Key Points

• Paramount’s Q2 2025 revenue rose one percent to $6.85 billion, driven by streaming growth despite ongoing TV media declines.
• Streaming revenue grew 15 percent to $2.16 billion as Paramount+ revenue surged 23%, though subscribers fell by 1.3 million to 77.7 million.
• Traditional TV revenue dropped 6% to $4.01 billion.

Paramount Global reported modest revenue growth during the company’s second financial quarter (Q2) of the year, its last earnings period before its $8 billion blockbuster merger with Skydance Media is expected to be complete.

During Q2, Paramount saw revenue of $6.85 billion, up one percent from $6.81 billion logged during the same period in 2024. The company posted a $57 million profit during Q2, amounting to 8 cents per share — significantly better than the $5.41 billion loss Paramount reported during Q2 2024 that was largely tied to an impairment charge against its cable networks business.

Despite losing subscribers at Paramount Plus, the company’s streaming business remained healthy during Q2, with revenue climbing 15 percent to $2.16 billion, accounting for nearly one-third of the company’s overall earnings. Revenue attributed to Paramount Plus climbed 23 percent, even though the service ended with 1.3 million fewer subscribers. Paramount said its global subscriber count is now 77.7 million.

Global average revenue per user, or ARPU, attributed to Paramount’s streaming services increased nine percent while engagement rose 11 percent, the company said.

Advertising revenue within the streaming segment fell four percent as weaker cost‑per‑thousand ad rates offset rising connected‑TV inventory. Adjusted operating income before depreciation and amortization for direct‑to‑consumer improved to $157 million, up $131 million from the prior year, reflecting revenue growth and cost management.

The free platform Pluto TV and niche streaming services like BET Plus influence Paramount’s direct-to-consumer earnings.

Paramount’s traditional linear broadcast and cable networks business continued to decline during Q2, with revenue down 6 percent to $4.01 billion. The company blamed advertising headwinds and ongoing churn in the cable and satellite business, which impacted the amount it earned from distribution fees charged to pay TV providers for carriage of CBS, MTV, Comedy Central and other networks. Still, linear networks continued to be the biggest driver of income at Paramount, generating nearly two times the revenue of its streaming platforms.

Filmed entertainment revenue edged up two percent to $690 million, boosted by the theatrical release of “Mission: Impossible – The Final Reckoning,” which posted the biggest global opening in franchise history.

“Our goal when we became co‑CEOs was to transform Paramount into a streaming first company and today we are substantially better positioned with streaming revenue growth outpacing linear declines, driven by exceptional performance at Paramount Plus,” Paramount’s trio of CEOs George Cheeks, Brian Robbins and Chris McCarthy said in a statement.

Paramount generated $159 million in net operating cash flow and $114 million in free cash flow during the quarter. The company reiterated that it expects its merger with Skydance Media to close in early August.