Paramount Skydance (PSKY)
Market Price (6/27/2026): $9.62 | Market Cap: $10.7 BilInvestor Relations Sector: Communication Services | Industry: Movies & Entertainment
Paramount Skydance (PSKY)
Market Price (6/27/2026): $9.62Market Cap: $10.7 BilSector: Communication ServicesIndustry: Movies & Entertainment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Digital Content & Streaming. Themes include Video Streaming, and Gaming Content & Platforms. | Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -85% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.6 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 137% Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% Key risksPSKY key risks include [1] the significant financial, Show more. |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming. Themes include Video Streaming, and Gaming Content & Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -85% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.6 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 137% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% |
| Key risksPSKY key risks include [1] the significant financial, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Paramount Skydance (PSKY) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Uncertainty and Risks Associated with the Warner Bros. Discovery Merger.
The definitive agreement for the $110.9 billion acquisition of Warner Bros. Discovery (WBD), announced on February 27, 2026, introduced significant financial and regulatory uncertainties for Paramount Skydance. This massive transaction involves substantial new debt, including a $49 billion bridge loan and over $50 billion in planned permanent debt issuances, which has led to credit rating downgrades and concerns about increased leverage. While the merger received some key regulatory clearances, such as the expiration of Canada's Competition Act waiting period on June 20, 2026, approval from South Africa's Competition Commission on June 19, 2026, and unconditional clearance from China's Anti-Monopoly Enforcement Department II, as well as approval from the U.S. Department of Justice, critical approvals are still pending from the European Union (expected decision by July 7, 2026) and the UK's Competition and Markets Authority (review deadline August 7, 2026). Furthermore, Paramount Skydance is facing potential lawsuits from attorneys general in New York and California, aiming to block the merger, adding another layer of legal complexity and risk.
2. Mixed Fiscal Q1 2026 Earnings with Lingering Profitability Concerns.
Paramount Skydance reported mixed financial results for fiscal Q1 2026 (ended March 2026) on May 4, 2026. Although the company's adjusted Earnings Per Share (EPS) of $0.23 beat analyst estimates, it represented a 21% decline compared to $0.29 in the prior year's fiscal Q1. While EBITDA surged 69% year-over-year to $1.2 billion and revenue grew 2% year-over-year to $7.3 billion, "continued YoY operating income near-stagnation suggest the net income margin recovery will take time," raising ongoing profitability concerns for investors. Streaming services, specifically Paramount+, showed positive growth with a 17% increase in revenue and approximately 2 million underlying subscriber additions in the quarter.
Show more
Paramount Skydance (PSKY) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Uncertainty and Risks Associated with the Warner Bros. Discovery Merger.
The definitive agreement for the $110.9 billion acquisition of Warner Bros. Discovery (WBD), announced on February 27, 2026, introduced significant financial and regulatory uncertainties for Paramount Skydance. This massive transaction involves substantial new debt, including a $49 billion bridge loan and over $50 billion in planned permanent debt issuances, which has led to credit rating downgrades and concerns about increased leverage. While the merger received some key regulatory clearances, such as the expiration of Canada's Competition Act waiting period on June 20, 2026, approval from South Africa's Competition Commission on June 19, 2026, and unconditional clearance from China's Anti-Monopoly Enforcement Department II, as well as approval from the U.S. Department of Justice, critical approvals are still pending from the European Union (expected decision by July 7, 2026) and the UK's Competition and Markets Authority (review deadline August 7, 2026). Furthermore, Paramount Skydance is facing potential lawsuits from attorneys general in New York and California, aiming to block the merger, adding another layer of legal complexity and risk.
2. Mixed Fiscal Q1 2026 Earnings with Lingering Profitability Concerns.
Paramount Skydance reported mixed financial results for fiscal Q1 2026 (ended March 2026) on May 4, 2026. Although the company's adjusted Earnings Per Share (EPS) of $0.23 beat analyst estimates, it represented a 21% decline compared to $0.29 in the prior year's fiscal Q1. While EBITDA surged 69% year-over-year to $1.2 billion and revenue grew 2% year-over-year to $7.3 billion, "continued YoY operating income near-stagnation suggest the net income margin recovery will take time," raising ongoing profitability concerns for investors. Streaming services, specifically Paramount+, showed positive growth with a 17% increase in revenue and approximately 2 million underlying subscriber additions in the quarter.
