Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended March 31, 2025. Please visit the Company’s website to view the financial results and other earnings materials (including a Shareholder Letter).
The Company will conduct a conference call today at 8:30 a.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at https://ir.wbd.com/.
A telephone replay of the call will be available approximately two hours after the completion of the call until May 15, 2025. The replay can be accessed via phone by dialing +1 646-517-3975 or +1 888-660-6264 and using the passcode 99529 # when prompted. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.
Q1 2025 Highlights
- Total revenues were $9.0 billion, a 9% ex-FX decrease compared to the prior year quarter.
- Distribution revenues decreased 1% ex-FX, as growth in global streaming subscribers was more than offset by continued domestic linear pay TV subscriber declines.
- Advertising revenues decreased 8% ex-FX, as ad-lite subscriber growth was more than offset by domestic linear audience declines.
- Content revenues decreased 25% ex-FX, primarily driven by lower box office and home entertainment revenues due to the stronger performance of the 1Q24 theatrical releases and carryover from the 4Q23 releases, as well as no Games releases in the current year quarter.
- Net income available to Warner Bros. Discovery, Inc. was $(0.5) billion, which includes $1.6 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Total Adjusted EBITDA was $2.1 billion, a 4% ex-FX increase compared to the prior year quarter, primarily due to growth in the Streaming and Studios segments.
- Cash provided by operating activities was $0.6 billion. Free cash flow was $0.3 billion.
- The Company repaid $2.2 billion of debt during Q1, ending the quarter with $4.0 billion of cash on hand, $38.0 billion of gross debt, and 3.8x net leverage.
- The Company redeemed $1.5 billion of notes due 2026 with a 364-day term loan due 2026, which we expect will result in net cash interest savings.
- The Company ended the quarter with 122.3 million streaming subscribers, an increase of 5.3 million subscribers vs. Q4.
WARNER BROS. DISCOVERY REPORTS FIRST-QUARTER 2025 RESULTS
About Warner Bros. Discovery:
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.
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Source: Warner Bros. Discovery, Inc.