With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

<p>This company epitomizes Hollywood's fast-shifting corporate landscape. It was formed last August when Skydance, founded by David Ellison, merged with Paramount, owner of CBS and movie IP like the Mission: Impossible franchise. It will morph further this year as it completes the acquisition of rival Warner Bros. Discovery.</p>

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are entertainment and publishing.

Fortune Sector Leaders: Media

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

Fortune Global 500

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

ViacomCBS was formed in 2019 when CBS and Viacom merged—13 years after breaking apart. Today the mass media conglomerate operates more than 170 networks reaching 700 million subscribers worldwide. As of the first quarter of 2021, the company had some 36 million paid streaming subscribers for its Paramount+ and Showtime offerings.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-109-ViacomCBS

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-457-ViacomCBS

The reunited CBS and Viacom completed their merger in December and had a strong year, with hits like The Late Show With Stephen Colbert helping to drive $28 billion in sales. But in a March SEC filing the company warned that coronavirus-related production delays may have a material impact on its 2020 results.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-111-Viacom-CBS

The reunited CBS and Viacom completed their merger in December and had a strong year, with hits like <em>The Late Show With Stephen Colbert</em> helping to drive $28 billion in sales. But in a March SEC filing the company warned that coronavirus-related production delays may have a material impact on its 2020 results.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Company Info

Industry

Industry Rank

Previous Industry Rank

Overall Score

Location

Website

Fortune 500 Rank

Fortune 500 Profile

Key Attributes Of Reputation

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Paramount Global organizes its vast media portfolio into three main divisions: TV media, direct-to-consumer (streaming), and filmed entertainment, which includes the iconic Paramount Pictures studio. Its television assets span CBS and cable networks like Comedy Central, MTV, Showtime, and BET. The company also operates and licenses its content internationally. In 2024, Skydance Media announced an $8 billion deal to acquire Paramount by first purchasing parent company National Amusements. The two-part transaction is expected to close in 2025, pending regulatory approval.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Paramount Skydance (PSKY): Company Profile, Stock Price, News, Rankings

legacy

Paramount Skydance

paramount skydance

Good afternoon. My name is Victoria, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Second Quarter twenty twenty five Earnings Conference Call. All lines have been muted to prevent any background noise. At this time, I would now like to turn the call over to Jamie Morris, Paramount Global's EVP, Investor Relations. You may now begin your conference call.

Good afternoon, everyone, and thank you for joining our Q2 twenty twenty five earnings call. Before we begin, I would like to remind everyone that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. In addition, certain statements made on this call are forward looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC. Some of today's financial remarks will focus on adjusted results.

Reconciliations of these non GAAP financial measures can be found in our earnings release or in our trending schedules, which contain supplemental information and in each case can be found in the Investor Relations section of our website. As we detailed in the eight ks filed last week, we expect the Paramount Skydance transaction to close on 08/07/2025. As a result, this will be our last earnings call with the company in its current configuration. Today, we will share highlights of the quarter, but we will not be taking questions. On this call, we have Sherry Redstone, Non Executive Chair of our Board of Directors Chris McCarthy, our co CEO on behalf of his fellow co CEOs and Andy Warren, our Interim CFO. Now let me turn the call over to Shari.

Thank you, Jamie. Given this is the final earnings call under our current corporate structure, I wanted to take the opportunity to express my thanks to our shareholders for their investment in our business and to the others across the investment community who have followed us for many years. I believe I can take it on faith that many on this call understand the enormous importance of this business to my family and to me. Beginning nearly forty years ago, my father, Sumner Redstone, built Viacom and CBS by bringing together a group of the best assets in media, news, and entertainment. While people often debated whether content or distribution ruled the day, my father's steadfast belief was that content was king.

Even against the backdrop of enormous change, that core business philosophy remains the reality for our business and industry. That is a reality that Skydance surely understands. I am confident that with their vision for the business and the technology and resources they can bring to bear, they can build on Paramount's legacy and position it for long term success and value creation. I am proud that when the transaction closes, we will be turning over a healthy business with a strong foundation for success. One year ago, that was not a foregone against the backdrop of tough industry conditions in the linear business in a pending transaction.

The progress we have made is a testament to the talent, focus, and dedication of the people of Paramount, under the leadership of George Cheeks, Chris McCarthy, and Brian Robbins. George, Chris, and Brian took on a very challenging job. While continuing to lead in their core areas of responsibility, they worked together to develop new content and strategic plans for the company while also making difficult decisions to streamline the company's cost structure and secure the stability and growth potential of the business. I will forever be grateful for their hard work, dedication and friendship. While Chris will go into more detail about the company's financial results on this call, I would be remiss not to mention a few of the co CEOs' accomplishments and those of the wonderful teams across our business.

I will start with streaming because it makes me so proud that while we only launched Paramount plus four years ago, we are already a top four global SVOD service, and we will be profitable in The US faster than many of our peers. What has driven this performance? Others might have more content. But Paramount plus has distinguished itself for delivering big, bold, breakthrough original scripted hits that consistently rank in the SVOD top 10, plus incredible sports, kids, and unscripted content from across the company. And as I am particularly proud, programming that informs and educates audiences about the issues we face as a society and around the world.

