Warner Bros. Discovery
Financial Performance
Warner Bros. Discovery Revenue & Financials
Revenue
$37.3B (FY2025)
Market Cap
$77B
Net Income
$727M
Employees
35,500
What is Warner Bros. Discovery's revenue?
Warner Bros. Discovery had $37.3B in revenue for fiscal year 2025, down 5.1% from 2024. Net income was $727M.
- Latest revenue
- $37.3B (FY2025)
- Year-over-year
- -5.1%
- Growth rate (CAGR)
- 32.3% over 4 years
- Peak revenue
- $41.3B (FY2023)
- Years of data
- 5
- Employees
- 35,500
- What is Warner Bros. Discovery's operating income?
- Warner Bros. Discovery reported operating income of $738M for fiscal year 2025. sec.gov
- How much profit does Warner Bros. Discovery make?
- Warner Bros. Discovery reported net income of $727M for fiscal year 2025. wbd.com
- How many employees does Warner Bros. Discovery have?
- Warner Bros. Discovery has about 35,500 employees.
Financial Analysis
FY2025 revenue was $37.3 billion, down 5% ex-FX, with net income available to WBD of $727 million, adjusted EBITDA of $8.7 billion, and free cash flow of $3.1 billion. The company ended 2025 with 131.6 million streaming subscribers and $29.0 billion of net debt. In 2026, Q1 revenue was $8.9 billion with a $2.9 billion net loss that included the $2.8 billion termination fee owed to Netflix, which Paramount Skydance paid on WBD's behalf. Q2 revenue was $8.7 billion, down 12% ex-FX, with net income of $149 million and adjusted EBITDA of $1.9 billion. During Q2 WBD repaid its $15 billion bridge loan with new term loans.
Revenue Trend Analysis
YoY Change
-5.1%
4-Year CAGR
+32.3%
Peak Year
2023
Trend
Mostly Growing
Warner Bros. Discovery has 5 full fiscal year figures on this page, compounding at +32.3% annually over 4 years. The most recent year saw a 5.1% decline versus the prior year. Annual revenue peaked in fiscal year 2023 at $41.3B. Of 4 comparable year-over-year steps, 2 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $37.3B | $738Mfiling | $727M | -5.1% | Warner Bros. Discovery fourth quarter and full year 2025 results Fiscal year ended 2025-12-31. Revenue down 5% ex-FX; net income available to Warner Bros. Discovery, Inc. |
| FY2024 | $39.3B | -$10Bfiling | -$11.3B | -4.8% | Warner Bros. Discovery Form 10-K Fiscal year ended 2024-12-31. Net loss includes large goodwill impairment charges in the networks business. |
| FY2023 | $41.3B | -$1.5Bfiling | -$3.1B | +22.2% | Warner Bros. Discovery Form 10-K Fiscal year ended 2023-12-31. First full year of the combined company. |
| FY2022 | $33.8B | -$7.4Bfiling | -$7.4B | +177.4% | Warner Bros. Discovery Form 10-K Fiscal year ended 2022-12-31. Includes WarnerMedia from April 8, 2022. |
| FY2021 | $12.2B | $2Bfiling | $1B | — | Discovery, Inc. (predecessor) Form 10-K Fiscal year ended 2021-12-31. Discovery, Inc. only, before the WarnerMedia combination. |
Click any row to see year details.
Warner Bros. Discovery balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $4.3B | $1.2B | $100.1B | $62.9B | $35.9B | $3.1B | Form 10-K |
| FY2024ended Dec 31, 2024 | $5.4B | $948M | $104.6B | $69.6B | $34B | $4.4B | Form 10-K |
| FY2023ended Dec 31, 2023 | $7.5B | $1.3B | $122.8B | $76.3B | $45.2B | $6.2B | Form 10-K |
| FY2022ended Dec 31, 2022 | $4.3B | $987M | $134B | $85.3B | $47.1B | $3.3B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.8B | $373M | $34.4B | $21B | $11.6B | $2.4B | Form 10-K |
Keep researching Warner Bros. Discovery
Warner Bros. Discovery Revenue and Financial FAQ
What were Warner Bros. Discovery's total revenues and net income in FY2025?
For fiscal year 2025, WBD reported total revenues of $37.3 billion (down 5% year-over-year excluding foreign exchange) and returned to profitability with net income attributable to WBD of $727 million, following heavy restructuring years.
What was WBD's Adjusted EBITDA and free cash flow in FY2025?
WBD generated $8.7 billion in adjusted EBITDA and robust free cash flow of $3.1 billion in FY2025, driven by disciplined content spending, streaming subscriber additions, and corporate overhead synergies.
How many global streaming subscribers does WBD have and is streaming profitable?
WBD concluded 2025 with 131.6 million global direct-to-consumer streaming subscribers across Max and discovery+, with the DTC segment achieving sustained annual adjusted EBITDA profitability.
How much total debt does Warner Bros. Discovery carry on its balance sheet?
At mid-2026, WBD carried approximately $29.7 billion in net debt, having aggressively paid down more than $13 billion in legacy merger debt from an initial peak of over $43 billion at closing in 2022.
Why did WBD report a $2.9 billion net loss in Q1 2026?
WBD's Q1 2026 results included a $2.8 billion termination fee paid to Netflix after WBD accepted Paramount Skydance's superior buyout offer; the fee was reimbursed by Paramount Skydance under merger terms.
What were WBD's financial results in Q2 2026?
In Q2 2026, WBD generated $8.7 billion in revenue (down 12% ex-FX due to theatrical slate timing and NBA contract phase-out), net income of $149 million, and adjusted EBITDA of $1.9 billion, while refinancing its $15 billion bridge facility.
What are the financial terms of the Paramount Skydance buyout?
Paramount Skydance agreed to acquire 100% of WBD for $31.00 per share in cash, valuing WBD's equity at approximately $77 billion and enterprise value at over $107 billion.
Why did WBD record massive non-cash goodwill impairments in 2024?
In 2024, WBD took a non-cash goodwill impairment charge of $9.1 billion on its linear television networks, reflecting accelerated cord-cutting, soft traditional advertising demand, and revaluation of cable assets.
How volatile is the Studios segment's quarterly financial performance?
Studios revenue fluctuates significantly based on theatrical release schedules; blockbusters like *Barbie* (which grossed $1.44B in 2023) or *Dune: Part Two* create massive earnings surges, while quieter release quarters show steep revenue contractions.
What is WBD's annual content expenditure?
WBD spends approximately $18 billion to $20 billion annually on content across theatrical productions, HBO original series, streaming films, unscripted lifestyle shows, and sports rights licensing.
Does Warner Bros. Discovery pay a common stock dividend?
No, WBD has not paid a common dividend since its 2022 formation, prioritizing 100% of free cash flow toward paying down high-cost corporate debt and funding streaming expansion.
How is WBD's corporate debt being treated under the Paramount Skydance merger?
Under the merger agreement, Paramount Skydance backed WBD's balance sheet through bridge financing commitments and committed to refinancing or assuming existing senior unsecured debt upon deal close.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Warner Bros. Discovery Revenue & Financials." CorpDigest, https://corpdigest.com/company/warner-bros-discovery/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Warner Bros. Discovery reported $37.3B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/warner-bros-discovery/financials" target="_blank" rel="noopener">CorpDigest — Warner Bros. Discovery financials</a></div>Related Financial Audits
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