WBD · Other

Warner Bros. Discovery, Inc.

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-07

• Streaming Segment PerformanceImportance 58 · Surprise 58
  WBD’s streaming segment generated more than $3 billion of revenue in the second quarter of 2026, a first for the company. Streaming revenue grew 10% year over year as HBO Max benefited from subscriber gains, higher…
• Streaming Revenue GrowthImportance 58 · Surprise 58
  Warner Bros. Discovery’s streaming segment surpassed $3 billion in quarterly revenue for the first time in Q2 2026. HBO Max benefited from subscriber growth, higher engagement and increased advertising monetization.…
• Linear Television DeclineImportance 20 · Surprise 24
  WBD’s legacy linear television networks continued to face structural declines in the pay-TV market. The loss of NBA rights further pressured television performance during the second quarter. Third-party reports…

10-Q · 2026-08-06

• Netflix Termination FeeImportance 71 · Surprise 60
  On February 27, 2026, WBD terminated the Netflix Merger Agreement after receiving a Company Superior Proposal from Paramount Skydance Corporation, and PSKY paid Netflix a $2.8 billion termination fee on WBD’s behalf.…
• Operating Cash Flow TrendsImportance 69 · Surprise 64
  Cash provided by operating activities declined to $640 million in the six months ended June 30, 2026 from $1.536 billion in the comparable 2025 period. The $896 million decrease reflected lower net income excluding…
• Income Tax Rate ChangesImportance 65 · Surprise 82
  Income tax benefit was $433 million in the second quarter and $647 million in the first six months of 2026, compared with tax expense of $866 million and $881 million in the respective 2025 periods. The improvement…
• Segment Revenue PerformanceImportance 64 · Surprise 56
  Streaming revenue increased 10% to $3.079 billion in the second quarter and 9% to $5.966 billion year to date, while its Adjusted EBITDA increased 63% and 38%, respectively. Studios revenue declined 39% to $2.328…
• Liquidity and Debt PositionImportance 64 · Surprise 42
  WBD held $3.369 billion of cash and cash equivalents at June 30, 2026, alongside $32.402 billion of outstanding indebtedness and $7.369 billion of unused capacity. During the second quarter, WBD used proceeds from…
• Remaining Performance ObligationsImportance 64 · Surprise 42
  Warner Bros. Discovery reported $13,058 million of remaining performance obligations as of June 30, 2026. The balance included $2,657 million of distribution contracts with fixed prices or minimum guarantees through…
• Interest Rate and Refinancing ExposureImportance 64 · Surprise 42
  On June 4, 2026, WBD refinanced $15.0 billion of bridge loans with $13.0 billion of seven-year U.S. dollar term loans and €1.717 billion of Euro-denominated term loans. The dollar term loans bear interest at Term SOFR…
• Outstanding IndebtednessImportance 64 · Surprise 42
  As of June 30, 2026, WBD had $32.402 billion of outstanding indebtedness, consisting of $14.708 billion of term loans and $17.694 billion of senior notes. During the second quarter, the company entered into seven-year…
• Segment ProfitabilityImportance 59 · Surprise 48
  Segment Adjusted EBITDA totaled $2,054 million in the second quarter of 2026, down from $2,668 million in the second quarter of 2025, and totaled $4,901 million for the first six months versus $5,059 million a year…
• Gross Margin DriversImportance 59 · Surprise 48
  Consolidated costs of revenues decreased 23% to $4.621 billion in the second quarter and 17% to $9.264 billion in the first six months of 2026. The reductions primarily reflected lower domestic sports costs because the…
• Linear Subscriber DeclinesImportance 59 · Surprise 48
