Selected Financial Data
since 2005
Income Statement
Paramount Global, selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income (loss) | Net earnings (loss) attributable to Paramount |
|---|---|---|---|
| Dec 31, 2022 | 30,154) | 2,342) | 1,104) |
| Dec 31, 2021 | 28,586) | 6,297) | 4,543) |
| Dec 31, 2020 | 25,285) | 4,139) | 2,422) |
| Dec 31, 2019 | 27,812) | 4,273) | 3,308) |
| Dec 31, 2018 | 14,514) | 2,768) | 1,960) |
| Dec 31, 2017 | 13,692) | 2,423) | 357) |
| Dec 31, 2016 | 13,166) | 2,621) | 1,261) |
| Dec 31, 2015 | 13,886) | 2,417) | 1,413) |
| Dec 31, 2014 | 13,806) | 2,896) | 2,959) |
| Dec 31, 2013 | 15,284) | 3,259) | 1,879) |
| Dec 31, 2012 | 14,089) | 2,983) | 1,574) |
| Dec 31, 2011 | 14,245) | 2,529) | 1,305) |
| Dec 31, 2010 | 14,060) | 1,816) | 724) |
| Dec 31, 2009 | 13,015) | 1,011) | 227) |
| Dec 31, 2008 | 13,950) | (12,159) | (11,673) |
| Dec 31, 2007 | 14,073) | 2,622) | 1,247) |
| Dec 31, 2006 | 14,320) | 2,606) | 1,661) |
| Dec 31, 2005 | 14,536) | (6,818) | (7,089) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance of Paramount Global from 2005 to 2022 is characterized by two distinct eras: a period of relative revenue stagnation with extreme volatility in earnings, followed by a sudden expansion in scale and a subsequent decline in profitability margins.
- Revenue Trends
- From 2005 to 2018, revenues remained remarkably flat, oscillating within a narrow band between 13 billion and 15 billion US dollars. This stability ended abruptly in 2019, where revenues increased by approximately 91% to 27.8 billion US dollars. This expanded scale was maintained through 2022, reaching a peak of 30.15 billion US dollars.
- Operating Income and Profitability
- Operating results exhibited extreme volatility during the first decade of the analyzed period. Significant operating losses were recorded in 2005 (6.8 billion US dollars) and 2008 (12.1 billion US dollars), interrupting brief periods of profitability. Following 2009, a consistent upward trend in operating income was observed, peaking at 6.29 billion US dollars in 2021. However, 2022 marked a sharp reversal, with operating income falling to 2.34 billion US dollars despite the record-high revenues.
- Net Earnings Performance
- Net earnings largely mirrored the trajectory of operating income, characterized by deep losses in 2005 and 2008. A period of recovery began in 2009, with net earnings generally trending upward to reach a peak of 4.54 billion US dollars in 2021. Similar to the operating income trend, 2022 saw a substantial contraction in net earnings, which dropped to 1.10 billion US dollars.
- Operational Efficiency and Margins
- The relationship between revenue and profit indicates a shift in operational efficiency. While the period between 2019 and 2021 saw both revenue and operating income grow, the 2022 fiscal year demonstrates a significant margin compression. The divergence between increasing revenues and decreasing net earnings in the final year suggests rising operational costs or impairment charges that have impacted the bottom line.
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Balance Sheet: Assets
Paramount Global, selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 13,734) | 58,393) |
| Dec 31, 2021 | 16,676) | 58,620) |
| Dec 31, 2020 | 13,779) | 52,663) |
| Dec 31, 2019 | 11,902) | 49,519) |
| Dec 31, 2018 | 6,752) | 21,859) |
| Dec 31, 2017 | 6,273) | 20,843) |
| Dec 31, 2016 | 6,063) | 24,238) |
| Dec 31, 2015 | 5,747) | 23,765) |
| Dec 31, 2014 | 5,589) | 24,072) |
| Dec 31, 2013 | 5,370) | 26,387) |
| Dec 31, 2012 | 5,720) | 26,466) |
| Dec 31, 2011 | 5,543) | 26,197) |
| Dec 31, 2010 | 5,335) | 26,143) |
| Dec 31, 2009 | 5,637) | 26,962) |
| Dec 31, 2008 | 5,193) | 26,889) |
| Dec 31, 2007 | 6,031) | 40,430) |
| Dec 31, 2006 | 8,144) | 43,509) |
| Dec 31, 2005 | 6,796) | 43,030) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset trajectory exhibits a stark bifurcation between a prolonged period of contraction and stagnation from 2008 to 2018 and a phase of rapid expansion beginning in 2019.
- Total Asset Trends
- A significant reduction in total assets occurred between 2007 and 2008, with values falling from 40,430 million to 26,889 million. This was followed by a decade of relative stagnation and further gradual decline, reaching a minimum of 20,843 million in 2017. A dramatic reversal is observed in 2019, where total assets surged to 49,519 million, eventually peaking at 58,620 million in 2021 before stabilizing at 58,393 million in 2022.
