WBD · 8-K · 20260806PR000072

Studios Revenue Decline

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 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 Minecraft Movie, Sinners and Final Destination Bloodlines in the prior-year quarter. TV revenue decreased 45% ex-FX because of lower intercompany content licensing tied to renewal timing. Games revenue increased 45% ex-FX following the release of LEGO Batman: Legacy of the Dark Knight, but Studios Adjusted EBITDA still fell 89% ex-FX to $96 million.

Key facts

• Studios total revenues: $2,328 million for three months ended June 30, 2026. source
• Studios Adjusted EBITDA decreased 89% ex-FX to $96 million compared to the prior year quarter. source
• Studios content revenue decreased 41% ex-FX. source
• Theatrical revenue decreased 46% ex-FX at the Studios segment. source