Abstract Satellite-based oceanic precipitation estimates, particularly those derived from the Global Precipitation Measurement (GPM) satellite and CloudSat, suffer from significant disagreement over regions of the globe where warm rain processes are dominant. GPM estimates of average rain rate tend to be lower than CloudSat estimates, due in part to GPM being less sensitive to shallow and/or light precipitation. Using coincident observations between GPM and CloudSat, we find that the GPM_2BCMB product misses about two-thirds of total accumulated warm rain compared to the CloudSat 2C-RAIN-PROFILE product. This difference becomes much smaller when products are compared at 1000 m above the surface (mitigating surface clutter issues) and when forcing the frequency of rain from CloudSat to match the frequency from GPM (mitigating sensitivity issues). However, even then a gap of about 25% remains. Using an optimal estimation retrieval algorithm on the underlying data, we retrieve a similar result, but find that the remaining difference between the GPM and CloudSat retrieved rain rates can be almost entirely accounted for by inconsistent assumptions about the shape of the drop size distribution (DSD) that are made in the two retrievals. We conclude that DSD assumptions contribute significantly to the relative underestimation of warm rain by GPM compared to CloudSat. Because the choice of DSD model has such a large effect on retrieved rain rates, more work is needed to determine whether the DSD models assumed by either the GPM_2BCMB or 2C-RAIN-PROFILE algorithms are actually appropriate for warm rain.