- Current Asset Trends
- Current assets remained relatively stable for the first decade of the analyzed period, generally fluctuating between 5,193 million and 8,144 million. A sharp upward inflection began in 2019, with values rising from 6,752 million in 2018 to 11,902 million in 2019, and further climbing to a peak of 16,676 million in 2021. A subsequent decrease to 13,734 million was recorded by the end of 2022.
- Structural Asset Composition
- The relationship between current assets and total assets shifted significantly over the timeline. Between 2008 and 2018, current assets typically represented approximately 20% to 25% of the total asset base. Following the expansion in 2019, the proportion of current assets increased, reaching approximately 28.4% of total assets by 2021, indicating a notable shift in the liquidity profile of the balance sheet during the expansionary phase.
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Balance Sheet: Liabilities and Stockholders’ Equity
Paramount Global, selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total Paramount stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2022 | 11,191) | 15,846) | 23,036) |
| Dec 31, 2021 | 9,479) | 17,709) | 22,402) |
| Dec 31, 2020 | 8,296) | 19,733) | 15,371) |
| Dec 31, 2019 | 9,048) | 18,719) | 13,207) |
| Dec 31, 2018 | 4,573) | 10,152) | 2,804) |
| Dec 31, 2017 | 3,972) | 10,162) | 1,978) |
| Dec 31, 2016 | 3,708) | 9,375) | 3,689) |
| Dec 31, 2015 | 3,560) | 8,448) | 5,563) |
| Dec 31, 2014 | 4,033) | 7,146) | 6,970) |
| Dec 31, 2013 | 4,207) | 6,436) | 9,966) |
| Dec 31, 2012 | 3,941) | 5,922) | 10,213) |
| Dec 31, 2011 | 3,933) | 5,982) | 9,908) |
| Dec 31, 2010 | 4,026) | 6,001) | 9,821) |
| Dec 31, 2009 | 4,747) | 6,997) | 9,019) |
| Dec 31, 2008 | 4,801) | 6,996) | 8,597) |
| Dec 31, 2007 | 4,405) | 7,088) | 21,472) |
| Dec 31, 2006 | 4,400) | 7,042) | 23,523) |
| Dec 31, 2005 | 5,379) | 7,900) | 21,737) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory between 2005 and 2022 is characterized by significant volatility in equity levels and a substantial shift in the company's leverage profile, particularly starting in 2019.
- Current Liabilities Trend
- Current liabilities remained relatively stable between 2005 and 2018, fluctuating within a range of approximately 3.5 billion to 4.8 billion US dollars. A sharp inflection point occurred in 2019, where current liabilities increased by approximately 98% to 9.048 billion US dollars. This elevated level persisted through 2022, ending at a peak of 11.191 billion US dollars, indicating a significant increase in short-term financial obligations.
- Total Debt Evolution
- Total debt exhibited a gradual upward trend from 2005 to 2018, rising from 7.9 billion US dollars to 10.152 billion US dollars. A dramatic escalation is observed in 2019, with debt nearly doubling to 18.719 billion US dollars. While debt peaked in 2020 at 19.733 billion US dollars, a gradual reduction followed, bringing the total to 15.846 billion US dollars by the end of 2022.
- Stockholders' Equity Volatility
- Stockholders' equity experienced extreme fluctuations over the period. After starting at 21.737 billion US dollars in 2005, a substantial contraction occurred in 2008, with equity falling to 8.597 billion US dollars. A prolonged period of erosion followed, reaching a nadir of 1.978 billion US dollars in 2017. However, a rapid recovery began in 2019, with equity surging to 13.207 billion US dollars and continuing to climb to 23.036 billion US dollars by 2022, effectively returning to 2005-2007 levels.
- Capital Structure and Leverage Insights
- The relationship between debt and equity shifted dramatically over the analyzed timeframe. Between 2008 and 2017, the company moved toward a highly leveraged position as equity diminished while debt steadily rose. The period starting in 2019 represents a fundamental shift in the balance sheet, characterized by a simultaneous surge in both total debt and stockholders' equity, suggesting a major recapitalization or structural reorganization. By 2022, the increase in equity outweighed the increase in long-term debt compared to the 2017 lows, although short-term liabilities remained at historical highs.
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Cash Flow Statement
Paramount Global, selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash flow provided by (used for) operating activities | Net cash flow (used for) provided by investing activities | Net cash flow used for financing activities |
|---|---|---|---|
| Dec 31, 2022 | (142) | (518) | (2,981) |
| Dec 31, 2021 | 835) | 2,402) | (152) |
| Dec 31, 2020 | 2,215) | 63) | (90) |
| Dec 31, 2019 | 1,230) | (153) | (1,216) |
| Dec 31, 2018 | 1,425) | (325) | (921) |
| Dec 31, 2017 | 793) | (523) | (677) |
| Dec 31, 2016 | 1,454) | (334) | (1,046) |
| Dec 31, 2015 | 1,419) | 157) | (1,653) |
| Dec 31, 2014 | 1,210) | (316) | (2,810) |
| Dec 31, 2013 | 2,044) | (255) | (1,912) |
| Dec 31, 2012 | 1,819) | (429) | (1,316) |
| Dec 31, 2011 | 1,749) | (389) | (1,180) |
| Dec 31, 2010 | 1,735) | (368) | (1,604) |
| Dec 31, 2009 | 939) | (249) | (393) |
| Dec 31, 2008 | 2,147) | (2,154) | (920) |
| Dec 31, 2007 | 2,180) | (135) | (3,778) |
| Dec 31, 2006 | 2,003) | 850) | (1,284) |
| Dec 31, 2005 | 1,910) | 4,933) | (7,152) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2022 exhibits a transition from stable operational generation and significant financing outflows to a period of increased volatility and a recent deficit in operating cash flow.
