Financials

Warner Bros. Discovery Inc. financials

WBD Entertainment

Warner Bros. Discovery Inc., formed in 2022 through the merger of WarnerMedia and Discovery, is a global media company offering diverse content across film, television, and digital platforms. It generates revenue through content production, licensing, advertising, and subscription streaming services such as HBO Max and Discovery+. Under the leadership of CEO David Zaslav, the company leverages renowned brands like HBO, Warner Bros. Pictures, CNN, and Discovery Channel to maintain a competitive edge. Its forward-looking strategy focuses on expanding international streaming services, optimizing operations, and investing in original, high-quality content.

Snapshot

Warner Bros. Discovery Inc. reported $37.30B in revenue in fiscal 2025, up -5.1% year over year, with an operating margin of 2.0%.

Revenue (FY2025): $37.30B
YoY growth: +-5.1%
Operating margin: 2.0%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	37,296,000	39,321,000	41,321,000	33,817,000
Cost of Sales	20,885,000	22,970,000	24,526,000	20,442,000
Gross Profit	16,411,000	16,351,000	16,795,000	13,375,000
Selling, General & Administrative Expenses	9,418,000	9,296,000	9,696,000	9,678,000
Depreciation & Amortization Expenses	5,684,000	7,037,000	7,985,000	7,193,000
Other Operating Expenses	571,000	10,050,000	662,000	3,874,000
Operating Profit	738,000	(10,032,000)	(1,548,000)	(7,370,000)
Interest and Investment Income	(24,000)	(121,000)	(82,000)	(160,000)
Interest Expense	(2,085,000)	(2,017,000)	(2,221,000)	(1,777,000)
Non-Operating Income	3,010,000	782,000	(12,000)	347,000
Total Non-Operating Income	901,000	(1,356,000)	(2,315,000)	(1,590,000)
Income Before Provision for Income Taxes	1,639,000	(11,388,000)	(3,863,000)	(8,960,000)
Provision for Income Taxes	890,000	94,000	(784,000)	(1,663,000)
Consolidated Net Income	749,000	(11,482,000)	(3,079,000)	(7,297,000)
Net Income Attributable to Minority Interests and Other	22,000	(171,000)	47,000	74,000
Net Income Attributable to Common Shareholders	727,000	(11,311,000)	(3,126,000)	(7,371,000)
Basic EPS	0.29	-4.62	-1.28	-3.82
Diluted EPS	0.29	-4.62	-1.28	-3.82
Basic Weighted Average Shares Outstanding	2,475,000	2,450,000	2,436,000	1,940,000
Diluted Weighted Average Shares Outstanding	2,530,000	2,450,000	2,436,000	1,940,000
Shares Outstanding	2,480,000	2,454,000	2,439,000	2,430,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	4,566,000	5,312,000	3,780,000	3,731,000
Total Cash and Cash Equivalents	4,566,000	5,312,000	3,780,000	3,731,000
Accounts Receivable	5,294,000	4,947,000	6,047,000	6,380,000
Total Trade Receivables	5,294,000	4,947,000	6,047,000	6,380,000
Other Current Assets	3,346,000	3,819,000	4,391,000	3,888,000
Total Current Assets	13,206,000	14,078,000	14,218,000	13,999,000
Net Property, Plant & Equipment	6,685,000	6,087,000	5,957,000	5,301,000
Net Intangible Assets	27,764,000	32,299,000	38,285,000	44,982,000
Goodwill	25,933,000	25,667,000	34,969,000	34,438,000
Other Long-Term Assets	26,497,000	26,429,000	29,328,000	35,281,000
Total Assets	100,085,000	104,560,000	122,757,000	134,001,000
Accounts Payable	1,093,000	1,055,000	1,260,000	1,454,000
Accrued Expenses	9,626,000	10,438,000	10,368,000	11,504,000
Current Portion of Long-Term Debt	139,000	2,748,000	1,780,000	365,000