  Global Linear Networks distribution revenue declined 9% in the second quarter and 8% in the first six months of 2026. Domestic linear subscribers fell 10% in both periods, despite domestic affiliate-rate increases of…
• Content Licensing TrendsImportance 59 · Surprise 74
  Studios content revenue declined 41% in the second quarter and 13% in the first six months of 2026, primarily due to lower theatrical and television product revenue. The current theatrical slate underperformed the…
• Revenue Performance and MixImportance 54 · Surprise 40
  Consolidated revenue declined 11% to $8.717 billion in the second quarter of 2026 and 6% to $17.610 billion in the first six months, driven by advertising declines of 22% and 15% and content declines of 26% and 14%,…
• Advertising Demand TrendsImportance 52 · Surprise 56
  U.S. linear advertising remained soft, with consolidated advertising revenue declining 22% in the second quarter and 16% in the first six months of 2026. Domestic network audience declines of 17% and 13%, respectively,…
• Capital ExpendituresImportance 50 · Surprise 24
  WBD incurred $544 million of capital expenditures during the six months ended June 30, 2026. The expenditures included amounts capitalized to support HBO Max. The company expects to continue incurring significant costs…
• Headcount / RestructuringImportance 46 · Surprise 42
  Restructuring and other charges were $113 million in the second quarter and $317 million in the first six months of 2026. The charges primarily covered organizational restructuring, employee retention, and consulting…
• Merger Antitrust ChallengesImportance 44 · Surprise 60
  A coalition of attorneys general from twelve states filed suit in the Northern District of California on July 13, 2026 to block PSKY’s proposed acquisition of WBD under Section 7 of the Clayton Act. The States allege…
• Guidance / OutlookImportance 44 · Surprise 24
  WBD expects cash on hand, operating cash generation and availability under its Credit Agreement to fund cash needs for the next 12 months. The company had $3.369 billion of cash and cash equivalents and $4.0 billion of…
• Junior Lien Exchange ObligationImportance 42 · Surprise 42
  Warner Bros. Discovery must cause subsidiaries to conduct a junior lien exchange offer for certain DGH and DCL senior notes under the PSKY Merger Agreement. The deadline to commence the offer was extended to March 4,…
• Nokia Patent LitigationImportance 40 · Surprise 42
  Nokia alleges that WBD infringes patents covering streaming-video delivery, including H.264/AVC and H.265/HEVC standard-essential patents and other multimedia patents. WBD and Dplay brought related proceedings and…
• Trade Policy and TariffsImportance 37 · Surprise 42
  The U.S. government’s imposition of tariffs and potential retaliatory tariffs by foreign governments may negatively affect WBD’s operations and results. The company identifies potential higher production costs and…
• Streaming Market ExpansionImportance 36 · Surprise 40
  Streaming distribution revenue increased 11% in the second quarter and 9% in the first six months of 2026, reflecting continued growth in existing markets and the global expansion of HBO Max. New distribution deals…
• Operating Expense TrendsImportance 31 · Surprise 32
  Consolidated selling, general and administrative expense increased 3% in the second quarter and 7% in the first six months of 2026, primarily due to higher transaction and integration costs and marketing expenses.…
• Competition and Pricing PressureImportance 18 · Surprise 24
  The market is experiencing increased competition for advertising expenditures as digital advertising inventory expands. This pressure affects both traditional linear networks and ad-supported tiers within streaming…

