Paramount+ Loses 100,000 Subs in Q4, Narrows DTC Fiscal Loss 45%
February 25, 2026
Paramount Skydance Feb. 25 reported that it completed the fourth quarter (ended Dec. 31, 2025) with 79 million direct-to-consumer streaming subscribers, which was down 100,000 paid subs from the end of the fiscal period through Sept. 30.
Paramount+ quarterly revenue increased 17% to $1.84 billion, from $1.56 billion. DTC revenue increased marginally to $2.21 billion from $2.16 billion in the prior-year period. The operating loss narrowed 45% to $158 million, from a loss of $258 million in the prior year period.
Free ad-supported streaming television platform Pluto TV saw quarterly revenue decline 16%, due in part to monetization challenges, while user engagement increased.
For the fiscal year, the DTC unit posted an operating profit of $230 million on revenue of $8.35 billion, compared with a loss of $497 million on revenue of $8.12 billion in 2024.
“We expect DTC profitability to improve year-over-year as we both grow revenue and manage our investment,” CFO Dennis Cinelli said on the company’s fiscal call.
While Paramount is projecting total revenue of $30 billion in 2026, driven by DTC streaming, the media company says it expects “only modestly higher” paid Paramount+ subs this year due in part to the exit of 4 million to 5 million hard bundle customers with “unattractive economics” in 2025.
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