Warner Bros. Discovery, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Warner Bros. Discovery, Inc. reported revenue of $37.3B (-5.1% year on year) and net income of $749.0M (+106.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues | $37.3B | $39.3B | $41.3B | $33.8B |
| Costs of revenues, excluding depreciation and amortization | $20.9B | $23.0B | $24.5B | $20.4B |
| Selling, general and administrative | $9.4B | $9.3B | $9.7B | $9.7B |
| Depreciation and amortization | $5.7B | $7.0B | $8.0B | $7.2B |
| Restructuring and other charges | $399.0M | $447.0M | $585.0M | $3.8B |
| Impairments and loss on dispositions | $172.0M | $9.6B | $77.0M | — |
| Total costs and expenses | $36.6B | $49.4B | $42.9B | $41.2B |
| Operating income (loss) | $738.0M | ($10.0B) | ($1.5B) | ($7.4B) |
| Interest expense, net | ($2.1B) | ($2.0B) | ($2.2B) | ($1.8B) |
| Gain on extinguishment of debt | $2.9B | $632.0M | — | — |
| Loss from equity investees, net | ($24.0M) | ($121.0M) | ($82.0M) | ($160.0M) |
| Other income (expense), net | $65.0M | $150.0M | ($12.0M) | $347.0M |
| Income (loss) before income taxes | $1.6B | ($11.4B) | ($3.9B) | ($9.0B) |
| Income tax (expense) benefit | ($890.0M) | ($94.0M) | $784.0M | $1.7B |
| Net income (loss) | $749.0M | ($11.5B) | ($3.1B) | ($7.3B) |
| Net (income) loss attributable to noncontrolling interests | ($24.0M) | $129.0M | ($38.0M) | ($68.0M) |
| Net loss (income) attributable to redeemable noncontrolling interests | $2.0M | $42.0M | ($9.0M) | ($6.0M) |
| Net income (loss) available to Warner Bros. Discovery, Inc. | $727.0M | ($11.3B) | ($3.1B) | ($7.4B) |
| Basic (in dollars per share) | $0.29 | -$4.62 | -$1.28 | -$3.82 |
| Diluted (in dollars per share) | $0.29 | -$4.62 | -$1.28 | -$3.82 |
| Basic (in shares) | 2.5B | 2.5B | 2.4B | 1.9B |
| Diluted (in shares) | 2.5B | 2.5B | 2.4B | 1.9B |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenues | $8.7B | $8.9B | $9.0B | $9.8B |
| Costs of revenues, excluding depreciation and amortization | $4.6B | $4.6B | $4.6B | $6.0B |
| Selling, general and administrative | $2.6B | $2.5B | $2.4B | $2.5B |
| Netflix Termination Fee (See Note 1) | $0 | $2.8B | — | — |
| Depreciation and amortization | $1.2B | $1.2B | $1.4B | $1.4B |
| Restructuring and other charges | $113.0M | $204.0M | $88.0M | $80.0M |
| Impairments and loss on dispositions | $23.0M | $14.0M | $46.0M | $26.0M |
| Total costs and expenses | $8.5B | $11.4B | $8.4B | $10.0B |
| Operating income (loss) | $237.0M | ($2.5B) | $611.0M | ($185.0M) |
| Interest expense, net | ($511.0M) | ($581.0M) | ($570.0M) | ($463.0M) |
| (Loss) gain on extinguishment of debt, net | ($75.0M) | ($27.0M) | ($1.0M) | $3.0B |
| Income (loss) from equity investees, net | $28.0M | ($5.0M) | $17.0M | $5.0M |
| Other income, net | $50.0M | ($38.0M) | ($30.0M) | $139.0M |
| (Loss) income before income taxes | ($271.0M) | ($3.1B) | $27.0M | $2.5B |
| Income tax benefit (expense) | $433.0M | $214.0M | ($170.0M) | ($866.0M) |
| Net income (loss) | $162.0M | ($2.9B) | ($143.0M) | $1.6B |
| Net income attributable to noncontrolling interests | ($13.0M) | ($10.0M) | ($4.0M) | ($7.0M) |
| Net (income) loss attributable to redeemable noncontrolling interests | $0 | $0 | ($1.0M) | ($1.0M) |
| Net income (loss) available to Warner Bros. Discovery, Inc. | $149.0M | ($2.9B) | ($148.0M) | $1.6B |
| Basic (in dollars per share) | $0.06 | -$1.17 | -$0.06 | $0.64 |
| Diluted (in dollars per share) | $0.06 | -$1.17 | -$0.06 | $0.63 |
| Basic (in shares) | 2.5B | 2.5B | 2.5B | 2.5B |
