Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Paramount Global, consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Revenues	7,265)	8,131)	6,916)	7,779)	7,328)	8,000)	6,610)	6,564)	7,412)	6,874)	5,837)	6,075)	6,499)	6,871)	6,698)	7,143)	7,100)	4,024)	3,263)	3,466)	3,761)
Operating costs and expenses	(4,964)	(5,483)	(4,460)	(5,106)	(4,796)	(5,452)	(4,064)	(3,865)	(4,363)	(4,213)	(3,462)	(3,361)	(3,956)	(4,806)	(3,959)	(4,210)	(4,248)	(2,605)	(1,922)	(2,184)	(2,400)
Gross profit	2,301)	2,648)	2,456)	2,673)	2,532)	2,548)	2,546)	2,699)	3,049)	2,661)	2,375)	2,714)	2,543)	2,065)	2,739)	2,933)	2,852)	1,419)	1,341)	1,282)	1,361)
Programming charges	(1,674)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Selling, general and administrative	(1,753)	(2,034)	(1,670)	(1,710)	(1,619)	(1,991)	(1,526)	(1,459)	(1,422)	(1,516)	(1,323)	(1,183)	(1,298)	(1,490)	(1,473)	(1,371)	(1,313)	(612)	(549)	(532)	(524)
Depreciation and amortization	(100)	(123)	(92)	(94)	(96)	(101)	(95)	(95)	(99)	(99)	(97)	(122)	(112)	(120)	(108)	(109)	(106)	(55)	(56)	(56)	(56)
Restructuring and other corporate matters	—)	(309)	(169)	(50)	(57)	(19)	(46)	(35)	—)	(177)	(52)	(158)	(231)	(468)	(122)	(7)	(178)	(105)	(46)	(35)	(9)
Gain on dispositions	—)	—)	41)	—)	15)	2,227)	—)	116)	—)	214)	—)	—)	—)	—)	—)	—)	549)	—)	—)	—)	—)
Operating income (loss)	(1,226)	182)	566)	819)	775)	2,664)	879)	1,226)	1,528)	1,083)	903)	1,251)	902)	(13)	1,036)	1,446)	1,804)	647)	690)	659)	772)
Interest expense	(226)	(230)	(231)	(230)	(240)	(241)	(243)	(243)	(259)	(268)	(259)	(263)	(241)	(239)	(246)	(237)	(240)	(118)	(115)	(116)	(118)
Interest income	35)	35)	33)	19)	21)	16)	11)	13)	13)	21)	14)	11)	14)	13)	19)	15)	19)	14)	12)	14)	17)
Net gains (losses) from investments	—)	—)	(9)	—)	—)	20)	(5)	32)	—)	174)	—)	32)	—)	75)	—)	—)	38)	—)	—)	—)	—)
Loss on extinguishment of debt	—)	—)	—)	(47)	(73)	—)	—)	—)	(128)	—)	(23)	(103)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other items, net	(46)	(33)	(36)	(42)	(13)	(42)	(26)	(10)	1)	(27)	(20)	(26)	(28)	(105)	(27)	15)	(28)	(17)	(17)	(24)	(11)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	(1,463)	(46)	323)	519)	470)	2,417)	616)	1,018)	1,155)	983)	615)	902)	647)	(269)	782)	1,239)	1,593)	526)	570)	533)	660)
(Provision) benefit for income taxes	381)	37)	(101)	(129)	(34)	(334)	(120)	34)	(226)	(183)	(26)	(192)	(134)	—)	(126)	(241)	376)	39)	(64)	(113)	(135)
Equity in loss of investee companies, net of tax	(75)	(80)	(58)	(29)	(37)	(11)	(18)	(44)	(18)	2)	(9)	(12)	(9)	—)	(14)	(21)	(18)	(4)	(18)	(20)	(14)
Net earnings (loss) from continuing operations	(1,157)	(89)	164)	361)	399)	2,072)	478)	1,008)	911)	802)	580)	698)	504)	(269)	642)	977)	1,951)	561)	488)	400)	511)
Net earnings from discontinued operations, net of tax	45)	198)	78)	61)	42)	36)	73)	41)	12)	27)	47)	28)	15)	15)	4)	6)	13)	—)	—)	—)	—)
Net earnings (loss), Paramount and noncontrolling interests	(1,112)	109)	242)	422)	441)	2,108)	551)	1,049)	923)	829)	627)	726)	519)	(254)	646)	983)	1,964)	561)	488)	400)	511)
Net earnings attributable to noncontrolling interests	(6)	(88)	(11)	(3)	(8)	(50)	(13)	(13)	(12)	(19)	(12)	(245)	(3)	(4)	(16)	(6)	(5)	—)	—)	—)	—)
Net earnings (loss) attributable to Paramount	(1,118)	21)	231)	419)	433)	2,058)	538)	1,036)	911)	810)	615)	481)	516)	(258)	630)	977)	1,959)	561)	488)	400)	511)
Preferred stock dividends	(14)	(16)	(14)	(14)	(14)	(15)	(14)	(14)	(1)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net earnings (loss) attributable to Paramount common stock	(1,132)	5)	217)	405)	419)	2,043)	524)	1,022)	910)	810)	615)	481)	516)	(258)	630)	977)	1,959)	561)	488)	400)	511)

