Warner Bros. Discovery (WBD) Financials

$27.12 -0.08 (-0.29%)

Closing price 04:00 PM Eastern

Extended Trading

$27.16 +0.04 (+0.13%)

As of 05:06 PM Eastern

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,034	1,194	-337	594	2,069	1,219	1,006	-7,371	-3,126	-11,311	727
Consolidated Net Income / (Loss)	1,048	1,218	-313	681	2,213	1,355	1,197	-7,297	-3,079	-11,482	749
Net Income / (Loss) Continuing Operations	1,048	1,218	-313	597	2,213	1,355	1,197	-7,297	-3,079	-11,482	749
Total Pre-Tax Income	1,559	1,671	-137	1,022	2,294	1,728	1,433	-8,960	-3,863	-11,388	1,639
Total Operating Income	1,985	2,058	713	1,934	3,009	2,515	2,012	-7,370	-1,548	-10,032	738
Total Gross Profit	4,051	4,065	4,217	6,618	7,325	6,811	7,571	13,375	16,795	16,351	16,411
Total Revenue	6,394	6,497	6,873	10,553	11,144	10,671	12,191	33,817	41,321	39,321	37,296
Operating Revenue	6,072	6,497	6,873	10,553	11,144	10,671	12,191	33,817	41,321	39,321	37,296
Total Cost of Revenue	2,343	2,432	2,656	3,935	3,819	3,860	4,620	20,442	24,526	22,970	20,885
Operating Cost of Revenue	2,343	2,432	2,656	3,935	3,819	3,860	4,620	20,442	24,526	22,970	20,885
Total Operating Expenses	2,066	2,007	3,504	4,768	4,316	4,296	5,559	20,745	18,343	26,383	15,673
Selling, General & Admin Expense	1,669	1,690	1,768	2,620	2,788	2,722	4,016	9,678	9,696	9,296	9,418
Depreciation Expense	330	322	330	1,398	1,347	1,359	1,582	7,193	7,985	7,037	5,684
Impairment Charge	0.00	0.00	1,327	0.00	155	124	-71	117	77	9,603	172
Restructuring Charge	50	58	75	750	26	91	32	3,757	585	447	399
Total Other Income / (Expense), net	-426	-387	-850	-912	-715	-787	-579	-1,590	-2,315	-1,356	901
Interest Expense	330	353	529	729	705	648	633	1,777	2,204	1,385	-860
Interest & Investment Income	1.00	-38	-211	-63	-2.00	-105	-18	-160	-82	-121	-24
Other Income / (Expense), net	-97	4.00	-110	-120	-8.00	-34	72	347	-29	150	65
Income Tax Expense	511	453	176	341	81	373	236	-1,663	-784	94	890
Net Income / (Loss) Attributable to Noncontrolling Interest	14	24	24	87	144	136	191	74	47	-171	22
Basic Earnings per Share	$1.59	$0.00	($11.92)	$0.86	$2.90	$1.82	$1.55	($3.82)	($1.28)	($4.62)	$0.29
Weighted Average Basic Shares Outstanding	432M	401M	29.70M	498M	529M	599M	588M	1.94B	2.44B	2.45B	2.48B
Diluted Earnings per Share	$1.58	$0.00	($11.92)	$0.86	$2.88	$1.81	$1.54	($3.82)	($1.28)	($4.62)	$0.29
Weighted Average Diluted Shares Outstanding	656M	610M	29.70M	688M	711M	672M	664M	1.94B	2.44B	2.45B	2.53B
Weighted Average Basic & Diluted Shares Outstanding	325.20M	303M	29.70M	523.78M	520.92M	487.33M	506.25M	2.43B	2.44B	2.45B	2.48B

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-417	-400	-966	-9,986	135	-494	-453	1,580	-148	-252	-2,916
Consolidated Net Income / (Loss)	-407	-392	-955	-10,028	141	-640	-449	1,588	-143	-247	-2,906
Net Income / (Loss) Continuing Operations	-407	-392	-955	-10,028	141	-640	-449	1,588	-143	-247	-2,906
Total Pre-Tax Income	-532	-613	-819	-10,035	-178	-356	-434	2,454	27	-408	-3,120
Total Operating Income	97	-182	-267	-10,208	281	162	-37	-185	611	349	-2,469
Total Gross Profit	4,670	4,388	3,900	3,509	4,442	4,500	3,848	3,845	4,481	4,237	4,250
Total Revenue	9,979	10,284	9,958	9,713	9,623	10,027	8,979	9,812	9,045	9,460	8,893
Operating Revenue	9,979	10,284	9,958	9,713	9,623	10,027	8,979	9,812	9,045	9,460	8,893
Total Cost of Revenue	5,309	5,896	6,058	6,204	5,181	5,527	5,131	5,967	4,564	5,223	4,643
Operating Cost of Revenue	5,309	5,896	6,058	6,204	5,181	5,527	5,131	5,967	4,564	5,223	4,643
Total Operating Expenses	4,573	4,570	4,167	13,717	4,161	4,338	3,885	4,030	3,870	3,888	6,719
Selling, General & Admin Expense	2,291	2,455	2,232	2,461	2,385	2,218	2,194	2,477	2,361	2,386	2,475
Depreciation Expense	1,989	2,024	1,888	1,744	1,762	1,643	1,547	1,447	1,375	1,315	1,226
Other Operating Expenses / (Income)	-	-	-	-	-	-	0.00	-	-	-	2,800
Impairment Charge	24	-	-	9,395	5.00	191	-	26	46	10	14
Restructuring Charge	269	75	35	117	9.00	286	54	80	88	177	204
Total Other Income / (Expense), net	-629	-431	-552	173	-459	-518	-397	2,639	-584	-757	-651
Interest Expense	552	502	490	-24	471	423	472	-2,495	571	592	608
Interest & Investment Income	-14	-9.00	-48	-23	-18	-32	-7.00	5.00	17	-39	-5.00
Other Income / (Expense), net	-63	80	-14	172	30	-63	82	139	-30	-126	-38
Income Tax Expense	-125	-221	136	-7.00	-319	284	15	866	170	-161	-214
Net Income / (Loss) Attributable to Noncontrolling Interest	10	8.00	11	-42	6.00	-146	4.00	8.00	5.00	5.00	10
Basic Earnings per Share	($0.17)	($0.16)	($0.40)	($4.07)	$0.06	($0.21)	($0.18)	$0.64	($0.06)	($0.11)	($1.17)
Weighted Average Basic Shares Outstanding	2.44B	2.44B	2.44B	2.45B	2.45B	2.45B	2.46B	2.48B	2.48B	2.48B	2.49B
Diluted Earnings per Share	($0.17)	($0.16)	($0.40)	($4.07)	$0.05	($0.20)	($0.18)	$0.63	($0.06)	($0.10)	($1.17)
Weighted Average Diluted Shares Outstanding	2.44B	2.44B	2.44B	2.45B	2.47B	2.45B	2.46B	2.50B	2.48B	2.53B	2.49B
Weighted Average Basic & Diluted Shares Outstanding	2.44B	2.44B	2.45B	2.45B	2.45B	2.45B	2.47B	2.48B	2.48B	2.48B	2.51B

