WBD · 8-K · 20260806PR000072
Liquidity and Debt Position
Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 64 · Surprise 42 · In source text
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. The company repaid the full $15 billion bridge loan using a $13 billion Term Loan B and a €1.7 billion Term Loan B. Outstanding debt had an 8.3-year weighted-average maturity and 5.2% weighted-average cost, while the $4.0 billion revolving credit facility remained undrawn.
Key facts
- 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. source
- As of June 30, 2026 the Company had $3,900 million drawn on its revolving receivables program, a $50 million increase vs. Q1. source
- As of June 30, 2026 the Company’s $4.0 billion revolving credit facility was undrawn. source
- Ended the quarter with $3.4 billion of cash on hand and $33.1 billion of gross debt as of June 30, 2026. source
- Ended the quarter with $29.7 billion of net debt and 3.4x net leverage at the end of the first quarter (stated in highlights). source
- Six months ended June 30, 2026 net change in cash was $(1,197) million. source
- Net leverage is calculated as net debt divided by most recent four quarters Adjusted EBITDA of $8.8 billion. source
- Gross debt is defined as total debt of $32.4 billion plus finance leases of $659 million, totaling $33.1 billion. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | — | 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… |
| liability | negative | realized | — | 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… |
| liability | negative | realized | — | 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… |
| liability | negative | realized | — | As of June 30, 2026 the Company had $3,900 million drawn on its revolving receivables program, a $50 million increase vs. Q1. |
| cash | unclear | realized | — | Ended the quarter with $3.4 billion of cash on hand and $33.1 billion of gross debt as of June 30, 2026. |
| liability | unclear | realized | — | Ended the quarter with $3.4 billion of cash on hand and $33.1 billion of gross debt as of June 30, 2026. |
| cash | negative | realized | — | Six months ended June 30, 2026 net change in cash was $(1,197) million. |