# Skydance Q3 2026 Earnings Report

> Skydance reports $7.0 billion revenue with 5% YoY growth as it integrates Warner Bros. Discovery.
- Title: Skydance Q3 2026 Earnings Report · The Motley Fool | Shortify
- Summary: Skydance reports $7.0 billion revenue with 5% YoY growth as it integrates Warner Bros. Discovery.
- Keywords: skydance, warner bros discovery, paramount, hbo max, streaming, direct to consumer, synergies, earnings call, q3 2026, adjusted ebitda, The Motley Fool
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/11/10/skydance-skyd-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-11-10T06:13:16+00:00
- Read time: 2 min
- Topics: skydance, warner bros discovery, paramount, hbo max, streaming, direct to consumer, synergies, earnings call, q3 2026, adjusted ebitda, finance, money
## Q3 2026 Financial Results
Skydance reported $7.0 billion revenue with 5% year over year growth for Paramount Skydance business.
## Net Earnings
Net earnings reached $73 million reflecting Paramount Skydance segment performance before full consolidation of Warner Bros. Discovery.
## Adjusted EBITDA
Adjusted EBITDA stood at $1.0 billion, remaining stable compared to prior year.
## Paramount+ Growth
Paramount+ revenue grew 21% year over year driven by higher ARPU and subscriber gains.
## ARPU Increase
Paramount+ ARPU increased 14% reflecting previous price adjustments and accelerating advertising growth.
## Direct-to-Consumer Revenue
Direct-to-consumer pro forma revenue grew 15% year over year when including Warner Bros. Discovery results.
## Studios Revenue
Studios revenue reached $1.5 billion, a 23% increase year over year driven by secondary market licensing and third-party production.
## TV Media Revenue
TV Media revenue dropped 7% year over year due to sale of international networks and pay TV subscriber erosion.
## Combined DTC Subscribers
Combined direct-to-consumer subscribers reached 203 million across Paramount+, HBO, and HBO Max.
## Pluto TV Users
Pluto TV monthly active users reached 75 million with engagement benefiting from integration onto Paramount+ tech stack.
## Run-Rate Synergies
Targeted $6 billion in run-rate synergies within three years following merger with Warner Bros. Discovery.
## Acquisition Funding
$47 billion in new equity and $57 billion in new secured debt funded Warner Bros. Discovery acquisition.
## Gross Debt
Gross debt stood at $87 billion following transaction close on Oct. 6, 2026.
## Free Cash Flow Target
Targeted at least $10 billion free cash flow by 2030 supported by synergy realization and debt reduction.
## Net Leverage Target
Net leverage target below 3x by end of 2029 with goal of investment-grade credit metrics.
## Content Spend
Content spend exceeds $30 billion annually with opportunities to optimize budgets across combined platforms.
## Key takeaway

Skydance achieved $73 million net earnings and $1.0 billion adjusted EBITDA for Q3 2026 after merging with Warner Bros. Discovery.