PerpEquities

Equity

Is Warner Bros. Discovery, Inc. (WBD) tradable as a perp? Not right now

Warner Bros. Discovery is a global media and entertainment company with Studios, Network, and Direct-to-Consumer segments, producing and distributing films, TV, streaming, games, and iconic franchises.

Currently not listed on any perp exchange

WBD traded as a perpetual on Gate.io, HTX, Helix (Injective), MEXC, Ourbit, Bitget until October 9, 2026. No venue lists it at the moment; we keep tracking it, and with the next listing this page becomes a full market page again. Until then: fundamentals below and tradable alternatives.

Similar stocks already tradable as perps
NUCMCSAKKRLYGVRTMURATA

Price chart

Interactive TradingView chart

TradingView symbol NASDAQ:WBD

Loads TradingView's third-party widget (about 1 MB) on demand.

Auto: underlying reference priceOpen in TradingView

Company data

Company fundamentals

Updated 46m ago
Market cap
$77.6B
Updated 46m ago
Revenue
$36.1B
Trailing 12 months
Revenue growth
-3%
Next fiscal year
Profit margin
-8.8%
P/E
-24.4
Peer P/E 19.3
Free cash flow
$2.2B
Trailing 12 months
More metrics
Net income
-$3.2B
Trailing 12 months
P/S
2.1
Peer P/E
19.3
Similar listed perps
Revenue estimate
$36.2B
Next fiscal year
Earnings
2026-11-05
Revenue est. $8.7B · Updated 46m ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$37.3B
Net margin+1.9%
Free cash flow$3.1B
Net debt$28B
2020$10.7B
2021$12.2B
2022$33.8B
2023$41.3B
2024$39.3B
2025$37.3B
PeriodRevenueGrowthNet incomeFCF
2020$10.7B-4%$1.2B$2.3B
2021$12.2B+14%$1B$2.4B
2022$33.8B+177%-$7.4B$3.3B
2023$41.3B+22%-$3.1B$6.2B
2024$39.3B-5%-$11.3B$4.4B
2025$37.3B-5%$727M$3.1B
PeriodGross marginOperating marginNet marginROEROA
2020+63.8%+23.6%+11.4%+11.6%+3.6%
2021+62.1%+16.5%+8.3%+8.7%+2.9%
2022+39.6%-21.8%-21.8%-15.7%-5.5%
2023+40.6%-3.7%-7.6%-6.9%-2.5%
2024+41.6%-25.5%-28.8%-33.2%-10.8%
2025+44.0%+3.5%+1.9%+2.0%+0.7%
PeriodCashDebtNet debtCurrent ratio
2020$2.1B$15.4B$13.3B1.99
2021$3.9B$14.8B$10.9B2.10
2022$3.7B$49B$45.3B0.93
2023$3.8B$43.7B$39.9B0.93
2024$5.3B$39.5B$34.2B0.89
2025$4.6B$32.6B$28B1.06
PeriodMarket capEnterprise valueP/SP/E
2020$15.3B$28.7B1.416.5
2021$11.9B$22.8B1.015.2
2022$18.4B$63.7B0.5-2.5
2023$27.7B$67.6B0.7-8.9
2024$25.9B$60.1B0.7-2.3
2025$71.3B$99.3B1.999.4
Q3 2024$9.6B
Q4 2024$10B
Q1 2025$9B
Q2 2025$9.8B
Q3 2025$9B
Q4 2025$9.5B
Q1 2026$8.9B
Q2 2026$8.7B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$9.6B-4%$135M$632M
Q4 2024$10B-2%-$494M$2.4B
Q1 2025$9B-10%-$453M$302M
Q2 2025$9.8B+1%$1.6B$702M
Q3 2025$9B-6%-$148M$701M
Q4 2025$9.5B-6%-$252M$1.4B
Q1 2026$8.9B-1%-$2.9B-$476M
Q2 2026$8.7B-11%$149M$572M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+46.2%+2.9%+1.4%+0.4%+0.1%
Q4 2024+44.9%+1.6%-4.9%-1.5%-0.5%
Q1 2025+42.9%-0.4%-5.0%-1.3%-0.4%
Q2 2025+39.2%-1.9%+16.1%+4.4%+1.6%
Q3 2025+49.5%+6.8%-1.6%-0.4%-0.1%
Q4 2025+44.8%+5.7%-2.7%-0.7%-0.3%
Q1 2026+47.8%+6.2%-32.8%-9.0%-3.0%
Q2 2026+47.0%+4.3%+1.7%+0.5%+0.2%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$3.3B$40.2B$36.9B0.80
Q4 2024$5.3B$39.5B$34.2B0.89
Q1 2025$3.9B$37.4B$33.6B0.84
Q2 2025$4.9B$34.6B$29.7B1.04
Q3 2025$4B$33.7B$29.8B1.07
Q4 2025$4.6B$32.6B$28B1.06
Q1 2026$3.3B$32.5B$29.2B0.73
Q2 2026$3.4B$32B$28.7B0.78
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$20.2B$57.1B2.134.4
Q4 2024$25.9B$60.1B2.6-13.2
Q1 2025$26.4B$60B2.9-14.9
Q2 2025$28.4B$58.1B2.94.5
Q3 2025$48.4B$78.2B5.4-81.4
Q4 2025$71.3B$99.3B7.5-72.1
Q1 2026$68.4B$97.6B7.7-5.9
Q2 2026$66.9B$95.6B7.7111.1

