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Side-by-side financial comparison of Warner Bros. Discovery (WBD) and Block, Inc. (XYZ). Click either name above to swap in a different company.
Warner Bros. Discovery is the larger business by last-quarter revenue ($9.5B vs $6.3B, roughly 1.5× Block, Inc.). Block, Inc. runs the higher net margin — 1.9% vs -2.7%, a 4.5% gap on every dollar of revenue. On growth, Block, Inc. posted the faster year-over-year revenue change (3.6% vs -5.7%). Warner Bros. Discovery produced more free cash flow last quarter ($1.4B vs $579.8M). Over the past eight quarters, Block, Inc.'s revenue compounded faster (2.4% CAGR vs -2.5%).
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.
Block, Inc. is an American technology company and a financial services provider for consumers and merchants. Founded in 2009 by Jack Dorsey, it is the U.S. market leader in point-of-sale systems. As of 2024, Block serves 57 million users and 4 million sellers, processing $241 billion in payments annually.
WBD vs XYZ — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.5B | $6.3B |
| Net Profit | $-252.0M | $115.8M |
| Gross Margin | — | 45.9% |
| Operating Margin | 3.7% | 7.8% |
| Net Margin | -2.7% | 1.9% |
| Revenue YoY | -5.7% | 3.6% |
| Net Profit YoY | 49.0% | -94.1% |
| EPS (diluted) | $-0.10 | $0.19 |
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 | $9.5B | $6.3B | ||
| Q3 25 | $9.0B | $6.1B | ||
| Q2 25 | $9.8B | $6.1B | ||
| Q1 25 | $9.0B | $5.8B | ||
| Q4 24 | $10.0B | $6.0B | ||
| Q3 24 | $9.6B | $6.0B | ||
| Q2 24 | $9.7B | $6.2B | ||
| Q1 24 | $10.0B | $6.0B |
| Q4 25 | $-252.0M | $115.8M | ||
| Q3 25 | $-148.0M | $461.5M | ||
| Q2 25 | $1.6B | $538.5M | ||
| Q1 25 | $-453.0M | $189.9M | ||
| Q4 24 | $-494.0M | $1.9B | ||
| Q3 24 | $135.0M | $283.8M | ||
| Q2 24 | $-10.0B | $195.3M | ||
| Q1 24 | $-966.0M | $472.0M |
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
| Q4 25 | 3.7% | 7.8% | ||
| Q3 25 | 6.8% | 6.7% | ||
| Q2 25 | -1.9% | 8.0% | ||
| Q1 25 | -0.4% | 5.7% | ||
| Q4 24 | 1.6% | 0.2% | ||
| Q3 24 | 2.9% | 5.4% | ||
| Q2 24 | -105.1% | 5.0% | ||
| Q1 24 | -2.7% | 4.2% |
| Q4 25 | -2.7% | 1.9% | ||
| Q3 25 | -1.6% | 7.5% | ||
| Q2 25 | 16.1% | 8.9% | ||
| Q1 25 | -5.0% | 3.3% | ||
| Q4 24 | -4.9% | 32.3% | ||
| Q3 24 | 1.4% | 4.7% | ||
| Q2 24 | -102.8% | 3.2% | ||
| Q1 24 | -9.7% | 7.9% |
| Q4 25 | $-0.10 | $0.19 | ||
| Q3 25 | $-0.06 | $0.74 | ||
| Q2 25 | $0.63 | $0.87 | ||
| Q1 25 | $-0.18 | $0.30 | ||
| Q4 24 | $-0.20 | $3.06 | ||
| Q3 24 | $0.05 | $0.45 | ||
| Q2 24 | $-4.07 | $0.31 | ||
| Q1 24 | $-0.40 | $0.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.6B | $6.6B |
| Total DebtLower is stronger | $32.4B | — |
| Stockholders' EquityBook value | $35.9B | $22.2B |
| Total Assets | $100.1B | $39.5B |
