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Analyst
Steve Cahall
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 69on tracked calls
- Challenge rate
- 19%13 of 69 questions
- Companies
- 11questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 69 of 69 questions from 11 companies
OMCOmnicom Group10 questions · 7 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
I was wondering if I could just pin you down a little bit on expectations for EPS growth.
Show response
Angelastro upgraded the EPS outlook from double digit to high teens, greater than 15%. Directly answered.
the Street is still skeptical on the sustainability of growth at the new Omnicom
Show response
Wren declined to forecast but argued the divested low-growth assets were the drag, plus scale benefits from the combination. Substantive.
Calendar 2026 Q1
I was just wondering if we could get some underlying trends or even growth rates, especially of what you're seeing in integrated media versus advertising versus health
Show response
Phil provided discipline-level growth direction but not specific numbers. John added clients are increasingly selecting single providers and extending multiyear contracts. Phil said future quarters expected to deliver higher double-digit EPS growth than Q1's 11.8%.
Calendar 2025 Q4
I was wondering if you could give us any sense of what your expectations are in organic growth for the retained business this year
Show response
John estimated media at mid-50% of revenue and advertising at slightly less than 20%, cautioning these need finalization. Phil clarified media percentage includes precision marketing and commerce. Said more detail at Investor Day.
Calendar 2025 Q3
media and advertising continued pretty strong growth in the quarter, I think up over 9% organic. So could you maybe talk about first how Creative is performing within that
Show response
John described creative as stable with growth coming from media. Paulo provided extensive examples of AI agents used in automotive pitch, sports marketing, commerce pricing, and healthcare drug launches.
how are you thinking about the incremental synergies from here versus what you've talked about previously
Show response
John confirmed synergies will exceed original $750M target but declined to quantify the upside, saying more details to come after close.
Calendar 2025 Q2
I think last quarter you said creative was flattish in Q1 and might pick up during the year. So I'm just curious if you've seen any pickup
Show response
Phil said creative was flat to slightly down in Q2 with macro impacting more than media. John expressed optimism about media growth and increasing product sophistication driving margin opportunities.
Calendar 2025 Q1
I was wondering if you could spend a little time talking specifically about trends in pharma and health
Show response
John said healthcare decline reflects cycling the Pfizer loss and expects improvement. Creative grew low-single-digits in 2024, expected close to flat in Q1, with media remaining very strong.
Calendar 2024 Q4
Is there any way to think about Omnicom from a net organic revenue basis at the moment, so we can put those kind of apples-to-apples
Show response
Phil declined, saying third-party service costs are integral to the business and Omnicom will not change its reporting approach.
When are you able to start to go into pitches together? I think one of the best ways, to prove to the market that this merger is offensive
Show response
John explained regulatory rules prevent joint pitching until deal closes but they are using the time to identify products and target clients for rapid deployment post-approval.
SKYDSkydance Corporation10 questions · 7 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
given that Paramount Skydance Corp outbid a larger competitor for Warner Bros., I think investors view it as a must-have
Show response
Cahall pressed on the WBD path and downside if it fails; Ellison gave a detailed regulatory and market-share defense and reaffirmed confidence in closing.
Should we imply that synergies are coming through more strongly or are there additional operating outperformance?
Show response
Asked whether the EBITDA and FCF raise reflects stronger synergies; Cinelli detailed 27% adjusted EBITDA growth and all-segment profitability.
Calendar 2026 Q1
How should we think about the underlying drivers of growth at Paramount Plus and the acceleration in the back half
Show response
Dennis explained Q1 beat driven by revenue high-end and lower expenses from slower hiring/content timing. P+ growth driven by 14% ARPU increase and nearly 2M underlying sub adds. Exited 1M+ uneconomic international hard bundles (<$1 ARPU). Back-half growth from content slate filling in plus ad recovery.
Calendar 2025 Q4
just wanted to ask if you've had any conversations yet with the NFL. It's a big topic for investors, especially with you and Fox having so many games on Sunday
Show response
Jeff emphasized strong NFL relationship, most-watched season ever, confidence in long-term partnership. Explained geofencing is essential for maximizing reach through regional markets. Andy confirmed investment-grade target for 2027, 5% FCF conversion excluding restructuring.
Calendar 2025 Q3
Is there any way you can help us think about how much investment you plan to put into Paramount Skydance over the next several years
Show response
David did not quantify total investment beyond the $1.5B incremental content spend. Emphasized owner-operator mindset and long-term value creation. Andy added investment-grade target and high cash flow conversion goals.
what did you learn from your experience at Skydance, especially creatively that you all think you can now apply since the studio
Show response
David cited Top Gun: Maverick as example of Skydance creative philosophy. Noted scaling from 8 to 15 movies per year minimum starting 2026.
