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Warner Bros. Discovery (DISCA) Financials

Annual Income Statements for Warner Bros. Discovery

This table shows Warner Bros. Discovery's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	-11,311	-3,126	-7,371	1,006	1,219	2,069	-337	1,194	1,034
Consolidated Net Income / (Loss)	-11,482	-3,079	-7,297	1,197	1,355	2,213	-313	1,218	1,048
Net Income / (Loss) Continuing Operations	-11,482	-3,079	-7,297	1,197	1,355	2,213	-313	1,218	1,048
Total Pre-Tax Income	-11,388	-3,863	-8,960	1,433	1,728	2,294	-137	1,671	1,559
Total Operating Income	-10,032	-1,548	-7,370	2,012	2,515	3,009	713	2,058	1,985
Total Gross Profit	16,351	16,795	13,375	7,571	6,811	7,325	4,217	4,065	4,051
Total Revenue	39,321	41,321	33,817	12,191	10,671	11,144	6,873	6,497	6,394
Operating Revenue	39,321	41,321	33,817	12,191	10,671	11,144	6,873	6,497	6,072
Total Cost of Revenue	22,970	24,526	20,442	4,620	3,860	3,819	2,656	2,432	2,343
Operating Cost of Revenue	22,970	24,526	20,442	4,620	3,860	3,819	2,656	2,432	2,343
Total Operating Expenses	26,383	18,343	20,745	5,559	4,296	4,316	3,504	2,007	2,066
Selling, General & Admin Expense	9,296	9,696	9,678	4,016	2,722	2,788	1,768	1,690	1,669
Depreciation Expense	7,037	7,985	7,193	1,582	1,359	1,347	330	322	330
Impairment Charge	9,603	-	117	-71	124	155	1,327	0.00	0.00
Restructuring Charge	447	585	3,757	32	91	26	75	58	50
Total Other Income / (Expense), net	-1,356	-2,315	-1,590	-579	-787	-715	-850	-387	-426
Interest Expense	1,385	2,204	1,777	633	648	705	529	353	330
Interest & Investment Income	-121	-82	-160	-18	-105	-2.00	-211	-38	1.00
Other Income / (Expense), net	150	-29	347	72	-34	-8.00	-110	4.00	-97
Income Tax Expense	94	-784	-1,663	236	373	81	176	453	511
Net Income / (Loss) Attributable to Noncontrolling Interest	-171	47	74	191	136	144	24	24	14
Basic Earnings per Share	($4.62)	($1.28)	($3.82)	$1.55	$1.82	$2.90	($11.92)	$0.00	$1.59
Weighted Average Basic Shares Outstanding	2.45B	2.44B	1.94B	588M	599M	529M	29.70M	401M	432M
Diluted Earnings per Share	($4.62)	($1.28)	($3.82)	$1.54	$1.81	$2.88	($11.92)	$0.00	$1.58
Weighted Average Diluted Shares Outstanding	2.45B	2.44B	1.94B	664M	672M	711M	29.70M	610M	656M
Weighted Average Basic & Diluted Shares Outstanding	2.45B	2.44B	2.43B	506.25M	487.33M	520.92M	29.70M	303M	325.20M

This table shows Warner Bros. Discovery's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-453	-494	135	-9,986	-966	-400	-417	-1,240	-1,069	-2,101	-2,308
Consolidated Net Income / (Loss)	-449	-640	141	-10,028	-955	-392	-407	-1,220	-1,060	-2,079	-2,285
Net Income / (Loss) Continuing Operations	-449	-640	141	-10,028	-955	-392	-407	-1,220	-1,060	-2,079	-2,285
Total Pre-Tax Income	-434	-356	-178	-10,035	-819	-613	-532	-1,480	-1,238	-2,541	-2,851
Total Operating Income	-37	162	281	-10,208	-267	-182	97	-906	-557	-1,894	-2,190
Total Gross Profit	3,848	4,500	4,442	3,509	3,900	4,388	4,670	3,722	4,015	4,054	4,196
Total Revenue	8,979	10,027	9,623	9,713	9,958	10,284	9,979	10,358	10,700	11,008	9,823
Operating Revenue	8,979	10,027	9,623	9,713	9,958	10,284	9,979	10,358	10,700	11,008	9,823
Total Cost of Revenue	5,131	5,527	5,181	6,204	6,058	5,896	5,309	6,636	6,685	6,954	5,627
Operating Cost of Revenue	5,131	5,527	5,181	6,204	6,058	5,896	5,309	6,636	6,685	6,954	5,627
Total Operating Expenses	3,885	4,338	4,161	13,717	4,167	4,570	4,573	4,628	4,572	5,948	6,386
Selling, General & Admin Expense	2,194	2,218	2,385	2,461	2,232	2,455	2,291	2,562	2,388	2,511	2,589
Depreciation Expense	1,547	1,643	1,762	1,744	1,888	2,024	1,989	1,914	2,058	2,169	2,233
Impairment Charge	90	191	5.00	9,395	12	-	24	-	31	70	43
Restructuring Charge	54	286	9.00	117	35	75	269	146	95	1,198	1,521
Total Other Income / (Expense), net	-397	-518	-459	173	-552	-431	-629	-574	-681	-647	-661
Interest Expense	472	423	471	-24	515	502	552	579	571	558	555
Interest & Investment Income	-7.00	-32	-18	-23	-48	-9.00	-14	-22	-37	-25	-78
Other Income / (Expense), net	82	-63	30	172	11	80	-63	27	-73	-64	-28
Income Tax Expense	15	284	-319	-7.00	136	-221	-125	-260	-178	-462	-566
Net Income / (Loss) Attributable to Noncontrolling Interest	4.00	-146	6.00	-42	11	8.00	10	20	9.00	22	23
Basic Earnings per Share	($0.18)	($0.21)	$0.06	($4.07)	($0.40)	($0.16)	($0.17)	($0.51)	($0.44)	($2.06)	($0.95)
Weighted Average Basic Shares Outstanding	2.46B	2.45B	2.45B	2.45B	2.44B	2.44B	2.44B	2.44B	2.43B	1.94B	2.43B
Diluted Earnings per Share	($0.18)	($0.20)	$0.05	($4.07)	($0.40)	($0.16)	($0.17)	($0.51)	($0.44)	($2.06)	($0.95)
Weighted Average Diluted Shares Outstanding	2.46B	2.45B	2.47B	2.45B	2.44B	2.44B	2.44B	2.44B	2.43B	1.94B	2.43B
Weighted Average Basic & Diluted Shares Outstanding	2.47B	2.45B	2.45B	2.45B	2.45B	2.44B	2.44B	2.44B	2.44B	2.43B	2.43B

