Warner Bros. Discovery, Inc. (WBD) Q2 FY2026 Financial Statements: Revenue $8.72B, Net income attributable to WBD $149.00M
More for Warner Bros. Discovery: Company index · 10-K and 10-Q summary · 8-K filings and events
PeriodQ2 FY2026
Published
Warner Bros. Discovery reported revenue of $8.72 billion for Q2 FY2026, the quarter ended June 30, 2026, down 11.2% from a year earlier as advertising and content revenue fell. Operating income was $237 million, against an operating loss of $185 million a year earlier, while net income attributable to Warner Bros. Discovery was $149 million, or $0.06 per diluted share, down 90.6% from $1.58 billion; the year-ago quarter included a large gain on retiring debt, and this quarter's profit came from an income tax benefit that more than offset a loss before taxes. After the quarter ended, Skydance Corporation, formerly Paramount Skydance, completed its all-cash acquisition of Warner Bros. Discovery.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $8,717,000,000 | down 11.2% |
| Net income attributable to WBD | $149,000,000 | down 90.6% |
| Diluted EPS | $0.06 | down 90.5% |
| Operating income | $237,000,000 | swung from -$185 million |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | WBD |
|---|---|
| CIK | 0001437107 |
| Company | Warner Bros. Discovery, Inc. |
| Business type | media_entertainment |
| Schema template | standard (media & entertainment): revenues by type, costs and expenses, operating income, net income, diluted EPS; cash, debt, assets, equity; operating cash flow, capex, free cash flow |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual US dollars (not millions); share counts in actual shares; per-share amounts in dollars |
WBD annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Income statement | |||
| Revenue by type | |||
| Distribution | 19,262,000,000 | 19,701,000,000 | 20,237,000,000 |
| Advertising | 7,306,000,000 | 8,090,000,000 | 8,700,000,000 |
| Content | 9,647,000,000 | 10,297,000,000 | 11,203,000,000 |
| Other | 1,081,000,000 | 1,233,000,000 | 1,181,000,000 |
| Operating income | 738,000,000 | -10,032,000,000 | -1,548,000,000 |
| Total revenues | 37,296,000,000 | 39,321,000,000 | 41,321,000,000 |
| Costs of revenues excluding depreciation and amortization | 20,885,000,000 | 22,970,000,000 | 24,526,000,000 |
| Selling general and administrative | 9,418,000,000 | 9,296,000,000 | 9,696,000,000 |
| Depreciation and amortization | 5,684,000,000 | 7,037,000,000 | 7,985,000,000 |
| Restructuring and other charges | 399,000,000 | 447,000,000 | 585,000,000 |
| Impairments and loss on dispositions | 172,000,000 | 9,603,000,000 | 77,000,000 |
| Total costs and expenses | 36,558,000,000 | 49,353,000,000 | 42,869,000,000 |
| Interest expense net | -2,085,000,000 | -2,017,000,000 | -2,221,000,000 |
| Gain loss on extinguishment of debt | 2,945,000,000 | 632,000,000 | 17,000,000 |
| Income loss from equity investees | -24,000,000 | -121,000,000 | -82,000,000 |
| Other income expense net | 65,000,000 | 150,000,000 | -29,000,000 |
| Income before income taxes | 1,639,000,000 | -11,388,000,000 | -3,863,000,000 |
| Income tax benefit expense | -890,000,000 | -94,000,000 | 784,000,000 |
| Net income | 749,000,000 | -11,482,000,000 | -3,079,000,000 |
| Net income available to common stockholders | 727,000,000 | -11,311,000,000 | -3,126,000,000 |
| Basic EPS | 0.29 | -4.62 | -1.28 |
| Diluted EPS | 0.29 | -4.62 | -1.28 |
| Basic shares | 2,475,000,000 | 2,450,000,000 | 2,436,000,000 |
| Diluted shares | 2,530,000,000 | 2,450,000,000 | 2,436,000,000 |
| Balance sheet | |||
| Cash and cash equivalents | 4,566,000,000 | 5,312,000,000 | |
| Receivables net | 5,294,000,000 | 4,947,000,000 | |
