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Warner Bros Discovery Inc (WBD) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

COMMUNICATION SERVICES · Broadcasting · DATA UPDATED 2026-07-14

Warner Bros Discovery Inc (WBD) operates in the Broadcasting industry and is headquartered in New York, United States with about 35,500 employees. Its market capitalization is roughly $65 billion. In the fiscal year ended 2025-12-31, WBD reported $37.3B in revenue and $727M in net income.

Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Streaming, Studios, and Global Linear Networks.

Interactive charts & full statements → Open the WBD valuation workbench →

WBD Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$37.2B	$37.3B	$39.3B	$41.3B	$33.8B	$12.2B	$10.7B	$11.1B	$10.6B	$6.9B	$6.5B	$6.4B	$6.3B	$5.5B	$4.5B	$4.2B	$3.7B	$3.5B	$3.4B	$76M	$688M
Gross Profit	$15.4B	$10.5B	$16.4B	$16.8B	$13.4B	$7.6B	$6.8B	$7.3B	$6.6B	$4.2B	$4.1B	$4.1B	$4.1B	$3.8B	$3.3B	$3.0B	$2.7B	$2.4B	$2.4B	$16M	$234M
Gross Margin %	41.5%	28.2%	41.6%	40.6%	39.6%	62.1%	63.8%	65.7%	62.7%	61.4%	62.6%	63.4%	66.1%	69.5%	72.9%	71.8%	72.7%	69.8%	70.3%	21.1%	34.0%
Operating Income (EBIT)	$1.5B	$1.3B	($10.0B)	($1.5B)	($7.4B)	$2.0B	$2.5B	$3.0B	$1.9B	$713M	$2.1B	$2.0B	$2.1B	$2.0B	$1.9B	$1.8B	$1.4B	$1.3B	$1.1B	($8M)	($115M)
Operating Margin %	4.1%	3.5%	-25.5%	-3.8%	-21.8%	16.5%	23.6%	27.0%	18.3%	10.4%	31.7%	31.0%	32.9%	35.7%	41.4%	43.3%	37.2%	36.8%	30.7%	-10.5%	-16.7%
Net Income	($1.7B)	$727M	($11.3B)	($3.1B)	($7.4B)	$1.0B	$1.2B	$2.1B	$594M	($337M)	$1.2B	$1.0B	$1.1B	$1.1B	$943M	$1.1B	$653M	$549M	$317M	($68M)	($46M)
Net Margin %	-4.7%	1.9%	-28.8%	-7.6%	-21.8%	8.2%	11.4%	18.6%	5.6%	-4.9%	18.4%	16.2%	18.2%	19.4%	21.0%	27.2%	17.6%	15.9%	9.2%	-89.5%	-6.7%
EBITDA	$12.7B	$9.4B	$11.6B	$22.4B	$14.2B	$7.1B	$6.7B	$7.2B	$6.4B	$2.6B	$4.1B	$3.9B	$4.0B	$3.5B	$2.7B	$2.7B	$2.0B	$1.4B	$1.4B	$60M	($35M)
Earnings Per Share (EPS)	$-0.70	$0.29	$-4.62	$-1.28	$-3.80	$1.51	$1.80	$2.89	$0.86	$-0.59	$1.96	$1.58	$1.66	$1.49	$1.24	$1.40	$0.76	$0.65	$0.49	$-0.12	$-0.08
Shares Outstanding (M)	2,492M	2,530M	2,450M	2,436M	1,940M	668M	677M	717M	688M	576M	610M	656M	687M	722M	759M	810M	858M	850M	644M	562M	575M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WBD Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$8.9B	$9.5B	$9.0B	$9.8B	$9.0B	$10.0B	$9.6B	$9.7B
Gross Profit	$4.2B	$2.9B	$4.5B	$3.8B	$3.8B	$4.5B	$4.4B	$3.5B
Gross Margin %	47.8%	30.2%	49.5%	39.2%	42.9%	44.9%	46.2%	36.1%
Operating Income (EBIT)	$549M	$536M	$611M	($185M)	($37M)	$162M	$281M	($10.2B)
Operating Margin %	6.2%	5.7%	6.8%	-1.9%	-0.4%	1.6%	2.9%	-105.1%
Net Income	($2.9B)	($252M)	($148M)	$1.6B	($453M)	($494M)	$135M	($10.0B)
Net Margin %	-32.8%	-2.7%	-1.6%	16.1%	-5.1%	-4.9%	1.4%	-102.8%
