Warner Bros. Discovery
WBD Nasdaq· Broadcasting
Last close · Oct 5, 2026
$30.95
KIRA · Stoqly’s AI analyst, in plain words
- Warner Bros. Discovery had $37.3B of revenue in fiscal 2025, down 5.2% on the year before. Over five years, revenue changed +28.4% a year on average.
- Its operating margin was 2.0%, up 27.5 pts: of every 100 in sales, about 2 is left after running the business.
- Warner Bros. Discovery made $727M of net profit in fiscal 2025.
- Free cash flow was $3.1B in fiscal 2025, 8.3% of revenue.
- Warner Bros. Discovery returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.3%.
- Warner Bros. Discovery owes $28.7B more than it holds in cash, about 4.5 years of operating profit.
Market cap
$79.7B
P/E
—
Revenue
$37.3B
Net income
$727M
Free cash flow
$3.1B
Operating margin
2.0%
Warner Bros. Discovery in 30 seconds · fiscal 2025
Are sales growing?
−5.2%
No. Sales fell 5.2% last year.
Does it make a profit?
2.0%
A little. It keeps 2.0% of every sale as profit.
Does profit turn into cash?
8.3%
Partly. 8.3% of sales ends up as free cash.
Is debt under control?
4.5x
Heavy. Repaying its debt would take 4.5 years of operating profit.
How healthy are the accounts?
7 / 8
Solid. It passes 7 of 8 health tests.
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.
Biggest risks, in its own words
- The Paramount Skydance merger may not be completed, or may be delayed, and failure could cost it a large termination fee.
- A continuing fall in advertising revenue as viewers leave traditional TV.
- Its streaming services may fail to attract and keep subscribers.
- Losing or renewing on worse terms the agreements with cable, satellite and digital companies that carry its channels.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Legal name
- Warner Bros. Discovery, Inc.
- CIK
- 0001437107
Warner Bros. Discovery · WBD
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $12.2B | $33.8B | $41.3B | $39.3B | $37.3B |
| Revenue growth | 14.2% | 177.4% | 22.2% | −4.8% | −5.2% |
| Operating margin | 16.5% | −21.8% | −3.8% | −25.5% | 2.0% |
| Net income | $1.0B | −$7.4B | −$3.1B | −$11.3B | $727M |
| Net margin | 8.3% | −21.8% | −7.6% | −28.8% | 2.0% |
| Diluted EPS | $1.54 | −$3.82 | −$1.28 | −$4.62 | $0.29 |
| Cash | |||||
| Cash from operations | $2.8B | $4.3B | $7.5B | $5.4B | $4.3B |
| Capital expenditure | $373M | $987M | $1.3B | $948M | $1.2B |
| Free cash flow | $2.4B | $3.3B | $6.2B | $4.4B | $3.1B |
| FCF margin | 19.9% | 9.8% | 14.9% | 11.3% | 8.3% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | −1.2% | 192.2% | 25.6% | 0.6% | 3.3% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $11.6B | $47.1B | $45.2B | $34.0B | $35.9B |
| Net debt / EBITDA | 3.1x | — | 6.2x | — | 4.5x |
| Current ratio | 2.1x | 0.9x | 0.9x | 0.9x | 1.1x |
| Interest coverage | 3.2x | −4.2x | −0.7x | −5.0x | 0.4x |
| Returns and quality | |||||
| Return on capital | 6.8% | −9.9% | −1.4% | −10.2% | 0.6% |
| Return on equity | 9.1% | −25.1% | −6.8% | −28.5% | 2.1% |
| Piotroski F-score | 7 | 3 | 4 | 3 | 7 |
| Altman Z'' | 2.7 | 0.2 | 0.5 | −0.6 | 0.3 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$407M
13 insiders
Of sales under plans
25%
$100.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Warner Bros. Discovery · WBD
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Warner Bros. Discovery WBD | $79.7B | −5.2% | 2.0% | 8.3% | 0.6% | — | 7 |
| Fox FOXA | $28.7B | 5.1% | — | 8.6% | 14.8% | — | 6 |
| SiriusXM SIRI | $9.4B | −1.6% | 17.2% | 14.6% | 5.3% | 11.0x | 6 |
| Nexstar Media Group NXST | $5.1B | −8.5% | 17.2% | 15.0% | 5.6% | 31.3x | 5 |
| Netflix NFLX | $268.1B | 15.9% | 29.5% | 20.9% | 36.7% | 18.5x | 7 |
KIRA
At $30.95 a share, the company is worth $79.7B.
Warner Bros. Discovery grew sales faster than 1 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001437107). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.