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.

Price · WBD

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$37.30B	$39.32B	$41.32B	$33.82B	$12.19B	$10.67B
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	$9.42B	$9.30B	$9.70B	$9.68B	$4.02B	$2.72B
Total Operating Expenses	$36.56B	$49.35B	$42.87B	$41.19B	$10.18B	$8.16B
D&A	$5.68B	$7.04B	$7.99B	$7.19B	$1.58B	$1.36B
Operating Income	$738.00M	($10.03B)	($1.55B)	($7.37B)	$2.01B	$2.52B
Interest Expense	$2.08B	$2.02B	$2.22B	$1.78B	$633.00M	$648.00M
Income Tax	$890.00M	$94.00M	($784.00M)	($1.66B)	$236.00M	$373.00M
Net Income	$727.00M	($11.31B)	($3.13B)	($7.37B)	$1.01B	$1.22B
EPS - Basic	$0.29	($4.62)	($1.28)	$1.82	$1.55◇	-
EPS - Diluted	$0.29	($4.62)	($1.28)	$1.81	$1.54◇	-

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$4.57B	$5.31B	$3.78B	$3.73B	$3.90B	$2.09B
Accounts Receivable	$5.29B	$4.95B	$6.05B	$6.38B	$2.45B	$2.54B
Inventory	-	-	-	-	-	-
Accounts Payable	$1.09B	$1.05B	$1.26B	$1.45B	$412.00M	$397.00M
Current Assets	$13.21B	$14.08B	$14.22B	$14.00B	$7.26B	$6.13B
Total Assets	$100.08B	$104.56B	$122.76B	$134.00B	$34.43B	$34.09B
Current Liabilities	$12.50B	$15.81B	$15.33B	$15.02B	$3.46B	$3.08B
Long-term Debt	$32.57B	$39.51B	$43.67B	$49.00B	$14.76B	$15.40B
Total Liabilities	$62.92B	$69.62B	$76.28B	$85.33B	$21.03B	$21.70B
Stockholders' Equity	$35.92B	$34.04B	$45.23B	$47.09B	$11.60B	$10.46B
Retained Earnings	($11.51B)	($12.24B)	($928.00M)	$2.21B	$9.58B	$8.54B

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$4.32B	$5.38B	$7.48B	$4.30B	$2.80B	$2.74B
Investing Cash Flow	($1.18B)	($349.00M)	($1.26B)	$3.52B	($56.00M)	($703.00M)
Financing Cash Flow	($4.24B)	($3.75B)	($5.84B)	($7.74B)	($853.00M)	($1.55B)
CapEx	$1.23B	$948.00M	$1.32B	$987.00M	$373.00M	$402.00M
Free Cash Flow	$3.09B	$4.43B	$6.16B	$3.32B	$2.42B	$2.34B

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	2.0%	-25.5%	-3.7%	-21.8%	16.5%	23.6%
EBITDA margin	17.2%	-7.6%	15.6%	-0.5%	29.5%	36.3%
Net margin	1.9%	-28.8%	-7.6%	-21.8%	8.3%	11.4%
Free cash flow margin	8.3%	11.3%	14.9%	9.8%	19.9%	21.9%
FCF / Net income	4.25	-0.39	-1.97	-0.45	2.41	1.92
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	25.3%	23.6%	23.5%	28.6%	32.9%	25.5%
Effective tax rate	55.0%	-	-	-	19.0%	23.4%
Return on assets	0.7%	-10.8%	-2.5%	-5.5%	2.9%	3.6%
Return on equity	2.0%	-33.2%	-6.9%	-15.7%	8.7%	11.6%
Return on invested capital	0.5%	-10.8%	-1.4%	-6.1%	6.2%	7.4%
Liquidity
Current ratio	1.06	0.89	0.93	0.93	2.10	1.99
Quick ratio	1.06	0.89	0.93	0.93	2.10	1.99
Cash ratio	0.37	0.34	0.25	0.25	1.13	0.68
Leverage
Debt / Equity	0.91	1.16	0.97	1.04	1.27	1.47
Debt / Assets	0.33	0.38	0.36	0.37	0.43	0.45
Debt / EBITDA	5.07	-	6.78	-	4.11	3.98
Interest coverage	0.4x	-5.0x	-0.7x	-4.1x	3.2x	3.9x
Equity multiplier	2.79	3.07	2.71	2.85	2.97	3.26
Liabilities / Assets	0.63	0.67	0.62	0.64	0.61	0.64
Efficiency
Asset turnover	0.37	0.38	0.34	0.25	0.35	0.31
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	52d	46d	53d	69d	73d	87d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	99.4x	-	-	5.2x	15.3x	-
P / B	2.0x	0.8x	0.6x	0.1x	1.3x	-
P / S	2.0x	0.7x	0.7x	0.2x	1.3x	-
EV / EBITDA	15.7x	-	10.5x	-	7.4x	-
Growth
Revenue growth (YoY)	-5.1%	-4.8%	22.2%	177.4%	14.2%	-4.2%
Revenue CAGR (3y)	3.3%	47.8%	57.0%	44.8%	23.3%	15.8%
Revenue CAGR (5y)	28.4%	28.7%	44.8%	37.5%	13.4%	10.8%
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	-	-548.1%	79.0%	-	-20.0%	-16.4%
Net income growth (YoY)	-	-261.8%	57.6%	-	-17.5%	-41.1%
EPS growth (YoY)	-	-260.9%	-	17.5%	-	-
EPS CAGR (3y)	-45.7%	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	-30.2%	-28.1%	85.7%	36.8%	3.8%	-24.9%
FCF CAGR (5y)	5.7%	7.3%	38.0%	17.3%	13.5%	14.8%
Book value growth (YoY)	5.5%	-24.7%	-4.0%	306.0%	10.8%	5.8%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$41.15B total

Global Linear Networks$17.66B · 42.9%

Studios Segment$12.62B · 30.7%

Streaming$10.88B · 26.4%

Product / service

$37.31B total

Distribution 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 total

US$24.95B · 66.9%

Non Us$12.35B · 33.1%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

0.54

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9

Neutral

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✗No share dilution
-Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Cable & Other Pay Television Services

Company	Revenue (last FY)	Net margin	ROE
ROKU	$4.74B	1.9%	3.3%
CHTR	$54.77B	9.1%	31.1%
CMCSA	$123.71B	16.2%	20.6%
LBTY	$4.88B	-146.3%	-73.3%
LILA	-	-	-110.0%

Comparing Warner Bros. Discovery against the 5 most active filers in the same SIC group.

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.