This table details how cash moves in and out of Warner Bros. Discovery's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,097	389	25	1,783	570	566	-6,300	7,009	-90	23
Net Cash From Operating Activities	5,375	7,477	4,304	2,798	2,739	3,399	2,576	1,629	1,380	1,294
Net Cash From Continuing Operating Activities	5,375	7,477	4,304	2,798	2,739	3,399	2,576	1,629	1,380	1,294
Net Income / (Loss) Continuing Operations	-11,482	-3,079	-7,297	1,197	1,355	2,213	681	-313	1,218	1,048
Consolidated Net Income / (Loss)	-11,482	-3,079	-7,297	1,197	1,355	2,213	681	-313	1,218	1,048
Depreciation Expense	7,037	7,985	7,193	1,582	1,359	1,347	1,398	330	322	330
Amortization Expense	13,946	16,024	14,161	3,501	2,956	2,853	3,288	1,910	1,773	1,709
Non-Cash Adjustments To Reconcile Net Income	9,732	880	4,071	266	354	463	260	1,796	165	98
Changes in Operating Assets and Liabilities, net	-13,858	-14,333	-13,824	-3,748	-3,285	-3,477	-3,051	-2,094	-2,098	-1,891
Net Cash From Investing Activities	-349	-1,259	3,524	-56	-703	-438	-8,593	-633	-256	-301
Net Cash From Continuing Investing Activities	-349	-1,259	3,524	-56	-703	-438	-8,593	-633	-256	-301
Purchase of Property, Plant & Equipment	-948	-1,316	-987	-373	-402	-289	-147	-135	-88	-103
Acquisitions	0.00	-50	3,612	-105	-289	-73	-8,565	-60	0.00	-80
Purchase of Investments	-109	-112	-168	-184	-96	-200	-61	-545	-272	-281
Divestitures	541	0.00	306	599	69	125	107	29	19	61
Sale and/or Maturity of Investments	136	121	752	-86	-	-	-	77	87	87
Other Investing Activities, net	31	98	9.00	93	15	-1.00	73	1.00	-2.00	15
Net Cash From Financing Activities	-3,749	-5,837	-7,742	-853	-1,549	-2,357	-283	5,951	-1,184	-919
Net Cash From Continuing Financing Activities	-3,749	-5,837	-7,742	-853	-1,549	-2,357	-283	5,951	-1,184	-919
Repayment of Debt	-19,376	-12,190	-9,835	-602	-2,805	-2,953	-2,216	-1,270	-921	-1,295
Repurchase of Common Equity	0.00	-49	0.00	0.00	-969	-633	0.00	-603	-1,431	-1,499
Payment of Dividends	-193	-301	-300	-251	-254	-250	-76	-30	-22	-42
Issuance of Debt	15,820	6,703	2,393	0.00	2,479	1,479	2,009	7,838	1,111	1,952
Effect of Exchange Rate Changes	-180	8.00	-61	-106	83	-38	-	-	-30	-51

This table details how cash moves in and out of Warner Bros. Discovery's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-1,442	1,926	-127	231	-933	1,889	-647	438	-1,291	1,417	-1,383
Net Cash From Operating Activities	553	2,715	847	1,228	585	3,578	2,516	2,014	-631	2,846	124
Net Cash From Continuing Operating Activities	553	2,715	847	1,228	585	3,578	2,516	2,014	-631	2,846	124
Net Income / (Loss) Continuing Operations	-449	-640	141	-10,028	-955	-392	-407	-1,220	-1,060	-2,079	-2,285
Consolidated Net Income / (Loss)	-449	-640	141	-10,028	-955	-392	-407	-1,220	-1,060	-2,079	-2,285
Depreciation Expense	1,547	1,643	1,762	1,744	1,888	2,024	1,989	1,914	2,058	2,169	2,233
Amortization Expense	3,145	3,067	3,132	3,920	3,827	3,477	3,186	4,638	4,723	2,720	4,850
Non-Cash Adjustments To Reconcile Net Income	230	510	217	8,882	123	223	237	173	247	3,223	322
Changes in Operating Assets and Liabilities, net	-3,920	-1,865	-4,405	-3,290	-4,298	-1,754	-2,489	-3,491	-6,599	-3,187	-4,996
Net Cash From Investing Activities	-195	6.00	-218	70	-207	-234	-458	-310	-257	-218	862
Net Cash From Continuing Investing Activities	-195	6.00	-218	70	-207	-234	-458	-310	-257	-218	862
Purchase of Property, Plant & Equipment	-251	-286	-215	-252	-195	-268	-457	-292	-299	-364	-316
Purchase of Investments	-14	-5.00	-36	-15	-53	-21	-46	-32	-13	-31	-28
Divestitures	77	217	-	-	-	-	-	-	-	-3,465	1,213
Other Investing Activities, net	-7.00	-56	33	13	41	-16	45	14	55	-	-9.00
Net Cash From Financing Activities	-1,895	-600	-875	-1,037	-1,237	-1,529	-2,625	-1,251	-432	-1,272	-2,313
Net Cash From Continuing Financing Activities	-1,895	-600	-875	-1,037	-1,237	-1,529	-2,625	-1,251	-432	-1,272	-2,313
Repayment of Debt	-4,534	-566	-3,475	-12,028	-3,307	-2,132	-4,545	-2,886	-2,627	-2,766	-3,086
Payment of Dividends	-157	-21	-11	-31	-130	-19	-13	-32	-237	-14	-22
Issuance of Debt	2,195	-13	2,611	11,022	2,200	671	1,933	1,667	2,432	1,508	795
Issuance of Preferred Equity	601	-	-	-	-	-	-	-	-	-	-
Other Net Changes in Cash	95	-	-	-	-	-	-	-	-	-	-

This table presents Warner Bros. Discovery's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	104,560	122,757	134,001	34,427	34,087	33,735	32,550	22,555	15,672	15,864
Total Current Assets	14,078	14,218	13,999	7,264	6,130	5,217	4,231	9,991	2,502	2,596
Cash & Equivalents	5,312	3,780	3,731	3,905	2,091	1,552	986	7,309	300	390
Accounts Receivable	4,947	6,047	6,380	2,446	2,537	2,633	2,620	1,838	1,495	1,479
Prepaid Expenses	3,819	4,391	3,888	913	970	453	312	434	397	346
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	1,206	951	800	597	482	488
Total Noncurrent Assets	90,482	108,539	120,002	27,163	26,751	27,567	27,519	11,967	12,688	12,780
Goodwill	25,667	34,969	34,438	12,912	13,070	13,050	13,006	7,073	8,040	8,164
Intangible Assets	32,299	38,285	44,982	6,317	7,640	8,667	9,674	1,770	1,512	1,730
Other Noncurrent Operating Assets	32,516	35,285	40,582	7,934	5,534	5,282	3,904	2,789	2,579	2,319
Total Liabilities & Shareholders' Equity	104,560	122,757	134,001	34,427	34,087	33,735	32,550	22,555	15,672	15,864
Total Liabilities	69,622	76,285	85,334	21,031	21,704	21,769	22,033	17,532	10,262	10,172
Total Current Liabilities	15,810	15,332	15,017	3,459	3,082	3,239	3,997	1,871	1,561	1,579
Short-Term Debt	2,748	1,780	365	339	335	609	1,819	30	82	119
Accounts Payable	1,055	1,260	1,454	412	397	463	325	277	241	282
Accrued Expenses	10,438	10,368	11,504	2,230	1,793	1,678	1,604	1,309	1,075	988
Current Deferred Revenue	1,569	1,924	1,694	478	557	489	249	255	163	190
Total Noncurrent Liabilities	53,812	60,953	70,317	17,572	18,622	18,530	18,036	15,661	8,701	8,593
Long-Term Debt	36,757	41,889	48,634	14,420	15,069	14,810	14,974	14,755	7,841	7,616
Noncurrent Deferred & Payable Income Tax Liabilities	6,985	8,736	11,014	1,225	1,534	1,691	1,811	319	467	556
Other Noncurrent Operating Liabilities	10,070	10,328	10,669	1,927	2,019	2,029	1,251	587	393	421
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	109	165	318	363	383	442	415	413	243	241
Total Equity & Noncontrolling Interests	34,829	46,307	48,349	13,033	12,000	11,524	10,102	4,610	5,167	5,451
Total Preferred & Common Equity	34,037	45,226	47,095	11,599	10,464	9,891	8,386	4,610	5,167	5,451
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.00	2.00
Total Common Equity	34,037	45,226	47,095	11,599	10,464	9,891	8,379	4,610	5,165	5,449
Common Stock	55,587	55,139	54,657	11,093	10,816	10,754	10,647	7,300	7,051	7,026
Retained Earnings	-12,239	-928	2,205	9,580	8,543	7,333	5,254	4,632	5,232	4,517
Treasury Stock	-8,244	-8,244	-8,244	-8,244	-8,244	-7,374	-6,737	-6,737	-6,356	-5,461
Accumulated Other Comprehensive Income / (Loss)	-1,067	-741	-1,523	-830	-651	-822	-785	-585	-762	-633
Noncontrolling Interest	792	1,081	1,254	1,434	1,536	1,633	1,716	0.00	-	-

