Paramount Skydance Corporation

02/25/2026 | Press release | Distributed by Public on 02/25/2026 15:24

Q4 2025 Trending Schedules

Cover

December Quarter 2025 Trending Schedules

Intro

Trending Schedules
On August 7, 2025, Paramount Global and Skydance Media, LLC ("Skydance") became subsidiaries of Paramount Skydance Corporation, pursuant to a transaction agreement entered into on July 7, 2024 (the transactions contemplated by the Transaction Agreement, the "Transactions"). Information included in these schedules has been derived from information contained in our Annual Report on Form 10-K for 2025, Quarterly Report on Form 10-Q for the third quarter of 2025, the Annual Report on Form 10-K for 2024 of Paramount Global, and its Quarterly Reports on Form 10-Q for the first and second quarters of 2025 and each of the quarters of 2024. These schedules contain certain financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the body of these schedules. References to "we," "us" and "our" refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires. The consolidated financial statements within our Form 10-K for 2025 and Form 10-Q for the third quarter of 2025 are presented in two distinct periods to indicate a new basis of accounting established for Paramount Global's net assets upon the closing of the Transactions. The periods prior to August 7, 2025 include only Paramount Global and are identified as "Predecessor", and the periods beginning on August 7, 2025 reflect Paramount Skydance Corporation and are identified as "Successor". Due to the new accounting basis, the results of operations and cash flows are not comparable between the Successor and Predecessor periods. The presentation within these schedules similarly reflects the distinction between the Successor and Predecessor periods. In addition, in order to help investors view our results in a manner consistent with our management we are including the following supplemental presentations in Schedules 2-9, as applicable: (1) Pro forma revenue - Schedules 2, 3, 4, and 5a include revenue on a pro forma basis, which reflects the inclusion of Skydance revenues after the elimination of intercompany revenues from Paramount Global in each of the Predecessor periods and, for the third quarter of 2025 and the twelve months ended December 31, 2025, the combination of the Predecessor and Successor periods. (2) Combined - Schedules 2-9 include a supplemental presentation for the third quarter of 2025 and the twelve months ended December 31, 2025 of amounts other than revenue on a combined basis, which reflects the combination of the Predecessor and Successor amounts within the quarter. Refer to Note 1 of our Form 10-K for 2025 for additional details regarding the new accounting basis established following the closing of the Transactions.

Sch. 1

TRENDING SCHEDULES Schedule 1
Summarized Reported Results (GAAP)
(unaudited; in millions, except per share amounts)
Predecessor Successor
12 Months 12 Months Period Period Quarter Ended
Ended Quarter Ended Ended Quarter Ended From From
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 12/31/25
Advertising $ 9,989 $ 3,096 $ 2,251 $ 2,174 $ 2,774 $ 10,295 $ 2,513 $ 2,152 $ 664 $ 1,280 $ 2,523
Affiliate and subscription 13,018 3,357 3,275 3,215 3,306 13,153 3,397 3,445 1,400 2,027 3,402
Theatrical 813 153 138 108 414 813 148 254 73 39 115
Licensing and other 5,832 1,079 1,149 1,234 1,490 4,952 1,134 998 444 775 2,108
Revenues 29,652 7,685 6,813 6,731 7,984 29,213 7,192 6,849 2,581 4,121 8,148
Expenses (27,262) (6,698) (5,946) (5,873) (7,578) (26,095) (6,504) (6,025) (2,284) (3,466) (7,536)
Programming charges (2,371) (1,118) - - - (1,118) - - - - (41)
Impairment charges (83) - (5,996) (104) (30) (6,130) - (157) - - -
Restructuring, transaction-related items, and other corporate matters 31 (186) (88) (321) (152) (747) (85) (181) (188) (185) (546)
Gain on dispositions - - - - - - 35 - - - -
Depreciation and amortization (418) (100) (101) (96) (95) (392) (88) (87) (29) (226) (364)
Operating income (loss) $ (451) $ (417) $ (5,318) $ 337 $ 129 $ (5,269) $ 550 $ 399 $ 80 $ 244 $ (339)
Amounts attributable to Parent:
Net earnings (loss) from continuing operations $ (1,284) $ (563) $ (5,413) $ (4) $ (224) $ (6,204) $ 152 $ 57 $ (244) $ (13) $ (573)
Discontinued operations, net of tax 676 9 - 5 - 14 - - - - -
Net earnings (loss) attributable to Parent $ (608) $ (554) $ (5,413) $ 1 $ (224) $ (6,190) $ 152 $ 57 $ (244) $ (13) $ (573)
Diluted net earnings (loss) per share attributable to Parent: (1)
Continuing operations $ (2.06) $ (0.88) $ (8.12) $ (0.01) $ (0.33) $ (9.36) $ 0.22 $ 0.08 $ (0.36) $ (0.01) $ (0.52)
Discontinued operations $ 1.04 $ 0.01 $ - 0 $ 0.01 $ - 0 $ 0.02 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Net earnings (loss) $ (1.02) $ (0.87) $ (8.12) $ - 0 $ (0.33) $ (9.34) $ 0.22 $ 0.08 $ (0.36) $ (0.01) $ (0.52)
Weighted average number of diluted shares outstanding 652 654 667 670 669 664 678 680 675 1,098 1,104
(1) Refer to Schedule 7 for further details on the calculation of reported diluted net earnings (loss) per common share from continuing operations attributable to Parent ("Reported EPS").

