TCS vs Warner Bros. Discovery: Revenue, Profit and Business Model
TCS reported ~$31B of revenue in FY2026 and ~$5.7B of net income. Warner Bros. Discovery reported $37.3B of revenue in FY2025 and $727M of net income.
Latest financial snapshot
TCS
- Latest revenue
- ~$31B (FY2026)
- Net income
- ~$5.7B
- Net margin
- 18.4%
- Revenue growth
- +8.6% a year, FY2022–FY2026
Warner Bros. Discovery
- Latest revenue
- $37.3B (FY2025)
- Net income
- $727M
- Net margin
- 1.9%
- Revenue growth
- +32.3% a year, FY2021–FY2025
Financial summary
TCS
TCS reported FY2026 revenue of ₹2,67,021 crore ($30.017 billion), up 4.6% in rupees but down about 0.5% in dollars, with net income of about $5.71 billion (₹49,210 crore) and a 19.8% net margin. Q1 FY2027 revenue was ₹72,275 crore ($7.624 billion), up 13.9% in rupees and 2.7% in dollars year over year, with an operating margin of about 24% and net profit of ~$1.55 billion (₹13,349 crore). The growth story now rests on AI: TCS put its annualized AI services revenue at $1.8 billion in Q3 FY2026 and $2.6 billion in Q1 FY2027, while total contract value held at $9.5 billion for the quarter.
Warner Bros. Discovery
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 and profit by year
TCS
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$31B | ~$5.7B | 18.4% | +4.6% | Source |
| FY2025 | ~$29.6B | ~$5.6B | 19.0% | +6.0% | Source |
| FY2024 | ~$27.9B | ~$5.3B | 19.1% | +6.8% | Source |
| FY2023 | ~$26.2B | ~$4.9B | 18.7% | +17.6% | Source |
| FY2022 | ~$22.2B | ~$4.4B | 20.0% | — | Source |
Warner Bros. Discovery
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $37.3B | $727M | 1.9% | -5.1% | Source |
| FY2024 | $39.3B | -$11.3B | -28.8% | -4.8% | Source |
| FY2023 | $41.3B | -$3.1B | -7.6% | +22.2% | Source |
| FY2022 | $33.8B | -$7.4B | -21.8% | +177.4% | Source |
| FY2021 | $12.2B | $1B | 8.3% | — | Source |
Where the revenue comes from
TCS
- IT services
Primary revenue source
Application development, maintenance, modernization and managed technology services.
- Consulting and transformation
Strategic growth stream
Business and technology transformation programs for large enterprises.
- Cloud, AI and cybersecurity
Fast-changing growth area
Cloud migration, AI, data, automation, cybersecurity and platform simplification.
- Business process services
Recurring enterprise stream
Technology-enabled operations and business process services.
- Platforms
Differentiated platform stream
Industry platforms such as TCS BaNCS and related software-led offerings.
Warner Bros. Discovery
- Distribution
Largest revenue type
Streaming subscription fees and carriage fees from pay-TV distributors.
- Advertising
Declining
Ad sales on linear networks and ad-supported streaming tiers; down 22% ex-FX in Q2 2026.
- Content
Varies with film slate
Theatrical releases, TV licensing, games, and consumer products.
Business model and strategy
TCS
How it makes money
TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification.
Growth strategy
TCS is growing through AI, cloud modernization, cybersecurity, data, engineering services, platforms, large transformation deals, partnerships and deeper penetration of existing enterprise accounts.
Competitive advantage
TCS' advantage is delivery scale, Tata trust, large-account depth, industry domain expertise, training infrastructure, strong margins and a reputation for mission-critical execution.
Warner Bros. Discovery
How it makes money
WBD earns money from three revenue types. Distribution revenue comes from HBO Max and discovery+ subscriptions and from fees that pay-TV distributors pay to carry its cable networks. Advertising revenue comes from linear networks such as TNT, TBS, CNN, Discovery and HGTV, plus ad-supported streaming tiers.
Growth strategy
Before the sale, WBD's plan centered on growing HBO Max internationally, rebuilding the film slate and DC under DC Studios, licensing its library, and managing linear networks for cash. In 2025 it planned to split into two companies (Streaming & Studios and Global Networks) before the board ran a sale process that ended with the Paramount Skydance agreement.
Competitive advantage
WBD's main asset is its content library and franchise IP: Warner Bros. films and TV, HBO series, DC, Harry Potter, Looney Tunes, and a large unscripted catalog from Discovery, HGTV and Food Network. That library is the main reason it drew competing bids from Netflix and Paramount Skydance in 2025 and 2026.
Questions about TCS vs Warner Bros. Discovery
Which company has higher revenue — Tata Consultancy Services Limited or Warner Bros. Discovery?
Tata Consultancy Services Limited reported ~$31B (FY2026), while Warner Bros. Discovery reported $37.3B (FY2025). By last reported revenue, Warner Bros. Discovery is the larger business, with Tata Consultancy Services Limited reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Tata Consultancy Services Limited vs Warner Bros. Discovery?
Tata Consultancy Services Limited's market capitalisation stands at $84.0B, while Warner Bros. Discovery's is $77.0B. Tata Consultancy Services Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Warner Bros. Discovery.
Which is more financially efficient — Tata Consultancy Services Limited or Warner Bros. Discovery?
Tata Consultancy Services Limited generates $52k / employee in revenue per employee, while Warner Bros. Discovery generates $1.05M / employee. Warner Bros. Discovery shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Tata Consultancy Services Limited and Warner Bros. Discovery make money?
Tata Consultancy Services Limited and Warner Bros. Discovery generate revenue in fundamentally different ways. Tata Consultancy Services Limited: TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification. Warner Bros. Discovery: WBD earns money from three revenue types.
Which company is valued higher relative to revenue — Tata Consultancy Services Limited or Warner Bros. Discovery?
On a price-to-sales (P/S) basis, Tata Consultancy Services Limited trades at 2.7x P/S and Warner Bros. Discovery at 2.1x P/S. Tata Consultancy Services Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Warner Bros. Discovery. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Tata Consultancy Services Limited bigger than Warner Bros. Discovery?
By last reported revenue, Warner Bros. Discovery ($37.3B (FY2025)) is the larger company compared to Tata Consultancy Services Limited (~$31B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the TCS vs Warner Bros. Discovery overview