Unearned Revenue	1,642,000	1,569,000	1,924,000	1,694,000
Total Current Liabilities	12,500,000	15,810,000	15,332,000	15,017,000
Long-Term Debt	32,428,000	36,757,000	41,889,000	48,634,000
Other Long-Term Liabilities	17,991,000	17,055,000	19,064,000	21,683,000
Total Long-Term Liabilities	50,419,000	53,812,000	60,953,000	70,317,000
Total Liabilities	62,919,000	69,622,000	76,285,000	85,334,000
Common Stock	27,000	27,000	27,000	27,000
Treasury Stock	(8,244,000)	(8,244,000)	(8,244,000)	(8,244,000)
Additional Paid-in Capital	56,055,000	55,560,000	55,112,000	54,630,000
Accumulated Other Comprehensive Income	(407,000)	(1,067,000)	(741,000)	(1,523,000)
Retained Earnings	(11,512,000)	(12,239,000)	(928,000)	2,205,000
Total Common Shareholders' Equity	35,919,000	34,037,000	45,226,000	47,095,000
Minority Interests and Other	1,247,000	901,000	1,246,000	1,572,000
Total Shareholders' Equity	37,166,000	34,938,000	46,472,000	48,667,000
Total Liabilities and Shareholders' Equity	100,085,000	104,560,000	122,757,000	134,001,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	749,000	(11,482,000)	(3,079,000)	(7,297,000)
Depreciation & Amortization	5,684,000	7,037,000	7,985,000	7,193,000
Share-Based Compensation Expense	769,000	557,000	500,000	412,000
Other Adjustments	8,419,000	21,389,000	14,060,000	14,978,000
Changes in Trade Receivables	(336,000)	1,012,000	312,000	181,000
Changes in Accounts Payable	108,000	(529,000)	(820,000)	1,529,000
Changes in Other Operating Activities	(11,074,000)	(12,609,000)	(11,481,000)	(12,692,000)
Cash from Operating Activities	4,319,000	5,375,000	7,477,000	4,304,000
Capital Expenditure	(1,231,000)	(948,000)	(1,316,000)	(987,000)
Purchases of Investments	(100,000)	(109,000)	(112,000)	(168,000)
Proceeds from Sale of Investments	54,000	541,000	—	306,000
Payments for Business Acquisitions	—	—	(50,000)	3,612,000
Other Investing Activities	98,000	167,000	219,000	761,000
Cash from Investing Activities	(1,179,000)	(349,000)	(1,259,000)	3,524,000
Issuance of Short-Term Debt	4,228,000	14,203,000	5,207,000	2,393,000
Repayments of Short-Term Debt	(4,228,000)	(14,203,000)	(5,214,000)	(2,395,000)
Net Issuance / (Repayments) of Short-Term Debt	0	0	(7,000)	(2,000)
Issuance of Long-Term Debt	18,306,000	1,617,000	1,496,000	—
Repayments of Long-Term Debt	(22,866,000)	(5,185,000)	(6,992,000)	(7,315,000)
Net Issuance / (Repayments) of Long-Term Debt	(4,560,000)	(3,568,000)	(5,496,000)	(7,315,000)
Other Financing Activities	320,000	(181,000)	(334,000)	(425,000)
Cash from Financing Activities	(4,240,000)	(3,749,000)	(5,837,000)	(7,742,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	254,000	(180,000)	8,000	(61,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(846,000)	1,097,000	389,000	25,000

Key metrics

$71.47B

Market Cap

99.38x

P/E

1.92x

P/S

15.68x

EV/EBITDA

2.1%

Return on Equity

0.4%

Return on Invested Capital

1.06x

Current Ratio

8.3%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$8.89B	+-1.0%	-27.8%	$-2.47B
Q4 2025	$9.46B	+-5.7%	3.7%	$349M
Q3 2025	$9.04B	+-6.0%	6.8%	$611M
Q2 2025	$9.81B	+1.0%	-1.9%	$-185M
Q1 2025	$8.98B	—	-0.4%	$-37M
Q4 2024	$10.03B	—	1.6%	$162M
Q3 2024	$9.62B	—	2.9%	$281M
Q2 2024	$9.71B	—	-105.1%	$-10.21B

Margins

44.0%

Gross margin

2.0%

Operating margin

2.0%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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