EBITDA	$1.2B	$1.5B	$2.0B	$8.0B	$4.7B	$4.8B	$5.4B	($4.0B)
Earnings Per Share (EPS)	$-1.17	$-0.10	$-0.06	$0.63	$-0.18	$-0.20	$0.05	$-4.07
Shares Outstanding (M)	2,492M	2,530M	2,479M	2,499M	2,462M	2,454M	2,470M	2,451M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WBD Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$3.6B	$4.3B	$5.4B	$7.5B	$4.3B	$2.8B	$2.7B	$3.4B	$2.6B	$1.6B	$1.4B	$1.3B	$1.3B	$1.3B	$1.1B	$1.1B	$668M	$642M	$569M	$57M	$74M
Capital Expenditures (CapEx)	$1.2B	$1.2B	$948M	$1.3B	$987M	$373M	$402M	$289M	$147M	$135M	$88M	$103M	$120M	$115M	$77M	$58M	$49M	$55M	$102M	$47M	$78M
Free Cash Flow (FCF)	$2.3B	$3.1B	$4.4B	$6.2B	$3.3B	$2.4B	$2.3B	$3.1B	$2.4B	$1.5B	$1.3B	$1.2B	$1.2B	$1.2B	$1.0B	$1.0B	$619M	$587M	$467M	$10M	($4M)
FCF Margin %	6.2%	8.3%	11.3%	14.9%	9.8%	19.9%	21.9%	27.9%	23.0%	21.7%	19.9%	18.6%	19.1%	21.1%	22.8%	25.0%	16.7%	17.0%	13.6%	13.2%	-0.6%
Dividends Paid	—	—	—	—	$300M	$251M	—	$2M	—	$7.8B	$1.1B	—	—	$1.2B	$981M	$7M	$31M	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WBD Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	($208M)	$1.8B	$979M	$983M	$553M	$2.7B	$847M	$1.2B
Capital Expenditures (CapEx)	$268M	$421M	$278M	$281M	$251M	$286M	$215M	$252M
Free Cash Flow (FCF)	($476M)	$1.4B	$701M	$702M	$302M	$2.4B	$632M	$976M
FCF Margin %	-5.3%	14.6%	7.8%	7.1%	3.4%	24.2%	6.6%	10.1%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WBD Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$97.8B	$100.1B	$104.6B	$122.8B	$134.0B	$34.4B	$34.1B	$33.7B	$32.5B	$22.6B	$15.7B	$15.9B	$16.0B	$15.0B	$12.9B	$11.9B	$11.0B	$11.0B	$10.5B	$5.9B	$5.9B
Cash & Cash Equivalents	$3.3B	$4.6B	$5.3B	$3.8B	$3.7B	$3.9B	$2.1B	$1.6B	$986M	$7.3B	$300M	$390M	$367M	$408M	$1.2B	$1.0B	$466M	$623M	$100M	$8M	$155M
Total Liabilities	$64.1B	$62.9B	$69.6B	$76.3B	$85.3B	$21.0B	$21.7B	$21.8B	$22.0B	$17.5B	$10.3B	$10.2B	$9.6B	$8.7B	$6.6B	$5.4B	$4.8B	$4.7B	$4.9B	$1.4B	$1.3B
Total Debt (Short + Long-Term)	$32.5B	$32.6B	$39.5B	$43.7B	$49.0B	$14.8B	$15.4B	$15.4B	$17.0B	$14.6B	$7.8B	$119M	$1.1B	$17M	$31M	$26M	$20M	$38M	$466M	$0M	$0M
Total Shareholders' Equity	$32.6B	$35.9B	$34.0B	$45.2B	$47.1B	$13.4B	$12.4B	$12.0B	$8.4B	$4.6B	$5.2B	$5.5B	$5.6B	$6.2B	$6.3B	$6.5B	$6.2B	$6.2B	$5.5B	$4.5B	$4.5B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive WBD viewer.

Other Companies in Broadcasting

FOXA · Fox Corporation (Class A) — $23 billion
FOX · Fox Corporation (Class B) — $21 billion
NXST · Nexstar Media Group, Inc. — $6 billion
NMAX · Newsmax, Inc. — $1 billion
SBGI · Sinclair, Inc. — $1 billion
GTN.A · Gray Media, Inc. — $771 million
IHRT · iHeartMedia, Inc. — $614 million
GTN · Gray Media, Inc. — $391 million

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