Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Streaming, Studios, and Global Linear Networks. The Streaming segment offers streaming services, such as HBO Max and discovery+, and premium pay-TV services, including HBO and certain premium sports streaming products for mobile and connected TV devices. The Studios segment is involved in the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and its networks/streaming services. This segment also distributes films and television programs to various third-party and internal television, streaming services, and physical and digital home entertainment markets; related consumer products and themed experience licensing; and publishes, develops, licenses, and distributes content for the interactive space in platforms, including console, handheld, mobile, and PC-based gaming for both internal and third-party game titles. The Global Linear Networks segment provides general and lifestyle entertainment networks, news networks; and hosts international media networks and global sports networks. In addition, the company offers a portfolio of content and products for television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products under the Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and other brands. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $37.3B | $21.3B | $727M | $3.1B | 2.0% | -5.1% | -106.4% |
| 2024 | $39.3B | $11.6B | $-11.3B | $4.4B | -33.2% | -4.8% | 261.8% |
| 2023 | $41.3B | $22.4B | $-3.1B | $6.2B | -6.9% | 22.2% | -57.6% |
| 2022 | $33.8B | $14.2B | $-7.4B | $3.3B | -15.7% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 33,817 | 41,321 | 39,321 | 37,296 |
| Cost Of Revenue | - | 20,442 | 24,526 | 22,970 | 20,885 |
| Gross Profit | - | 13,375 | 16,795 | 16,351 | 16,411 |
| Operating Expense | - | 16,871 | 17,681 | 16,333 | 15,102 |
| Operating Income | - | -3,496 | -886 | 18 | 1,309 |
| EBITDA | - | 14,171 | 22,367 | 11,612 | 21,263 |
| EBIT | - | -7,183 | -1,642 | -9,371 | 3,724 |
| Pretax Income | - | -8,960 | -3,863 | -11,388 | 1,639 |
| Tax Provision | - | -1,663 | -784 | 94 | 890 |
| Net Income | - | -7,371 | -3,126 | -11,311 | 727 |
| Net Income Common Stockholders | - | -7,420 | -3,126 | -11,314 | 728 |
| Total Expenses | - | 37,313 | 42,207 | 39,303 | 35,987 |
| Interest Expense | - | 1,777 | 2,221 | 2,017 | 2,085 |
| Interest Income | - | 67 | 179 | 210 | 206 |
| Selling General And Administration | - | 9,678 | 9,696 | 9,296 | 9,418 |
| Normalized EBITDA | - | 17,772 | 23,246 | 21,103 | 19,025 |
| Normalized Income | - | -4,454.19 | -2,425.39 | -3,813.11 | -1,041.02 |
| Market Cap | 67,858.22 | 67,858.22 | 67,858.22 | 67,858.22 | 67,858.22 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Warner Bros. Discovery, Inc.this co. | WBD | $67.8B | 93.34β premium | 1.89 | 2.0% | 4.51 |
| Comcast Corporation | CMCSA | $99.2B | 4.92 | 1.02 | 20.6% | 4.05 |
| Electronic Arts Inc. | EA | $53.1B | 45.24 | 7.94 | 17.6% | 25.03 |
| Fox Corporation | FOXA | $29.0B | 11.81 | 2.24 | 18.9% | 7.50 |
| Fox Corporation | FOX | $25.9B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 10.56 |
| 2.00 |
| 18.9% |
| 6.76 |
| Charter Communications, Inc. | CHTR | $24.3B | 5.10 | 1.58 | 31.1% | 5.76 |
| News Corporation | NWS | $17.2B | 14.05 | 1.89 | 13.4% | 12.09 |
| News Corporation | NWSA | $14.9B | 12.17 | 1.64 | 13.4% | 10.53 |
| The Trade Desk, Inc. | TTD | $11.7B | 25.74 | 4.59 | 17.8% | 15.87 |
| Peer Median | - | 11.99 | 1.94 | 18.4% | 9.01 | |