| Total current assets | 13,206,000,000 | 14,078,000,000 | |
| Film and television content rights and games | 19,114,000,000 | 19,102,000,000 | |
| Property and equipment net | 6,685,000,000 | 6,087,000,000 | |
| Goodwill | 25,933,000,000 | 25,667,000,000 | |
| Intangible assets net | 27,764,000,000 | 32,299,000,000 | |
| Total assets | 100,085,000,000 | 104,560,000,000 | |
| Accrued liabilities | 9,626,000,000 | 10,438,000,000 | |
| Current portion of debt | 139,000,000 | 2,748,000,000 | |
| Total current liabilities | 12,500,000,000 | 15,810,000,000 | |
| Noncurrent portion of debt | 32,428,000,000 | 36,757,000,000 | |
| Total liabilities | 62,919,000,000 | 69,622,000,000 | |
| Redeemable noncontrolling interests | 19,000,000 | 109,000,000 | |
| Total warner bros discovery stockholders equity | 35,919,000,000 | 34,037,000,000 | |
| Noncontrolling interests | 1,228,000,000 | 792,000,000 | |
| Total equity | 37,147,000,000 | 34,829,000,000 | |
| Total debt | 32,567,000,000 | 39,505,000,000 | |
| Shares outstanding | 2,480,000,000 | 2,454,000,000 | |
| Cash flow | |||
| Content rights amortization and impairment | 11,855,000,000 | 13,946,000,000 | 16,024,000,000 |
| Share based compensation expense | 769,000,000 | 557,000,000 | 500,000,000 |
| Operating cash flow | 4,319,000,000 | 5,375,000,000 | 7,477,000,000 |
| Capital expenditures | -1,231,000,000 | -948,000,000 | -1,316,000,000 |
| Investing cash flow | -1,179,000,000 | -349,000,000 | -1,259,000,000 |
| Principal repayments of debt | -22,664,000,000 | -5,043,000,000 | -2,860,000,000 |
| Borrowings from debt | 18,306,000,000 | 1,617,000,000 | 1,496,000,000 |
| Financing cash flow | -4,240,000,000 | -3,749,000,000 | -5,837,000,000 |
| Cash and restricted cash end of period | 4,570,000,000 | 5,416,000,000 | 4,319,000,000 |
| Free cash flow | 3,088,000,000 | 4,427,000,000 | 6,161,000,000 |
WBD quarterly income statement, balance sheet and cash flow
| Q2 FY2026 | Q2 FY2025 | |
|---|---|---|
| Fiscal quarter | 2 | 2 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Cash flow source accession | 0001437107-26-000072 | 0001437107-26-000072 |
| Income statement | ||
| Revenue by type | ||
| Distribution | 4,950,000,000 | 4,885,000,000 |
| Advertising | 1,724,000,000 | 2,216,000,000 |
| Content | 1,828,000,000 | 2,471,000,000 |
| Other | 215,000,000 | 240,000,000 |
| Total revenues | 8,717,000,000 | 9,812,000,000 |
| Costs of revenues excluding depreciation and amortization | 4,621,000,000 | 5,967,000,000 |
| Selling general and administrative | 2,564,000,000 | 2,477,000,000 |
| Netflix termination fee | 0 | 0 |
| Depreciation and amortization | 1,159,000,000 | 1,447,000,000 |
| Restructuring and other charges | 113,000,000 | 80,000,000 |
| Impairments and loss on dispositions | 23,000,000 | 26,000,000 |
| Total costs and expenses | 8,480,000,000 | 9,997,000,000 |
| Operating income | 237,000,000 | -185,000,000 |
| Interest expense net | -511,000,000 | -463,000,000 |
| Gain loss on extinguishment of debt | -75,000,000 | 2,958,000,000 |
| Income loss from equity investees | 28,000,000 | 5,000,000 |
| Other income expense net | 50,000,000 | 139,000,000 |
| Income before income taxes | -271,000,000 | 2,454,000,000 |
| Income tax benefit expense | 433,000,000 | -866,000,000 |
| Net income | 162,000,000 | 1,588,000,000 |
| Net income available to common stockholders | 149,000,000 | 1,580,000,000 |
| Basic EPS | 0.06 | 0.64 |
| Diluted EPS | 0.06 | 0.63 |
| Basic shares | 2,511,000,000 | 2,477,000,000 |
| Diluted shares | 2,575,000,000 | 2,499,000,000 |
| Balance sheet | ||
| Cash and cash equivalents | 3,369,000,000 | |
| Receivables net | 4,952,000,000 | |
| Total current assets | 12,539,000,000 | |
