Warner Bros. Discovery, Inc. (WBD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.11	$0.06	+154.5%	—	$8.7B	—
Q1 26	-$0.09	-$1.17	-1200.0%	—	$8.9B	—
Q4 25	—	-$0.1	—	—	$9.5B	—
Q3 25	-$0.08	-$0.06	+25.0%	—	$9B	—
Q2 25	-$0.23	$0.63	+373.9%	—	—	—
Q1 25	-$0.13	-$0.18	-38.5%	—	—	—
Q4 24	$0.03	-$0.2	-766.7%	—	—	—
Q3 24	-$0.07	$0.05	+171.4%	—	—	—
Q2 24	-$0.18	-$4.07	-2161.1%	—	—	—
Q1 24	-$0.21	-$0.4	-90.5%	—	—	—
Q4 23	-$0.06	-$0.16	-166.7%	—	—	—
Q3 23	-$0.09	-$0.17	-88.9%	—	—	—
Q2 23	-$0.41	-$0.51	-24.4%	—	$10.4B	—
Q1 23	-$0.21	-$0.44	-109.5%	—	$10.7B	—
Q4 22	-$0.45	-$0.86	-91.1%	—	$11B	—
Q3 22	-$0.21	-$0.95	-352.4%	—	$9.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.29	—	—	$37.3B	—
FY24	—	-$4.62	—	—	$39.3B	—
FY23	—	-$1.28	—	—	$41.3B	—
FY22	—	-$3.82	—	—	$33.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.5B	$6.9B	$10.6B	$11.1B	$10.7B	$12.2B	$33.8B	$41.3B	$39.3B	$37.3B
YoY change	+1.61%	+5.79%	+53.5%	+5.6%	-4.24%	+14.2%	+177.4%	+22.2%	-4.84%	-5.15%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.5B	6.9B	10.6B	11.1B	10.7B	12.2B	33.8B	41.3B	39.3B	37.3B
Cost of revenue	2.4B	2.7B	3.9B	3.8B	3.9B	4.6B	20.4B	24.5B	23B	20.9B
Gross profit	4.1B	4.2B	6.6B	7.3B	6.8B	7.6B	13.4B	16.8B	16.4B	16.4B
Gross margin	62.6%	61.4%	62.7%	65.7%	63.8%	62.1%	39.6%	40.6%	41.6%	44%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.7B	1.8B	2.6B	2.8B	2.7B	4B	9.7B	9.7B	9.3B	9.4B
Operating expenses	1.7B	1.8B	2.6B	2.8B	2.7B	4B	9.7B	9.7B	9.3B	9.4B
Operating income	2.1B	2.1B	2.6B	3.2B	2.7B	2B	-3.5B	-886M	18M	1.3B
Operating margin	31.6%	30.8%	24.6%	28.6%	25.6%	16.2%	-10.3%	-2.14%	0.05%	3.51%
Non-operating income, net	-29M	-1.8B	-864M	-241M	-354M	75M	-3.8B	-935M	-9.6B	2.2B
Pretax income	1.7B	-137M	1B	2.3B	1.7B	1.4B	-9B	-3.9B	-11.4B	1.6B
Income tax	453M	176M	341M	81M	373M	236M	-1.7B	-784M	94M	890M
Net income	1.2B	-313M	681M	2.2B	1.4B	1.2B	-7.3B	-3.1B	-11.5B	749M
Net margin	18.7%	-4.55%	6.45%	19.9%	12.7%	9.82%	-21.6%	-7.45%	-29.2%	2.01%
EBITDA	4.1B	4.2B	7.2B	7.4B	6.9B	7.1B	17.8B	23.2B	21.1B	19B
EPS	1.97	-0.59	0.86	2.9	1.82	1.55	-3.82	-1.28	-4.62	0.29
Diluted EPS	1.96	-0.59	0.86	2.88	1.81	1.54	-3.82	-1.28	-4.62	0.29

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	9B	9.5B	8.9B	8.7B
Cost of revenue	—	—	—	—	—	—	—	—	4.6B	5.2B	4.6B	4.6B
Gross profit	—	—	—	—	—	—	—	—	4.5B	4.2B	4.3B	4.1B
Gross margin	—	—	—	—	—	—	—	—	49.5%	44.8%	47.8%	47%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	2.4B	2.4B	2.5B	2.6B
