Warner Bros. Discovery, Inc. (WBD)
Q1-CY2026Q4-CY2025Q3-CY2025Q2-CY2025Q1-CY2025Q4-CY2024Q3-CY2024Q2-CY2024Q1-CY2024Q4-CY2023Q3-CY2023Q2-CY2023Q1-CY2023Q4-CY2022Q3-CY2022Q2-CY2022Q1-CY2022Q4-CY2021Q3-CY2021Q2-CY2021Q1-CY2021Q4-CY2020Q3-CY2020Q2-CY2020Q1-CY2020Q4-CY2019Q3-CY2019Q2-CY2019Q1-CY2019Q4-CY2018Q3-CY2018Q2-CY2018Q1-CY2018Q4-CY2017Q3-CY2017Q2-CY2017Q1-CY2017Q4-CY2016Q3-CY2016Q2-CY2016Q1-CY2016Q4-CY2015Q3-CY2015Q2-CY2015Q1-CY2015Q4-CY2014Q3-CY2014Q2-CY2014Q1-CY2014
Balance Sheet Date2025-Dec-312025-Sep-302025-Jun-302025-Mar-312024-Dec-312024-Sep-302024-Jun-302024-Mar-312023-Dec-312023-Sep-302023-Jun-302023-Mar-312022-Dec-312022-Sep-302022-Jun-302022-Mar-312021-Dec-312021-Sep-302021-Jun-302021-Mar-312020-Dec-312020-Sep-302020-Jun-302020-Mar-312019-Dec-312019-Sep-302019-Jun-302019-Mar-312018-Dec-312018-Sep-302018-Jun-302018-Mar-312017-Dec-312017-Sep-302017-Jun-302017-Mar-312016-Dec-312016-Sep-302016-Jun-302016-Mar-312015-Dec-312015-Sep-302015-Jun-302015-Mar-312014-Dec-312014-Sep-302014-Jun-302014-Mar-31
Fiscal PeriodQ4-FY2025Q3-FY2025Q2-FY2025Q1-FY2025Q4-FY2024Q3-FY2024Q2-FY2024Q1-FY2024Q4-FY2023Q3-FY2023Q2-FY2023Q1-FY2023Q4-FY2022Q3-FY2022Q2-FY2022Q1-FY2022Q4-FY2021Q3-FY2021Q2-FY2021Q1-FY2021Q4-FY2020Q3-FY2020Q2-FY2020Q1-FY2020Q4-FY2019Q3-FY2019Q2-FY2019Q1-FY2019Q4-FY2018Q3-FY2018Q2-FY2018Q1-FY2018Q4-FY2017Q3-FY2017Q2-FY2017Q1-FY2017Q4-FY2016Q3-FY2016Q2-FY2016Q1-FY2016Q4-FY2015Q3-FY2015Q2-FY2015Q1-FY2015Q4-FY2014Q3-FY2014Q2-FY2014Q1-FY2014
Total Revenue9,460,000,000$9,045,000,000$9,812,000,000$8,979,000,000$10,027,000,000$9,623,000,000$9,713,000,000$9,958,000,000$10,284,000,000$9,979,000,000$10,358,000,000$10,700,000,000$11,008,000,000$9,823,000,000$9,827,000,000$3,159,000,000$3,187,000,000$3,150,000,000$3,062,000,000$2,792,000,000$2,886,000,000$2,561,000,000$2,541,000,000$2,683,000,000$2,874,000,000$2,678,000,000$2,885,000,000$2,707,000,000$2,809,000,000$2,592,000,000$2,845,000,000$2,307,000,000$1,864,000,000$1,651,000,000$1,745,000,000$1,613,000,000$1,672,000,000$1,556,000,000$1,708,000,000$1,561,000,000$1,646,000,000$1,557,000,000$1,654,000,000$1,537,000,000$1,676,000,000$1,568,000,000$1,610,000,000$1,411,000,000$
QoQ%4.59%(7.82%)9.28%(10.45%)4.20%(.93%)(2.46%)(3.17%)3.06%(3.66%)(3.20%)(2.80%)12.06%(.04%)211.08%(.88%)1.18%2.87%9.67%(3.26%)12.69%.79%(5.29%)(6.65%)7.32%(7.18%)6.58%(3.63%)8.37%(8.89%)23.32%23.77%12.90%(5.39%)8.18%(3.53%)7.46%(8.90%)9.42%(5.16%)5.72%(5.87%)7.61%(8.29%)6.89%(2.61%)14.10%(8.20%)
YoY%(5.66%)(6.01%)1.02%(9.83%)(2.50%)(3.57%)(6.23%)(6.94%)(6.58%)1.59%5.40%238.72%245.40%211.84%220.93%13.15%10.43%23.00%20.50%4.06%.42%(4.37%)(11.92%)(.89%)2.31%3.32%1.41%17.34%50.70%57.00%63.04%43.03%11.48%6.11%2.17%3.33%1.58%(.06%)3.27%1.56%(1.79%)(.70%)2.73%8.93%9.04%14.04%9.75%22.06%
