Warner Bros. Discovery/$WBD

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About Warner Bros. Discovery

Warner Bros. Discovery was formed in 2022 through the combination of WarnerMedia and Discovery Communications. In 2026, it intends to split its global networks business from its streaming and studios businesses, forming two separate companies. The streaming business includes HBO Max, which is rapidly increasing its international footprint in addition to its major presence in the US. Studios include industry leaders in both film and television, which produce movies and television series that are monetized in multiple ways, including theatrical release, sales to third parties, and feeding into Warner's own platforms. Global networks consist of basic cable networks like CNN, TNT, TBS, Discovery, HGTV, and The Food Network. The Discovery+ streaming service will remain part of global networks.

Ticker

$WBD
Primary listing

Employees

35,000

WBD Metrics

BasicAdvanced
$31B
40.41
$0.31
1.58
-

What the Analysts think about WBD

Analyst ratings (Buy, Hold, Sell) for Warner Bros. Discovery stock.

Bulls say / Bears say

Warner Bros. Discovery posted an unexpected Q2 2025 profit, powered by streaming and the studio business, gaining 3.4 million new streaming subscribers worldwide and reporting $293 million in adjusted EBITDA versus a $107 million loss a year earlier.
The Studios unit’s revenue jumped 55% year-on-year to $3.8 billion in Q2 2025, driven by the success of major releases like 'A Minecraft Movie' and 'Sinners,' which fueled a 61% rise in content revenue.
In June 2025, bondholders approved changes that removed loan restrictions and allowed Warner Bros. Discovery to buy back nearly half its $37 billion debt, making it easier to cut leverage ahead of the planned company split.
Fitch downgraded Warner Bros. Discovery’s credit rating to junk (‘BB+’) in June 2025, citing the planned mid-2026 split and high debt loads that will leave both companies smaller and more leveraged.
After the split, the streaming and studio business is expected to be saddled with debt totaling about five times its projected 2026 EBITDA, which could hurt its content spending and competitive ability.
Advertising revenue dropped 8.8% to $2.22 billion in Q2 2025 as cable TV viewership continued to decline, highlighting persistent weakness in the Global Networks business.
Data summarised monthly by Lightyear AI. Last updated on 4 Sept 2025.

WBD Financial Performance

Revenues and expenses
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
$37B
-39.75%
Net income
$45B
107.52%
Profit margin
37.65%
6.78%

WBD Earnings Performance

Company profitability
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
$3.69
$2.85
$2.45
$2.42
-
Expected
$3.55
$2.61
$2.05
$2.31
$3.94
Surprise
3.94%
9.20%
19.51%
4.63%
-
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Real-time US market data is sourced from the IEX order book provided by Polygon. After-hours US market data is 15 minutes delayed and may differ significantly from the actual tradable price at market open.

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