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Side-by-side financial comparison of Constellation Energy (CEG) and Warner Bros. Discovery (WBD). Click either name above to swap in a different company.
Warner Bros. Discovery is the larger business by last-quarter revenue ($9.5B vs $5.7B, roughly 1.7× Constellation Energy). Constellation Energy runs the higher net margin — 7.6% vs -2.7%, a 10.3% gap on every dollar of revenue. On growth, Constellation Energy posted the faster year-over-year revenue change (25.8% vs -5.7%). Warner Bros. Discovery produced more free cash flow last quarter ($1.4B vs $-181.0M). Over the past eight quarters, Constellation Energy's revenue compounded faster (4.0% CAGR vs -2.5%).
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
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.
CEG vs WBD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $9.5B |
| Net Profit | $432.0M | $-252.0M |
| Gross Margin | — | — |
| Operating Margin | 10.5% | 3.7% |
| Net Margin | 7.6% | -2.7% |
| Revenue YoY | 25.8% | -5.7% |
| Net Profit YoY | -49.3% | 49.0% |
| EPS (diluted) | $1.38 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.7B | $9.5B | ||
| Q3 25 | $5.7B | $9.0B | ||
| Q2 25 | $5.2B | $9.8B | ||
| Q1 25 | $6.1B | $9.0B | ||
| Q4 24 | $4.5B | $10.0B | ||
| Q3 24 | $4.8B | $9.6B | ||
| Q2 24 | $4.4B | $9.7B | ||
| Q1 24 | $5.3B | $10.0B |
| Q4 25 | $432.0M | $-252.0M | ||
| Q3 25 | $930.0M | $-148.0M | ||
| Q2 25 | $839.0M | $1.6B | ||
| Q1 25 | $118.0M | $-453.0M | ||
| Q4 24 | $852.0M | $-494.0M | ||
| Q3 24 | $1.2B | $135.0M | ||
| Q2 24 | $814.0M | $-10.0B | ||
| Q1 24 | $883.0M | $-966.0M |
| Q4 25 | 10.5% | 3.7% | ||
| Q3 25 | 19.0% | 6.8% | ||
| Q2 25 | 18.4% | -1.9% | ||
| Q1 25 | 7.4% | -0.4% | ||
| Q4 24 | 21.5% | 1.6% | ||
| Q3 24 | 30.7% | 2.9% | ||
| Q2 24 | 25.0% | -105.1% | ||
| Q1 24 | 15.5% | -2.7% |
| Q4 25 | 7.6% | -2.7% | ||
| Q3 25 | 16.3% | -1.6% | ||
| Q2 25 | 16.3% | 16.1% | ||
| Q1 25 | 1.9% | -5.0% | ||
| Q4 24 | 18.8% | -4.9% | ||
| Q3 24 | 25.1% | 1.4% | ||
| Q2 24 | 18.5% | -102.8% | ||
| Q1 24 | 16.8% | -9.7% |
| Q4 25 | $1.38 | $-0.10 | ||
| Q3 25 | $2.97 | $-0.06 | ||
| Q2 25 | $2.67 | $0.63 | ||
| Q1 25 | $0.38 | $-0.18 | ||
| Q4 24 | $2.71 | $-0.20 | ||
| Q3 24 | $3.82 | $0.05 | ||
| Q2 24 | $2.58 | $-4.07 | ||
| Q1 24 | $2.78 | $-0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.6B | $4.6B |
| Total DebtLower is stronger | $7.4B | $32.4B |
| Stockholders' EquityBook value | $14.5B | $35.9B |
| Total Assets | $57.2B | $100.1B |
| Debt / EquityLower = less leverage | 0.51× | 0.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.6B | $4.6B | ||
| Q3 25 | $4.0B | $4.3B | ||
| Q2 25 | $2.0B | $4.9B | ||
| Q1 25 | $1.8B | $3.9B | ||
| Q4 24 | $3.0B | $5.3B | ||
| Q3 24 | $1.8B | $3.3B | ||
| Q2 24 | $311.0M | $3.6B | ||
| Q1 24 | $562.0M | $3.0B |
| Q4 25 | $7.4B | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | $8.5B | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
| Q4 25 | $14.5B | $35.9B | ||
| Q3 25 | $14.3B | $36.0B | ||
| Q2 25 | $13.4B | $36.0B | ||
| Q1 25 | $13.0B | $33.8B | ||
| Q4 24 | $13.2B | $34.0B | ||
| Q3 24 | $12.6B | $35.1B | ||
| Q2 24 | $11.4B | $34.3B | ||
| Q1 24 | $11.2B | $44.2B |
| Q4 25 | $57.2B | $100.1B | ||
| Q3 25 | $56.2B | $100.5B | ||
| Q2 25 | $53.0B | $101.7B | ||
| Q1 25 | $52.3B | $101.7B | ||
| Q4 24 | $52.9B | $104.6B | ||
| Q3 24 | $51.8B | $106.3B | ||
| Q2 24 | $51.3B | $108.0B | ||
| Q1 24 | $52.0B | $119.8B |
| Q4 25 | 0.51× | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | 0.64× | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $805.0M | $1.8B |
| Free Cash FlowOCF − Capex | $-181.0M | $1.4B |
| FCF MarginFCF / Revenue | -3.2% | 14.6% |
| Capex IntensityCapex / Revenue | 17.3% | 4.5% |
| Cash ConversionOCF / Net Profit | 1.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $3.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $805.0M | $1.8B | ||
| Q3 25 | $1.8B | $979.0M | ||
| Q2 25 | $1.5B | $983.0M | ||
| Q1 25 | $107.0M | $553.0M | ||
| Q4 24 | $-1.0B | $2.7B | ||
| Q3 24 | $-112.0M | $847.0M | ||
| Q2 24 | $-613.0M | $1.2B | ||
| Q1 24 | $-723.0M | $585.0M |
| Q4 25 | $-181.0M | $1.4B | ||
| Q3 25 | $1.5B | $701.0M | ||
| Q2 25 | $710.0M | $702.0M | ||
| Q1 25 | $-699.0M | $302.0M | ||
| Q4 24 | $-1.7B | $2.4B | ||
| Q3 24 | $-664.0M | $632.0M | ||
| Q2 24 | $-1.2B | $976.0M | ||
| Q1 24 | $-1.5B | $390.0M |
| Q4 25 | -3.2% | 14.6% | ||
| Q3 25 | 25.6% | 7.8% | ||
| Q2 25 | 13.8% | 7.2% | ||
| Q1 25 | -11.4% | 3.4% | ||
| Q4 24 | -38.6% | 24.2% | ||
| Q3 24 | -13.9% | 6.6% | ||
| Q2 24 | -26.3% | 10.0% | ||
| Q1 24 | -27.8% | 3.9% |
| Q4 25 | 17.3% | 4.5% | ||
| Q3 25 | 6.8% | 3.1% | ||
| Q2 25 | 14.9% | 2.9% | ||
| Q1 25 | 13.2% | 2.8% | ||
| Q4 24 | 16.1% | 2.9% | ||
| Q3 24 | 11.6% | 2.2% | ||
| Q2 24 | 12.4% | 2.6% | ||
| Q1 24 | 14.0% | 2.0% |
| Q4 25 | 1.86× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.76× | 0.62× | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.19× | — | ||
| Q3 24 | -0.09× | 6.27× | ||
| Q2 24 | -0.75× | — | ||
| Q1 24 | -0.82× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