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	23	-90	7,009	-6,323	566	570	1,783	25	389	1,097	-846
Net Cash From Operating Activities	1,294	1,380	1,629	2,576	3,399	2,739	2,798	4,304	7,477	5,375	4,319
Net Cash From Continuing Operating Activities	1,294	1,380	1,629	2,576	3,399	2,739	2,798	4,304	7,477	5,375	4,319
Net Income / (Loss) Continuing Operations	1,048	1,218	-313	681	2,213	1,355	1,197	-7,297	-3,079	-11,482	749
Consolidated Net Income / (Loss)	1,048	1,218	-313	681	2,213	1,355	1,197	-7,297	-3,079	-11,482	749
Depreciation Expense	330	322	330	1,398	1,347	1,359	1,582	7,193	7,985	7,037	5,684
Amortization Expense	1,709	1,773	1,910	3,288	2,853	2,956	3,501	14,161	16,024	13,946	11,855
Non-Cash Adjustments To Reconcile Net Income	98	165	1,796	260	463	354	266	4,071	880	9,732	-1,957
Changes in Operating Assets and Liabilities, net	-1,891	-2,098	-2,094	-3,051	-3,477	-3,285	-3,748	-13,824	-14,333	-13,858	-12,012
Net Cash From Investing Activities	-301	-256	-633	-8,593	-438	-703	-56	3,524	-1,259	-349	-1,179
Net Cash From Continuing Investing Activities	-301	-256	-633	-8,593	-438	-703	-56	3,524	-1,259	-349	-1,179
Purchase of Property, Plant & Equipment	-103	-88	-135	-147	-289	-402	-373	-987	-1,316	-948	-1,231
Acquisitions	-80	0.00	-60	-8,565	-73	-289	-105	3,612	-50	0.00	0.00
Purchase of Investments	-281	-272	-545	-61	-200	-96	-184	-168	-112	-109	-100
Divestitures	61	19	29	107	125	69	599	306	0.00	541	54
Sale and/or Maturity of Investments	87	87	77	-	-	-	-86	752	121	136	26
Other Investing Activities, net	15	-2.00	1.00	73	-1.00	15	93	9.00	98	31	72
Net Cash From Financing Activities	-919	-1,184	5,951	-283	-2,357	-1,549	-853	-7,742	-5,837	-3,749	-4,240
Net Cash From Continuing Financing Activities	-919	-1,184	5,951	-283	-2,357	-1,549	-853	-7,742	-5,837	-3,749	-4,240
Repayment of Debt	-1,295	-921	-1,270	-2,207	-2,953	-2,805	-602	-9,835	-12,190	-19,376	-27,209
Repurchase of Common Equity	-1,499	-1,431	-603	0.00	-633	-969	0.00	0.00	-49	0.00	0.00
Payment of Dividends	-42	-22	-30	-76	-250	-254	-251	-300	-301	-193	-198
Issuance of Debt	1,952	1,111	7,838	2,000	1,479	2,479	0.00	2,393	6,703	15,820	22,534
Other Financing Activities, net	-29	40	0.00	-	-	-	-	-	0.00	0.00	633
Effect of Exchange Rate Changes	-51	-30	-	-23	-38	83	-106	-61	8.00	-180	254

