WBD · Full Picture

Warner Bros. Discovery, Inc. — the full picture

Earnings window · 2026-07-16 to 2026-08-10 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Outstanding Indebtedness · Debt, leverage & refinancingPriority 84
    -1.3% liability; 2 forward row(s); structured_verified
    The Company repaid $15,000 million of the outstanding Bridge Loan on June 4, 2026 using Initial Term Loans and cash.
  2. Merger Antitrust Challenges · UnclassifiedPriority 82
    +12.0% revenue; 10 forward row(s); structured_verified
    The PSKY Merger Agreement provides that if the PSKY Merger is not completed on or before March 4, 2027 (subject to extension to June 4, 2027 in certain circumstances), either party may terminate; termination under specified circumstances may require WBD to pay PSKY a termination fee of $3.0 billion and reimburse PSKY for up to $1,528 million in connection with the Junior Lien Exchange Offer and the Netflix Termination Fee, or PSKY to pay WBD a termination fee of $7.0 billion.
  3. Remaining Performance Obligations · Demand, orders & backlogPriority 82
    +127.3% revenue; 1 forward row(s); structured_verified
    Remaining performance obligations by contract type at June 30, 2026: Distribution - fixed price or minimum guarantee $2,657 million through 2030; Content licensing and sports sublicensing $4,714 million through 2032; Brand licensing $4,688 million through 2062; Total $13,058 million.
  4. Segment Revenue Performance · Revenue growth & mixPriority 81
    +192.8% revenue (realized); 3 sources (news, press_release, sec_filing); structured_verified
    Net income (loss) reported in the EPS reconciliation: net income $1,588 for the three months ended June 30, 2026 and net loss $(2,744) for the three months ended June 30, 2025; net income $1,139 and $( ) for the six months ended June 30, 2026 and 2025 respectively (as presented).
  5. Netflix Termination Fee · UnclassifiedPriority 80
    -32.1% operating_income (realized); 1 forward row(s); quote_verified
    Netflix Termination Fee recorded in six months ended June 30, 2026: $2,800 million expense.
  6. Liquidity and Debt Position · Debt, leverage & refinancingPriority 79
    +8.5% assets (realized); 2 sources (press_release, sec_filing); structured_verified
    During the second quarter the Company repaid in full the $15 billion bridge loan facility with a $13 billion Term Loan B and a €1.7 billion Term Loan B.
  7. Income Tax Rate Changes · TaxPriority 77
    +32.4% net_income (realized); 2 sources (press_release, sec_filing); quote_verified
    Income tax benefit (expense) was $433 million and $(866) million for the three months ended June 30, 2026 and 2025, respectively, and $647 million and $(881) million for the six months ended June 30, 2026 and 2025, respectively.
  8. Gross Margin Drivers · Gross marginPriority 71
    +21.4% operating_income (realized); structured_verified
    Global Linear Networks costs of revenues decreased 27% and 20% for the three and six months ended June 30, 2026, respectively, and lower domestic sports costs due to the absence of the NBA had a favorable impact to costs of revenues of $760 million and $1,107 million for the three and six months ended June 30, 2026, respectively.
  9. Operating Expense Trends · Operating expenses (SG&A)Priority 71
    -85.4% operating_income (realized); structured_verified
    Depreciation and amortization expense was $1,159 for the three months ended June 30, 2026 and $1,447 for the three months ended June 30, 2025; $2,385 for the six months ended June 30, 2026 and $2,994 for the six months ended June 30, 2025.
  10. Advertising Demand Trends · Demand, orders & backlogPriority 69
    -11.0% revenue (realized); 3 sources (news, press_release, sec_filing); quote_verified
    Global Linear Networks advertising revenue decreased 27% and 20% for the three and six months ended June 30, 2026, respectively, and the absence of the NBA negatively impacted advertising revenue by $414 million and $547 million for the three and six months, respectively.
  11. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 66
    2 sources (news, press_release); 2 forward row(s); quote_verified
    Paramount Skydance's paused acquisition creates a current discount to the $31/share deal price and involves a $7 billion reverse termination fee and a ticking fee structure, per Seeking Alpha.
  12. Content Licensing Trends · UnclassifiedPriority 63
    +6.3% assets (realized); 2 sources (press_release, sec_filing); 2 forward row(s); quote_verified
    During the six months ended June 30, 2026 content rights amortization and impairment: $5,088 million.

Threads by pillar

Revenue & Demand Priority 93 · 8 threads

Costs & Margins Priority 87 · 6 threads

Capital & Balance Sheet Priority 93 · 5 threads

Strategy & Portfolio Priority 70 · 2 threads

Legal, Regulatory & Policy Priority 48 · 3 threads

Guidance & Outlook Priority 50 · 1 thread

Macro & Market Conditions Priority 64 · 2 threads

Unclassified Priority 94 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+139.4%+139.4%+194.8%
liability-2.0%+2.0%-0.6%
assets——+15.4%
cash——-0.5%
operating_income——-105.0%
net_income——+115.8%