Sch. 2

TRENDING SCHEDULES Schedule 2
Summarized Adjusted Results (Non-GAAP)
(unaudited; in millions, except per share amounts)
Pro Forma Revenues, Predecessor (1) Successor Pro Forma (1) Successor Pro Forma (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Advertising $ 9,989 $ 3,096 $ 2,251 $ 2,174 $ 2,774 $ 10,295 $ 2,513 $ 2,152 $ 664 $ 1,280 $ 1,944 $ 2,523 $ 9,132
Affiliate and subscription 13,018 3,357 3,275 3,215 3,306 13,153 3,397 3,445 1,400 2,027 3,427 3,402 13,671
Theatrical 813 153 138 108 414 813 148 254 73 39 112 115 629
Licensing and other 6,618 1,100 1,374 1,443 2,093 6,010 1,230 1,393 456 775 1,231 2,108 5,962
Revenues $ 30,438 $ 7,706 $ 7,038 $ 6,940 $ 8,587 $ 30,271 $ 7,288 $ 7,244 $ 2,593 $ 4,121 $ 6,714 $ 8,148 $ 29,394
Predecessor Successor Combined (2) Successor Combined (2)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Expenses $ (27,262) $ (6,698) $ (5,946) $ (5,873) $ (7,578) $ (26,095) $ (6,504) $ (6,025) $ (2,284) $ (3,466) $ (5,750) $ (7,536) $ (25,815)
Adjusted OIBDA $ 2,390 $ 987 $ 867 $ 858 $ 406 $ 3,118 $ 688 $ 824 $ 297 $ 655 $ 952 $ 612 $ 3,076
Adjusted net earnings (loss) from continuing operations attributable to Parent $ 400 $ 424 $ 361 $ 327 $ (71) $ 1,041 $ 195 $ 315 $ (162) $ 138 $ (24) $ (129) $ 357
Adjusted diluted EPS from continuing operations attributable to Parent (3) $ 0.52 $ 0.62 $ 0.54 $ 0.49 $ (0.11) $ 1.54 $ 0.29 $ 0.46 $ (0.24) $ 0.12 $ (0.12) $ (0.12) $ 0.52
Weighted average number of diluted shares outstanding 652 657 669 670 669 667 678 680 675 1,120 n/a 1,104 n/a
(1) Pro forma revenue includes the below adjustments, which add Skydance revenues after the elimination of intercompany revenues from Paramount Global in each of the Predecessor periods and, for the third quarter of 2025 and twelve months ended December 31, 2025, reflects the combination of the pro forma Predecessor and Successor revenues during the period.
12 Months 12 Months Period
Ended Quarter Ended Ended Quarter Ended From
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25
Licensing and other $ 786 $ 21 $ 225 $ 209 $ 603 $ 1,058 $ 96 $ 395 $ 12
Revenues $ 786 $ 21 $ 225 $ 209 $ 603 $ 1,058 $ 96 $ 395 $ 12
(2) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(3) Refer to Schedule 7 for further details on the calculation of Adjusted diluted EPS from continuing operations attributable to Parent ("Adjusted EPS"), including a reconciliation between Reported EPS and Adjusted EPS.