This table presents Warner Bros. Discovery's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	101,679	104,560	106,333	108,029	119,819	122,757	123,749	128,618	130,584	134,001	136,049
Total Current Assets	12,782	14,078	12,505	13,430	13,902	14,218	12,831	13,773	13,727	13,999	12,672
Cash & Equivalents	3,868	5,312	3,336	3,613	2,976	3,780	2,383	3,027	2,594	3,731	2,422
Accounts Receivable	4,664	4,947	5,534	6,166	6,303	6,047	6,312	6,770	6,833	6,380	6,669
Prepaid Expenses	4,250	3,819	3,635	3,651	4,623	4,391	4,136	3,976	4,300	3,888	3,581
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	88,897	90,482	93,828	94,599	105,917	108,539	110,918	114,845	116,857	120,002	123,377
Goodwill	25,746	25,667	25,869	25,740	34,891	34,969	34,727	34,911	34,658	34,438	34,450
Intangible Assets	31,033	32,299	33,767	35,157	36,648	38,285	39,874	41,584	43,239	44,982	46,744
Other Noncurrent Operating Assets	32,118	32,516	34,192	33,702	34,378	35,285	36,317	38,350	38,960	40,582	42,183
Total Liabilities & Shareholders' Equity	101,679	104,560	106,333	108,029	119,819	122,757	123,749	128,618	130,584	134,001	136,049
Total Liabilities	66,508	69,622	70,159	72,614	74,525	76,285	77,607	81,833	82,742	85,334	85,969
Total Current Liabilities	15,286	15,810	15,695	17,768	16,956	15,332	14,588	16,906	16,380	15,017	14,676
Short-Term Debt	2,779	2,748	3,043	3,669	3,430	1,780	1,302	3,001	3,496	365	1,257
Accounts Payable	1,008	1,055	1,120	1,151	1,245	1,260	1,329	1,689	1,123	1,454	1,534
Accrued Expenses	9,899	10,438	10,002	10,926	10,288	10,368	10,040	10,668	10,158	11,504	10,197
Current Deferred Revenue	1,600	1,569	1,530	2,022	1,993	1,924	1,917	1,548	1,603	1,694	1,688
Total Noncurrent Liabilities	51,222	53,812	54,464	54,846	57,569	60,953	63,019	64,927	66,362	70,317	71,293
Long-Term Debt	34,647	36,757	37,166	37,289	39,148	41,889	43,498	44,276	45,434	48,634	48,612
Noncurrent Deferred & Payable Income Tax Liabilities	6,714	6,985	7,339	7,806	8,303	8,736	9,098	9,718	10,211	11,014	12,317
Other Noncurrent Operating Liabilities	9,861	10,070	9,959	9,751	10,118	10,328	10,423	10,933	10,717	10,669	10,364
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	23	109	117	118	179	165	281	306	309	318	318
Total Equity & Noncontrolling Interests	35,148	34,829	36,057	35,297	45,115	46,307	45,861	46,479	47,533	48,349	49,762
Total Preferred & Common Equity	33,836	34,037	35,100	34,345	44,151	45,226	44,774	45,452	46,496	47,095	48,517
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	33,836	34,037	35,100	34,345	44,151	45,226	44,774	45,452	46,496	47,095	48,517
Common Stock	55,612	55,587	55,490	55,359	55,202	55,139	54,971	54,843	54,712	54,657	54,574
Retained Earnings	-12,692	-12,239	-11,745	-11,880	-1,894	-928	-526	-105	1,133	2,205	4,306
Treasury Stock	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244
Accumulated Other Comprehensive Income / (Loss)	-840	-1,067	-401	-890	-913	-741	-1,427	-1,042	-1,105	-1,523	-2,119
Noncontrolling Interest	1,312	792	957	952	964	1,081	1,087	1,027	1,037	1,254	1,245

