Warner Bros. Discovery, Inc. (WBD)财务
NASDAQ · Communication Services · Entertainment · 员工35,500人 · CEO David Zaslav
- 股价
- $30.95 0.00%
- 市值
- $776亿
- 企业价值
- $1060亿
- 最近财报
- Q2 '26 2026-08-06提交
- 下次财报
- 2026-11-05 EPS预期 -$0.04
营收(TTM)$361亿-6.1% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)5.7%+5.2 百分点 对比去年同期营业利润 $20.7亿
净利润(TTM)-$31.7亿-512.4% 对比去年同期税后,含营业外收益
自由现金流(TTM)$21.8亿-46.4% 对比去年同期资本支出 $12.4亿
稀释EPS(TTM)-$1.27-516.8% 对比去年同期最近4个季度之和
净现金-$287亿+3.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $776亿 EV $1060亿
- 营收
- $361亿 过去12个月
- 营收增速
- -3% FY2026年一致预期
- 净利润率
- -8.8% 净利润 / 营收,TTM
- P/E
- -24.4× 预期 -27.1×(FY2026)
- P/S
- 2.1× 股价 / 营收,TTM
- EV / EBITDA
- 7.8× TTM
- 自由现金流
- $21.8亿 过去12个月
- 净利润
- -$31.7亿 过去12个月
- 营收预期
- $362亿 FY2026年一致预期
- 盈利
- 2026-11-05 营收预期 $87.4亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-06):营收低于预期5.8%,EPS 超预期142.7%营收$87.2亿,预期$92.5亿(-5.8%);EPS $0.06,预期-$0.14(+142.7%)。
- 营收增长放缓:同比-11.2%Q2 '26营收$87.2亿,此前四个季度的平均值为-2.9%。
- 营业利润率5.7%(TTM),较去年同期+5.2 百分点营收增长-6.1%,营业利润增长836.2%。
- 资本支出占营收的3.4%(去年为2.7%)最近4个季度投入$12.4亿(同比+20.3%)。自由现金流$21.8亿。
- 稀释股数一年内增加3.0%Q2 '26稀释股数25.8亿,一年前为25亿。
- 净债务 $287亿现金 + 短期投资 $33.7亿,含租赁债务 $320亿;一年前净债务 $297亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $87.2亿 | $98.1亿 | -11.2% |
| 毛利率 | 47.0% | 39.2% | +7.8 百分点 |
| 营业利润 | $3.73亿 | -$1.85亿 | +301.6% |
| 营业利润率 | 4.3% | -1.9% | +6.2 百分点 |
| 净利润 | $1.49亿 | $15.8亿 | -90.6% |
| 稀释EPS | $0.06 | $0.63 | -90.5% |
| 经营现金流 | $8.48亿 | $9.83亿 | -13.7% |
| 资本支出 | $2.76亿 | $2.81亿 | -1.8% |
| 自由现金流 | $5.72亿 | $7.02亿 | -18.5% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1.9亿 | $1.75亿 | +8.6% |
实际 vs 一致预期
2026-08-06| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $87.2亿 | $92.5亿 | -5.8% |
| EPS(一致预期口径) | $0.06 | -$0.14 | +142.7% |
来自2026-08-06发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Distribution Revenue | $49.5亿 | +1.3% | 56.8% | – | – | |
| Content Licensing Contracts | $18.3亿 | -26.0% | 21.0% | – | – | |
| Advertising | $17.2亿 | -22.2% | 19.8% | – | – | |
| Service, Other | $2.15亿 | -10.4% | 2.5% | – | – |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $12.1亿 | – | 52.4% | – | – | |
| Non-US | $11亿 | – | 47.6% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $34.2亿
- 资本支出
- -$12.4亿
- 股票回购
- $0
- 股息
- $0
- 收购
- -$7400万
- 债务净发行
- -$31.7亿
- 股权激励费用
- $4.32亿
- 自由现金流
- $21.8亿
- 股东回报 / FCF
- -0.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | -24.4× | 57.3× 5年中的2年 | 15.2× – 99.4× |
| EV / EBITDA | 7.8× | 4.1× | 3.0× – 5.2× |
| EV / 营收 | 2.9× | 1.9× | 1.5× – 2.7× |
| 股价 / FCF | 35.6× | 8.8× | 4.5× – 23.1× |
| 股价 / 净资产 | 2.4× | 1.0× | 0.4× – 2.0× |
| FCF收益率 | 2.8% | 16.4% | 4.3% – 22.2% |
| 投入资本回报率 | 2.1% | -2.2% | -11.0% – 5.4% |
| 净资产收益率 | -9.2% | -9.0% | -33.2% – 8.7% |
分析师
一致目标价 $31.00 (+0.2%)
区间 $31.00 – $31.00 · 评级 Hold
强烈买入0
买入11
持有19
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $362亿 | -3.0% | -$1.14 | -493.3% | -27.1× | 10 |
| FY2027 | $371亿 | +2.7% | $0.00 | +100.3% | 10,825.5× | 10 |
