posted an adjusted loss of $0.12 per share, widening the consensus estimate of a $0.02 loss. The GAAP net loss was $573 million, or 52 cents per share.
The decline in total revenue was driven by a 5 % drop in the TV Media segment, which generated $4.71 billion, while the Direct‑to‑Consumer (DTC) segment grew 10 % to $2.21 billion, reflecting continued momentum for Paramount+. The Studios segment remained flat at $1.23 billion.
Compared with the same quarter last year, revenue fell 2 % year‑over‑year, and the adjusted loss widened from 11 cents per share in Q4 2024 to 12 cents. Operating income swung from a $337 million profit in Q4 2024 to a $339 million loss in Q4 2025, underscoring the impact of declining TV Media earnings.
Management guided for first‑quarter 2026 revenue of $7.15 billion to $7.35 billion, below the consensus estimate of $7.36 billion. Full‑year 2026 revenue guidance remains at $30 billion, a 4 % year‑over‑year increase, and adjusted EBITDA is projected at $3.8 billion. The company reiterated its focus on cost efficiencies and DTC growth as the primary driver of future performance.
CEO David Ellison said the company had "strong momentum heading into 2026" and highlighted the progress of the Paramount+ platform. CFO Dennis Cinelli noted that DTC would continue to accelerate and that the company was reaffirming its full‑year guidance for revenue and profit.
Investors reacted to the earnings miss and the lower Q1 guidance, with analysts noting the widening loss and the headwinds in the TV Media segment. The company’s ongoing bid for Warner Bros. Discovery also added uncertainty, as the acquisition could strain cash flow and regulatory approval remains pending.
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