Paramount Global
PARAFinancial Snapshot
ticker: PARA step: 04 generated: 2026-05-13 source: quick-research
Paramount Global / Paramount Skydance (PARA) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$30.16B | $29.65B | $29.21B | -1.5% |
| Gross Margin | ~22% | ~20% | ~19% | |
| Operating Margin | ~5% | ~2% | ~negative | |
| Net Income | $1.10B | $(608M) | $(6.19B) | nm |
| EPS (diluted) | ~$1.66 | $(0.95) | $(9.49) | nm |
FY2024 net loss of $6.19B is dominated by a $5.98B goodwill impairment charge on the Cable Networks segment, reflecting the accelerating structural decline of cable TV. Underlying operational losses are smaller but persistent. FY2022 was the last year of GAAP profitability.
Note: Paramount merged with Skydance Media in August 2025. Financial data below for FY2024 reflects pre-merger Paramount Global.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow (FY2024) | ~$700–900M |
| Free Cash Flow (FY2024) | ~Negative to breakeven |
| Net Debt | ~$14–15B (pre-merger) |
| Post-Merger Capital Injection | $1.5B (Skydance provided) |
| Post-Merger Annual Savings Target | $500M |
| DTC Revenue (FY2024) | ~$6.6B (+15% YoY) |
| Paramount+ Subscribers | 77.5M global |
Key Ratios (approximate)
- P/E: N/A (GAAP losses) | EV/EBITDA: ~8–10x | FCF: Negative/Breakeven
- Revenue Growth (FY2024): -1.5% (secular TV decline offsetting DTC growth)
- Net Leverage: ~4–5x pre-merger; elevated post-Skydance due to deal financing
- Analyst consensus: Predominantly Sell (12 Sell, 10 Hold, 4 Buy per Kavout May 2026)
Growth Profile
Paramount is a turnaround/transformation story, not a growth story. Revenue is declining low-single digits as affiliate fee and advertising revenue from cable decline faster than DTC (streaming) grows. The $5.98B goodwill impairment on cable networks in FY2024 signals management has finally recognized the irreversible decline in that segment's value. Streaming (Paramount+, Pluto TV) is growing DTC revenue 12-18% annually and targeting U.S. profitability. The Skydance merger brings $1.5B in new capital and $500M in targeted cost synergies to fund the transition.
Forward Estimates
- FY2025/2026: Paramount+ targeting first full-year U.S. profitability in 2025
- Cost Savings: $500M annual target from merger synergies
- WBD Acquisition (announced 2026): Paramount Skydance bid for Warner Bros. Discovery — adds complexity and regulatory risk
- Streaming subscribers: 77.5M+ Paramount+; aiming for profitability before scale
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PARA.