Operating expenses	—	—	—	—	—	—	—	—	2.4B	2.4B	2.5B	2.6B
Operating income	—	—	—	—	—	—	—	—	745M	536M	549M	373M
Operating margin	—	—	—	—	—	—	—	—	8.24%	5.67%	6.17%	4.28%
Non-operating income, net	—	—	—	—	—	—	—	—	-195M	-396M	-3.1B	-167M
Pretax income	—	—	—	—	—	—	—	—	27M	-408M	-3.1B	-271M
Income tax	-125M	-221M	136M	-7M	-319M	284M	15M	866M	170M	-161M	-214M	-433M
Net income	—	—	—	—	—	—	—	—	-143M	-247M	-2.9B	162M
Net margin	—	—	—	—	—	—	—	—	-1.58%	-2.61%	-32.7%	1.86%
EBITDA	—	—	—	—	—	—	—	—	4.5B	4.6B	4.3B	4.1B
EPS	-0.17	—	-0.4	-4.07	0.06	-0.2	-0.18	0.64	-0.06	—	-1.17	0.06
Diluted EPS	-0.17	—	-0.4	-4.07	0.05	-0.2	-0.18	0.63	-0.06	—	-1.17	0.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	11B	8.6B	—	17.3B	—	13.8B	—	—	25.9B	71.3B	77.5B
Enterprise value	18.6B	16.1B	—	31.2B	—	24.7B	—	—	60.1B	99.3B	107.2B
Shares outstanding	401M	384M	498M	529M	599M	588M	1.9B	2.4B	2.5B	2.5B	2.5B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.02	—	—	7.83	—	11.6	—	—	—	95.2	93.9
P/S	1.69	1.25	—	1.55	—	1.14	—	—	0.66	1.91	2.14
P/B	2.03	1.71	—	1.45	—	1.03	—	—	0.74	1.92	2.36
EV/EBITDA	4.53	3.82	—	4.19	—	3.5	—	—	2.85	5.22	13.8
EV/Sales	2.87	2.34	—	2.8	—	2.03	—	—	1.53	2.66	2.97
Earnings yield	11.1%	—	—	12.8%	—	8.65%	—	—	—	1.05%	1.07%
FCF yield	11.8%	17.4%	—	18%	—	17.5%	—	—	17.1%	4.33%	20.9%
PEG	—	—	—	—	—	—	—	—	—	—	-1.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	62.6%	61.4%	62.7%	65.7%	63.8%	62.1%	39.6%	40.6%	41.6%	44%	47%
Operating margin	31.6%	30.8%	24.6%	28.6%	25.6%	16.2%	-10.3%	-2.14%	0.05%	3.51%	5.1%
Net margin	18.7%	-4.55%	6.45%	19.9%	12.7%	9.82%	-21.6%	-7.45%	-29.2%	2.01%	-8.77%
ROE	22.5%	-6.23%	6.48%	18.5%	10.9%	8.94%	-15%	-6.63%	-32.9%	2.02%	-8.79%
ROA	7.77%	-1.39%	2.09%	6.56%	3.98%	3.48%	-5.45%	-2.51%	-11%	0.75%	1.71%
ROIC	11.5%	17%	6.58%	11.9%	8.33%	6.8%	-3.72%	-1.03%	0.03%	0.92%	3.52%
Return on tangible assets	-16%	-70.7%	-3.59%	-13.9%	-9.53%	-10.2%	9.34%	4.65%	23.2%	-1.64%	6.99%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.6	5.34	1.06	1.61	1.99	2.1	0.93	0.93	0.89	1.06	0.78
Quick ratio	1.6	5.34	1.06	1.61	1.99	2.1	0.93	0.93	0.89	1.06	0.78
Debt / equity	1.46	2.94	1.6	1.29	1.24	1.1	1.01	0.94	1.13	0.88	0.94
Debt / assets	0.51	0.66	0.52	0.46	0.45	0.43	0.37	0.36	0.38	0.33	0.33
Net debt / EBITDA	1.85	1.78	2.19	1.86	1.92	1.54	2.55	1.72	1.62	1.47	1.64
Interest coverage	5.73	0.71	2.4	4.39	3.67	3.26	-4.04	-0.74	-4.65	1.79	-0.68
Effective tax rate	27.1%	0%	33.4%	3.53%	21.6%	16.5%	0%	0%	0%	54.3%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16.2	17.9	21.2	21.1	17.8	20.7	17.4	17	16	15.1	14.5