Sch. 3

TRENDING SCHEDULES Schedule 3
TV Media Financial Results
(unaudited; in millions)
Predecessor Successor Pro forma (1) Successor Pro Forma (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Advertising $ 8,188 $ 2,582 $ 1,733 $ 1,666 $ 2,199 $ 8,180 $ 2,038 $ 1,657 $ 485 $ 980 $ 1,465 $ 1,972 $ 7,132
Affiliate and subscription 8,085 1,998 1,908 1,872 1,869 7,647 1,826 1,780 696 1,044 1,740 1,742 7,088
Licensing and other 3,812 651 630 760 911 2,952 674 574 247 344 591 1,000 2,839
Revenues $ 20,085 $ 5,231 $ 4,271 $ 4,298 $ 4,979 $ 18,779 $ 4,538 $ 4,011 $ 1,428 $ 2,368 $ 3,796 $ 4,714 $ 17,059
Predecessor Successor Combined (2) Successor Combined (2)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Content costs $ 9,861 $ 2,494 $ 1,968 $ 2,066 $ 2,671 $ 9,199 $ 2,343 $ 1,956 $ 657 $ 1,109 $ 1,766 $ 2,355 $ 8,420
Advertising and marketing 761 169 111 164 245 689 153 116 59 62 121 185 575
Other (3) 4,672 1,123 1,174 1,132 1,114 4,543 1,120 1,076 430 657 1,087 1,086 4,369
Expenses $ 15,294 $ 3,786 $ 3,253 $ 3,362 $ 4,030 $ 14,431 $ 3,616 $ 3,148 $ 1,146 $ 1,828 $ 2,974 $ 3,626 $ 13,364
Adjusted OIBDA $ 4,791 $ 1,445 $ 1,018 $ 936 $ 949 $ 4,348 $ 922 $ 863 $ 282 $ 540 $ 822 $ 1,088 $ 3,695
(1) Pro forma revenue for the third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor revenues during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(2) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(3) Other segment expenses for our TV Media segment include employee compensation; revenue-sharing costs to television stations affiliated with the CBS Television Network; costs relating to the distribution of our content; costs for research, occupancy, technology, and professional services; and other costs associated with our operations.