Calendar 2025 Q1
the FCC's been pretty vocal about some things it wants to do with affiliates and talking about reverse comp
Show response
George framed affiliate relationship as mutually beneficial, implied regulatory disruption would harm affiliates and local viewers. Noted 60 CBS affiliates renewed in past year but didn't directly address reverse comp sustainability.
I'm just wondering if you're seeing that yet. Is it firming up? There's a lot of new digital inventory coming to market from a variety of platforms
Show response
Chris acknowledged supply-demand imbalance hasn't stabilized yet but expressed confidence it will. Pivoted to engagement growth as eventual monetization driver rather than giving timeline.
Calendar 2024 Q4
do you think can return the company to advertising growth in 2025, again, kind of excluding the Super Bowl and political comp
Show response
Chris emphasized D2C ad growth of 18%, strong CBS sports and primetime lineup, but did not directly commit to total company advertising growth. Brian called licensing 'still very strong' without specific 2025 projections.
Calendar 2024 Q3
how do you think about the opportunities in streaming to go beyond just bundle deals, and into something that's a little bit deeper from a consumer perspective
Show response
McCarthy reiterated standalone confidence while acknowledging strategic evaluation of deeper partnerships. Chopra explained content cost allocation follows relative value of content windows, meaning as viewership shifts to streaming more cost allocates to D2C and away from linear, applied consistently across sports, movies and library.
DISThe Walt Disney Company9 questions · 7 reporting periods · 3 of 9 challenging
Calendar 2026 Q2
What do you need to see at direct-to-consumer to reinforce that streaming is the best strategy?
Show response
Josh defended streaming over pure licensing, citing strategic value of a global DTC user base and first-party data, and pointed to lower churn on international originals and the Trio Bundle as validation.
Calendar 2026 Q1
have you picked up any change in behavior at domestic or international parks due to the increased price of oil, gasoline
Show response
Hugh confirmed no consumer behavior change from gas prices with Disney World bookings pacing up strongly. Reiterated 12% adjusted EPS for FY26 and double-digit for FY27 but noted macro mindfulness.
How big is the opportunity as you take a fresh look at the operations, where is the most room for improvement?
Show response
Hugh declined to size the efficiency opportunity but confirmed workforce reductions reflect a shift toward technologically enabled workforce, with a culture of efficiency funding growth from existing expense base.
Calendar 2025 Q4
Could you give us any more color on how Walt Disney World did within there? I think you've spoken to some specific trends there more recently
Show response
Johnston confirmed WDW strong quarter with hurricane overlap benefit plus solid attendance and pricing. Full year bookings up 5% weighted to back half. FY27 guidance unchanged.
Calendar 2025 Q3
I was wondering if you could just talk a little bit about what kind of growth you think you can do at the studio this year or over the next couple of years
Show response
Iger highlighted Zootopia 2, Avatar, Mandalorian, Toy Story 5, Moana, Avengers Doomsday. Johnston confirmed YouTube TV dispute hedged in guidance with offsetting subscriber migration.
Calendar 2025 Q2
could you give us a little color as to what you're seeing in both domestic parks and cruises that's driving some of that acceleration into the fiscal fourth quarter
Show response
Johnston highlighted record WDW Q3 revenue, strong Disneyland Paris with easier Olympics comps, China per caps still challenged but attendance OK, cruise ships running at very high occupancies. Q4 bookings up about 6%. Deferred content spend guidance.
Calendar 2025 Q1
if you could speak a little more on how you settled specifically on this location and this partner
Show response
Iger detailed thorough regional study. Abu Dhabi chosen for income-qualified population density, Miral partnership quality, UAE commitment to quality and innovation, and non-cannibalistic distance from existing parks.
I think domestic park margins were up 110 basis points in the quarter. I think you said that cruise is margin accretive
Show response
Johnston confirmed margin improvement came from both cruise mix and underlying Parks and Experiences improvement.
Calendar 2024 Q3
how we should think about the ideological approach here to guidance as it relates to some of the conservatism
Show response
Hugh explained why a multi-year guide is appropriate given multi-year DTC and parks investments, and asserted confidence in delivering it; direct despite the pointed framing on prior guidance.
