Warner Bros. Discovery, Inc. WBD

Communication services SIC 4841 - Cable & Other Pay Television Services NAICS Information › Telecommunications › Wired and Wireless Telecommunications (except Satellite) › Wired and Wireless Telecommunications Carriers (except Satellite) › Wired Telecommunications Carriers derived Nasdaq

For convenience, the terms "Warner Bros. Discovery", "WBD", the "Company," "we," "us" or "our" are used in this Annual Report on Form 10-K to refer to both Warner Bros. Discovery, Inc. and collectively to Warner Bros. Discovery, Inc. and one or more of its consolidated subsidiaries, unless the context otherwise requires.

Headwinds in the industry, such as continued pressures on linear distribution and declines in linear subscribers and continued softness in the U.S. linear advertising market, have had, and are expected to continue to have, a material impact on the operations and results of the Company, including a negative impact on the results of operations attributed to declines in linear advertising revenue. The increase of digital advertising inventory available in the marketplace has also resulted in, and is expected to continue to result in, increased competition for advertising expenditures for both traditional linear networks and ad-supported tiers in streaming services. In addition, the imposition of tariffs by the U.S. government and any retaliatory tariffs from foreign governments, including tariffs directly or indirectly applicable to our industry, may negatively impact our operations and results, including by leading to higher productions costs or decreased spending by advertisers whose expenditures are sensitive to such actions or to general economic conditions. We continue to closely monitor the ongoing impact of industry trends to our business; however, the full effects on our operations and results will depend on future developments, which are highly uncertain and cannot be predicted.

Last close 30.95 2026-10-05
Market cap $77.71B 2026-06-30 share count
52-week range 20.82 - 30.99

Valuation FY2025 figures against the last close

P/S2.1x
P/E106.7x
P/FCF25.2x
EV/EBITDA16.5x
Dividend yield—
Diluted EPS0.29

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • Non-U.S.
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 24.9B (66.9%) 67% U.S. Non-U.S., FY2025: 12.3B (33.1%) 33% Non-U.S. FY2024 U.S., FY2024: 26.4B (67.2%) 67% Non-U.S., FY2024: 12.9B (32.8%) 33% FY2023 U.S., FY2023: 28B (67.8%) 68% Non-U.S., FY2023: 13.3B (32.2%) 32%
Region FY2025FY2024FY2023
U.S. $24.95B $26.43B $28.00B
Non-U.S. $12.35B $12.89B $13.32B