EPS (basic)	1.97	-0.59	0.86	2.9	1.82	1.55	-3.82	-1.28	-4.62	0.29	0.29
EPS (diluted)	1.96	-0.59	0.86	2.88	1.81	1.54	-3.82	-1.28	-4.62	0.29	-1.28
Book value per share	13.5	13.1	21.1	22.6	20.7	22.8	25.1	19.1	14.3	15	13.1
FCF per share	3.22	3.89	4.88	5.88	3.9	4.12	1.71	2.53	1.81	1.25	0.85
Cash per share	0.75	19	1.98	2.93	3.49	6.64	1.92	1.55	2.17	1.84	1.36
Capex per share	0.22	0.35	0.3	0.55	0.67	0.63	0.51	0.54	0.39	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.35%	1.96%	1.39%	2.59%	3.77%	3.06%	2.92%	3.18%	2.41%	—	—
Capex / operating cash flow	6.62%	-314%	5.53%	9.22%	7.43%	6.06%	5.73%	6.65%	10.7%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$9B	$9.5B	$8.9B	$8.7B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	300M	7.3B	986M	1.6B	2.1B	3.9B	3.7B	3.8B	5.3B	4.6B
Receivables	1.5B	1.8B	2.6B	2.6B	2.5B	2.4B	6.4B	6B	4.9B	5.3B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.5B	10B	4.2B	5.2B	6.1B	7.3B	14B	14.2B	14.1B	13.2B
Property, plant & equipment	482M	597M	800M	951M	1.2B	2B	5.3B	6B	6.1B	6.7B
Goodwill & intangibles	23.3B	22.1B	51.5B	49.7B	48.3B	46.1B	212.1B	189B	154.1B	145.6B
Total assets	15.7B	22.6B	32.5B	33.7B	34.1B	34.4B	134B	122.8B	104.6B	100.1B
Accounts payable	241M	277M	325M	463M	397M	412M	1.5B	1.3B	1.1B	1.1B
Short-term debt	82M	30M	1.8B	609M	335M	339M	365M	1.8B	2.7B	139M
Total current liabilities	1.6B	1.9B	4B	3.2B	3.1B	3.5B	15B	15.3B	15.8B	12.5B
Long-term debt	7.8B	14.8B	15B	14.8B	15.1B	14.4B	48.6B	41.9B	36.8B	32.4B
Total liabilities	10.3B	17.5B	22B	21.8B	21.7B	21B	85.3B	76.3B	69.6B	62.9B
Shareholders' equity	5.4B	5B	10.5B	12B	12.4B	13.4B	48.7B	46.5B	34.9B	37.2B
Total debt	7.9B	14.8B	16.8B	15.4B	15.4B	14.8B	49B	43.7B	39.5B	32.6B
Net debt	7.6B	7.5B	15.8B	13.9B	13.3B	10.9B	45.3B	39.9B	34.2B	28B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.4B	3.8B	3B	3.6B	3.3B	5.3B	3.9B	4.9B	4.3B	4.6B	3.3B	3.4B
Receivables	6.3B	6B	6.3B	6.2B	5.5B	4.9B	4.7B	5.4B	5.1B	5.3B	5B	5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	12.8B	14.2B	13.9B	13.4B	12.5B	14.1B	12.8B	13.6B	13.1B	13.2B	11.7B	12.5B
Property, plant & equipment	—	6B	—	—	—	6.1B	—	—	—	6.7B	—	—
Goodwill & intangibles	194.1B	189B	184B	161.8B	159.3B	154.1B	151.2B	149.3B	147.6B	145.6B	144B	142.1B
Total assets	123.7B	122.8B	119.8B	108B	106.3B	104.6B	101.7B	101.7B	100.5B	100.1B	97.8B	97.2B
Accounts payable	1.3B	1.3B	1.2B	1.2B	1.1B	1.1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B