Refreshed 46m ago

Charts: revenue, profit, cash flow & valuation
Revenue$8.7BQ2 2026
$2.6B$5.1B$7.7B$10.3BQ3 2023: $10BQ4 2023: $10.3BQ1 2024: $10BQ2 2024: $9.7BQ3 2024: $9.6BQ4 2024: $10BQ1 2025: $9BQ2 2025: $9.8BQ3 2025: $9BQ4 2025: $9.5BQ1 2026: $8.9BQ2 2026: $8.7BQ3 2023Q2 2026
Net income$149MQ2 2026
-$7.1B-$4.2B-$1.3B$1.6BQ3 2023: -$417MQ4 2023: -$400MQ1 2024: -$966MQ2 2024: -$10BQ3 2024: $135MQ4 2024: -$494MQ1 2025: -$453MQ2 2025: $1.6BQ3 2025: -$148MQ4 2025: -$252MQ1 2026: -$2.9BQ2 2026: $149MQ3 2023Q2 2026
EBITDA$3.9BQ2 2026
-$1B$2B$5B$8BQ3 2023: $5.2BQ4 2023: $5.4BQ1 2024: $5.4BQ2 2024: -$4BQ3 2024: $5.4BQ4 2024: $4.8BQ1 2025: $4.7BQ2 2025: $8BQ3 2025: $4.3BQ4 2025: $4.3BQ1 2026: $1.2BQ2 2026: $3.9BQ3 2023Q2 2026
Free cash flow$572MQ2 2026
$470.5M$1.4B$2.4B$3.3BQ3 2023: $2.1BQ4 2023: $3.3BQ1 2024: $390MQ2 2024: $976MQ3 2024: $632MQ4 2024: $2.4BQ1 2025: $302MQ2 2025: $702MQ3 2025: $701MQ4 2025: $1.4BQ1 2026: -$476MQ2 2026: $572MQ3 2023Q2 2026
EPS$0.06Q2 2026
-$2.9-$1.72-$0.54$0.63Q3 2023: -$0.17Q4 2023: -$0.16Q1 2024: -$0.4Q2 2024: -$4.07Q3 2024: $0.05Q4 2024: -$0.2Q1 2025: -$0.18Q2 2025: $0.63Q3 2025: -$0.06Q4 2025: -$0.1Q1 2026: -$1.17Q2 2026: $0.06Q3 2023Q2 2026
Cash / Debt$3.4BQ2 2026
$11.2B$22.4B$33.6B$44.8BQ3 2023 · Cash: $2.4BQ3 2023 · Debt: $44.8BQ4 2023 · Cash: $3.8BQ4 2023 · Debt: $43.7BQ1 2024 · Cash: $3BQ1 2024 · Debt: $42.6BQ2 2024 · Cash: $3.6BQ2 2024 · Debt: $41BQ3 2024 · Cash: $3.3BQ3 2024 · Debt: $40.2BQ4 2024 · Cash: $5.3BQ4 2024 · Debt: $39.5BQ1 2025 · Cash: $3.9BQ1 2025 · Debt: $37.4BQ2 2025 · Cash: $4.9BQ2 2025 · Debt: $34.6BQ3 2025 · Cash: $4BQ3 2025 · Debt: $33.7BQ4 2025 · Cash: $4.6BQ4 2025 · Debt: $32.6BQ1 2026 · Cash: $3.3BQ1 2026 · Debt: $32.5BQ2 2026 · Cash: $3.4BQ2 2026 · Debt: $32BQ3 2023Q2 2026
CashDebt
Profitability+47.0%Q2 2026
-66.4%-27.8%+10.9%+49.5%Q3 2023 · Gross margin: +46.8%Q4 2023 · Gross margin: +42.7%Q1 2024 · Gross margin: +39.2%Q2 2024 · Gross margin: +36.1%Q3 2024 · Gross margin: +46.2%Q4 2024 · Gross margin: +44.9%Q1 2025 · Gross margin: +42.9%Q2 2025 · Gross margin: +39.2%Q3 2025 · Gross margin: +49.5%Q4 2025 · Gross margin: +44.8%Q1 2026 · Gross