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-647	1,889	-933	231	-127	1,926	-1,442	917	-593	272	-1,302
Net Cash From Operating Activities	2,516	3,578	585	1,228	847	2,715	553	983	979	1,804	-208
Net Cash From Continuing Operating Activities	2,516	3,578	585	1,228	847	2,715	553	983	979	1,804	-208
Net Income / (Loss) Continuing Operations	-407	-392	-955	-10,028	141	-640	-449	1,588	-143	-247	-2,906
Consolidated Net Income / (Loss)	-407	-392	-955	-10,028	141	-640	-449	1,588	-143	-247	-2,906
Depreciation Expense	1,989	2,024	1,888	1,744	1,762	1,643	1,547	1,447	1,375	1,315	1,226
Amortization Expense	3,186	3,477	3,827	3,920	3,132	3,067	3,145	3,706	2,242	2,762	2,499
Non-Cash Adjustments To Reconcile Net Income	237	223	123	8,882	217	510	230	-2,855	321	347	3,085
Changes in Operating Assets and Liabilities, net	-2,489	-1,754	-4,298	-3,290	-4,405	-1,865	-3,920	-2,903	-2,816	-2,373	-4,112
Net Cash From Investing Activities	-458	-234	-207	70	-218	6.00	-195	-236	-330	-418	-282
Net Cash From Continuing Investing Activities	-458	-234	-207	70	-218	6.00	-195	-236	-330	-418	-282
Purchase of Property, Plant & Equipment	-457	-268	-195	-252	-215	-286	-251	-281	-278	-421	-268
Purchase of Investments	-46	-21	-53	-15	-36	-5.00	-14	-12	-71	-3.00	-25
Divestitures	-	-	0.00	-	-	217	77	43	-66	-	0.00
Other Investing Activities, net	45	-16	41	13	33	-56	-7.00	14	85	-20	11
Net Cash From Financing Activities	-2,625	-1,529	-1,237	-1,037	-875	-600	-1,895	9.00	-1,237	-1,117	-756
Net Cash From Continuing Financing Activities	-2,625	-1,529	-1,237	-1,037	-875	-600	-1,895	9.00	-1,237	-1,117	-756
Repayment of Debt	-4,545	-2,132	-3,307	-12,028	-3,475	-566	-4,417	-19,633	-1,258	-1,784	-450
Payment of Dividends	-13	-19	-130	-31	-11	-21	-157	-17	-14	-10	-129
Issuance of Debt	1,933	671	2,200	11,022	2,611	-13	2,195	19,659	3.00	677	245
Other Financing Activities, net	-	-	-	-	-	-	484	-	32	-	-422
Other Net Changes in Cash	-	-	-	-	-	-	95	-	-	-	-56

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	15,864	15,672	22,555	32,550	33,735	34,087	34,427	134,001	122,757	104,560	100,085
Total Current Assets	2,596	2,502	9,991	4,231	5,217	6,130	7,264	13,999	14,218	14,078	13,206
Cash & Equivalents	390	300	7,309	986	1,552	2,091	3,905	3,731	3,780	5,312	4,566
Accounts Receivable	1,479	1,495	1,838	2,620	2,633	2,537	2,446	6,380	6,047	4,947	5,294
Prepaid Expenses	346	397	434	312	453	970	913	3,888	4,391	3,819	3,346
Plant, Property, & Equipment, net	488	482	597	800	951	1,206	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	12,780	12,688	11,967	27,519	27,567	26,751	27,163	120,002	108,539	90,482	86,879
Goodwill	8,164	8,040	7,073	13,006	13,050	13,070	12,912	34,438	34,969	25,667	25,933
Intangible Assets	1,730	1,512	1,770	9,674	8,667	7,640	6,317	44,982	38,285	32,299	27,764
Other Noncurrent Operating Assets	2,319	2,579	2,789	3,904	5,282	5,534	7,934	40,582	35,285	32,516	33,182
Total Liabilities & Shareholders' Equity	15,864	15,672	22,555	32,550	33,735	34,087	34,427	134,001	122,757	104,560	100,085
Total Liabilities	10,172	10,262	17,532	22,033	21,769	21,704	21,031	85,334	76,285	69,622	62,919
Total Current Liabilities	1,579	1,561	1,871	3,997	3,239	3,082	3,459	15,017	15,332	15,810	12,500
Short-Term Debt	119	82	30	1,819	609	335	339	365	1,780	2,748	139
Accounts Payable	282	241	277	325	463	397	412	1,454	1,260	1,055	1,093
Accrued Expenses	988	1,075	1,309	1,604	1,678	1,793	2,230	11,504	10,368	10,438	9,626
Current Deferred Revenue	190	163	255	249	489	557	478	1,694	1,924	1,569	1,642
Total Noncurrent Liabilities	8,593	8,701	15,661	18,036	18,530	18,622	17,572	70,317	60,953	53,812	50,419
Long-Term Debt	7,616	7,841	14,755	14,974	14,810	15,069	14,420	48,634	41,889	36,757	32,428
Noncurrent Deferred & Payable Income Tax Liabilities	556	467	319	1,811	1,691	1,534	1,225	11,014	8,736	6,985	6,383
Other Noncurrent Operating Liabilities	421	393	587	1,251	2,029	2,019	1,927	10,669	10,328	10,070	11,608
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	241	243	413	415	442	383	363	318	165	109	19
Total Equity & Noncontrolling Interests	5,451	5,167	4,610	10,102	11,524	12,000	13,033	48,349	46,307	34,829	37,147
Total Preferred & Common Equity	5,451	5,167	4,610	8,386	9,891	10,464	11,599	47,095	45,226	34,037	35,919
Preferred Stock	2.00	2.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,449	5,165	4,610	8,379	9,891	10,464	11,599	47,095	45,226	34,037	35,919
Common Stock	7,026	7,051	7,300	10,647	10,754	10,816	11,093	54,657	55,139	55,587	56,082
Retained Earnings	4,517	5,232	4,632	5,254	7,333	8,543	9,580	2,205	-928	-12,239	-11,512
Treasury Stock	-5,461	-6,356	-6,737	-6,737	-7,374	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244
Accumulated Other Comprehensive Income / (Loss)	-633	-762	-585	-785	-822	-651	-830	-1,523	-741	-1,067	-407
Noncontrolling Interest	-	-	0.00	1,716	1,633	1,536	1,434	1,254	1,081	792	1,228