Cost Of Revenue5,223,000,000$4,564,000,000$5,967,000,000$5,131,000,000$5,527,000,000$5,181,000,000$6,204,000,000$6,058,000,000$5,896,000,000$5,309,000,000$6,636,000,000$6,685,000,000$6,954,000,000$5,627,000,000$6,625,000,000$1,236,000,000$0$1,529,000,000$1,055,000,000$969,000,000$0$1,003,000,000$810,000,000$918,000,000$0$914,000,000$938,000,000$930,000,000$946,000,000$934,000,000$995,000,000$1,060,000,000$745,000,000$670,000,000$634,000,000$607,000,000$645,000,000$592,000,000$603,000,000$592,000,000$640,000,000$574,000,000$564,000,000$565,000,000$598,000,000$529,000,000$515,000,000$482,000,000$
Gross Profit4,237,000,000$4,481,000,000$3,845,000,000$3,848,000,000$4,500,000,000$4,442,000,000$3,509,000,000$3,900,000,000$4,388,000,000$4,670,000,000$3,722,000,000$4,015,000,000$4,054,000,000$4,196,000,000$3,202,000,000$1,923,000,000$3,187,000,000$1,621,000,000$2,007,000,000$1,823,000,000$2,886,000,000$1,558,000,000$1,731,000,000$1,765,000,000$2,874,000,000$1,764,000,000$1,947,000,000$1,777,000,000$1,863,000,000$1,658,000,000$1,850,000,000$1,247,000,000$1,119,000,000$981,000,000$1,111,000,000$1,006,000,000$1,027,000,000$964,000,000$1,105,000,000$969,000,000$1,006,000,000$983,000,000$1,090,000,000$972,000,000$1,078,000,000$1,039,000,000$1,095,000,000$929,000,000$
Gross Margin44.79%49.54%39.19%42.86%44.88%46.16%36.13%39.16%42.67%46.80%35.93%37.52%36.83%42.72%32.58%60.87%100.00%51.46%65.55%65.29%100.00%60.84%68.12%65.79%100.00%65.87%67.49%65.65%66.32%63.97%65.03%54.05%60.03%59.42%63.67%62.37%61.42%61.95%64.70%62.08%61.12%63.13%65.90%63.24%64.32%66.26%68.01%65.84%
Operating Expenses3,888,000,000$3,870,000,000$4,030,000,000$3,885,000,000$4,338,000,000$4,161,000,000$13,717,000,000$4,167,000,000$4,570,000,000$4,573,000,000$4,628,000,000$4,572,000,000$5,948,000,000$6,386,000,000$6,841,000,000$1,570,000,000$2,679,000,000$1,292,000,000$1,228,000,000$1,427,000,000$2,398,000,000$1,027,000,000$1,014,000,000$986,000,000$2,169,000,000$1,145,000,000$1,036,000,000$1,003,000,000$1,152,000,000$1,289,000,000$1,200,000,000$1,043,000,000$1,956,000,000$548,000,000$481,000,000$519,000,000$502,000,000$506,000,000$519,000,000$480,000,000$565,000,000$478,000,000$533,000,000$490,000,000$602,000,000$528,000,000$455,000,000$495,000,000$