Sch. 4

TRENDING SCHEDULES Schedule 4
Direct-to-Consumer Financial Results
(unaudited; in millions)
Predecessor Successor Pro forma (1) Successor Pro Forma (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Advertising $ 1,795 $ 520 $ 513 $ 507 $ 574 $ 2,114 $ 473 $ 494 $ 179 $ 300 $ 479 $ 553 $ 1,999
Affiliate and subscription 4,933 1,359 1,367 1,343 1,437 5,506 1,571 1,665 704 983 1,687 1,660 6,583
Licensing and other 8 - - 10 2 12 - 1 - 1 1 - 2
Revenues $ 6,736 $ 1,879 $ 1,880 $ 1,860 $ 2,013 $ 7,632 $ 2,044 $ 2,160 $ 883 $ 1,284 $ 2,167 $ 2,213 $ 8,584
Predecessor Successor Combined (2) Successor Combined (2)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Content costs $ 4,459 $ 1,220 $ 995 $ 961 $ 1,239 $ 4,415 $ 1,215 $ 1,085 $ 412 $ 545 $ 957 $ 1,222 $ 4,479
Advertising and marketing 1,751 347 265 259 470 1,341 341 294 114 153 267 503 1,405
Other (3) 2,189 598 594 591 590 2,373 597 624 252 351 603 646 2,470
Expenses $ 8,399 $ 2,165 $ 1,854 $ 1,811 $ 2,299 $ 8,129 $ 2,153 $ 2,003 $ 778 $ 1,049 $ 1,827 $ 2,371 $ 8,354
Adjusted OIBDA $ (1,663) $ (286) $ 26 $ 49 $ (286) $ (497) $ (109) $ 157 $ 105 $ 235 $ 340 $ (158) $ 230
Paramount+ (Global)
Subscribers (4) 66.4 69.9 67.3 70.6 76.1 76.1 77.8 76.8 n/a n/a 77.9 78.9 78.9
Revenues $ 4,446 $ 1,459 $ 1,445 $ 1,428 $ 1,564 $ 5,896 $ 1,686 $ 1,771 $ 709 $ 1,060 $ 1,769 $ 1,837 $ 7,063
(1) Pro forma revenue for the third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor revenues during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(2) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(3) Other segment expenses for our Direct-to-Consumer segment include employee compensation; revenue-sharing costs, including for third-party distribution; costs for occupancy, technology, and professional services; and other costs associated with our operations.
(4) Subscribers include customers who are registered for Paramount+, either directly through our owned and operated apps and websites, or through third-party distributors. Subscribers also include customers who are provided with access through a subscription bundle with a domestic linear video streaming service (vMVPD) or an international third-party distributor. Beginning in the fourth quarter of 2025, our subscriber count includes only paid subscriptions, and accordingly all periods above have been revised to exclude customers registered in a free trial. Subscriber counts reflect the number of subscribers as of the applicable period-end date.

Sch. 5

TRENDING SCHEDULES Schedule 5
Filmed Entertainment Financial Results
(unaudited; in millions)
Predecessor Successor Successor
12 Months 12 Months Period Period Quarter Ended
Ended Quarter Ended Ended Quarter Ended From From
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 12/31/25
Theatrical $ 813 $ 153 $ 138 $ 108 $ 414 $ 813 $ 148 $ 254 $ 73 $ 39 $ 115
Licensing and other 2,120 451 534 480 661 2,126 476 434 202 440 1,139
Advertising 24 1 7 2 6 16 3 2 1 1 2
Revenues 2,957 605 679 590 1,081 2,955 627 690 276 480 1,256
Content costs 1,545 289 342 274 591 1,496 321 394 131 337 950
Advertising and marketing 751 135 190 145 313 783 116 195 106 54 245
Other (1) 780 184 201 168 219 772 170 185 75 102 180
Expenses 3,076 608 733 587 1,123 3,051 607 774 312 493 1,375
Adjusted OIBDA $ (119) $ (3) $ (54) $ 3 $ (42) $ (96) $ 20 $ (84) $ (36) $ (13) $ (119)
(1) Other segment expenses for our Filmed Entertainment segment include employee compensation; costs relating to the distribution of our content; costs for occupancy, technology, and professional services; and other costs associated with our operations.

Sch. 5(a)