margin: +47.8%Q2 2026 · Gross margin: +47.0%Q3 2023 · Operating margin: +1.0%Q4 2023 · Operating margin: -1.8%Q1 2024 · Operating margin: -2.7%Q2 2024 · Operating margin: -105.1%Q3 2024 · Operating margin: +2.9%Q4 2024 · Operating margin: +1.6%Q1 2025 · Operating margin: -0.4%Q2 2025 · Operating margin: -1.9%Q3 2025 · Operating margin: +6.8%Q4 2025 · Operating margin: +5.7%Q1 2026 · Operating margin: +6.2%Q2 2026 · Operating margin: +4.3%Q3 2023 · Net margin: -4.2%Q4 2023 · Net margin: -3.9%Q1 2024 · Net margin: -9.7%Q2 2024 · Net margin: -102.8%Q3 2024 · Net margin: +1.4%Q4 2024 · Net margin: -4.9%Q1 2025 · Net margin: -5.0%Q2 2025 · Net margin: +16.1%Q3 2025 · Net margin: -1.6%Q4 2025 · Net margin: -2.7%Q1 2026 · Net margin: -32.8%Q2 2026 · Net margin: +1.7%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth-11.2%Q2 2026
-8.1%-5.1%-2.0%+1.0%Q3 2024: -3.6%Q4 2024: -2.5%Q1 2025: -9.8%Q2 2025: +1.0%Q3 2025: -6.0%Q4 2025: -5.7%Q1 2026: -1.0%Q2 2026: -11.2%Q3 2023Q2 2026
Shares outstanding2.6BQ2 2026
643.8M1.3B1.9B2.6BQ3 2023: 2.4BQ4 2023: 2.4BQ1 2024: 2.4BQ2 2024: 2.5BQ3 2024: 2.5BQ4 2024: 2.5BQ1 2025: 2.5BQ2 2025: 2.5BQ3 2025: 2.5BQ4 2025: 2.5BQ1 2026: 2.5BQ2 2026: 2.6BQ3 2023Q2 2026
Valuation111.1Q2 2026
-33.314.963.0111.1Q3 2023 · P/E: -16.0Q4 2023 · P/E: -17.8Q1 2024 · P/E: -5.5Q2 2024 · P/E: -0.4Q3 2024 · P/E: 34.4Q4 2024 · P/E: -13.2Q1 2025 · P/E: -14.9Q2 2025 · P/E: 4.5Q3 2025 · P/E: -81.4Q4 2025 · P/E: -72.1Q1 2026 · P/E: -5.9Q2 2026 · P/E: 111.1Q3 2023 · P/S: 2.7Q4 2023 · P/S: 2.7Q1 2024 · P/S: 2.2Q2 2024 · P/S: 1.8Q3 2024 · P/S: 2.1Q4 2024 · P/S: 2.6Q1 2025 · P/S: 2.9Q2 2025 · P/S: 2.9Q3 2025 · P/S: 5.4Q4 2025 · P/S: 7.5Q1 2026 · P/S: 7.7Q2 2026 · P/S: 7.7Q3 2023Q2 2026
P/EP/S
Revenue$37.3B2025
$10.3B$20.7B$31B$41.3B2018: $10.6B2019: $11.1B2020: $10.7B2021: $12.2B2022: $33.8B2023: $41.3B2024: $39.3B2025: $37.3B20182025
Net income$727M2025
-$8B-$4.6B-$1.3B$2.1B2018: $594M2019: $2.1B2020: $1.2B2021: $1B2022: -$7.4B2023: -$3.1B2024: -$11.3B2025: $727M20182025
EBITDA$21.3B2025
$5.6B$11.2B$16.8B$22.4B2018: $6.4B2019: $7.2B2020: $6.7B2021: $7.1B2022: $14.2B2023: $22.4B2024: $11.6B2025: $21.3B20182025