As the company reported it, from the “REPORTABLE SEGMENTS - Schedule of Revenues by Geography (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $37.30B$39.32B$41.32B$33.82B$12.19B$10.67B$11.14B$10.55B$6.87B$6.50B
Cost of revenue ———————$3.94B$2.66B$2.43B
Gross profit ———————$6.62B$4.22B$4.07B
SG&A $9.42B$9.30B$9.70B$9.68B$4.02B$2.72B$2.79B$2.62B$1.77B$1.69B
Total operating expenses $36.56B$49.35B$42.87B$41.19B$10.18B$8.16B$8.13B$8.62B$6.16B$4.44B
Operating income $738.0M-$10.03B-$1.55B-$7.37B$2.01B$2.52B$3.01B$1.93B$713.0M$2.06B
Interest expense $2.08B$2.02B$2.22B$1.78B$633.0M$648.0M$677.0M$729.0M$475.0M$353.0M
Pre-tax income $1.64B-$11.39B-$3.86B-$8.96B$1.43B$1.73B$2.29B$1.02B-$137.0M$1.67B
Income tax $890.0M$94.0M$784.0M$1.66B$236.0M$373.0M$81.0M$341.0M$176.0M$453.0M
Net income $749.0M-$11.48B-$3.08B-$7.30B$1.20B$1.22B$2.07B$594.0M-$337.0M$1.19B
EPS, basic 0.29-4.62-1.28-3.821.551.82————
EPS, diluted 0.29-4.62-1.28-3.821.541.81————
Shares, diluted (wtd. avg.) 2.53B2.45B2.44B1.94B664.0M672.0M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $4.57B$5.31B$4.32B$3.93B$3.90B$2.12B$1.55B$986.0M$7.31B$300.0M
Receivables $5.29B$4.95B$6.05B$6.38B$2.45B$2.54B$2.63B$2.62B$1.84B$1.50B
Total current assets $13.21B$14.08B$14.22B$14.00B$7.26B$6.13B$5.22B$4.23B$9.99B$2.50B
Property, plant and equipment $6.68B$6.09B$5.96B$5.30B$1.34B$1.21B$951.0M$800.0M$597.0M$482.0M
Goodwill $25.93B$25.67B$34.97B$34.44B$12.91B$13.07B$13.05B$13.01B$7.07B$8.04B
Other intangibles $27.76B$32.30B$38.28B$44.98B$6.32B$7.64B$8.67B$9.67B$1.77B$1.51B
Total assets $100.08B$104.56B$122.76B$134.00B$34.43B$34.09B$33.73B$32.55B$22.55B$15.67B
Accounts payable $1.09B$1.05B$1.26B$1.45B$412.0M$397.0M$463.0M$325.0M$277.0M$241.0M
Short-term debt $139.0M$2.75B$1.78B$365.0M$339.0M$335.0M$609.0M$1.82B——
Total current liabilities $12.50B$15.81B$15.33B$15.02B$3.46B$3.08B$3.24B$4.00B$1.87B$1.56B
Long-term debt $32.57B$39.51B$43.67B$49.00B$14.76B$15.40B$15.42B$16.79B$14.79B$7.92B
Total liabilities $62.92B$69.62B$76.28B$85.33B$21.03B$21.70B$21.77B$22.03B$17.53B$10.26B
Retained earnings -$11.51B-$12.24B-$928.0M$2.21B$9.58B$8.54B$7.33B$5.25B$4.63B$5.23B
Total equity $35.92B$34.04B$46.31B$48.35B$13.03B$12.00B$11.52B$10.10B$4.61B$5.17B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $4.32B$5.38B$7.48B$4.30B$2.80B$2.74B$3.40B$2.58B$1.63B$1.38B
Depreciation and amortisation $5.68B$7.04B$7.99B$7.19B$1.58B$1.36B$1.35B$1.40B$330.0M$322.0M
Stock-based compensation $769.0M$557.0M$500.0M$412.0M$178.0M$110.0M$142.0M$80.0M$39.0M$69.0M
Capital expenditure $1.23B$948.0M$1.32B$987.0M$373.0M$402.0M$289.0M$147.0M$135.0M$88.0M
Investing cash flow -$1.18B-$349.0M-$1.26B$3.52B-$56.0M-$703.0M-$438.0M-$8.59B-$633.0M-$256.0M
Financing cash flow -$4.24B-$3.75B-$5.84B-$7.74B-$853.0M-$1.55B-$2.36B-$283.0M$5.95B-$1.18B
Buybacks ———————$0$603.0M$1.37B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437107-26-000046.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B 0 20B 40B 60B Revenue, FY2016: 6.5B Gross profit, FY2016: 4.1B Net income, FY2016: 1.2B Revenue, FY2017: 6.9B Gross profit, FY2017: 4.2B Net income, FY2017: -337M Revenue, FY2018: 10.6B Gross profit, FY2018: 6.6B Net income, FY2018: 594M Revenue, FY2019: 11.1B Net income, FY2019: 2.1B Revenue, FY2020: 10.7B Net income, FY2020: 1.2B Revenue, FY2021: 12.2B Net income, FY2021: 1.2B Revenue, FY2022: 33.8B Net income, FY2022: -7.3B Revenue, FY2023: 41.3B Net income, FY2023: -3.1B Revenue, FY2024: 39.3B Net income, FY2024: -11.5B Revenue, FY2025: 37.3B Net income, FY2025: 749M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $6.50B $6.87B $10.55B $11.14B $10.67B $12.19B $33.82B $41.32B $39.32B $37.30B
Gross profit $4.07B $4.22B $6.62B — — — — — — —
Net income $1.19B -$337.0M $594.0M $2.07B $1.22B $1.20B -$7.30B -$3.08B -$11.48B $749.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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