| Film and television content rights and games | 19,245,000,000 | |
| Property and equipment net | 6,652,000,000 | |
| Goodwill | 25,861,000,000 | |
| Intangible assets net | 25,922,000,000 | |
| Total assets | 97,248,000,000 | |
| Accrued liabilities | 12,076,000,000 | |
| Current portion of debt | 1,493,000,000 | |
| Total current liabilities | 16,143,000,000 | |
| Noncurrent portion of debt | 30,530,000,000 | |
| Total liabilities | 63,253,000,000 | |
| Redeemable noncontrolling interests | 0 | |
| Total warner bros discovery stockholders equity | 32,838,000,000 | |
| Noncontrolling interests | 1,157,000,000 | |
| Total equity | 33,995,000,000 | |
| Total debt | 32,023,000,000 | |
| Shares outstanding | 2,508,000,000 | |
| Cash flow | ||
| Operating cash flow | 848,000,000 | 983,000,000 |
| Capital expenditures | -276,000,000 | -281,000,000 |
| Free cash flow | 572,000,000 | 702,000,000 |
WBD year-to-date income statement and cash flow
| Six months ended June 30, 2026 | Six months ended June 30, 2025 | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | six months | six months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Revenue by type | ||
| Distribution | 9,856,000,000 | 9,771,000,000 |
| Advertising | 3,571,000,000 | 4,196,000,000 |
| Content | 3,715,000,000 | 4,337,000,000 |
| Other | 468,000,000 | 487,000,000 |
| Total revenues | 17,610,000,000 | 18,791,000,000 |
| Costs of revenues excluding depreciation and amortization | 9,264,000,000 | 11,098,000,000 |
| Selling general and administrative | 5,039,000,000 | 4,671,000,000 |
| Netflix termination fee | 2,800,000,000 | 0 |
| Depreciation and amortization | 2,385,000,000 | 2,994,000,000 |
| Restructuring and other charges | 317,000,000 | 134,000,000 |
| Impairments and loss on dispositions | 37,000,000 | 116,000,000 |
| Total costs and expenses | 19,842,000,000 | 19,013,000,000 |
| Operating income | -2,232,000,000 | -222,000,000 |
| Interest expense net | -1,092,000,000 | -931,000,000 |
| Gain loss on extinguishment of debt | -102,000,000 | 2,954,000,000 |
| Income loss from equity investees | 23,000,000 | -2,000,000 |
| Other income expense net | 12,000,000 | 221,000,000 |
| Income before income taxes | -3,391,000,000 | 2,020,000,000 |
| Income tax benefit expense | 647,000,000 | -881,000,000 |
| Net income | -2,744,000,000 | 1,139,000,000 |
| Net income available to common stockholders | -2,767,000,000 | 1,127,000,000 |
| Basic EPS | -1.11 | 0.46 |
| Diluted EPS | -1.11 | 0.45 |
| Basic shares | 2,501,000,000 | 2,469,000,000 |
| Diluted shares | 2,501,000,000 | 2,500,000,000 |
| Cash flow | ||
| Content rights amortization and impairment | 5,088,000,000 | 6,851,000,000 |
| Share based compensation expense | 342,000,000 | 298,000,000 |
| Operating cash flow | 640,000,000 | 1,536,000,000 |
| Capital expenditures | -544,000,000 | -532,000,000 |
| Investing cash flow | -499,000,000 | -431,000,000 |
| Principal repayments of debt | -15,373,000,000 | -20,403,000,000 |
| Borrowings from debt | 14,781,000,000 | 18,303,000,000 |
| Financing cash flow | -1,273,000,000 | -1,886,000,000 |
| Cash and restricted cash end of period | 3,373,000,000 | 4,891,000,000 |
| Free cash flow | 96,000,000 | 1,004,000,000 |
WBD trailing twelve month income statement and cash flow
| Twelve months ended June 30, 2026 | |
|---|---|
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months (derived) |
| Source accession | 10-Q |
| Source accessions | 10-K, 10-Q |
| Income statement | |
| Total revenues | 36,115,000,000 |
| Operating income | -1,272,000,000 |
| Net income | -3,134,000,000 |
| Net income available to common stockholders | -3,167,000,000 |
| Cash flow | |
| Operating cash flow | 3,423,000,000 |
| Capital expenditures | -1,243,000,000 |
