WBD · Warner Bros. Discovery, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.89B | - | $9.04B | $9.81B | $8.98B | - | $9.62B | $9.71B | $9.96B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $2.48B | - | $2.36B | $2.48B | $2.19B | - | $2.38B | $2.46B | $2.23B | - |
| Total Operating Expenses | $11.36B | - | $8.43B | $10.00B | $9.02B | - | $9.34B | $19.92B | $10.22B | - |
| D&A | $1.23B | - | $1.38B | $1.45B | $1.55B | - | $1.76B | $1.74B | $1.89B | - |
| Operating Income | ($2.47B) | - | $611.00M | ($185.00M) | ($37.00M) | - | $281.00M | ($10.21B) | ($267.00M) | - |
| Interest Expense | $581.00M | - | $570.00M | $463.00M | $515.00M | - | $494.00M | $518.00M | $515.00M | - |
| Income Tax | ($214.00M) | - | $170.00M | $866.00M | $15.00M | - | ($319.00M) | ($7.00M) | $136.00M | - |
| Net Income | ($2.92B) | - | ($148.00M) | $1.58B | ($453.00M) | - | $135.00M | ($9.99B) | ($966.00M) | - |
| EPS - Basic | ($1.17) | - | ($0.06) | $0.64 | ($0.18) | - | $0.06 | ($4.07) | ($0.40) | - |
| EPS - Diluted | ($1.17) | - | ($0.06) | $0.63 | ($0.18) | - | $0.05 | ($4.07) | ($0.40) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.26B | $4.57B | $4.29B | $4.89B | $3.87B | $5.31B | $3.34B | $3.61B | $2.98B | $3.78B |
| Accounts Receivable | $5.01B | $5.29B | $5.13B | $5.38B | $4.66B | $4.95B | $5.53B | $6.17B | $6.30B | $6.05B |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $1.11B | $1.09B | $1.08B | $1.07B | $1.01B | $1.05B | $1.12B | $1.15B | $1.25B | $1.26B |
| Current Assets | $11.74B | $13.21B | $13.06B | $13.61B | $12.78B | $14.08B | $12.51B | $13.43B | $13.90B | $14.22B |
| Total Assets | $97.84B | $100.08B | $100.52B | $101.73B | $101.68B | $104.56B | $106.33B | $108.03B | $119.82B | $122.76B |
| Current Liabilities | $16.11B | $12.50B | $12.16B | $13.04B | $15.29B | $15.81B | $15.70B | $17.77B | $16.96B | $15.33B |
| Long-term Debt | $32.47B | $32.57B | $33.52B | $34.63B | $37.43B | $39.51B | $40.21B | $40.96B | $42.58B | $43.67B |
| Total Liabilities | $64.13B | $62.92B | $63.21B | $64.38B | $66.51B | $69.62B | $70.16B | $72.61B | $74.53B | $76.28B |
| Stockholders' Equity | $32.58B | $35.92B | $36.02B | $36.05B | $33.84B | $34.04B | $35.10B | $34.34B | $44.15B | $45.23B |
| Retained Earnings | ($14.43B) | ($11.51B) | ($11.26B) | ($11.11B) | ($12.69B) | ($12.24B) | ($11.74B) | ($11.88B) | ($1.89B) | ($928.00M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($208.00M) | - | - | - | $553.00M | - | - | - | $585.00M | - |
| Investing Cash Flow | ($282.00M) | - | - | - | ($195.00M) | - | - | - | ($207.00M) | - |
| Financing Cash Flow | ($756.00M) | - | - | - | ($1.90B) | - | - | - | ($1.24B) | - |
| CapEx | $268.00M | - | - | - | $251.00M | - | - | - | $195.00M | - |
| Free Cash Flow | ($476.00M) | - | - | - | $302.00M | - | - | - | $390.00M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -27.8% | - | 6.8% | -1.9% | -0.4% | - | 2.9% | -105.1% | -2.7% | - |
| EBITDA margin | -14.0% | - | 22.0% | 12.9% | 16.8% | - | 21.2% | -87.1% | 16.3% | - |
| Net margin | -32.8% | - | -1.6% | 16.1% | -5.0% | - | 1.4% | -102.8% | -9.7% | - |
| Free cash flow margin | -5.4% | - | - | - | 3.4% | - | - | - | 3.9% | - |