8-K · 2026-08-06

• Income Tax Rate ChangesImportance 71 · Surprise 82
  The company reported a $433 million income tax benefit in the second quarter of 2026, compared with an $866 million income tax expense in the second quarter of 2025. The tax benefit converted a $271 million pretax loss…
• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  The six-month cash-flow statement recorded a $2,800 million accrual for a Netflix termination fee in 2026, compared with no such accrual in 2025. Second-quarter free cash flow included approximately $350 million of…
• Studios Revenue DeclineImportance 64 · Surprise 56
  Studios revenue decreased 39% ex-FX to $2,328 million from $3,801 million. Content revenue fell 41% ex-FX, including a 46% ex-FX decline in theatrical revenue caused by a weaker current-quarter film slate relative to A…
• Liquidity and Debt PositionImportance 64 · Surprise 42
  Warner Bros. Discovery ended the quarter with $3.4 billion of cash, $33.1 billion of gross debt and $29.7 billion of net debt. Net leverage was 3.4x, based on $8.8 billion of most recent-four-quarter Adjusted EBITDA.…
• Studios Product PerformanceImportance 64 · Surprise 56
  Studios content revenue decreased 41% ex-FX, with theatrical revenue down 46% because the current-quarter slate performed below the prior year’s strong results from A Minecraft Movie, Sinners, and Final Destination…
• Interest Rate and Refinancing ExposureImportance 64 · Surprise 42
  During the second quarter, Warner Bros. Discovery repaid its $15 billion bridge loan facility using a $13 billion Term Loan B and a €1.7 billion Term Loan B. As of June 30, 2026, gross debt was $33.1 billion, net debt…
• Geographic Market CommentaryImportance 60 · Surprise 40
  Warner Bros. Discovery continued the global expansion of HBO Max through new distribution deals and growth in existing markets. Streaming distribution revenue increased 11% ex-FX to $2.689 billion in the second quarter…
• Content Licensing TrendsImportance 58 · Surprise 56
  Global Linear Networks content revenue decreased 12% ex-FX, primarily because of the timing of third-party licensing deals. Studios TV revenue also declined 45% ex-FX due to lower intercompany content licensing…
• Revenue Performance and MixImportance 54 · Surprise 40
  Second-quarter total revenue decreased 11% reported and 12% ex-FX to $8,717 million from $9,812 million. Distribution revenue increased 1% to $4,950 million, while advertising revenue fell 22% to $1,724 million and…
• Linear Networks Revenue DeclineImportance 53 · Surprise 48
  Global Linear Networks revenue decreased 17% ex-FX to $3,991 million from $4,803 million. Distribution revenue declined 9% ex-FX, primarily due to a 10% decrease in domestic linear pay-TV subscribers, partly offset by…
• Linear TV Demand DeclinesImportance 53 · Surprise 48
  Global Linear Networks distribution revenue decreased 9% ex-FX, primarily because domestic linear pay TV subscribers declined 10%. A 1% increase in domestic affiliate rates only partially offset the subscriber losses.…
• Operating Margin DriversImportance 47 · Surprise 48
  Consolidated operating income improved to $237 million from a $185 million operating loss, despite an 11% revenue decline. Costs of revenues decreased 23% to $4,621 million, while depreciation and amortization declined…
• Streaming Distribution GrowthImportance 43 · Surprise 32
  Streaming distribution revenue increased 11% ex-FX, driven by continued growth in existing markets and the global expansion of HBO Max. The expansion included new distribution deals, although the domestic distribution…
• Streaming Segment PerformanceImportance 37 · Surprise 32
  Streaming revenue increased 10% ex-FX to $3,079 million, with subscriber-related revenue up 10% ex-FX to $2,995 million. Streaming distribution revenue increased 11% ex-FX, driven by existing-market growth, HBO Max…
• Free Cash Flow and CapexImportance 29 · Surprise 22
  Cash provided by operating activities decreased 14% to $848 million, while free cash flow declined 19% to $572 million from $702 million. Purchases of property and equipment were $276 million, down 2% from $281…
• Streaming Advertising DemandImportance 25 · Surprise 32
  Streaming advertising revenue increased 8% ex-FX, primarily because of growth in global ad-lite subscribers. The absence of the NBA in the current year reduced the streaming advertising year-over-year growth rate by…

News · 2026-08-06

• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, valued at approximately $81 billion, faces a federal antitrust trial beginning March 2, 2027, after lawsuits by 12 U.S. state attorneys general. The…
• Streaming Segment PerformanceImportance 58 · Surprise 58
  WBD’s streaming segment generated more than $3 billion of revenue in the second quarter of 2026, a first for the company. Streaming revenue grew 10% year over year as HBO Max benefited from subscriber gains, higher…
• Streaming Revenue GrowthImportance 58 · Surprise 58
  Warner Bros. Discovery’s streaming segment surpassed $3 billion in quarterly revenue for the first time in Q2 2026. HBO Max benefited from subscriber growth, higher engagement and increased advertising monetization.…
• Revenue Performance and MixImportance 54 · Surprise 40
  Warner Bros. Discovery’s second-quarter 2026 revenue fell 11% year over year to approximately $8.7 billion, below analysts’ $9.2 billion expectation. The decline reflected the absence of NBA games, which weakened…
• Advertising Demand TrendsImportance 20 · Surprise 24
  WBD experienced soft advertising sales in Q2 2026, partly because it no longer carried National Basketball Association games. The absence of NBA programming reduced the appeal of its television inventory and created…
• Studio Box Office WeaknessImportance 20 · Surprise 24
  Warner Bros. Discovery’s studios segment underperformed in Q2 2026 because of weaker theatrical results, including the underperformance of “Supergirl.” The summer movie lineup compared unfavorably with the prior year’s…

News · 2026-08-04

• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, valued at approximately $81 billion, faces a federal antitrust trial beginning March 2, 2027, after lawsuits by 12 U.S. state attorneys general. The…
• Streaming Segment PerformanceImportance 58 · Surprise 58
  WBD’s streaming segment generated more than $3 billion of revenue in the second quarter of 2026, a first for the company. Streaming revenue grew 10% year over year as HBO Max benefited from subscriber gains, higher…
• DC Theme-Park PartnershipImportance 31 · Surprise 42
  Warner Bros. Discovery Global Themed Entertainment partnered with Six Flags Great Adventure on a DC Heroes and Villains Fest. The event runs on selected dates from August 7 through August 30 and features DC characters,…
• Linear Television DeclineImportance 20 · Surprise 24
  WBD’s legacy linear television networks continued to face structural declines in the pay-TV market. The loss of NBA rights further pressured television performance during the second quarter. Third-party reports…