Operating Income349,000,000$611,000,000$(185,000,000$)(37,000,000$)162,000,000$281,000,000$(10,208,000,000$)(267,000,000$)(182,000,000$)97,000,000$(906,000,000$)(557,000,000$)(1,894,000,000$)(2,190,000,000$)(3,639,000,000$)353,000,000$508,000,000$329,000,000$779,000,000$396,000,000$488,000,000$531,000,000$717,000,000$779,000,000$705,000,000$619,000,000$911,000,000$774,000,000$711,000,000$369,000,000$650,000,000$204,000,000$(837,000,000$)433,000,000$630,000,000$487,000,000$525,000,000$458,000,000$586,000,000$489,000,000$441,000,000$505,000,000$557,000,000$482,000,000$476,000,000$511,000,000$640,000,000$434,000,000$
Operating Margin3.69%6.76%(1.89%)(.41%)1.62%2.92%(105.10%)(2.68%)(1.77%).97%(8.75%)(5.21%)(17.21%)(22.30%)(37.03%)11.17%15.94%10.44%25.44%14.18%16.91%20.73%28.22%29.04%24.53%23.11%31.58%28.59%25.31%14.24%22.85%8.84%(44.90%)26.23%36.10%30.19%31.40%29.43%34.31%31.33%26.79%32.43%33.68%31.36%28.40%32.59%39.75%30.76%
Interest Income
Interest Expenses515,000,000$502,000,000$574,000,000$574,000,000$571,000,000$558,000,000$555,000,000$511,000,000$153,000,000$154,000,000$159,000,000$157,000,000$163,000,000$163,000,000$161,000,000$161,000,000$163,000,000$162,000,000$163,000,000$161,000,000$182,000,000$171,000,000$185,000,000$196,000,000$177,000,000$157,000,000$136,000,000$
Income Before Tax(408,000,000$)27,000,000$2,454,000,000$(434,000,000$)(356,000,000$)(178,000,000$)(10,035,000,000$)(819,000,000$)(613,000,000$)(532,000,000$)(1,480,000,000$)(1,238,000,000$)(2,541,000,000$)(2,851,000,000$)(4,244,000,000$)676,000,000$183,000,000$233,000,000$720,000,000$297,000,000$416,000,000$319,000,000$456,000,000$537,000,000$563,000,000$444,000,000$716,000,000$571,000,000$494,000,000$178,000,000$367,000,000$(17,000,000$)(1,050,000,000$)164,000,000$473,000,000$276,000,000$460,000,000$321,000,000$510,000,000$380,000,000$343,000,000$413,000,000$428,000,000$375,000,000$364,000,000$442,000,000$592,000,000$349,000,000$
Tax Expenses(161,000,000$)170,000,000$866,000,000$15,000,000$284,000,000$(319,000,000$)(7,000,000$)136,000,000$(221,000,000$)(125,000,000$)(260,000,000$)(178,000,000$)(462,000,000$)(566,000,000$)(836,000,000$)201,000,000$92,000,000$36,000,000$2,000,000$106,000,000$98,000,000$(11,000,000$)156,000,000$130,000,000$52,000,000$147,000,000$(271,000,000$)153,000,000$195,000,000$43,000,000$123,000,000$(20,000,000$)87,000,000$(59,000,000$)93,000,000$55,000,000$151,000,000$96,000,000$95,000,000$111,000,000$117,000,000$130,000,000$139,000,000$125,000,000$129,000,000$155,000,000$208,000,000$118,000,000$
Net Income(247,000,000$)(143,000,000$)1,588,000,000$(449,000,000$)(640,000,000$)141,000,000$(10,028,000,000$)(955,000,000$)(392,000,000$)(407,000,000$)(1,220,000,000$)(1,060,000,000$)(2,079,000,000$)(2,285,000,000$)(3,408,000,000$)475,000,000$91,000,000$197,000,000$718,000,000$191,000,000$318,000,000$330,000,000$300,000,000$407,000,000$511,000,000$297,000,000$987,000,000$418,000,000$299,000,000$135,000,000$244,000,000$3,000,000$(1,137,000,000$)223,000,000$380,000,000$221,000,000$309,000,000$225,000,000$415,000,000$269,000,000$226,000,000$283,000,000$289,000,000$250,000,000$235,000,000$287,000,000$384,000,000$231,000,000$
