Warner Bros. Discovery, Inc.

WBD 10-K · Q4 2025
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WBD Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 9,460 10,027 -5.7%
Show Product Lines breakouts
Advertising 1,703 1,830 -6.9%
Advertising · Corporate and inter-segment eliminations -10 -20 +50.0%
Advertising · Global Linear Networks 1,435 1,615 -11.1%
Advertising · Studios 0 0 —
Content 2,661 2,909 -8.5%
Content · Corporate and inter-segment eliminations -668 -1,036 +35.5%
Content · Global Linear Networks 311 452 -31.2%
Content · Studios 2,899 3,394 -14.6%
Distribution 4,789 4,917 -2.6%
Distribution · Corporate and inter-segment eliminations 0 -2 +100.0%
Distribution · Global Linear Networks 2,397 2,610 -8.2%
Distribution · Studios 4 -6 +166.7%
Product And Service Other 307 371 -17.3%
Product And Service Other · Corporate and inter-segment eliminations -35 9 -488.9%
Product And Service Other · Global Linear Networks 53 91 -41.8%
Product And Service Other · Studios 280 269 +4.1%
Service Other 307 371 -17.3%
Show Business Segments breakouts
Global Linear Networks · Operating Segments 4,196 4,768 -12.0%
Studios · Operating Segments 3,183 3,657 -13.0%
Show — breakouts
Revenue 278 235 +18.3%
Revenue -742 -612 -21.2%
Revenue 8,690 8,402 +3.4%
Revenue -366 -192 -90.6%
Revenue 2,794 2,651 +5.4%
Show Consolidation Items breakouts
Corporate and inter-segment eliminations -713 -1,049 +32.0%
Corporate Non Segment 0 2 -100.0%
Intersegment Elimination -713 -1,051 +32.2%
Show Related Party Transactions By Related Party breakouts
Related Party 204 275 -25.8%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 5,223 5,527 -5.5%
Selling, General & Administrative 2,386 2,218 +7.6%
Depreciation And Amortization 1,315 1,643 -20.0%
Restructuring Charges 177 286 -38.1%
Show Business Segments breakouts
Global Linear Networks · Operating Segments 12 27 -55.6%
Studios · Operating Segments 12 231 -94.8%
Show — breakouts
Restructuring Charges 7 2 +250.0%
Show Consolidation Items breakouts
Corporate and inter-segment eliminations 146 26 +461.5%
Impairment Charges And Disposal Group Not Discontinued Operation Gain Loss On Disposal 10 191 -94.8%
Total Costs & Expenses 9,111 9,865 -7.6%
Show Related Party Transactions By Related Party breakouts
Related Party 76 50 +52.0%
Operating Income 349 162 +115.4%
Interest Expense -584 -490 -19.2%
Gains Losses On Extinguishment Of Debt -8 42 -119.0%
Income Loss From Equity Method Investments -39 -32 -21.9%
Other Non-Operating Income (Expense) -126 -38 -231.6%
Income Before Taxes -408 -356 -14.6%
Income Tax Expense (Benefit) 161 -284 +156.7%
Net Income -247 -640 +61.4%
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest -5 149 -103.4%
Net Income Loss Attributable To Redeemable Noncontrolling Interest 0 -3 +100.0%
Net Income -252 -494 +49.0%
EPS (Basic) -0.11 -0.2 +45.0%
EPS (Diluted) -0.1 -0.2 +50.0%
Wtd Avg Shares (Basic) 2 1 +100.0%
Wtd Avg Shares (Diluted) 20 1 +1900.0%
Comprehensive Income -225 -1,154 +80.5%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 5 -8 +162.5%
Show Derivative Risk breakouts
Foreign Exchange Contract · Designated As Hedging Instrument 3 -9 +133.3%
Net Income Loss Available To Common Stockholders Basic -251 -493 +49.1%
Labor And Related Expense (Q) — — —
Show Business Segments breakouts
Global Linear Networks · Operating Segments 529 515 +2.7%
Studios · Operating Segments 261 243 +7.4%
Show — breakouts
Labor And Related Expense 208 186 +11.8%
Foreign Currency Transaction Gain Loss Before Tax -14 -117 +88.0%
Gain Loss On Investments 2 6 -66.7%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 4,566 5,312 -14.0%
Receivables Net Current 5,294 4,947 +7.0%
Show Related Party Transactions By Related Party breakouts
Director 116 254 -54.3%
Prepaid Expenses & Other Current Assets 3,346 3,819 -12.4%
Total Current Assets 13,206 14,078 -6.2%
Non-Current Assets
Content Library Net Noncurrent 19,114 19,102 +0.1%
Goodwill 25,933 25,667 +1.0%
Show Business Segments breakouts
Global Linear Networks 8,510 8,419 +1.1%
Streaming 8,071 8,051 +0.2%
Studios 9,352 9,197 +1.7%
Other Non-Current Assets 7,383 7,327 +0.8%
Total Assets 100,085 104,560 -4.3%
Property, Plant & Equipment 6,685 6,087 +9.8%