Free cash flow$3.1B2025
$1.5B$3.1B$4.6B$6.2B2018: $2.4B2019: $3.1B2020: $2.3B2021: $2.4B2022: $3.3B2023: $6.2B2024: $4.4B2025: $3.1B20182025
EPS$0.292025
-$2.75-$0.88$0.99$2.862018: $0.862019: $2.862020: $1.812021: $1.542022: -$3.822023: -$1.282024: -$4.622025: $0.2920182025
Cash / Debt$4.6B2025
$12.2B$24.5B$36.7B$49B2018 · Cash: $986M2018 · Debt: $16.8B2019 · Cash: $1.6B2019 · Debt: $15.4B2020 · Cash: $2.1B2020 · Debt: $15.4B2021 · Cash: $3.9B2021 · Debt: $14.8B2022 · Cash: $3.7B2022 · Debt: $49B2023 · Cash: $3.8B2023 · Debt: $43.7B2024 · Cash: $5.3B2024 · Debt: $39.5B2025 · Cash: $4.6B2025 · Debt: $32.6B20182025
CashDebt
Profitability+44.0%2025
-5.1%+18.5%+42.1%+65.7%2018 · Gross margin: +62.7%2019 · Gross margin: +65.7%2020 · Gross margin: +63.8%2021 · Gross margin: +62.1%2022 · Gross margin: +39.6%2023 · Gross margin: +40.6%2024 · Gross margin: +41.6%2025 · Gross margin: +44.0%2018 · Operating margin: +18.3%2019 · Operating margin: +27.0%2020 · Operating margin: +23.6%2021 · Operating margin: +16.5%2022 · Operating margin: -21.8%2023 · Operating margin: -3.7%2024 · Operating margin: -25.5%2025 · Operating margin: +3.5%2018 · Net margin: +5.6%2019 · Net margin: +18.6%2020 · Net margin: +11.4%2021 · Net margin: +8.3%2022 · Net margin: -21.8%2023 · Net margin: -7.6%2024 · Net margin: -28.8%2025 · Net margin: +1.9%20182025
Gross marginOperating marginNet margin
Revenue growth-5.1%2025
+40.5%+86.1%+131.8%+177.4%2019: +5.6%2020: -4.2%2021: +14.2%2022: +177.4%2023: +22.2%2024: -4.8%2025: -5.1%20182025
Shares outstanding2.5B2025
632.5M1.3B1.9B2.5B2018: 688M2019: 717M2020: 677M2021: 668M2022: 1.9B2023: 2.4B2024: 2.5B2025: 2.5B20182025
Valuation99.42025
18.245.272.399.42018 · P/E: 28.82019 · P/E: 11.32020 · P/E: 16.52021 · P/E: 15.22022 · P/E: -2.52023 · P/E: -8.92024 · P/E: -2.32025 · P/E: 99.42018 · P/S: 1.62019 · P/S: 1.62020 · P/S: 1.42021 · P/S: 1.02022 · P/S: 0.52023 · P/S: 0.72024 · P/S: 0.72025 · P/S: 1.920182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-1.14$36.2B-3%10
FY 20270.00$37.1B0%10
FY 20280.00$37.7B+1%5
FY 20290.21$37.9B+2%1
FY 20300.28$39B+4%1
Q1 2029-0.10$10.6B+19%2

