Warner Bros. Discovery, Inc.

WBD 10-Q · Q3 2025
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WBD Q3 2025 request

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Income Statement

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Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 9,045 9,623 -6.0%
Show Product Lines breakouts
Advertising 1,407 1,682 -16.3%
Advertising · Corporate -14 -14 0.0%
Advertising · Global Linear Networks 1,186 1,490 -20.4%
Advertising · Streaming 235 205 +14.6%
Content 2,649 2,721 -2.6%
Content · Corporate -758 -682 -11.1%
Content · Global Linear Networks 217 833 -73.9%
Content · Streaming 79 107 -26.2%
Content · Studios 3,111 2,463 +26.3%
Distribution 4,702 4,920 -4.4%
Distribution · Corporate -4 -4 0.0%
Distribution · Global Linear Networks 2,387 2,598 -8.1%
Distribution · Streaming 2,317 2,320 -0.1%
Distribution · Studios 2 6 -66.7%
Product And Service Other 287 300 -4.3%
Product And Service Other · Corporate -16 -1 -1500.0%
Product And Service Other · Global Linear Networks 93 89 +4.5%
Product And Service Other · Streaming 2 2 0.0%
Product And Service Other · Studios 208 210 -1.0%
Service Other 287 300 -4.3%
Show Business Segments breakouts
Global Linear Networks · Operating Segments 3,883 5,010 -22.5%
Streaming · Operating Segments 2,633 2,634 -0.0%
Studios · Operating Segments 3,321 2,680 +23.9%
Show Consolidation Items breakouts
Corporate -792 -701 -13.0%
Corporate Non Segment 1 4 -75.0%
Intersegment Elimination -793 -705 -12.5%
Show Related Party Transactions By Related Party breakouts
Related Party 194 237 -18.1%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 4,564 5,181 -11.9%
Selling, General & Administrative 2,361 2,385 -1.0%
Depreciation And Amortization 1,375 1,762 -22.0%
Restructuring Charges 88 9 +877.8%
Show Business Segments breakouts
Global Linear Networks · Operating Segments 16 5 +220.0%
Streaming · Operating Segments 1 -16 +106.2%
Studios · Operating Segments 12 2 +500.0%
Show Consolidation Items breakouts
Corporate 59 18 +227.8%
Impairment Charges And Disposal Group Not Discontinued Operation Gain Loss On Disposal 46 5 +820.0%
Total Costs & Expenses 8,434 9,342 -9.7%
Show Related Party Transactions By Related Party breakouts
Related Party 39 58 -32.8%
Operating Income 611 281 +117.4%
Interest Expense -570 -494 -15.4%
Gains Losses On Extinguishment Of Debt -1 23 -104.3%
Income Loss From Equity Method Investments 17 -18 +194.4%
Other Non-Operating Income (Expense) -30 30 -200.0%
Income Before Taxes 27 -178 +115.2%
Income Tax Expense (Benefit) -170 319 -153.3%
Net Income -143 141 -201.4%
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest -4 -3 -33.3%
Net Income Loss Attributable To Redeemable Noncontrolling Interest -1 -3 +66.7%
Net Income -148 135 -209.6%
EPS (Basic) -0.06 0.06 -200.0%
EPS (Diluted) -0.06 0.05 -220.0%
Wtd Avg Shares (Basic) 2,479 2,453 +1.1%
Wtd Avg Shares (Diluted) 2,479 2,470 +0.4%
Comprehensive Income -206 617 -133.4%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -18 15 -220.0%
Show Derivative Risk breakouts
Foreign Exchange Contract · Designated As Hedging Instrument -22 15 -246.7%
Labor And Related Expense (Q) — — —
Show Business Segments breakouts
Global Linear Networks · Operating Segments 479 524 -8.6%
Streaming · Operating Segments 175 194 -9.8%
Studios · Operating Segments 240 229 +4.8%
Net Income Loss Available To Common Stockholders Basic -148 135 -209.6%
Foreign Currency Transaction Gain Loss Before Tax -66 -15 -340.0%
Gain Loss On Investments 4 -5 +180.0%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 4,294 3,336 +28.7%
Receivables Net Current 5,128 5,534 -7.3%
Show Related Party Transactions By Related Party breakouts
Director 142 273 -48.0%
Prepaid Expenses & Other Current Assets 3,640 3,635 +0.1%
Total Current Assets 13,062 12,505 +4.5%
Non-Current Assets
Content Library Net Noncurrent 19,104 — —
Goodwill 25,920 — —
