Short answer
Paramount Skydance Corporation (PSKY) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $16.6B (−43.1% year over year) and net income of −$35M.
- Top risk flagged: FCC license renewal risk for CBS television stations; nonrenewal or conditions could restrict operations and force divestitures
FY2025 key financial metrics · XBRL
- Revenue
- $16.6B
- −43.1% YoY
- Net income
- −$35M
- +99.4% YoY
- Operating margin
- 6.2%
- +24.2 pp YoY
- EPS (diluted)
- −$0.05
- +99.5% YoY
- ROE
- -0.3%
- +37.6 pp YoY
- Operating cash flow
- $164M
- −78.2% YoY
Source: XBRL data from the Paramount Skydance Corporation (PSKY) FY2025 10-K on SEC EDGAR. USD.
Paramount Skydance Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global media/entertainment holding company formed Aug 7, 2025 via merger of Paramount Global and Skydance under new parent Paramount Skydance Corporation (ticker: PSKY)
- Hostile bid for Warner Bros. Discovery at $31.00/share (revised Feb 2026); secured $57.5B debt + $46.6B equity commitments from Ellison Family and RedBird Capital Partners
- Skydance's animation, interactive/games, and sports divisions integrated into Filmed Entertainment segment: entirely new content capabilities added to portfolio
- ~17,600 full/part-time employees across 30 countries, plus ~3,600 project-based staff as of Dec 31, 2025
- Lawrence Ellison provided irrevocable personal guarantee on Warner Bros. deal equity financing: highly unusual personal liability for a corporate M&A transaction
Management Discussion & Analysis
- Pro forma revenue $29.4B (2025) vs $30.3B (2024), down 3% YoY; advertising -11%, subscription +4%, theatrical -23%
- TV Media best segment: pro forma revenue $17.1B, Adjusted OIBDA $3.7B combined; Direct-to-Consumer turned profitable in Successor period vs $(497)M loss in full-year 2024
- Filmed Entertainment worst segment: Adjusted OIBDA $(132)M Successor + $(100)M Predecessor vs $(96)M full-year 2024; pro forma revenue down 5%
- Capex $296M combined 2025 periods vs $263M in 2024; common dividends $191M combined; cash $3.27B at Dec 31, 2025; total debt $13.66B vs $14.50B
- Key risks: $800M transformation costs guided for 2026; pending Warner Bros. bid at $31/share requiring $57.5B debt + $46.6B equity commitments; tariff/ad market uncertainty flagged
Risk Factors
- FCC license renewal risk for CBS television stations; nonrenewal or conditions could restrict operations and force divestitures
- Paramount-Skydance merger litigation ongoing; lawsuits filed, potential for substantial defense costs and management distraction
- $1.12 billion in programming charges recorded in 2024 due to content removals, abandoned development projects, and terminated agreements
- Generative AI deployment by competitors could accelerate competitive disadvantage; unsettled AI copyright law adds IP protection uncertainty
- Ellison Family controls 77.5% of Class A Stock and 100% of combined voting power; Class B holders have zero voting rights
Generated from the filing text; verify against the original. How to read a 10-K
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