WBDWarner Bros. Discovery9 questions · 4 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
help us understand how you can get back to that $3 billion in EBITDA level with the studio longer term
Show response
Gunnar Wiedenfels conceded the film business faces a harder year against 2025's Sinners/Minecraft comp but argued diversification (TV, licensing, consumer products, games) plus a richer 2027 slate supports the target, laying out a detailed 3-to-5-year plan.
can you speak a little more to the scripted show pipeline you've got upcoming on HBO
Show response
Zaslav and JB Perrette pointed to a strong 2027 slate (White Lotus, A Knight of the Seven Kingdoms, The Pitt and The Last of Us returning) plus growing international original content, framing HBO Max as a high-growth engine countering linear decline.
Calendar 2026 Q1
is there any good way for us to just think about the revenue or the EBITDA of the studio business, excluding that
Show response
Gunnar explained internal fair market value model means internal licensing could also be sold externally. Value from content utilized internally is being created on the balance sheet and bleeding back into consolidated profits.
Do you think you can continue to hold EBITDA at or better than the pace of the top line
Show response
Gunnar cited ongoing efficiency management, AI as future efficiency driver, and growing international/streaming revenue contributions for network content. However, declined to create new longer-term guidance, saying it would not be the right time.
the guidance, I think, for adjusted EBITDA is relatively in line with 2025
Show response
Gunnar confirmed maintaining 2025 profit levels as healthy ambition. Highlighted experiences and consumer products as incremental growth drivers including Potter tour in Tokyo and planned Shanghai expansion.
Calendar 2025 Q3
what is really unique to it that can't be found anywhere else and separates it from other streaming services
Show response
Zaslav credited Casey Bloys and the HBO programming team's 15-20 year tenure. HBO's quality brand attracts top talent who accept lower pay for the prestige and community viewing experience.
Do you think that those opportunities will exist with rights that come available to market
Show response
Brief response confirming organic approach to sports rights acquisition over the next 3-5 years, no inorganic plans indicated.
Calendar 2025 Q1
do you have a sense of how big that extra opportunity could be for Max in the US
Show response
Gunnar sized the opportunity as early-stage, US-only, retail subs only, soft messaging that gets firmer through 2025. Full steam in 12-18 months as it globalizes.
what you think a leverage ratio could be that still preserves or increases the equity value
Show response
Gunnar explicitly declined to speculate on division-level capital structures but emphasized the reorganization creates optionality and transparency.
NFLXNetflix, Inc.8 questions · 6 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
the main driver of FX neutral revenue growth slowing from 12% year over year in 2Q to 11% year over year
Show response
Neumann answered directly, attributing the deceleration to prior-year back-half weighting and reaffirming full-year plan and 13-14% growth.
amortization for content growth is accelerating in 2026. How is the slate performing
Show response
Sarandos gave a substantive answer on disciplined investment, content up about 10%, and specific slate wins.
As you look at the ad tier average revenue per membership today, what are the biggest opportunities
Show response
Peters framed the ARM gap as near-term unrealized revenue and detailed ad-tech and demand initiatives to close it.
Calendar 2025 Q4
Can you provide some context as to where you're pushing for the most incremental investment
Show response
Neumann said smoother 2026 slate timing drives ~10% amort growth off a smaller H1-25 base; cash-to-expense holds at 1.1x and content spend grows slower than revenue.
Calendar 2025 Q3
Can you please provide more color on the nature of the tax expense and why it fell above the operating line?
Show response
Neumann said the CIDE tax is a 10% gross tax on outbound payments from Brazilian entities; charge covers 2022-2025 with ~20% for 2025, non-recurring going forward.
Calendar 2025 Q2
we're curious about the components of the constant currency increase. Is this due to a better underlying
Show response
Neumann said the $1B midpoint raise primarily reflects FX but healthy member growth and ad sales momentum provide underlying lift; op ex essentially unchanged so revenue flows through to margin.
Calendar 2025 Q1
Can you unpack the key drivers of the expected UCAN revenue growth reacceleration in Q2? Is it mainly pricing
Show response
Neumann attributed Q2 reaccel to full-quarter pricing benefit with a growing but still-small ad contribution; Q1 decel was pricing timing plus tough NFL-related Q4 comp.
Calendar 2024 Q4
What FX volatility do you think you can successfully hedge out in 2025? And what are the best ways to estimate
Show response
Neumann gave mix of exposure and hedge ratio, framed hedging as short-to-medium-term price averaging rather than a long-term solution; natural hedges and pricing drive underlying results.
FOXFox Corporation (Class B)6 questions · 3 reporting periods · 1 of 6 challenging
Calendar 2026 Q1
is there any way to think about how much your pricing has come up structurally over that time
Show response
Lachlan cited 500+ new advertising clients over fiscal 2025 and 2026, CPMs up over 45%, with meaningful upside potential to narrow the gap with broadcast networks. Q3 share was about 57%, with positive year-on-year audience growth in April.