3. Cautious Analyst Sentiment and Reduced Price Targets.
Analyst sentiment towards PSKY became more cautious following the merger announcement and subsequent developments, contributing to the stock's decline. The average price target for PSKY saw reductions during the period, including an 8.1% decrease to $13.23 on February 28, 2026, and a further 8.2% decrease to $13.21 on March 9, 2026. As of June 23, 2026, the consensus rating from 19 analysts covering the stock was a "Hold." Despite a mean price target of $12.62, which suggested a 27.6% upside from its then-current trading levels, the overall sentiment among analysts was characterized as "skeptical."
Show less
Stock Movement Drivers
Fundamental Drivers
The -27.9% change in PSKY stock from 2/28/2026 to 6/26/2026 was primarily driven by a -39.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.38 | 9.64 | -27.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,756 | � | 0.0% |
| P/S Multiple | 0.3 | � | 0.0% |
| Shares Outstanding (Mil) | 675 | 1,110 | -39.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PSKY | -27.9% | |
| Market (SPY) | 6.6% | 24.7% |
| Sector (XLC) | -9.8% | 30.3% |
Fundamental Drivers
The -39.0% change in PSKY stock from 11/30/2025 to 6/26/2026 was primarily driven by a -39.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.80 | 9.64 | -39.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,756 | � | 0.0% |
| P/S Multiple | 0.4 | � | 0.0% |
| Shares Outstanding (Mil) | 675 | 1,110 | -39.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PSKY | -39.0% | |
| Market (SPY) | 7.3% | 15.2% |
| Sector (XLC) | -7.4% | 25.9% |
Fundamental Drivers
nullnull
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PSKY | ||
| Market (SPY) | 25.1% | 13.8% |
| Sector (XLC) | 6.0% | 28.5% |
Fundamental Drivers
nullnull
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PSKY | ||
| Market (SPY) | 81.3% | 13.8% |
| Sector (XLC) | 76.3% | 28.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PSKY Return | - | - | - | - | 15% | -29% | -18% |
| Peers Return | -5% | -47% | 40% | 27% | 34% | -13% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| PSKY Win Rate | - | - | - | - | 60% | 50% | |
| Peers Win Rate | 43% | 35% | 63% | 60% | 50% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PSKY Max Drawdown | - | - | - | - | - | -35% | |
| Peers Max Drawdown | -31% | -57% | -27% | -25% | -30% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DIS, WBD, NFLX, CMCSA, AMZN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
PSKY has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.
| Event | XLC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.7% | -18.8% |
| % Gain to Breakeven | 21.5% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.7% | -24.5% |
| % Gain to Breakeven | 63.1% | 32.4% |
| Time to Breakeven | 470 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.1% | -33.7% |
| % Gain to Breakeven | 43.2% | 50.9% |
| Time to Breakeven | 112 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 109 days | 105 days |
In The Past
State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
PSKY has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.
| Event | XLC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.7% | -24.5% |
| % Gain to Breakeven | 63.1% | 32.4% |
| Time to Breakeven | 470 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.1% | -33.7% |
| % Gain to Breakeven | 43.2% | 50.9% |
| Time to Breakeven | 112 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 109 days | 105 days |
In The Past
State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Paramount Skydance (PSKY)
Paramount Skydance (PSKY) is a global media and entertainment conglomerate operating across three main segments: Studios, Direct-to-Consumer, and TV Media. At its core, the company specializes in the creation, production, and distribution of a vast array of films, television series, and short-form content. This content reaches audiences worldwide through various owned and operated platforms, establishing PSKY as a comprehensive content provider from development to delivery.