| Free cash flow | 2,180,000,000 |
- Derivation. FY2025 (from the FY2025 10-K) plus the six months ended June 30, 2026, less the six months ended June 30, 2025 (both from the Q2 2026 10-Q)
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | n/a |
| FX | none; the company reports in US dollars |
Notes
- Schema: a standard industrial-style template adapted to a media and entertainment company. Revenues are shown in total and by type (distribution, advertising, content, other), followed by costs and expenses, operating income, net income and earnings per share; the balance sheet and cash flow carry cash, debt, assets, equity, operating cash flow, capital expenditures and free cash flow.
- Full-year figures for 2025, 2024 and 2023 come from the consolidated statements in the FY2025 Form 10-K (accession 0001437107-26-000020). That filing prints balance sheets only at December 31, 2025 and December 31, 2024, so FY2023 carries income statement and cash flow figures but no balance sheet.
- Second-quarter 2026 and 2025 income statement figures, the June 30, 2026 balance sheet, and the six-month figures come from the Q2 2026 Form 10-Q (accession 0001437107-26-000075). The 10-Q's December 31, 2025 balance sheet column matches the FY2025 10-K line for line. The 10-Q does not present a balance sheet at June 30, 2025, so the Q2 FY2025 entry has none.
- The Q2 2026 10-Q presents its cash flow statement only for the six months ended June 30. The three-month operating cash flow, purchases of property and equipment and free cash flow for Q2 FY2026 and Q2 FY2025 are taken from the free cash flow table in the company's Q2 2026 earnings release, furnished as Exhibit 99.1 to the Form 8-K filed August 6, 2026 (accession 0001437107-26-000072); each quarter records that accession as its cash flow source.
- The six months ended June 30, 2026 include a $2,800 million expense for the Netflix Termination Fee, recorded in the first quarter of 2026. The 10-Q (Note 1) states that Paramount Skydance Corporation paid the fee to Netflix in cash on the company's behalf after the company terminated its merger agreement with Netflix on February 27, 2026, and that the amount is reimbursable by the company in certain circumstances if the merger agreement with Paramount Skydance is terminated; it is recorded in accrued liabilities. The charge is the main reason the six-month period shows an operating loss of $2,232 million against $222 million a year earlier.
- Diluted shares for the six months ended June 30, 2026 equal basic shares (2,501 million) because the period was a net loss; the earnings per share note shows no dilutive effect from share-based awards for that period.
- Total debt is the balance-sheet carrying amount (current plus noncurrent portion of debt): $32,023 million at June 30, 2026. The Q2 2026 earnings release cites 'total debt of $32.4 billion' and 'gross debt of $33.1 billion' (total debt plus $659 million of finance leases) for its net debt and leverage measures; those are company-defined figures on a different basis from the balance-sheet carrying amount and are not used in this record.
- The trailing twelve months to June 30, 2026 are derived, not filed: the FY2025 figures from the 10-K, plus the six months ended June 30, 2026, less the six months ended June 30, 2025, both from the 10-Q.
- Figures are in US dollars as reported. Warner Bros. Discovery had no stock split in the periods covered and its Series A common stock is not an American Depositary Share, so no per-share adjustment was applied.
Uncertainties
- The Q2 FY2026 and Q2 FY2025 cash flow figures are from the furnished earnings release, not from the 10-Q, which prints cash flows only on a six-month basis.