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	128,618	123,749	122,757	119,819	108,029	106,333	104,560	101,679	101,727	100,519	97,837
Total Current Assets	13,773	12,831	14,218	13,902	13,430	12,505	14,078	12,782	13,611	13,062	11,741
Cash & Equivalents	3,027	2,383	3,780	2,976	3,613	3,336	5,312	3,868	4,888	4,294	3,264
Accounts Receivable	6,770	6,312	6,047	6,303	6,166	5,534	4,947	4,664	5,383	5,128	5,009
Prepaid Expenses	3,976	4,136	4,391	4,623	3,651	3,635	3,819	4,250	3,340	3,640	3,468
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	114,845	110,918	108,539	105,917	94,599	93,828	90,482	88,897	88,116	87,457	86,096
Goodwill	34,911	34,727	34,969	34,891	25,740	25,869	25,667	25,746	25,939	25,920	25,874
Intangible Assets	41,584	39,874	38,285	36,648	35,157	33,767	32,299	31,033	29,906	28,789	26,803
Other Noncurrent Operating Assets	38,350	36,317	35,285	34,378	33,702	34,192	32,516	32,118	32,271	32,748	33,419
Total Liabilities & Shareholders' Equity	128,618	123,749	122,757	119,819	108,029	106,333	104,560	101,679	101,727	100,519	97,837
Total Liabilities	81,833	77,607	76,285	74,525	72,614	70,159	69,622	66,508	64,381	63,214	64,130
Total Current Liabilities	16,906	14,588	15,332	16,956	17,768	15,695	15,810	15,286	13,040	12,163	16,115
Short-Term Debt	3,001	1,302	1,780	3,430	3,669	3,043	2,748	2,779	221	139	1,493
Accounts Payable	1,689	1,329	1,260	1,245	1,151	1,120	1,055	1,008	1,074	1,083	1,110
Accrued Expenses	10,668	10,040	10,368	10,288	10,926	10,002	10,438	9,899	10,218	9,292	11,920
Current Deferred Revenue	1,548	1,917	1,924	1,993	2,022	1,530	1,569	1,600	1,527	1,649	1,592
Total Noncurrent Liabilities	64,927	63,019	60,953	57,569	54,846	54,464	53,812	51,222	51,341	51,051	48,015
Long-Term Debt	44,276	43,498	41,889	39,148	37,289	37,166	36,757	34,647	34,411	33,382	30,973
Noncurrent Deferred & Payable Income Tax Liabilities	9,718	9,098	8,736	8,303	7,806	7,339	6,985	6,714	6,494	6,708	5,873
Other Noncurrent Operating Liabilities	10,933	10,423	10,328	10,118	9,751	9,959	10,070	9,861	10,436	10,961	11,169
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	306	281	165	179	118	117	109	23	23	23	0.00
Total Equity & Noncontrolling Interests	46,479	45,861	46,307	45,115	35,297	36,057	34,829	35,148	37,323	37,282	33,707
Total Preferred & Common Equity	45,452	44,774	45,226	44,151	34,345	35,100	34,037	33,836	36,049	36,018	32,578
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	45,452	44,774	45,226	44,151	34,345	35,100	34,037	33,836	36,049	36,018	32,578
Common Stock	54,843	54,971	55,139	55,202	55,359	55,490	55,587	55,612	55,776	55,953	55,892
Retained Earnings	-105	-526	-928	-1,894	-11,880	-11,745	-12,239	-12,692	-11,112	-11,260	-14,428
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)	-1,042	-1,427	-741	-913	-890	-401	-1,067	-840	-371	-431	-642
Noncontrolling Interest	1,027	1,087	1,081	964	952	957	792	1,312	1,274	1,264	1,129