This table displays calculated financial ratios and metrics derived from Warner Bros. Discovery's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.84%	22.19%	177.39%	14.24%	-4.24%	0.00%	0.00%	5.79%	1.61%	2.06%
EBITDA Growth	-50.51%	56.53%	99.96%	5.46%	-5.62%	10.78%	128.63%	-31.61%	5.86%	-0.28%
EBIT Growth	-526.63%	77.55%	-437.00%	-16.00%	-17.33%	65.44%	200.83%	-70.76%	9.22%	-7.99%
NOPAT Growth	-548.06%	79.00%	-406.97%	-14.78%	-32.06%	125.25%	-20.89%	-66.73%	12.42%	-0.52%
Net Income Growth	-272.91%	57.80%	-709.61%	-11.66%	-38.77%	224.96%	317.57%	-125.70%	16.22%	-7.83%
EPS Growth	-260.94%	66.49%	-348.05%	-14.92%	-37.15%	234.88%	107.21%	0.00%	-100.00%	-4.82%
Operating Cash Flow Growth	-28.11%	73.72%	53.82%	2.15%	-19.42%	31.95%	58.13%	18.04%	6.65%	-1.82%
Free Cash Flow Firm Growth	57.27%	108.67%	-2,957.03%	27.90%	-32.33%	125.36%	-714.97%	-45.71%	6.69%	3,205.83%
Invested Capital Growth	-19.95%	-8.06%	287.36%	-3.73%	-0.30%	-0.49%	108.72%	-2.50%	0.05%	-0.53%
Revenue Q/Q Growth	-0.65%	-1.72%	30.09%	2.53%	0.11%	0.00%	0.00%	2.87%	0.40%	-0.47%
EBITDA Q/Q Growth	-5.18%	12.36%	9.90%	-1.40%	-1.19%	-0.18%	45.67%	-31.71%	3.59%	-1.03%
EBIT Q/Q Growth	1.83%	54.06%	-48.48%	-9.19%	-6.41%	1.39%	441.49%	-69.28%	6.95%	-1.77%
NOPAT Q/Q Growth	3.32%	52.52%	-48.35%	-1.29%	-12.57%	7.05%	376.94%	-70.85%	4.05%	-1.26%
Net Income Q/Q Growth	-2.21%	35.40%	-42.32%	-15.94%	-12.47%	10.59%	190.20%	-127.63%	7.31%	-0.85%
EPS Q/Q Growth	-0.87%	59.75%	-127.38%	-18.09%	-12.14%	9.92%	106.69%	-23,740.00%	-100.00%	-36.03%
Operating Cash Flow Q/Q Growth	-13.83%	10.85%	83.77%	13.42%	-19.87%	9.79%	22.14%	-4.90%	-6.50%	20.15%
Free Cash Flow Firm Q/Q Growth	23.75%	-2.93%	1.44%	67.53%	-30.16%	-7.59%	7.03%	-40.37%	75.21%	-30.24%
Invested Capital Q/Q Growth	-5.36%	-2.48%	-3.68%	-3.26%	1.05%	-1.33%	-2.98%	-6.86%	-1.83%	2.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.58%	40.65%	39.55%	62.10%	63.83%	65.73%	0.00%	61.36%	62.57%	63.36%
EBITDA Margin	28.23%	54.29%	42.38%	58.79%	63.69%	64.62%	0.00%	41.36%	63.98%	61.42%
Operating Margin	-25.51%	-3.75%	-21.79%	16.50%	23.57%	27.00%	0.00%	10.37%	31.68%	31.04%
EBIT Margin	-25.13%	-3.82%	-20.77%	17.09%	23.25%	26.93%	0.00%	8.77%	31.74%	29.53%
Profit (Net Income) Margin	-29.20%	-7.45%	-21.58%	9.82%	12.70%	19.86%	0.00%	-4.55%	18.75%	16.39%
Tax Burden Percent	100.83%	79.70%	81.44%	83.53%	78.41%	96.47%	66.63%	228.47%	72.89%	67.22%
Interest Burden Percent	115.24%	244.96%	127.58%	68.76%	69.65%	76.44%	56.34%	-22.72%	81.04%	82.57%
Effective Tax Rate	0.00%	0.00%	0.00%	16.47%	21.59%	3.53%	33.37%	0.00%	27.11%	32.78%
Return on Invested Capital (ROIC)	-9.03%	-1.20%	-8.73%	6.80%	7.82%	11.46%	0.00%	4.05%	12.03%	10.67%
ROIC Less NNEP Spread (ROIC-NNEP)	-21.07%	-5.89%	-16.35%	2.71%	3.09%	6.56%	0.00%	-7.38%	7.95%	6.25%
Return on Net Nonoperating Assets (RNNOA)	-19.18%	-5.27%	-14.78%	2.49%	3.31%	8.22%	0.00%	-10.05%	9.92%	6.73%
Return on Equity (ROE)	-28.21%	-6.47%	-23.51%	9.29%	11.13%	19.69%	8.76%	-6.00%	21.94%	17.40%
Cash Return on Invested Capital (CROIC)	13.13%	7.20%	-126.66%	10.60%	8.12%	11.95%	-63.57%	6.58%	11.98%	11.20%
Operating Return on Assets (OROA)	-8.69%	-1.23%	-8.34%	6.08%	7.32%	9.05%	0.00%	3.15%	13.08%	11.86%
Return on Assets (ROA)	-10.10%	-2.40%	-8.66%	3.49%	4.00%	6.68%	0.00%	-1.64%	7.72%	6.58%
Return on Common Equity (ROCE)	-27.46%	-6.28%	-22.24%	7.95%	9.30%	16.00%	7.32%	-5.62%	20.98%	15.97%
Return on Equity Simple (ROE_SIMPLE)	-33.73%	-6.81%	-15.49%	10.32%	12.95%	22.37%	8.12%	-6.79%	23.57%	19.23%
Net Operating Profit after Tax (NOPAT)	-7,022	-1,084	-5,159	1,681	1,972	2,903	1,289	499	1,500	1,334
NOPAT Margin	-17.86%	-2.62%	-15.26%	13.79%	18.48%	26.05%	0.00%	7.26%	23.09%	20.87%
Net Nonoperating Expense Percent (NNEP)	12.04%	4.69%	7.62%	4.09%	4.73%	4.90%	5.52%	11.43%	4.08%	4.42%
Return On Investment Capital (ROIC_SIMPLE)	-9.45%	-1.20%	-5.30%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	58.42%	59.35%	60.45%	37.90%	36.17%	34.27%	0.00%	38.64%	37.43%	36.64%
SG&A Expenses to Revenue	23.64%	23.47%	28.62%	32.94%	25.51%	25.02%	0.00%	25.72%	26.01%	26.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	67.10%	44.39%	61.34%	45.60%	40.26%	38.73%	0.00%	50.98%	30.89%	32.31%
Earnings before Interest and Taxes (EBIT)	-9,882	-1,577	-7,023	2,084	2,481	3,001	1,814	603	2,062	1,888
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11,101	22,432	14,331	7,167	6,796	7,201	6,500	2,843	4,157	3,927
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.76	0.61	0.49	1.03	1.41	1.74	2.03	1.84	2.09	2.11
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.66	0.67	0.68	0.98	1.38	1.54	0.00	1.23	1.66	1.80
Price to Earnings (P/E)	0.00	0.00	0.00	11.84	12.12	8.31	0.00	0.00	9.02	11.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	8.45%	8.25%	12.03%	0.00%	0.00%	11.08%	9.00%
Enterprise Value to Invested Capital (EV/IC)	0.88	0.80	0.74	1.01	1.17	1.29	1.34	1.32	1.45	1.48
Enterprise Value to Revenue (EV/Rev)	1.55	1.67	2.07	2.01	2.76	2.92	0.00	2.33	2.78	2.89
Enterprise Value to EBITDA (EV/EBITDA)	5.50	3.07	4.87	3.43	4.34	4.52	5.23	5.64	4.35	4.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	11.78	11.89	10.85	18.76	26.60	8.77	9.80
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	14.61	14.96	11.22	26.40	32.13	12.06	13.87
Enterprise Value to Operating Cash Flow (EV/OCF)	11.35	9.21	16.23	8.78	10.77	9.58	13.21	9.84	13.11	14.30
Enterprise Value to Free Cash Flow (EV/FCFF)	5.98	10.61	0.00	9.38	14.40	10.76	0.00	19.77	12.11	13.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	0.94	1.01	1.10	1.24	1.29	1.60	2.94	1.46	1.36
Long-Term Debt to Equity	1.05	0.90	1.00	1.08	1.22	1.24	1.42	2.94	1.45	1.34
Financial Leverage	0.91	0.90	0.90	0.92	1.07	1.25	1.42	1.36	1.25	1.08
Leverage Ratio	2.79	2.70	2.71	2.66	2.79	2.95	3.55	3.66	2.84	2.64
Compound Leverage Factor	3.22	6.61	3.46	1.83	1.94	2.25	2.00	-0.83	2.30	2.18
Debt to Total Capital	53.07%	48.45%	50.17%	52.42%	55.44%	56.30%	61.49%	74.64%	59.42%	57.61%