| Diluted (in shares) | 2.6B | 2.5B | 2.5B | 2.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $4.6B | $5.3B | $3.8B | $3.7B |
| Receivables, net | $5.3B | $4.9B | $6.0B | $6.4B |
| Prepaid expenses and other current assets | $3.3B | $3.8B | $4.4B | $3.9B |
| Total current assets | $13.2B | $14.1B | $14.2B | $14.0B |
| Film and television content rights and games | $19.1B | $19.1B | $21.2B | $26.7B |
| Property and equipment, net | $6.7B | $6.1B | $6.0B | $5.3B |
| Goodwill | $25.9B | $25.7B | $35.0B | $34.4B |
| Intangible assets, net | $27.8B | $32.3B | $38.3B | $45.0B |
| Other noncurrent assets | $7.4B | $7.3B | $8.1B | $8.6B |
| Total assets | $100.1B | $104.6B | $122.8B | $134.0B |
| Accounts payable | $1.1B | $1.1B | $1.3B | $1.5B |
| Accrued liabilities | $9.6B | $10.4B | $10.4B | $11.5B |
| Deferred revenues | $1.6B | $1.6B | $1.9B | $1.7B |
| Current portion of debt | $139.0M | $2.7B | $1.8B | $365.0M |
| Total current liabilities | $12.5B | $15.8B | $15.3B | $15.0B |
| Noncurrent portion of debt | $32.4B | $36.8B | $41.9B | $48.6B |
| Deferred income taxes | $6.4B | $7.0B | $8.7B | $11.0B |
| Other noncurrent liabilities | $11.6B | $10.1B | $10.3B | $10.7B |
| Total liabilities | $62.9B | $69.6B | $76.3B | $85.3B |
| Redeemable noncontrolling interests | $19.0M | $109.0M | $165.0M | $318.0M |
| Series A common stock: $0.01 par value; 10,800 and 10,800 shares authorized; 2,710 and 2,684 shares issued; and 2,480 and 2,454 shares outstanding | 27.0M | 27.0M | 27.0M | 27.0M |
| Preferred stock: $0.01 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $56.1B | $55.6B | $55.1B | $54.6B |
| Treasury stock, at cost: 230 and 230 shares | -8.2B | -8.2B | -8.2B | -8.2B |
| Accumulated deficit | ($11.5B) | ($12.2B) | ($928.0M) | $2.2B |
| Accumulated other comprehensive loss | ($407.0M) | ($1.1B) | ($741.0M) | ($1.5B) |
| Total Warner Bros. Discovery, Inc. stockholders’ equity | $35.9B | $34.0B | $45.2B | $47.1B |
| Noncontrolling interests | $1.2B | $792.0M | $1.1B | $1.3B |
| Total equity | $37.1B | $34.8B | $46.3B | $48.3B |
| Total liabilities and equity | $100.1B | $104.6B | $122.8B | $134.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $3.4B | $3.3B | $4.3B | $4.9B |
| Receivables, net | $5.0B | $5.0B | $5.1B | $5.4B |
| Prepaid expenses and other current assets | $4.2B | $3.5B | $3.6B | $3.3B |
| Total current assets | $12.5B | $11.7B | $13.1B | $13.6B |
| Film and television content rights and games | $19.2B | $19.3B | $19.1B | $18.8B |
| Property and equipment, net | $6.7B | $6.6B | $6.5B | $6.4B |
| Goodwill | $25.9B | $25.9B | $25.9B | $25.9B |
| Intangible assets, net | $25.9B | $26.8B | $28.8B | $29.9B |
| Other noncurrent assets | $7.0B | $7.5B | $7.1B | $7.0B |
| Total assets | $97.2B | $97.8B | $100.5B | $101.7B |
| Accounts payable | $1.1B | $1.1B | $1.1B | $1.1B |
| Accrued liabilities | $12.1B | $11.9B | $9.3B | $10.2B |
| Deferred revenues | $1.5B | $1.6B | $1.6B | $1.5B |
| Current portion of debt | $1.5B | $1.5B | $139.0M | $221.0M |
| Total current liabilities | $16.1B | $16.1B | $12.2B | $13.0B |
| Noncurrent portion of debt | $30.5B | $31.0B | $33.4B | $34.4B |
| Deferred income taxes | $5.6B | $5.9B | $6.7B | $6.5B |
| Other noncurrent liabilities | $11.0B | $11.2B | $11.0B | $10.4B |
| Total liabilities | $63.3B | $64.1B | $63.2B | $64.4B |
| Redeemable noncontrolling interests | $0 | $0 | $23.0M | $23.0M |
| Series A common stock: $0.01 par value; 10,800 and 10,800 shares authorized; 2,738 and 2,710 shares issued; and 2,508 and 2,480 shares outstanding | 27.0M | 27.0M | 27.0M | 27.0M |