Profit Margin(2.61%)(1.58%)16.18%(5.00%)(6.38%)1.47%(103.24%)(9.59%)(3.81%)(4.08%)(11.78%)(9.91%)(18.89%)(23.26%)(34.68%)15.04%2.86%6.25%23.45%6.84%11.02%12.89%11.81%15.17%17.78%11.09%34.21%15.44%10.64%5.21%8.58%.13%(61.00%)13.51%21.78%13.70%18.48%14.46%24.30%17.23%13.73%18.18%17.47%16.27%14.02%18.30%23.85%16.37%
TTM2.01%.94%1.67%(28.63%)(29.20%)(28.38%)(29.50%)(7.33%)(7.45%)(11.34%)(15.86%)(21.36%)(21.58%)(19.72%)(13.69%)11.79%9.82%11.98%13.78%10.57%12.70%14.52%14.06%19.80%19.86%18.06%16.73%10.01%6.45%(7.86%)(7.70%)(7.02%)(4.55%)16.96%17.23%17.87%18.75%17.54%18.43%16.63%16.39%16.45%16.49%18.09%18.15%19.46%19.57%18.60%
Earnings to Minority4,000,000$5,000,000$8,000,000$4,000,000$(147,000,000$)6,000,000$(42,000,000$)15,000,000$8,000,000$10,000,000$20,000,000$9,000,000$22,000,000$23,000,000$10,000,000$68,000,000$43,000,000$58,000,000$118,000,000$66,000,000$73,000,000$65,000,000$57,000,000$69,000,000$86,000,000$72,000,000$133,000,000$77,000,000$55,000,000$30,000,000$55,000,000$10,000,000$(133,000,000$)32,000,000$52,000,000$32,000,000$41,000,000$32,000,000$101,000,000$65,000,000$(56,000,000$)65,000,000$65,000,000$53,000,000$38,000,000$65,000,000$85,000,000$47,000,000$
Earnings to Common Shareholders(251,000,000$)(148,000,000$)1,580,000,000$(453,000,000$)(493,000,000$)135,000,000$(9,986,000,000$)(970,000,000$)(400,000,000$)(417,000,000$)(1,240,000,000$)(1,069,000,000$)(2,101,000,000$)(2,308,000,000$)(3,418,000,000$)407,000,000$48,000,000$139,000,000$600,000,000$125,000,000$245,000,000$265,000,000$243,000,000$338,000,000$425,000,000$225,000,000$854,000,000$341,000,000$244,000,000$105,000,000$189,000,000$(7,000,000$)(1,004,000,000$)191,000,000$328,000,000$189,000,000$268,000,000$193,000,000$314,000,000$204,000,000$282,000,000$218,000,000$224,000,000$197,000,000$197,000,000$222,000,000$299,000,000$184,000,000$
QoQ%(69.60%)(109.37%)448.79%8.11%(465.19%)101.35%(929.49%)(142.50%)4.08%66.37%(16.00%)49.12%8.97%32.48%(939.80%)747.92%(65.47%)(76.83%)380.00%(48.98%)(7.55%)9.05%(28.11%)(20.47%)88.89%(73.65%)150.44%39.75%132.38%(44.44%)2,800.00%99.30%(625.65%)(41.77%)73.55%(29.48%)38.86%(38.54%)53.92%(27.66%)29.36%(2.68%)13.71%.00%(11.26%)(25.75%)62.50%(36.11%)
