The studio reached the milestone after 189 days on Jul 8 and executives project 2007 will be Paramount's highest grossing year since 1998, when it reached $1.046bn. That tally is expected to be overtaken by the end of the coming weekend.
Transformers has amassed more than $107m internationally and more than $262m worldwide.
Michael Bay's blockbuster has set the biggest first week gross for a non-sequel with $155.4m, the biggest July 4 , daily July, and Wednesday gross for a non-sequel with $29m, and the biggest three-day July 4 weekend for a non-sequel and the biggest July opening weekend with $70.5m.
Other records include the biggest Thursday gross for a non-sequel with $19.2m, and the biggest live-action launch for Paramount or DreamWorks, overtaking Paramount's War Of The Worlds on $64.9m and DreamWorks' The Ring 2 on $35.1m.
Paramount's other releases this year include Shrek The Third which has to date grossed over $316m, Blades Of Glory which took $117.9m, Norbit which grossed $95.4m and Disturbia which has taken $79.3m so far. Still to come are fantasy epic Stardust, animated comedy Bee Movie, animated adventure Boewulf and musical Sweeney Todd.