Short-Term Debt to Total Capital	3.69%	1.97%	0.37%	1.20%	1.21%	2.22%	6.66%	0.15%	0.62%	0.89%
Long-Term Debt to Total Capital	49.38%	46.47%	49.80%	51.22%	54.23%	54.08%	54.83%	74.49%	58.81%	56.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%
Noncontrolling Interests to Total Capital	1.21%	1.38%	1.61%	6.38%	6.91%	7.58%	7.80%	2.09%	1.82%	1.79%
Common Equity to Total Capital	45.72%	50.17%	48.22%	41.20%	37.66%	36.12%	30.68%	23.27%	38.74%	40.58%
Debt to EBITDA	3.56	1.95	3.42	2.06	2.27	2.14	2.58	5.20	1.91	1.97
Net Debt to EBITDA	3.08	1.78	3.16	1.51	1.88	1.85	2.29	2.51	1.70	1.73
Long-Term Debt to EBITDA	3.31	1.87	3.39	2.01	2.22	2.06	2.30	5.19	1.89	1.94
Debt to NOPAT	-5.63	-40.30	-9.50	8.78	7.81	5.31	13.03	29.62	5.28	5.80
Net Debt to NOPAT	-4.87	-36.81	-8.77	6.46	6.49	4.58	11.54	14.31	4.71	5.08
Long-Term Debt to NOPAT	-5.23	-38.66	-9.43	8.58	7.64	5.10	11.62	29.56	5.23	5.71
Altman Z-Score	0.10	0.49	0.26	1.42	1.42	1.47	0.88	1.40	2.02	1.95
Noncontrolling Interest Sharing Ratio	2.64%	2.96%	5.43%	14.41%	16.40%	18.74%	16.45%	6.31%	4.40%	8.25%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.89	0.93	0.93	2.10	1.99	1.61	1.06	5.34	1.60	1.64
Quick Ratio	0.65	0.64	0.67	1.84	1.50	1.29	0.90	4.89	1.15	1.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	10,208	6,490	-74,844	2,620	2,048	3,027	-11,936	811	1,494	1,400
Operating Cash Flow to CapEx	566.98%	568.16%	436.07%	750.13%	681.34%	1,176.12%	1,752.38%	1,206.67%	1,568.18%	1,256.31%
Free Cash Flow to Firm to Interest Expense	7.37	2.94	-42.12	4.14	3.16	4.29	-16.37	1.53	4.23	4.24
Operating Cash Flow to Interest Expense	3.88	3.39	2.42	4.42	4.23	4.82	3.53	3.08	3.91	3.92
Operating Cash Flow Less CapEx to Interest Expense	3.20	2.80	1.87	3.83	3.61	4.41	3.33	2.82	3.66	3.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.32	0.40	0.36	0.31	0.34	0.00	0.36	0.41	0.40
Accounts Receivable Turnover	7.15	6.65	7.66	4.89	4.13	4.24	0.00	4.12	4.37	4.39
Inventory Turnover	0.00	0.00	0.00	0.00	6.95	8.56	0.00	7.38	7.81	7.30
Fixed Asset Turnover	0.00	0.00	0.00	0.00	9.89	12.73	0.00	12.74	13.40	12.27
Accounts Payable Turnover	19.84	18.07	21.91	11.42	8.98	9.69	0.00	10.25	9.30	9.24
Days Sales Outstanding (DSO)	51.03	54.89	47.63	74.60	88.42	86.03	0.00	88.50	83.54	83.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	52.53	42.63	0.00	49.47	46.75	50.01
Days Payable Outstanding (DPO)	18.39	20.20	16.66	31.96	40.66	37.66	0.00	35.59	39.25	39.49
Cash Conversion Cycle (CCC)	32.63	34.69	30.97	42.64	100.29	91.00	0.00	102.38	91.04	93.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	69,131	86,361	93,935	24,250	25,189	25,265	25,389	12,164	12,476	12,470
Invested Capital Turnover	0.51	0.46	0.57	0.49	0.42	0.44	0.00	0.56	0.52	0.51
Increase / (Decrease) in Invested Capital	-17,230	-7,574	69,685	-939	-76	-124	13,225	-312	6.00	-66
Enterprise Value (EV)	61,024	68,886	69,861	24,559	29,499	32,573	34,024	16,037	18,087	18,506
Market Capitalization	25,930	27,751	23,021	11,908	14,774	17,199	17,021	8,483	10,776	11,485
Book Value per Share	$13.87	$18.55	$19.39	$22.93	$21.31	$18.83	$12.18	$12.16	$13.14	$12.66
Tangible Book Value per Share	($9.75)	($11.49)	($13.31)	($15.08)	($20.87)	($22.51)	($20.79)	($11.17)	($11.16)	($10.33)
Total Capital	74,443	90,141	97,666	28,155	27,787	27,385	27,310	19,808	13,333	13,427
Total Debt	39,505	43,669	48,999	14,759	15,404	15,419	16,793	14,785	7,923	7,735
Total Long-Term Debt	36,757	41,889	48,634	14,420	15,069	14,810	14,974	14,755	7,841	7,616
Net Debt	34,193	39,889	45,268	10,854	12,806	13,299	14,872	7,141	7,066	6,778
Capital Expenditures (CapEx)	948	1,316	987	373	402	289	147	135	88	103
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,296	-3,114	-4,384	239	1,292	1,035	1,067	841	723	746
Debt-free Net Working Capital (DFNWC)	1,016	666	-653	4,144	3,383	2,587	2,053	8,150	1,023	1,136
Net Working Capital (NWC)	-1,732	-1,114	-1,018	3,805	3,048	1,978	234	8,120	941	1,017
Net Nonoperating Expense (NNE)	4,460	1,995	2,138	484	617	690	608	812	282	286
Net Nonoperating Obligations (NNO)	34,193	39,889	45,268	10,854	12,806	13,299	14,872	7,141	7,066	6,778
Total Depreciation and Amortization (D&A)	20,983	24,009	21,354	5,083	4,315	4,200	4,686	2,240	2,095	2,039
Debt-free, Cash-free Net Working Capital to Revenue	-10.93%	-7.54%	-12.96%	1.96%	12.11%	9.29%	0.00%	12.24%	11.13%	11.67%
Debt-free Net Working Capital to Revenue	2.58%	1.61%	-1.93%	33.99%	31.70%	23.21%	0.00%	118.58%	15.75%	17.77%
Net Working Capital to Revenue	-4.40%	-2.70%	-3.01%	31.21%	28.56%	17.75%	0.00%	118.14%	14.48%	15.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.62)	($1.28)	($3.82)	$1.55	$1.82	$2.90	$0.86	($0.59)	$1.97	$1.59
Adjusted Weighted Average Basic Shares Outstanding	2.45B	2.44B	1.94B	503M	505M	529M	498M	384M	401M	432M
Adjusted Diluted Earnings per Share	($4.62)	($1.28)	($3.82)	$1.54	$1.81	$2.88	$0.86	($0.59)	$1.96	$1.58
Adjusted Weighted Average Diluted Shares Outstanding	2.45B	2.44B	1.94B	664M	672M	711M	688M	576M	610M	656M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.45B	2.44B	2.43B	506.25M	487.33M	520.92M	0.00	381.91M	388.66M	409.80M
Normalized Net Operating Profit after Tax (NOPAT)	13	-620	-2,447	1,648	2,141	3,077	1,788	1,483	1,496	1,379
Normalized NOPAT Margin	0.03%	-1.50%	-7.24%	13.52%	20.06%	27.61%	0.00%	21.58%	23.03%	21.57%
Pre Tax Income Margin	-28.96%	-9.35%	-26.50%	11.75%	16.19%	20.59%	0.00%	-1.99%	25.72%	24.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.14	-0.72	-3.95	3.29	3.83	4.26	2.49	1.14	5.84	5.72
NOPAT to Interest Expense	-5.07	-0.49	-2.90	2.66	3.04	4.12	1.77	0.94	4.25	4.04
EBIT Less CapEx to Interest Expense	-7.82	-1.31	-4.51	2.70	3.21	3.85	2.29	0.88	5.59	5.41
NOPAT Less CapEx to Interest Expense	-5.75	-1.09	-3.46	2.07	2.42	3.71	1.57	0.69	4.00	3.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.68%	-9.78%	-4.11%	20.97%	18.75%	11.30%	11.16%	-9.58%	1.81%	4.01%
Augmented Payout Ratio	-1.68%	-11.37%	-4.11%	20.97%	90.26%	39.90%	11.16%	-202.24%	119.29%	147.04%