This is also the reason CBS has been the number one broadcast network for seventeen years in a row, due also to its range of entertainment, sports, and news programming. And in cable, the company has delivered the number one scripted series, number one reality series, number one late night show, and number one kids show. As for Paramount Pictures, it has continued to expand its hit franchises, Sonic the Hedgehog, Mission Impossible, A Quiet Place, SpongeBob, Teenage Mutant Ninja Turtles, and more. Taken together, this has driven improved bottom line performance and strengthened free cash flow. In closing, it has truly been a privilege to work with George, Chris and Brian over the past year to achieve the goals that have positioned this company so well for the future.

And while it is never easy to step away, please know that it's been an honor for my family and for me to serve as stewards of these assets over the past several decades. We will always be cheering on Paramount and the talented people who have made it what it is today. Thank you.

Thank you, Sherri, and good afternoon, everyone. When George, Brian, and I became co CEOs, our goal was to transform Paramount into a streaming first company and today we are substantially better positioned to thrive in the streaming future. You only have to look to this quarter to see the shift where D2C revenue growth outpaced linear declines. This was powered by an exceptional performance at Paramount plus We delivered industry leading TV hits across both streaming and linear while at the same time this quarter breaking a record with the Mission Impossible franchise. At Paramount plus we made a content strategy choice to go against conventional wisdom of more originals is better.

Our strategy isn't about the volume of originals, rather it's about the volume of original hits. We closed 2024, our first year as co CEOs, and it was a transformative year. OIBDA grew 30% to $3,100,000,000 driven by a nearly $1,200,000,000 improvement in D2C profitability. Now this was powered by Paramount plus where our content strategy delivered. We led with the most top 10 SVOD originals behind only the market leader, which drove increased engagement, improved churn.

We added 10,000,000 new subscribers which solidified our place as a top four SVOD and resulting in revenue growth of 33%. Now since then we have not slowed down. In the 2025 we again scored with the most top 10 SVOD originals behind only the market leader. Paramount plus revenue continued to grow up 19% driven by strong subscription revenue growth of 22%. Watch time per subscriber increased 14% and churn improved another 100 basis points.

Over at CBS, we continued our leadership position as the most watched broadcast network in primetime for the seventeenth consecutive season. We have eight of the top 10 series, 14 of the top 20 series. That's more programs in the top 10 and top 20 than all other networks combined. Paramount Pictures continue to drive revenue for the business, successfully monetizing the value of our IP in theaters and downstream. Over this past year, we added new installments of our valuable bank of franchises, including Sonic the Hedgehog, Smile, A Quiet Place, and Mission Impossible.

We also reshaped the organization to be leaner and more nimble, reducing redundancies, all with the goal to drive productivity. Over the past four quarters, we've implemented over 800,000,000 in annual run rate non content expense savings. Our progress is reflected in the results for the quarter. Total company revenue grew 1% year over year to $6,800,000,000 Most notably, D2C revenue growth outpaced linear declines. In fact, strong subscription growth at Paramount plus drove total company affiliate and subscription revenue growth, which accelerated to 5%.

D2C generated adjusted OIBDA of $157,000,000 an improvement of 6x versus a year ago. To put that in perspective, this year alone we've improved D2C profitability by $300,000,000 versus the comparable period a year ago. Now let's get into some detail at D2C. Revenue growth accelerated to 15% driven again by Paramount plus where total revenue grew 23% year over year and records were set. For the third consecutive quarter, watch time per subscriber increased and was up 11% year over year and churn improved again by 70 basis points year over year, achieving a record low.

These results were powered by a strong content slate of original hits with Landmen, Yellowjackets, The Shy, and Mobland, our newest top 10 SVOD series, which ranked as the number one series globally and active subscriber households on Paramount plus this quarter. Looking ahead, we're thrilled to welcome South Park to Paramount plus this month here in The United States. It has consistently been a top acquisition and engagement driver in international and we have every confidence it will do just as well for us here in The US. We have our biggest hits to come kicking off with Dexter Resurrection followed by the first NCIS franchise extension with Tony and Ziva and continues with the nonstop Taylor Sheridan slate of hits starting with Tulsa King in September, Mayor of Kingstown in October, followed by Landman in December and of course an all new Yellowstone franchise extension, the Dutton Ranch. Now turning to TV media, when we talk about transforming into a streaming first company, nothing says it better than the alignment with CBS and Paramount plus This season, streaming of CBS series on Paramount plus grew 42% over the last year, and year to date CBS content accounts for nearly half of all viewing on Paramount plus CBS has consistently ranked as the number one broadcast network in primetime, and moreover, CBS is also ranked number one in multi platform viewership.

Now turning to sports, live sports more valuable today than ever before across both platforms. This year's Final Four was the most watched in eight years and CBS Sports Golf coverage in 2025 is up 13% year over year, its best performance in seven years. The power of this combined content is evident across distribution and advertising. In June, we signed a new deal with DIRECTV that includes a curated selection of Paramount's most popular networks across entertainment, news, and sports in various direct TV genre packs. And we're nearing the completion of our upfront where we see strong advertiser demand for sports and entertainment programming.

