The biggest changes in the 10-K filed 2026-02-25, in management's words
This fiscal year against the last, and the sentences in the MD&A where management explains each change. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
“Distribution and other operating expenses in each period reflect revenue-sharing costs related to revenues for our streaming services, which increased on a pro forma basis.”
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Cash from operations
The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
“Affiliate and subscription revenues during each of the Successor and Predecessor periods in 2025 and 2024 reflect the benefit from subscriber growth and pricing increases for Paramount+ but were negatively impacted by linear subscriber declines.”
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“On a pro forma basis, the 5% decrease in advertising revenues reflects decreases of 3% associated with lower political advertising and 2% from the comparison against revenues from Super Bowl LVIII in the first quarter of 2024.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