This table displays calculated financial ratios and metrics derived from Warner Bros. Discovery's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.83%	-2.50%	-3.57%	-6.23%	-6.93%	-6.58%	1.59%	5.40%	238.71%	245.40%	211.84%
EBITDA Growth	-12.83%	-10.93%	-0.08%	-177.07%	-11.25%	84.20%	7.07%	35.26%	162.75%	78.72%	148.09%
EBIT Growth	116.01%	197.06%	814.71%	-1,041.75%	59.37%	94.79%	101.53%	76.18%	-174.73%	-684.48%	-653.12%
NOPAT Growth	86.14%	189.01%	189.69%	-1,026.71%	52.06%	90.39%	104.43%	75.10%	-257.19%	-624.84%	-651.11%
Net Income Growth	52.98%	-63.27%	134.64%	-721.97%	9.91%	81.14%	82.19%	64.20%	-323.16%	-2,384.62%	-1,259.90%
EPS Growth	55.00%	-25.00%	129.41%	-698.04%	9.09%	92.23%	82.11%	66.00%	-163.77%	-2,675.00%	-495.83%
Operating Cash Flow Growth	-5.47%	-24.12%	-66.34%	-39.03%	192.71%	25.72%	1,929.03%	99.21%	-295.36%	221.95%	-84.71%
Free Cash Flow Firm Growth	77.47%	132.90%	73.85%	-0.52%	112.85%	110.49%	112.21%	114.01%	-3,565.60%	-6,059.22%	-53,268.35%
Invested Capital Growth	-19.04%	-19.95%	-17.52%	-20.07%	-9.86%	-8.06%	-9.20%	-11.49%	295.72%	287.36%	289.07%
Revenue Q/Q Growth	-10.45%	4.20%	-0.93%	-2.46%	-3.17%	3.06%	-3.66%	-3.20%	-2.80%	12.06%	-0.04%
EBITDA Q/Q Growth	-1.50%	-7.61%	219.05%	-180.09%	0.79%	3.65%	-8.18%	-7.77%	109.86%	-39.75%	16.00%
EBIT Q/Q Growth	-54.55%	-68.17%	103.10%	-3,820.31%	-201.18%	-400.00%	103.87%	-39.52%	67.82%	11.72%	39.89%
NOPAT Q/Q Growth	-122.84%	-42.35%	102.75%	-3,723.22%	-46.70%	-287.63%	110.71%	-62.66%	70.59%	13.52%	39.82%
Net Income Q/Q Growth	29.84%	-553.90%	101.41%	-950.05%	-143.62%	3.69%	66.64%	-15.09%	49.01%	9.02%	32.95%
EPS Q/Q Growth	10.00%	-500.00%	101.23%	-917.50%	-150.00%	5.88%	66.67%	-15.91%	78.64%	-116.84%	36.67%
Operating Cash Flow Q/Q Growth	-79.63%	220.54%	-31.03%	109.91%	-83.65%	42.21%	24.93%	419.18%	-122.17%	2,195.16%	-87.73%
Free Cash Flow Firm Q/Q Growth	-6.93%	10.41%	41.15%	22.37%	22.14%	-17.59%	-19.23%	115.81%	0.34%	4.03%	7.37%
Invested Capital Q/Q Growth	-0.58%	-5.36%	0.39%	-14.30%	-1.70%	-2.48%	-2.72%	-3.34%	0.26%	-3.68%	-5.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.86%	44.88%	46.16%	36.13%	39.16%	42.67%	46.80%	35.93%	37.52%	36.83%	42.72%
EBITDA Margin	52.76%	47.96%	54.09%	-45.01%	54.82%	52.50%	52.20%	54.77%	57.49%	26.63%	49.53%
Operating Margin	-0.41%	1.62%	2.92%	-105.10%	-2.68%	-1.77%	0.97%	-8.75%	-5.21%	-17.21%	-22.29%
EBIT Margin	0.50%	0.99%	3.23%	-103.33%	-2.57%	-0.99%	0.34%	-8.49%	-5.89%	-17.79%	-22.58%
Profit (Net Income) Margin	-5.00%	-6.38%	1.47%	-103.24%	-9.59%	-3.81%	-4.08%	-11.78%	-9.91%	-18.89%	-23.26%
Tax Burden Percent	103.46%	179.78%	-79.21%	99.93%	116.61%	63.95%	76.50%	82.43%	85.62%	81.82%	80.15%
Interest Burden Percent	-964.44%	-359.60%	-57.23%	99.99%	319.92%	600.98%	-1,564.71%	168.37%	196.51%	129.78%	128.54%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-0.14%	0.57%	1.00%	-35.87%	-0.85%	-0.57%	0.31%	-2.65%	-2.55%	-6.89%	-6.62%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.30%	-1.46%	0.86%	-42.94%	-2.64%	-1.19%	-0.75%	-3.89%	-4.92%	-9.58%	-9.16%
Return on Net Nonoperating Assets (RNNOA)	-1.18%	-1.33%	0.83%	-42.62%	-2.43%	-1.06%	-0.70%	-3.67%	-4.54%	-8.66%	-8.53%
Return on Equity (ROE)	-1.33%	-0.76%	1.83%	-78.49%	-3.28%	-1.63%	-0.39%	-6.32%	-7.09%	-15.55%	-15.15%
Cash Return on Invested Capital (CROIC)	12.11%	13.13%	10.21%	13.29%	9.38%	7.20%	7.19%	8.19%	-129.14%	-126.66%	-123.88%
Operating Return on Assets (OROA)	0.17%	0.34%	1.11%	-34.87%	-0.83%	-0.32%	0.11%	-2.62%	-2.96%	-7.14%	-6.89%
Return on Assets (ROA)	-1.73%	-2.21%	0.50%	-34.84%	-3.11%	-1.23%	-1.32%	-3.64%	-4.98%	-7.58%	-7.10%
Return on Common Equity (ROCE)	-1.29%	-0.74%	1.78%	-76.20%	-3.20%	-1.58%	-0.38%	-6.13%	-6.75%	-14.71%	-14.35%
Return on Equity Simple (ROE_SIMPLE)	-32.44%	0.00%	-32.01%	-34.30%	-6.74%	0.00%	-10.64%	-14.62%	-19.00%	0.00%	-10.57%
Net Operating Profit after Tax (NOPAT)	-26	113	197	-7,146	-187	-127	68	-634	-390	-1,326	-1,533
NOPAT Margin	-0.29%	1.13%	2.04%	-73.57%	-1.88%	-1.24%	0.68%	-6.12%	-3.64%	-12.04%	-15.61%
Net Nonoperating Expense Percent (NNEP)	1.16%	2.03%	0.14%	7.07%	1.79%	0.62%	1.06%	1.24%	2.37%	2.68%	2.54%
Return On Investment Capital (ROIC_SIMPLE)	-0.04%	0.15%	-	-	-	-0.14%	-	-	-	-1.36%	-
Cost of Revenue to Revenue	57.14%	55.12%	53.84%	63.87%	60.84%	57.33%	53.20%	64.07%	62.48%	63.17%	57.28%
SG&A Expenses to Revenue	24.43%	22.12%	24.78%	25.34%	22.41%	23.87%	22.96%	24.73%	22.32%	22.81%	26.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.27%	43.26%	43.24%	141.22%	41.85%	44.44%	45.83%	44.68%	42.73%	54.03%	65.01%
Earnings before Interest and Taxes (EBIT)	45	99	311	-10,036	-256	-102	34	-879	-630	-1,958	-2,218
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,737	4,809	5,205	-4,372	5,459	5,399	5,209	5,673	6,151	2,931	4,865
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.78	0.76	0.58	0.53	0.48	0.61	0.59	0.67	0.79	0.49	0.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.69	0.66	0.51	0.46	0.52	0.67	0.63	0.73	0.89	0.68	1.07
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.88	0.80	0.78	0.73	0.80	0.79	0.84	0.90	0.74	0.79
Enterprise Value to Revenue (EV/Rev)	1.60	1.55	1.47	1.42	1.53	1.67	1.67	1.82	2.04	2.07	2.96
Enterprise Value to EBITDA (EV/EBITDA)	5.89	5.50	4.97	4.84	2.85	3.07	3.52	3.88	4.65	4.87	5.90
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	11.46	11.35	9.33	7.16	7.14	9.21	10.42	17.49	25.19	16.23	32.85
Enterprise Value to Free Cash Flow (EV/FCFF)	6.58	5.98	7.05	5.20	7.38	10.61	10.51	9.59	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.06	1.13	1.11	1.16	0.94	0.94	0.97	1.01	1.02	1.01	1.00
Long-Term Debt to Equity	0.99	1.05	1.03	1.05	0.86	0.90	0.94	0.95	0.95	1.00	0.97
Financial Leverage	0.91	0.91	0.96	0.99	0.92	0.90	0.93	0.94	0.92	0.90	0.93
Leverage Ratio	2.75	2.79	2.80	2.88	2.69	2.70	2.70	2.72	2.68	2.71	2.68
Compound Leverage Factor	-26.55	-10.04	-1.60	2.88	8.60	16.22	-42.25	4.57	5.26	3.52	3.45
Debt to Total Capital	51.55%	53.07%	52.64%	53.63%	48.45%	48.45%	49.26%	50.26%	50.56%	50.17%	49.89%
Short-Term Debt to Total Capital	3.83%	3.69%	3.98%	4.80%	3.90%	1.97%	1.43%	3.19%	3.61%	0.37%	1.26%