The company's extensive distribution network includes a significant portfolio of domestic and international broadcast and cable television networks, such as CBS, Nickelodeon, MTV, Comedy Central, BET, Paramount Network, and Paramount+ with SHOWTIME. In addition to traditional television, Paramount Skydance is a major player in the streaming market with services like Paramount+, Pluto TV (a free ad-supported platform), and BET+. Its content production capabilities span iconic studios like Paramount Pictures for films, and CBS Studios and Paramount Television Studios for television series.
Paramount Skydance's primary offerings revolve around engaging and entertaining content designed for a global audience. Its main customers are consumers who tune into its networks, subscribe to its streaming services, or watch its films, as well as advertisers seeking to reach these vast audiences across its diverse media properties. The company leverages its powerful brands and extensive content library to generate revenue through subscriptions, advertising, and content licensing.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Paramount Skydance:
A media giant similar to Disney or Warner Bros. Discovery, known for its film studios, TV networks like CBS and Nickelodeon, and streaming service Paramount+.
Think of it as a blend of Netflix (for streaming), Universal Pictures (for film production), and a traditional broadcast network like ABC.
AI Analysis | Feedback
Here are the major products and services for Paramount Skydance:
- Broadcast & Cable Networks: Operates a wide array of domestic and international broadcast and cable television networks, including CBS, Nickelodeon, MTV, and Channel 5.
- Streaming Services: Provides diverse streaming options, comprising subscription services like Paramount+ and BET+, as well as the free ad-supported Pluto TV.
- Film & Television Production: Develops and produces films, series, and short-form content through its various studios, such as Paramount Pictures and CBS Studios.
- Content Licensing: Licenses its extensive library of films and television programs for distribution across multiple platforms worldwide.
- Advertising Solutions: Offers advertising services across its broadcast, cable, and streaming platforms.
AI Analysis | Feedback
Major Customers of Paramount Skydance (PSKY)
Paramount Skydance primarily serves individuals and households through its extensive portfolio of media and entertainment offerings. Based on its business model, the company caters to the following major categories of individual customers:
- Streaming Service Subscribers: Individuals who pay for subscriptions to the company's direct-to-consumer streaming platforms, including Paramount+, BET+, and Paramount+ with SHOWTIME.
- Traditional Television Viewers: Individuals who watch content on Paramount Skydance's vast array of broadcast and cable television networks worldwide, such as CBS Television Network, Nickelodeon, MTV, Comedy Central, BET, Paramount Network, Network 10, Channel 5, and Telefe. This category represents the audience for its advertising revenue.
- Content Purchasers and Consumers: Individuals who purchase or rent films, series, and short-form content through various channels, including digital home entertainment, DVDs/Blu-rays, and those who attend theatrical releases of films produced by Paramount Pictures and its labels.
AI Analysis | Feedback
AI Analysis | Feedback
David Ellison, Chairman and Chief Executive Officer
David Ellison founded Skydance Media in 2006. He led Skydance Media, which merged with Paramount Global in 2025 to form Paramount Skydance Corporation. Skydance Media's merger was backed by RedBird Capital Partners, indicating a pattern of managing companies backed by private equity firms. His father, Larry Ellison, also provided significant financial support to Skydance.
Dennis K. Cinelli, Chief Financial Officer
Dennis K. Cinelli was appointed Chief Financial Officer of Paramount, a Skydance Corporation, effective January 15, 2026. Prior to this role, he served as the Chief Financial Officer of Scale AI. He also held senior finance and operational roles at Uber, including Global Head of Strategic Finance, and was instrumental in taking Uber public in 2019. Earlier in his career, he served as CFO at GE Ventures and founded Webtrafix.com.
Jeff Shell, President
Jeff Shell previously served as the Chief Executive Officer of NBCUniversal and was also the Chairman of RedBird Sports and Media, a firm associated with private equity.
Cindy Holland, Chair of Direct to Consumer
Cindy Holland's background includes serving as Vice President of Original Content at Netflix and as CEO of Sister, and she was a senior advisor to Skydance prior to the merger.
