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MARKETS / NASDAQ / Communication services / Cable television / WBD
NASDAQ · CABLE & OTHER PAY TELEVISION SERVICES · LARGE CAP

Warner Bros. Discovery, Inc. WBD

19 fiscal years on record · USD · FY2025 reported · SEC filings only
$37.3B
▼ 5.1% YoY
$727.0M
$3.1B
▼ 30.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Warner Bros. Discovery creates and distributes content and products across television, film, streaming, interactive gaming, publishing, themed experiences and consumer products. It earns distribution revenue from fees charged to cable, direct-to-home satellite, telecommunication and digital distributors that carry its network brands and programming, from direct-to-consumer subscription services, and advertising revenue from the sale of advertising on its networks and digital platforms. As of December 31, 2025 it had approximately 35,500 employees, including full-time and part-time employees of its wholly-owned subsidiaries and consolidated ventures, with 48% located in the U.S. and 52% outside the U.S. Its operations are classified in three reportable segments. The Streaming segment includes streaming services such as HBO Max and discovery+, premium pay-TV services such as HBO, and certain premium sports streaming products. That segment counted 131.6 million subscribers as of December 31, 2025. The Studios segment includes the Warner Bros. Motion Picture Group, DC Studios, Warner Bros. Television Group, Consumer Products, Themed Entertainment and Brand Licensing, DC Comics Publishing, Content Licensing, Home Entertainment, Studio Operations and Interactive Gaming. The Global Linear Networks segment includes general entertainment, lifestyle and news networks in the U.S., international media networks and global sports networks.

Written from the business description in Warner Bros. Discovery, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 37.3B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 37.3 · Net income 0.7
15B30B-5B-10B
2007201020132016201920222025
Compound annual growth
+3.3%
+28.4%
+19.3%
+16.6%
−9.8%
−3.5%
+0.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +28.4% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

2 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 2.0% · Net 2.0%
20%40%-50%
200720162025
ROE
FY2025 · ROE 2.1%
10%20%-10%-20%
200720162025
Three returns, three denominators.
Gross margin44.0%
Operating margin2.0%
Net margin2.0%
EBITDAUSD 6.4B

Each USD of equity produced 2 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 3.1
2.5B5.0B
200720162025
Net buybacks $B Dividends $B
FY2018 · Dividends · · Net buybacks -0.1
0.5B1.0B
201020112012201320142015201620172018
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 100.1B
EquityUSD 35.9B
CashUSD 4.6B
Gross debtUSD 32.7B
Net debtUSD 28.1B
Current ratio1.06×

Net debt stands at 78% of equity.

The 19-year record

19 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
WBD, 19-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B37.339.341.333.812.210.711.110.66.96.56.46.35.54.54.23.73.53.40.1
Operating income $B0.7−10.0−1.5−7.42.02.53.01.90.72.12.02.12.01.91.81.41.31.1−0.0
EBITDA $B6.4−3.06.4−0.23.63.94.43.31.02.42.32.42.32.01.91.51.41.30.1
Income tax $B0.90.1−0.8−1.70.20.40.10.30.20.50.50.60.70.60.40.30.50.40.1
Net income $B0.7−11.3−3.1−7.41.01.22.10.6−0.31.21.01.11.10.91.10.70.50.3−0.1
Free cash flow $B3.14.46.23.32.42.33.12.41.51.31.21.21.21.01.00.60.60.50.0
EPS, diluted $0.29−4.62−1.28−3.821.541.81◌◌◌◌◌◌2.972.482.801.521.270.98−0.24
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————————————————
ROE %2.1−28.5−6.8−25.19.112.022.69.1−6.922.518.719.317.214.717.810.59.46.3−1.5
Shares out B2.482.452.442.430.17◌◌◌◌◌◌◌◌◌◌◌◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Warner Bros. Discovery, Inc.vsComcast Corp.Same industry: Cable & Other Pay Television ServicesWarner Bros. Discovery, Inc.vsCharter Communications, Inc.Same industry: Cable & Other Pay Television ServicesWarner Bros. Discovery, Inc.vsLiberty Global Ltd.Same industry: Cable & Other Pay Television ServicesWarner Bros. Discovery, Inc.vsRoku, Inc.Same industry: Cable & Other Pay Television ServicesWarner Bros. Discovery, Inc.vsLiberty Latin America Ltd.Same industry: Cable & Other Pay Television ServicesWarner Bros. Discovery, Inc.vsCable One, Inc.Same industry: Cable & Other Pay Television ServicesWarner Bros. Discovery, Inc.vsAdeia Inc.Same industry: Cable & Other Pay Television Services
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Provenance

Company facts, as filed

How we verify · 0 failures in 68 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityCable & Other Pay Television Services
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2007

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