Inferra AI / Company / WBD
Warner Bros. Discovery
WBD · Communication Services
Last earnings Aug 6, 2026
Important announcements
Key results
Subscriber-related revenuequarter
8%
Subscriber-related revenue(2) growth accelerated 400 bps sequentially to 8% ex-FX(3) during the first quarter.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Revenuequarter
16%
The absence of the NBA, representing a 16% ex-FX headwind to advertising revenues; and 2.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
As we noted previously, the library generates, on average, over $5 billion in annual revenues.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Studios first quarter revenues and Adjusted EBITDA increased 31% ex-FX and 156% ex-FX, respectively, primarily due to intercompany content licensing driven by HBO Max international launches.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
These factors helped drive underlying improvement in advertising trends during Q1, and revenues and Adjusted EBITDA declined 9% ex-FX and 10% ex-FX, respectively.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Underlying advertising revenue trends improved meaningfully during the quarter with reported advertising revenues down 12% ex-FX, a 200 bps improvement sequentially, despite an incremental 300 bps headwind from the absence of the NBA relative to the fourth quarter of 2025.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
BALANCE SHEET free cash flowquarter
$476 million
FREE CASH FLOW & BALANCE SHEET Free cash flow(5)(*) was negative $476 million, including approximately $100 million in separation and transaction-related costs.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Total revenuequarter
2025 %
Discovery Reports First-Quarter 2026 Results Three Months Ended March 31, 2026 2025 % Change $ in millions Reported Ex-FX(*) Distribution $ 4,906 $ 4,886 % (1) % Advertising 1,847 1,980 (7) % (8) % Content 1,887 1,866 1 % (2) % Other 253 247 2 % (1) % Total revenues $ 8,893 $ 8,979 (1) % (3) % Net (loss) income available to Warner Bros.
SEC original ↗Warner Bros. Discovery — Presentation / slide deck (8-K exhibit)EX-99May 6, 2026
AI analysis
Q1 2026 · reported May 6, 2026
Based on: Earnings release + Q1 2026 deck + parent 8-K — transcript not held
Headline figures
| Metric | Q1 2026 | Prior qtr | Year ago |
|---|---|---|---|
| Subscriber-related revenue | 8% | — | — |
| Revenue | 16% | — | — |
| BALANCE SHEET free cash flow | $476 million | — | — |
| Total revenue | 2025 % | — | — |
Guidance · company-stated
No guidance located in the held release
Cash flow & capex
Capital allocation
Lastly, during the first quarter, we repaid roughly $120 million in debt maturities and ended the quarter with net leverage(7)(*) of 3.4x.
Company-stated claims
Historical · increased by $516 million, or 156% · ebitda
“Studios Adjusted EBITDA increased by $516 million, or 156% ex-FX, to $775 million compared to the prior year quarter.”
EX-99 · May 6, 2026Event summary
Warner Bros. Discovery Q1 2026 — Subscriber-related revenue(2) growth accelerated 400 bps sequentially to 8% ex-FX(3) during the first quarter.
Based on: Earnings release + Q1 2026 deck + parent 8-K — transcript not held
Guidance & outlook
No guidance located in the held release
Capital allocation
Lastly, during the first quarter, we repaid roughly $120 million in debt maturities and ended the quarter with net leverage(7)(*) of 3.4x.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
The Company believes free cash flow is an important indicator for management and investors of the Company s liquidity, including its ability to reduce debt, make strategic investments, and return capital to stockholders.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
(7) Net Leverage: The Company defines net leverage as the calculation where net debt (gross debt of $33.4 billion less cash, cash equivalents, and restricted cash of $3.3 billion) is divided by the sum of the most recent four quarters Adjusted EBITDA of $8,842 million.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Ended the first quarter with $30.1 billion of net debt(4)(*) and 3.4x net leverage(5)(*).
SEC original ↗Warner Bros. Discovery — Presentation / slide deck (8-K exhibit)EX-99May 6, 2026
Inter-segment Eliminations Three Months Ended March 31, $ in millions 2026 2025 Total revenue eliminations $ (1,497) $ (765) Total expense eliminations (1,122) (712) Adjusted EBITDA $ (375) $ (53) Leverage and Liquidity Ended Q1 with $3.3 billion of cash on hand, $33.4 billion of gross debt(7)(*), and 3.4x net leverage(5)(*).
SEC original ↗Warner Bros. Discovery — Presentation / slide deck (8-K exhibit)EX-99May 6, 2026
The Company repaid $123 million of Senior Notes due during the first quarter.