Andy Gordon, Chief Strategy Officer and Chief Operating Officer
Andy Gordon previously held the position of partner at RedBird Capital Partners, which was a key financial backer in the merger that created Paramount Skydance Corporation.
AI Analysis | Feedback
Key Risks for Paramount Skydance (PSKY)
- Intense Competition in Direct-to-Consumer Streaming and Cord-Cutting: Paramount Skydance operates a significant Direct-to-Consumer segment, including Paramount+, Pluto TV, and BET+. The streaming market is highly competitive with numerous established players, leading to intense pressure on subscriber acquisition and retention. Concurrently, the ongoing trend of "cord-cutting" continues to impact the viewership and advertising revenue of its traditional TV Media segment, which includes CBS Television Network, various international free-to-air networks, and domestic premium and basic cable networks.
- High Content Production and Acquisition Costs: To remain competitive in the direct-to-consumer and studio segments, Paramount Skydance must continually invest heavily in producing and acquiring films, series, and other content. These high content costs, combined with the challenge of achieving widespread subscriber growth and profitability in a crowded streaming landscape, pose a significant financial risk.
- Volatility in Advertising Markets: A substantial portion of Paramount Skydance's revenue is derived from advertising across its TV Media segment (broadcast and cable networks) and its ad-supported streaming service, Pluto TV. Advertising spending is sensitive to economic conditions and industry shifts. Economic downturns or a significant reallocation of advertising budgets away from traditional television and certain digital platforms could negatively impact the company's financial performance.
AI Analysis | Feedback
The accelerating obsolescence of traditional linear broadcast and cable television as the primary distribution and monetization platform for video content, driven by the widespread adoption of diverse streaming platforms, social media video, and short-form content. This trend directly erodes the subscriber base and advertising revenue for Paramount Skydance's traditional TV Media segment and fundamentally shifts where audiences consume content and where advertising dollars are spent.
AI Analysis | Feedback
Paramount Skydance operates within several large addressable markets globally and in the U.S. for its diverse media and entertainment offerings.
Video Streaming Market
- The global video streaming market was valued at approximately USD 226 billion in 2025 and is projected to reach USD 687.8 billion by 2035, growing at a CAGR of 18.66% from 2025 to 2035. Another estimate places the global video streaming market size at USD 416.16 billion in 2025, with a projection to reach USD 2.47 trillion by 2035, growing at around 19.5% CAGR between 2026-2035. North America is a significant region, leading with an estimated 40% of the global market share in 2025.
- In the U.S., the video streaming market size was approximately USD 45.97 billion in 2025 and is expected to grow to USD 156.53 billion by 2033, at a CAGR of 16.55% during 2025-2033. Other estimates for the U.S. market size include USD 35.74 billion in 2025, projected to reach USD 165.09 billion by 2033, with a CAGR of 21.10% over the forecast period of 2026-2033.
Television Advertising Market
- The global television advertising market size was valued at USD 251.81 billion in 2025 and is estimated to reach USD 340.19 billion by 2034, exhibiting a CAGR of 3.11% from 2026-2034. Another source indicates the global TV ad spending market size is estimated at USD 247.61 billion in 2025 and is expected to reach USD 353.08 billion by 2032, exhibiting a CAGR of 5.2% from 2025 to 2032. North America is expected to maintain its dominance, capturing nearly two-fifths of the global market share by 2025.
- The U.S. television advertising market size was approximately USD 60.79 billion in 2024 and is projected to be worth around USD 93.29 billion by 2034, growing at a CAGR of 4.37% from 2025 to 2034. Connected TV (CTV) advertising within the U.S. is projected to reach USD 33.35 billion in 2025.
Movie Production and Entertainment Market
- The global movie production market size is forecast to increase by USD 90.4 billion, at a CAGR of 14.6% between 2024 and 2029. The global film production and distribution market size was USD 65.7 billion in 2025.