Other Non-Current Assets 7,127 7,995 -10.9%
Total Assets 100,519 106,333 -5.5%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 6,517 6,158 +5.8%
Intangible Assets Net Excluding Goodwill 28,789 33,767 -14.7%
Current Liabilities
Accounts Payable 1,083 1,120 -3.3%
Show Related Party Transactions By Related Party breakouts
Director 14 8 +75.0%
Accrued Liabilities 9,292 10,002 -7.1%
Deferred Revenue (Current) 1,649 1,530 +7.8%
Long Term Debt And Capital Lease Obligations Current 139 3,043 -95.4%
Total Current Liabilities 12,163 15,695 -22.5%
Current Portion of Long-Term Debt -139 -3,043 +95.4%
Non-Current Liabilities
Deferred Tax Liabilities 6,708 7,339 -8.6%
Other Non-Current Liabilities 10,961 9,959 +10.1%
Total Liabilities 63,214 70,159 -9.9%
Long-Term Debt 33,521 40,209 -16.6%
Contract With Customer Liability Noncurrent 227 190 +19.5%
Other Liabilities
Long Term Debt And Capital Lease Obligations 33,382 37,166 -10.2%
Redeemable Noncontrolling Interest Equity Common Carrying Amount 23 117 -80.3%
Minority Interest 1,264 957 +32.1%
Stockholders' Equity
Common Stock 27 27 0.0%
Additional Paid-In Capital 55,926 55,463 +0.8%
Treasury Stock Common Value -8,244 -8,244 0.0%
Retained Earnings -11,260 -11,745 +4.1%
Accumulated Other Comprehensive Income -431 -401 -7.5%
Total Stockholders' Equity 36,018 35,100 +2.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 37,282 36,057 +3.4%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -74 -60 -23.3%
Accumulated Gain Loss Net Cash Flow Hedge Parent 25 43 -41.9%
Accumulated Other Comprehensive Income -431 -401 -7.5%
Accumulated Translation Adjustment -382 -384 +0.5%
Additional Paid In Capital 55,926 55,463 +0.8%
Common Stock 27 27 0.0%
Noncontrolling Interest 1,264 957 +32.1%
Parent 36,018 35,100 +2.6%
Retained Earnings -11,260 -11,745 +4.1%
Treasury Stock Common -8,244 -8,244 0.0%
Total Liabilities & Equity 100,519 106,333 -5.5%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Content Amortization And Writeoffs 9,093 10,879 -16.4%
Depreciation & Amortization 4,369 5,394 -19.0%
Deferred Income Taxes And Tax Credits -272 -1,351 +79.9%
Stock-Based Compensation 540 419 +28.9%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 26 130 -80.0%
Gain Loss On Sale Of Investments -4 -204 +98.0%
Other Non-Cash Items -75 55 -236.4%
Increase Decrease In Accounts And Notes Receivable -200 517 -138.7%
Increase Decrease In Content Rights And Payables -9,096 -9,506 +4.3%
Increase Decrease In Accounts Payable And Accrued Liabilities -402 -1,493 +73.1%
Increase Decrease In Other Operating Capital Net 331 -160 +306.9%
Net Cash from Operations 2,515 2,660 -5.5%
Investing Activities
Capital Expenditures -810 -662 -22.4%
Proceeds From Divestiture Of Interest In Joint Venture 54 324 -83.3%
Payments For Proceeds From Investments -97 -104 +6.7%
Other Investing Activities 92 87 +5.7%
Net Cash from Investing -761 -355 -114.4%
Financing Activities
Repayments Of Senior Debt -21,663 -4,550 -376.1%
Proceeds From Issuance Of Long Term Debt 18,306 1,617 +1032.1%
Payments Of Dividends Minority Interest -188 -172 -9.3%
Show Related Party Transactions By Related Party breakouts
Related Party -188 -172 -9.3%
Proceeds From Issuance Of Preferred Stock And Preference Stock 633 — —
Proceeds From Accounts Receivable Securitization 51 13 +292.3%
Proceeds From Issuance Of Commercial Paper 3,551 14,203 -75.0%
Repayments Of Commercial Paper -3,551 -14,203 +75.0%
Proceeds From Payments For Other Financing Activities -262 -57 -359.6%
Net Cash from Financing -3,123 -3,149 +0.8%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 251 15 +1573.3%
Net Change in Cash -1,118 -829 -34.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,298 3,490 +23.2%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

This table is rendered from the same JSON returned by /api/financials.

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