Company events

6
2026-11-05EarningsActual - / Estimate -0.04-
2026-08-06EarningsActual 0.06 / Estimate -0.14Beat
2026-05-06EarningsActual -1.17 / Estimate -0.11Miss
2026-02-26EarningsActual -0.1 / Estimate -0.03Miss
2025-11-06EarningsActual -0.06 / Estimate -0.07Beat
2025-08-07EarningsActual 0.63 / Estimate -0.24Beat

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
NU$77.5B4.021.6+18.6%2CMCSA$77.5B0.67.1+9.0%5KKR$78.3B3.725.9+15.0%3LYG$79.3B0.913.0+26.7%1VRT$79.5B6.945.7+15.1%14MURATA$79.5B6.647.5+13.9%2LITE$74.7B24.8-8.9-230.1%26RCL$74.3B4.017.1+23.6%1

Analyst track record

How the analysts covering WBD have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings83301
Analysts2338
Buy / hold / sell18 / 63 / 2134 / 163 / 4
Upgrades / downgrades / initiations4 / 12 / 210 / 19 / 4
Price targets hit / missed49 / 13 (79%)234 / 13 (95%)
Avg. return after a rating (TipRanks)+19.5%+116.2%
Best / worst call+109.8% / -3.3%+342.1% / -3.3%

After buy calls on this stock: median 21-day move +4.0% vs S&P 500 +1.0% (n = 139)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Patrick ShollBarrington100% hit rate on this stock · 10 targets measuredHoldno targetAug 10, 2026
  2. Jessica Reif EhrlichBank of America Securities78% hit rate on this stock · 18 targets measuredHoldtarget $29.00Dec 18, 2025
  3. Doug CreutzTD Cowen56% hit rate on this stock · 9 targets measuredHoldtarget $26.00Aug 7, 2026

Latest ratings

DateAnalystCallTarget
Sep 22, 2026Sean DiffleyMorgan StanleyHoldReiterated$31.00article ↗
Sep 17, 2026Kannan VenkateshwarBarclaysHoldInitiated$29.00article ↗
Sep 17, 2026Kannan VenkateshwarBarclaysHoldInitiated$29.00
Sep 15, 2026Annick MassBernsteinHoldMaintained$27.75article ↗
Aug 17, 2026Joseph BonnerArgus ResearchBuyMaintained$31.00article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$22.00$24.00$26.00$28.00$30.00Nov 25 · Buy 10 · Hold 10 · Sell 0Nov 25Dec 25 · Buy 6 · Hold 13 · Sell 0Jan 26 · Buy 5 · Hold 14 · Sell 0Jan 26Feb 26 · Buy 2 · Hold 18 · Sell 2Mar 26 · Buy 2 · Hold 17 · Sell 2Mar 26Apr 26 · Buy 1 · Hold 17 · Sell 2May 26 · Buy 1 · Hold 16 · Sell 2May 26Jun 26 · Buy 2 · Hold 13 · Sell 1Jul 26 · Buy 1 · Hold 14 · Sell 1Jul 26Aug 26 · Buy 2 · Hold 11 · Sell 0Sep 26 · Buy 2 · Hold 11 · Sell 0Sep 26Oct 26 · Buy 2 · Hold 11 · Sell 0Nov 25 · avg. target $21.49Dec 25 · avg. target $23.55Jan 26 · avg. target $24.88Feb 26 · avg. target $26.33Mar 26 · avg. target $27.70Apr 26 · avg. target $27.66May 26 · avg. target $29.38Jun 26 · avg. target $30.11Jul 26 · avg. target $30.00Aug 26 · avg. target $29.72Sep 26 · avg. target $29.50Oct 26 · avg. target $29.50Nov 25 · month-end close $24.00Dec 25 · month-end close $28.82Jan 26 · month-end close $27.54Feb 26 · month-end close $28.17Mar 26 · month-end close $27.46Apr 26 · month-end close $27.05May 26 · month-end close $27.01Jun 26 · month-end close $26.66Jul 26 · month-end close $26.30Aug 26 · month-end close $28.53Sep 26 · month-end close $30.95Oct 26 · month-end close $30.95

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 16, 2026 · 83 ratings