- The U.S. movie and video production market size was USD 40.7 billion in 2025 and is projected to be USD 42.0 billion in 2026. The U.S. movie market is expected to stand at about USD 34.64 billion by 2033, growing from USD 23.44 billion in 2024 at a CAGR of 4.43% during 2025-2033.
Pay TV Market
- The global pay TV market was valued at USD 190.21 billion in 2024 and is expected to reach USD 208.12 billion by 2033, exhibiting a CAGR of 1.00% during 2025-2033. North America was the largest revenue-generating market in 2021.
AI Analysis | Feedback
Paramount Skydance (PSKY) is expected to drive future revenue growth over the next two to three years through several key initiatives:
-
Direct-to-Consumer (DTC) Segment Expansion: Paramount Skydance anticipates accelerated growth in its DTC segment, primarily driven by Paramount+. Management projects "underlying healthy subscriber growth" in 2026. This growth will be further boosted by average revenue per user (ARPU) improvements, resulting from price increases implemented in Q1 2026 and a favorable mix shift. Additionally, the company expects a "meaningful recovery" in DTC advertising revenue in 2026, supported by investments in programming and ad technology. The launch of a unified streaming platform by mid-2026 is also a strategic move to drive future growth in this segment.
-
Expanded Film and Streaming Content Production: The Studios segment is set to significantly increase its theatrical output, with plans to release 16 movies in 2026, compared to eight previously, aiming for a steady state of over 15 films annually. Paramount Skydance is also making substantial incremental investments of over $1.5 billion in programming across both theatrical releases and streaming content. This expanded and recurring content slate is intended to boost box office performance, downstream licensing deals, and streaming subscription revenue.
-
Strategic Content Partnerships and Live Events: The company's partnerships, such as the one with the Ultimate Fighting Championship (UFC), are proving to be significant drivers. The UFC 324 event, for instance, reached approximately 7 million households in the U.S. and Latin America, exceeding initial expectations. The ongoing UFC schedule and an influx of original series are expected to further boost subscriptions and drive advertising revenue for Paramount+ in 2026.
-
Efficiency and Synergy Realization: While primarily impacting profitability, Paramount Skydance's increased run-rate efficiency target, from $2 billion to at least $3 billion by 2026, is an indirect driver of revenue growth. These significant cost savings can be reinvested into content creation, marketing, and technological advancements, thereby supporting and accelerating overall revenue expansion in its core segments.
AI Analysis | Feedback
Share Repurchases
- Paramount Global (PARA), which aligns with the company described in the background, had a buyback yield of -2.13% in the last 12 months, suggesting net share issuance rather than repurchases.
Share Issuance
- Paramount Skydance (PSKY) shares outstanding increased by 65.96% in 2025, rising to 1.102 billion from 0.664 billion in 2024.
- The number of shares outstanding for Paramount Skydance (PSKY) increased by 27.47% in the last 12 months as of March 2026, reaching 1.13 billion shares.
Inbound Investments
- No significant third-party inbound investments (e.g., strategic partner taking a large stake or private equity firm investment) into Paramount Skydance (PSKY) have been explicitly detailed as completed within the last 3-5 years in the search results.
Outbound Investments
- Paramount Skydance (PSKY) was reportedly involved in a bidding war for Warner Bros. Discovery in early 2026, indicating a potential significant outbound acquisition.
Capital Expenditures
- Paramount Global (PARA) reported capital expenditures of $171 million in 2025, $196 million in 2024, $356 million in 2023, $345 million in 2022, and $345 million in 2021.
- For the last 12 months (as of March 2026), capital expenditures for Paramount Skydance (PSKY) were -$296 million.
- Paramount Skydance (PSKY) invested $116.0 million in capital expenditures in Q4 2025.
