Paramount Global Class B (PARA)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	-6,177,000	-5,879,000	-5,623,000	-425,000	-1,253,000	-1,482,000	-1,535,000	-667,000	1,266,000	3,729,000	4,022,000	4,521,000	5,206,000	3,671,000	3,726,000	3,645,000	3,147,000	3,560,000	3,264,000	2,898,000
Revenue (ttm)	US$ in thousands	29,213,000	28,867,000	29,269,000	30,072,000	29,652,000	30,145,000	29,928,000	30,091,000	30,154,000	30,023,000	29,717,000	28,502,000	28,586,000	26,811,000	26,317,000	26,028,000	25,285,000	35,601,000	32,780,000	30,314,000
Pretax margin		-21.14%	-20.37%	-19.21%	-1.41%	-4.23%	-4.92%	-5.13%	-2.22%	4.20%	12.42%	13.53%	15.86%	18.21%	13.69%	14.16%	14.00%	12.45%	10.00%	9.96%	9.56%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-6,177,000K ÷ $29,213,000K
= -21.14%

The pretax margin of Paramount Global Class B has displayed fluctuations over the periods under review. The metric started positively at 9.56% as of March 31, 2020, showing a gradual increase to a peak of 18.21% by December 31, 2021. However, the trend reversed in the subsequent periods, dropping to 4.20% by December 31, 2022. The negative trend continued, with pretax margins falling to -21.14% by December 31, 2024. This indicates a significant decline in profitability before accounting for taxes, reflecting potential challenges impacting the company's financial performance during these periods. Further analysis on the underlying factors contributing to these fluctuations would be necessary to understand the reasons behind the declining pretax margins in recent periods.