| FY2028 | $377亿 | +1.6% | $0.00 | -5.4% | 11,441.8× | 5 |
| FY2029 | $379亿 | +0.5% | $0.21 | +7,807.6% | 144.7× | 1 |
| FY2030 | $390亿 | +2.8% | $0.28 | +32.8% | 109.0× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Warner Bros. Discovery, Inc.在近期10-Q / 10-K文件中标记的全部374项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $10.6亿 | $10.7亿 | -1.3% | $10.9亿 | $10.6亿 | +3.6% |
| Accrued Liabilities, Current | $121亿 | $102亿 | +18.2% | $96.3亿 | $104亿 | -7.8% |
| Accrued Royalties, Current | $28亿2025-12-31 | $29.5亿 | -5.3% | $28亿 | $29.5亿 | -5.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $48.3亿2025-12-31 | $40.4亿 | +19.6% | $48.3亿 | $40.4亿 | +19.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$6.88亿 | -$3.71亿 | -85.4% | -$4.07亿 | -$10.7亿 | +61.9% |
| Additional Paid in Capital | $560亿 | $557亿 | +0.5% | $561亿 | $556亿 | +0.9% |
| Advertising Expense | – | – | – | $21亿 | $21.5亿 | -2.2% |
| Amortization of Intangible Assets | – | – | – | $46.1亿 | $59.4亿 | -22.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.74亿2025-09-30 | $1.35亿 | +28.9% | $6.29亿 | $4.97亿 | +26.6% |
| Assets | $972亿 | $1020亿 | -4.4% | $1000亿 | $1050亿 | -4.3% |
| Assets for Plan Benefits, Defined Benefit Plan | $3400万2025-12-31 | $6500万 | -47.7% | $3400万 | $6500万 | -47.7% |
| Assets, Current | $125亿 | $136亿 | -7.9% | $132亿 | $141亿 | -6.2% |
| Assets, Fair Value Disclosure | $4.37亿 | – | – | $4.94亿 | $4.76亿 | +3.8% |
| Business Combination, Acquisition Related Costs | $7200万 | $1700万 | +323.5% | $1.66亿 | $2.42亿 | -31.4% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $3800万 | $3600万 | +5.6% |
| Cash and Cash Equivalents, at Carrying Value | $33.7亿 | $48.9亿 | -31.1% | $45.7亿 | $53.1亿 | -14.0% |
| Cash and Cash Equivalents, Fair Value Disclosure | $6100万 | – | – | – | – | – |
| Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $37.3亿 | $39.9亿 | -6.5% | $156亿 | $153亿 | +2.0% |
| Cash Flows Between Transferor and Transferee, Purchases of Previously Transferred Financial Assets | $36.8亿 | $42.4亿 | -13.2% | $165亿 | $158亿 | +4.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $33.7亿 | $48.9亿 | -31.0% | $45.7亿 | $54.2亿 | -15.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.05亿 | $9.17亿 | -88.5% | -$8.46亿 | $11亿 | -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 | 108亿 | 108亿 | 0.0% | 108亿 | 108亿 | 0.0% |
| Common Stock, Shares, Issued | 27.4亿 | 27.1亿 | +1.2% | 27.1亿 | 26.8亿 | +1.0% |
| Common Stock, Shares, Outstanding | 25.1亿 | 24.8亿 | +1.3% | 24.8亿 | 24.5亿 | +1.1% |
| Common Stock, Value, Issued | $2700万 | $2700万 | 0.0% | $2700万 | $2700万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.03亿 | $20.5亿 | -95.0% | $13.9亿 | -$116亿 | +111.9% |
| Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $39亿 | $45亿 | -13.3% | $37亿 | $46.4亿 | -20.2% |
| Contract with Customer, Liability, Current | $15.1亿 | $15.3亿 | -0.9% | $16.4亿 | $15.7亿 | +4.7% |
| Contract with Customer, Liability, Noncurrent | $3.42亿 | $2.31亿 | +48.1% | $3.55亿 | $2.06亿 | +72.3% |