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2,477,974,509.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2,477,974,509.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.29
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	1,334	1,500	499	1,289	2,903	1,972	1,681	-5,159	-1,084	-7,022	337
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-5.30%	-1.20%	-9.45%	0.48%
Earnings before Interest and Taxes (EBIT)	1,888	2,062	603	1,814	3,001	2,481	2,084	-7,023	-1,577	-9,882	803
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,927	4,157	2,843	6,500	7,201	6,796	7,167	14,331	22,432	11,101	18,342
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,400	1,494	811	-11,936	3,027	2,048	2,620	-74,844	6,490	10,208	4,301
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,470	12,476	12,164	25,389	25,265	25,189	24,250	93,935	86,361	69,131	65,167
Increase / (Decrease) in Invested Capital	-66	6.00	-312	13,225	-124	-76	-939	69,685	-7,574	-17,230	-3,964
Book Value per Share	$12.66	$13.14	$12.16	$12.18	$18.83	$21.31	$22.93	$19.39	$18.55	$13.87	$14.50
Tangible Book Value per Share	($10.33)	($11.16)	($11.17)	($20.79)	($22.51)	($20.87)	($15.08)	($13.31)	($11.49)	($9.75)	($7.17)
Total Capital	13,427	13,333	19,808	27,310	27,385	27,787	28,155	97,666	90,141	74,443	69,733
Total Debt	7,735	7,923	14,785	16,793	15,419	15,404	14,759	48,999	43,669	39,505	32,567
Total Long-Term Debt	7,616	7,841	14,755	14,974	14,810	15,069	14,420	48,634	41,889	36,757	32,428
Net Debt	6,778	7,066	7,141	14,872	13,299	12,806	10,854	45,268	39,889	34,193	28,001
Capital Expenditures (CapEx)	103	88	135	147	289	402	373	987	1,316	948	1,231
Debt-free, Cash-free Net Working Capital (DFCFNWC)	746	723	841	1,067	1,035	1,292	239	-4,384	-3,114	-4,296	-3,721
Debt-free Net Working Capital (DFNWC)	1,136	1,023	8,150	2,053	2,587	3,383	4,144	-653	666	1,016	845
Net Working Capital (NWC)	1,017	941	8,120	234	1,978	3,048	3,805	-1,018	-1,114	-1,732	706
Net Nonoperating Expense (NNE)	286	282	812	608	690	617	484	2,138	1,995	4,460	-412
Net Nonoperating Obligations (NNO)	6,778	7,066	7,141	14,872	13,299	12,806	10,854	45,268	39,889	34,193	28,001
Total Depreciation and Amortization (D&A)	2,039	2,095	2,240	4,686	4,200	4,315	5,083	21,354	24,009	20,983	17,539
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.59	$1.97	($0.59)	$0.86	$2.90	$1.82	$1.55	($3.82)	($1.28)	($4.62)	$0.29
Adjusted Weighted Average Basic Shares Outstanding	432M	401M	384M	498M	529M	505M	503M	1.94B	2.44B	2.45B	2.48B
Adjusted Diluted Earnings per Share	$1.58	$1.96	($0.59)	$0.86	$2.88	$1.81	$1.54	($3.82)	($1.28)	($4.62)	$0.29
Adjusted Weighted Average Diluted Shares Outstanding	656M	610M	576M	688M	711M	672M	664M	1.94B	2.44B	2.45B	2.53B
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	409.80M	388.66M	381.91M	0.00	520.92M	487.33M	506.25M	2.43B	2.44B	2.45B	2.48B
Normalized Net Operating Profit after Tax (NOPAT)	1,379	1,496	1,483	1,788	3,077	2,141	1,648	-2,447	-620	13	916
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	2,477,974,509.00	2,479,929,515.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2,477,974,509.00	2,479,929,515.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.10	-1.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.59%	-6.58%	-6.93%	-6.23%	-3.57%	-2.50%	-9.83%	1.02%	-6.01%	-	-0.96%
EBITDA Growth	7.07%	84.20%	-11.25%	-177.07%	-0.08%	-10.93%	-12.83%	216.81%	-19.35%	-	-74.29%
EBIT Growth	101.53%	94.79%	59.37%	-1,041.75%	814.71%	197.06%	116.01%	99.54%	86.82%	-	-5,671.11%
NOPAT Growth	104.43%	90.39%	52.06%	-1,026.71%	189.69%	189.01%	86.14%	98.32%	-1,745.16%	-	-6,572.97%
Net Income Growth	82.19%	81.14%	9.91%	-721.97%	134.64%	-63.27%	52.98%	115.84%	-201.42%	-	-547.22%
EPS Growth	82.11%	92.23%	9.09%	-698.04%	129.41%	-25.00%	55.00%	115.48%	-220.00%	-	-550.00%
Operating Cash Flow Growth	1,929.03%	25.72%	192.71%	-39.03%	-66.34%	-24.12%	-5.47%	-19.95%	15.58%	-	-137.61%
Free Cash Flow Firm Growth	112.21%	110.49%	112.85%	-0.52%	73.85%	132.90%	77.47%	-50.13%	-79.13%	-	-74.65%
Invested Capital Growth	-9.20%	-8.06%	-9.86%	-20.07%	-17.52%	-19.95%	-19.04%	-7.79%	-8.92%	-	-8.47%
Revenue Q/Q Growth	-3.66%	3.06%	-3.17%	-2.46%	-0.93%	4.20%	-10.45%	9.28%	-7.82%	-	-5.99%
EBITDA Q/Q Growth	-8.18%	3.65%	0.79%	-180.09%	219.05%	-7.61%	-1.50%	7.81%	-17.80%	-	-71.67%
EBIT Q/Q Growth	103.87%	-400.00%	-201.18%	-3,820.31%	103.10%	-68.17%	-54.55%	-202.22%	1,363.04%	-	-1,224.22%
NOPAT Q/Q Growth	110.71%	-287.63%	-46.70%	-3,723.22%	102.75%	-42.35%	-122.84%	-362.22%	-2,603.12%	-	-807.45%
Net Income Q/Q Growth	66.64%	3.69%	-143.62%	-950.05%	101.41%	-553.90%	29.84%	453.67%	-109.01%	-	-1,076.52%
EPS Q/Q Growth	66.67%	5.88%	-150.00%	-917.50%	101.23%	-500.00%	10.00%	450.00%	-109.52%	-	-1,070.00%
Operating Cash Flow Q/Q Growth	24.93%	42.21%	-83.65%	109.91%	-31.03%	220.54%	-79.63%	77.76%	-0.41%	-	-111.53%
Free Cash Flow Firm Q/Q Growth	-19.23%	-17.59%	22.14%	22.37%	41.15%	10.41%	-6.93%	-65.61%	-40.92%	-	-2.77%
Invested Capital Q/Q Growth	-2.72%	-2.48%	-1.70%	-14.30%	0.39%	-5.36%	-0.58%	-2.38%	-0.83%	-	-3.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.80%	42.67%	39.16%	36.13%	46.16%	44.88%	42.86%	39.19%	49.54%	-	47.79%