- Operating Cash Flow Trends
- Operational cash generation remained relatively stable between 2005 and 2008, typically exceeding 1.9 billion USD. Following a sharp contraction in 2009, values recovered to peak at 2.044 billion USD in 2013. A subsequent period of instability was observed between 2014 and 2019, with a notable low of 793 million USD in 2017. Although a surge to 2.215 billion USD occurred in 2020, it was followed by a precipitous decline, resulting in a negative cash flow of -142 million USD by the end of 2022.
- Investing Cash Flow Patterns
- Investing activities were characterized by significant fluctuations between inflows and outflows. Large positive cash flows were recorded in 2005 and 2006, followed by a prolonged period of net outflows from 2007 through 2019, with a peak expenditure of 2.154 billion USD in 2008. A reversal occurred in 2020 and 2021, during which the company realized substantial inflows, most notably 2.402 billion USD in 2021, before returning to a net outflow of 518 million USD in 2022.
- Financing Cash Flow Dynamics
- Financing activities consistently resulted in net cash outflows across the entire analyzed period. The most substantial outflows were recorded in 2005 (7.152 billion USD), 2007 (3.778 billion USD), and 2022 (2.981 billion USD). This persistent negative trend indicates a long-term commitment to debt repayment, dividend distributions, or share buybacks, with financing outflows accelerating sharply in the final year of the period.
By 2022, a fundamental shift in the cash flow structure is evident, as the company moved from generating positive operating cash to a net operating loss. This shift, coupled with an increase in financing outflows, suggests a growing divergence between the cash generated by core business activities and the capital required for financial obligations.
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Per Share Data
Paramount Global, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 1.61 | 1.61 | 0.96 |
| Dec 31, 2021 | 7.02 | 6.94 | 0.96 |
| Dec 31, 2020 | 3.93 | 3.92 | 0.96 |
| Dec 31, 2019 | 5.38 | 5.36 | 0.78 |
| Dec 31, 2018 | 5.20 | 5.14 | 0.72 |
| Dec 31, 2017 | 0.89 | 0.88 | 0.72 |
| Dec 31, 2016 | 2.84 | 2.81 | 0.66 |
| Dec 31, 2015 | 2.92 | 2.89 | 0.60 |
| Dec 31, 2014 | 5.38 | 5.27 | 0.54 |
| Dec 31, 2013 | 3.09 | 3.01 | 0.48 |
| Dec 31, 2012 | 2.45 | 2.39 | 0.44 |
| Dec 31, 2011 | 1.97 | 1.92 | 0.35 |
| Dec 31, 2010 | 1.07 | 1.04 | 0.20 |
| Dec 31, 2009 | 0.34 | 0.33 | 0.20 |
| Dec 31, 2008 | -17.43 | -17.43 | 1.06 |
| Dec 31, 2007 | 1.75 | 1.73 | 0.94 |
| Dec 31, 2006 | 2.17 | 2.15 | 0.74 |
| Dec 31, 2005 | -8.98 | -8.98 | 0.56 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Analysis of per-share financial metrics from 2005 to 2022 reveals a period of significant volatility in profitability contrasted with a more stabilized, albeit interrupted, dividend policy.
- Earnings Per Share (EPS) Volatility
- Basic and diluted earnings per share exhibit extreme fluctuations. Significant losses were recorded in 2005 and 2008, with the 2008 fiscal year marking the most severe contraction, reaching -17.43 for basic EPS. A recovery trend occurred between 2009 and 2014, with basic EPS peaking at 5.38. Following a subsequent decline between 2015 and 2017, earnings experienced a strong resurgence, reaching a peak of 7.02 in 2021 before dropping sharply to 1.61 in 2022.
- Dividend Distribution Trends
- Dividend per share showed an initial increase from 0.56 in 2005 to 1.06 in 2008. A sharp correction occurred in 2009, where the dividend was reduced to 0.20. From 2010 onward, a consistent and gradual upward trend was maintained, with payouts increasing annually until they reached 0.96 in 2020. This payout level remained constant through 2021 and 2022.
- Correlation Between Earnings and Dividends
- A notable divergence exists between the stability of dividends and the volatility of earnings. While EPS experienced severe swings and periods of negative value, dividends were maintained as a positive return to shareholders throughout the entire duration. The dividend policy demonstrates a lower sensitivity to annual earnings fluctuations, as evidenced by the continued increase in dividends between 2015 and 2017 despite a decline in earnings during those same years.
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