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Paramount logs financial loss in 2025 due to programming, legal costs
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Paramount Global swung to a quarterly loss and posted sharply lower profit during 2025 as programming-related write-downs and restructuring charges following the company's merger with Skydance media weighed on results despite modest improvements in cash flow.
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For the three months ended December 31 (Q4), Paramount reported revenue of $7.32 billion, down 7 percent from $7.93 billion in the year-ago quarter. Operating income fell to $22 million, compared with $220 million in the fourth quarter of 2024, reflecting the impact of programming charges and other items tied to the company’s strategic transformation efforts.
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Paramount recorded a net loss from continuing operations of $70 million in the fourth quarter, reversing net earnings of $423 million a year earlier. Adjusted OIBDA totaled $23 million, down 92 percent year over year, underscoring the pressure on profitability across its business lines.
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Still, cash generation improved in the period. Net cash provided by operating activities rose to $219 million, up from $102 million in the prior-year quarter. Free cash flow reached $120 million, compared with $81 million in the fourth quarter of 2024.
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For the full year, Paramount’s financial performance deteriorated more sharply. Revenue totaled $29.03 billion in 2025, down 2 percent from $29.62 billion in 2024. The company posted an operating loss of $35 million for the year, compared with operating income of $2.38 billion in the prior year.
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Net loss from continuing operations widened to $3.13 billion for the year, compared with net earnings of $1.10 billion in 2024. Adjusted OIBDA declined 61 percent year over year to $1.31 billion, reflecting lower profitability and the impact of charges recorded during the year.
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Cash flow also softened on an annual basis. Net cash provided by operating activities was $627 million, down from $1.08 billion in 2024. Free cash flow totaled $308 million, compared with $1.27 billion in the prior year.
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