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Warner Bros Discovery WBD

US equityMarket cap rank #214Streaming Services
$30.80
+$0.04 (+0.13%)
Market open · Sep 24, 2:00 pm ET
After hours $30.76 0.00%
Open$30.79
Prev close$30.76
Day range$30.71 – $30.81
Volume29.18M
Market cap$77.33B
P/E (TTM)–
Dividend yield–

Fundamentals

Latest reported quarter: Q2, ended Jun 2026

Revenue$8.72B-11.2% YoY
Operating profit$373.00M+572.2% YoY
Net profit$162.00M-89.8% YoY
Diluted EPS$0.06-90.5% YoY
Free cash flow$572.00M-18.5% YoY
Operating cash flow$848.00M

Revenue, last 8 quarters

$9.6BSep '24$10.0BDec '24$9.0BMar '25$9.8BJun '25$9.0BSep '25$9.5BDec '25$8.9BMar '26$8.7BJun '26

Net profit, last 8 quarters

$141.0MSep '24$-640.0MDec '24$-449.0MMar '25$1.6BJun '25$-143.0MSep '25$-247.0MDec '25$-2.9BMar '26$162.0MJun '26

Diluted EPS by quarter

0.05Sep '24-0.20Dec '24-0.18Mar '250.63Jun '25-0.06Sep '25-0.11Dec '25-1.17Mar '260.06Jun '26

Free cash flow by quarter

$632.0MSep '24$2.4BDec '24$302.0MMar '25$702.0MJun '25$701.0MSep '25$1.4BDec '25$-476.0MMar '26$572.0MJun '26

Annual revenue

$10.7BFY20$12.2BFY21$33.8BFY22$41.3BFY23$39.3BFY24$37.3BFY25

Profitability & balance sheet

Gross margin47.2%
Operating margin6.1%
Net margin-8.8%
Return on equity-9.2%
Return on assets-3.2%
Return on invested capital-2.1%
Current ratio0.78
Liabilities / assets65.0%
Cash & investments$3.37B
Total debt$32.02B
Net cash (debt)-$28.65B
Free cash flow / sales6.0%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • Global Linear Networks$3.99B 42.5%
  • Streaming$3.08B 32.8%
  • Studios$2.33B 24.8%
  • Corporate$1.00M 0.0%

Income statement

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Revenue as Reported $8.72B $8.89B $37.30B $9.46B $9.05B
Total Operating Revenue $8.72B $8.89B $37.30B $9.46B $9.05B
Cost of Revenue $4.62B $4.64B $20.89B $5.22B $4.56B
Gross Profit $4.10B $4.25B $16.41B $4.24B $4.48B
Operating Expense $3.72B $3.70B $15.10B $3.70B $3.74B
Selling and Admin Expenses $2.56B $2.48B $9.42B $2.39B $2.36B
Depreciation & Amortization & Depletion $1.16B $1.23B $5.68B $1.32B $1.38B
-Depreciation & Amortization $1.16B $1.23B $5.68B $1.32B $1.38B
Operating Profit $373.00M $549.00M $1.31B $536.00M $745.00M
Net Non-Operating Interest Income (Expense) -$477.00M -$559.00M -$1.88B -$548.00M -$523.00M
Non-Operating Interest Income $34.00M $22.00M $206.00M $36.00M $47.00M
Non-Operating Interest Expense $511.00M $581.00M $2.09B $584.00M $570.00M
Other Income (Expense) -$167.00M -$3.11B $2.21B -$396.00M -$195.00M
Gain on Sale of Security $4.00M -$54.00M $35.00M -$29.00M -$65.00M
Earnings from Equity Interest $28.00M -$5.00M -$24.00M -$39.00M $17.00M
Special Income (Charges) -$208.00M -$3.05B $2.20B -$321.00M -$137.00M
-Less:Restructuring and Mergern & Acquisition $113.00M $3.00B $399.00M $177.00M $88.00M
-Less:Other Special Charges $72.00M $30.00M -$2.77B $134.00M $3.00M
-Less:Write Off $23.00M – – – –
Other Non-Operating Income (Expenses) $9.00M -$3.00M -$5.00M -$7.00M -$10.00M
Pretax Profit -$271.00M -$3.12B $1.64B -$408.00M $27.00M
Tax -$433.00M -$214.00M $890.00M -$161.00M $170.00M
Net Profit $162.00M -$2.91B $749.00M -$247.00M -$143.00M
Profit from Continuing Operations $162.00M -$2.91B $749.00M -$247.00M -$143.00M
Minority Interests $13.00M $10.00M $22.00M $5.00M $5.00M
Net Income to Parent Company $149.00M -$2.92B $727.00M -$252.00M -$148.00M
Net Income to Common Stockholders $149.00M -$2.92B $728.00M -$251.00M -$148.00M
Basic EPS $0.06 -$1.17 $0.29 -$0.11 -$0.06
Diluted EPS $0.06 -$1.17 $0.29 -$0.11 -$0.06
-Less:Impairment of Capital Assets – $14.00M $172.00M $10.00M $46.00M
-Gain on Sale Of Business – – $0.00 $0.00 $0.00
Other Preferred Stock Dividends – – -$1.00M – –

