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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 |
| Operating Revenue | - | 33,026 | 40,140 | 38,088 | 36,215 |
| 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 |
| Selling General And Administration | - | 9,678 | 9,696 | 9,296 | 9,418 |
| Total Expenses | - | 37,313 | 42,207 | 39,303 | 35,987 |
| Operating Income | - | -3,496 | -886 | 18 | 1,309 |
| Total Operating Income As Reported | - | -7,370 | -1,548 | -10,032 | 738 |
| EBITDA | - | 14,171 | 22,367 | 11,612 | 21,263 |
| Normalized EBITDA | - | 17,772 | 23,246 | 21,103 | 19,025 |
| EBIT | - | -7,183 | -1,642 | -9,371 | 3,724 |
| Interest Income | - | 67 | 179 | 210 | 206 |
| Interest Expense | - | 1,777 | 2,221 | 2,017 | 2,085 |
| Net Interest Income | - | -1,710 | -2,042 | -1,807 | -1,879 |
| Other Non Operating Income Expenses | - | 7 | 26 | 13 | -5 |
| Other Income Expense | - | -3,754 | -935 | -9,599 | 2,209 |
| Interest Income Non Operating | - | 67 | 179 | 210 | 206 |
| Interest Expense Non Operating | - | 1,777 | 2,221 | 2,017 | 2,085 |
| Net Non Operating Interest Income Expense | - | -1,710 | -2,042 | -1,807 | -1,879 |
| Pretax Income | - | -8,960 | -3,863 | -11,388 | 1,639 |
| Tax Provision | - | -1,663 | -784 | 94 | 890 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -684.19 | -178.39 | -1,993.11 | 469.98 |
| Net Income Continuous Operations | - | -7,297 | -3,079 | -11,482 | 749 |
| Net Income From Continuing And Discontinued Operation | - | -7,371 | -3,126 | -11,311 | 727 |
| Net Income From Continuing Operation Net Minority Interest | - | -7,371 | -3,126 | -11,311 | 727 |
| Net Income | - | -7,371 | -3,126 | -11,311 | 727 |
| Net Income Common Stockholders | - | -7,420 | -3,126 | -11,314 | 728 |
| Net Income Including Noncontrolling Interests | - | -7,297 | -3,079 | -11,482 | 749 |
| Normalized Income | - | -4,454.19 | -2,425.39 | -3,813.11 | -1,041.02 |
| Diluted NI Availto Com Stockholders | - | -7,420 | -3,126 | -11,314 | 728 |
| Basic Average Shares | - | 1,940 | 2,436 | 2,450 | 2,475 |
| Diluted Average Shares | - | 1,940 | 2,436 | 2,450 | 2,530 |
| Reconciled Depreciation | - | 21,354 | 24,009 | 20,983 | 17,539 |
| Reconciled Cost Of Revenue | - | 6,281 | 8,502 | 9,024 | 9,030 |
| Total Unusual Items | - | -3,601 | -879 | -9,491 | 2,238 |
| Total Unusual Items Excluding Goodwill | - | -3,601 | -879 | -9,491 | 2,238 |
| Preferred Stock Dividends | 110 | 49 | - | - | - |
| Minority Interests | - | -74 | -47 | 171 | -22 |
| Special Income Charges | - | -3,679 | -698 | -9,147 | 2,203 |
| Gain On Sale Of Business | - | 195 | 0 | 194 | 0 |
| Other Special Charges | 10 | - | 36 | -709 | -2,774 |
| Impairment Of Capital Assets | - | 117 | 77 | 9,603 | 172 |
| Restructuring And Mergern Acquisition | - | 3,757 | 585 | 447 | 399 |
| Gain On Sale Of Security | - | 78 | -181 | -344 | 35 |
| Depreciation Amortization Depletion Income Statement | - | 7,193 | 7,985 | 7,037 | 5,684 |
| Depreciation And Amortization In Income Statement | - | 7,193 | 7,985 | 7,037 | 5,684 |
| Otherunder Preferred Stock Dividend | - | 0 | 0 | 3 | -1 |
| Earnings From Equity Interest | - | -160 | -82 | -121 | -24 |
| Average Dilution Earnings | 110 | 0 | 0 | - | - |
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 | $67.7B | 93.11↑ premium | 1.88 | 2.0% | 4.50 |
| Comcast Corporation | CMCSA | $83.3B | 4.17 | 0.86 | 20.6% | 3.73 |
| Electronic Arts Inc. | EA | $51.0B | 57.50 | 7.54 | 13.1% | 31.86 |
| Take-Two Interactive Software, Inc. | TTWO | $40.2B | -134.89 | 11.46 | -8.5% | 33.54 |
| TKO Group Holdings, Inc. | TKO |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $38.7B |
| 198.06 |
| 10.36 |
| 5.2% |
| 31.75 |
| Live Nation Entertainment, Inc. | LYV | $37.5B | 75.55 | 138.26 | 183.0% | 20.54 |
| EchoStar Corporation | SATS | $36.1B | -2.49 | 6.26 | -251.4% | -4.08 |
| Fox Corporation | FOXA | $27.5B | 12.17 | 2.30 | 18.9% | 7.70 |
| Fox Corporation | FOX | $24.7B | 10.90 | 2.06 | 18.9% | 6.96 |
| Peer Median | - | 11.54 | 6.90 | 16.0% | 14.12 | |