Long-Term Debt to Total Capital	47.73%	49.38%	48.66%	48.82%	44.55%	46.47%	47.83%	47.07%	46.95%	49.80%	48.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.84%	1.21%	1.41%	1.40%	1.30%	1.38%	1.50%	1.42%	1.39%	1.61%	1.56%
Common Equity to Total Capital	46.61%	45.72%	45.95%	44.97%	50.24%	50.17%	49.23%	48.32%	48.05%	48.22%	48.54%
Debt to EBITDA	3.60	3.56	3.43	3.50	1.96	1.95	2.24	2.41	2.70	3.42	3.82
Net Debt to EBITDA	3.23	3.08	3.15	3.19	1.82	1.78	2.12	2.26	2.55	3.16	3.64
Long-Term Debt to EBITDA	3.33	3.31	3.17	3.18	1.80	1.87	2.18	2.26	2.50	3.39	3.73
Debt to NOPAT	-5.45	-5.63	-5.54	-5.54	-48.35	-40.30	-19.63	-12.18	-8.44	-9.50	-14.34
Net Debt to NOPAT	-4.89	-4.87	-5.08	-5.05	-44.97	-36.81	-18.59	-11.40	-7.99	-8.77	-13.64
Long-Term Debt to NOPAT	-5.05	-5.23	-5.12	-5.04	-44.46	-38.66	-19.06	-11.40	-7.84	-9.43	-13.98
Altman Z-Score	0.41	0.42	0.36	0.01	0.45	0.53	0.52	0.50	0.55	0.38	0.36
Noncontrolling Interest Sharing Ratio	3.08%	2.64%	2.97%	2.92%	2.67%	2.96%	3.05%	2.90%	4.79%	5.43%	5.28%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	0.89	0.80	0.76	0.82	0.93	0.88	0.81	0.84	0.93	0.86
Quick Ratio	0.56	0.65	0.57	0.55	0.55	0.64	0.60	0.58	0.58	0.67	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	16,141	17,343	15,709	11,129	9,095	7,447	9,036	11,188	-70,769	-71,011	-73,993
Operating Cash Flow to CapEx	220.32%	949.30%	393.95%	487.30%	300.00%	1,335.07%	550.55%	689.73%	-211.04%	781.87%	39.24%
Free Cash Flow to Firm to Interest Expense	34.20	41.00	33.35	0.00	17.66	14.83	16.37	19.32	-123.94	-127.26	-133.32
Operating Cash Flow to Interest Expense	1.17	6.42	1.80	0.00	1.14	7.13	4.56	3.48	-1.11	5.10	0.22
Operating Cash Flow Less CapEx to Interest Expense	0.64	5.74	1.34	0.00	0.76	6.59	3.73	2.97	-1.63	4.45	-0.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.35	0.34	0.34	0.32	0.32	0.32	0.31	0.50	0.40	0.31
Accounts Receivable Turnover	6.99	7.15	6.68	6.17	6.18	6.65	6.48	6.06	8.93	7.66	5.69
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	19.57	19.84	19.06	16.53	20.19	18.07	17.87	16.79	31.50	21.91	7.47
Days Sales Outstanding (DSO)	52.20	51.03	54.62	59.12	59.08	54.89	56.35	60.21	40.86	47.63	64.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.65	18.39	19.15	22.09	18.08	20.20	20.42	21.74	11.59	16.66	48.84
Cash Conversion Cycle (CCC)	33.55	32.63	35.47	37.03	41.00	34.69	35.92	38.46	29.27	30.97	15.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	68,729	69,131	73,047	72,760	84,896	86,361	88,559	91,035	94,178	93,935	97,527
Invested Capital Turnover	0.50	0.51	0.49	0.49	0.45	0.46	0.45	0.43	0.70	0.57	0.42
Increase / (Decrease) in Invested Capital	-16,167	-17,230	-15,512	-18,275	-9,282	-7,574	-8,968	-11,822	70,379	69,685	72,460
Enterprise Value (EV)	61,233	61,024	58,175	56,645	62,034	68,886	70,255	76,132	84,375	69,861	76,927
Market Capitalization	26,340	25,930	20,228	18,230	21,289	27,751	26,470	30,549	36,693	23,021	27,917
Book Value per Share	$13.78	$13.87	$14.32	$14.02	$18.07	$18.55	$18.37	$18.66	$19.13	$19.39	$19.99
Tangible Book Value per Share	($9.35)	($9.75)	($10.01)	($10.84)	($11.21)	($11.49)	($12.24)	($12.74)	($12.92)	($13.31)	($13.46)
Total Capital	72,597	74,443	76,383	76,373	87,872	90,141	90,942	94,062	96,772	97,666	99,949
Total Debt	37,426	39,505	40,209	40,958	42,578	43,669	44,800	47,277	48,930	48,999	49,869
Total Long-Term Debt	34,647	36,757	37,166	37,289	39,148	41,889	43,498	44,276	45,434	48,634	48,612
Net Debt	33,558	34,193	36,873	37,345	39,602	39,889	42,417	44,250	46,336	45,268	47,447
Capital Expenditures (CapEx)	251	286	215	252	195	268	457	292	299	364	316
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,593	-4,296	-3,483	-4,282	-2,600	-3,114	-2,838	-3,159	-1,751	-4,384	-3,169
Debt-free Net Working Capital (DFNWC)	275	1,016	-147	-669	376	666	-455	-132	843	-653	-747
Net Working Capital (NWC)	-2,504	-1,732	-3,190	-4,338	-3,054	-1,114	-1,757	-3,133	-2,653	-1,018	-2,004
Net Nonoperating Expense (NNE)	423	753	56	2,882	768	265	475	586	670	753	752
Net Nonoperating Obligations (NNO)	33,558	34,193	36,873	37,345	39,602	39,889	42,417	44,250	46,336	45,268	47,447
Total Depreciation and Amortization (D&A)	4,692	4,710	4,894	5,664	5,715	5,501	5,175	6,552	6,781	4,889	7,083
Debt-free, Cash-free Net Working Capital to Revenue	-9.37%	-10.93%	-8.80%	-10.72%	-6.41%	-7.54%	-6.75%	-7.54%	-4.23%	-12.96%	-12.19%
Debt-free Net Working Capital to Revenue	0.72%	2.58%	-0.37%	-1.68%	0.93%	1.61%	-1.08%	-0.32%	2.04%	-1.93%	-2.87%
Net Working Capital to Revenue	-6.53%	-4.40%	-8.06%	-10.86%	-7.53%	-2.70%	-4.18%	-7.48%	-6.41%	-3.01%	-7.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.18)	($0.21)	$0.06	($4.07)	($0.40)	($0.16)	($0.17)	($0.51)	($0.44)	($2.06)	($0.95)
Adjusted Weighted Average Basic Shares Outstanding	2.46B	2.45B	2.45B	2.45B	2.44B	2.44B	2.44B	2.44B	2.43B	1.94B	2.43B
Adjusted Diluted Earnings per Share	($0.18)	($0.20)	$0.05	($4.07)	($0.40)	($0.16)	($0.17)	($0.51)	($0.44)	($2.06)	($0.95)
Adjusted Weighted Average Diluted Shares Outstanding	2.46B	2.45B	2.47B	2.45B	2.44B	2.44B	2.44B	2.44B	2.43B	1.94B	2.43B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.47B	2.45B	2.45B	2.45B	2.45B	2.44B	2.44B	2.44B	2.44B	2.43B	2.43B
Normalized Net Operating Profit after Tax (NOPAT)	75	447	207	-487	-154	-75	273	-528	-302	-438	-438
Normalized NOPAT Margin	0.83%	4.46%	2.15%	-5.02%	-1.55%	-0.73%	2.74%	-5.10%	-2.82%	-3.98%	-4.46%
Pre Tax Income Margin	-4.83%	-3.55%	-1.85%	-103.32%	-8.22%	-5.96%	-5.33%	-14.29%	-11.57%	-23.08%	-29.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.10	0.23	0.66	0.00	-0.50	-0.20	0.06	-1.52	-1.10	-3.51	-4.00
NOPAT to Interest Expense	-0.05	0.27	0.42	0.00	-0.36	-0.25	0.12	-1.10	-0.68	-2.38	-2.76
EBIT Less CapEx to Interest Expense	-0.44	-0.44	0.20	0.00	-0.88	-0.74	-0.77	-2.02	-1.63	-4.16	-4.57
NOPAT Less CapEx to Interest Expense	-0.59	-0.41	-0.04	0.00	-0.74	-0.79	-0.70	-1.60	-1.21	-3.03	-3.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-2.00%	-1.68%	-1.70%	-1.64%	-6.52%	-9.78%	-6.21%	-4.59%	-3.54%	-4.11%	-5.97%
Augmented Payout Ratio	-2.00%	-1.68%	-1.70%	-1.64%	-6.52%	-11.37%	-6.21%	-4.59%	-3.54%	-4.11%	-5.97%