Balance sheet

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Assets $97.25B $97.84B $100.09B $100.09B $100.52B
Total Current Assets $12.54B $11.74B $13.21B $13.21B $13.06B
Cash and Cash Equivalents & Short-Term Investments $3.37B $3.26B $4.57B $4.57B $4.29B
-Cash and Cash Equivalents $3.37B $3.26B $4.57B $4.57B $4.29B
Receivables $4.95B $5.01B $6.37B $6.37B $5.13B
-Accounts Receivable $4.95B $5.01B $5.29B $5.29B $5.13B
Other Current Assets $4.22B $3.47B $1.95B $1.95B $3.64B
Total Non-Current Assets $84.71B $86.10B $86.88B $86.88B $87.46B
Net PPE $6.65B $6.64B $6.69B $6.69B $6.52B
Goodwill and Other Intangible Assets $71.03B $71.99B $72.81B $72.81B $73.81B
-Goodwill $25.86B $25.87B $25.93B $25.93B $25.92B
-Other Intangible Assets $45.17B $46.12B $46.88B $46.88B $47.89B
Other Non-Current Assets $7.03B $7.47B $7.38B $7.38B $7.13B
Total Liabilities $63.25B $64.13B $62.92B $62.92B $63.21B
Total Current Liabilities $16.14B $16.12B $12.50B $12.50B $12.16B
Payables $1.06B $1.11B $1.76B $1.76B $1.08B
-Accounts Payable $1.06B $1.11B $1.09B $1.09B $1.08B
Current Accrued Expenses $12.08B $11.92B $8.96B $8.96B $9.29B
Short-Term Debt and Capital Lease Obligation $1.49B $1.49B $139.00M $139.00M $139.00M
-Current Debt $1.49B $1.49B $139.00M $139.00M $139.00M
Current Deferred Liabilities $1.51B $1.59B $1.64B $1.64B $1.65B
Total Non-Current Liabilities $47.11B $48.02B $50.42B $50.42B $51.05B
Long Term Debt and Capital Lease Obligation $30.53B $30.97B $32.43B $32.43B $33.38B
-Long Term Debt $30.53B $30.97B $32.43B $32.43B $33.38B
Non-Current Deferred Liabilities $5.58B $5.87B $6.38B $6.38B $6.71B
Other Non-Current Liabilities $11.00B $11.17B $11.61B $11.61B $10.96B
Total Equity $34.00B $33.71B $37.17B $37.17B $37.31B
Stockholders' Equity $32.84B $32.58B $35.92B $35.92B $36.02B
Capital Stock $27.00M $27.00M $27.00M $27.00M $27.00M
-Common Stock $27.00M $27.00M $27.00M $27.00M $27.00M
-Preferred Stock $0.00 $0.00 $0.00 $0.00 $0.00
Additional Paid-In Capital $56.02B $55.87B $56.06B $56.06B $55.93B
Retained Earnings -$14.28B -$14.43B -$11.51B -$11.51B -$11.26B
Less: Treasury Stock $8.24B $8.24B $8.24B $8.24B $8.24B
Gains/Losses Not Affecting Retained Earnings -$688.00M -$642.00M -$407.00M -$407.00M -$431.00M
Minority Interests $1.16B $1.13B $1.25B $1.25B $1.29B
-Other Receivables – – $1.07B $1.07B –
Prepaid Assets – – $322.00M $322.00M –
-Gross PPE – – $11.51B $11.51B –
-Accumulated Depreciation – – -$4.83B -$4.83B –
-Total Tax Payable – – $668.00M $668.00M –

Cash flow

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Operating Cash Flow $848.00M -$208.00M $4.32B $1.80B $979.00M
Net cash flow from continuing operations $848.00M -$208.00M $4.32B $1.80B $979.00M
Net Income from Continuing Operations $162.00M -$2.91B $749.00M -$247.00M -$143.00M
Depreciation & Depletion & Amortization $3.63B $3.73B $17.54B $4.08B $3.68B
Deferred Tax -$299.00M -$513.00M -$710.00M -$438.00M $199.00M
Other Non-Cash Items -$77.00M $2.92B $69.00M $144.00M $10.00M
Change in Working Capital -$3.00B -$3.60B -$11.30B -$1.94B -$3.02B
-Change in Receivables $32.00M $246.00M -$336.00M -$136.00M $260.00M
-Change in Payables and Accrued Expense $200.00M -$1.03B -$11.29B -$10.89B -$261.00M
-Change In Other Working Capital $2.29B -$2.81B $327.00M $9.09B -$9.33B
Net cash flow from investing -$217.00M -$282.00M -$1.18B -$418.00M -$330.00M
Net Cash Flow from Continuing Investing Activities -$217.00M -$282.00M -$1.18B -$418.00M -$330.00M
Net PPE Purchase and Sale -$276.00M -$268.00M -$1.23B -$421.00M -$278.00M
Net Business Purchase and Sale $0.00 -$25.00M -$100.00M -$3.00M -$71.00M
Net Investment Purchase and Sale $9.00M $0.00 $80.00M $26.00M $0.00
Net Other Investing Changes $50.00M $11.00M $72.00M -$20.00M $19.00M
Financing Cash Flow -$517.00M -$756.00M -$4.24B -$1.12B -$1.24B
Net Cash Flow from Continuing Financing Activities -$517.00M -$756.00M -$4.24B -$1.12B -$1.24B
Net Issuance Payments Of Debt -$573.00M -$139.00M -$4.56B -$1.20B -$1.16B
Net Other Financing Charges $56.00M -$617.00M $320.00M $86.00M -$81.00M
Ending Cash Balance $3.37B $3.27B $4.57B $4.57B $4.30B
Net Change in Cash $114.00M -$1.25B -$1.10B $269.00M -$588.00M
Beginning Cash Balance $3.27B $4.57B $5.42B $4.30B $4.89B
Effect of Exchange Rate Changes -$9.00M -$56.00M $254.00M $3.00M -$5.00M
Free Cash Flow $572.00M -$476.00M $3.09B $1.38B $701.00M
Gain/Loss from Continuing Operations – – -$2.97B -$36.00M $23.00M
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