Warner Bros. Discovery, Inc. (WBD) Financial Statements
Industry: Cable & Other Pay Television Services
In fiscal 2025, Warner Bros. Discovery reported revenue of $37.30B, down 5.1% from $39.32B the year before. Net income was $727.0M (a 1.9% net margin), or $0.29 per diluted share. Gross margin was 2.0% and operating margin was 2.0%. Operating activities generated $4.32B of cash, leaving $3.09B of free cash flow. At fiscal year end, Warner Bros. Discovery held $100.08B in total assets against $62.92B in total liabilities, including $4.57B of cash and equivalents.
Open the full interactive Warner Bros. Discovery financials → Quarterly statements, key ratios, valuation history and price charts.
Warner Bros. Discovery Key Stats
| Share Price | $30.95 |
|---|---|
| Market Cap | $79.70B |
| P/E Ratio | 106.7 |
| Revenue YoY Growth | -5.1% |
| 52-Week Range | $17.10 – $30.95 |
| Shares Outstanding | 2.51 billion (basic, 2026 Q2) |
Warner Bros. Discovery Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $10.67B | $12.19B | $33.82B | $41.32B | $39.32B | $37.30B |
| Cost of Goods Sold | $8.16B | $10.18B | $41.19B | $42.87B | $49.35B | $36.56B |
| Gross Profit | $2.52B | $2.01B | -$7.37B | -$1.55B | -$10.03B | $738.0M |
| Operating Income | $2.52B | $2.01B | -$7.37B | -$1.55B | -$10.03B | $738.0M |
| Pre-Tax Income | $1.73B | $1.43B | -$8.96B | -$3.86B | -$11.39B | $1.64B |
| Income Tax | $373.0M | $236.0M | -$1.66B | -$784.0M | $94.0M | $890.0M |
| Net Income | $1.22B | $1.01B | -$7.37B | -$3.13B | -$11.31B | $727.0M |
| Diluted EPS | $1.81 | $1.54 | -$3.82 | -$1.28 | -$4.62 | $0.29 |
Warner Bros. Discovery Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $9.04B | $9.46B | $8.89B | $8.72B |
| Net Income | -$148.0M | -$252.0M | -$2.92B | $149.0M |
| Diluted EPS | -$0.06 | -$0.10 | -$1.17 | $0.06 |
Warner Bros. Discovery Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.09B | $3.90B | $3.73B | $3.78B | $5.31B | $4.57B |
| Current Assets | $6.13B | $7.26B | $14.00B | $14.22B | $14.08B | $13.21B |
| Total Assets | $34.09B | $34.43B | $134.00B | $122.76B | $104.56B | $100.08B |
| Current Liabilities | $3.08B | $3.46B | $15.02B | $15.33B | $15.81B | $12.50B |
| Total Long-Term Debt | $15.40B | $14.76B | $49.00B | $43.67B | $39.51B | $32.57B |
| Total Liabilities | $21.70B | $21.03B | $85.33B | $76.28B | $69.62B | $62.92B |
| Shareholders' Equity | $10.46B | $11.60B | $47.09B | $45.23B | $34.04B | $35.92B |
Warner Bros. Discovery Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $2.74B | $2.80B | $4.30B | $7.48B | $5.38B | $4.32B |
| Cash From Investing | -$703.0M | -$56.0M | $3.52B | -$1.26B | -$349.0M | -$1.18B |
| Cash From Financing | -$1.55B | -$853.0M | -$7.74B | -$5.84B | -$3.75B | -$4.24B |
| Free Cash Flow | $2.34B | $2.42B | $3.32B | $6.16B | $4.43B | $3.09B |
Figures from Warner Bros. Discovery's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Warner Bros. Discovery financials page for every line item.
Warner Bros. Discovery Company Profile
| Ticker | WBD |
|---|---|
| Exchange | Nasdaq |
| Industry | Cable & Other Pay Television Services |
| Headquarters | New York, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001437107 |
Frequently Asked Questions
What was Warner Bros. Discovery's revenue in fiscal 2025?
Warner Bros. Discovery (WBD) reported revenue of $37.30B for fiscal 2025.
What is Warner Bros. Discovery's annual revenue history?
Warner Bros. Discovery's annual revenue by fiscal year: 2020: $10.67B; 2021: $12.19B; 2022: $33.82B; 2023: $41.32B; 2024: $39.32B; 2025: $37.30B.
What was Warner Bros. Discovery's net income in fiscal 2025?
Warner Bros. Discovery reported net income of $727.0M for fiscal 2025.
What was Warner Bros. Discovery's earnings per share (EPS) in fiscal 2025?
Warner Bros. Discovery's diluted EPS was $0.29 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Warner Bros. Discovery generate in fiscal 2025?
Warner Bros. Discovery generated $3.09B of free cash flow in fiscal 2025.
What was Warner Bros. Discovery's revenue last quarter?
In its most recent reported quarter (2026 Q2), Warner Bros. Discovery reported revenue of $8.72B.
How much debt does Warner Bros. Discovery have?
Warner Bros. Discovery reported $32.57B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Warner Bros. Discovery are outstanding?
Warner Bros. Discovery reported a weighted average of 2.51 billion basic shares outstanding in 2026 Q2.
What is Warner Bros. Discovery's market cap?
Based on its latest closing price, Warner Bros. Discovery (WBD) has a market capitalization of about $79.70B.
When does Warner Bros. Discovery's fiscal year end?
Warner Bros. Discovery's fiscal year end, as registered with the SEC, is December 31.
Where is Warner Bros. Discovery headquartered?
Warner Bros. Discovery lists its business address in New York, New York in its SEC filings.