Warner Bros Discovery WBD
Public, NASDAQ, reports in USD. Founded 2022.
Theme: Mass media.
HBO.
2025-08-01 — Minimal position
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 37.3bn USD | -5.1 % | 44.0 % | – | 738m USD | 2.0 % | 727m USD | 0.29 | -3.2 | |
| 2024 | 39.3bn USD | -4.8 % | 42.6 % | – | 634m USD | 1.6 % | -11.3bn USD | -4.62 | -3.2 | |
| 2023 | 41.3bn USD | 22.2 % | 40.6 % | – | -886m USD | -2.1 % | -3.1bn USD | -1.28 | 20.0 | |
| 2022 | 33.8bn USD | – | 39.6 % | – | -3.5bn USD | -10.3 % | -7.4bn USD | -3.82 | – | |
| 2026-Q2 | 8.7bn USD | -11.2 % | 47.0 % | – | 373m USD | 4.3 % | 149m USD | 0.06 | -6.9 | |
| 2026-Q1 | 8.9bn USD | – | 47.8 % | – | 549m USD | 6.2 % | -2.9bn USD | -1.17 | – | |
| 2025-Q4 | 9.5bn USD | – | 44.8 % | – | 536m USD | 5.7 % | -252m USD | – | – | |
| 2025-Q3 | 9.0bn USD | – | 49.5 % | – | 745m USD | 8.2 % | -148m USD | -0.06 | – | |
| 2025-Q2 | 9.8bn USD | – | 39.2 % | – | -79m USD | -0.8 % | 1.6bn USD | 0.63 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 8.7bn USD | 9.8bn USD | -1.1bn (-11 %) |
| Op. margin | 4.3 % | -0.8 % | +5.1 pts |
| FCF | 572m USD | 702m USD | -130m (-19 %) |
| Op. income | 373m USD | ||
| Net income | 149m USD | ||
| EPS (diluted) | 0.06 | -90.5 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 4.3bn USD | 1.2bn USD | 3.1bn USD | 8.3 % | 594.1 % | 337m USD | 5.3bn USD | -1.5bn USD | -1.1bn USD |
| 2024 | 5.4bn USD | 948m USD | 4.4bn USD | 11.3 % | – | – | – | 859m USD | 1.3bn USD |
| 2023 | 7.5bn USD | 1.3bn USD | 6.2bn USD | 14.9 % | – | – | – | 658m USD | 381m USD |
| 2022 | 4.3bn USD | 987m USD | 3.3bn USD | 9.8 % | – | – | – | -4.0bn USD | 86m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 27.96 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 70.1bn USD | 2026-09-15 | |
| 52w high | 30.00 USD | 2026-09-15 | |
| 52w low | 17.08 USD | 2026-09-15 | |
| Off 52w high % | -6.8 % | ||
| P/S | 1.9 | ||
| Lifetime CAGR | 123.5 % |
Notes
- 2025-08-01 opinion Minimal position