| FCF / Net income | 0.16 | - | - | - | -0.67 | - | - | - | -0.40 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 27.8% | - | 26.1% | 25.2% | 24.4% | - | 24.8% | 25.3% | 22.4% | - |
| Effective tax rate | - | - | 772.7% | 35.4% | - | - | - | - | - | - |
| Return on assets | -3.0% | - | -0.1% | 1.6% | -0.4% | - | 0.1% | -9.2% | -0.8% | - |
| Return on equity | -9.0% | - | -0.4% | 4.4% | -1.3% | - | 0.4% | -29.1% | -2.2% | - |
| Return on invested capital | -3.0% | - | 0.4% | -0.2% | -0.0% | - | 0.3% | -10.7% | -0.2% | - |
| Liquidity | ||||||||||
| Current ratio | 0.73 | 1.06 | 1.07 | 1.04 | 0.84 | 0.89 | 0.80 | 0.76 | 0.82 | 0.93 |
| Quick ratio | 0.73 | 1.06 | 1.07 | 1.04 | 0.84 | 0.89 | 0.80 | 0.76 | 0.82 | 0.93 |
| Cash ratio | 0.20 | 0.37 | 0.35 | 0.37 | 0.25 | 0.34 | 0.21 | 0.20 | 0.18 | 0.25 |
| Leverage | ||||||||||
| Debt / Equity | 1.00 | 0.91 | 0.93 | 0.96 | 1.11 | 1.16 | 1.15 | 1.19 | 0.96 | 0.97 |
| Debt / Assets | 0.33 | 0.33 | 0.33 | 0.34 | 0.37 | 0.38 | 0.38 | 0.38 | 0.36 | 0.36 |
| Debt / EBITDA | - | - | 16.88 | 27.44 | 24.79 | - | 19.68 | - | 26.27 | - |
| Interest coverage | -4.2x | - | 1.1x | -0.4x | -0.1x | - | 0.6x | -19.7x | -0.5x | - |
| Equity multiplier | 3.00 | 2.79 | 2.79 | 2.82 | 3.01 | 3.07 | 3.03 | 3.15 | 2.71 | 2.71 |
| Liabilities / Assets | 0.66 | 0.63 | 0.63 | 0.63 | 0.65 | 0.67 | 0.66 | 0.67 | 0.62 | 0.62 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.09 | 0.10 | 0.09 | - | 0.09 | 0.09 | 0.08 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 206d | - | 207d | 200d | 190d | - | 210d | 232d | 231d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | 18.2x | - | - | 165.0x | - | - | - |
| P / B | 2.1x | - | 1.3x | 0.8x | 0.8x | - | 0.6x | 0.5x | 0.5x | - |
| P / S | 7.7x | - | 5.4x | 2.9x | 2.9x | - | 2.1x | 1.9x | 2.1x | - |
| EV / EBITDA | - | - | 39.1x | 46.3x | 39.7x | - | 28.0x | - | 37.6x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -1.0% | - | -6.0% | 1.0% | -9.8% | - | -3.6% | -6.2% | -6.9% | - |
| Revenue CAGR (3y) | -6.0% | - | -2.7% | -0.1% | 41.7% | - | 45.1% | 46.9% | 52.8% | - |
| Revenue CAGR (5y) | 26.1% | - | 28.7% | 31.0% | 27.3% | - | 29.2% | 27.5% | 29.8% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -6573.0% | - | 117.4% | 98.2% | 86.1% | - | 189.7% | -1026.7% | 52.1% | - |
| Net income growth (YoY) | -543.7% | - | - | - | 53.1% | - | - | -705.3% | 9.6% | - |
| EPS growth (YoY) | -550.0% | - | - | - | 55.0% | - | - | -698.0% | 9.1% | - |
| EPS CAGR (3y) | - | - | - | -14.6% | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | -22.6% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | 5.6% | - | - | - | -4.8% | - |
| Book value growth (YoY) | -3.7% | 5.5% | 2.6% | 5.0% | -23.4% | -24.7% | -21.6% | -24.4% | -5.0% | -4.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$41.15B totalGlobal Linear Networks$17.66B · 42.9%
Studios Segment$12.62B · 30.7%
Streaming$10.88B · 26.4%
Product / service
$37.31B totalDistribution Revenue$19.26B · 51.6%
Product And Service Content$9.65B · 25.9%
Advertising$7.31B · 19.6%
Service Other$1.08B · 2.9%
Product And Service Other$12.00M · 0.0%
Geographic
$37.30B totalUS$24.95B · 66.9%
Non Us$12.35B · 33.1%
Peer comparison
Same SIC group: Cable & Other Pay Television Services
Comparing Warner Bros. Discovery against the 5 most active filers in the same SIC group.