Short-term debt	1.3B	1.8B	3.4B	3.7B	3B	2.7B	2.8B	221M	139M	139M	1.5B	1.5B
Total current liabilities	14.6B	15.3B	17B	17.8B	15.7B	15.8B	15.3B	13B	12.2B	12.5B	16.1B	16.1B
Long-term debt	43.5B	41.9B	39.1B	37.3B	37.2B	36.8B	34.6B	34.4B	33.4B	32.4B	31B	30.5B
Total liabilities	77.6B	76.3B	74.5B	72.6B	70.2B	69.6B	66.5B	64.4B	63.2B	62.9B	64.1B	63.3B
Shareholders' equity	46.1B	46.5B	45.3B	35.4B	36.2B	34.9B	35.2B	37.3B	37.3B	37.2B	33.7B	34B
Total debt	44.8B	43.7B	42.6B	41B	40.2B	39.5B	37.4B	34.6B	33.5B	32.6B	32.5B	32B
Net debt	42.4B	39.9B	39.6B	37.3B	36.9B	34.2B	33.6B	29.7B	29.2B	28B	29.2B	28.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.2B	-313M	681M	2.2B	1.4B	1.2B	-7.3B	-3.1B	-11.5B	749M
Depreciation & amortization	2.1B	2.2B	4.7B	4.2B	4.3B	5.1B	21.4B	24B	21B	17.5B
Stock-based compensation	69M	39M	80M	142M	110M	178M	412M	500M	557M	769M
Change in working capital	-2.1B	-1.9B	-2.8B	-3B	-197M	144M	1.6B	316M	223M	99M
Operating cash flow	1.3B	-43M	2.7B	3.1B	5.4B	6.2B	17.2B	19.8B	8.8B	4.3B
Capital expenditure	-88M	-135M	-147M	-289M	-402M	-373M	-987M	-1.3B	-948M	—
Investing cash flow	-343M	-1.2B	-8.6B	-438M	-703M	-56M	3.5B	-1.3B	-349M	52M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-1.4B	-603M	0	-633M	-969M	0	0	—	—	—
Financing cash flow	-2B	5.5B	-483M	-2.6B	-2B	-853M	-10.1B	-11.1B	-18B	-8.5B
Net change in cash	-1B	4.3B	-6.4B	116M	2.7B	5.2B	10.6B	7.5B	-9.5B	-4.1B
Free cash flow	1.3B	1.5B	2.4B	3.1B	2.3B	2.4B	3.3B	6.2B	4.4B	3.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-407M	-392M	-955M	-10B	141M	-640M	-449M	1.6B	-143M	-247M	-2.9B	162M
Depreciation & amortization	5.2B	5.5B	5.7B	5.7B	5.1B	4.7B	4.7B	5.1B	3.7B	4.1B	3.7B	3.6B
Stock-based compensation	143M	109M	101M	159M	159M	138M	123M	175M	242M	229M	152M	190M
Change in working capital	-9.5B	10.8B	-3.9B	3.6B	-10.3B	10.9B	-3.6B	3.6B	-9.3B	9.5B	-3.6B	2.5B
Operating cash flow	-5.2B	15.9B	570M	-1.1B	-5.3B	14.9B	463M	983M	979M	1.8B	-208M	848M
Capital expenditure	-457M	-268M	-195M	-252M	-215M	-286M	-251M	—	—	—	—	—
Investing cash flow	-458M	-234M	-207M	70M	-218M	6M	-195M	45M	-52M	3M	-14M	59M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-4.3B	-2.4B	-3.4B	-10.4B	-3.5B	-600M	-2.6B	-2.8B	-1.2B	-1.8B	-1B	-16.3B
Net change in cash	-10B	13.2B	-3.1B	-11.5B	-9B	14.3B	-2.3B	-1.8B	-310M	13M	-1.2B	-15.4B
Free cash flow	2.1B	3.3B	390M	976M	632M	2.4B	302M	702M	701M	1.4B	-476M	572M

Warner Bros. Discovery, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement