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Warner Bros. Discovery, Inc. (WBD) perpetual futures

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.

$28.43-0.7%NASDAQ closed
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venue perp mark · Helix (Injective) (WBD/USDC)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

1/1 live markets
Venues
1
Live markets
1/1
24h volume
$59.5K
Open interest
$0
Best liquidity
-
Tightest spread
-
Highest volume
$59.5K
Helix (Injective)
Settlement mix
USDC · 1/1
Perp/spot vol.
0.00x
Spot volume $412.3M
OI / float
0.00%
Float $67.7B
Spot performance
1D-0.74%
5D-2.18%
1M+7.68%
6M-0.63%
YTD-1.73%
1Y+143.72%

Venue matrix

1 markets

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Trade
Helix (Injective)TradeWBD/USDCTrading$28.43+3.6% APR
+0.00042% every 1h		--$59.5K-USDC12x

Also listed on Helix (Injective)

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Tradability

Execution quality

No sufficient depth · 0 of 1 venues absorb $10k

No fresh book data: Helix (Injective)

Taker execution estimate incl. approx. fees - maker fills are not guaranteed.

Best venues for this underlying

Best liquidity

-
No live data-

Tightest spread

-
No live data-

Highest volume

WBD
Helix (Injective) · WBD/USDC$59.5K

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$71B
Updated 1h ago
Revenue
$36.1B
Trailing 12 months
Revenue growth
-3%
Next fiscal year
Profit margin
-8.8%
P/E
-22.3
Peer P/E 19.5
Free cash flow
$2.2B
Trailing 12 months
More metrics
Net income
-$3.2B
Trailing 12 months
P/S
2.0
Peer P/E
19.5
Similar listed perps
Revenue estimate
$36.2B
Next fiscal year
Earnings
2026-11-05
Revenue est. $8.8B · Updated 1h 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+28.2%+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+30.2%+5.7%-2.7%-0.7%-0.3%
Q1 2026+47.8%+6.2%-32.8%-9.0%-3.0%
Q2 2026+47.0%+2.7%+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
Historical value series
Revenue
Q3 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
Q3 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
Q3 2023: $5.2BQ4 2023: $5.4BQ1 2024: $5.4BQ2 2024: -$4BQ3 2024: $5.4BQ4 2024: $4.8BQ1 2025: $4.7BQ2 2025: $8BQ3 2025: $2BQ4 2025: $1.5BQ1 2026: $1.2BQ2 2026: $1.4BQ3 2023Q2 2026
Free cash flow
Q3 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
Q3 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
Q3 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
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: +30.2%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: +2.7%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
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 outstanding
Q3 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
Valuation
Q3 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
2018: $10.6B2019: $11.1B2020: $10.7B2021: $12.2B2022: $33.8B2023: $41.3B2024: $39.3B2025: $37.3B20182025
Net income
2018: $594M2019: $2.1B2020: $1.2B2021: $1B2022: -$7.4B2023: -$3.1B2024: -$11.3B2025: $727M20182025
EBITDA
2018: $6.4B2019: $7.2B2020: $6.7B2021: $7.1B2022: $14.2B2023: $22.4B2024: $11.6B2025: $9.4B20182025
Free cash flow
2018: $2.4B2019: $3.1B2020: $2.3B2021: $2.4B2022: $3.3B2023: $6.2B2024: $4.4B2025: $3.1B20182025
EPS
2018: $0.862019: $2.862020: $1.812021: $1.542022: -$3.822023: -$1.282024: -$4.622025: $0.2920182025
Cash / Debt
2018 · 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
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: +28.2%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
2019: +5.6%2020: -4.2%2021: +14.2%2022: +177.4%2023: +22.2%2024: -4.8%2025: -5.1%20182025
Shares outstanding
2018: 688M2019: 717M2020: 677M2021: 668M2022: 1.9B2023: 2.4B2024: 2.5B2025: 2.5B20182025
Valuation
2018 · 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

Refreshed 1h ago

Next catalyst

Catalysts

Earnings
2026-11-05
Revenue est. $8.8B · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-1.15$36.2B-3%12
FY 20270.01$37.2B0%12
FY 20280.06$37.8B+1%6
FY 20290.21$37.9B+2%3
FY 20300.28$39B+4%2
Q1 2029-0.10$10.6B+19%8

Company events

6
2026-11-05EarningsActual - / Estimate 0.02-
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
BSX$71.5B3.419.4+17.5%2NU$70B3.619.5+18.6%1RACE$72.2B8.538.3+22.3%1TGT$74.4B0.716.9+4.1%1LITE$67.6B22.4-9.3-230.1%25HPE$67.3B1.746.6+3.9%13NOC$75.7B1.816.9+10.5%3VALE$64.5B1.630.3+5.2%1

Frequently asked questions

Where can I trade WBD perpetual futures?

Warner Bros. Discovery, Inc. (WBD) perpetual futures trade on 1 crypto venues, including Helix (Injective). PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade WBD around the clock?

Yes. Unlike the underlying stock, WBD perpetuals trade 24/7 — including weekends and outside regular market hours.

What is the funding rate on WBD perpetuals?

Each venue sets its own WBD funding rate and it changes continuously. PerpEquities shows the live rate, annualized rate and history for every venue side by side.

What is a WBD perpetual future?

A WBD perpetual is a derivative that tracks the price of Warner Bros. Discovery, Inc. with no expiry date. It lets you take long or short exposure to Warner Bros. Discovery, Inc. on crypto venues, around the clock.