SEC original ↗Warner Bros. Discovery — Presentation / slide deck (8-K exhibit)EX-99May 6, 2026
Strategy & priorities
htm EX-99.2 a992wbd1q26earningsshare Q1 2026 Shareholder Letter | May 6, 2026 1 Fellow Shareholders, As we prepare for our next chapter, our focus remains on executing our key strategic priorities: scaling HBO Max globally, returning our Studios to industry leadership, and optimizing our Global Linear Networks.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
These three priorities have guided the multi-year process to transform Warner Bros.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
In the first quarter, we sustained and in many cases accelerated the progress we realized in 2025 against these strategic priorities.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
While these recent launches represent a significant expansion of HBO Max s global availability, we also see substantial runway for continued penetration growth in existing markets driven by the core of our product, which remains high-quality content that inspires consumer demand and engagement.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
This, in turn, supports our global expansion and market penetration strategy.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Risks & headwinds
Despite ongoing secular challenges, our Global Linear Networks segment continues to distinguish itself in the market and demonstrate resilience.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Advertising revenue growth also accelerated during Q1 despite a 500 bps headwind from the absence of the NBA.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
The absence of the NBA, representing a 16% ex-FX headwind to advertising revenues; and 2.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
GLOBAL LINEAR NETWORKS The Global Linear Networks segment continues to demonstrate resilience and its ability to generate substantial profits and cash flow despite industry headwinds.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Underlying advertising revenue trends improved meaningfully during the quarter with reported advertising revenues down 12% ex-FX, a 200 bps improvement sequentially, despite an incremental 300 bps headwind from the absence of the NBA relative to the fourth quarter of 2025.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
While the overall advertising market remains healthy with scatter CPMs commanding a strong premium to upfront, visibility remains limited given broader macro uncertainty.
SEC original ↗Warner Bros. Discovery — Earnings release (8-K exhibit)EX-99May 6, 2026
Earnings deck slides
0 decks with slide viewWarner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Warner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Warner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Warner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Warner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Warner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Warner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Warner Bros. Discovery — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
61 documents- Q3 2026
- 8-KWBD
Oct 6, 2026
- Q2 2026
- 10-QWBD
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Aug 6, 2026
- Q1 2026
- 8-KWBD
Jun 12, 2026
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Jun 4, 2026
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May 27, 2026
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May 19, 2026
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May 6, 2026
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Apr 30, 2026
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Apr 23, 2026
- Q4 2025
- 8-KWBD
Mar 16, 2026
- 10-KWBD
Feb 27, 2026
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Feb 27, 2026
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Feb 26, 2026
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Feb 18, 2026
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Jan 20, 2026
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Jan 7, 2026
- Q3 2025
- 8-KWBD
Dec 5, 2025
- 8-KWBD
Dec 5, 2025
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Nov 13, 2025
- 10-QWBD
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Nov 6, 2025
- Q2 2025
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Aug 7, 2025
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Jul 31, 2025
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Jul 28, 2025
- Q1 2025
- 8-KWBD
Jun 26, 2025
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Jun 24, 2025
- 8-K/AWBD
Jun 17, 2025
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Jun 11, 2025
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Jun 9, 2025
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Jun 3, 2025
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May 8, 2025
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Apr 11, 2025
- Q4 2024
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Mar 31, 2025
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Feb 27, 2025
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Feb 27, 2025
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Jan 28, 2025
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Jan 14, 2025
- Q3 2024
- 8-KWBD
Dec 30, 2024
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Dec 12, 2024
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Nov 7, 2024
- 10-QWBD
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Oct 9, 2024
- Q2 2024
- 8-KWBD
Sep 19, 2024
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Aug 7, 2024
- 10-QWBD
- Q1 2024
- 8-KWBD
Jun 7, 2024
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May 23, 2024
- 8-KWBD
May 17, 2024
- 8-KWBD
May 14, 2024
- 8-KWBD
May 9, 2024
- 10-QWBD
- EX-99WBD
- 8-KWBD
Apr 1, 2024
- Q4 2023
- 10-KWBD
Feb 23, 2024
Earnings releases
12 documentsPresentations
8 documents
Transcripts
0 documentsNo transcripts for Warner Bros. Discovery are held in this edition of the library.
Mentioned by
20 companiesOther tracked companies whose held documents mention Warner Bros. Discovery by name or ticker. A mention is counted once per document, from the document text the library holds.