| Contract with Customer, Liability, Revenue Recognized | $3.61亿 | $3.26亿 | +10.7% | $13.8亿 | $16.4亿 | -16.1% |
| Contractual Obligation | $239亿2025-12-31 | $254亿 | -5.9% | $239亿 | $254亿 | -5.9% |
| Contractual Obligation, to be Paid, after Year Five | $30.6亿2025-12-31 | $43.9亿 | -30.2% | $30.6亿 | $43.9亿 | -30.2% |
| Contractual Obligation, to be Paid, Year Five | $17.3亿2025-12-31 | $15.1亿 | +14.4% | $17.3亿 | $15.1亿 | +14.4% |
| Contractual Obligation, to be Paid, Year Four | $18亿2025-12-31 | $28.1亿 | -36.1% | $18亿 | $28.1亿 | -36.1% |
| Contractual Obligation, to be Paid, Year One | $76亿2025-12-31 | $75.2亿 | +1.1% | $76亿 | $75.2亿 | +1.1% |
| Contractual Obligation, to be Paid, Year Three | $40亿2025-12-31 | $41亿 | -2.6% | $40亿 | $41亿 | -2.6% |
| Contractual Obligation, to be Paid, Year Two | $57.2亿2025-12-31 | $50.6亿 | +12.9% | $57.2亿 | $50.6亿 | +12.9% |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $46.2亿 | $59.7亿 | -22.6% | $209亿 | $230亿 | -9.1% |
| Costs and Expenses | $84.8亿 | $100亿 | -15.2% | $366亿 | $494亿 | -25.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $10.3亿 | $9.83亿 | +4.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.44亿 | $5.22亿 | -14.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $16亿 | $18.3亿 | -12.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.31亿 | $3.21亿 | -59.2% |
| Debt Instrument, Unamortized Discount (Premium), Net | $3.79亿 | $3.68亿 | +3.0% | $2.78亿 | $2200万 | +1,163.6% |
| Deferred Compensation Share-based Arrangements, Liability, Current | $1.08亿2025-12-31 | $2700万 | +300.0% | $1.08亿 | $2700万 | +300.0% |
| Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $1.9亿2025-12-31 | $6600万 | +187.9% | $1.9亿 | $6600万 | +187.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$6.01亿 | -$14.9亿 | +59.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $400万 | $3200万 | -87.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$7.1亿 | -$17.3亿 | +59.0% |
| Deferred Income Tax Liabilities, Net | $55.8亿 | $64.9亿 | -14.1% | $63.8亿 | $69.9亿 | -8.6% |
| Deferred Income Taxes and Tax Credits | -$2.99亿 | -$1.59亿 | -88.1% | -$7.1亿 | -$17.3亿 | +59.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1.13亿 | -$2.76亿 | +59.1% |
| Deferred Tax Assets, Gross | $49.8亿2025-12-31 | $46.3亿 | +7.4% | $49.8亿 | $46.3亿 | +7.4% |
| Deferred Tax Assets, Net | $6.22亿2025-12-31 | $6.13亿 | +1.5% | $6.22亿 | $6.13亿 | +1.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $25.8亿2025-12-31 | $25.9亿 | -0.5% | $25.8亿 | $25.9亿 | -0.5% |
| Deferred Tax Assets, Other Tax Carryforwards | $28.9亿2025-12-31 | $26.6亿 | +8.8% | $28.9亿 | $26.6亿 | +8.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $11.4亿2025-12-31 | $11.8亿 | -3.1% | $11.4亿 | $11.8亿 | -3.1% |
| Deferred Tax Assets, Valuation Allowance | $24亿2025-12-31 | $20.4亿 | +17.4% | $24亿 | $20.4亿 | +17.4% |
| Deferred Tax Liabilities, Gross | $83.4亿2025-12-31 | $89.6亿 | -7.0% | $83.4亿 | $89.6亿 | -7.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01