Show Geography breakouts
GB 1,386 991 +39.9%
Other non-U.S. 805 666 +20.9%
US 4,494 4,430 +1.4%
Operating Lease Right-of-Use Assets 2,749 2,373 +15.8%
Intangible Assets 27,764 32,299 -14.0%
Show Finite Lived Intangible Assets By Major Class breakouts
Artistic Related Intangible Assets 726 798 -9.0%
Customer Relationships 3,168 5,712 -44.5%
Franchise Rights 6,756 7,111 -5.0%
Other Intangible Assets 47 55 -14.5%
Trademarks And Trade Names 17,067 18,623 -8.4%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 6,685 6,087 +9.8%
Intangible Assets Net Excluding Goodwill 27,764 32,299 -14.0%
Current Liabilities
Accounts Payable 1,093 1,055 +3.6%
Show Related Party Transactions By Related Party breakouts
Director 17 13 +30.8%
Accrued Liabilities 9,626 10,438 -7.8%
Deferred Revenue (Current) 1,642 1,569 +4.7%
Long Term Debt And Capital Lease Obligations Current 139 2,748 -94.9%
Total Current Liabilities 12,500 15,810 -20.9%
Current Portion of Long-Term Debt -139 -2,748 +94.9%
Non-Current Liabilities
Deferred Tax Liabilities 6,383 6,985 -8.6%
Other Non-Current Liabilities 11,608 10,070 +15.3%
Total Liabilities 62,919 69,622 -9.6%
Long-Term Debt 32,567 39,505 -17.6%
Operating Lease Liabilities 3,226 2,731 +18.1%
Contract With Customer Liability Noncurrent 355 206 +72.3%
Other Liabilities
Long Term Debt And Capital Lease Obligations 32,428 36,757 -11.8%
Redeemable Noncontrolling Interest Equity Common Carrying Amount 19 109 -82.6%
Show Counterparty Name breakouts
Other 19 23 -17.4%
Minority Interest 1,228 792 +55.1%
Stockholders' Equity
Common Stock 27 27 0.0%
Additional Paid-In Capital 56,055 55,560 +0.9%
Treasury Stock Common Value -8,244 -8,244 0.0%
Show Statement Class Of Stock breakouts
Common Class A -171 — —
Common Class C -8,168 — —
Retained Earnings -11,512 -12,239 +5.9%
Accumulated Other Comprehensive Income -407 -1,067 +61.9%
Total Stockholders' Equity 35,919 34,037 +5.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 37,147 34,829 +6.7%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -104 -74 -40.5%
Accumulated Gain Loss Net Cash Flow Hedge Parent 39 15 +160.0%
Accumulated Other Comprehensive Income -407 -1,067 +61.9%
Accumulated Translation Adjustment -342 -1,008 +66.1%
Additional Paid In Capital 56,055 55,560 +0.9%
Common Stock 27 27 0.0%
Noncontrolling Interest 1,228 792 +55.1%
Parent 35,919 34,037 +5.5%
Retained Earnings -11,512 -12,239 +5.9%
Treasury Stock Common -8,244 -8,244 0.0%
Total Liabilities & Equity 100,085 104,560 -4.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Content Amortization And Writeoffs 2,762 3,067 -9.9%
Depreciation & Amortization 1,315 1,643 -20.0%
Deferred Income Taxes And Tax Credits -438 -381 -15.0%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 49 37 +32.4%
Stock-Based Compensation 229 138 +65.9%
Gain Loss On Sale Of Investments 0 -23 +100.0%
Other Non-Cash Items 144 60 +140.0%
Increase Decrease In Accounts And Notes Receivable -136 495 -127.5%
Increase Decrease In Content Rights And Payables -2,305 -2,843 +18.9%
Increase Decrease In Accounts Payable And Accrued Liabilities 510 964 -47.1%
Increase Decrease In Other Operating Capital Net -4 -100 +96.0%
Net Cash from Operations 1,804 2,715 -33.6%
Investing Activities
Capital Expenditures -421 -286 -47.2%
Payments For Proceeds From Investments -3 -5 +40.0%
Proceeds From Divestiture Of Interest In Joint Venture 0 217 -100.0%
Other Investing Activities -20 -56 +64.3%
Net Cash from Investing -418 6 -7066.7%
Financing Activities
Repayments Of Senior Debt -1,001 -493 -103.0%
Proceeds From Issuance Of Long Term Debt 0 0 —
Payments Of Dividends Minority Interest -10 -21 +52.4%
Show Related Party Transactions By Related Party breakouts
Related Party -10 -21 +52.4%
Proceeds From Issuance Of Commercial Paper 677 0 —
Repayments Of Commercial Paper -677 0 —
Proceeds From Payments For Other Financing Activities 147 69 +113.0%
Net Cash from Financing -1,117 -600 -86.2%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3 -195 +101.5%
Net Change in Cash 272 1,926 -85.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,570 5,416 -15.6%

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

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