Warner Bros. Discovery, Inc. (WBD) financials
NASDAQ · Communication Services · Entertainment · 35,500 employees · CEO David Zaslav
- Price
- $30.95 0.00%
- Market cap
- $77.6B
- Enterprise value
- $106B
- Last report
- Q2 '26 filed 2026-08-06
- Next report
- 2026-11-05 EPS est. -$0.04
Revenue (TTM)$36.1B-6.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)5.7%+5.2 pp vs a year agoOperating income $2.07B
Net income (TTM)-$3.17B-512.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.18B-46.4% vs a year agoCapex $1.24B
Diluted EPS (TTM)-$1.27-516.8% vs a year agoSum of the last 4 quarters
Net cash-$28.7B+3.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $77.6B EV $106B
- Revenue
- $36.1B Trailing 12 months
- Revenue growth
- -3% FY2026 consensus
- Profit margin
- -8.8% Net income / revenue, TTM
- P/E
- -24.4× Forward -27.1× (FY2026)
- P/S
- 2.1× Price / sales, TTM
- EV / EBITDA
- 7.8× TTM
- Free cash flow
- $2.18B Trailing 12 months
- Net income
- -$3.17B Trailing 12 months
- Revenue estimate
- $36.2B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $8.74B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue missed by 5.8%, EPS beat by 142.7%Revenue $8.72B vs $9.25B expected (-5.8%); EPS $0.06 vs -$0.14 (+142.7%).
- Revenue growth slowing: -11.2% year on yearQ2 '26 revenue $8.72B, against an average of -2.9% over the four quarters before.
- Operating margin 5.7% (TTM), +5.2 pp on a year agoOperating income grew 836.2% while revenue grew -6.1%.
- Capex 3.4% of revenue (a year ago 2.7%)$1.24B invested in the last 4 quarters (+20.3% on a year earlier). Free cash flow $2.18B.
- Diluted share count up 3.0% in a year2.58B diluted shares in Q2 '26, 2.5B a year earlier.
- Net debt $28.7BCash + short-term investments $3.37B, debt incl. leases $32B; a year ago net debt $29.7B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $8.72B | $9.81B | -11.2% |
| Gross margin | 47.0% | 39.2% | +7.8 pp |
| Operating income | $373M | -$185M | +301.6% |
| Operating margin | 4.3% | -1.9% | +6.2 pp |
| Net income | $149M | $1.58B | -90.6% |
| Diluted EPS | $0.06 | $0.63 | -90.5% |
| Operating cash flow | $848M | $983M | -13.7% |
| Capex | $276M | $281M | -1.8% |
| Free cash flow | $572M | $702M | -18.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $190M | $175M | +8.6% |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $8.72B | $9.25B | -5.8% |
| EPS (as estimated) | $0.06 | -$0.14 | +142.7% |
From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Distribution Revenue | $4.95B | +1.3% | 56.8% | – | – | |
| Content Licensing Contracts | $1.83B | -26.0% | 21.0% | – | – | |
| Advertising | $1.72B | -22.2% | 19.8% | – | – | |
| Service, Other | $215M | -10.4% | 2.5% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $1.21B | – | 52.4% | – | – | |
| Non-US | $1.1B | – | 47.6% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.42B
- Capex
- -$1.24B
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- -$74M
- Net debt issued
- -$3.17B
- Stock-based compensation
- $432M
- Free cash flow
- $2.18B
- Returned to shareholders / FCF
- -0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -24.4× | 57.3× 2 of 5 years | 15.2× – 99.4× |
| EV / EBITDA | 7.8× | 4.1× | 3.0× – 5.2× |
| EV / Sales | 2.9× | 1.9× | 1.5× – 2.7× |
| Price / FCF | 35.6× | 8.8× | 4.5× – 23.1× |
| Price / Book | 2.4× | 1.0× | 0.4× – 2.0× |
| FCF yield | 2.8% | 16.4% | 4.3% – 22.2% |
| Return on invested capital | 2.1% | -2.2% | -11.0% – 5.4% |
| Return on equity | -9.2% | -9.0% | -33.2% – 8.7% |
Analysts
Consensus target $31.00 (+0.2%)
range $31.00 – $31.00 · rating Hold
Strong buy0
Buy11
Hold19
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $36.2B | -3.0% | -$1.14 | -493.3% | -27.1× | 10 |
| FY2027 | $37.1B | +2.7% | $0.00 | +100.3% | 10,825.5× | 10 |
| FY2028 | $37.7B | +1.6% | $0.00 | -5.4% | 11,441.8× | 5 |
| FY2029 | $37.9B | +0.5% | $0.21 | +7,807.6% | 144.7× | 1 |
| FY2030 | $39B | +2.8% | $0.28 | +32.8% | 109.0× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 374 figures Warner Bros. Discovery, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.06B | $1.07B | -1.3% | $1.09B | $1.06B | +3.6% |
| Accrued Liabilities, Current | $12.1B | $10.2B | +18.2% | $9.63B | $10.4B | -7.8% |
| Accrued Royalties, Current | $2.8B2025-12-31 | $2.95B | -5.3% | $2.8B | $2.95B | -5.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $4.83B2025-12-31 | $4.04B | +19.6% | $4.83B | $4.04B | +19.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$688M | -$371M | -85.4% | -$407M | -$1.07B | +61.9% |
| Additional Paid in Capital | $56B | $55.7B | +0.5% | $56.1B | $55.6B | +0.9% |
| Advertising Expense | – | – | – | $2.1B | $2.15B | -2.2% |
| Amortization of Intangible Assets | – | – | – | $4.61B | $5.94B | -22.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $174M2025-09-30 | $135M | +28.9% | $629M | $497M | +26.6% |
