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FY2026 Q2
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Отчётный звонок Paramount Skydance Corporation
Вывод Buzzberg
Streaming accelerating with best retention, double-digit view growth
Paramount Skydance reported strong Q2 results, raising FY26 adjusted EBITDA and free cash flow guidance. The call focused on confidence in the pending WBD merger, streaming growth driven by sports and live events, and efficiency gains. Management highlighted a robust upfront season and accelerating digital advertising. Raised FY26 adjusted EBITDA guidance to $3.8-$3.9 billion, up from prior; free cash flow conversion raised to at least 10% from 5%.
Вывод Buzzberg Streaming accelerating with best retention, double-digit view growth Paramount Skydance reported strong Q2 results, raising FY26 adjusted EBITDA and free cash flow guidance. The call focused on confidence in the pending WBD merger, streaming growth driven by sports and live events, and efficiency gains. Management highlighted a robust upfront season and accelerating digital advertising. Raised FY26 adjusted EBITDA guidance to $3.8-$3.9 billion, up from prior; free cash flow conversion raised to at least 10% from 5%. Читать полный анализСвернуть анализ
Paramount Skydance reported strong Q2 results, raising FY26 adjusted EBITDA and free cash flow guidance. The call focused on confidence in the pending WBD merger, streaming growth driven by sports and live events, and efficiency gains. Management highlighted a robust upfront season and accelerating digital advertising. Raised FY26 adjusted EBITDA guidance to $3.8-$3.9 billion, up from prior; free cash flow conversion raised to at least 10% from 5%.
- Paramount+ grew to 81.6 million subscribers, with underlying growth (ex-hard bundles) of 4 million, nearly doubling Q1.
- Streaming revenue grew 16% YoY, driven by price increases and strong content like UFC, Dutton Ranch, and World Cup.
- Strong upfront season with double-digit percentage increase YoY, the best since the CBS-Viacom merger.
Выручка$6.913B-6% к/к
EPS$0.18-22% к/к
Валовая маржа35.73%Факт
Операционная маржа6.87%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
M&A
Merger with Warner Bros. Discovery on track despite litigation
Technology
Convergence of streaming platforms on track for end of summer
Показать ещё 3 тезиса
Guidance
Raising free cash flow conversion to at least 10%
Sports
UFC event drove record peak concurrent streams on Paramount+
AI
AI to drive 50% efficiency gains in programming
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $6.913B | -6% к/к |
| EPS | $0.18 | -22% к/к |
| Валовая маржа | 35.73% | Факт |
| Операционная маржа | 6.87% | Факт |
| Свободный денежный поток | $0.258B | Факт |
| Капзатраты | $0.061B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Свободный денежный поток | FY2026 | $1B | $1B | Повышен |
| Операционная маржа | FY2026 | $3.8B–$3.9B | $3.85B | Повышен |
| Операционная маржа | FY2026 Q3 | $0.875B–$0.975B | $0.925B | Обозначен |
| Выручка | FY2026 | $30B | $30B | Подтверждён |
| Выручка | FY2026 Q3 | $6.95B–$7.15B | $7.05B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expresses strong confidence in strategy execution, DTC growth, and the pending WBD transaction, citing regulatory approvals and improved financial results.
Оценка AI от менеджмента
Management views AI as a tool for storytellers, not a replacement, and expects it to unlock creative and efficiency gains, such as 50% faster programming and new interactive fan experiences, while emphasizing premium on handcrafted content.
все упомянутые компании ниже: 11
Компаниис момента звонка
Партнёры
Партнёры
David Ellison
UFC content on Paramount+ is driving record engagement, indicating strong performance for TKO's content distribution.
Доказательства
“UFC 250, which did, you know, 17 million viewers across the US and LATAM. And as TKO announced on their earnings call, you know, 45 million globally”
Партнёры
Andy Gordon
Charter is a key distribution partner, actively bundling Paramount+ with its video offerings.
Доказательства
“Charter has really cared about the video product. They've done a very good job in sort of packaging both as a bundle relative to our cable channel CBS and our P plus credentials”
Поставщики
Поставщики
David Ellison
Management cites Nielsen data to support the pro-competitive nature of the WBD merger.
Доказательства
“According to Nielsen. If you include YouTube, which is the industry standard, it represents 13.4% based on the most recent Nielsen data.”
Конкуренты
Конкуренты
David Ellison
Management views Amazon as a larger competitor in streaming, which justifies the need for the WBD merger.
Доказательства
“we'd be over 200 million basically gross subscribers at close. I think from a competitive standpoint, it's worth noting that that just puts us right around Disney, still obviously not at the scale of Amazon or Netflix.”
Конкуренты
David Ellison
Management sees Apple as a key competitor in the streaming/entertainment space.
Доказательства
“creating a stronger, well-capitalized, creative-first company with a scale to compete alongside Netflix, Amazon, Apple, and others”
Конкуренты
David Ellison
The combined company would be at similar scale to Disney in streaming, framing the deal as pro-competitive.
Доказательства
“we'd be over 200 million basically gross subscribers at close. I think from a competitive standpoint, it's worth noting that that just puts us right around Disney”
Конкуренты
David Ellison
Management lists Sony among competitors in the theatrical and studio space.
Доказательства
“competing against larger-scale global players like Netflix, Amazon, Apple, as well as other studios such as Sony, Disney, Lionsgate, and A24.”
Конкуренты
Management highlights YouTube's dominance in TV watch time, framing it as the primary competitor in the market share argument.
David Ellison
Конкуренты
Paramount's licensing library revenue is growing double digits, driven by licensing deals like 'Swaps' to Netflix which became a top 10 film. — Strong library licensing revenue signals a durable content asset base independent of theatrical performance, potentially boosting long-term profitability.
David EllisonЦепочка поставок
Цепочка поставок
Paramount expects to pay $190 million in incremental financing costs if the WBD deal closes in June rather than September, plus ticking fees of $650 million per quarter for WBD shareholders. — Prolonged regulatory approval creates significant merger costs for PSKY and cash flow uncertainty for WBD shareholders if the deal closes later.
David EllisonВнешние сигналы
Альфа цепочки поставок · 3с момента звонка
Paramount's studios business is generating 11% more box office per marketing dollar spent year-over-year, indicating improved marketing efficiency.
Paramount expects to pay $190 million in incremental financing costs if the WBD deal closes in June rather than September, plus ticking fees of $650 million per quarter for WBD shareholders.
Paramount's licensing library revenue is growing double digits, driven by licensing deals like 'Swaps' to Netflix which became a top 10 film.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 11. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.