Paramount met most of Wall Street’s expectations in the first quarter, though gains at flagship streamer Paramount+ fell slightly short.

The company reported total revenue of $7.347 billion in the January-to-March period, slightly ahead of the consensus outlook by analysts for $7.28 billion. Earnings per share matched the estimate of 15 cents.

While it is poised to become a much larger player in the media business via a pending merger with Warner Bros. Discovery, Paramount is also still fresh off its merger with Skydance last August. The quarterly numbers are being compared with the two companies’ combined numbers on a pro-forma basis.

Direct-to-consumer revenue increased 11% from the same period a year ago, reaching $2.4 billion. Paramount+ added 700,000 subscribers to reach 79.6 million, missing analysts’ target of 1 million new subscribers despite the company’s splashy rights deal with the UFC taking effect during the quarter. After a long-term deal with Disney for pay-per-view events expired, UFC bouts shifted to Paramount+, available to all subscribers without an extra fee.

In their quarterly letter to shareholders, Paramount executives said they “continue to expect accelerating DTC revenue and profit in 2026.”

The report is Paramount’s first since it prevailed over Netflix in a months-long battle for Warner Bros. Discovery. The company has said its $110 billion deal to acquire WBD will close by the end of September.

In the letter, the company noted that portions of two UFC events have aired on CBS. To date, over 10 million households have watched more than 100 million hours of UFC programming on our service—delivering viewership more than 15x the average pay-per-view event over the past two years. Notably, new UFC subscribers are 15 years younger than the average Paramount+ viewer—and they’re engaging with the service beyond just UFC, taking full advantage of our broader offering of films and series like South Park.

In the letter, the company noted that “portions of two UFC events” have aired on CBS. “To date, over 10 million households have watched more than 100 million hours of UFC programming on our service—delivering viewership more than 15x the average pay-per-view event over the past two years,” the letter said. “Notably, new UFC subscribers are 15 years younger than the average Paramount+ viewer—and they’re engaging with the service beyond just UFC, taking full advantage of our broader offering of films and series like South Park.

During the company’s quarterly call with analysts, executives are expected to field a range of questions. Topics are likely to include NFL rights negotiations, theatrical movie windows and the state of CBS News, in addition to forward-looking matters like the integration of Paramount+ and HBO Max and plans to release 30 films a year across Warner and Paramount.

Paramount shares have dropped 17% in 2026 to date. They finished the day up a fraction at $11.16.