| Debt / EquityLower = less leverage | 0.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.6B | $6.6B | ||
| Q3 25 | $4.3B | $8.3B | ||
| Q2 25 | $4.9B | $6.4B | ||
| Q1 25 | $3.9B | $7.1B | ||
| Q4 24 | $5.3B | $8.1B | ||
| Q3 24 | $3.3B | $8.3B | ||
| Q2 24 | $3.6B | $7.8B | ||
| Q1 24 | $3.0B | $5.8B |
| Q4 25 | $32.4B | — | ||
| Q3 25 | $33.4B | $7.3B | ||
| Q2 25 | $34.4B | $5.1B | ||
| Q1 25 | $34.6B | $5.1B | ||
| Q4 24 | $36.8B | $6.1B | ||
| Q3 24 | $37.2B | $6.1B | ||
| Q2 24 | $37.3B | $6.1B | ||
| Q1 24 | $39.1B | $4.1B |
| Q4 25 | $35.9B | $22.2B | ||
| Q3 25 | $36.0B | $22.5B | ||
| Q2 25 | $36.0B | $22.2B | ||
| Q1 25 | $33.8B | $21.5B | ||
| Q4 24 | $34.0B | $21.3B | ||
| Q3 24 | $35.1B | $19.9B | ||
| Q2 24 | $34.3B | $19.3B | ||
| Q1 24 | $44.2B | $19.0B |
| Q4 25 | $100.1B | $39.5B | ||
| Q3 25 | $100.5B | $39.2B | ||
| Q2 25 | $101.7B | $36.9B | ||
| Q1 25 | $101.7B | $36.4B | ||
| Q4 24 | $104.6B | $36.8B | ||
| Q3 24 | $106.3B | $36.4B | ||
| Q2 24 | $108.0B | $37.5B | ||
| Q1 24 | $119.8B | $35.6B |
| Q4 25 | 0.90× | — | ||
| Q3 25 | 0.93× | 0.32× | ||
| Q2 25 | 0.95× | 0.23× | ||
| Q1 25 | 1.02× | 0.24× | ||
| Q4 24 | 1.08× | 0.29× | ||
| Q3 24 | 1.06× | 0.31× | ||
| Q2 24 | 1.09× | 0.32× | ||
| Q1 24 | 0.89× | 0.22× |
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 | $1.8B | $621.0M |
| Free Cash FlowOCF − Capex | $1.4B | $579.8M |
| FCF MarginFCF / Revenue | 14.6% | 9.3% |
| Capex IntensityCapex / Revenue | 4.5% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.36× |
| TTM Free Cash FlowTrailing 4 quarters | $3.1B | $2.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.8B | $621.0M | ||
| Q3 25 | $979.0M | $1.5B | ||
| Q2 25 | $983.0M | $374.3M | ||
| Q1 25 | $553.0M | $133.3M | ||
| Q4 24 | $2.7B | $13.8M | ||
| Q3 24 | $847.0M | $684.8M | ||
| Q2 24 | $1.2B | $519.4M | ||
| Q1 24 | $585.0M | $489.4M |
| Q4 25 | $1.4B | $579.8M | ||
| Q3 25 | $701.0M | $1.4B | ||
| Q2 25 | $702.0M | $343.0M | ||
| Q1 25 | $302.0M | $101.5M | ||
| Q4 24 | $2.4B | $-13.2M | ||
| Q3 24 | $632.0M | $628.2M | ||
| Q2 24 | $976.0M | $481.0M | ||
| Q1 24 | $390.0M | $457.4M |
| Q4 25 | 14.6% | 9.3% | ||
| Q3 25 | 7.8% | 22.9% | ||
| Q2 25 | 7.2% | 5.7% | ||
| Q1 25 | 3.4% | 1.8% | ||
| Q4 24 | 24.2% | -0.2% | ||
| Q3 24 | 6.6% | 10.5% | ||
| Q2 24 | 10.0% | 7.8% | ||
| Q1 24 | 3.9% | 7.7% |
| Q4 25 | 4.5% | 0.7% | ||
| Q3 25 | 3.1% | 0.8% | ||
| Q2 25 | 2.9% | 0.5% | ||
| Q1 25 | 2.8% | 0.6% | ||
| Q4 24 | 2.9% | 0.4% | ||
| Q3 24 | 2.2% | 0.9% | ||
| Q2 24 | 2.6% | 0.6% | ||
| Q1 24 | 2.0% | 0.5% |
| Q4 25 | — | 5.36× | ||
| Q3 25 | — | 3.14× | ||
| Q2 25 | 0.62× | 0.70× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | 6.27× | 2.41× | ||
| Q2 24 | — | 2.66× | ||
| Q1 24 | — | 1.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