Frequently Asked Questions About Warner Bros. Discovery's Financials

When does Warner Bros. Discovery's fiscal year end?

According to the most recent income statement we have on file, Warner Bros. Discovery's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Warner Bros. Discovery's net income changed over the last 8 years?

Warner Bros. Discovery's net income appears to be on an upward trend, with a most recent value of -$11.48 billion in 2024, falling from $1.05 billion in 2015. The previous period was -$3.08 billion in 2023.

What is Warner Bros. Discovery's operating income?

Warner Bros. Discovery's total operating income in 2024 was -$10.03 billion, based on the following breakdown:

Total Gross Profit: $16.35 billion
Total Operating Expenses: $26.38 billion

How has Warner Bros. Discovery revenue changed over the last 8 years?

Over the last 8 years, Warner Bros. Discovery's total revenue changed from $6.39 billion in 2015 to $39.32 billion in 2024, a change of 515.0%.

How much debt does Warner Bros. Discovery have?

Warner Bros. Discovery's total liabilities were at $69.62 billion at the end of 2024, a 8.7% decrease from 2023, and a 584.4% increase since 2015.

How much cash does Warner Bros. Discovery have?

In the past 9 years, Warner Bros. Discovery's cash and equivalents has ranged from $300 million in 2016 to $7.31 billion in 2017, and is currently $5.31 billion as of their latest financial filing in 2024.

How has Warner Bros. Discovery's book value per share changed over the last 9 years?

Over the last 9 years, Warner Bros. Discovery's book value per share changed from 12.66 in 2015 to 13.87 in 2024, a change of 9.6%.

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This page (NASDAQ:DISCA) was last updated on 5/16/2025 by MarketBeat.com Staff

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Warner Bros. Discovery (DISCA) Financials

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Warner Bros. Discovery (DISCA) Financials

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