Turning to filmed entertainment, this quarter a record was achieved with The Final Reckoning, which was the biggest global opening in franchise history. When a new film hits theaters, we see an immediate lift in the library content on Paramount plus For example, following the release of Mission Impossible The Final Reckoning for the month, the Mission franchise library saw a 60% lift in daily active subscriber households on Paramount plus Now this is a good example of how franchise drive revenue across every part of our business. We are pleased with the results for the quarter, which represent our strong and continued progress in executing as a streaming first company. Now, let me turn it over to Andy to provide more detail on the financials.

Thank you, Chris, and good afternoon, everyone. Let's dive right into the second quarter numbers. Paramount generated total company revenue of $6,800,000,000 and adjusted OIBDA of $824,000,000 reflecting continued year over year improvement in our direct to consumer segment. Total improved $214,000,000 including approximately $70,000,000 in payments for restructuring and cost reduction initiatives. Now, let's discuss our operating segment results, starting with direct to consumer.

Paramount plus finished the quarter with 77,700,000 subscribers, a year over year increase of 9,300,000 subscribers, but down 1,300,000 subs versus 1Q twenty five, primarily reflecting the anticipated expiration of an international distribution agreement, as well as the timing of Paramount plus Premier's. Paramount plus ARPU growth accelerated in the second quarter to a positive 9% increase year over year. Importantly, the combination of year over year subscriber growth, churn reduction and ARPU improvement drove Paramount plus revenue to increase nearly $330,000,000 versus 2Q 'twenty four. In total, direct to consumer generated revenue of $2,200,000,000 growing 15% year over year despite a 4% decline in DTC advertising, which continues to be impacted by increased supply in the digital ad marketplace. Separately, DTC subscription revenue growth accelerated and was up a robust 22%.

Turning to our TV media segment, linear TV trends continue to pressure advertising and affiliate revenue. TV media revenue was $4,000,000,000 in the second quarter, with OIBDA of $863,000,000 TV media advertising revenue was down 4% year over year, as higher CPMs were more than offset by viewership declines. We are nearing completion of our 2026 upfront, which will remain overall volume consistent with last year, driven by increased sports and streaming sales. Streaming accounted for almost 30% of total upfront volume, while demand for our sports portfolio was very strong across the board and saw double digit growth. Our TV media affiliate revenue declined 7% versus the prior year, largely reflecting market subscriber trends.

However, and more importantly, the combination of our traditional and streaming businesses again yielded net positive growth, with total company affiliate and subscription revenue up 5% in the second quarter, a positive acceleration versus the first quarter of this year. Lastly, in the Filmed Entertainment segment, we generated second quarter revenue of $690,000,000 up 2% year over year. Adjusted OIBDA was a loss of $84,000,000 in the quarter, which compares to a loss of $54,000,000 in this year ago quarter. This year over year change in OIBDA primarily reflects lower profit from licensing. Regarding forward looking statements, as you can appreciate, with the Skydance transaction closing on August 7, it would be inappropriate for us to outline full year 2025 financial expectations for Paramount standalone results.

In summary, our first half results demonstrate that our global teams remain focused on operating execution as we prepare for the deal to close. Now, let's turn the call back over to Chris for closing comments.

As this will be our last earnings call, before we close the Skydance transaction, allow me to take a moment on behalf of my co CEOs, Brian and George, to thank the people responsible for our successful shift into a streaming first company. To our teams, our partners, the board, and to Sherry, thank you for your support and efforts. We talk a lot about hit TV series and blockbuster films. That doesn't happen in our content teams without the support and hard work and efforts from every person in every department across the entire company. Against enormous headwinds and challenges, this team continued to be resilient and unwavering in your commitment to execute with excellence and more importantly to support each other with compassion.

It's that combination that truly made the difference. You should be very proud of all of your efforts. They've helped to make Paramount substantially stronger today. We'd also like to thank the Redstone family for their stewardship of the company over the last forty years. Sumner Redstone was a visionary who predicted where the industry was going before anyone else.

Under Sherri's leadership, Paramount has transitioned from a disconnected collection of TD assets into a streaming first company with a powerful portfolio of hit content and franchises. Now, the naysayers and against all the odds, Sherry, you did what you thought was right. You pushed us forward with the mission to combine these companies and just look at what we've achieved. While we're the last to launch, only four years later, Paramount plus is a top four global SVOD service. Your vision has been realized.

And what made that possible was content being king, hit TV series and blockbuster films just as your father had predicted. We thank you, Sherri, for your vision to see where it was all going and your leadership of the company and on a personal level for your friendship to all of us. And to our board, thank you for your dedication and guidance. Throughout a very eventful year, we appreciate each and every one of you. Now looking ahead under David Ellison, the next chapter of Paramount is sure to be another historic one.

We'd like to thank David and the Skydance Redbird teams of Jeff Schell, Amy Gordon and Cindy Holland for their partnership throughout this transition. We are excited to see what you do and you have a great team here to help you. With that, thank you for joining us and have a good night.

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

Paramount Skydance (PSKY) Q2 2025 Earnings Call Transcript

Company Participants