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Warner Bros. Discovery

WBD Nasdaq Broadcasting Financials FY2016–FY2025

Warner Bros. Discovery's revenue fell 5.2% to $37.3 billion in fiscal 2025. Its operating margin was 2.0%, up from βˆ’25.5% a year earlier. Free cash flow was $3.1 billion, down 30.2%. The diluted share count rose 3.3%.

Last close Β· Oct 5, 2026

$30.95

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Value it Compare
Revenue Total sales reported in the income statement.
$37.3B
5.1% vs prior year
Operating margin Operating income as a share of revenue.
2.0%
27.5 pts
Net income Profit after all expenses, interest and tax.
$727M
Free cash flow Cash from operations minus capital spending.
$3.1B
30.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.6%
10.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$79.7B
Oct 5 close
P/E Last close divided by diluted earnings per share over the last four quarters.
β€”

What Warner Bros. Discovery does

Warner Bros. Discovery makes and distributes films, TV shows, games and news. Its brands include HBO, the HBO Max and discovery+ streaming services, Warner Bros. film and TV studios, DC Studios, CNN, TNT Sports, Discovery Channel, Food Network, TLC and TBS. It sells to viewers directly through subscriptions, to cable and satellite companies that carry its channels, to advertisers, and to theaters and other outlets that license its films and shows.

It reports three segments. Streaming runs HBO Max, discovery+ and HBO, and had 131.6 million subscribers at the end of 2025. Studios makes and licenses films and TV shows, and also earns money from games, studio tours and products based on characters such as Harry Potter and DC heroes. Global Linear Networks runs its traditional TV channels in the U.S. and abroad, which earn money mainly from fees paid by distributors and from advertising. It says it competes with other networks, streaming services and studios for viewers, advertisers and creative talent.

Warner Bros. Discovery had about 35,500 employees at the end of 2025. In February 2026 it ended an agreement to sell its studios and streaming businesses to Netflix, and agreed instead to be acquired in full by Paramount Skydance. Paramount Skydance paid Netflix the $2.8 billion termination fee on the company's behalf. The deal still needs regulatory and shareholder approval.

Legal name
Warner Bros. Discovery, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K Β· Feb 27, 2026
Accession Β· CIK
0001437107-26-000020
0001437107

Revenue and margins

Warner Bros. Discovery had $37.3B of revenue in fiscal 2025, down 5.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.1B in fiscal 2025, 8.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Warner Bros. Discovery returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Warner Bros. Discovery yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β€” the answer depends entirely on what you put in.

Discounted cash flow

Value per share

β€”

Adds net cash of βˆ’$28.7B and divides by 2,530.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Warner Bros. Discovery can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.9B$3.7B$3.8B$5.3B$4.6B
Debt incl. finance leases $15.0B$49.3B$43.9B$40.0B$33.3B
Net debt / EBITDA 3.1xβ€”6.2xβ€”4.5x
Debt / equity 1.3x1.1x1.0x1.2x0.9x
Interest coverage 3.2xβˆ’4.2xβˆ’0.7xβˆ’5.0x0.4x
Current ratio 2.1x0.9x0.9x0.9x1.1x
Quick ratio 2.1x0.9x0.9x0.9x1.1x
Total assets $34.4B$134.0B$122.8B$104.6B$100.1B
Total liabilities $21.0B$85.3B$76.3B$69.6B$62.9B
Shareholders' equity $11.6B$47.1B$45.2B$34.0B$35.9B
Net debt (βˆ’ = net cash) $11.1B$45.5B$40.2B$34.7B$28.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$65.9M

