The earnings call highlighted significant growth in Paramount's streaming services, particularly Paramount+, with notable achievements in subscriber growth and revenue. However, challenges in linear TV advertising and affiliate revenue, along with a decline in DTC advertising, present areas of concern. The lowlights are offset by strong D2C performance and cost-saving initiatives.

Company Guidance -

Q3 2025

During Paramount Global's Second Quarter 2025 Earnings Conference Call, the company highlighted several key metrics and developments. Paramount+ achieved a top four global SVOD position, with 77.7 million subscribers, despite a 1.3 million subscriber reduction from the previous quarter due to an expiring international distribution agreement. Paramount+ saw a revenue increase of 23% year-over-year, driven by a 22% growth in subscription revenue and a 9% increase in ARPU. Paramount's D2C revenue grew by 15%, and D2C adjusted OIBDA improved by $300 million compared to the previous year. The TV media segment experienced a 4% decline in advertising revenue but maintained a leadership position with CBS as the most-watched broadcast network for the 17th consecutive season. Paramount Pictures recorded a 2% increase in revenue, with standout performance from the Mission Impossible franchise. Overall, total company revenue saw a modest 1% year-over-year growth to $6.8 billion, with free cash flow improving to $114 million. The company also reported achieving over $800 million in annual run-rate non-content expense savings.

D2C Revenue Growth

Direct-to-consumer (D2C) revenue growth accelerated to 15%, with Paramount+ revenue growing 23% year-over-year. Subscription revenue growth was robust at 22%.

Paramount+ Subscriber Milestone

Paramount+ finished the quarter with 77.7 million subscribers, a year-over-year increase of 9.3 million subscribers.

Streaming and CBS Alignment

Streaming of CBS series on Paramount+ grew 42% over the last year, and CBS content accounts for nearly half of all viewing on Paramount+.

Mission Impossible Franchise Success

Mission Impossible: The Final Reckoning achieved the biggest global opening in franchise history, driving a 60% lift in daily active subscriber households for the franchise on Paramount+.

OIBDA Growth

OIBDA grew 30% to $3.1 billion, driven by a nearly $1.2 billion improvement in D2C profitability.

Cost Reduction and Efficiency Gains

Implemented over $800 million in annual run rate non-content expense savings, making the organization leaner and more nimble.

Paramount Global (PARA) Earnings, Revenues Date & History

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PARA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.44 / -	0.49	―	―	―
Jul 31, 2025	2025 (Q2)	0.36 / 0.46	0.54	-14.81% (-0.08)
May 08, 2025	2025 (Q1)	0.25 / 0.29	0.62	-53.23% (-0.33)
Feb 26, 2025	2024 (Q4)	0.13 / -0.11	0.04	-375.00% (-0.15)
Nov 08, 2024	2024 (Q3)	0.24 / 0.49	0.3	63.33% (+0.19)
Aug 08, 2024	2024 (Q2)	0.13 / 0.54	0.1	440.00% (+0.44)
Apr 29, 2024	2024 (Q1)	0.35 / 0.62	0.09	588.89% (+0.53)
Feb 28, 2024	2023 (Q4)	-0.01 / 0.04	0.08	-50.00% (-0.04)
Nov 02, 2023	2023 (Q3)	0.12 / 0.30	0.39	-23.08% (-0.09)	―
Aug 07, 2023	2023 (Q2)	0.00 / 0.10	0.64	-84.38% (-0.54)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PARA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$12.57	$13.01	+3.50%
May 08, 2025	$11.63	$11.89	+2.24%
Feb 26, 2025	$11.12	$11.14	+0.18%
Nov 08, 2024	$11.38	$10.93	-3.95%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.