| Preferred stock: $0.01 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $56.0B | $55.9B | $55.9B | $55.7B |
| Treasury stock, at cost: 230 and 230 shares | -8.2B | -8.2B | -8.2B | -8.2B |
| Accumulated deficit | ($14.3B) | ($14.4B) | ($11.3B) | ($11.1B) |
| Accumulated other comprehensive loss | ($688.0M) | ($642.0M) | ($431.0M) | ($371.0M) |
| Total Warner Bros. Discovery, Inc. stockholders’ equity | $32.8B | $32.6B | $36.0B | $36.0B |
| Noncontrolling interests | $1.2B | $1.1B | $1.3B | $1.3B |
| Total equity | $34.0B | $33.7B | $37.3B | $37.3B |
| Total liabilities and equity | $97.2B | $97.8B | $100.5B | $101.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $749.0M | ($11.5B) | ($3.1B) | ($7.3B) |
| Content rights amortization and impairment | $11.9B | $13.9B | $16.0B | $14.2B |
| Content restructuring impairments and write-offs | $0 | $165.0M | $115.0M | $2.8B |
| Depreciation and amortization | $5.7B | $7.0B | $8.0B | $7.2B |
| Deferred income taxes | ($710.0M) | ($1.7B) | ($2.3B) | ($2.8B) |
| Equity in losses of equity method investee companies and cash distributions | $75.0M | $167.0M | $157.0M | $211.0M |
| Gain on extinguishment of debt | ($2.9B) | ($632.0M) | — | $0 |
| Share-based compensation expense | $769.0M | $557.0M | $500.0M | $412.0M |
| Impairments and loss on dispositions | $172.0M | $9.6B | — | — |
| Gain from derivative instruments, net | ($93.0M) | ($16.0M) | ($151.0M) | ($501.0M) |
| Gain on sale of investments | ($4.0M) | ($227.0M) | $0 | ($199.0M) |
| Other, net | $69.0M | $115.0M | $259.0M | $435.0M |
| Receivables, net | ($336.0M) | $1.0B | $312.0M | $181.0M |
| Film and television content rights, games and production payables, net | ($11.4B) | ($12.3B) | ($12.3B) | — |
| Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | $108.0M | ($529.0M) | ($820.0M) | $1.5B |
| Foreign currency, prepaid expenses and other assets, net | $327.0M | ($260.0M) | $824.0M | ($130.0M) |
| Cash provided by operating activities | $4.3B | $5.4B | $7.5B | $4.3B |
| Purchases of property and equipment | ($1.2B) | ($948.0M) | ($1.3B) | ($987.0M) |
| Cash used for business acquisitions | $0 | $0 | ($50.0M) | — |
| Investments in and advances to equity investments | ($100.0M) | ($109.0M) | ($112.0M) | ($168.0M) |
| Proceeds from sales and maturities of investments | $54.0M | $541.0M | $0 | $306.0M |
| Proceeds from derivative instruments, net | $26.0M | $136.0M | $121.0M | $752.0M |
| Other investing activities, net | $72.0M | $31.0M | $98.0M | $9.0M |
| Cash used in investing activities | ($1.2B) | ($349.0M) | ($1.3B) | $3.5B |
| Principal repayments of term loans | $0 | $0 | ($4.0B) | ($6.0B) |
| Principal repayments of debt, including premiums and discounts to par value | ($22.7B) | ($5.0B) | ($2.9B) | ($1.3B) |
| Borrowings from debt, net of discount and issuance costs | $18.3B | $1.6B | $1.5B | $0 |
| Distributions to noncontrolling interests and redeemable noncontrolling interests | ($198.0M) | ($193.0M) | ($301.0M) | ($300.0M) |
| Purchase of redeemable noncontrolling interest | $0 | $0 | ($49.0M) | — |
| Proceeds for noncontrolling interest in joint venture | $633.0M | — | — | — |
| Borrowings under commercial paper program and revolving credit facility | $4.2B | $14.2B | $3.9B | $2.3B |
| Repayments under commercial paper program and revolving credit facility | ($4.2B) | ($14.2B) | ($3.9B) | ($2.3B) |
| Principal repayments of finance and other lease obligations | $202.0M | — | — | — |
| Other financing activities, net | ($115.0M) | ($130.0M) | ($116.0M) | ($125.0M) |
