Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended September 30, 2025. Please visit the “Investor Relations” section of the Company’s website to view the financial resultsand 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 November 13, 2025. The replay can be accessed via phone by dialing +1 888-660-6264 or +1 646-517-3975 and using playback passcode 76732#. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.
Q3 2025 Highlights:
- Total revenues were $9.0 billion, a 6% ex-FX decrease from the prior year quarter. Total revenues excluding the impact of the 2024 Olympics in Europe were flat ex-FX compared to the prior year quarter.
- Distribution revenues decreased 4% ex-FX, as dynamic underlying growth in global streaming subscribers was more than offset by continued domestic linear pay TV subscriber declines and the first full quarter impact of the HBO Max domestic distribution deal renewal with a former related party, previously disclosed in Q2.
- Advertising revenues decreased 17% ex-FX, as ad-lite streaming subscriber growth was more than offset by domestic linear audience declines.
- Content revenues decreased 3% 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 quarter. Content revenues excluding the impact of the 2024 Olympics in Europe increased 23% ex-FX.
- Net loss available to Warner Bros. Discovery, Inc. was $148.0 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 $2.5 billion, a 2% ex-FX increase compared to the prior year quarter, primarily due to growth in the Streaming and Studios segments, partially offset by a decline in the Global Linear Networks segment.
- Cash provided by operating activities was $1.0 billion. Free cash flow was $0.7 billion. Free cash flow was unfavorably impacted by approximately $500 million of separation-related items.
- The Company repaid $1.2 billion of debt during the quarter, including $1.0 billion of the bridge loan facility.
- The Company ended the quarter with $4.3 billion of cash on hand, $34.5 billion of gross debt, and 3.3x net leverage.
- The Company ended the quarter with 128.0 million streaming subscribers, an increase of 2.3 million subscribers vs. Q2.