How are you thinking about net digital investments for fiscal '26 and fiscal '27
Show response
Steve noted digital investments pacing better year-to-date than prior year, full year expected comfortably inside the $290 million spent last year. Not anticipating surprises for fiscal 2027 investment envelope but will invest if opportunities arise.
Calendar 2025 Q2
The FCC has been much more vocal around, I think, what it's kind of expecting in terms of reverse comp and splits
Show response
Murdoch said new FCC leadership is pro-local and pro-competitive. Doesn't see impact on affiliate relationships, noting Fox is most affiliate-focused broadcaster.
how you think about different partners there. One partner has probably the most sports rights
Show response
Murdoch described Fox One as innovative UI with personalization, available standalone at $19.99 or bundled. Will include local affiliate content.
Calendar 2025 Q1
Could you talk about the timeline for the FanDuel licensing that you need to go through
Show response
Tomsic confirmed $2.8B intrinsic value in FanDuel option. Licensing across 26 states progressing, with 5% annual strike price accretion not a driving factor.
is that right? And congrats on that. And how are you thinking about bundling opportunities with Fox One
Show response
Murdoch confirmed pre-football-season timeline with multiple bundling partnerships. Fox One will also be available to existing cable subscribers.
Show 5 more companies
CHTRCharter Communications5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
I was wondering if you think there's the potential for Charter to partner with potential builders over time
Show response
Winfrey answered the broader wholesale-offload question at length but gave no commitment on a network-build partnership.
how Cox Internet trends have sort of transitioned versus your Internet trends
Show response
Winfrey quantified the relative gap qualitatively and confirmed no change to the playbook since signing.
Calendar 2026 Q1
Do you feel like at this point, you need to get even more aggressive on either the marketing or the packaging front to kind of cut through this competitive noise?
Show response
Chris praised Comcast results but hasn't found replicable tactics yet. Believes Charter's issue is messaging value/utility and earning service reputation, not offer expression. Gross add variance was concentrated in low-income segment, reevaluating prior offers. Jessica noted movers are net positive for Charter given footprint scale, and Cox combination will improve off-footprint retention.
Calendar 2025 Q4
I was wondering if you could just speak to how you expect you know, the competitive environment to play out when we might actually see a slowdown in that activity
Show response
Chris clarified $40 gig is existing since Sept 2024 (bundled with mobile or video), not new. On fiber slowdown: doesn't expect competitors to stop given going-concern vs financial ROI mindset, but density naturally decreases further into market which throttles pace. Charter must compete regardless.
Calendar 2025 Q2
with Cox, the Internet ARPU is above Charter. So can you just think about how you're thinking about managing that transition when it comes?
Show response
Chris cited proven playbook from prior integrations: provide more value (mobile, video bundling) to offset lower product pricing while growing relationship ARPU. CapEx savings from deploying technology platforms once.
ROKURoku, Inc.4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2025 Q4
there is a little bit of a deceleration in kind of same-store sales in platform from Q4 to Q1
Show response
Dan directly attributed the Q1-versus-H2 shape to visibility and conservatism, not political.
Calendar 2025 Q2
I was just trying to unpack the platform growth a little bit between some things you had last year
Show response
Dan gave the underlying growth rate ex-Frndly and political and confirmed it holds through the year.
Calendar 2025 Q1
is it logical to assume some deceleration just as you start to comp some of the DSP integrations and other things
Show response
Dan directly asserted the underlying growth rate is sustainable ex-606 and ex-political.
Calendar 2024 Q4
how that plays into your SSD revenue. If pricing goes up, but folks do end up on some of these lower subscription tiers
Show response
Dan gave a general framing that deals vary by partner without a specific mechanism, a partial answer.
CMCSAComcast3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
broadband ARPU and C&P EBITDA pressure to begin to abate by the second half of this year
Show response
Armstrong reaffirmed the outlook, citing free-line conversion and lapping early customer-experience investments as the improvement drivers.
Calendar 2024 Q4
if you're shifting that strategy a little bit around that 3% to 4% growth as you move into more of the converged bundle
Show response
Dave acknowledged mobile bundling could impact ARPU but returns are excellent. Jason reiterated convergence revenue growth as the North Star.
just trying to figure out if you think the NBA will be positive to Peacock EBITDA in 2025? Or if it's a bit of a headwind
Show response
Mike said the NBA cost will take the full first season to absorb through price increases, ad sales shifts, and programming repositioning.
