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Stocks / United States / WBD · Cable & Other Pay Television Services · Nasdaq

Warner Bros. Discovery, Inc. (WBD)

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Warner Bros. Discovery, Inc. (WBD) reported revenue of $8.7 billion for Q2 FY2026, the quarter ended 30 June 2026, down 11.2% on the same quarter a year earlier. Net income was $149 million, down 90.6% on the year, and diluted earnings per share $0.06. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$8.7 billiondown 11.2%
Net income$149 milliondown 90.6%
Diluted EPS$0.06
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE-9.6%
ROCE-2.0%
Operating margin-3.5%
Net margin-8.8%
FCF margin6.0%
Interest cover-0.57
Debt to equity0.98
Cash conversionn/a
Share count, 1 year1.3%
Sales CAGR, 3 years3.3%
Profit CAGR, 3 yearsn/a
EPS, TTM-$1.27

At the close of 21 September 2026

Price$30.80
Market cap$77.2 billion
Stock P/En/a
Price to book2.35
EV / EBITDA27.85
Dividend yieldn/a
Market cap / sales2.14
52-week high$30.80
52-week low$17.10
Price, 1 year59.3%
Price CAGR, 3 years40.5%
Price CAGR, 5 years3.9%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Warner Bros. Discovery, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WBD

Filings36 in twelve months: 18 current reports (8-K), about 7 regulation fd disclosure; 6 material agreement; 5 officer or director change; 4 results of operations; 4 other events
Planned insider sales41 Form 144 notices in twelve months, $419.9 million; latest 14 September 2026
Options tapeput/call 2.49 by open interest on 23 September 2026; the straddle prices a 2.7% move to 25 September 2026
Holders13 of the followed funds hold it; largest Citadel Advisors; 4 Schedule 13D or 13G filings in twelve months
Insider trading44 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest68.8 million shares short, 3.85 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue9,97910,2849,9589,7139,62310,0278,9799,8129,0459,4608,8938,717
SG&A2,2912,4552,2322,4612,3852,2182,1942,4772,3612,3862,4752,564
Operating income97.0-182-267-10,208281162-37.0-185611349-2,469237
Operating margin1%-2%-3%-105%3%2%-0%-2%7%4%-28%3%
Interest expense574502515518494490468463570584581511
Pre-tax income-532-613-819-10,035-178-356-4342,45427.0-408-3,120-271
Tax raten/an/an/an/an/an/an/a35%630%n/an/an/a
Net income-417-400-966-9,986135-494-4531,580-148-252-2,916149
Net margin-4%-4%-10%-103%1%-5%-5%16%-2%-3%-33%2%
Diluted EPS-$0.17-$0.16-$0.40-$4.07$0.05-$0.20-$0.18$0.63-$0.06-$0.10-$1.17$0.06
Operating cash flow2,5163,5785851,2288472,7155539839791,804-208848
Capital expenditure457268195252215286251281278421268276
Free cash flow2,0593,3103909766322,4293027027011,383-476572
Shares outstanding2,438m2,439m2,449m2,451m2,452m2,454m2,473m2,475m2,477m2,480m2,507m2,508m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015FY2016 FY2017FY2018 FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue6,2656,3946,4976,87310,55311,14410,67112,19133,81741,32139,32137,29636,115
Cost of revenue2,1242,3432,4322,6563,935n/an/an/an/an/an/an/an/a
Gross profit4,1414,0514,0654,2176,618n/an/an/an/an/an/an/an/a
Gross margin66.1%63.4%62.6%61.4%62.7%n/an/an/an/an/an/an/an/a
Selling, general and administrative1,6921,6691,6901,7682,6202,7882,7224,0169,6789,6969,2969,4189,786
Operating income2,0611,9852,0587131,9343,0092,5152,012-7,370-1,548-10,032738-1,272
Operating margin32.9%31.0%31.7%10.4%18.3%27.0%23.6%16.5%-21.8%-3.7%-25.5%2.0%-3.5%
Interest expense3283303534757296776486331,7772,2212,0172,0852,246
Pre-tax income1,7471,5591,671-1371,0222,2941,7281,433-8,960-3,863-11,3881,639-3,772
Income tax61051145317634181.0373236-1,663-78494.0890-638
Effective tax rate34.9%32.8%27.1%n/a33.4%3.5%21.6%16.5%n/an/an/a54.3%n/a
Net income1,1391,0341,194-3375942,0691,2191,006-7,371-3,126-11,311727-3,167
Net margin18.2%16.2%18.4%-4.9%5.6%18.6%11.4%8.3%-21.8%-7.6%-28.8%1.9%-8.8%
Diluted EPSn/an/an/an/an/an/a$1.81$1.54-$3.82-$1.28-$4.62$0.29-$1.27
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015FY2016 FY2017FY2018 FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flown/an/a1,3801,6292,5763,3992,7392,7984,3047,4775,3754,3193,423
Capital expenditure12010388.01351472894023739871,3169481,2311,243
Free cash flown/an/a1,2921,4942,4293,1102,3372,4253,3176,1614,4273,0882,180
Free cash flow marginn/an/a19.9%21.7%23.0%27.9%21.9%19.9%9.8%14.9%11.3%8.3%6.0%
Depreciation and amortisation3293303223301,3981,3471,3591,5827,1937,9857,0375,6845,075
Share-based compensation78.035.069.039.080.0142110178412500557769813
Buybacks1,2326981,3746030.0n/an/an/an/an/an/an/an/a
Diluted shares, weightedn/an/an/an/an/an/a672m664m1,940m2,436m2,450m2,530m2,575m
Shares outstanding at period endn/an/an/an/an/an/an/a169m2,430m2,439m2,454m2,480m2,508m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015FY2016 FY2017FY2018 FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Total assets15,97015,86415,67222,55532,55033,73534,08734,427134,001122,757104,560100,08597,248
Cash and equivalents3673903007,3099861,5522,0913,9053,7313,7805,3124,5663,369
Receivables1,4331,4791,4951,8382,6202,6332,5372,4466,3806,0474,9475,2944,952
Inventoryn/an/an/an/an/an/an/a1.0n/an/an/an/an/a
Goodwill8,2368,1648,0407,07313,00613,05013,07012,91234,43834,96925,66725,93325,861
Long-term debt7,1097,7357,92314,78516,79315,41915,40414,75948,99943,66939,50532,56732,023
Long-term debt including finance leases6,0027,6167,84114,75514,97414,81015,06914,42048,63441,88936,75732,42830,530
Borrowings, as the company tags them7,1697,8017,99014,91316,91815,54415,84815,18749,27643,95539,52732,84532,402
Operating lease liabilitiesn/an/an/an/an/a6215925672,9903,0192,7313,226n/a
Finance lease liabilitiesn/an/an/an/an/a203184197186191356534n/a
Shareholders' equity5,6025,4515,1674,6108,3869,89110,46411,59947,09545,22634,03735,91932,838
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded19.3%28.4%3.3%-6.1%
Profit growth, compounded-3.5%-9.8%n/an/a
Return on equity, average1.0%-9.0%-12.7%2.0%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Cable & Other Pay Television Services

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Comcast Corp. CMCSA$81.9 billion7.3712.5%14.7%0.6%0.945.8%
Warner Bros. Discovery, Inc. WBD$77.2 billionn/a-9.6%-3.5%-6.1%0.98n/a
Charter Communications, Inc. /Mo/ CHTR$15.0 billion3.2129.0%23.3%-1.5%5.54n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202527 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202427 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 20247 August 2024EDGAR
10-Q31 March 20249 May 2024EDGAR

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