TRENDING SCHEDULES Schedule 5a
Filmed Entertainment Financial Results
(unaudited; in millions)
Pro Forma Revenues, Predecessor (1) Successor Pro Forma (1) Successor Pro Forma (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Theatrical $ 813 $ 153 $ 138 $ 108 $ 414 $ 813 $ 148 $ 254 $ 73 $ 39 $ 112 $ 115 $ 629
Licensing and other 2,906 472 759 689 1,264 3,184 572 829 214 440 654 1,139 3,194
Advertising 24 1 7 2 6 16 3 2 1 1 2 2 9
Revenues $ 3,743 $ 626 $ 904 $ 799 $ 1,684 $ 4,013 $ 723 $ 1,085 $ 288 $ 480 $ 768 $ 1,256 $ 3,832
Predecessor Successor Combined (2) Successor Combined (2)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Content costs $ 1,545 $ 289 $ 342 $ 274 $ 591 $ 1,496 $ 321 $ 394 $ 131 $ 337 $ 468 $ 950 $ 2,133
Advertising and marketing 751 135 190 145 313 783 116 195 106 54 160 245 716
Other (3) 780 184 201 168 219 772 170 185 75 102 177 180 712
Expenses $ 3,076 $ 608 $ 733 $ 587 $ 1,123 $ 3,051 $ 607 $ 774 $ 312 $ 493 $ 805 $ 1,375 $ 3,561
Adjusted OIBDA $ (119) $ (3) $ (54) $ 3 $ (42) $ (96) $ 20 $ (84) $ (36) $ (13) $ (49) $ (119) $ (232)
(1) Pro forma revenue includes the below adjustments, which add Skydance revenues after the elimination of intercompany revenues from Paramount Global in each of the Predecessor periods and, for the third quarter of 2025 and twelve months ended December 31, 2025, reflects the combination of the pro forma Predecessor and Successor revenues during the quarter.
12 Months 12 Months Period
Ended Quarter Ended Ended Quarter Ended From
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25
Licensing and other $ 786 $ 21 $ 225 $ 209 $ 603 $ 1,058 $ 96 $ 395 $ 12
Revenues $ 786 $ 21 $ 225 $ 209 $ 603 $ 1,058 $ 96 $ 395 $ 12
(2) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(3) Other segment expenses for our Filmed Entertainment segment include employee compensation; costs relating to the distribution of our content; costs for occupancy, technology, and professional services; and other costs associated with our operations.

Sch. 6

TRENDING SCHEDULES Schedule 6
Reconciliation of Adjusted OIBDA (Non-GAAP)
(unaudited; in millions)
Predecessor Successor Combined (1) Successor Combined (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
TV Media $ 4,791 $ 1,445 $ 1,018 $ 936 $ 949 $ 4,348 $ 922 $ 863 $ 282 $ 540 $ 822 $ 1,088 $ 3,695
Direct-to-Consumer (1,663) (286) 26 49 (286) (497) (109) 157 105 235 340 (158) 230
Filmed Entertainment (119) (3) (54) 3 (42) (96) 20 (84) (36) (13) (49) (119) (232)
Corporate/Eliminations (447) (124) (73) (84) (146) (427) (101) (73) (38) (78) (116) (137) (427)
Stock-based compensation (172) (45) (50) (46) (69) (210) (44) (39) (16) (29) (45) (62) (190)
Adjusted OIBDA 2,390 987 867 858 406 3,118 688 824 297 655 952 612 3,076
Depreciation and amortization (418) (100) (101) (96) (95) (392) (88) (87) (29) (226) (255) (364) (794)
Programming charges (2) (2,371) (1,118) - - - (1,118) - - - - - (41) (41)
Impairment charges (2) (83) - (5,996) (104) (30) (6,130) - (157) - - - - (157)
Restructuring, transaction-related items, and other corporate matters (2) 31 (186) (88) (321) (152) (747) (85) (181) (188) (185) (373) (546) (1,185)
Gain on dispositions (2) - - - - - - 35 - - - - - 35
Operating income (loss) $ (451) $ (417) $ (5,318) $ 337 $ 129 $ (5,269) $ 550 $ 399 $ 80 $ 244 $ 324 $ (339) $ 934
(1) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(2) See Schedule 8 for a description of these items affecting comparability.

