EarningsQ2 2026 Earnings Report
MX:PSKY Q2 2026 EPS Results
Actual EPS$3.27
Consensus EPS$2.74
Beat/MissBeat by +$0.53
One Year Ago EPS$8.35
MX:PSKY Q2 2026 Revenue Results
Actual Revenue$125.55B
Expected Revenue$124.70B
Beat/MissBeat by +$844.67M
YoY Revenue Growth+0.93%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:PSKY Upcoming Earnings
Paramount Skydance's next earnings date is estimated for November 16, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PSKY Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial progress: robust Paramount+ subscriber growth and engagement, double-digit DTC revenue growth, Studios returning to profitability with a larger slate, improved adjusted EBITDA and upgraded free cash flow guidance, meaningful run-rate cost synergies and significant product/tech convergence milestones. Offsetting these positives were persistent linear ad declines (TV Media down 14% in Q2), Pluto remaining a drag until its relaunch, ongoing litigation and timing risk around the Warner transaction with potential incremental costs, and elevated content investment pressuring near-term cash conversion. On balance, the company's execution gains and guidance upgrades outweigh the challenges, though some execution and timing risks remain.Company Guidance
Paramount+ Subscriber Growth and Engagement
Paramount+ reached 81.6 million global subscribers (nearly 82M), adding 2 million in the quarter and 4 million underlying subscribers before exiting hard bundles; the service posted its best quarter of retention ever and double-digit year-over-year growth in total view hours.
DTC Revenue Acceleration
Paramount+ revenue grew 16% year-over-year; roughly one-third of that growth came from subscriber additions and two-thirds from ARPU increases driven by pricing and improved mix.
Company Profitability and Margin Improvement
Company adjusted EBITDA rose 27% year-over-year to $1.1 billion in Q2; management raised full-year adjusted EBITDA guidance to $3.8–$3.9 billion.
Free Cash Flow and Liquidity Upgrade
Free cash flow conversion guidance was increased to at least 10% (from 5% previously); quarter-end liquidity included $1.6 billion in cash and $3.2 billion of undrawn revolver capacity.
Studios Turnaround and Revenue Growth
Studios revenue grew 16% year-over-year and adjusted EBITDA for Studios improved to $36 million (from a loss a year ago); film slate profitability beat expectations and library/licensing revenue grew double digits.
Operational and Cost Synergies
Tracking to over $2.7 billion in run-rate efficiencies by year-end with an expectation of $3 billion-plus from the Skydance-Paramount combination; cited specific tech/cloud/product/ERP savings (~$200M) plus an additional ~$100M from facilities/procurement/professional services.
Expanded Content Slate and Sports Rights
Nearly doubled theatrical slate vs. prior year, greenlit 40 new and returning series for Paramount+, and expanded sports portfolio (UFC, Zuffa Boxing, UEFA partnerships plus NFL, WNBA, PGA TOUR, March Madness); UFC events delivered record engagement on Paramount+.
Tech Convergence Progress
Convergence of Paramount+, Pluto and BET+ tech stacks is on track (Pluto web experience live June 30); full O&O convergence expected by end of summer, with anticipated improvements in personalization, discovery, ad monetization and ARPU upside over time.
Advertising Momentum
Strong upfront season with double-digit year-over-year growth; DTC advertising (Paramount+) delivered double-digit ad growth and improved sell-through, helping offset linear ad declines.
Regulatory Progress on WBD Transaction
Received clearances from 65 jurisdictions worldwide for the proposed Warner Bros. Discovery combination; management states financing is in place and expresses confidence in winning ongoing litigation if needed.
MX:PSKY Earnings History
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