EBITDA Margin	52.20%	52.50%	54.82%	-45.01%	54.09%	47.96%	52.76%	52.05%	46.41%	-	13.70%
Operating Margin	0.97%	-1.77%	-2.68%	-105.10%	2.92%	1.62%	-0.41%	-1.89%	6.76%	-	-27.76%
EBIT Margin	0.34%	-0.99%	-2.57%	-103.33%	3.23%	0.99%	0.50%	-0.47%	6.42%	-	-28.19%
Profit (Net Income) Margin	-4.08%	-3.81%	-9.59%	-103.24%	1.47%	-6.38%	-5.00%	16.18%	-1.58%	-	-32.68%
Tax Burden Percent	76.50%	63.95%	116.61%	99.93%	-79.21%	179.78%	103.46%	64.71%	-529.63%	-	93.14%
Interest Burden Percent	-1,564.71%	600.98%	319.92%	99.99%	-57.23%	-359.60%	-964.44%	-5,334.78%	4.65%	-	124.45%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	35.29%	629.63%	-	0.00%
Return on Invested Capital (ROIC)	0.31%	-0.57%	-0.85%	-35.87%	1.00%	0.57%	-0.14%	-0.67%	-19.41%	-	-10.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.75%	-1.19%	-2.64%	-42.94%	0.86%	-1.46%	-1.30%	4.42%	-10.05%	-	-14.74%
Return on Net Nonoperating Assets (RNNOA)	-0.70%	-1.06%	-2.43%	-42.62%	0.83%	-1.33%	-1.18%	4.08%	-9.04%	-	-13.43%
Return on Equity (ROE)	-0.39%	-1.63%	-3.28%	-78.49%	1.83%	-0.76%	-1.33%	3.40%	-28.45%	-	-24.42%
Cash Return on Invested Capital (CROIC)	7.19%	7.20%	9.38%	13.29%	10.21%	13.13%	12.11%	8.24%	9.50%	-	7.04%
Operating Return on Assets (OROA)	0.11%	-0.32%	-0.83%	-34.87%	1.11%	0.34%	0.17%	-0.17%	2.35%	-	-10.52%
Return on Assets (ROA)	-1.32%	-1.23%	-3.11%	-34.84%	0.50%	-2.21%	-1.73%	5.93%	-0.58%	-	-12.19%
Return on Common Equity (ROCE)	-0.38%	-1.58%	-3.20%	-76.20%	1.78%	-0.74%	-1.29%	3.29%	-27.54%	-	-23.54%
Return on Equity Simple (ROE_SIMPLE)	-10.64%	0.00%	-6.74%	-34.30%	-32.01%	0.00%	-32.44%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	68	-127	-187	-7,146	197	113	-26	-120	-3,236	244	-1,728
NOPAT Margin	0.68%	-1.24%	-1.88%	-73.57%	2.04%	1.13%	-0.29%	-1.22%	-35.78%	-	-19.43%
Net Nonoperating Expense Percent (NNEP)	1.06%	0.62%	1.79%	7.07%	0.14%	2.03%	1.16%	-5.09%	-9.36%	-	3.75%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.14%	-	-	-	0.15%	-0.04%	-0.17%	-4.57%	0.35%	-2.61%
Cost of Revenue to Revenue	53.20%	57.33%	60.84%	63.87%	53.84%	55.12%	57.14%	60.81%	50.46%	-	52.21%
SG&A Expenses to Revenue	22.96%	23.87%	22.41%	25.34%	24.78%	22.12%	24.43%	25.24%	26.10%	-	27.83%
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	45.83%	44.44%	41.85%	141.22%	43.24%	43.26%	43.27%	41.07%	42.79%	-	75.55%
Earnings before Interest and Taxes (EBIT)	34	-102	-256	-10,036	311	99	45	-46	581	223	-2,507
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,209	5,399	5,459	-4,372	5,205	4,809	4,737	5,107	4,198	4,300	1,218
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.59	0.61	0.48	0.53	0.58	0.76	0.78	0.79	1.34	-	2.09
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)	0.63	0.67	0.52	0.46	0.51	0.66	0.69	0.74	1.28	-	1.83
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	36.92	99.69	-	0.00
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%	0.00%	0.00%	0.00%	0.00%	2.71%	1.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.79	0.80	0.73	0.78	0.80	0.88	0.89	0.89	1.19	-	1.56
Enterprise Value to Revenue (EV/Rev)	1.67	1.67	1.53	1.42	1.47	1.55	1.60	1.55	2.08	-	2.65
Enterprise Value to EBITDA (EV/EBITDA)	3.52	3.07	2.85	4.84	4.97	5.50	5.89	2.99	4.18	-	6.64
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	136.85	112.03	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	624.01	679.88	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.42	9.21	7.14	7.16	9.33	11.35	11.46	11.65	15.08	-	27.66
Enterprise Value to Free Cash Flow (EV/FCFF)	10.51	10.61	7.38	5.20	7.05	5.98	6.58	10.30	11.89	-	21.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.97	0.94	0.94	1.16	1.11	1.13	1.06	0.93	0.90	-	0.96
Long-Term Debt to Equity	0.94	0.90	0.86	1.05	1.03	1.05	0.99	0.92	0.89	-	0.92
Financial Leverage	0.93	0.90	0.92	0.99	0.96	0.91	0.91	0.92	0.90	-	0.91
Leverage Ratio	2.70	2.70	2.69	2.88	2.80	2.79	2.75	2.88	2.82	-	2.90
Compound Leverage Factor	-42.25	16.22	8.60	2.88	-1.60	-10.04	-26.55	-153.79	0.13	-	3.60
Debt to Total Capital	49.26%	48.45%	48.45%	53.63%	52.64%	53.07%	51.55%	48.11%	47.33%	-	49.06%
Short-Term Debt to Total Capital	1.43%	1.97%	3.90%	4.80%	3.98%	3.69%	3.83%	0.31%	0.20%	-	2.26%
Long-Term Debt to Total Capital	47.83%	46.47%	44.55%	48.82%	48.66%	49.38%	47.73%	47.81%	47.13%	-	46.81%
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%
Noncontrolling Interests to Total Capital	1.50%	1.38%	1.30%	1.40%	1.41%	1.21%	1.84%	1.80%	1.82%	-	1.71%
Common Equity to Total Capital	49.23%	50.17%	50.24%	44.97%	45.95%	45.72%	46.61%	50.08%	50.85%	-	49.23%
Debt to EBITDA	2.24	1.95	1.96	3.50	3.43	3.56	3.60	1.74	1.78	-	2.19
Net Debt to EBITDA	2.12	1.78	1.82	3.19	3.15	3.08	3.23	1.50	1.55	-	1.97
Long-Term Debt to EBITDA	2.18	1.87	1.80	3.18	3.17	3.31	3.33	1.73	1.77	-	2.09
Debt to NOPAT	-19.63	-40.30	-48.35	-5.54	-5.54	-5.63	-5.45	363.85	288.97	-	-27.38
Net Debt to NOPAT	-18.59	-36.81	-44.97	-5.05	-5.08	-4.87	-4.89	312.50	251.96	-	-24.63
Long-Term Debt to NOPAT	-19.06	-38.66	-44.46	-5.04	-5.12	-5.23	-5.05	361.53	287.78	-	-26.12
Altman Z-Score	0.52	0.53	0.45	0.01	0.36	0.42	0.41	0.49	0.71	-	0.67
