Warner Bros. DiscoveryWBDEarnings & Financial Report
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
Revenue
$10.0B
Gross Profit
N/A
Operating Profit
$-267.0M
Net Profit
$-966.0M
Gross Margin
N/A
Operating Margin
-2.7%
Net Margin
-9.7%
YoY Growth
-6.9%
EPS
$-0.40
Warner Bros. Discovery Q1 FY2024 Financial Summary
Warner Bros. Discovery reported revenue of $10.0B (down 6.9% YoY) for Q1 FY2024, with a net profit of $-966.0M (up 9.6% YoY) (-9.7% margin).
Key Financial Metrics
| Total Revenue | $10.0B |
|---|---|
| Net Profit | $-966.0M |
| Gross Margin | N/A |
| Operating Margin | -2.7% |
| Report Period | Q1 FY2024 |
Revenue Breakdown
Warner Bros. Discovery Q1 FY2024 revenue of $10.0B breaks down across 6 segments, led by Distribution Revenue at $5.0B (50.1% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Distribution Revenue | $5.0B | 50.1% |
| DTC Segment | $2.5B | 24.7% |
| Advertising | $2.1B | 21.6% |
| Other | $189.0M | 1.9% |
| Equity Method Investee | $146.0M | 1.5% |
| Other Affiliates | $62.0M | 0.6% |
Warner Bros. Discovery Revenue by Segment — Quarterly Trend
Warner Bros. Discovery revenue by segment across the last 4 reported quarters, showing how each business line (such as Distribution Revenue and DTC Segment) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Distribution Revenue | $4.8B | — | — | — |
| Advertising | — | $1.4B | $2.2B | $2.0B |
| Other | $7.0M | $2.0M | $1.0M | $2.0M |
Warner Bros. Discovery Annual Revenue by Year
Warner Bros. Discovery annual revenue history includes year-by-year totals (for example, 2025 revenue was $37.3B).
| Year | Annual Revenue |
|---|---|
| 2025 | $37.3B |
| 2024 | $39.3B |
| 2023 | $41.3B |
| 2022 | $33.8B |
Warner Bros. Discovery Quarterly Revenue & Net Profit History
Warner Bros. Discovery results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $9.5B | -5.7% | $-252.0M | -2.7% |
| Q3 FY2025 | $9.0B | -6.0% | $-148.0M | -1.6% |
| Q2 FY2025 | $9.8B | +1.0% | $1.6B | 16.1% |
| Q1 FY2025 | $9.0B | -9.8% | $-453.0M | -5.0% |
| Q4 FY2024 | $10.0B | -2.5% | $-494.0M | -4.9% |
| Q3 FY2024 | $9.6B | -3.6% | $135.0M | 1.4% |
| Q2 FY2024 | $9.7B | -6.2% | $-10.0B | -102.8% |
| Q1 FY2024 | $10.0B | -6.9% | $-966.0M | -9.7% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.96B | $9.71B | $9.62B | $10.03B | $8.98B | $9.81B | $9.04B | $9.46B |
| YoY Growth | -6.9% | -6.2% | -3.6% | -2.5% | -9.8% | 1.0% | -6.0% | -5.7% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $119.82B | $108.03B | $106.33B | $104.56B | $101.68B | $101.73B | $100.52B | $100.08B |
| Liabilities | $74.53B | $72.61B | $70.16B | $69.62B | $66.51B | $64.38B | $63.21B | $62.92B |
| Equity | $44.15B | $34.34B | $35.10B | $34.04B | $33.84B | $36.05B | $36.02B | $35.92B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $585.0M | $1.23B | $847.0M | $2.71B | $553.0M | $983.0M | $979.0M | $1.80B |