Fox vs Warner Bros. Discovery
Add, change or remove companies; up to four.
The short version
- Warner Bros. Discovery is the larger business, with $37.3B of revenue in fiscal 2025 against $17.1B for Fox, about 2.2 times as much.
- Fox grew revenue faster (5.1%, against −5.2%).
- Fox earned a higher return on the capital invested in it (14.8%, against 0.6%).
| Latest fiscal year | FOXA · FY26 | WBD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.2B | $79.7B |
| Revenue | $17.1B | $37.3B |
| Free cash flow | $1.5B | $3.1B |
| Net income | $1.7B | $727M |
| Growth | ||
| Revenue growth | 5.1% | −5.2% |
| 5-year growth | 5.8% | 28.4% |
| Share count change | −4.8% | 3.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 2.0% |
| Net margin | 10.1% | 2.0% |
| FCF margin | 8.6% | 8.3% |
| Return on capital | 14.8% | 0.6% |
| Return on equity | 14.6% | 2.1% |
| Balance sheet | ||
| Net debt | $2.4B | $28.7B |
| Net debt / EBITDA | 0.8x | 4.5x |
| Dividends and buybacks | $2.3B | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
FOXA $9.9B
WBD $6.9B
FY18
FOXA $10.2B
WBD $10.6B
FY19
FOXA $11.4B
WBD $11.1B
FY20
FOXA $12.3B
WBD $10.7B
FY21
FOXA $12.9B
WBD $12.2B
FY22
FOXA $14.0B
WBD $33.8B
FY23
FOXA $14.9B
WBD $41.3B
FY24
FOXA $14.0B
WBD $39.3B
FY25
FOXA $16.3B
WBD $37.3B
FY26
FOXA $17.1B
WBD —
FOXA
WBD
Operating margin
FY17
FOXA —
WBD 10.4%
FY18
FOXA —
WBD 18.3%
FY19
FOXA —
WBD 27.0%
FY20
FOXA —
WBD 23.6%
FY21
FOXA —
WBD 16.5%
FY22
FOXA —
WBD −21.8%
FY23
FOXA —
WBD −3.8%
FY24
FOXA —
WBD −25.5%
FY25
FOXA —
WBD 2.0%
FY26
FOXA —
WBD —
FOXA
WBD
Free cash flow
FY17
FOXA $1.5B
WBD $1.5B
FY18
FOXA $1.1B
WBD $2.4B
FY19
FOXA $2.3B
WBD $3.1B
FY20
FOXA $2.0B
WBD $2.3B
FY21
FOXA $2.2B
WBD $2.4B
FY22
FOXA $1.6B
WBD $3.3B
FY23
FOXA $1.4B
WBD $6.2B
FY24
FOXA $1.5B
WBD $4.4B
FY25
FOXA $3.0B
WBD $3.1B
FY26
FOXA $1.5B
WBD —
FOXA
WBD
Return on capital
FY17
FOXA —
WBD 4.5%
FY18
FOXA —
WBD 6.8%
FY19
FOXA 17.4%
WBD 11.3%
FY20
FOXA 9.9%
WBD 7.7%
FY21
FOXA 18.8%
WBD 6.8%
FY22
FOXA 11.4%
WBD −9.9%
FY23
FOXA 11.3%
WBD −1.4%
FY24
FOXA 13.7%
WBD −10.2%
FY25
FOXA 19.2%
WBD 0.6%
FY26
FOXA 14.8%
WBD —
FOXA
WBD
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.