- Discrete figures for the first quarter of 2026 and the fourth quarter of 2025 are not shown: neither filing presents those three-month periods on its face.
Definitions
| Revenue by type | Distribution, advertising, content and other revenues as printed on the face of the consolidated statements of operations; they sum to total_revenues. |
|---|---|
| Costs of revenues excluding depreciation and amortization | The filing's 'Costs of revenues, excluding depreciation and amortization'. Because depreciation and amortization is reported as a separate line, the company does not present gross profit, and none is shown here. |
| Net income | Consolidated net income (loss), before amounts attributable to noncontrolling and redeemable noncontrolling interests. |
| Net income available to common stockholders | The filing's 'Net income (loss) available to Warner Bros. Discovery, Inc.', which the earnings per share note identifies as the numerator for basic and diluted earnings per share of Series A common stock. |
| Basic shares / diluted shares | Weighted average Series A common shares outstanding, printed in millions and stored here as actual shares. |
| Shares outstanding | Series A common shares outstanding at the balance sheet date, from the common stock caption on the balance sheet (printed in millions). |
| Total debt | Current portion of debt plus noncurrent portion of debt, as carried on the balance sheet. It excludes finance lease obligations. |
| Free cash flow | Cash provided by operating activities less purchases of property and equipment, the company's own definition of this non-GAAP measure. For the quarters it is the figure printed in the earnings release; for full years and six-month periods it is computed from the cash flow statement on the same definition. |
| Sign convention | Cost and expense lines are positive amounts. On lines whose caption combines income and expense (interest expense, net; gain or loss on extinguishment of debt; income or loss from equity investees; other income or expense; income tax benefit or expense) a negative figure is an expense or loss. Cash outflows such as purchases of property and equipment are negative. |
Company details
| Name | Warner Bros. Discovery, Inc. |
|---|---|
| Ticker | WBD |
| CIK | 0001437107 |
| Exchange | Nasdaq |
| State | New York |
| Incorporation | Delaware |
| SIC | 4841 |
| Office | Technology |
| Industry | Cable & Other Pay Television Services |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0001437107-26-000075 |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-27 | 0001437107-26-000020 | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-06 | 0001437107-26-000075 | facts |
FAQ · Warner Bros. Discovery financial statements
How much revenue did Warner Bros. Discovery make in Q2 FY2026?
Warner Bros. Discovery reported revenue of $8.72 billion for Q2 FY2026, the quarter ended June 30, 2026. That is down 11.2% from $9.81 billion in the same quarter a year earlier.
Was Warner Bros. Discovery profitable in Q2 FY2026?
Warner Bros. Discovery reported net income attributable to the company of $149 million for Q2 FY2026, down 90.6% from $1.58 billion a year earlier. The year-ago quarter included a large gain on retiring debt, and the latest quarter's profit rested on an income tax benefit, since Warner Bros. Discovery had a loss before taxes.
What was Warner Bros. Discovery's earnings per share in Q2 FY2026?
Warner Bros. Discovery earned $0.06 per diluted share in Q2 FY2026, the quarter ended June 30, 2026, compared with $0.63 in the same quarter a year earlier.
Did Warner Bros. Discovery make an operating profit in Q2 FY2026?
Yes. Warner Bros. Discovery reported operating income of $237 million for Q2 FY2026, against an operating loss of $185 million in the same quarter a year earlier.
Where can I get Warner Bros. Discovery, Inc. (WBD) financial data in machine-readable form?
Ticker Scout publishes Warner Bros. Discovery, Inc.'s financial statements as JSON at https://tickerscout.ai/wbd/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/wbd/narrative.md and https://tickerscout.ai/wbd/events.md. Warner Bros. Discovery, Inc.'s SEC CIK is 0001437107. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Warner Bros. Discovery, Inc. (WBD) next file with the SEC?
Warner Bros. Discovery, Inc. (WBD) is expected to file its next Form 10-Q with the SEC on or around November 5, 2026. That date is a projection rather than a company-announced date: it is derived from Warner Bros. Discovery, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001437107-26-000075.
How this page was built
This page was built from three of Warner Bros. Discovery, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Warner Bros. Discovery, Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.