SPOTSpotify Technology S.A.3 questions · 3 reporting periods · 2 of 3 challenging
Calendar 2026 Q1
Does Spotify believe in an AI music creation tier? And if so, what are the sticking points with content partners
Show response
Gustav reiterated the focus on bringing existing artists into AI rather than a standalone creation tier, calling existing IP the most valuable opportunity.
Calendar 2025 Q4
What do you think the market is missing from how Spotify can benefit from AI?
Show response
Christian declined to comment on the share-price decline and reiterated that Spotify's early AI investments position it to benefit, handing to Gustav.
Calendar 2025 Q1
It looks like ad-supported users declined quarter on quarter in the first quarter.
Show response
Christian and Daniel attributed the ad-supported MAU decline to seasonal Wrapped churn and higher conversion to premium, especially in lower-conversion emerging markets.
LYVLive Nation Entertainment2 questions · 1 reporting period · 2 of 2 challenging
Calendar 2026 Q2
with the 15 million fans run rate you’re looking to add by the end of next year
Show response
Berchtold declined the 27 fan growth implication outright, calling it premature and giving no directional read on how the run rate phases.
Is that just because there’s more third party venues or is there something sort of structurally superior
Show response
Berchtold answered the structural question directly, framing operated venues as a double benefit of filling existing buildings and adding new ones.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| OMC Omnicom Group | 10 | 10%1 of 10 questions |
| SKYD Skydance Corporation | 10 | 10%1 of 10 questions |
| DIS The Walt Disney Company | 9 | 33%3 of 9 questions |
| WBD Warner Bros. Discovery | 9 | 22%2 of 9 questions |
| NFLX Netflix, Inc. | 8 | 0%none of 8 questions |
| FOX Fox Corporation (Class B) | 6 | 17%1 of 6 questions |
| CHTR Charter Communications | 5 | 20%1 of 5 questions |
| ROKU Roku, Inc. | 4 | 0%none of 4 questions |
| CMCSA Comcast | 3 | 0%none of 3 questions |
| SPOT Spotify Technology S.A. | 3 | 67%2 of 3 questions |
- OMCOmnicom Group · 10 questions10%1 of 10 questions
- SKYDSkydance Corporation · 10 questions10%1 of 10 questions
- DISThe Walt Disney Company · 9 questions33%3 of 9 questions
- WBDWarner Bros. Discovery · 9 questions22%2 of 9 questions
- NFLXNetflix, Inc. · 8 questions0%none of 8 questions
- FOXFox Corporation (Class B) · 6 questions17%1 of 6 questions
- CHTRCharter Communications · 5 questions20%1 of 5 questions
- ROKURoku, Inc. · 4 questions0%none of 4 questions
- CMCSAComcast · 3 questions0%none of 3 questions
- SPOTSpotify Technology S.A. · 3 questions67%2 of 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 2 | 50%1 of 2 questions | 2 |
| 2024 Q4 | 7 | 14%1 of 7 questions | 5 |
| 2025 Q1 | 12 | 8%1 of 12 questions | 8 |
| 2025 Q2 | 7 | 14%1 of 7 questions | 6 |
| 2025 Q3 | 8 | 0%none of 8 questions | 5 |
| 2025 Q4 | 7 | 14%1 of 7 questions | 7 |
| 2026 Q1 | 11 | 27%3 of 11 questions | 7 |
| 2026 Q2 | 15 | 33%5 of 15 questions | 8 |
- 2024 Q32 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2024 Q47 questions · challenge rate 14% (1 of 7 questions) · 5 companies
- 2025 Q112 questions · challenge rate 8% (1 of 12 questions) · 8 companies
- 2025 Q27 questions · challenge rate 14% (1 of 7 questions) · 6 companies
- 2025 Q38 questions · challenge rate 0% (none of 8 questions) · 5 companies
- 2025 Q47 questions · challenge rate 14% (1 of 7 questions) · 7 companies
- 2026 Q111 questions · challenge rate 27% (3 of 11 questions) · 7 companies
- 2026 Q215 questions · challenge rate 33% (5 of 15 questions) · 8 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth25
- Competitive Dynamics21
- Margin20
- Guidance Reliability11
- Pricing10
- Demand9
- M&A8
- Capital Allocation6
- Product Launch6
- Capex Investment5
Show all 18 topics
- Cost Pressure5
- Subscriber Growth5
- Fx3
- Regulation Policy3
- Cloud & AI3
- Innovation & R&D2
- Macroeconomic2
- Geographic Expansion1