Warner Bros. Discovery Inc

WBD

Equity

ISIN null / Valor 118052754

NASDAQ (2026-10-02)

USD 30.94-0.03%

Warner Bros. Discovery Inc
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About company

Warner Bros. Discovery is a global media and entertainment conglomerate formed by the 2022 merger of HBO‑owner WarnerMedia and Discovery, Inc., combining large film and television studios, a deep IP library and a broad portfolio of cable networks with direct‑to‑consumer streaming services. Its businesses span content creation and distribution — including Warner Bros. Pictures, Warner Bros. Television, New Line, HBO, DC, Cartoon Network and Warner Bros. Games — and a wide array of pay‑TV and cable channels such as CNN, TNT, TBS, Eurosport, HGTV, Food Network and TLC, alongside consumer streaming offerings (Max and discovery+). The company monetizes content through theatrical releases, licensing, advertising, carriage and subscription fees, and consumer products, while operating globally across linear and digital platforms and managing efforts to integrate and rationalize its combined content and distribution footprint.

Summarized from source with an LLMView SourceSector: Telecommunications

Q4 Revenue

Total revenues for Q4 2025 were $9.5 billion, a 7% decline ex-FX versus the prior-year quarter.

Revenue Mix Drivers

Distribution revenues fell 3% ex-FX (streaming growth offset by domestic linear pay-TV declines and an HBO Max domestic distribution deal renewal). Advertising revenues declined 9% ex-FX (ad-lite streaming gains offset by domestic linear audience declines; absence of the NBA reduced the YoY growth rate by ~4% ex-FX). Content revenues were down 10% ex-FX due to timing of studio and global linear content renewals.

Profitability — Q4

Net loss available to Warner Bros. Discovery, Inc. was $252.0 million in Q4 2025; this includes $1.3 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses. Total Adjusted EBITDA was $2.2 billion, a 20% ex-FX decrease YoY, driven primarily by declines in Global Linear Networks.

Full-Year Profitability

For FY 2025, net income available was $727.0 million (which included $5.8 billion of pre-tax acquisition-related amortization, content fair value step-up, and restructuring). Total Adjusted EBITDA for the year was $8.7 billion, down 3% ex-FX versus the prior year, with Streaming and Studios growth partly offsetting Global Linear Networks declines.

Cash Flow

Q4 cash provided by operating activities was $1.8 billion and free cash flow was $1.4 billion; FCF in the quarter was unfavorably impacted by ~ $600 million of separation & transaction items. For FY 2025, cash from operations was $4.3 billion and free cash flow was $3.1 billion (unfavorably impacted by ~ $1,350 million of separation & transaction items).

Subscribers and Audience

The company ended Q4 2025 with 131.6 million streaming subscribers, up 3.5 million versus Q3 2025.

Balance Sheet / Leverage

At year-end FY 2025, Warner Bros. Discovery reported $29.0 billion of net debt and 3.3x net leverage.

Investor Materials & Call

The company noted investor materials (including a shareholder letter) and a live webcast/conference call were available via the Investor Relations section of its website; a telephone and webcast replay will be available for a limited period.

Summarized from source with an LLMView Source

Key figures

60.8%1Y

194%3Y

20.2%5Y

Performance

39.9%1Y

49.5%3Y

52.3%5Y

Volatility