The earnings call reflected a positive outlook with strong growth in direct-to-consumer revenue and subscriber base, particularly with Paramount+. While there are challenges with linear TV revenue decline and digital advertising pressures, the successful transition to a streaming-first company and cost optimizations highlight robust progress.

Company Guidance -

Q3 2025

During the Paramount Global Second Quarter 2025 Earnings Conference Call, the company provided guidance and updates on several key metrics. Paramount reported total company revenue of $6.8 billion, with the Direct-to-Consumer (D2C) segment showing significant growth, achieving a revenue increase of 15% year-over-year. Paramount+ contributed substantially to this growth, with its revenue rising by 23% and subscription revenue increasing by 22%. The platform added 10 million new subscribers over the year, reaching a total of 77.7 million. The company's adjusted OIBDA grew by 30% to $3.1 billion, largely driven by a $1.2 billion improvement in D2C profitability. Paramount+ also recorded a 14% increase in watch time per subscriber and a 100 basis points improvement in churn. Additionally, the company achieved $800 million in annual run-rate non-content expense savings over the past four quarters. As they approach the closure of the Skydance Transaction, which is expected on August 7, 2025, Paramount highlighted its transformation into a streaming-first company, with D2C revenue growth outpacing linear declines.

Paramount+ Subscriber Growth

Paramount+ finished the quarter with 77.7 million subscribers, a year-over-year increase of 9.3 million subscribers. Revenue from Paramount+ increased nearly $330 million year-over-year, with ARPU growth accelerating to a positive 9% increase.

D2C Revenue Growth

Direct-to-consumer revenue growth accelerated to 15%, driven by Paramount+, where total revenue grew 23% year-over-year. D2C generated adjusted OIBDA of $157 million, an improvement of 6x versus a year ago.

CBS Leadership

CBS continued its leadership position as the most-watched broadcast network in prime time for the 17th consecutive season, with 8 of the top 10 series and 14 of the top 20 series.

Mission Impossible Franchise Record

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

Cost Structure Optimization

Over the past four quarters, Paramount implemented over $800 million in annual run rate non-content expense savings, making the organization leaner and more nimble.

Paramount Global (PARAA) Earnings, Revenues Date & History

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PARAA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.43 / -	0.49	―	―	―
Jul 31, 2025	2025 (Q2)	0.37 / 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)	0.36 / 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

PARAA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$19.09	$19.61	+2.72%
May 08, 2025	$22.48	$22.43	-0.22%
Feb 26, 2025	$22.34	$22.52	+0.81%
Nov 08, 2024	$21.89	$21.90	+0.05%

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.