| Assets | $97.2B | $102B | -4.4% | $100B | $105B | -4.3% |
| Assets for Plan Benefits, Defined Benefit Plan | $34M2025-12-31 | $65M | -47.7% | $34M | $65M | -47.7% |
| Assets, Current | $12.5B | $13.6B | -7.9% | $13.2B | $14.1B | -6.2% |
| Assets, Fair Value Disclosure | $437M | – | – | $494M | $476M | +3.8% |
| Business Combination, Acquisition Related Costs | $72M | $17M | +323.5% | $166M | $242M | -31.4% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $38M | $36M | +5.6% |
| Cash and Cash Equivalents, at Carrying Value | $3.37B | $4.89B | -31.1% | $4.57B | $5.31B | -14.0% |
| Cash and Cash Equivalents, Fair Value Disclosure | $61M | – | – | – | – | – |
| Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $3.73B | $3.99B | -6.5% | $15.6B | $15.3B | +2.0% |
| Cash Flows Between Transferor and Transferee, Purchases of Previously Transferred Financial Assets | $3.68B | $4.24B | -13.2% | $16.5B | $15.8B | +4.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.37B | $4.89B | -31.0% | $4.57B | $5.42B | -15.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $105M | $917M | -88.5% | -$846M | $1.1B | -177.1% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 10.8B | 10.8B | 0.0% | 10.8B | 10.8B | 0.0% |
| Common Stock, Shares, Issued | 2.74B | 2.71B | +1.2% | 2.71B | 2.68B | +1.0% |
| Common Stock, Shares, Outstanding | 2.51B | 2.48B | +1.3% | 2.48B | 2.45B | +1.1% |
| Common Stock, Value, Issued | $27M | $27M | 0.0% | $27M | $27M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $103M | $2.05B | -95.0% | $1.39B | -$11.6B | +111.9% |
| Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $3.9B | $4.5B | -13.3% | $3.7B | $4.64B | -20.2% |
| Contract with Customer, Liability, Current | $1.51B | $1.53B | -0.9% | $1.64B | $1.57B | +4.7% |
| Contract with Customer, Liability, Noncurrent | $342M | $231M | +48.1% | $355M | $206M | +72.3% |
| Contract with Customer, Liability, Revenue Recognized | $361M | $326M | +10.7% | $1.38B | $1.64B | -16.1% |
| Contractual Obligation | $23.9B2025-12-31 | $25.4B | -5.9% | $23.9B | $25.4B | -5.9% |
| Contractual Obligation, to be Paid, after Year Five | $3.06B2025-12-31 | $4.39B | -30.2% | $3.06B | $4.39B | -30.2% |
| Contractual Obligation, to be Paid, Year Five | $1.73B2025-12-31 | $1.51B | +14.4% | $1.73B | $1.51B | +14.4% |
| Contractual Obligation, to be Paid, Year Four | $1.8B2025-12-31 | $2.81B | -36.1% | $1.8B | $2.81B | -36.1% |
| Contractual Obligation, to be Paid, Year One | $7.6B2025-12-31 | $7.52B | +1.1% | $7.6B | $7.52B | +1.1% |
| Contractual Obligation, to be Paid, Year Three | $4B2025-12-31 | $4.1B | -2.6% | $4B | $4.1B | -2.6% |
| Contractual Obligation, to be Paid, Year Two | $5.72B2025-12-31 | $5.06B | +12.9% | $5.72B | $5.06B | +12.9% |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $4.62B | $5.97B | -22.6% | $20.9B | $23B | -9.1% |
| Costs and Expenses | $8.48B | $10B | -15.2% | $36.6B | $49.4B | -25.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.03B | $983M | +4.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $444M | $522M | -14.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.6B | $1.83B | -12.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $131M | $321M | -59.2% |
| Debt Instrument, Unamortized Discount (Premium), Net | $379M | $368M | +3.0% | $278M | $22M | +1,163.6% |
| Deferred Compensation Share-based Arrangements, Liability, Current | $108M2025-12-31 | $27M | +300.0% | $108M | $27M | +300.0% |
| Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $190M2025-12-31 | $66M | +187.9% | $190M | $66M | +187.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$601M | -$1.49B | +59.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4M | $32M | -87.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$710M | -$1.73B | +59.0% |
| Deferred Income Tax Liabilities, Net | $5.58B | $6.49B | -14.1% | $6.38B | $6.99B | -8.6% |
| Deferred Income Taxes and Tax Credits | -$299M | -$159M | -88.1% | -$710M | -$1.73B | +59.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$113M | -$276M | +59.1% |
| Deferred Tax Assets, Gross | $4.98B2025-12-31 | $4.63B | +7.4% | $4.98B | $4.63B | +7.4% |
| Deferred Tax Assets, Net | $622M2025-12-31 | $613M | +1.5% | $622M | $613M | +1.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.58B2025-12-31 | $2.59B | -0.5% | $2.58B | $2.59B | -0.5% |
| Deferred Tax Assets, Other Tax Carryforwards | $2.89B2025-12-31 | $2.66B | +8.8% | $2.89B | $2.66B | +8.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $1.14B2025-12-31 | $1.18B | -3.1% | $1.14B | $1.18B | -3.1% |
| Deferred Tax Assets, Valuation Allowance | $2.4B2025-12-31 | $2.04B | +17.4% | $2.4B | $2.04B | +17.4% |
| Deferred Tax Liabilities, Gross | $8.34B2025-12-31 | $8.96B | -7.0% | $8.34B | $8.96B | -7.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01