Noncontrolling Interest Sharing Ratio	3.05%	2.96%	2.67%	2.92%	2.97%	2.64%	3.08%	3.25%	3.21%	-	3.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	0.93	0.82	0.76	0.80	0.89	0.84	1.04	1.07	-	0.73
Quick Ratio	0.60	0.64	0.55	0.55	0.57	0.65	0.56	0.79	0.77	-	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9,036	7,447	9,095	11,129	15,709	17,343	16,141	5,550	3,279	4,208	4,092
Operating Cash Flow to CapEx	550.55%	1,335.07%	300.00%	487.30%	393.95%	949.30%	220.32%	349.82%	352.16%	-	-77.61%
Free Cash Flow to Firm to Interest Expense	16.37	14.83	17.66	0.00	33.35	41.00	34.20	0.00	5.74	-	6.73
Operating Cash Flow to Interest Expense	4.56	7.13	1.14	0.00	1.80	6.42	1.17	0.00	1.71	-	-0.34
Operating Cash Flow Less CapEx to Interest Expense	3.73	6.59	0.76	0.00	1.34	5.74	0.64	0.00	1.23	-	-0.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.32	0.32	0.34	0.34	0.35	0.35	0.37	0.37	-	0.37
Accounts Receivable Turnover	6.48	6.65	6.18	6.17	6.68	7.15	6.99	6.66	7.10	-	7.69
Inventory Turnover	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
Accounts Payable Turnover	17.87	18.07	20.19	16.53	19.06	19.84	19.57	19.60	19.24	-	19.26
Days Sales Outstanding (DSO)	56.35	54.89	59.08	59.12	54.62	51.03	52.20	54.83	51.39	-	47.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	20.42	20.20	18.08	22.09	19.15	18.39	18.65	18.62	18.97	-	18.95
Cash Conversion Cycle (CCC)	35.92	34.69	41.00	37.03	35.47	32.63	33.55	36.21	32.42	-	28.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	88,559	86,361	84,896	72,760	73,047	69,131	68,729	67,090	66,532	65,167	62,909
Invested Capital Turnover	0.45	0.46	0.45	0.49	0.49	0.51	0.50	0.55	0.54	-	0.57
Increase / (Decrease) in Invested Capital	-8,968	-7,574	-9,282	-18,275	-15,512	-17,230	-16,167	-5,670	-6,515	-3,964	-5,820
Enterprise Value (EV)	70,255	68,886	62,034	56,645	58,175	61,024	61,233	59,394	78,866	-	98,430
Market Capitalization	26,470	27,751	21,289	18,230	20,228	25,930	26,340	28,353	48,352	-	68,099
Book Value per Share	$18.37	$18.55	$18.07	$14.02	$14.32	$13.87	$13.78	$14.57	$14.55	$14.50	$13.14
Tangible Book Value per Share	($12.24)	($11.49)	($11.21)	($10.84)	($10.01)	($9.75)	($9.35)	($8.00)	($7.55)	($7.17)	($8.10)
Total Capital	90,942	90,141	87,872	76,373	76,383	74,443	72,597	71,978	70,826	69,733	66,173
Total Debt	44,800	43,669	42,578	40,958	40,209	39,505	37,426	34,632	33,521	32,567	32,466
Total Long-Term Debt	43,498	41,889	39,148	37,289	37,166	36,757	34,647	34,411	33,382	32,428	30,973
Net Debt	42,417	39,889	39,602	37,345	36,873	34,193	33,558	29,744	29,227	28,001	29,202
Capital Expenditures (CapEx)	457	268	195	252	215	286	251	281	278	421	268
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,838	-3,114	-2,600	-4,282	-3,483	-4,296	-3,593	-4,096	-3,256	-3,721	-6,145
Debt-free Net Working Capital (DFNWC)	-455	666	376	-669	-147	1,016	275	792	1,038	845	-2,881
Net Working Capital (NWC)	-1,757	-1,114	-3,054	-4,338	-3,190	-1,732	-2,504	571	899	706	-4,374
Net Nonoperating Expense (NNE)	475	265	768	2,882	56	753	423	-1,708	-3,093	491	1,178
Net Nonoperating Obligations (NNO)	42,417	39,889	39,602	37,345	36,873	34,193	33,558	29,744	29,227	28,001	29,202
Total Depreciation and Amortization (D&A)	5,175	5,501	5,715	5,664	4,894	4,710	4,692	5,153	3,617	4,077	3,725
Debt-free, Cash-free Net Working Capital to Revenue	-6.75%	-7.54%	-6.41%	-10.72%	-8.80%	-10.93%	-9.37%	-10.66%	-8.60%	-	-16.51%
Debt-free Net Working Capital to Revenue	-1.08%	1.61%	0.93%	-1.68%	-0.37%	2.58%	0.72%	2.06%	2.74%	-	-7.74%
Net Working Capital to Revenue	-4.18%	-2.70%	-7.53%	-10.86%	-8.06%	-4.40%	-6.53%	1.49%	2.37%	-	-11.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($0.16)	($0.40)	($4.07)	$0.06	($0.21)	($0.18)	$0.64	($0.06)	($0.11)	($1.17)
Adjusted Weighted Average Basic Shares Outstanding	2.44B	2.44B	2.44B	2.45B	2.45B	2.45B	2.46B	2.48B	2.48B	2.48B	2.49B
Adjusted Diluted Earnings per Share	($0.17)	($0.16)	($0.40)	($4.07)	$0.05	($0.20)	($0.18)	$0.63	($0.06)	($0.10)	($1.17)
Adjusted Weighted Average Diluted Shares Outstanding	2.44B	2.44B	2.44B	2.45B	2.47B	2.45B	2.46B	2.50B	2.48B	2.53B	2.49B
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	2.44B	2.44B	2.45B	2.45B	2.45B	2.45B	2.47B	2.48B	2.48B	2.48B	2.51B
Normalized Net Operating Profit after Tax (NOPAT)	273	-75	-154	-487	207	447	75	-51	522	375	-1,576
Normalized NOPAT Margin	2.74%	-0.73%	-1.55%	-5.02%	2.15%	4.46%	0.83%	-0.52%	5.77%	-	-17.72%
Pre Tax Income Margin	-5.33%	-5.96%	-8.22%	-103.32%	-1.85%	-3.55%	-4.83%	25.01%	0.30%	-	-35.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.06	-0.20	-0.50	0.00	0.66	0.23	0.10	0.00	1.02	-	-4.12
NOPAT to Interest Expense	0.12	-0.25	-0.36	0.00	0.42	0.27	-0.05	0.00	-5.67	-	-2.84
EBIT Less CapEx to Interest Expense	-0.77	-0.74	-0.88	0.00	0.20	-0.44	-0.44	0.00	0.53	-	-4.56
NOPAT Less CapEx to Interest Expense	-0.70	-0.79	-0.74	0.00	-0.04	-0.41	-0.59	0.00	-6.15	-	-3.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-6.21%	-9.78%	-6.52%	-1.64%	-1.70%	-1.68%	-2.00%	32.19%	58.71%	-	-9.95%
Augmented Payout Ratio	-6.21%	-11.37%	-6.52%	-1.64%	-1.70%	-1.68%	-2.00%	32.19%	58.71%	-	-9.95%