Sch. 7

TRENDING SCHEDULES Schedule 7
Reconciliation of Adjusted Net Earnings (Loss) and Diluted EPS (Non-GAAP)
(unaudited; in millions, except per share amounts)
Predecessor Successor Combined (1) Successor Combined (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Net earnings (loss) from continuing operations attributable to Parent:
Reported net earnings (loss) from continuing operations $ (1,284) $ (563) $ (5,413) $ (4) $ (224) $ (6,204) $ 152 $ 57 $ (244) $ (13) $ (257) $ (573) $ (621)
Impact of adjustments on net earnings (loss) from continuing operations (2) 1,684 987 5,774 331 153 7,245 43 258 82 151 233 444 978
Adjusted net earnings (loss) from continuing operations $ 400 $ 424 $ 361 $ 327 $ (71) $ 1,041 $ 195 $ 315 $ (162) $ 138 $ (24) $ (129) $ 357
Per share information attributable to Parent:
Reported diluted earnings (loss) per share from continuing operations $ (2.06) $ (0.88) $ (8.12) $ (0.01) $ (0.33) $ (9.36) $ 0.22 $ 0.08 $ (0.36) $ (0.01) $ (0.37) $ (0.52) $ (0.58)
Impact of adjustments on diluted earnings (loss) per share from continuing operations (2) 2.58 1.50 8.66 0.50 0.22 10.90 0.07 0.38 0.12 0.13 0.25 0.40 1.10
Adjusted diluted EPS from continuing operations $ 0.52 $ 0.62 $ 0.54 $ 0.49 $ (0.11) $ 1.54 $ 0.29 $ 0.46 $ (0.24) $ 0.12 $ (0.12) $ (0.12) $ 0.52
`
Weighted average number of diluted shares outstanding, reported (3) (4) 652 654 667 667 669 664 678 680 675 1,098 n/a 1,104 n/a
Weighted average number of diluted shares outstanding, adjusted 652 657 669 670 669 667 678 680 675 1,120 n/a 1,104 n/a
(1) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(2) See Schedule 8 for a description of items affecting comparability of net earnings (loss) from continuing operations and diluted EPS.
(3) Our Predecessor, Paramount Global, had issued and outstanding shares of its 5.75% Series A Mandatory Convertible Preferred Stock ("Preferred Stock") until April 1, 2024 when all outstanding shares were mandatorily converted into shares of Paramount Global Class B Common Stock. For all periods presented prior to this conversion, the impact of the assumed conversion of this preferred stock to shares of common stock would have been antidilutive in the calculations of Reported EPS and Adjusted EPS. When antidilutive, in the calculations of EPS the weighted average number of diluted shares outstanding does not include the assumed issuance of shares upon conversion of preferred stock, and preferred stock dividends for the applicable period are deducted from net earnings (loss) from continuing operations.
(4) For periods when we reported a net loss the dilutive impact to shares for Reported EPS is excluded because it would be antidilutive.

Sch. 8

TRENDING SCHEDULES Schedule 8
Items Affecting Comparability
(unaudited; in millions, except per share amounts)
Predecessor Successor Combined (1) Successor Combined (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Programming charges (2) $ 2,371 $ 1,118 $ - $ - $ - $ 1,118 $ - $ - $ - $ - $ - $ 41 $ 41
Impairment charges (3) 83 - 5,996 104 30 6,130 - 157 - - - - 157
Restructuring, transaction-related items, and other corporate matters (4) (31) 186 88 321 152 747 85 181 188 185 373 546 1,185
Gains on dispositions (5) - - - - - - (35) - - - - - (35)
Gain on extinguishment of debt (29) - - - - - - - - - - - -
(Gain) loss from investments (6) (168) 4 - - 13 17 - - - - - 40 40
Impact of adjustments on earnings (loss) from continuing operations before income taxes 2,226 1,308 6,084 425 195 8,012 50 338 188 185 373 627 1,388
Income tax impact of above items (7) (527) (322) (358) (92) (31) (803) (14) (82) (33) (30) (63) (155) (314)
Discrete tax items (8) (31) 1 48 (2) (11) 36 7 2 (73) (4) (77) (28) (96)
Impact of adjustments on income taxes (558) (321) (310) (94) (42) (767) (7) (80) (106) (34) (140) (183) (410)
Impairment of equity-method investments, net of tax 16 - - - - - - - - - - - -
Impact of adjustments on net earnings (loss) from continuing operations attributable to Parent $ 1,684 $ 987 $ 5,774 $ 331 $ 153 $ 7,245 $ 43 $ 258 $ 82 $ 151 $ 233 $ 444 $ 978
Impact of adjustments on diluted EPS from continuing operations attributable to Parent $ 2.58 $ 1.50 $ 8.66 $ 0.50 $ 0.22 $ 10.90 $ 0.07 $ 0.38 $ 0.12 $ 0.13 $ 0.25 $ 0.40 $ 1.10
(1) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(2) Reflects programming charges associated with major changes in content strategy. In 2024, these changes resulted in the removal of significant levels of content from our platforms, abandonment of development projects and termination of certain programming agreements. In 2025, we abandoned certain Skydance content, principally development projects, in connection with a review of our content portfolio following the closing of the Transactions.
(3) The second quarter of 2024 includes a goodwill impairment charge for the Cable Networks reporting unit of $5.98 billion. The second quarter of 2024 and the other periods presented also reflect charges to reduce the carrying value of intangible assets to their fair value.
(4) Principally reflects severance costs, lease impairments, transaction-related items, and other corporate matters.
(5) Primarily reflects a gain recognized upon the disposition of a noncore business.
(6) Includes fair value adjustments and gains and losses associated with the sale of investments.
(7) The tax impact has been calculated by applying the tax rates applicable to the adjustments presented.
(8) Includes the net discrete tax expense or (benefit) related to valuation allowance changes, guidance from tax authorities, the reorganization of international operations, the resolution of income tax matters, amounts realized in connection with the filing of tax returns, and tax expense or (excess benefit) from the vesting of stock-based compensations awards, among others.

