Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter and full year ended December 31, 2025. Please visit the “Investor Relations” section of 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 8:00 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 March 5, 2026. The replay can be accessed via phone by dialing +1 888-660-6264 or +1 646-517-3975 and using playback passcode 97030#. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.
Q4 2025 Highlights:
- Total revenues were $9.5 billion, a 7% ex-FX decrease from the prior year quarter.
- Distribution revenues decreased 3% ex-FX, as dynamic underlying growth in global streaming subscribers was more than offset by continued domestic linear pay TV subscriber declines and the impact of the HBO Max domestic distribution deal renewal with a former related party previously disclosed in Q2.
- Advertising revenues decreased 9% ex-FX, as ad-lite streaming subscriber growth was more than offset by domestic linear audience declines. The absence of the NBA in the current year negatively impacted the year-over-year growth rate by 4% ex-FX.
- Content revenues decreased 10% ex-FX, primarily driven by lower content sales due to the timing of renewals at the Studios and Global Linear Networks segments.
- Net loss available to Warner Bros. Discovery, Inc. was $252.0 million, which includes $1.3 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Total Adjusted EBITDA was $2.2 billion, a 20% ex-FX decrease compared to the prior year quarter, primarily driven by a decline in the Global Linear Networks segment.
- Cash provided by operating activities was $1.8 billion. Free cash flow was $1.4 billion. Free cash flow was unfavorably impacted by approximately $600 million of separation & transaction related items.
- Ended the quarter with 131.6 million streaming subscribers, an increase of 3.5 million subscribers vs. Q3.
FY 2025 Highlights:
- Total revenues were $37.3 billion, a 5% ex-FX decrease from the prior year.
- Distribution revenues decreased 2% ex-FX, as dynamic underlying growth in global streaming subscribers was more than offset by continued domestic linear pay TV subscriber declines and the impact of the HBO Max domestic distribution deal renewal with a former related party previously disclosed in Q2.
- Advertising revenues decreased 11% ex-FX, as ad-lite streaming subscriber growth was more than offset by domestic linear audience declines.
- Content revenues decreased 7% ex-FX, primarily driven by the sublicensing of Olympic sports rights to broadcast networks throughout Europe in the prior year partially offset by the stronger performance of the theatrical releases in the current year.
- Net income available to Warner Bros. Discovery, Inc. was $727.0 million, which includes $5.8 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Total Adjusted EBITDA was $8.7 billion, a 3% ex-FX decrease compared to the prior year, primarily due to a decline in the Global Linear Networks segment partially offset by growth in the Streaming and Studios segments.
- Cash provided by operating activities was $4.3 billion. Free cash flow was $3.1 billion. Free cash flow was unfavorably impacted by approximately $1,350 million of separation & transaction related items.
- Ended the year with $29.0 billion of net debt and 3.3x net leverage.
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. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, 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