Financials Breakdown Chart

Key Financial Trends

Warner Bros. Discovery (WBD) has shown a mix of topline stability and earnings volatility over the last four years. In 2025 the company generated positive cash flow from operations toward year-end and maintained cash liquidity, even as earnings swung due to restructuring and impairment activity. Below are the key takeaways for retail investors, drawn from the quarterly statements provided.

Operating cash flow from continuing operations remained positive through 2025, culminating at $1.804B in Q4 2025, with a steady rise from earlier quarters (Q3 2025: $0.979B; Q2 2025: $0.983B; Q1 2025: $0.553B).
Free cash flow in 2025 stayed positive each quarter, roughly $0.30B (Q1) to $1.38B (Q4) after capital expenditures, with Q2 and Q3 around $0.70B.
Liquidity remained solid, with cash and equivalents in the low-to-mid single-digit billions in 2025 (about $4.0B–$4.9B range noted in mid-2025), supporting debt service and capital needs.
Revenue has held in a relatively stable band near $9–$10B per quarter in 2024–2025, signaling topline resilience despite ongoing investments in content and distribution.
Gross margins have varied but generally sit in roughly the 39–50% range across quarters, indicating a consistent ability to generate gross profit despite cost structure fluctuations.
Net income and earnings per share have been negative in most quarters (examples: Q4 2025 net income ≈ -$247M; Q1 2025 ≈ -$449M; Q3 2025 ≈ -$143M), reflecting volatility driven by non-operating items and charges.
Debt load remains substantial, with long-term debt typically in the mid-$30B range and quarterly interest expense around $0.47B–$0.59B, creating a meaningful ongoing hurdle for profitability and cash flow on periods of higher rates.
Impairment and restructuring charges have periodically weighed on results (several quarters in 2023–2025 show impairment/restructuring items totaling tens to hundreds of millions), contributing to earnings volatility.

05/07/26 02:31 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Warner Bros. Discovery's Financials

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

According to the most recent income statement we have on file, Warner Bros. Discovery's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Warner Bros. Discovery's net income changed over the last 10 years?

Warner Bros. Discovery's net income appears to be on an upward trend, with a most recent value of $749 million in 2025, falling from $1.05 billion in 2015. The previous period was -$11.48 billion in 2024. See where experts think Warner Bros. Discovery is headed by visiting Warner Bros. Discovery's forecast page.

What is Warner Bros. Discovery's operating income?

Warner Bros. Discovery's total operating income in 2025 was $738 million, based on the following breakdown:

Total Gross Profit: $16.41 billion
Total Operating Expenses: $15.67 billion

How has Warner Bros. Discovery's revenue changed over the last 10 years?

Over the last 10 years, Warner Bros. Discovery's total revenue changed from $6.39 billion in 2015 to $37.30 billion in 2025, a change of 483.3%.

How much debt does Warner Bros. Discovery have?

Warner Bros. Discovery's total liabilities were at $62.92 billion at the end of 2025, a 9.6% decrease from 2024, and a 518.6% increase since 2015.

How much cash does Warner Bros. Discovery have?

In the past 10 years, Warner Bros. Discovery's cash and equivalents has ranged from $300 million in 2016 to $7.31 billion in 2017, and is currently $4.57 billion as of their latest financial filing in 2025.

How has Warner Bros. Discovery's book value per share changed over the last 10 years?

Over the last 10 years, Warner Bros. Discovery's book value per share changed from 12.66 in 2015 to 14.50 in 2025, a change of 14.5%.

Related Companies

Financial statements for NASDAQ:WBD last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Warner Bros. Discovery (WBD) Financials

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Warner Bros. Discovery (WBD) Financials

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