- A key focus for future capital expenditures (2026 and beyond) is "investing in the transformation of the business and ramping up our content slate" to fuel growth.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.27 |
| Mkt Cap | 128.9 |
| Rev LTM | 97,263 |
| Op Inc LTM | 13,937 |
| FCF LTM | 7,110 |
| FCF 3Y Avg | 8,788 |
| CFO LTM | 15,792 |
| CFO 3Y Avg | 15,775 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.4% |
| Rev Chg 3Y Avg | 3.8% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 19.2% |
| Op Inc Chg 3Y Avg | 37.7% |
| Op Mgn LTM | 14.3% |
| Op Mgn 3Y Avg | 13.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 20.0% |
| CFO/Rev 3Y Avg | 18.1% |
| FCF/Rev LTM | 7.3% |
| FCF/Rev 3Y Avg | 12.0% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| TV Media | 18,779 | 20,085 | 21,666 | ||
| Direct-to-Consumer | 7,632 | 6,736 | 4,904 | ||
| Filmed Entertainment | 2,955 | 2,957 | 3,584 | 2,428 | 2,360 |
| Eliminations | -153 | -126 | |||
| Cable Networks | 13,575 | 12,510 | |||
| TV Entertainment | 12,583 | 10,415 | |||
| Total | 29,213 | 29,652 | 30,154 | 28,586 | 25,285 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| TV Media | 4,348 | 4,791 | 5,451 | ||
| Gains on dispositions | 0 | 0 | 56 | 2,343 | 214 |
| Filmed Entertainment | -96 | -119 | 272 | 368 | 215 |
| Stock-based compensation | -210 | -172 | -158 | -172 | -186 |
| Depreciation and amortization | -392 | -418 | -378 | -390 | -430 |
| Corporate/Eliminations | -427 | -447 | -470 | -582 | -500 |
| Direct-to-Consumer | -497 | -1,663 | -1,819 | ||
| Restructuring, transaction-related items, and other corporate matters | -747 | 31 | -585 | -100 | -618 |
| Programming charges | -1,118 | -2,371 | 0 | 0 | -159 |
| Impairment charges | -6,130 | -83 | -27 | ||
| Cable Networks | 3,747 | 3,746 | |||
| TV Entertainment | 1,083 | 1,857 | |||
| Total | -5,269 | -451 | 2,342 | 6,297 | 4,139 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| TV Media | 38,491 | ||||
| Filmed Entertainment | 7,472 | 6,440 | 5,477 | ||
| Corporate/Eliminations | 5,552 | 2,202 | 969 | 484 | 378 |
| Direct-to-Consumer | 5,545 | ||||
| Discontinued operations | 1,560 | 1,439 | 1,341 | 12 | 13 |
| Cable Networks | 23,139 | 22,109 | 2,693 | 2,878 | |
| TV Entertainment | 19,443 | 19,689 | 13,579 | 12,626 | |
| Local Media | 4,037 | 4,042 | |||
| Publishing | 1,054 | 906 | |||
| Total | 58,620 | 52,663 | 49,585 | 21,859 | 20,843 |
Price Behavior
| Market Price | $9.64 | |
| Market Cap ($ Bil) | 10.7 | |
| First Trading Date | 08/07/2025 | |
| Distance from 52W High | -50.5% | |
| 50 Days | 200 Days | |
| DMA Price | $10.59 | $10.59 |
| DMA Trend | down | up |
| Distance from DMA | -9.0% | -9.0% |
| 3M | 1YR | |
| Volatility | 44.6% | 70.8% |
| Downside Capture | 167.73 | 86.18 |
| Upside Capture | 119.98 | 44.84 |
| Correlation (SPY) | 29.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.74 | 0.70 | 0.64 | 0.51 | -0.59 | 0.01 |
| Up Beta | -0.31 | -1.12 | -0.49 | 0.07 | 0.92 | 0.01 |
| Down Beta | 1.57 | 1.04 | 0.00 | 1.42 | 0.69 | 0.12 |
| Up Capture | 78% | 155% | 49% | -13% | 26% | 2% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 22 | 28 | 51 | 87 | 87 |
| Down Capture | 96% | 269% | 201% | 103% | 72% | 36% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 19 | 35 | 73 | 116 | 116 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSKY | |
|---|---|---|---|---|
| PSKY | -16.6% | 70.8% | -0.02 | - |