| Cash used in financing activities | ($4.2B) | ($3.7B) | ($5.8B) | ($7.7B) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $254.0M | ($180.0M) | $8.0M | ($61.0M) |
| Net change in cash, cash equivalents, and restricted cash | ($846.0M) | $1.1B | $389.0M | $25.0M |
| Cash, cash equivalents, and restricted cash, beginning of period | $5.4B | $4.3B | $3.9B | $3.9B |
| Cash, cash equivalents, and restricted cash, end of period | $4.6B | $5.4B | $4.3B | $3.9B |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net (loss) income | ($2.7B) | ($2.9B) | $996.0M | $1.1B |
| Content rights amortization and impairment | $5.1B | $2.5B | $9.1B | $6.9B |
| Depreciation and amortization | $2.4B | $1.2B | $4.4B | $3.0B |
| Deferred income taxes | ($812.0M) | ($513.0M) | ($272.0M) | ($471.0M) |
| Share-based compensation expense | $342.0M | $152.0M | $540.0M | $298.0M |
| Loss (gain) on extinguishment of debt | $102.0M | — | ($3.0B) | ($3.0B) |
| Impairments and loss on dispositions | $37.0M | $14.0M | $162.0M | $116.0M |
| Netflix Termination Fee accrual (See Note 1) | $2.8B | $2.8B | — | — |
| Other, net | $42.0M | $119.0M | ($75.0M) | ($97.0M) |
| Receivables, net | $278.0M | $246.0M | ($200.0M) | ($460.0M) |
| Film and television content rights, games, and production payables, net | ($5.5B) | ($2.6B) | ($9.1B) | ($6.3B) |
| Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | ($833.0M) | ($1.0B) | ($402.0M) | ($141.0M) |
| Foreign currency, prepaid expenses and other assets, net | ($518.0M) | ($209.0M) | $331.0M | $563.0M |
| Cash provided by operating activities | $640.0M | ($208.0M) | $2.5B | $1.5B |
| Purchases of property and equipment | ($544.0M) | ($268.0M) | ($810.0M) | ($532.0M) |
| Proceeds from sales of investments | $9.0M | $0 | $54.0M | $54.0M |
| Investments in and advances to equity investees | ($25.0M) | ($25.0M) | ($97.0M) | ($26.0M) |
| Proceeds from asset dispositions | $0 | $0 | — | $66.0M |
| Other investing activities, net | $61.0M | $11.0M | $92.0M | $7.0M |
| Cash used in investing activities | ($499.0M) | ($282.0M) | ($761.0M) | ($431.0M) |
| Principal repayments of debt, including premiums and discounts to par value | ($15.4B) | ($123.0M) | ($21.7B) | ($20.4B) |
| Borrowings from debt, net of discount and issuance costs | $14.8B | ($16.0M) | $18.3B | $18.3B |
| Distributions to noncontrolling interests and redeemable noncontrolling interests | ($144.0M) | ($129.0M) | ($188.0M) | ($174.0M) |
| Proceeds from the formation of music catalog joint venture | $0 | $0 | — | — |
| Borrowings under commercial paper program and revolving credit facility | $1.3B | $261.0M | $3.6B | $3.6B |
| Repayments under commercial paper program and revolving credit facility | ($1.3B) | ($261.0M) | ($3.6B) | ($3.6B) |
| Principal repayments of finance and other lease obligations | ($120.0M) | — | — | — |
| Cash paid to settle share-based awards, net | ($451.0M) | ($422.0M) | — | — |
| Other financing activities, net | $34.0M | ($66.0M) | ($262.0M) | ($213.0M) |
| Cash used in financing activities | ($1.3B) | ($756.0M) | ($3.1B) | ($1.9B) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | ($65.0M) | ($56.0M) | $251.0M | $256.0M |
| Net change in cash, cash equivalents, and restricted cash | ($1.2B) | ($1.3B) | ($1.1B) | ($525.0M) |
| Cash, cash equivalents, and restricted cash, beginning of period | $4.6B | $4.6B | $5.4B | $5.4B |
| Cash, cash equivalents, and restricted cash, end of period | $3.4B | $3.3B | $4.3B | $4.9B |
Warner Bros. Discovery, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.