8 insiders

Of sales under plans

41%

$27.1M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Lori C. LockeChief Accounting Officer Sold 29,115 $28.13 $0.8M Form 4
Sep 11, 2026 Richard W FisherDirector Sold 6,700 $28.06 $0.2M Form 4
Sep 10, 2026 Kenneth W LoweDirector Sold 200,000 $28.23 $5.6M Form 4
Sep 9, 2026 Amy GirdwoodChief People & Culture Officer Sold 262,285 $27.98 $7.3M Form 4
Sep 3, 2026 Anton J LevyDirector Sold 340,000 $28.39 $9.7M Form 4
Sep 3, 2026 Kenneth W LoweDirector Sold 200,000 $28.35 $5.7M Form 4
Aug 27, 2026 Jean-Briac PerrettePres.&CEO, Global Streaming Sold 126,707 $28.96 $3.7M Form 4
Aug 14, 2026 David ZaslavChief Executive Officer & Pres, Director Sold plan 194,999 $28.02 $5.5M Form 4
Aug 13, 2026 David ZaslavChief Executive Officer & Pres, Director Sold plan 773,173 $28.01 $21.7M Form 4
Aug 13, 2026 Fazal F MerchantDirector Sold 71,539 $27.75 $2.0M Form 4
Aug 12, 2026 Richard W FisherDirector Sold 20,000 $27.46 $0.5M Form 4
Aug 11, 2026 Kenneth W LoweDirector Sold 120,000 $26.97 $3.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive βœ• βœ• βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ“ βœ• βœ“
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets βœ“ βœ• βœ“
Current ratio rose βœ• βœ• βœ“
Share count didn't rise βœ• βœ• βœ•
Gross margin rose β€” β€” β€”
Revenue rose relative to assets βœ• βœ“ βœ“
F-score 4 / 83 / 87 / 8
Accruals ratio βˆ’8.3%βˆ’14.7%βˆ’3.5%
Altman Z'' 0.47βˆ’0.610.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Warner Bros. Discovery WBD $79.7B βˆ’5.2% 2.0% 8.3% 0.6% β€” 7
Fox FOXA $29.2B 5.1% β€” 8.6% 14.8% 17.3x 6 Compare β†’
SiriusXM SIRI $9.4B βˆ’1.6% 17.2% 14.6% 5.3% 11.1x 6 Compare β†’
Nexstar Media Group NXST $5.2B βˆ’8.5% 17.2% 15.0% 5.6% 31.8x 5 Compare β†’
Netflix NFLX $276.2B 15.9% 29.5% 20.9% 36.7% 19.0x 7 Compare β†’

