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WBD

Warner Bros. Discovery, Inc.

WBD

Warner Bros. Discovery, Inc. • NASDAQ
$24.00 ▲ 0.50% (+0.12)
Market Cap $59.46 B
52w High $24.20
52w Low $7.52
Dividend Yield 0%
P/E 126.32
Volume 19.99M
Outstanding Shares 2.48B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.045B ▼ $3.87B ▼ $-148M ▼ -1.636% ▼ $-0.06 ▼ $1.972B ▼
Q2-2025 $9.812B ▲ $4.03B ▲ $1.58B ▲ 16.103% ▲ $0.64 ▲ $8.007B ▲
Q1-2025 $8.979B ▼ $3.885B ▼ $-453M ▲ -5.045% ▼ $-0.18 ▲ $4.726B ▼
Q4-2024 $10.027B ▲ $4.338B ▲ $-494M ▼ -4.927% ▼ $-0.2 ▼ $4.844B ▼
Q3-2024 $9.623B $4.161B $135M 1.403% $0.06 $5.388B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.334B ▼ $100.519B ▼ $63.214B ▼ $36.018B ▼
Q2-2025 $4.917B ▲ $101.727B ▲ $64.381B ▼ $36.049B ▲
Q1-2025 $3.868B ▼ $101.679B ▼ $66.508B ▼ $33.836B ▼
Q4-2024 $5.312B ▲ $104.56B ▼ $69.622B ▼ $34.037B ▼
Q3-2024 $3.336B $106.333B $70.159B $35.1B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $762M ▼ $749M ▼ $394M ▲ $71M ▲ $1.109B ▲ $637M ▼
Q2-2025 $1.588B ▲ $983M ▲ $-236M ▼ $9M ▲ $917M ▲ $702M ▲
Q1-2025 $-449M ▲ $553M ▼ $-195M ▼ $-1.895B ▼ $-1.442B ▼ $302M ▼
Q4-2024 $-640M ▼ $2.715B ▲ $6M ▲ $-600M ▲ $1.926B ▲ $2.429B ▲
Q3-2024 $141M $847M $-218M $-875M $-127M $632M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $1.83Bn ▲$1.98Bn ▲$2.22Bn ▲$1.41Bn ▼
Content Licensing Contracts
Content Licensing Contracts
 $2.91Bn ▲$1.87Bn ▼$2.47Bn ▲$2.65Bn ▲
Distribution Revenue
Distribution Revenue
 $4.92Bn ▲$4.89Bn ▼$4.88Bn ▼$4.70Bn ▼
Service Other
Service Other
 $370.00M ▲$250.00M ▼$240.00M ▼$290.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Warner Bros. Discovery has grown into a much larger company after the merger, but that scale has not yet translated into steady profits. Revenue jumped with the combination of WarnerMedia and Discovery and then edged down more recently, suggesting some pressure on growth. The core business still produces healthy gross profit, but heavy content costs, restructuring, and amortization keep operating results in the red. Adjusted measures of performance look better than the bottom line, but the company has reported sizable net losses for several years in a row. Overall, this is a story of a big, valuable content portfolio weighed down by integration costs, legacy businesses, and the high cost of competing in streaming.

Balance Sheet

Balance Sheet The balance sheet is large and complex, reflecting major studio assets, content libraries, and the impact of the merger. Total assets swelled after the deal and have been edging down, likely due to write-downs, amortization, and some balance sheet cleanup. Debt remains high, though it has been reduced step by step, which is a positive trend but still a key risk area. Shareholder equity increased sharply after the merger and has since declined, suggesting that losses and write‑downs have eroded part of the initial cushion. In short, the company has substantial asset backing but is still working through a heavy debt load and the financial aftermath of the combination.

Cash Flow

Cash Flow Despite accounting losses, the company generates solid cash flow from operations, especially compared with its pre‑merger days. Free cash flow has been consistently positive and improved meaningfully after the merger, even if it dipped a bit from its recent peak. Capital spending is relatively modest for a business of this size, which helps support free cash flow. Much of this cash appears to be directed toward paying down debt and funding restructuring and content investments, rather than expanding the dividend or aggressively repurchasing stock. Cash flow is one of the clearer strengths of the business, though it must continue to hold up as the company invests in streaming and navigates industry change.

Competitive Edge

Competitive Edge Warner Bros. Discovery holds a strong but challenged position in global media. Its portfolio of brands and franchises—HBO, Warner Bros. film studio, DC, Harry Potter, and Discovery’s lifestyle networks—gives it rare depth and breadth of content. The combined Max service, which mixes prestige scripted shows with a huge library of unscripted and lifestyle content, is a distinctive offering that few rivals can match. At the same time, the company faces intense competition in streaming from Netflix, Disney, Amazon, and others, while its traditional TV channels operate in a slowly shrinking cable ecosystem. The announced plan to split into a streaming-and-studios company and a separate linear networks company could sharpen strategic focus, but also adds complexity and execution risk in the near term.

Innovation and R&D

Innovation and R&D Innovation at Warner Bros. Discovery is focused less on classic laboratory-style research and more on technology, data, and business model evolution. The company is consolidating its streaming technology onto a single platform for Max and related services, which should speed up product changes and lower costs. It is leaning on artificial intelligence and machine learning to improve recommendations, automate tasks like captioning, and better predict subscriber churn, aiming to make its streaming operations more efficient and sticky. On the advertising side, initiatives like One WBD and WBD Stream are designed to offer marketers a unified, data‑driven way to buy across streaming, film, and linear TV. Future-facing efforts such as a dedicated U.S. sports streaming product and continued global expansion of Max show that management is trying to innovate around distribution and packaging, not just content creation.

Summary

Warner Bros. Discovery is a large, asset-rich media company still digesting a transformative merger in the middle of a rapidly shifting industry. The business has strong franchises and brands, solid cash generation, and some progress in cutting debt, but it also carries heavy leverage and has yet to turn its expanded scale into consistent profits. Streaming is both the main opportunity and the main pressure point: it offers global growth potential but requires high ongoing investment and faces fierce competition. The planned breakup into two public companies, ongoing strategic reviews, and potential asset sales create additional uncertainty but also the possibility of reshaping the portfolio. Overall, WBD looks like a long-duration restructuring and integration story, with valuable content assets on one side and financial, competitive, and execution risks on the other.

NEWS

November 6, 2025 · 7:00 AM UTC

Warner Bros. Discovery Reports Third Quarter 2025 Results

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October 21, 2025 · 12:00 PM UTC

Jazwares and Warner Bros. Discovery Global Consumer Products Launch Spooky New Plush Line

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October 21, 2025 · 9:02 AM UTC

Warner Bros. Discovery Initiates Review of Potential Alternatives to Maximize Shareholder Value

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October 20, 2025 · 3:00 PM UTC

Warner Bros. Discovery to Report Third Quarter 2025 Results on Thursday, November 6

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September 3, 2025 · 12:00 PM UTC

Warner Bros. Pictures Partners Exclusively With AMC Theatres and Dolby to Return New Line Cinema and Andy Muschietti's Blockbuster “IT” to Select Big Screens Worldwide, Ahead of the Upcoming Debut of the HBO Original “IT: Welcome to Derry” on HBO Max

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