An aerial view of the Paramount logo on the water tower at Paramount Studios on Feb. 23, 2026, in Los Angeles.
Justin Sullivan | Getty Images
Paramount Skydance topped Wall Street’s revenue and earnings estimates for the first quarter on Monday, as the media company got a boost from its streaming and film businesses.
The company reported nearly $7.35 billion in first-quarter revenue, up 2% from the prior year, and lifted by the overall streaming business — which includes Paramount+, as well as BET+ and the free, ad-supported service Pluto.
Revenue for the streaming unit grew 11% to $2.4 billion compared to the same period last year. Paramount+, the flagship of the company’s streaming portfolio, added 700,000 subscribers during the quarter and grew revenue 17% year over year.
In total, Paramount+ had nearly 80 million subscribers, with the most recently quarterly growth coming despite price hikes on Paramount+ plans in January, the platform’s first since August 2024.
Paramount’s film studio revenue increased 11% from the prior year to about $1.28 billion. “Scream 7” helped lift revenue and was the highest-grossing film in the horror flick franchise.
The company noted it has nearly doubled its film slate for 2026 over 2025 since closing the merger between Paramount and David Ellison’s Skydance last year.
Like its peers, however, Paramount’s TV media business, which includes broadcast network CBS, as well as cable TV channels like Nickelodeon, MTV and BET, was weighed down by the continuation of cord-cutting. The segment reported $3.67 billion in revenue, down 6% compared to the same quarter last year.
Here’s how Paramount Skydance performed in the first quarter compared to Wall Street estimates compiled by LSEG:
- Earnings per share: 23 cents adjusted vs. 15 cents expected
- Revenue: $7.35 billion vs. $7.28 billion expected
This marks the first quarter that Paramount Skydance is reporting under a new structure, which includes a reorganization across direct-to-consumer streaming, studios and TV media expense allocations. As part of the changes, the company recast financials for prior periods.
Paramount reported first-quarter net earnings of $168 million, or 15 cents per share, compared with net earnings of $152 million, or 22 cents per share, a year earlier under the so-called predecessor company prior to the merger.
Adjusting for one-time, transaction-related items, Paramount reported adjusted earnings per share of 23 cents.
The company on Monday reaffirmed its full-year outlook of $30 billion in revenue and $3.8 billion in adjusted earnings before interest, taxes, depreciation and amortization.
The earnings report comes nine months after the merger between Paramount and Skydance closed, and as the company is in the midst of closing another deal — a proposed acquisition of Warner Bros. Discovery.
The company expects the deal with WBD to close at the end of the third quarter. The acquisition received approval from WBD’s shareholders in April and is in the midst of regulatory review. Paramount Skydance has agreed to acquire WBD for $31 per share, all cash, and has recently been lining up its debt and equity commitments from outside investors.
As part of the merger between Paramount and Skydance the company said it expects to save $3 billion. On Monday Paramount affirmed it was on track to make such cuts through 2027, with more than $2.5 billion expected to be eliminated by the end of 2026.
Paramount Skydance plans to consolidate the tech stack and platforms for its three streaming platforms by mid-year. Across the board, the improvement of Paramount’s streaming technology has been a focus since Ellison’s combination of the companies.