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.5B $6.9B $10.6B $11.1B $10.7B $12.2B $33.8B $41.3B $39.3B $37.3B
Gross profit $4.1B $4.2B $6.6B β€” β€” β€” β€” β€” β€” β€”
Operating income $2.1B $713M $1.9B $3.0B $2.5B $2.0B βˆ’$7.4B βˆ’$1.5B βˆ’$10.0B $738M
Interest expense $353M $475M $729M $677M $648M $633M $1.8B $2.2B $2.0B $2.1B
Pretax income $1.7B βˆ’$137M $1.0B $2.3B $1.7B $1.4B βˆ’$9.0B βˆ’$3.9B βˆ’$11.4B $1.6B
Income tax $453M $176M $341M $81.0M $373M $236M βˆ’$1.7B βˆ’$784M $94.0M $890M
Net income $1.2B βˆ’$337M $594M $2.1B $1.2B $1.0B βˆ’$7.4B βˆ’$3.1B βˆ’$11.3B $727M
Diluted EPS β€” β€” β€” β€” $1.81 $1.54 βˆ’$3.82 βˆ’$1.28 βˆ’$4.62 $0.29
Diluted shares β€” β€” β€” β€” 0.67B 0.66B 1.94B 2.44B 2.45B 2.53B
Cash flow
Cash from operations $1.4B $1.6B $2.6B $3.4B $2.7B $2.8B $4.3B $7.5B $5.4B $4.3B
Capital expenditure $88.0M $135M $147M $289M $402M $373M $987M $1.3B $948M $1.2B
Free cash flow $1.3B $1.5B $2.4B $3.1B $2.3B $2.4B $3.3B $6.2B $4.4B $3.1B
Depreciation and amortization $322M $330M $1.4B $1.3B $1.4B $1.6B $7.2B $8.0B $7.0B $5.7B
Stock-based compensation $69.0M $39.0M $80.0M $142M $110M $178M $412M $500M $557M $769M
Acquisitions $0.0M $60.0M $8.6B $73.0M $39.0M $2.0M $3.6B $50.0M $0.0M $0.0M
Share buybacks $1.4B $603M $0.0M $633M $969M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.4B $603M $0.0M $633M $969M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $300M $7.3B $986M $1.6B $2.1B $3.9B $3.7B $3.8B $5.3B $4.6B
Total debt $8.0B $14.8B $16.8B $15.4B $15.4B $14.8B $49.0B $43.7B $39.5B $32.6B
Finance lease liabilities $0.0M $0.0M $0.0M $250M $241M $255M $268M $265M $463M $683M
Current assets $2.5B $10.0B $4.2B $5.2B $6.1B $7.3B $14.0B $14.2B $14.1B $13.2B
Current liabilities $1.6B $1.9B $4.0B $3.2B $3.1B $3.5B $15.0B $15.3B $15.8B $12.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $482M $597M $800M $951M $1.2B $1.3B $5.3B $6.0B $6.1B $6.7B
Total assets $15.7B $22.6B $32.6B $33.7B $34.1B $34.4B $134.0B $122.8B $104.6B $100.1B
Total liabilities $10.3B $17.5B $22.0B $21.8B $21.7B $21.0B $85.3B $76.3B $69.6B $62.9B
Shareholders' equity $5.2B $4.6B $8.4B $9.9B $10.5B $11.6B $47.1B $45.2B $34.0B $35.9B
Margins
Gross margin 62.6% 61.4% 62.7% β€” β€” β€” β€” β€” β€” β€”
Operating margin 31.7% 10.4% 18.3% 27.0% 23.6% 16.5% βˆ’21.8% βˆ’3.8% βˆ’25.5% 2.0%
EBITDA margin 36.6% 15.2% 31.6% 39.1% 36.3% 29.5% βˆ’0.5% 15.6% βˆ’7.6% 17.2%
Net margin 18.4% βˆ’4.9% 5.6% 18.6% 11.4% 8.3% βˆ’21.8% βˆ’7.6% βˆ’28.8% 2.0%
FCF margin 19.9% 21.7% 23.0% 27.9% 21.9% 19.9% 9.8% 14.9% 11.3% 8.3%
Returns
Return on capital 11.7% 4.5% 6.8% 11.3% 7.7% 6.8% βˆ’9.9% βˆ’1.4% βˆ’10.2% 0.6%
Return on capital employed 14.5% 4.1% 7.9% 10.2% 8.2% 6.5% βˆ’9.8% βˆ’1.4% βˆ’10.2% 0.8%
Return on equity 22.5% βˆ’6.9% 9.1% 22.6% 12.0% 9.1% βˆ’25.1% βˆ’6.8% βˆ’28.5% 2.1%
Return on assets 7.6% βˆ’1.8% 2.2% 6.2% 3.6% 2.9% βˆ’8.8% βˆ’2.4% βˆ’10.0% 0.7%
Growth
Revenue growth 1.6% 5.8% 53.5% 5.6% βˆ’4.2% 14.2% 177.4% 22.2% βˆ’4.8% βˆ’5.2%
Net income growth 15.5% βˆ’128.2% β€” 248.3% βˆ’41.1% βˆ’17.5% βˆ’832.7% β€” β€” β€”
EPS growth β€” β€” β€” β€” β€” βˆ’14.9% βˆ’348.1% β€” β€” β€”
FCF growth 8.5% 15.6% 62.6% 28.0% βˆ’24.9% 3.8% 36.8% 85.7% βˆ’28.1% βˆ’30.3%
Share count change β€” β€” β€” β€” β€” βˆ’1.2% 192.2% 25.6% 0.6% 3.3%
Financial health
Net debt / EBITDA 3.2x 7.2x 4.7x 3.2x 3.5x 3.1x β€” 6.2x β€” 4.5x
Debt / equity 1.5x 3.2x 2.0x 1.6x 1.5x 1.3x 1.1x 1.0x 1.2x 0.9x
Interest coverage 5.8x 1.5x 2.7x 4.4x 3.9x 3.2x βˆ’4.2x βˆ’0.7x βˆ’5.0x 0.4x
Current ratio 1.6x 5.3x 1.1x 1.6x 2.0x 2.1x 0.9x 0.9x 0.9x 1.1x
Quick ratio 1.6x 5.3x 1.1x 1.6x 2.0x 2.1x 0.9x 0.9x 0.9x 1.1x
Capital allocation
Capex / revenue 1.4% 2.0% 1.4% 2.6% 3.8% 3.1% 2.9% 3.2% 2.4% 3.3%
Stock comp / revenue 1.1% 0.6% 0.8% 1.3% 1.0% 1.5% 1.2% 1.2% 1.4% 2.1%
Payouts / FCF 106.4% 40.4% 0.0% 20.4% 41.5% 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score β€” β€” β€” β€” β€” 7.0 3.0 4.0 3.0 7.0
Altman Z'' 2.9 3.5 1.5 2.3 2.5 2.7 0.2 0.5 βˆ’0.6 0.3
Accruals ratio βˆ’1.2% βˆ’10.3% βˆ’7.2% βˆ’4.0% βˆ’4.5% βˆ’5.2% βˆ’13.9% βˆ’8.3% βˆ’14.7% βˆ’3.5%

Source: SEC EDGAR XBRL filings (CIK 0001437107). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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