WBDNasdaqCable & Other Pay Television ServicesUS GAAP · USD

Warner Bros. Discovery, Inc.

Warner Bros. Discovery is a U.S.-based global media and entertainment company built around television networks, film and television studios, streaming services, and related content distribution businesses. Its portfolio spans news, sports, lifestyle, entertainment, gaming, publishing, themed experiences, and consumer products through brands such as HBO, CNN, Discovery Channel, TNT Sports, and Warner Bros.

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Revenue37.3bn USD
−5.1 %y/y
Operating profit (EBIT)738m USD
+107.4 %y/y
EBIT margin2.0%
+27.5 ppy/y
Net income727m USD
+106.4 %y/y
Free cash flow3,088m USD
−30.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200204060bn USD2020: 10.7 bn USD2020: EBIT 2.5 bn USD20202021: 12.2 bn USD2021: EBIT 2.0 bn USD20212022: 33.8 bn USD2022: EBIT -7.4 bn USD20222023: 41.3 bn USD2023: EBIT -1.5 bn USD20232024: 39.3 bn USD2024: EBIT -10.0 bn USD20242025: 37.3 bn USD2025: EBIT 0.74 bn USD202537.30.74
RevenueOperating profit (EBIT)

Business

Share of revenue
Streaming30 %

Subscription and ad-supported streaming services and premium pay-TV offerings.

Linear Networks40 %

Cable, satellite, and free-to-air television networks with advertising and distribution revenue.

Studios20 %

Film and television production, licensing, and library monetization.

Content Distribution and Home Entertainment7 %

Global content sales, syndication, and physical/digital home entertainment.

Consumer Products and Experiences3 %

Themed experiences, retail, publishing, and franchise-related consumer businesses.

Products

Reported · share of revenue
51.6%25.9%19.6%FY2025100 %
  • Distribution Revenue51.6 %
  • Product and Service Content25.9 %
  • Advertising19.6 %
  • Other2.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

WBD sells primarily to consumers who subscribe to its streaming and pay-TV offerings, and to advertisers that buy inventory across its networks and ad-supported digital tiers. It also licenses content to distributors, broadcasters, airlines, and other media platforms, while monetizing franchises through consumer products and location-based experiences.

Consumers / subscribers

Households pay for streaming and premium pay-TV access to entertainment, sports, and news content.

Advertisers

Brands buy ad inventory on linear networks and ad-supported streaming to reach mass audiences.

Distributors and platform partners

Cable, satellite, broadcast, and digital partners license or carry WBD content and channels.

Content licensees

Airlines, broadcasters, and other media buyers license films, series, and library content.

Franchise and experience customers

Visitors and consumers buy themed experiences, retail products, and franchise-related merchandise.

Strategy

WBD’s strategy centers on growing streaming, strengthening the studios business, and managing the linear networks portfolio for long-term value. The company also uses its large owned-content library and franchise brands to support distribution, licensing, and consumer-facing extensions across multiple formats.

Grow streaming globallyMedium term

Streaming is the main direct-to-consumer growth engine and a key way to monetize premium content.

Strengthen studios and IP monetizationMedium term

Film and television production, library licensing, and franchise exploitation deepen content economics.

Manage linear networks for valueShort term

Linear networks remain a major cash-generating asset even as the category matures.

Expand franchise-based consumer businessesLong term

Experiences and consumer products extend IP beyond screen content and diversify monetization.

Geography

2025

WBD operates as a global media company with content and brands distributed across the Americas, Europe, and other international markets. Its linear networks and streaming services reach audiences in most regions of the world, while production, licensing, and consumer experiences are anchored in the United States and key international hubs.

United States67 %
Other countries (US filing)33 %

Share of the revenue the company reports by geography.

Risks

WBD is exposed to structural pressure in linear television, intense competition in streaming, and advertising cyclicality, all of which can affect demand for its content and ad inventory. The company also faces execution risk around large-scale corporate actions, cybersecurity, litigation, and the valuation of goodwill and intangible assets tied to its brands and libraries.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Linear TV decline1Streaming competition2Advertising cyclicality3Impairment of goodwill and intangibles4Cybersecurity and data privacy5Transaction and separation execution6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Linear TV declineImpact: HighLikelihood: High

    The business still depends on cable and other pay-TV economics, which are under structural pressure.

    Exposure: Distribution and advertising revenue

  2. Streaming competitionImpact: HighLikelihood: High

    Large global platforms compete for subscribers, viewing time, and ad budgets.

    Exposure: HBO Max and ad-supported tiers

  3. Advertising cyclicalityImpact: HighLikelihood: High

    Ad spending weakens in softer economic conditions and is fragmented across more digital inventory.

    Exposure: Linear networks and ad-supported streaming

  4. Impairment of goodwill and intangiblesImpact: HighLikelihood: High

    A large portion of assets is tied to acquired brands, libraries, and franchises whose value depends on future performance.

    ExposureGoodwillTrademarksContent assets
  5. Cybersecurity and data privacyImpact: MediumLikelihood: Medium

    Streaming, news, and digital operations rely on secure systems and customer data protection.

    Exposure: Service continuity and brand trust

  6. Transaction and separation executionImpact: MediumLikelihood: Medium

    Large corporate separations or mergers can create legal, operational, and timing uncertainty.

    Exposure: Corporate structure and costs

Accounting

Judgemental items
Revenue recognition

Revenue comes from subscriptions, advertising, licensing, and content distribution, each with different timing and performance obligations.

Impact: Can shift revenue between periods and affect comparability

Goodwill and intangible impairment

The balance sheet includes acquired brands, libraries, and franchises whose recoverability depends on future cash flows.

Impact: May create large noncash charges if assumptions weaken

Content asset accounting

Film and television costs are capitalized and amortized based on expected consumption and monetization patterns.

Impact: Affects operating expense timing and segment profitability

Restructuring and litigation accruals

Corporate actions and legal matters require estimates for charges and contingencies.

Impact: Can materially affect earnings and liabilities

Seasonality and quarter-to-quarter volatility

Sports, theatrical releases, advertising demand, and content timing can create uneven quarterly results.

Impact: Reduces comparability across periods

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Last updated: 24/09/2026