YoY%49.09%(209.63%)115.82%53.30%(23.25%)132.37%(705.32%)9.26%80.96%81.93%63.72%(362.65%)(4,477.08%)(1,760.43%)(669.67%)225.60%(80.41%)(47.55%)146.91%(63.02%)(42.35%)17.78%(71.55%)(.88%)74.18%114.29%351.85%4,971.43%124.30%(45.03%)(42.38%)(103.70%)(474.63%)(1.04%)4.46%(7.35%)(4.97%)(11.47%)40.18%3.55%43.15%(1.80%)(25.08%)7.07%(31.60%)8.82%.67%(21.03%)
Earnings Per Share, Basic(0.10$)(0.06$)0.64$(0.18$)(0.20$)0.06$(4.07$)(0.40$)(0.16$)(0.17$)(0.51$)(0.44$)(0.86$)(0.95$)(1.50$)0.69$0.08$0.24$1.02$0.21$0.87$0.53$
Earnings Per Share, Diluted(0.09$)(0.06$)0.63$(0.18$)(0.20$)0.05$(4.07$)(0.40$)(0.16$)(0.17$)(0.51$)(0.44$)(0.88$)(0.95$)(1.50$)0.61$0.07$0.21$0.90$0.19$0.86$0.52$
Unlevered FCF Per Share, Basic0.56$0.28$0.28$0.12$0.99$0.26$0.40$0.16$1.36$0.84$0.71$(0.38$)1.01$(0.08$)0.35$0.40$1.33$1.20$1.29$0.31$
Unlevered FCF Per Share, Diluted0.52$0.28$0.28$0.12$1.00$0.26$0.40$0.16$1.36$0.84$0.71$(0.38$)1.04$(0.08$)0.35$0.36$1.18$1.06$1.14$0.27$
Average Shares, Basic2,482,000,0002,479,000,0002,477,000,0002,462,000,0002,453,000,0002,453,000,0002,451,000,0002,443,000,0002,437,000,0002,438,000,0002,437,000,0002,432,000,0002,455,000,0002,428,000,0002,286,000,000591,000,000589,000,000589,000,000589,000,000585,000,000343,000,000348,000,000
Average Shares, Diluted2,680,000,0002,479,000,0002,499,000,0002,462,000,0002,436,000,0002,470,000,0002,451,000,0002,443,000,0002,437,000,0002,438,000,0002,437,000,0002,432,000,0002,381,000,0002,428,000,0002,286,000,000665,000,000662,000,000663,000,000664,000,000667,000,000346,000,000352,000,000
EBIT(408,000,000$)27,000,000$2,454,000,000$(434,000,000$)(356,000,000$)(178,000,000$)(10,035,000,000$)(304,000,000$)(111,000,000$)42,000,000$(906,000,000$)(667,000,000$)(1,983,000,000$)(2,296,000,000$)(3,733,000,000$)829,000,000$337,000,000$392,000,000$877,000,000$460,000,000$579,000,000$480,000,000$617,000,000$700,000,000$725,000,000$607,000,000$877,000,000$753,000,000$665,000,000$363,000,000$563,000,000$160,000,000$(893,000,000$)300,000,000$473,000,000$276,000,000$460,000,000$321,000,000$510,000,000$380,000,000$343,000,000$413,000,000$428,000,000$375,000,000$364,000,000$442,000,000$592,000,000$349,000,000$
EBITDA907,000,000$1,402,000,000$3,901,000,000$1,113,000,000$1,287,000,000$1,584,000,000$(8,291,000,000$)1,584,000,000$1,913,000,000$2,031,000,000$1,008,000,000$1,391,000,000$186,000,000$(63,000,000$)(1,467,000,000$)1,354,000,000$876,000,000$733,000,000$1,218,000,000$821,000,000$937,000,000$821,000,000$951,000,000$1,026,000,000$1,058,000,000$929,000,000$1,197,000,000$1,125,000,000$1,062,000,000$761,000,000$973,000,000$353,000,000$(803,000,000$)380,000,000$553,000,000$356,000,000$543,000,000$401,000,000$590,000,000$459,000,000$430,000,000$493,000,000$510,000,000$456,000,000$450,000,000$527,000,000$667,000,000$432,000,000$