Sch. 9

TRENDING SCHEDULES Schedule 9
Free Cash Flow (Non-GAAP)
(unaudited; in millions)
Predecessor Successor Combined (1) Successor Combined (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Net cash flow provided by (used for) operating activities from continuing operations $ 384 $ 260 $ 59 $ 265 $ 168 $ 752 $ 180 $ 159 $ (175) $ 268 $ 93 $ 217 $ 649
Capital expenditures (328) (51) (49) (51) (112) (263) (57) (45) (32) (46) (78) (116) (296)
Free cash flow $ 56 $ 209 $ 10 $ 214 $ 56 $ 489 $ 123 $ 114 $ (207) $ 222 $ 15 $ 101 $ 353
Predecessor Successor
12 Months 12 Months
Ended Quarter Ended Ended Quarter Ended Quarter Ended
12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25
Debt $ 14,602 $ 14,608 $ 14,614 $ 14,620 $ 14,501 $ 14,501 $ 14,507 $ 14,514 $ 13,633 $ 13,638
Less: Cash and cash equivalents 2,460 2,384 2,315 2,443 2,661 2,661 2,673 2,739 3,263 3,274
Net debt $ 12,142 $ 12,224 $ 12,299 $ 12,177 $ 11,840 $ 11,840 $ 11,834 $ 11,775 $ 10,370 $ 10,364
Predecessor Successor Combined (1) Successor Combined (1)
12 Months 12 Months Period Period Quarter Quarter Ended 12 Months
Ended Quarter Ended Ended Quarter Ended From From Ended Ended
Supplemental Cash Flow Information 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 12/31/24 3/31/25 6/30/25 7/1/25 - 8/6/25 8/7/25 - 9/30/25 9/30/25 12/31/25 12/31/25
Payments for restructuring, transaction-related items, and transformation initiatives (2) $ 233 $ 49 $ 56 $ 102 $ 140 $ 347 $ 108 $ 71 $ 49 $ 81 $ 130 $ 153 $ 462
(1) The third quarter of 2025 and twelve months ended December 31, 2025 each reflect the combination of the Predecessor and Successor amounts during the period, which is supplementally presented to help investors view these amounts in a manner consistent with our management.
(2) Free cash flow includes payments for restructuring, transaction-related costs, and transformation initiatives, including the unification and evolution of systems and platforms, and migration to the cloud. For 2024 this amount is net of insurance recoveries received related to litigation associated with the 2019 merger of Viacom Inc. and CBS Corporation.
Paramount Skydance Corporation published this content on February 25, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 25, 2026 at 21:24 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]