Revenues: Revenues demonstrated a volatile trajectory over the observed periods, initially declining from $3,761 million in Q1 2018 to a low around $3,263 million in Q3 2018, then sharply increasing to a peak of $7,143 million in Q2 2019. Post-peak, revenues experienced fluctuations, with a notable dip in mid-2020 likely associated with broader market disruptions, followed by recovery and further growth, reaching up to $8,131 million in Q4 2022 before a slight reduction in Q1 2023.
Operating costs and expenses: Operating costs and expenses generally followed a parallel pattern to revenues but with less volatility. These costs increased significantly from about $2,400 million in early 2018 to over $5,000 million by late 2022. A considerable rise in expenses was seen around late 2019 and again in 2021-2022, reflective of either increased operational scale or cost pressures. Notably, costs decreased slightly during mid-2020, which coincides with revenue disruption periods.
Gross profit: Gross profit mirrored the revenue trend but with smaller fluctuations, indicating some variability in cost control or margin sustainability. After an early 2018 start around $1,361 million, gross profit surged to a high of approximately $3,049 million in Q1 2021, then stabilized around the $2,300 to $2,700 million range subsequently, with a small dip into Q1 2023.
Selling, general and administrative expenses (SG&A): SG&A expenses increased substantially from roughly $524 million in Q1 2018 to an elevated range above $1,400 million by mid-2019. These expenses remained high with peaks near $2,034 million in Q4 2022, indicating escalated administrative and selling costs, possibly reflecting expansion activities or inflationary pressures on operating expenses.
Depreciation and amortization: Depreciation and amortization expenses roughly doubled early on from $56 million in Q1 2018 to around $106 million at the start of 2019, then stayed relatively stable, fluctuating slightly around $90 to $123 million in subsequent quarters. A notable peak occurred in Q4 2022 at $123 million, suggesting increased capital expenditure or asset revaluation.
Restructuring and other corporate matters: Restructuring costs exhibited considerable volatility and significant spikes in some quarters, most notably a surge to $-468 million in Q4 2019 and $-309 million in Q4 2022. These irregular sizable charges imply episodes of strategic restructuring or other one-time corporate adjustments impacting profitability.
Gain on dispositions: Gains on dispositions appeared sporadically with a significant event in Q4 2021 amounting to $2,227 million, greatly boosting operating income and net earnings for that quarter. Smaller gains in other quarters contributed to occasional boosts in profitability but were not consistent throughout the periods.
Operating income (loss): Operating income experienced wide fluctuations over the periods. Initial stable earnings around $700–$800 million in early 2018 were followed by a substantial surge to nearly $2,664 million in Q4 2021, driven by gains on dispositions and other favorable impacts. However, the company also faced quarters with operating losses, notably Q4 2019 (-$13 million) and Q1 2023 (-$1,226 million), reflecting challenging operating conditions or significant restructuring and expense items.
Interest expense and income: Interest expense remained relatively consistent, steadily around $230 to $270 million per quarter, indicating stable financing costs. Interest income was minor by comparison but notably increased in late 2022 and early 2023 to around $33–$35 million, potentially from higher cash balances or income-generating investments.
Loss on extinguishment of debt: Losses from debt extinguishment occurred sporadically, notably in Q2 and Q4 2020 and Q3 2021, with the largest loss of $128 million in Q4 2020, representing costs related to debt repayment or refinancing activities affecting net results in those quarters.
Other items, net: Other net items fluctuated modestly around negative and small positive amounts, lacking clear trend but contributing to minor earnings variability across quarters.
Earnings from continuing operations before income taxes: Pre-tax earnings showed significant volatility. The company reached peaks around $2,417 million in Q4 2021, reflecting strong operational gains and extraordinary items, followed by deep negatives in Q1 2023 (-$1,463 million). These swings highlight the impact of non-recurring gains and restructuring charges on profitability before tax.
Income tax provision (benefit): The tax provision showed variability, with some quarters recording benefits, such as Q4 2018 and several quarters in 2021 and 2023, and others showing substantial tax charges. These fluctuations likely reflect the changing mix of taxable income, deferred tax adjustments, and impacts of non-recurring items influencing the effective tax rate.
Equity in loss of investee companies: The equity in losses from investees consistently represented a negative contribution, fluctuating between -$4 million and -$80 million quarterly, indicating consistent but manageable losses from affiliated investments over time.
Net earnings (loss) from continuing operations: Net earnings from continuing operations showed marked variability. After relatively stable earnings around $500 million in 2018, they jumped sharply to nearly $2,072 million in Q4 2021 before declining sharply and swinging to net losses of -$1,157 million in Q1 2023. This pattern aligns with the variability in operating income and tax impacts.
Net earnings from discontinued operations: Discontinued operations generated small but positive contributions consistently, increasing gradually from single-digit millions in early 2019 to $198 million in Q4 2022, likely reflecting divestitures or business sales yielding gains.
Net earnings attributable to Paramount and noncontrolling interests: Overall net earnings including noncontrolling interests largely tracked continuing operations, with peaks in late 2021 followed by a decline into losses by early 2023. Noncontrolling interests presented occasional negative impacts, notably a sharp negative of -$245 million in Q2 2020, which significantly affected net earnings available to Paramount.
Net earnings attributable to Paramount common stock: The net earnings attributable to common stockholders demonstrated a wide range, from steady earnings in the $400–$600 million range in 2018 and 2019, rising sharply to over $2 billion in Q4 2021, before collapsing to a negative $1,132 million in Q1 2023. This range reflects the influence of both recurring operations and large, non-recurring gains and restructuring charges.
Preferred stock dividends: Preferred stock dividends remained relatively constant around $14 to $16 million quarterly after their commencement in 2020, representing a stable cash outflow obligation that would slightly reduce earnings available to common shareholders.

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Paramount Global (NASDAQ:PARA)

Income Statement Quarterly Data

Income Statement
Quarterly Data