| Sector ETF (XLC) | 1.9% | 13.5% | -0.10 | 28.5% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 13.8% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 9.7% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -2.9% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 18.9% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSKY | |
|---|---|---|---|---|
| PSKY | -3.6% | 70.8% | -0.02 | - |
| Sector ETF (XLC) | 7.3% | 20.7% | 0.27 | 28.5% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 13.8% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 9.7% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | -2.9% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 18.9% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSKY | |
|---|---|---|---|---|
| PSKY | -1.8% | 70.8% | -0.02 | - |
| Sector ETF (XLC) | 8.7% | 22.2% | 0.45 | 28.5% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 13.8% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 9.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | -2.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 18.9% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -4.2% | -2.1% | -6.1% |
| 2/25/2026 | 10.0% | 18.6% | -12.1% |
| 11/10/2025 | 9.8% | 3.1% | -7.4% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 0 |
| # Negative | 1 | 1 | 3 |
| Median Positive | 9.9% | 10.9% | |
| Median Negative | -4.2% | -2.1% | -7.4% |
| Max Positive | 10.0% | 18.6% | |
| Max Negative | -4.2% | -2.1% | -12.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -4.2% | -2.1% | -6.1% |
| 2/25/2026 | 10.0% | 18.6% | -12.1% |
| 11/10/2025 | 9.8% | 3.1% | -7.4% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 0 |
| # Negative | 1 | 1 | 3 |
| Median Positive | 9.9% | 10.9% | |
| Median Negative | -4.2% | -2.1% | -7.4% |
| Max Positive | 10.0% | 18.6% | |
| Max Negative | -4.2% | -2.1% | -12.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
| 03/31/2019 | 05/02/2019 | 10-Q |
| 12/31/2018 | 02/15/2019 | 10-K |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 6.75 Bil | 6.85 Bil | 6.95 Bil | -5.5% | Lowered | Guidance: 7.25 Bil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | 900.00 Mil | 950.00 Mil | 1.00 Bil | 0 | Affirmed | Guidance: 950.00 Mil for Q1 2026 | |
| 2026 Revenue | 30.00 Bil | 0 | Affirmed | Guidance: 30.00 Bil for 2026 | |||
| 2026 Adjusted EBITDA | 3.80 Bil | 0 | Affirmed | Guidance: 3.80 Bil for 2026 | |||
| 2026 Free Cash Flow Conversion | 0.05 | ||||||
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 7.15 Bil | 7.25 Bil | 7.35 Bil | -11.6% | Lowered | Guidance: 8.20 Bil for Q4 2025 | |
| Q1 2026 Revenue Growth | -1.0% | 0.5% | 2.0% | ||||
| Q1 2026 Adj. EBITDA | 900.00 Mil | 950.00 Mil | 1.00 Bil | 72.7% | Raised | Guidance: 550.00 Mil for Q4 2025 | |
| Q1 2026 Adj. EBITDA Margin | 13.1% | ||||||
| 2026 Revenue | 30.00 Bil | 0 | Affirmed | Guidance: 30.00 Bil for 2026 | |||
| 2026 Adj. EBITDA | 3.80 Bil | 8.6% | Raised | Guidance: 3.50 Bil for 2026 | |||
| 2026 Adj. EBITDA Margin | 12.7% | ||||||
| 2026 Run-rate efficiency target | 3.00 Bil | 0 | Affirmed | Guidance: 3.00 Bil for 2026 | |||
| 2026 Incremental programming investments | 1.50 Bil | 0 | Affirmed | Guidance: 1.50 Bil for 2026 | |||
Insider Activity
Updated 6/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cardinale, Gerald J | RB Tentpole Holdings LP | Buy | 8112025 | 0.00 | 83,640,992 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cardinale, Gerald J | RB Tentpole Holdings LP | Buy | 8112025 | 0.00 | 83,640,992 | Form |
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Movies & Entertainment Resources |
| Deadline |
| IndieWire |
| Screen Daily |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.