“ other things: • irrelevant to Paramount’s business; • related to the pending merger with Warner Bros. Discovery Inc.; • related to material non-public information of the Company, including… … contested M&A transactions, leveraged buyouts, joint vent”
“nd ongoing integration; the risk of stockholder litigation relating to the acquisition of WBD; risks related to Paramount’s streaming business; the adverse impact… …franchises. The transaction closed following receipt of all required regulatory appro”
““Company”). The warrants are being issued in connection with the Company’s acquisition of Warner Bros. Discovery, Inc. (the “Acquisition”). The warrant distribution was recommended to the… …expires. What is the warrant distributi”
“ns' merger with Charter Communications, valuing Cox Communications at $34.5 billion g Warner Bros. Discovery… …$ 3.89 $ 5.92 $ 3.94 Compensation Ratio 65.8 % 66.6 % 65.4 % 66.0 % 66.0 % 66.7 % 65.5 % 66.0 % Operating Margin 18.0 % 15.7 % 18.7”
“plated by the Agreement and Plan of Merger, dated as of February 27, 2026, among Company, Warner Bros. Discovery, Inc. and the other parties thereto…”
“with the acquisition (the “Acquisition”) by the Company of Warner Bros. Discovery, Inc. (“WBD”), which Acquisition was consummated… …risks that the combined company may not achieve the expected run-rate synergies, net leverage, free cash flow or othe”
“Skydance Corporation) (the “Company”) consummated its previously announced acquisition of WBD (as defined below). On September 25, 2026, the Company published an initial set of questions… …October 13, 2026 · When Issued Trading in War”
“ On October 6, 2026, the Company consummated its previously announced acquisition of Warner Bros. Discovery, Inc. In connection with such acquisition, the Company distributed on October… …out in cash based on the applicable closing sale price. ”
“… WHEREAS : Warner Bros. Discovery, Inc. (the “ Company ”) entered into an Agreement and Plan of Merger, dated as of February 27, 2026, by and among the Company, Paramount ”
“cted … …GLOBAL MEDIA COMPANY · Appointment comes as Paramount nears completion of Warner Bros. Discovery merger · Ellison sought a partner with the operating firepower to help usher in a new era of entertainment…”
“tements include, without limitation, statements regarding WBD’s… … Paramount Skydance and Warner Bros. Discovery Announce Anticipated Closing Date of Paramount Merger (New York, NY) – September 30, 2026 – Paramount Skydance Corporation (N”
“inance the purchase price for its previously announced acquisition (the “Acquisition”) of Warner Bros. Discovery, Inc. (NASDAQ: WBD) (“WBD”) and the repayment of certain… …relating to management’s ability to execute on its strategic plan and improve ”
“… available to Warner Bros. Discovery, Inc. was $0.1 billion, which includes $1.1 billion of pre-tax acquisition- related amortization of intangibles, content fair value step-”
“ 2Q26 Shareholder Letter | August 6, 2026 7 2026 Outlook Warner Bros. Discovery, Inc. ("Warner Bros. Discovery", "WBD", the "Company", "we", "us", or "our")… … in the preparation of financial projections; (11) the ability to obtain or consummate fi”
“…maturing for the remainder of 2026. Warner Bros. Discovery Transaction As it relates to the planned acquisition of Warner Bros. Discovery, we fully expect the transaction to close and remain focus”
“oposed acquisition (the “Acquisition”) by Paramount Skydance Corporation (“Paramount”) of WBD. Concurrently with the Consent… …Paramount’s or WBD’s content; damage to Paramount’s or WBD’s reputation or brands; losses due to asset impairment charges f”
“March 4, 2027 (as such date may be extended by the parties to the Merger… …Paramount’s or WBD’s content; damage to Paramount’s or WBD’s reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, includin”
“… available to Warner Bros. Discovery, Inc. was $2.9 billion, which includes $1.3 billion of pre-tax acquisition- related amortization of intangibles, content fair value step-”
“ Q1 2026 Shareholder Letter | May 6, 2026 7 2026 Outlook Warner Bros. Discovery, Inc. ("Warner Bros. Discovery", "WBD", the "Company", "we", "us", or "our")… …As we noted previously, the library generates, on average, over $5 billion in annual reve”
“han-forecasted membership growth and ad sales. Operating income in Q4 was $3.0B, up… …and WBD’s ability to implement their business strategies; (iv) consumer viewing trends; (v) potential litigation relating to the proposed transaction that could be ”
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